TCREUR_Public/050719.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, July 19, 2005, Vol. 6, No. 141

                            Headlines

A U S T R I A

ROCO MODELLSPIELWAREN: Runs out of Track


G E R M A N Y

ATI STRASSEN: Bochum Court to Verify Claims September
BTM PART: Creditors' Claims Due Next Month
BUERKEL MEDIA: Proofs of Claim Deadline August 26
DHC KABEL: Applies for Bankruptcy Proceedings
DSH KUNSTSTOFFENSTERBAU: Under Bankruptcy Administration

FRICKE GMBH: Gives Creditors Until Next Week to File Claims
HOTEL GARNI: Court Appoints Dr. Flother Administrator
P.E. HANDELS: Proofs of Claim Deadline Expires September
PLUECK DREHEREI: Bankruptcy Proceedings Begin
PRIMACOM AG: Pays Senior Loan Amortization on time
SMN ELEKTROTECHNIK: Falls into Bankruptcy
VOLKSWAGEN AG: Tells Employees to Prepare for Changes


H U N G A R Y

NABI RT: Posts Update on First-half Performance


L U X E M B O U R G

STOLT-NIELSEN: Second-quarter Conference Call Set Today


N E T H E R L A N D S

KONINKLIJKE AHOLD: Agrees to Sell Deli XL to Bidvest Group


P O L A N D

CENTRAL EUROPEAN: Moody's Rates EUR310 Mln Secured Notes (P)B2


R U S S I A

ALFA BANK: Moody's Retains Ba2 Rating on EMTN Program
BIRYULSKOYE: Bankruptcy Proceedings Begin
BOLSHEVIK: Deadline for Proofs of Claim August 25
BREWERY: Gives Creditors Until Next Week to File Claims
CERAMICS: Bankruptcy Hearing Resumes Next Month

CHANOVSKAYA: Last Day for Filing Claims July 25
GIGRO-VATA: Declared Insolvent
KLINTSOVSKOYE REPAIR: Bankruptcy Hearing Set October
OAO GAZPROM: Gazstream Notes Get 'BB' Rating
OZINSKIY COMBINE: Saratov Court Hires Insolvency Manager
SPIROVO-WOOD: Creditors Have Until July 25 to File Claims
STROM-AVTO-MASH: Succumbs to Bankruptcy


S L O V A K   R E P U B L I C

SLOVENSKA SPORITELNA: Moody's Ups Financial Strength to D+
SLOVENSKE ELEKTRARNE: Posts SKK1.65 Billion Profit for 2004
VSEOBECNA UVEROVA: Moody's Upgrades Financial Strength to D+


T U R K E Y

SEKERBANK T.A.S.: Fitch Says Rabobank Stake Buy Good for Ratings


U K R A I N E

OJSC STIROL: Fitch Rates Proposed Eurobond 'B'


U N I T E D   K I N G D O M

ACCURO FINE: Members Opt for Liquidation
A H BUDGEN: Calls in Administrator
AJS CONSTRUCTION: Sets Creditors Meeting July 28
APPSCO SOFTWARE: KPMG to Present Report August 19
ARENA ASSOCIATES: Appoints Begbies Traynor Liquidator

ARNOLD (MARIS): Hires Administrators from RSM Robson Rhodes
AXIS SPECIALTY: Appoints Menzies Administrator
BERKSHIRE QUADS: Creditors to Meet Later this Month
BIASCO (MILTON KEYNES): Names Smith & Williamson Administrator
B I INDUSTRIES: Bristol District Registry Orders Liquidation

BOVINGDON VEHICLE: Creditors Meeting Next Week
BOXER COURIER: Files for Liquidation
BRAID-TEX LIMITED: Chairman Calls Creditors Meeting
CATESBY PUBLISHING: Creditors to Meet Later this Month
CHISOFT LIMITED: Creditors Meeting Set this Week

CJF ENGINEERING: Opts for Liquidation
CONGER UK: Creditors Meeting Tomorrow
CROSS PUBLICATIONS: Sets Creditors Meeting Friday
DATATEND LIMITED: Names PricewaterhouseCoopers Administrator
DISCPHARM DISTRIBUTIONS: Meeting of Creditors Next Week

ECOQUIP LIMITED: Administrators from Begbies Traynor Move in
ENTERPRISE CAPITAL: To Hold Final General Meeting August
EPR LIMITED: Appoints Joint Liquidators from Grant Thornton
ET & T (UK): Final Creditors Meeting Set August
EURODIS ELECTRON: Deloitte Opens Talks with Possible Bidders

EURODIS ELECTRON: Company Profile
EUROPA BEARINGS: Creditors Meeting Set July
EXCEL PRINT: Board Calls Creditors Meeting
FERNDALE AGGREGATES: Creditors Meeting Next Week
FLEUR COUTURE: Sets Creditors Meeting Friday

FLUID TRADING: Liquidator to Deliver Report August
FUSION (BURNTWOOD): Hires Administrators from Begbies Traynor
GLENCROFT DESIGN: High Court Orders Liquidation
GOODWEAR HOLDINGS: Succumbs to Liquidation
HAMILTON AND KINNEIL: Liquidator's Report Out Next Month

HIT ENTERTAINMENT: Moody's Rates US$376 Mln Sr. Secured Loan B1
IDI UK: Creditors to Meet Tomorrow
J J ELECTRONIC: Meeting of Creditors Next Week
KEYSTONE LEISURE: Liquidator to Present Report Mid-August
K G ELECTRICAL: Bristol District Court Orders Liquidation

KWELM: Federal-Mogul Asks Court to Approve Insurance Settlement
LASER ACCIDENT: Creditors Meeting Set July
LONDONEASY LIMITED: Creditors to Meet Tomorrow
LUTTERWORTH KITCHENS: Director Calls Creditors Meeting
LYNCHRIS LIMITED: Creditors to Tackle Liquidator's Pay Next Week

MANN WEAVER: Recruitment Consultant Calls in Administrator
MARAWELL LIMITED: Creditors to Meet Later this Month
MARIDA HATS: General Meeting Set August
MARKS & SPENCER: IT Chief Steps down
MG ROVER: Nanjing Bares Plan for Bankrupt Carmaker

MOWLEM PLC: Wins GBP59 Mln Contract to Build Stand
NAPPER TRADING: Creditors to Meet Today
NOBLE HOUSE: Board Calls Creditors Meeting
O'DONNELL & STOCKWELL: Creditors Meeting Set July
ORACLE RESTAURANTS: Bristol Court Orders Liquidation

OULTRAM INSTALLATIONS: Creditors Meeting Set August
PHOENIX CONSULTANTS: Hires BDO Stoy Hayward Administrator
PICO ESTIL: Winding-up Report Out Mid-August
ROSEBRILLE LIMITED: Sets Creditors Meeting August
SIMON SALES LIMITED: Creditors Meeting Set Next Week

SLOAN'S CABINET: Members to Meet Next Month
SOUTHFIELDS (LEICESTER): Calls in Administrator from Numerica
SULBROS INVESTMENTS: Creditors Meeting Set July
SURPLUS STORES: Winding-up Report Out Next Month
TF UK: Appoints Administrator from Kroll

THE REGENT: High Court Orders Liquidation
THRUSTBORE LIMITED: Falls into Administration
TREWICK (COACHWORKS): Calls in Administrator from R M T
VOLVO AERO: Files for Liquidation
WENDLEY LIMITED: Teddy Bear Manufacturer Calls in Administrator
WESTBURY HOLDINGS: Calls in Administrator from PKF
WM MORRISON: No Further Appointments this Week, Insiders Say

* Large Companies with Insolvent Balance Sheets


                            *********


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


ROCO MODELLSPIELWAREN: Runs out of Track
----------------------------------------
ROCO Modellspielwaren GmbH has declared bankruptcy amid the
slowdown in the European train market and rivals offering cheaper
China-made items.

The Austrian model railroad manufacturer, which reportedly has
debt of EUR24 million and annual losses of EUR5 million, will
continue operating under receivership.  According to the Model
Railroader, Roco has also been hit by the weakening economy of
Germany, its largest market, which accounts for 65% of sales.  In
2004, the German train market reported sales of EUR181 million,
down from EUR204 million two years earlier.

Founded in 1960, Roco's main operations were located in Salzburg
before it transferred to a new site in Hallein, employing 370
people.  It also has facilities in Glognitz, with 200 workers,
and in the Czech Republic, where it employs 230.  Employees have
yet to receive their wages for June or their vacation pay.
Worse, the company plans to cut jobs as part of its
restructuring, says the Model Railroader.

CONTACT:  ROCO MODELLSPIELWAREN GmbH
          Rifer Hauptstrasse 21
          A-5400 Hallein
          Phone: +43 (0) 57626-0
          Fax: +43 (0)57626-1199
          E-mail: roco@roco.cc
          Web site: http://www.roco.co.at/


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


ATI STRASSEN: Bochum Court to Verify Claims September
-----------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against ATI Strassen- und Tiefbau GmbH on July 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until August 19, 2005 to
register their claims with court-appointed provisional
administrator Klaus Dippel.

Creditors and other interested parties are encouraged to attend
the meeting on September 30, 2005, 8:30 a.m. at the district
court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ATI STRASSEN- UND TIEFBAU GmbH
          Bahnhofstr. 20, 44623 Herne
          Contact:
          Ismail Tandogan, Manager
          Florastr. 94, 45879 Gelsenkirchen

          Klaus Dippel, Administrator
          Werner Hellweg 477, 44894 Bochum
          Phone: 0234-26624
          Fax: 0234-234077


BTM PART: Creditors' Claims Due Next Month
------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against BTM Part Supply GmbH on June 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 25, 2005 to register their
claims with court-appointed provisional administrator Martin
Kienitz.

Creditors and other interested parties are encouraged to attend
the meeting on September 15, 2005, 9:20 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, 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:  BTM PART SUPPLY GmbH
          Jahnstr. 43, 32361 Preussisch Oldendorf
          Contact:
          Bernd Wankelmann, Manager
          Matthias Kuchler, Manager
          Thomas Kuchler, Manager
          Max-Dingler-Str. 8, 82131 Stockdorf

          Martin Kienitz, Administrator
          Ruegenweg 14, 32427 Minden


BUERKEL MEDIA: Proofs of Claim Deadline August 26
-------------------------------------------------
The district court of Meiningen opened bankruptcy proceedings
against Buerkel Media-Erlebnishaus GmbH on June 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 26, 2005
to register their claims with court-appointed provisional
administrator Annegret Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting on September 14, 2005, 9:30 a.m. at the district
court of Meiningen, Lindenallee 15, Saal A 0105, 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:  BUERKEL MEDIA-ERLEBNISHAUS GmbH
          Contact:
          Gabriele and Mike Buerkel, Managers
          Leipziger Strasse 5, 98617 Meiningen

          Annegret Schwarz, Administrator
          Helenenstr. 15, 99867 Gotha


DHC KABEL: Applies for Bankruptcy Proceedings
---------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against DHC Kabel und Systeme GmbH on June 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 29, 2005 to register their
claims with court-appointed provisional administrator Hans Peter
Runkel.

Creditors and other interested parties are encouraged to attend
the meeting on August 16, 2005, 9:50 a.m. at the district court
of Wuppertal, Hauptstelle, Eiland 2, 42103 Wuppertal, 2. Etage,
Saal 234 - Altbau Amtsgericht, 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:  DHC KABEL UND SYSTEME GmbH
          Westfalenstrasse 4, 42781 Haan
          Contact:
          Marc Lemke, Manager
          Nelkenweg 8, 42781 Haan

          Hans Peter Runkel, Administrator
          Friedrich-Ebert-Strasse 146, 42117 Wuppertal
          Phone: 0202/30 20 71
          Fax: 0202/31 47 08


DSH KUNSTSTOFFENSTERBAU: Under Bankruptcy Administration
--------------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against DSH-Kunststoffensterbau Schwirtz GmbH on.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until August 30, 2005 to
register their claims with court-appointed provisional
administrator Dr. Wolf-R. von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting on August 30, 2005, 9:55 a.m. at the district court
of Krefeld, Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage,
Raum 214, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on October 10,
2005, 9:10 a.m. at Hauptgebaude, Nordwall 131, 47798 Krefeld, 1.
Etage, Raum 131.

CONTACT:  DSH-KUNSTSTOFFENSTERBAU SCHWIRTZ GmbH
          Herrenpfad Sued 2, 41334 Nettetal
          Contact:
          Dagmar Schwirtz, Manager
          Horst Schwirtz, Manager

          Dr. Wolf-R. von der Fecht, Administrator
          Rheinort 1, 40213 Duesseldorf
          Phone: 0211/1394-1237
          Mobile: 0173/2804330
          Fax: +4902111394251


FRICKE GMBH: Gives Creditors Until Next Week to File Claims
-----------------------------------------------------------
The district court of Meiningen opened bankruptcy proceedings
against Fricke GmbH on June 17.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 25, 2005 to register their claims with
court-appointed provisional administrator Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting on August 17, 2005, 11:15 a.m. at the district court
of Meiningen, Lindenallee 15, Saal A 0208, 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:  FRICKE GmbH
          Contact:
          Weiler Gerd, Manager
          Mittelsdorfer Strasse 25, 98634 Kaltensundheim

          Klaus Siemon, Administrator
          Strasse der Nationen 51, 09111 Chemnitz


HOTEL GARNI: Court Appoints Dr. Flother Administrator
-----------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Hotel Garni Verwaltungsgesellschaft mbH on June 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 26, 2005
to register their claims with court-appointed provisional
administrator Dr. Lucas F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on September 26, 2005, 10:00 a.m. at the district
court of Leipzig, Saal 145, 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:  HOTEL GARNI VERWALTUNGSGESELLSCHAFT mbH
          Gerichtweg 12, 04103 Leipzig
          Contact:
          Dr. Wolfgang Raaz, Manager

          Dr. Lucas F. Flother, Administrator
          Nikolaistrasse 3-5, 04109 Leipzig


P.E. HANDELS: Proofs of Claim Deadline Expires September
--------------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against P.E. Handels-GmbH on June 30.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 20, 2005 to register their claims
with court-appointed provisional administrator Dr. Wolf-R. von
der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting on September 27, 2005, 10:20 a.m. at the district
court of Krefeld, Hauptgebaude, Nordwall 131, 47798 Krefeld,
2.Etage, Raum 214, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report on
November 15, 2005, 9:00 a.m. at district court of Krefeld,
Hauptgebaude, Nordwall 131, 47798 Krefeld, 1. Etage, Raum 131.

CONTACT:  P.E.HANDELS-GmbH
          Leuther Str. 36, 41334 Nettetal
          Contact:
          Veronika Nothers, Manager
          Wilhelm-Strauss-Strasse 122, 41236 Monchengladbach

          Dr. Wolf-R. von der Fecht, Administrator
          Rheinort 1, 40213 Duesseldorf
          Phone: 0211/1394-1237
          Mobile: 0173/2804330
          Fax: +4902111394251


PLUECK DREHEREI: Bankruptcy Proceedings Begin
---------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Plueck Dreherei - Maschinenbau GmbH on June 29.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 19, 2005
to register their claims with court-appointed provisional
administrator Caroline Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on September 12, 2005, 8:10 a.m. at the district
court of Aachen, Nebenstelle Augustastrasse, Augustastrasse
78/80, 52070 Aachen, I. Etage, 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:  PLUECK DREHEREI - MASCHINENBAU GmbH
          Am Burgholz 42, 52372 Kreuzau
          Contact:
          Wolfgang Plueck, Manager
          Krahkopfstr. 16, 52355 Dueren
          Michael Plueck, Manager
          Auf der Heide 17, 52372 Kreuzau

          Caroline Schmitz, Administrator
          Waisenhausstr. 3, 52349 Dueren
          Phone: 02421/20908-0
          Fax: 02421/20908-18


PRIMACOM AG: Pays Senior Loan Amortization on time
--------------------------------------------------
Cable network provider PrimaCom AG has transferred the due
amortization rate of EUR14.4 million for the senior loan to the
senior lenders on time in compliance with the credit agreement.

                            *   *   *

Primacom is reorganizing its debt and equity structure while
trying to focus on revenue improvements, cost reduction
management and profitability improvements.  It reported net loss
of EUR29.0 million for the first quarter as compared with a net
loss of EUR25.9 million for the first quarter of 2004.

CONTACT:  PRIMACOM AG
          Investor Relations
          Phone: +49 (0) 6131 - 944 522
          Fax: +49 (0) 6131 - 944 508
          E-mail: investor@primacom.de


SMN ELEKTROTECHNIK: Falls into Bankruptcy
-----------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against SMN Elektrotechnik GmbH on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 16, 2005 to register their
claims with court-appointed provisional administrator Jochen
Schnake.

Creditors and other interested parties are encouraged to attend
the meeting on September 6, 2005, 9:45 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, 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:  SMN ELEKTROTECHNIK GmbH
          Fabrikstr. 16, 33659 Bielefeld
          Contact:
          Udo Kwiatkowski, Manager
          Auf der Egge 64, 33619 Bielefeld

          Jochen Schnake, Administrator
          Ravensberger Str. 12, 33824 Werther


VOLKSWAGEN AG: Tells Employees to Prepare for Changes
-----------------------------------------------------
Workers of Volkswagen AG must be "ready to tread new paths," said
Wolfgang Bernhard, a former DaimlerChrysler AG executive who was
appointed last year to lead the firm's reorganization.

In an interview with in-house publication, Autogramm, Mr.
Bernhard also told employees "if we carry on as we have so far,
we won't make it."

He earlier stressed that "no sacred cows" would be spared as the
struggling carmaker plans to save EUR10 billion and lift profits
by EUR4 billion to avoid dipping further into the red by 2008.
Volkswagen's 2004 earnings were hit by intense competition, a
weak U.S. dollar and the slowing demand in Europe.

Mr. Bernhard added: "I expect everyone to be clear about what
situation we are in and what a crossroads we are standing at."

He disclosed last week that engineers have already prepared
measures to save US$1 million from the production cost of Golf
models, while Volkswagen eyes squeezing suppliers and sharing
more components.  It is unclear whether jobs might eventually be
cut.

Meanwhile, the company's board is said to be working out an
internal solution regarding Peter Hartz' resignation, although no
successor has been revealed yet.  Mr. Hartz is facing allegations
that as personnel chief he allowed representatives of the works
council to go on "luxurious" trips at the company's expense.

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


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


NABI RT: Posts Update on First-half Performance
-----------------------------------------------
In the first half of 2005, the NABI Group delivered 558 buses to
its customers.  NABI recently completed on-schedule delivery of
30 articulated BRT buses to Los Angeles County Metropolitan
Transportation Authority.

In the U.S.A., according to APTA statistics, the number of new,
full-sized (33) heavy-duty buses delivered annually declined
steadily from 2001 through 2004, with 2004 deliveries
representing only approximately 52% of 2001 deliveries.  Also, it
presently appears that figures for 2005 are unlikely to show any
significant improvement.  This situation is expected due to
deferral of bus purchases by transit operators as a result of
Federal funding uncertainties, budgetary constraints at state
levels and delayed orders while operators evaluate the technical
and operational impacts of new environmental requirements for
urban buses.  Also APTA statistics show, bus ridership has
declined gradually and to a lesser extent over the same period,
both in terms of the numbers of passenger trips as well as the
number of miles traveled.  This mild ridership decline is also
likely to reduced future orders and deliveries.

Notwithstanding the foregoing, over 8,000 buses in the U.S. fleet
presently exceed the FTA established 12-year design life, with
the fleet's average age now standing at 7.5 years (1.5 years
beyond the theoretical optimum figure of 6.0 years as would be
derived from the 12-year life expectancy).  With the market
primarily a replacement market, and because aging buses are
costly to operate compared to younger ones, the data suggests
that the present trend of deferral must eventually reverse, with
demand and deliveries rising to correct the decline.

NABI has streamlined its bus manufacturing capacities in both
Hungary and the U.S.A. as part of its overall restructuring and
in line with the decline of market demand for transit buses.
NABI sold nine units on the Hungarian market in the first half of
2005, an increase from last year's sales of the same period,
however, this number remains small portion of the total Group
sales volume.

In the U.K., the second quarter sales volume increased by 30
vehicles (23%) over the first quarter giving Optare its strongest
half-year sales performance in the company's 20-year history. The
Solo has firmly established its position as the leading product
in the U.K. minibus market with sales of the new SlimLine Solo
exceeding the company's expectations.  Optare has seen its U.K.
market share increase from 12.8% to 17% (source: SMMT
registrations) in the first half of 2005 with increased Solo
sales and the introduction of the all new heavy weight (17 tons)
Tempo full size single deck bus which has been well received by
the market. The order book stands at record levels at the half
year.  All divisions of the business contributed to improving
profitability with record sales in the Unitec aftermarket
business.

As of June 30 2005, NABI's order book contained 473 firm orders
in the U.S.A.  Approximately 1,198 buses can be ordered under
options.

CONTACT:  NABI RT.
          45 Ujszasz u.
          Budapest 1165
          Phone: +36-1-401-7399
          Fax: +36-1-407-2931
          E-mail: nabihq@nabi.hu
          Web site: http://www.nabi.hu/

          Andras Bodor, Corporate Affairs Director
          Phone: +36-1-401-7100
          Fax: +36-1-407-2931
          E-mail: andras.bodor@nabi.hu


===================
L U X E M B O U R G
===================


STOLT-NIELSEN: Second-quarter Conference Call Set Today
-------------------------------------------------------
Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI)
will hold a conference call to discuss the second quarter 2005
results on Tuesday, July 19, 2005 at 3:00 p.m. BST (10:00 a.m.
EDT, 4:00 p.m. CEST).

Participating in the call will be:

(a) Mr. Niels G. Stolt-Nielsen - Chief Executive Officer, Stolt-
    Nielsen S.A.

(b) Mr. Jan Chr. Engelhardtsen - Chief Financial Officer, Stolt-
    Nielsen S.A.

(c) Mr. Otto H. Fritzner - Chief Executive Officer, Stolt-
    Nielsen Transportation Group

Anyone wishing to participate in the call should dial +0
800-028-4937 (in U.K.), +1 800-818-6592 (in U.S.), +001 800-14996
(in Norway) or +1 312-461-0745 (outside U.S.).  Phone lines will
open 10 minutes before the call.

If you cannot participate in this call there will be a Postview
facility (a taped recording of the conference call) available
directly after the conference call until 10:00 p.m. BST (5:00
p.m. EDT, 11:00 p.m. CEST) on Wednesday, July 20, 2005.  For
access dial +1 888-203-1112 (in U.S.) or +1 719-457-0820 (outside
U.S.) and quote the call reservation number: 3874357.

Alternatively, a Live Web cast conference call is available via
http://www.stolt-nielsen.comcommencing on Tuesday, July 19, 2005
at 3:00 p.m. BST (10:00 a.m. EDT, 4:00 p.m. CEST).  A playback of
the conference call commences on Tuesday, July 19, 2005 after
5:00 p.m. BST (noon EDT, 6:00 p.m. CEST).

CONTACT:  STOLT-NIELSEN S.A.
          Richard M. Lemanski
          8 Sound Shore Drive
          Greenwich, CT 06836
          U.S.A.
          Phone: +1 203 625 3604
          Fax: +1 203 625 3525
          E-mail: rlemanski@stolt.com


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


KONINKLIJKE AHOLD: Agrees to Sell Deli XL to Bidvest Group
----------------------------------------------------------
Koninklijke Ahold has reached agreement with Bidvest Holding B.V.
on the divestment of its Dutch delivered foodservice wholesale
subsidiary Deli XL.  The buyer is a wholly owned subsidiary of
The Bidvest Group Limited, a South Africa based, diversified
company with a strong presence in the foodservice industry in the
United Kingdom, Australia, New Zealand and South Africa.

The value of the transaction amounts to approximately EUR140
million, consisting of a cash consideration, debt repaid to Ahold
as well as assumed debt.  Consultative procedures with unions and
the representative bodies have been completed.  The transaction
is subject to the fulfillment of customary closing conditions
including competition authority clearance.  The transaction is
expected to close in the third quarter of this year.

Deli XL is the leading delivered foodservice wholesaler in the
Benelux, with consolidated 2004 net sales of EUR819 million. Deli
XL is especially strong in the institutional and catering
segments of the foodservice market.  Currently, Deli XL supplies
over 60,000 products to around 34,000 customers including
hospitals, company canteens, schools, hotels and restaurants.
Deli XL employs approximately 2,100 staff in The Netherlands and
Belgium.  Bidvest, with consolidated 2004 sales of EUR6.7
billion, is an international services, trading and distribution
company listed on the JSE Securities Exchange South Africa and
operating on three continents.  Bidvest employs 81,000 people
worldwide.

The divestment of Deli XL is part of Ahold's strategic plan to
restructure its portfolio to focus on retail activities in The
Netherlands and to strengthen its financial position by reducing
debt.

"The divestment of Deli XL marks an important step towards
finalizing our divestment program," said Ahold President & CEO
Anders Moberg.  "Our strategy for the Dutch business is targeted
on its retail activities.  The investment and management
attention needed to assume a greater role in European foodservice
is inconsistent with this focus.  We therefore believe that Deli
XL's potential in the out of home food market can better be
realized under an owner such as Bidvest.  We are confident that
this buyer is committed to pursue the further improvement and
development of Deli XL and its staff."

CONTACT:  KONINKLIJKE AHOLD
          Albert Heijnweg 1
          1507 EH Zaandam
          The Netherlands
          Phone: +31 (0) 75 659 9111
          Web site: http://www.ahold.com/


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


CENTRAL EUROPEAN: Moody's Rates EUR310 Mln Secured Notes (P)B2
--------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B2 corporate
family rating (previously known as senior implied rating) to
Central European Distribution Corporation.

Concurrently, Moody's assigned a provisional (P)B2 rating to the
company's proposed issuance of EUR310 million senior secured
notes which will be used to partially fund the acquisition of
Bols Sp.z o.o. and the potential acquisition of Polmos Bialystok,
two leading vodka producers in Poland.  While the Bols
acquisition is now close to completion, CEDC is currently in
advanced exclusive negotiations with the Polish government to
acquire a majority stake in Bialystok.  The ratings assigned are
therefore contingent upon completion of both acquisitions as
presented to Moody's.  The rating agency also notes that both
acquisitions are still subject to receiving clearance from the
national competition authorities.

These ratings were assigned:

   -- Corporate family rating of (P)B2
   -- EUR 310 million senior secured notes due 2012 rated (P)B2

The outlook for all ratings is negative.

The (P)B2 corporate family rating reflects:

    (a) the company's leading market positions in the
        distribution of alcoholic beverages and, following the
        successful completion of the Bialystok acquisition, in
        the production of vodka in Poland;

    (b) the national footprint and strength of CEDC's
        distribution network together with positive industry
        dynamics underpinned by favorable macroeconomics
        conditions, namely low inflation rate and increasing
        disposable income;

    (c) the potential benefits associated with a higher degree
        of vertical integration, following the proposed
        acquisitions, which is likely to strengthen the
        company's market position and improve its cash flow
        profile; and

    (d) the expected positive impact of the removal of import
        duties and reduction of excise taxes in Poland as the
        country converges toward E.U. regulations.

However, the ratings also reflect:

    (a) CEDC's revenue concentration on sales of domestic vodka
        combined with a slower growth trend in spirits
        consumption in the Polish market vis-a-vis wine and beer
        consumption;

    (b) significant integration risks and limited disclosure of
        information associated in particular with the potential
        acquisition of Bialystok;

    (c) Moody's expectations that the company's activities as
        both producer and distributor may hinder CEDC's
        relationships with the other local vodka producers and
        international distillers;

    (d) Moody's concerns on the ability to upstream funds from
        certain operating subsidiaries (namely Bialystok) to the
        holding company exacerbated by the risk of potential
        cash outflows associated with certain contingent
        liabilities; and

    (e) the company's highly leveraged capital structure.

CEDC is a leading importer and distributor of alcoholic beverages
in Poland with a portfolio of more than 700 brands; the company
benefits from the fragmented although highly competitive nature
of the Polish distribution industry for alcoholic beverages.  The
company is the only distributor with national presence while its
main competitors mainly cover regional or local areas.  Moody's
expects the company to continue to actively contribute to the
consolidation of the alcoholic beverages distribution in Poland
through a number of bolt-on acquisitions.

Moody's positively regards the potential acquisition of Bialystok
as an essential step to gain a significant share of vodka
production in Poland (Bols and Bialystok will benefit from a
combined share of approximately 32% of the Polish vodka market in
value terms) and internalize the economic benefit of higher
operating margins generally attached to the production of vodka
and spirits.  Moody's also believes that the combined acquisition
of Bols and Bialystok will strengthen CEDC's leadership in the
distribution as it benefits from a more extensive product
offering and strong bargaining power vis-a-vis the retailers.

The company is likely to internalize a large portion of the
distribution of Bols and Bialystok's brands currently operated by
third party distributors.  The acquisitions may also support the
company's aspiration to increase the export of Polish vodka by
leveraging on CEDC's good relationship with Remy Cointreau (as
the Bols acquisition will be funded through a combination of debt
and equity issuance, Remy is expected to control approximately
8.3% of CEDC's share capital at closing).

In Moody's opinion, CEDC is also well positioned to take
advantage of regulatory changes being implemented in Poland, such
as the removal of import taxes as a result of Poland's accession
to the EU in May 2004, by virtue of its leading role as major
distributor of a large number of higher margin imported products
including international wine and beer.  Whilst Moody's notes that
any growth in demand for imported vodka may hinder Bols'
performance, however, Moody's recognizes that the Polish
preference for local brands will continue to partly protect
national vodka from international competition.

However, CEDC's business profile negatively reflects the risk of
revenue concentration on the production and distribution of
domestic vodka.  During financial year 2004, domestic vodka
represented approximately 75% of the company's consolidated sales
while beer and wine (both presenting higher growth of consumption
rates) accounted for 17% of the company's net sales.  Although
vodka consumption presents a certain degree of resiliency in the
Polish market, Moody's anticipates that beer and wine consumption
will continue to grow as the country's life style evolves towards
more Western European standards, thus negatively affecting sales
of domestic vodka.

The (P)B2 corporate family rating also reflects a material degree
of integration risk associated with the proposed acquisitions of
Bols and Bialystok.  In particular, Moody's cautions that the
ability of the company's management to reduce operational costs
mainly through headcount reduction and improve profitability may
be restricted by the sale agreements signed with the Polish
government as well as the powerful role of the unions
particularly at Bialystok.  In addition, Moody's notes that the
Polish government has not provided any indemnity to the company
against the risk of unexpected liabilities at Bialystok
particularly in light of the limited disclosure of information
granted to the purchaser during the negotiation process.

Moreover, the acquisition by CEDC of Bols and Bialystok --
respectively the third and second largest producers of vodka in
Poland -- may hamper the company's relationships with other local
and international vodka producers as the company is likely to
market its own brands more aggressively than other producers'
brands.  While Moody's recognizes that the company currently owns
the only distribution network with national scale, however the
risk of a negative impact of the company's activities as both
producer and distributor on its distribution sales is
significant.

Moody's also cautions the ability of certain operating
subsidiaries to successfully upstream funds to the issuer in
order to service the interests on the debt raised at that level.
In particular, CEDC will receive only 61% of the dividends, which
will be upstreamed by Bialystok as minority shareholders will
represent 39% of Bialystok's share capital following the
acquisition.

While Moody's understands that the management is actively
reviewing a number of potential solutions, the ratings factor the
risk and the uncertainty around the feasibility of any action the
management may take to address the current situation.  In
addition, the company may face the risk of potential additional
cash outflows related to the Bols share sale agreement which
makes the company liable to pay to Bols' previous shareholders
any shortfall in the share price over the four weeks immediately
preceding the first anniversary of closing in the event the share
price falls below US$32.59.

The company's capital structure is highly leveraged with
pro-forma lease-adjusted total debt/EBITDAR above 5.7x as of
December 2004 (based on unaudited consolidated financials of
CEDC, Bols and Bialystok) reflecting that CEDC will benefit only
proportionally from Bialystok's EBITDA.  The liquidity available
to the company includes pro-forma for proposed acquisitions:

    (a) cash available on balance sheet of US$22.3 million as of
        March 2005 (net of around US$63 million outflow that
        Bialystok is committed to pay to its employees in
        respect of the share repurchase realized in 2004); and

    (b) working capital facilities -- secured by inventory --
        for a total amount which cannot exceed the greater of
        US$40 million or 65% of the inventory level at CEDC and
        its restricted subsidiaries (the indenture would allow
        the company to raise additional liquidity ranking pari
        passu to the notes should this be permitted under the
        2.25 to 1 debt incurrence test).

Moody's also acknowledges that the company may liquidate
additional US$35.6 million of short-term investments at Polmos
Bialystok.

The outlook for all ratings is negative reflecting:

    (a) integration and execution risk presented by the proposed
        acquisitions; and

    (b) potential for liquidity exposure should the company have
        to fund a share price adjustment with respect to the
        Bols acquisition during 2006.

The ratings could stabilize should the company demonstrate a
successful integration of the acquisitions and an improved
liquidity profile.

Conversely, ratings could fall if the transactions do not proceed
as anticipated, or if improvements in financial leverage and
operating performance do not materialize, in particular if pro
forma adjusted leverage exceeds 6.5x or EBIT margins fall below
8%.

                    Transaction Overview

The proposed senior secured notes will be issued by CEDC, the
ultimate holding company, and benefit from a senior guarantee of
certain of the company's operating subsidiaries which will
represent approximately 96% of consolidated EBITDA as of December
2004 pro-forma for the Bols' acquisition.  If the acquisition of
Bialystok is also completed, companies guaranteeing the Notes
will represent around 65% of consolidated EBITDA.  The notes will
be secured by a pledge over the shares that CEDC and Carey
Agri -- the company's principal distribution subsidiary -- own in
each of the operating subsidiaries guaranteeing the notes.

The net proceeds of the proposed senior notes, alongside with
around US$108.7 million proceeds from the equity offering, will
be used to pay the initial acquisition price of Bols of US$270.0
million and the US$310 million acquisition price for the 61% of
Bialystok's share capital.  The remaining funding will be used to
cover transaction fees and expenses.  CEDC will on-lend the
proceeds from the issuance of the notes to Carey Agri to finance
the Bols and Bialystok acquisitions.  The servicing of debt will
rely on the dividends that will be upstreamed from the
subsidiaries to Carey Agri.  Moody's notes that potential cash
leakages to minority shareholders at Bialystok and tax
regulations might render cash distributions from Bialystok and
Bols to Carey Agri not economically advantageous.

                  Structural Considerations

The (P)B2 rating assigned to the senior notes reflects the fact
that the proposed senior notes will represent the main source of
financing and that they will rank effectively subordinated to
approximately US$22.9 million of indebtedness raised at the
guarantors subsidiaries in addition to trade payables and US$17.3
million financial indebtedness currently raised at the
non-guarantors subsidiaries' level.

The proposed notes will be sold in a privately negotiated
transaction without registration under the United States
Securities Act of 1933 under circumstances reasonably designed to
preclude a distribution thereof in violation of the Act.  The
issuance will be designed to permit resale under Rule 144A.

                       Company Summary

Headquartered in Warsaw, Poland, CEDC is a leading importer and
distributor of alcoholic beverages in Poland.  After the
acquisition of Bols and the potential acquisition of 61% of
Polmos Bialystok, CEDC will also become the largest producer of
vodka in Poland.

Pro forma for the acquisition of Bols, CEDC will have net sales
(net of rebates and value added tax) and EBITDA of US$650.3
million and US$56.7 million, respectively, for financial year
ended 31 December 2004.  Pro forma for the acquisition of both
Bols and Bialystok, CEDC will have net sales of US$709.2 million
and EBITDA of US$83.2 million, respectively, for financial year
ended 31 December 2004.

The company securities are traded in the United States.   The
Company's U.S. SEC filings can be accessed at
http://ResearchArchives.com/t/s?65r


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


ALFA BANK: Moody's Retains Ba2 Rating on EMTN Program
-----------------------------------------------------
Moody's Investors Service maintains a Ba2 long-term rating on the
EMTN Program of Alfa MTN Issuance Limited, Alfa MTN Markets
Limited and Alfa MTN Invest Limited, unconditionally and
irrevocably guaranteed by ABH Financial Limited and Open
Joint-Stock Company "Alfa Bank" following the increase of the
amount that can be issued from US$400 million to US$1 billion.
The outlook for the rating is stable.

The first drawdown of US$250 million has been rated Ba2 in line
with the Program's rating.

According to Moody's, this rating is at the level of the current
senior debt rating of Alfa Bank.  The Ba2 rating incorporates a
certain degree of support from the bank's shareholders should the
bank experience financial difficulties; their commitment was
demonstrated in the wake of the mini-crisis in the Russian
banking system during the summer of 2004.

Moody's also notes that according to the terms of the Program,
the guarantors will have to comply with a number of covenants
such as a negative pledge, a limitation on mergers and
consolidations, as well as a limitation on affiliate
transactions.  As one of the financial covenants, ABH Financial
Limited is also obliged to maintain a minimum capital adequacy
ratio of 8% calculated in accordance with BIS guidelines.

Alfa Bank is incorporated in Moscow, Russia, and is wholly owned
by ABH Financial Limited, which had reported total
IFRS-consolidated assets of US$7.025 billion at 31 December 2004.

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

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


BIRYULSKOYE: Bankruptcy Proceedings Begin
-----------------------------------------
The Arbitration Court of Irkutsk region has commenced external
management bankruptcy procedure on open joint stock company
Biryulskoye.  The case is docketed as A19-21860/03-49.  Mr. Y.
Nikonov has been appointed external insolvency manager.

CONTACT:  BIRYULSKOYE
          Russia, Irkutsk region,
          Kachugskiy region, Biryulka

          Mr. Y. Nikonov
          External Insolvency Manager
          664025, Russia, Irkutsk region,
          Post User Box 1363


BOLSHEVIK: Deadline for Proofs of Claim August 25
-------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Bolshevik (TIN
4720016570) after finding the breeding poultry factory insolvent.
The case is docketed as A56-23071/04.  Mr. E. Ibragimov has been
appointed insolvency manager.  Creditors have until Aug. 25, 2005
to submit their proofs of claim to 188513, Russia, Leningrad
region, Lomonosovskiy region, Razbegaevo.

CONTACT:  BOLSHEVIK
          188513, Russia, Leningrad region,
          Lomonosovskiy region, Razbegaevo

          Mr. E. Ibragimov
          Insolvency Manager
          188513, Russia, Leningrad region,
          Lomonosovskiy region, Razbegaevo


BREWERY: Gives Creditors Until Next Week to File Claims
-------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on limited liability company Brewery.  The
case is docketed as A67-2764/05.  Ms. T. Zhdanova has been
appointed temporary insolvency manager.  Creditors have until
July 25, 2005 to submit their proofs of claim to 646700, Russia,
Tomsk region, Kargasok, Uchebnaya Str. 19.

CONTACT:  BREWERY
          636785, Russia, Tomsk region,
          Strezhevoy, 4th location, 8

          Ms. T. Zhdanova
          Temporary Insolvency Manager
          646700, Russia, Tomsk region,
          Kargasok, Uchebnaya Str. 19


CERAMICS: Bankruptcy Hearing Resumes Next Month
-----------------------------------------------
The Arbitration Court of Novgorod region has commenced bankruptcy
supervision procedure on open joint stock company Ceramics.  The
case is docketed as A44-1333/05-4K.  Ms. T. Kazakina has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 195271, Russia,
Saint-Petersburg, Bestuzhevskaya Str. 33, Building 1, Apartment
92.  A hearing will take place on Aug. 11, 2005.

CONTACT:  CERAMICS
          Russia, Novgorod region,
          Kholm, Sovetskaya Str. 6

          Ms. T. Kazakina
          Temporary Insolvency Manager
          195271, Russia, Saint-Petersburg,
          Bestuzhevskaya Str. 33 Building 1, Apartment 92


CHANOVSKAYA: Last Day for Filing Claims July 25
-----------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on open joint stock company
Chanovskaya.  The case is docketed as A45-8555/05-25/180.  Mr. S.
Isyurov has been appointed temporary insolvency manager.
Creditors have until July 25, 2005 to submit their proofs of
claim to 630501, Russia, Novosibirsk, Krasnoobsk-1, Post User Box
729.  A hearing will take place on Oct. 10, 2005.

CONTACT:  CHANOVSKAYA
          632200, Russia, Novosibirsk region,
          Chany, Lenina Str. 254a

          Mr. S. Isyurov
          Temporary Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk-1, Post User Box 729


GIGRO-VATA: Declared Insolvent
------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Gigro-Vata after finding the open joint stock
company insolvent.  The case is docketed as A-57-216B/04-31.  Mr.
A. Gurchenko has been appointed insolvency manager.
Creditors have until August 25, 2005 to submit their proofs of
claim to 410012, Russia, Saratov, Bolshaya Kazachya Str. 23/27,
Office 28-32.

CONTACT:  GIGRO-VATA
          Russia, Saratov region,
          Rtishevo, Penzenskaya Str. 5

          Mr. A. Gurchenko
          Insolvency Manager
          410012, Russia, Saratov region,
          Bolshaya Kazachya Str. 23/27, Office 28-32


KLINTSOVSKOYE REPAIR: Bankruptcy Hearing Set October
----------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on open joint stock company Klintsovskoye
Repair Technical Enterprise.  The case is docketed as
A09-1902/05-8.  Ms. Y. Chernikova has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 129110, Russia, Moscow, M. Ekaterininskaya Str. 17/21.  A
hearing will take place on Oct. 31, 2005.

CONTACT:  KLINTSOVSKOYE REPAIR TECHNICAL ENTERPRISE
          Russia, Bryansk region,
          Klintsy, Tsentralnaya Str. 1

          Ms. Y. Chernikova
          Temporary Insolvency Manager
          129110, Russia, Moscow region,
          M. Ekaterininskaya Str. 17/21


OAO GAZPROM: Gazstream Notes Get 'BB' Rating
--------------------------------------------
Fitch Ratings has assigned Gazstream S.A.'s US$646.5 million
amortizing loan participation notes maturing in 2013 a 'BB'
rating.  The loan participation notes are being issued for the
purpose of funding loans to OAO Gazprom and Blue Stream Pipeline
B.V.  The loan to Blue Stream Pipeline Company N.V. is
unconditionally and irrevocably guaranteed by OAO Gazprom (rated
'BB' on Rating Watch Positive).  The average life of the loan
participation notes is 3.8 years.

Fitch will continue to closely monitor Gazprom's total leverage
and operating performance, specifically its heavy reliance on
natural gas export prices.

CONTACT:  FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7-095-956-9986
          Isaac Xenitidies, London
          Phone: +44-207-417-4300

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


OZINSKIY COMBINE: Saratov Court Hires Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Ozinskiy Combine of Building Materials after
finding the open joint stock company insolvent.  The case is
docketed as A-57-216B/04-31.  Mr. A. Gurchenko has been appointed
insolvency manager.  Creditors have until Aug. 25, 2005 to submit
their proofs of claim to 410012, Russia, Saratov, Bolshaya
Kazachya Str. 23/27, Office 28-32.

CONTACT:  OZINSKIY COMBINE OF BUILDING MATERIALS
          Russia, Saratov region,
          Ozinki, Kolkhoznaya Str. 81

          Mr. A. Gurchenko
          Insolvency Manager
          410012, Russia, Saratov region,
          Bolshaya Kazachya Str. 23/27, Office 28-32


SPIROVO-WOOD: Creditors Have Until July 25 to File Claims
---------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on close joint stock company Spirovo-Wood.
The case is docketed as A66-2810/2005.  Mr. V. Artemyev has been
appointed temporary insolvency manager.  Creditors have until
July 25, 2005 to submit their proofs of claim to 170037, Russia,
Tver, Ordzhonikidze Str. 21, Room 318.

CONTACT:  SPIROVO-WOOD
          Russia, Tver region, Spirovo

          Mr. V. Artemyev
          Temporary Insolvency Manager
          170037, Russia, Tver region,
          Ordzhonikidze Str. 21, room 318
          Phone: (0822) 35-35-05


STROM-AVTO-MASH: Succumbs to Bankruptcy
---------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Strom-Avto-Mash (TIN 4210000163) after
finding the open joint stock company insolvent.  The case is
docketed as A27-3898/2005-4.  Mr. M. Putintsev has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 650033, Russia, Kemerovo, Post User Box 3047.

CONTACT:  STROM-AVTO-MASH
          650052, Russia, Kemerovo region,
          Metallistov Str. 1a

          Mr. M. Putintsev
          Insolvency Manager
          650033, Russia, Kemerovo region,
          Post User Box 3047


=============================
S L O V A K   R E P U B L I C
=============================


SLOVENSKA SPORITELNA: Moody's Ups Financial Strength to D+
----------------------------------------------------------
Moody's on July 15 upgraded to D+ from D the financial strength
rating (FSR) of Slovakia's Slovenska Sporitelna (SLSP).  The
outlook is stable.  SLSP's A2/Prime-1 deposit ratings remain
unchanged, based on expected support from its parent; Erste Bank
(rated A1/B-/Prime-1).

The upgrade of the FSR reflects the ongoing improvement in the
bank's profitability, its extremely strong domestic franchise,
together with the improvement in the bank's efficiency.  The
restructuring of the bank in recent years has also led to
improvement in terms of risk management.  SLSP is the largest
bank in Slovakia and dominates retail banking with 23% market
share in lending and 34% in deposits.  Since its privatization,
the bank has restructured its retail and corporate activities,
and optimized its distribution network.  Strategic focus is now
on developing lending activities and cross selling thanks to
improved product scope and quality of services, a more
customer-oriented approach and improved risk systems.

The stable outlook reflects the challenges the bank is facing,
including the need to further increase core profitability, to
further improve risk management to ensure compliance with Basel
II requirements, to address the high levels of competition in the
Slovak banking market and to reduce Slovenska Sporitelna's state
exposure and income reliance on it.

A further upgrade of the FSR in the medium term is possible in
case of further improvement in economic profitability as well as
maintaining market position and further improving asset quality.
A downgrade of the FSR is unlikely.  The deposit ratings are at
Slovakia's country ceiling and cannot be upgraded without an
upgrade of both the country ceiling and the ratings of Erste
Bank.  The deposit ratings could be downgraded in the unlikely
case of weakening commitment from Erste Bank, or a downgrade of
the country ceiling for Slovakia.

Headquartered in Bratislava, SLSP is the largest bank in Slovakia
by total assets.  At the end of 2004 SLSP had total assets
SKK237.4 billion (EUR6.1 billion) according to IFRS.

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

          MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Ross Abercromby, Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


SLOVENSKE ELEKTRARNE: Posts SKK1.65 Billion Profit for 2004
-----------------------------------------------------------
Slovenske elektrarne, a.s.'s General Meeting held July 7 approved
annual financial statements for 2004.  The company's income from
operations came to SKK4,206,559,000, with financial operations
totaling -SKK2,131,899,000, current operations SKK1,638,970,000
and extraordinary operations SKK12,789,000.  Thus, last year's
after-tax income is SKK1,651,759,000, as compared to
SKK1,310,125,000 over the previous accounting period.

The critical facts affecting the economy (performance) of the
company in the accounting period ended 31 December 2004 included:

(a) reduction in the amount of electricity sold in the Slovak
    Republic -- a decline in sales revenue by a total of SKK4.0
    billion over the previous accounting period increased
    electricity sales abroad;

(b) increased sales revenue by a total of SKK3.1 billion over
    the previous accounting period;

(c) extension of the expected life of the nuclear power plants
    to 40 years  (reduced costs by nearly SKK2.0 billion over
    the previous accounting period);

(d) savings on paid interest -- reduced costs by SKK0.8 billion
    over the previous accounting period; and

(e) austerity measures on services -- a rise by a mere SKK70
    million on the previous accounting year with an index of
    1.01, which is a less-than-inflation increase.

The company costs totaled SKK53,485,043,000, down in total
SKK792,173,000 from last year.  The 2004/2003 cost development
index is 0.99.  The company has achieved the above values in
particular by putting emphasis on austerity measures.  The cost
index thus attained a substantially lower value (contrary
movement) than inflation developments, even in the face of
considerable rise in inputs (fuel prices, ao.).

Given the ongoing restructuring, further savings also on
employment compensation can be expected over the future periods.
Nevertheless, employment compensation rose by SKK695,737,000
year-on-year due to one-off employment termination by reason of
staff reduction in 2004.

The company's total sales revenue and earnings came to
SKK55,136,802,000, down SKK450,539,000 from the previous period.
In particular the implementation of own products saw markedly
adverse domestic developments, with revenues on electricity sales
to distribution companies falling SKK3,917,329,000.  These
developments were partially affected by the opening of the
electricity market in Slovakia as well as the electricity demand
trend.  The company made up partially for the decline in domestic
sales revenue through increased activity on foreign markets, with
the fall in electricity sales revenue merely totaling
SKK614,873,000.

On 30 June 2005, Slovenske elektrarne, a.s., General Meeting
approved the company's profit sharing for 2004 in the amount of
SKK1,651,759,000 as:

(a) Contribution to the statutory reserve fund SKK165,176,000,

(b) Contribution to the social fund SKK 25,216,000,

(c) Dividends SKK1,430,167,000,

(d) Profit sharing to employees SKK22,000,000,

(e) Retained earnings SKK9,200,000

Rastislav Petrech
Spokesman

CONTACT:  SLOVENSKE ELEKTRARNE A.S.
          Hranicna 12
          827 36 Bratislava 212
          Slovak Republic
          Phone: +421 2 5866 1111
          Fax: +421 2 5341 7525
          E-mail: info@hq.seas.sk
          Web site: http://www.seas.sk


VSEOBECNA UVEROVA: Moody's Upgrades Financial Strength to D+
------------------------------------------------------------
Moody's upgraded to D+ from D the financial strength rating (FSR)
of Slovakia's Vseobecna uverova banka (VUB).  The outlook is
stable.  VUB's A2, with a positive outlook, and Prime-1 deposit
ratings remain unchanged, based on expected support from its
ultimate parent; Banca Intesa (rated A1/B-/Prime-1 with a
positive outlook).

According to Moody's, the FSR upgrade recognizes the improvement
in the bank's profitability, the cleanup of its non-performing
loans, together with a strengthening in risk management.  The
restructuring of the bank in recent years has led to improvement
in terms of market positioning, especially in the retail and SME
sectors as well as improvement in efficiency.  Core profitability
has also improved although Moody's notes that the maturing of a
large part of the State restructuring bond portfolio in January
2006 is likely to lead to a fall in net interest income.

In terms of risk management, the workout portfolio of the bank is
now almost zero, and this is reflected in the significant decline
in its non-performing loans to 4.8% at the end of 2004, from 25%
in 2001.  The increase in the retail and SME lending portfolios
has also led to a decline in risk concentrations.

Moody's added that the stable outlook reflects the challenges
that VUB still has to face.  These include further improvement in
risk management to ensure compliance with Basel II requirements,
further IT investment, the high levels of competition in the
Slovak banking market and to reduce the reliance of VUB on income
from the restructuring bonds.

A further upgrade of the FSR in the medium term is possible in
case of further improvement in economic profitability as well as
maintaining market position and good asset quality.  A downgrade
of the FSR is unlikely.  The deposit ratings are at Slovakia's
country ceiling and underpinned by Intesa's ownership, thus an
upgrade is only possible if the country ceiling and Intesa's
rating is upgraded.  The deposit ratings could be downgraded in
the unlikely case of weakening commitment from Banca Intesa, or a
downgrade of the country ceiling for Slovakia.

Headquartered in Bratislava, VUB is the second largest bank in
Slovakia in terms of total assets.  At the end of 2004 VUB had
total assets SKK218.8 billion (EUR 5.6 billion) according to
IFRS.

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

          MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Ross Abercromby, Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


===========
T U R K E Y
===========


SEKERBANK T.A.S.: Fitch Says Rabobank Stake Buy Good for Ratings
----------------------------------------------------------------
Fitch Ratings has placed Turkey's Sekerbank T.A.S.'s Long-term
foreign currency and local currency 'B-' and National Long-term
'BBB (tur)' ratings on Rating Watch Positive.  Its other ratings
are affirmed at Individual 'D/E', Short-term 'B' and Support '5'.
This follows the announcement from the Netherlands-based Rabobank
on 8 July 2005 that it intends to acquire 36.5% of Sekerbank
after receiving the necessary shareholder and Turkish regulatory
and governmental approvals.

Rabo will also make an offer for the public shares of Sekerbank
to achieve 51% ownership of Sekerbank.  The selling shareholder
(the Voluntary Pension Fund) has a commitment to sell sufficient
shares for Rabobank to achieve the 51% stake, should it be unable
to realize it from the public.  The details and timing of the
offer will be determined in consultation with Turkish market
supervisor as well as the Turkish and Dutch bank regulators.  The
Watch will be resolved once the acquisition is completed, which
is expected in 2H05.

The rating action reflects the higher potential support that
Fitch anticipates for Sekerbank from its new shareholder,
Rabobank (Long-term 'AA+', Stable Outlook, Short-term 'F1+').  In
Fitch's opinion, there is a very high probability that, should
Sekerbank get into difficulties, support will be provided by
Rabobank.

However, the ability of Rabobank to support might be limited in
certain circumstances by the transfer risk associated with Turkey
(rated 'BB-' (BB minus) with Stable Outlook), which therefore
would constrain the Support rating at '3' upon completion of the
transaction.  Fitch expects Rabobank to combine Sekerbank's
network and market knowledge with its own strength and expertise
in cross-selling products and risk management.  This should
consequently improve Sekerbank's relative credit worthiness
within the Turkish banking system.

Sekerbank is a medium-sized Turkish bank with over 200 branches
throughout Turkey.  It ranks 11th by assets among the 18 domestic
privately owned commercial banks with total consolidated assets
of US$2.4 billion and equity of US$221 million at end-2004.  It
is focusing on increasing its retail banking business while also
providing commercial and corporate banking services.

Rabobank is the second largest Dutch-based bank including all
worldwide operations.  It aims to strengthen its position as a
provider of a full range of financial services in Turkey.

CONTACT:  FITCH RATINGS
          Ed Thompson, New York
          Phone: +1 212 908 0364 44
                 (0)20 7417 4373
          Gulcin Orgun
          Turda Ozmen, Istanbul
          Phone: +90 212 279 10 65
          Banu Cartmell,
          Martin Oldham, London
          Phone: +44 (0)20 7417 4222

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


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


OJSC STIROL: Fitch Rates Proposed Eurobond 'B'
----------------------------------------------
Fitch Ratings has assigned UkrChem Capital B.V.'s issue of
approximately US$100 million limited recourse loan participation
notes an expected Long-term 'B' rating.  The assignment of the
final rating is contingent on receipt of final documents
conforming to information already received.

The notes are issued solely to finance a loan from Moscow Narodny
Bank Limited ("MNB"; majority controlled by the Central Bank of
Russia and rated 'BBB-'/Stable/'F3') to OJSC Stirol ("Stirol",
rated 'B'/Stable/'B').  The rights of MNB to principal, interest
and any additional amounts as lender under the loan agreement
(between MNB and Stirol) will be charged as security in favor of
the trustee - Bank of New York - for the benefit of the
noteholders.

The rights of the issuer under the sub-participation agreement
(between UrkChem Capital B.V. and MNB) to principal, interest and
any additional amounts will also be charged as security in favor
of the trustee for the benefit of the noteholders.  Similar
structures are in place in the Ukraine for Ukrsotsbank (rated
'B-'; Positive Outlook) and for Naftogaz (rated 'BB-'; Stable
Outlook).

The obligations of Stirol under the loan agreement will rank at
least pari passu with all its other unsubordinated unsecured
obligations, except those provided by the mandatory provisions of
applicable law.  The loan agreement includes two put events - a
two-notch rating downgrade upon a change of control and a
cessation of price regulation on Stirol's products.

As Stirol conducts a substantial part of its business through
distributors, two of whom qualify as related parties, the latter
put event is aimed at ensuring that sales with related parties
continue to be done on an arms-length's basis should price
regulation cease.

In FY04 Stirol, achieved 86% of sales with related parties.
Furthermore, the loan agreement is envisaged to include financial
covenants of total indebtedness/EBITDA (2.0x versus current
estimate 1.3x) and minimum net worth (US$175m versus current
estimate US$200m).

The loan documentation will also include a limit on dividend
distribution (50% of net income), negative pledge (subject to
certain carve-outs), a provision for re-investment or debt
reduction on sold assets and a cross-default-clause.  The
documentation is governed by English law.

Stirol is Ukraine's leading fertilizer producer, with FY04 sales
of UAH1,881 million (US$373 million) and EBITDA of UAH536.5
million (US$106 million).  A full report on Stirol is available
to subscribers on the agency's Web site at
http://www.fitchresearch.com.

CONTACT:  FITCH RATINGS
          Karsten Frankfurth, Frankfurt
          Phone: +49 69 7680 76170
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9968.

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


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


ACCURO FINE: Members Opt for Liquidation
----------------------------------------
At an Extraordinary General Meeting of the Members of Accuro Fine
Art Management Ltd., duly convened, and held at 68 Ship Street,
Brighton, East Susex BN1 1AE, on 7 July 2005, the following
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
William Jeremy Jonathan Knight be and he is hereby appointed
Liquidator for the purposes of such winding-up."

R J K Sloane, Chairman

                            *   *   *

Creditors are required, on or before 1 September 2005, to send in
their names and addresses with particulars of their debt or
claims and the names and addresses of their Solicitors, if any,
to William Jeremy Jonathan Knight, at 68 Ship Street, Brighton,
East Sussex BN1 1AE, the Liquidator of the said 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.

                            *   *   *

Accuro Fine is formerly Atlantic Fine Art Logistics Limited.  It
is into fine art transport.

CONTACT:  ACCURO FINE ART MANAGEMENT LTD.
          68 Ship Street, Brighton, East Sussex BN1 1AE

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


A H BUDGEN: Calls in Administrator
----------------------------------
At an Extraordinary General Meeting of the Members of A H Budgen
(Copthorne) Limited, duly convened, and held at the offices of A
H Budgen (Copthorne) Limited, Mereworth, Shipley Bridge Lane,
Copthorne, West Sussex RH10 3JL, on 1 July 2005, the following
Special Resolution was duly passed:

"That the Company be wound up voluntarily and that Andrew Pear
and Ian Cadlock, of Tenon Recovery, Lyndean House, 43-46 Queens
Road, Brighton, East Sussex BN1 3XB, be and are hereby appointed
Joint Liquidators for the purposes of such a winding-up."

G A Budgen, Director

                            *   *   *

Notice is hereby given that the Creditors of the above-named
Company, which is being voluntarily wound up, are required, on or
before 30 August 2005, to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims, and the names and addresses of their
Solicitors (if any), to the undersigned, Andrew Pear and Ian
Cadlock, of Tenon Recovery, Lyndean House, 43-46 Queens Road,
Brighton, East Sussex BN1 3XB, the Joint Liquidators of the said
Company, and, if so required by notice in writing from the said
Joint Liquidators, 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.

A J Pear, Joint Liquidator

                            *   *   *

A H Budgen is into general construction and civil engineering.

CONTACT:  TENON RECOVERY
          Lyndean House, 43-46 Queens Road,
          Brighton, East Sussex BN1 3XB
          Phone: 01273 725566
          Fax: 01273 724502
          Web site: http://www.tenongroup.com


AJS CONSTRUCTION: Sets Creditors Meeting July 28
------------------------------------------------
Notice is hereby given, pursuant to legsection 98legx of the
Insolvency Act 1986, that a Meeting of the Creditors of AJS
Construction (Luton) Limited will be held at Torrington House, 47
Holywell Hill, St Albans, Hertfordshire AL1 1HD, on 28 July 2005,
at 10:00 a.m., for the purposes mentioned in sections 100 and 101
of the said Act.

Forms of proxy to be used at the Meeting must be lodged at the
offices of Vantis Business Recovery, Torrington House, 47
Holywell Hill, St. Albans, Hertfordshire AL1 1HD, the registered
office of the Company, not later than 12:00 noon on 27 July 2005.

Pursuant to section 98(2)(a) of the Insolvency Act 1986, Michael
Young, of Vantis Business Recovery, Torrington House, 47 Holywell
Hill, St Albans, Hertfordshire AL1 1HD, is qualified to act as an
Insolvency Practitioner in relation to the Company and will
furnish Creditors, free of charge, with such information
concerning the Company's affairs as they may reasonably require.

By Order of the Board
A Stewart, Director

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Phone: 01727 811111
          Fax: 01727 810057
          E-mail: nhamiltons@aol.com
          Web site: http://www.vantismt.com


APPSCO SOFTWARE: KPMG to Present Report August 19
-------------------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final Meeting of the Members of APPSCO Software
Limited will be held at KPMG LLP, 8 Salisbury Square, London EC4Y
8BB, on Friday 19 August 2005, at 11:30 a.m., for the purpose of
receiving an account showing the manner in which the liquidation
has been conducted and the property of the Company disposed of,
and of hearing any explanation which may be given by the
Liquidators.

Proxy forms, if applicable, must be lodged with the Liquidator at
KPMG LLP, 8 Salisbury Square, London EC4Y 8BB, no later than
12.00 noon on 18 August 2005.

J Spratt, Joint Liquidator

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


ARENA ASSOCIATES: Appoints Begbies Traynor Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of Arena Associates Limited,
duly convened, and held at The Peterborough Moat House, Thorpe
Wood, Peterborough, Cambridgeshire PE3 6SG, on 5 July 2005, the
subjoined Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Lloyd Biscoe, of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, be and he is
hereby appointed Liquidator for the purposes of such winding-up."

S Rattle

                            *   *   *

Arena Associates constructs ice rinks.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


ARNOLD (MARIS): Hires Administrators from RSM Robson Rhodes
-----------------------------------------------------------
Name of companies: ARNOLD (MARIS) LIMITED
                   (Company No 04931152)
                   J C PAYNE LIMITED
                   (Company No 01903388)
                   SPECTRUM MOBILE SERVICES LIMITED
                   (Company No 03613581)

Nature of Business: Body Builders

Registered Office of Company: JCP House, Redhouse Industrial
Estate, Middlemore Lane West, Aldridge WS9 8BG

Date of Appointment: July 7, 2005

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

                            *   *   *

JC Payne Ltd.'s managing director is Dean Hatton.

CONTACT:  JC PAYNE LTD.
          JCP House, Middlemore Lane West
          Redhouse Industrial Estate
          Aldridge WS9 8BG
          West Midlands
          Phone: 01922 453333
          Fax: 01922 453475

          SPECTRUM MOBILE SERVICES LTD.
          16 Newborough Grove
          Birmingham B28 0UX
          West Midlands
          Phone: 0121 744 8488

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


AXIS SPECIALTY: Appoints Menzies Administrator
----------------------------------------------
We, the undersigned, being the sole Member of Axis Specialty UK
Limited for the time being having a right to attend and vote at
General Meetings, hereby pass the following Resolutions, as a
Special Resolution, as Ordinary Resolutions and as Extraordinary
Resolutions respectively, in accordance with section 381A of the
Companies Act 1985, as inserted by section 113 of the Companies
Act 1989:

"That the Company be wound up voluntarily, that Simon James
Underwood and Jason James Godefroy, of Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW, be and are
hereby appointed Joint Liquidators of the Company, that the
remuneration of the Joint Liquidators be fixed by reference to
the time properly given by the Joint Liquidators and their staff
in attending to matters arising in the winding-up, that the
Liquidators be and are hereby authorized to distribute to the
Members, in specie or in kind, the whole or any part of the
assets of the Company, and that the Liquidators be and are hereby
authorized under the provisions of section 165(2)(a) of the
Insolvency Act 1986, to exercise the powers laid down in Part 1
of Schedule 4 of the said Act."

A Cook, Shareholder, Axis Capital Holdings Limited

                            *   *   *

Notice is hereby given that the Creditors of the above-named
Company, which is being voluntarily wound up, are required, on or
before 10 October 2005, to prove their debt by sending to the
undersigned, Simon James Underwood, of Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW, the Joint
Liquidator of the Company, 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 Liquidator to be necessary.

A Creditor who has not proved this debt before the declaration of
any Dividend is not entitled to disturb, by reason that he has
not participated in it, the distribution of that Dividend or any
other Dividend declared before his debt was proved.

S J Underwood, Joint Liquidator

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777


BERKSHIRE QUADS: Creditors to Meet Later this Month
---------------------------------------------------
Notice is hereby given, pursuant to legsection 98legx of the
Insolvency Act 1986, that a Meeting of the Creditors of Berkshire
Quads Limited will be held at 6 c Church Street, Reading,
Berkshire RG1 2SB, on 28 July 2005, at 12:00 noon, for the
purposes mentioned in sections 99 to 101 of the said Act.

Creditors wishing to vote at the Meeting must lodge their proxy,
together with a full statement of account, at the registered
office, 6c Church Street, Reading, Berkshire RG1 2SB, not later
than 12:00 noon on 27 July 2005.  For the purposes of voting, a
secured Creditor is required (unless he surrenders his security)
to lodge at 6c Church Street, Reading, Berkshire RG1 2SB, before
the Meeting, a statement giving particulars of his security, the
date when it was given and the value at which it is assessed.

Notice is further given that a list of the names and addresses of
the Company's Creditors may be inspected, free of charge, at 6c
Church Street, Reading, Berkshire RG1 2SB, between 10:00 a.m. and
4:00 p.m. on the two business days preceding the date of the
Meeting stated above.

By Order of Board
A Mitchell, Director


BIASCO (MILTON KEYNES): Names Smith & Williamson Administrator
--------------------------------------------------------------
Name of company: BIASCO (MILTON KEYNES) LIMITED
                 (Company No 4251026)

Nature of Business: Electrical Appliance Retailer

Trade Classification: 21, Retail of Electrical Goods

Date of Appointment: July 6, 2005

Administrator's Name and Address: Stephen Cork (IP No 8627),
Smith & Williamson Limited, Prospect House, 2 Athenaeum Road,
London N20 9YU

CONTACT:  SMITH & WILLIAMSON
          Prospect House
          2 Athenaeum Road
          London N20 9YU
          Phone: 020 8492 8600
          Fax: 020 8492 8601


B I INDUSTRIES: Bristol District Registry Orders Liquidation
------------------------------------------------------------
Name of Company: B I Industries (Holdings) Ltd.

Company Registration Number: 02475446

Address of Registered Office: Elson House, Anglesey Road, Burton
on Trent, Staffordshire, DE14 3NX

Court: Bristol District Registry

Date of Filing Petition: 10 May 2005

No. of Matter: 2093 of 2005

Date of Winding-up Order: 6 July 2005

Official Receiver: 4th Floor, Wellington House, Wellington
Street, Leicester, LE1 6HL


BOVINGDON VEHICLE: Creditors Meeting Next Week
----------------------------------------------
Notice is hereby given, pursuant to legsection 98legx of the
Insolvency Act 1986, that a Meeting of the Creditors of Bovingdon
Vehicle Repair Centre Limited will be held at Nunn Hayward,
Rycote Place, 30-38 Cambridge Street, Aylesbury, Buckinghamshire
HP20 1RS, on 25 July 2005, at 10:30 a.m., for the purposes
mentioned in sections 99 to 101 of the said Act.

Creditors wishing to vote at the Meeting must lodge their proxy,
together with a full statement of account, at the registered
office, Rycote Place, 30-38 Cambridge Street, Aylesbury,
Buckinghamshire HP20 1RS, not later than 12:00 noon on 22 July
2005.  For the purposes of voting, a secured Creditor is required
(unless he surrenders his security) to lodge at Rycote Place,
30-38 Cambridge Street, Aylesbury, Buckinghamshire HP20 1RS,
before the Meeting, a statement giving particulars of his
security, the date when it was given and the value at which it is
assessed.

The Resolutions to be taken at the Meeting may include a
Resolution specifying the terms on which the Liquidator is to be
remunerated, and the Meeting may receive information about, or be
called upon to approve, the cost of preparing the statement of
affairs and convening the Meeting.  David A Butler, Nunn Hayward,
Rycote Place, 30-38 Cambridge Street, Aylesbury, Buckinghamshire
HP20 1RS, is qualified to act as an Insolvency Practitioner in
relation to the above Company and will furnish Creditors, free of
charge, with such information concerning the Company's affairs as
is reasonably required.

By Order of Board
M Bartlett, Director


BOXER COURIER: Files for Liquidation
------------------------------------
At an Extraordinary General Meeting of the Members of Boxer
Courier Limited, duly convened, and held at 47-49 Green Lane,
Northwood, Middlesex HA6 3AE, on 7 July 2005, at 3.00 pm, the
following Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Ashok K Bhardwaj, of 47-49 Green Lane, Northwood, Middlesex HA6
3AE, be and is hereby nominated Liquidator for the purpose of the
winding-up."

P Sokhi, Director

                            *   *   *

Creditors of the company are required, on or before 28 August
2005, to send their names and addresses, with particulars of
their debt or claims, and the names and addresses of their
Solicitors (if any), to Ashok K Bhardwaj, of 47-49 Green Lane,
Northwood, Middlesex HA6 3AE, the Liquidator of the said Company,
and, if so required by notice in writing by the said Liquidator
are, by their Solicitors or personally, to come 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.

A K Bhardwaj, Liquidator


BRAID-TEX LIMITED: Chairman Calls Creditors Meeting
---------------------------------------------------
Notice is hereby given, pursuant to legsection 98legx of the
Insolvency Act 1986, that a Meeting of Creditors of Braid-Tex
Limited will be held at the offices of CBA, 39 Castle Street,
Leicester LE1 5WN, on 1 August 2005, at 3:00 p.m., for the
purposes mentioned in sections 99, 100 and 101 of the said Act.

The Resolutions at the Meeting of Creditors may include a
Resolution specifying the terms on which the Joint Liquidators
are to be remunerated. The Meeting may receive information about,
or be asked to approve, the cost of preparing the statement of
affairs and convening the Meeting. Pursuant to section 98(2) of
the Act, lists of the names and addresses of the Company's
Creditors will be available for inspection, free of charge, at
the offices of CBA, 39 Castle Street, Leicester LE1 5WN, on the
two business days prior to the day of the Meeting.

By Order of the Board
L Scarf, Chairman

CONTACT:  CBA
          39 Castle Street
          Leicester LE1 5WN
          Phone: (0116) 262 6804
          Fax: (0116) 217 1404
          E-mail: leics@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


CATESBY PUBLISHING: Creditors to Meet Later this Month
------------------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Catesby Publishing
Limited will be held at the Castle Hotel, Lady Bank, Tamworth,
Staffordshire B79 7NB, on 29 July 2005, at 11:00 a.m., for the
purposes mentioned in sections 99 to 101 of the said Act.  Robert
Gibbons, of Arrans, PO Box 9377, Falcon House, Falcon Park,
Tamworth, Staffordshire B77 5HL, will furnish Creditors, free of
charge, with such information concerning the Company's affairs as
they may reasonably require.

S Kember, Director


CHISOFT LIMITED: Creditors Meeting Set this Week
------------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Chisoft Limited will
be held at The MWB Business Exchange, 77 Oxford Street, London
W1D 2ES, on 21 July 2005, at 11:30 a.m.  Adrian Graham, of
Hamiltons Insolvency Practitioners Limited, Omega Court, 368
Cemetery Road, Sheffield S11 8FT, is a person qualified to act as
an Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting, furnish
Creditors, free of charge, with such information concerning the
Company's affairs as they may reasonably require.

Creditors wishing to vote at the Meeting must (unless they are
individual Creditors attending in person) lodge their proxies at
Hamiltons Insolvency Practitioners Limited, Omega Court, 368
Cemetery Road, Sheffield S11 8FT, no later than 12:00 noon on 20
July 2005.  Creditors must submit a proof of debt before voting
and, unless they surrender their security, secured Creditors must
give particulars of their security and its value.

By Order of the Board


CJF ENGINEERING: Opts for Liquidation
-------------------------------------
At an Extraordinary General Meeting of CJF Engineering Limited,
duly convened, and held at 105-111 Euston Street, London NW1 2EW,
on 6 July 2005, the subjoined Extraordinary Resolution was duly
passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Salman Saud, of Saud & Company, 105-111 Euston Street, London NW1
2EW, be and is hereby appointed Liquidator for the purpose of
such winding-up."

C Fulford, Chairman


CONGER UK: Creditors Meeting Tomorrow
-------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Conger UK Limited
will be held at Park House, 102-108 Above Bar, Southampton,
Hampshire SO14 7NH, on 20 July 2005, at 11:00 a.m., for the
purposes mentioned in sections 99, 100 and 101 of the said Act.
A list of names and addresses of the Company's Creditors will be
available for inspection, free of charge, at Park House, 102-108
Above Bar, Southampton, Hampshire SO14 7NH, on 18 July 2005 and
on 19 July 2005.

By Order of the Board


CROSS PUBLICATIONS: Sets Creditors Meeting Friday
-------------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of Cross Publications
Limited will be held at Church House, Solihull Road, Hampton in
Arden B92 0EX, on Friday 22 July 2005, at 11:00 a.m., for the
purposes mentioned in sections 99 and 101 of the said Act.
Resolutions may also be passed with regard to the basis of the
Liquidator's remuneration and the costs involved in the
preparation of the statement of affairs and convening the
Meeting.

A list of the names and addresses of the Company's Creditors may
be inspected, free of charge, between 10:00 a.m. and 4:00 p.m. at
Church House, Solihull Road, Hampton in Arden B92 0EX, on
Wednesday 20 July 2005 and Thursday 21 July 2005.
By Order of the Board.

G B Hickman, Director


DATATEND LIMITED: Names PricewaterhouseCoopers Administrator
------------------------------------------------------------
Name of company: DATATEND LIMITED
                 (Company No 04753283)

Nature of Business: General Commercial Company

Registered Office of Company: PricewaterhouseCoopers LLP, Benson
House, 33 Wellington Street, Leeds LS1 4JP

Date of Appointment: July 4, 2005

Joint Administrators' Names and Address: Matthew David Hammond
and Robert John Hunt (IP Nos 9355 and 8597), both of
PricewaterhouseCoopers, Cornwall Court, 19 Cornwall Street,
Birmingham B3 2DT

                            *   *   *

Datatend is fast becoming one of U.K.'s Networking partners of
choice.  It brings organization in this ever-evolving world of
communication technology.  Visit http://www.datatend.com/for
more information.

CONTACT:  DATATEND LIMITED
          Lunesdale
          Upton Magna Business Park
          Shrewsbury
          Shropshire SY4 4TT
          Phone: 08707555125

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


DISCPHARM DISTRIBUTIONS: Meeting of Creditors Next Week
-------------------------------------------------------
The creditors of Discpharm Distributions Limited (Company No
2261159) will meet on July 25, 2005 at 2:30 p.m.  It will be held
at PKF (UK) LLP, Farringdon Place, 20 Farringdon Road, London
EC1M 3AP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to S. P. Holgate and P. J. Long of PKF (UK) LLP,
Farringdon Place, 20 Farringdon Road, London EC1M 3AP not later
than 12:00 noon, July 22, 2005.

                            *   *   *

The company is an international and multinational private company
in the U.K.  It wholesales trade in pharmaceutical products.  It
currently employs 35 staff and has sales revenue amounting of
US$41.50 million.  Visit http://www.discpharm.co.ukfor more
information.

CONTACT:  DISCPHARM DISTRIBUTIONS LTD.
          Unit 5, Alpha Way
          Thorpe Industrial Park
          Egham TW20 8RZ
          Surrey
          Phone: 01784 487700
          Fax: 01784 487701

          PKF
          Farringdon Place,
          20 Farringdon Road, London EC1M 3AP
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


ECOQUIP LIMITED: Administrators from Begbies Traynor Move in
------------------------------------------------------------
Name of company:  ECOQUIP LIMITED
                  (Company No 04230112)

Nature of Business: Refrigeration Equipment Refurbishment and
Sales

Registered Office of Company: Unit 8, Whitehorse Business Park,
Stanford in the Vale, Oxfordshire SN7 8NY

Date of Appointment: July 7, 2005

Joint Administrators' Names and Address: Vivian Murray Bairstow
and Paul Michael Davis (IP Nos 5316 and 7805), both of Begbies
Traynor (South) LLP, 32 Cornhill, London EC3V 3BT

                            *   *   *

Formed in 1987 under the name of North and South Installations,
the company underwent an MBO in August 2001 and was renamed
EcoQuip Ltd.  It is the first U.K. and European refrigeration
company to be awarded the coveted ISO14001 Environmental
Accreditation and the leading supplier of commercial
refrigeration display cabinet services in the U.K.  Visit
http://www.ecoquip.co.uk/for more information.

CONTACT:  ECOQUIP LIMITED
          Whitehorse Business Park,
          Stanford In The Vale, Oxon, SN7 8NY
          Phone: 01367 710077
          Fax: 01367 710550
          E-mail: mail@ecoquip.co.uk

          BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


ENTERPRISE CAPITAL: To Hold Final General Meeting August
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Enterprise Capital Trust Plc
                        (In Liquidation)

Notice is hereby given, pursuant to Section 94 of the Insolvency
Act 1986, that a final general meeting of Enterprise Capital
Trust Plc will be held at 1 More London Place, London SE1 2AF on
August 10, 2005 at 10:30 a.m. for the purpose of having a final
account laid before it showing how the winding-up of the company
has been conducted and the property of the company disposed of,
and of hearing any explanations that may be given by the
liquidators.

Members are entitled to attend in person or alternatively by
proxy.  A member may vote according to the rights attaching to
his shares as set out in the company's Articles of Association.
A resolution will be passed only if a majority of those voting in
person or by proxy vote in favor.  Proxies must be lodged with me
at or before the meeting.

P. J. Brazzill, Joint Liquidator
July 6, 2005

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


EPR LIMITED: Appoints Joint Liquidators from Grant Thornton
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF EPR Limited

Notice is hereby given that on June 28, 2005, we, Richard Hawes
and David Thomas, Grant Thornton UK LLP, 11-13 Penhill Road,
Cardiff CF11 9UP were appointed liquidator of EPR Limited, which
trades from 191 West George Street, Glasgow G2 2LB, by resolution
of a meeting of creditors and members, pursuant to section 109 of
the Insolvency Act 1986.

EPR Limited is an energy company engaged in the development of
power stations using renewable energy resources.

CONTACT:  GRANT THORNTON
          11-13 Penhill Road
          Cardiff CF11 9UP
          Phone: 029 2023 5591
          Fax: 029 2038 3803
          Web site: http://www.grant-thornton.co.uk


ET & T (UK): Final Creditors Meeting Set August
-----------------------------------------------
A Meeting of Creditors of ET & T (UK) Limited has been summoned
by the Liquidators under sections 105 and 106 of the Insolvency
Act 1986, for the purpose of having an account laid before them
by the Liquidators 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 Liquidators.

The Meeting will be held at The Meeting House, Little Mount Sion,
Tunbridge Wells, Kent TN1 1YS, on Wednesday 17 August 2005, at
11:45 a.m.  A proxy form must be lodged with me not later than
12:00 noon on Tuesday 16 August 2005, to entitle you to vote by
proxy at the Meeting.

S Tancock, Joint Liquidator


EURODIS ELECTRON: Deloitte Opens Talks with Possible Bidders
------------------------------------------------------------
Eurodis Electron plc fell into administration Friday, a day after
it revealed its potential buyer has walked out of the merger
talks.

According to the company, its financial position has forced it to
appoint joint administrators Neville Barry Khan, Nicholas Guy
Edwards and Nicholas James Dargan, all of Deloitte & Touche LLP.

Mr. Khan said: "With the support of the stakeholders, it is our
intention to allow the company to continue operating to support
its customer base, while we seek a purchaser.  A number of
parties have already expressed interest with whom we have
commenced discussions."

On Thursday, shares of Eurodis Electron were suspended, following
the collapse of takeover negotiations.  The company said its lead
finance provider has also cut down facilities to a level that
makes current operations "unsustainable."

In May, Eurodis reported pre-tax loss of GBP12 million on
ordinary activities, down 37% from last year's results.  It said
it continues to progress in reducing operating cost.  Sales in
ten months to 31 March 2005 were EUR244.1 million, 10.7% lower
than figures on the same period in 2004.  Sales in Q1 2005 were
8.8% down, reflecting the loss of franchises in 2004 after the
company's refinancing and coupled by a small fall in the overall
European market.

CONTACT:  EURODIS ELECTRON PLC
          Electron House
          43 London Rd.
          Reigate
          Surrey RH2 9PW
          Phone: +44-1737-242-464
          Fax: +44-1737-229-600
          Web site: http://www.eurodis.com
          Contact:
          Doug Rogers, Chairman
          Phone: 01737242464

          Steven Swayne, Chief Executive
          Phone: 01737242464

          BELL POTTINGER
          David Rydell
          Zoe Sanders
          Phone: 020 78613232


EURODIS ELECTRON: Company Profile
---------------------------------
NAME: Eurodis Electron PLC

ADDRESS: Electron House
         43 London Road
         Reigate
         Surrey
         United Kingdom
         RH2 9PW

PHONE: +44 1737 242464

FAX: +44 1737 229600

E-MAIL: info@eurodis.com

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

TYPE OF BUSINESS: Eurodis Electron sells about 120,000 types of
components to more than 18,000 electronics manufacturers and
commercial customers across the continent.  Offering logistics,
supply chain, warehousing, and e-business services, the company
currently has 780 employees in 40 offices across 18 countries.

SIC: (5065) Electronic parts and equipment

EXECUTIVES: Douglas E. Rogers, Non-executive Chairman

            Barry B.J. Charles, Non-executive Deputy Chairman

            Steve P. Swayne, Chief Executive

            Bill N. Alexander, Group Finance Director

            Peter W. Grant, Group Finance Director

            Nick J. Jefferies, Executive Director

            Dr. Albert van der Wijk, Executive Director

            Bill N. Alexander, Non-executive Director

            Milton Guffogg, Non-executive Director

ANNUAL TURNOVER: EUR327.9 million (May 2004)

SALES: EUR328 million (May 2004)

ASSETS:  EUR179 million (May 2004)

NET DEBT: EUR 47.5 million (May 2004)

THE TROUBLE: In 2002, Eurodis Electron plc was badly hit by the
collapse in demand for electronic components in Europe, which
started a year earlier.  The combination of low production
capacity usage and high inventories also saw sales drop 10% to
GBP185 million and operating profit sink 69% to GBP2.4 million.

The cost of restructuring dragged in losses of GBP3 million,
while net debt rocketed 86% for the six months ending November
2001.  Eurodis also let go of its Swiss computer products and
services business Eurodis DATA to Bechtle AG for GBP8.1 million.

The downturn both in the economic environment and the market
conditions continued in 2003.  Further restructuring costs and
downsizing resulted to reduction of its funding facilities.  In
April of that year, the company announced it was in preliminary
bid talks, which were, however, terminated six months after. The
year ended with sales still not recovering.

In May 2004, Eurodis revealed that the successful conclusion of
the GBP39 million equity raising at the beginning of March has
enabled the business to get back to operating on a normal
footing.  It incurred a pre-tax loss of GBP12 million on ordinary
activities, down 37% from the year before.

However, sales in ten months to 31 March 2005 were EUR244.1
million, 10.7% lower than figures on the same period in 2004.
The slide continued in the first quarter of 2005 as Eurodis
revealed sales were 8.8% down, reflecting the loss of franchises
during 2004 following the company's refinancing, combined with a
small fall in the overall European market.

On July 15, 2005, the company succumbed to administration; a day
after it suspended its shares, as takeover negotiations announced
a month earlier abruptly ended.  The company also said that its
lead finance provider had cut down facilities to a level that
makes current operations "unsustainable."

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

FINANCIAL ADVISOR: DRESDNER KLEINWORT WASSERSTEIN
                   20 Fenchurch St.
                   London
                   United Kingdom
                   EC3P 3DB
                   Phone: +44-20-7623-8000
                   Fax: +44-20-7623-4069
                   Web site: http://www.drkw.com

STOCKBROKER: DRESDNER KLEINWORT WASSERSTEIN SECURITIES LTD
             20 Fenchurch St.
             London
             United Kingdom
             EC3P 3DB
             Phone: +44-20-7623-8000
             Fax: +44-20-7623-4069
             Web site: http://www.drkw.com

AUDITOR: GRANT THORNTON UK LLP
         Grant Thornton House
         Melton Street
         Euston Square
         London
         United Kingdom
         NW1 2EP
         Phone: 020 7383 5100
         Fax: 020 7383 4715
         Web site: http://www.grant-thornton.co.uk

LEGAL ADVISOR: KIRKPATRICK & LOCKHART NICHOLSON GRAHAM LLP
               535 Smithfield St.
               Pittsburgh, PA
               United States
               15222
               Phone: 412-355-6500
               Fax: 412-355-6501
               Web site: http://www.klng.com

MAJOR SHAREHOLDERS: ARTEMIS INVESTMENT MANAGEMENT (14.19%)
                    42 Melville Street
                    Edinburgh
                    Scotland
                    United Kingdom
                    EH3 7HA
                    E-mail: investorsupport@artemisfunds.com
                    Web site: http://www.artemisonline.co.uk

                    EAGLET INVESTMENT TRUST PLC (12.42%)
                    First Floor Office
                    Preacher's Court
                    The Charterhouse
                    Charterhouse Square
                    London
                    United Kingdom
                    EC1M 6AU
                    Phone: +44 (0)20 7253 0889
                    Fax: +44 (0)20 7251 4028
                    Web site: http://www.unicornam.com

                    GARTMORE INVESTMENT MANAGEMENT PLC (3.97%)
                    Gartmore House
                    8 Fenchurch Pl.
                    London
                    United Kingdom
                    EC3M 4PB
                    Phone: +44-20-7782-2000
                    Fax: +44-20-7782-2075
                    Web site: http://www.gartmore.co.uk

                    ABERFORTH PARTNERS (3.08%)
                    14 Melville Street
                    Edinburgh
                    Scotland
                    United Kingdom
                    EH3 7NS
                    Phone: 0131 220 0733
                    Fax: 0131 220 0735
            Web site: http://www.aberforth.co.uk

REGISTRARS: CAPITA IRG PLC
            Bourne House
            34 Beckenham Road
            Beckenham
            Kent
            United Kingdom
            BR3 4TU
            Phone: +44 (0)870 162 3100
            Fax: +44 (0)20 8639 2403


EUROPA BEARINGS: Creditors Meeting Set July
-------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Europa Bearings
(1976) Limited will be held at 3-5 Rickmansworth Road, Watford,
Hertfordshire WD18 0GX, on 22 July 2005, at 11:30 a.m., for the
purpose of having a full statement of the position of the Company
's affairs, together with a list of Creditors of the Company and
the estimated amount of their claims, laid before them, and for
the purpose, if thought fit, of nominating a Liquidator and of
appointing a Liquidation Committee.

Resolutions to be taken at the Meeting may include a Resolution
specifying the terms on which the Liquidator is to be remunerated
in terms of fees and disbursements and a Resolution conferring
upon the duly appointed Liquidator the powers contained in
Schedule 4 Part 1 of the Insolvency Act 1986.  The Meeting may
receive information about or be called upon to approve the costs
of preparing the statement of affairs and convening the Meeting.

To be entitled to vote Creditors must lodge a full statement of
account and unless claiming personally they must also submit a
proxy which must be lodged not later than 12:00 noon on the
preceding business day at the registered office, 3-5
Rickmansworth Road, Watford, Hertfordshire WD18 0GX. Unless they
surrender their security, secured Creditors, if they wish to vote
at the Meeting, must also lodge full details of their security
and its assessed value.  Notice is also given pursuant to section
98(2)(a) of the Insolvency Act 1986, that Steven Draine and David
Rolph of Moore Stephens, 3-5 Rickmansworth Road, Watford,
Hertfordshire WD18 0GX, are qualified to act as Insolvency
Practitioners in relation to the above Company and will furnish
Creditors, free of charge, with such information concerning the
above Company's affairs as they may reasonably require.

By Order of the Board
L Arbury, Director

CONTACT:  MOORE STEPHENS
          3/5 Rickmansworth Road
          Watford
          Hertfordshire WD18 0GX
          Phone: 01923 236622
          Fax: 01923 245660
          E-mail: steve.draine@moorestephens.com


EXCEL PRINT: Board Calls Creditors Meeting
------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of Excel Print Investment
Ltd. will be held at 5th Floor, Exchange House, 446 Midsummer
Boulevard, Milton Keynes MK9 2EA, on 26 July 2005, at 2:30 p.m.,
for the purpose of dealing with sections 99 to 101 of the
Insolvency Act 1986, Secured Creditors (unless they surrender
their security) must give particulars of their security and its
value if they wish to vote at the Meeting.  The Resolutions to be
taken at the Meeting may include a Resolution specifying the
terms on which the Liquidator is to be remunerated, and the
Meeting may receive information about, and be called upon to
approve, the costs of preparing the statement of affairs and
convening the Meeting.

Notice is also hereby given, pursuant to section 98(2) of the
Insolvency Act 1986, that a list of the names and addresses of
the Company's Creditors may be examined, free of charge, at the
offices of Baker Tilly, 5th Floor, Exchange House, 446 Midsummer
Boulevard, Central Milton Keynes, between 10:00 a.m. and 4:00
p.m. on the two business days prior to the day of the Meeting. A
form of proxy which, if intended to be used for voting at the
Meeting, must be duly completed and lodged at the registered
office of the Company, 5th Floor, Exchange House, 446 Midsummer
Boulevard, Central Milton Keynes, not later than 12:00 noon on
the last business day before the Meeting.

By Order of the Board
M Tamlyn, Director


FERNDALE AGGREGATES: Creditors Meeting Next Week
------------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of Ferndale Aggregates
Limited will be held at the offices of Elwell Watchorn & Saxton
LLP, Cumberland House, 35 Park Row, Nottingham NG1 6EE, on 27
July 2005, at 11:00 a.m., for the purposes mentioned in sections
100 and 101 of the said Act.  A list of the names and addresses
of the Creditors of the above-named Company may be inspected at
the offices of Elwell Watchorn & Saxton LLP, Cumberland House, 35
Park Row, Nottingham NG1 6EE, between the hours of 10:00 a.m. and
4:00 p.m. on 25 July 2005 and 26 July 2005.

For the purposes of voting, a statement of claim and any proxy
intended for use at the Meeting must be lodged with the Company
at its registered office, Cumberland House, 35 Park Row,
Nottingham NG1 6EE, not later than 12:00 noon on 26 July2005.

P J Tompkin, Director

CONTACT:  ELWELL WATCHORN & SAXTON
          Cumberland House,
          35 Park Row,
          Nottingham NG1 6EE
          Phone: (+44) 0115 988 6035
          Fax: (+44) 0115 988 6135 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


FLEUR COUTURE: Sets Creditors Meeting Friday
--------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Fleur Couture
Limited will be held at Kallis & Co, 1148 High Road, Whetstone ,
London N20 0RA on 22 July 2005, at 11:30 a.m., for the purposes
mentioned in sections 99, 100 and 101 of the said Act.

Notice is also hereby given, pursuant to section 98 (2) (a) of
the Insolvency Act 1986, that Elizabeth Arakapiotis, of 1148 High
Road, Whetstone, London N20 0RA, is qualified to act as an
Insolvency Practitioner in relation to the above Company and will
furnish Creditors, free of charge, with such information
concerning the above Company's affairs as they may reasonably
require.

Creditors wishing to vote at the Meeting must lodge their proofs
of debt and (unless attending in person) proxies with Elizabeth
Arakapiotis, as above, not later than 12:00 noon on the last
business day before the Meeting.  Unless they wish to surrender
their security, secured Creditors must give particulars of their
security and its value if they wish to vote at the Meeting.
Resolutions specifying the terms of the Liquidator's remuneration
may also be considered at the Meeting.

By Order of the Board
E Arakapiotis, Manager


FLUID TRADING: Liquidator to Deliver Report August
--------------------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final Meeting of the Members and Creditors of
Fluid Trading Limited will be held at the offices of R W Keating
& Co, 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY, on 9
August 2005, at 11.15 am, to be followed at 11:30 a.m. by a Final
Meeting of Creditors, for the purpose of showing how the
winding-up has been conducted and the property of the Company
disposed of, and of hearing any explanation that may be given by
the Liquidator, and also of determining the manner in which the
books, accounts and documents of the Company and of the
Liquidator shall be disposed of.

Proxies to be used at the Meetings must be lodged with the
Liquidator at R W Keating & Co, 20 Winmarleigh Street,
Warrington, Cheshire WA1 1JY, no later than 4.00 pm on the
business day before the Meetings.

R W Keating, Liquidator

CONTACT:  R. W. KEATING & CO.
          2nd Floor
          20 Winmarleigh Street
          Warrington
          Cheshire WA1 1JY
          Phone: 01925 245004
          Fax: 01925 245357
          E-mail: robert@rwkeating.fsnet.co.uk


FUSION (BURNTWOOD): Hires Administrators from Begbies Traynor
-------------------------------------------------------------
Name of company: FUSION (BURNTWOOD) LIMITED
                 (Company No 4960995)

Nature of Business: Manufacture Other Fabricated Metal

Registered Office of Company: Regency House, 21 The Ropewalk,
Nottingham NG1 5DU

Date of Appointment: July 6, 2005

Joint Administrators' Names and Address: Paul Finnity and Peter
Andrew Blair (IP Nos 8768 and 8886), both of Begbies Traynor,
Regency House, 21 The Ropewalk, Nottingham NG1 5DU

                            *   *   *

Fusion manufactures high quality assemblies and fabricated
products using processes that include complex tube manipulation,
presswork and other techniques.  It currently manufactures
products for the following industry sectors: automotive,
agricultural, catering, commercial vehicle, public transport,
medical & patient handling, office furniture and recycling.
Visit http://www.fusionburntwood.co.uk/for more information.

CONTACT:  FUSION (BURNTWOOD) LTD.
          Ring Road, Burntwood,
          Staffordshire WS7 8JQ
          Phone: +44 1543 670100
          Fax: +44 1543 670099

          BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk, Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


GLENCROFT DESIGN: High Court Orders Liquidation
-----------------------------------------------
Name of Company: Glencroft Design & Build Ltd.

Company Registration Number: 3621671

Address of Registered Office: 194 Hill Village Road, Sutton
Coldfield, West Midlands, B75 5JG.

Court: High Court Of Justice

Date of Filing Petition: 13 May 2005.

No. of Matter: 003152 of 2005

Date of Winding-up Order: 29 June 2005

Official Receiver: 3rd Floor West, Ladywood House, 45/6
Stephenson Street, Birmingham, B2 4UP


GOODWEAR HOLDINGS: Succumbs to Liquidation
------------------------------------------
Name of Company: Goodwear Holdings Ltd.

Company Registration Number: 02145460

Address of Registered Office: 1ST Floor Sheraton House, Lower
Road Chorleywood, Rickmamnsworth, Hertfordshire, WD3 5LH

Court: High Court of Justice

Date of Filing Petition: 10 May 2005

No. of Matter: 003055 of 2005

Date of Winding-up Order: 29 June 2005

Official Receiver: 21 Bloomsbury Street, London, WC1B 3SS


HAMILTON AND KINNEIL: Liquidator's Report Out Next Month
--------------------------------------------------------
Notice is hereby given that, pursuant to section 94 of the
Insolvency Act 1986, the Final General Meeting of Hamilton and
Kinneil Estates Limited will be held at Ten George Street,
Edinburgh EH2 2DZ, on 25 August 2005, at 10:00 a.m., to have an
account laid before them showing how the winding-up has been
conducted and the property of the Company has been disposed of,
and to hear any explanation that may be given by the Liquidator.

T M Burton, Liquidator


HIT ENTERTAINMENT: Moody's Rates US$376 Mln Sr. Secured Loan B1
---------------------------------------------------------------
Moody's Investors Service assigned ratings to HIT Entertainment
Ltd., including a B1 corporate family rating (formerly known as
senior implied), B1 senior secured bank rating, and a (P) B3
senior subordinated note rating.  (Notes expected to be issued
later in 2005.)

The ratings reflect the significant financial risk at inception
as HIT is highly leveraged with sizable annual programming
expenses and a competitive operating environment, offset by HIT's
attractive assets with strong brand value and good growth
opportunities, sizable equity contribution from the sponsor and
meaningful enterprise value relative to the debt.  This is the
first time that Moody's has rated HIT Entertainment.

Proceeds from the transaction will finance the taking private of
HIT Entertainment plc, a public company traded on the London
Exchange.  The purchase was fully priced at 12.4 times LTM EBITDA
or an approximately 20% premium over trading value.  More
positively, Apax Partners contributed over 50% of the financing
with sponsor equity, a sizable portion, and views HIT as a
vehicle for a growing media enterprise.

These ratings have been assigned:

(a) B1 rating to the $77 million senior secured revolving credit
    facility due 2011,

(b) B1 rating to the $376 million senior secured Term Loan B
    due 2012,

(c) (P) B3 rating to the $172 million or proposed senior
    subordinated notes due 2013,

(d) B1 corporate family rating

The rating outlook is stable.

The ratings also consider the operating risks HIT faces in its
pre-school focused business segments, including growing
competition for viewers, new programming from Nick jr. and Noggin
as well as a new channel launch by the Cartoon network, Tickle U.
In addition, negative top line trends in the toy sector are
attributed in part to the drifting of children away from
traditional toys (HIT's orientation), mitigated by the company's
focus on the early pre-school segment where parental approval and
oversight is greatest.  Additional risks include: customer
concentration in the consumer product segment (WalMart 45%,
Alliance Entertainment -- a toy distributor 13%, Target 11%)
increasing programming costs and its consequent impact on
interest coverage and free cash flow as well as overall execution
risk associated with a new management team.

However, the ratings benefit from the meaningful enterprise value
associated with the key characters owned by HIT (Bob the Builder,
Barney, and Thomas the Tank Engine) and the opportunities to
exploit these characters across home entertainment, consumer
products, television and live events.  In Moody's view, HIT
management has the opportunity to grow cash flow from its current
nadir as a result of new exposure in the United States through
agreements with PBS, a better licensing arrangement with a
preferred toy manufacturing partner and the development of a new
cable channel, Sprout, in conjunction with other key operators,
Comcast, PBS and Sesame Street.  Valuations of like media
properties suggest that the sale of HIT would amply cover the
company's debt burden.

The stable outlook incorporates Moody's expectation that in less
than two years HIT is likely to de-lever to a more manageable 5
times and generate modest free cash flow.  If the company were to
fund its investments in new media/characters with debt or without
a concomitant improvement in cash flow, the outlook could become
negative.  Evidence of recovery as well as expected new growth
would be necessary before a positive outlook would occur.

Pro forma for the transaction and as of LTM 4/30/05, leverage is
high at about 6.5 times debt-to-EBITDA.  EBITDA coverage of
interest is relatively better at about 2 times however capital
expenditures are expected to absorb the company's free cash flow.
(EBITDA-CapEx/interest expense of 1.2 is tight.)  Notably, at
least over the short term, HIT's capital investments are
considered discretionary.  Over the longer term, there would be a
negative impact on growth in cash flow.  Leverage at HIT is
expected to moderate as the company gains greater coverage in the
U.S. television market which should fuel growth in the consumer
product and home entertainment segments as well.

The B1 ratings on the $453 million of senior secured bank credit
facilities reflect the senior-most position of this class of debt
and the debt protection measures provided by the credit
agreement.

The facilities are secured by all of the stock and substantially
all of the assets of the borrower and its material subsidiaries
and benefit from guarantees of material subsidiaries.  The bank
rating is the same as the corporate family rating given the
preponderance of debt is at this level. Moreover, the term sheet
provides for a $150 million incremental term loan.  Moody's also
notes the collateral does not include the Sprout joint venture
but benefits from the valuable characters, film library and
licensing agreements.  The (P)B3 rating on the $172 million of
senior subordinated notes, (which also benefit from guarantees of
material subsidiaries), reflect their contractual and effective
subordination to the bank credit facilities.

HIT Entertainment, with offices London, Dallas and New York, is a
leading pre-school entertainment company with a portfolio of
properties including Bob the Builder, Thomas the Tank Engine, and
Barney the Dinosaur.  The company has operations in U.K., U.S.,
Canada, Japan and Germany.  Business segments include home
entertainment, consumer products television and live events as
well as a recently announced U.S. digital pre-school channel.

CONTACT:  HIT ENTERTAINMENT PLC
          Maple House
          149 Tottenham Court Road
          London W1T 7NF
          U.K.
          Phone: +44 (0)20 7554 2500
          E-mail: sforrest@hitentertainment.com
          Web site: http://www.hitentertainment.com
          Contact:
          Simon Forrest, Director of Corporate Communications
                         Investor Relations


IDI UK: Creditors to Meet Tomorrow
----------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of IDI UK Events Limited
will be held at Baker Tilly, City Plaza, Temple Row, Birmingham
B2 5AF, on 20 July 2005, at 3:00 p.m., for the purpose of dealing
with sections 99 to 101 of the Insolvency Act 1986.

Secured Creditors (unless they surrender their security) must
given particulars of their security and its value if they wish to
vote at the Meeting.  The Resolutions to be taken at the Meeting
may include a Resolution specifying the terms on which the
Liquidator is to be remunerated and the Meeting may receive
information about, and be called upon to approve, the costs of
preparing the statement of affairs and convening the Meeting.

Notice is also hereby given, pursuant to section 98(2) of the
Insolvency Act 1986, that a list of the names and addresses of
the Company's Creditors may be examined, free of charge, at the
offices of Baker Tilly, City Plaza, Temple Row, Birmingham B2
5AF, between 10:00 a.m. and 4:00 p.m. on the two business days
prior to the day of the Meeting.  A form of proxy which, if
intended to be used for voting at the Meeting, must be duly
completed and lodged at the registered office of the Company, c/o
Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF, not later
than 12:00 noon on the last business day before the Meeting.

By Order of the Board
C J Humphrey Walker, Director


J J ELECTRONIC: Meeting of Creditors Next Week
----------------------------------------------
The general meeting of the unsecured creditors of J J Electronic
Components Limited will meet on July 25, 2005 at 11:00 a.m.  It
will be held at Royal Station Hotel, Neville Street, Newcastle
upon Tyne, Tyne and Wear NE1 5DH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy form must be submitted together with written debt
claims to J. M. Titley of DTE Leonard Curtis, DTE House, Hollins
Mount, Bury BL9 8AT not later than 12:00 noon, July 22, 2005.

                            *   *   *

JJ Electronic Components Ltd. is a provider of electronics
design, manufacturing and support services to original equipment
manufacturers.  It was established in 1974.  John Jessop and
David Jessop are its managing directors.  Visit
http://www.jjec.co.ukfor more information.

CONTACT:  JJ ELECTRONIC COMPONENTS LTD.
          South Nelson Industrial Estate
          Cramlington
          Northumberland NE23 1EA
          United Kingdom
          Phone: +44 (0) 1670 710 700
          Fax:   +44 (0) 1670 710 710
          E-mail: sales@jjec.co.uk


KEYSTONE LEISURE: Liquidator to Present Report Mid-August
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Keystone Leisure (Scotland) Limited
               (Trading as Euroski & Global Golf)

Notice is hereby given that final meetings of Keystone Leisure
(Scotland) Limited and its creditors will be held in terms of
section 106 of the Insolvency Act 1986 at Kintyre House, 209 West
George Street, Glasgow G2 2LW on August 15, 2005 at 10:00 a.m.
and 10:15 a.m. respectively, for the purposes of receiving the
Liquidator's report showing how the winding-up has been conduct
together with any explanation that may be given by him, and in
determining whether the Liquidator should have his release in
terms of Section 173 of said Act.

Adrian Stanway, Joint Liquidator
July 8, 2005

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Kintyre House
          209 West George Street
          Glasgow G2 2LW
          Phone: [44] (0) 131 5242233
          Fax: [44] (0) 131 2604008
          Web site: http://www.pwc.com


K G ELECTRICAL: Bristol District Court Orders Liquidation
---------------------------------------------------------
Name of Company: K G Electrical Contractors (Northwest) Limited

Registration Number: 04537611

Address of Registered Office: 126 Abbottshey Avenue, Mossley
Hill, Liverpool, Merseyside, L18 7JT

Court: Bristol District Registry

Date of Filing Petition: 6 May 2005

No. of Matter: 2064 of 2005

Date of Winding-up Order: 6 July 2005

Official Receiver: 2nd Floor, Cunard Building, Pier Head,
Liverpool, L3 1DS


KWELM: Federal-Mogul Asks Court to Approve Insurance Settlement
---------------------------------------------------------------
On September 27, 2004, a settlement agreement was entered into
between:

    a. Federal-Mogul Products, Inc., and DII Industries,
       LLC; and

    b. KWELM Management Services Limited, as the appointed run-
       off
       agent for:

       * Kingscroft Insurance Company Limited;

       * Walbrook Insurance Company Limited;

       * El Paso Insurance Company Limited;

       * Lime Street Insurance Company Limited and Mutual
         Reinsurance Company Limited and The Bermuda Fire &
         Marine Insurance Company Limited (In Liquidation); and

       * Southern American Insurance Company in liquidation,
         solely in respect of its participation in the pool
         operated by H S Weavers (Underwriting) Agencies Ltd.

James E. O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones
& Weintraub P.C., in Wilmington, Delaware, relates that the
Settlement Agreement was the product of various policies of
insurance that the Settling Insurers issued or subscribed to
provide coverage for, among other things, asbestos-related bodily
injury claims against:

    (1) Federal-Mogul Products, as successor-in-interest to
        Wagner Electric Company; and

    (2) DII Industries, as successor-in-interest to Turbodyne
        Corporation and Worthington Corporation.

According to Mr. O'Neill, each of the Settling Insurers is
insolvent and operating in run-off mode.  These Insurers, Mr.
O'Neill continues, have ceased to underwrite new liabilities, and
are in the process of liquidating and paying, to the extent
possible, their outstanding liabilities in connection with
Schemes of Arrangement with their creditors being implemented
under English law, with the exception of South American Insurance
Company.  South American Insurance Company is being liquidated
under the supervision of the Third Judicial District Court in the
State of Utah.

Mr. O'Neill adds that FM Products and DII Industries have
submitted claims against the Settling Insurers in the Settling
Insurers' liquidation proceedings, which are ongoing in England
or, in the case of South American Insurance Company, in Utah
state court.

The material terms of the Settlement Agreement are:

    (a) FM Products and DII Industries will have a joint allowed
        claim against the Settling Insurers for $7,000,000 to be
        apportioned among the Settling Insurers;

    (b) After the passage of the Bar Date in the Settling
        Insurers' Schemes of Arrangement, and assuming that no
        competing claims are asserted under the Subject
        Insurance Policies, the Settling Insurers agree to make
        payment as provided by the Settling Insurers' Schemes of
        Arrangement to an escrow account under the joint control
        of FM Products and DII Industries.  In the case of South
        American Insurance Company, it must seek approval from
        the Utah state court to make the payment after the
        passage of the Bar Date.  The Settling Insurers have
        agreed that FM Products and DII Industries will submit
        adequate supporting documentation in the Settling
        Insurers' Schemes of Arrangement relating to their
        claims against the Settling Insurers; and

    (c) In the event a competing claim were brought against the
        Settling Insurers prior to payment of the $7 million
        settlement amount, the Settling Insurers would evaluate
        the claim.  If the claim appeared to be valid under the
        Subject Insurance Policies, the Settling Insurers would
        attempt to negotiate an appropriate revised value for
        the settlement with FM Products and DII Industries.  If
        the negotiations were unable to arrive at an agreed
        amount among the parties, then the matter would be
        referred to the Scheme Adjudicator for the Settling
        Insurers' Schemes of Arrangement and to the South
        American Insurance Company for adjudication.

The Bar Date in the Settling Insurers' Schemes of Arrangement had
passed on September 29, 2004.

The Debtors have verified that no competing claims have been
brought in the Schemes of Arrangement that would dilute the
recovery available to FM Products.  Accordingly, the Debtors
believe that the $7 million joint allowed claim of FM Products
and DII Industries against the Settling Insurers is the basis on
which distributions to FM Products will be determined.

Hence, the Debtors ask the Court to approve the Settlement
Agreement with KWELM Management based on five grounds:

    (a) The Settlement Agreement is the product of good faith,
        arm's-length negotiations among counsel to FM Products,
        DII Industries and KWELM Management, which commenced
        initially in late 2003;

    (b) The KWELM Settlement Agreement will liquidate FM
        Product's claims against the Settling Insurers without
        the need for expensive and burdensome claims estimation
        procedures, and will allow those claims to be paid
        promptly after the passage of the Bar Date;

    (c) FM Products believes that the settlement amounts and
        terms of payment are fair and reasonable;

    (d) Allocation of funds under the KWELM Settlement Agreement
        is subject to a Partitioning Agreement previously
        entered into by FM Products, DII Industries, Cooper
        Industries, Inc., and FM Products' insurers.  The
        Partitioning Agreement was approved by the Bankruptcy
        Court in the Federal-Mogul's Chapter 11 cases on
        December 8, 2004; and

    (e) The KWELM Settlement Agreement has already been
        considered and granted by Judge Fitzgerald of the United
        States Bankruptcy Court for the Western District of
        Pennsylvania, who is presiding over the Chapter 11 cases
        of DII Industries and its affiliates.

(Federal-Mogul Bankruptcy News, Issue No. 86; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


LASER ACCIDENT: Creditors Meeting Set July
------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Laser Accident
Repair Centre Limited will be held at Torrington House, 47
Holywell Hill, St Albans, Hertfordshire AL1 1HD, on 23 July 2005,
at 10:00 a.m., for the purposes mentioned in sections 100 and 101
of the said Act.  Forms of proxy to be used at the Meeting must
be lodged at the offices of Vantis Business Recovery, Torrington
House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD, the
registered office of the Company, not later than 12:00 noon on 21
July 2005.  Pursuant to section 98 (2) (a) of the Insolvency Act
1986, Peter N Wastell, of Vantis Business Recovery, Torrington
House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD, is
qualified to act as an Insolvency Practitioner in relation to the
Company and will furnish Creditors, free of charge, with such
information concerning the Company's affairs as they may
reasonably require.

By Order of the Board
R M Woodward, Director

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Phone: 01727 811111
          Fax: 01727 810057
          E-mail: nhamiltons@aol.com
          Web site: http://www.vantismt.com


LONDONEASY LIMITED: Creditors to Meet Tomorrow
----------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Londoneasy Limited
will be held at the offices of David Rubin & Partners, Pearl
Assurance House, 319 Ballards Lane, London N12 8LY, on 20 July
2005, at 11:00 a.m., for the purpose of having a full statement
of the position of the Company's affairs, together with a list of
the Creditors of the Company and the estimated amount of their
claims, laid before them, and for the purpose, if thought fit, of
nominating a Liquidator and of appointing a Liquidation
Committee.

Lane Bednash, of David Rubin & Partners, Pearl Assurance House,
319 Ballards Lane, London N12 8LY, is a person qualified to act
as an Insolvency Practitioner in relation to the Company who
will, during the period before the day of the Meeting, furnish
Creditors, free of charge, with such information concerning the
Company's affairs as they may reasonably require.  Notice is also
given that, for the purpose of voting, secured Creditors must
(unless they surrender their security) lodge at the registered
office of the Company at Pearl Assurance House, 319 Ballards
Lane, London N12 8LY, before the Meeting, a statement giving
particulars of their security, the date when it was given, and
the value at which it is assessed.

By Order of the Board.
F M Barbero, Director


LUTTERWORTH KITCHENS: Director Calls Creditors Meeting
------------------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of Lutterworth Kitchens,
Bathrooms & Plumbing Supplies Limited will be held at Insol
House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP, on
28 July 2005, at 11:30 a.m., for the purposes mentioned in
sections 99, 100 and 101 of the said Act.  Statements of claim
and proxy forms, if applicable, must be lodged at F A Simms &
Partners Plc, Insol House, 39 Station Road, Lutterworth,
Leicestershire LE17 4AP, not later than 12:00 noon on 27 July
2005.  A list of the names and addresses of the Company's
Creditors may be inspected, free of charge, at Insol House, 39
Station Road, Lutterworth, Leicestershire LE17 4AP, on 26 July
2005 and 27 July 2005, between the hours of 10:00 a.m. and 4:00
p.m.

J S Cartwright, Director

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


LYNCHRIS LIMITED: Creditors to Tackle Liquidator's Pay Next Week
----------------------------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Lynchris Limited
will be held at 17-19 Foley Street, London W1W 6DW, on 28 July
2005, at 11:00 a.m., for the purposes mentioned in sections 99 to
101 of the said Act.  A list of the names and addresses of the
Company's Creditors will be available for inspection, free of
charge, at the offices of Menzies Corporate Restructuring, 17-19
Foley Street, London W1W 6DW, on the two business days
immediately preceding the Meeting between the hours of 10:00 a.m.
and 4:00 p.m.

The Resolutions at the Meeting of Creditors may include a
Resolution specifying the terms on which the Liquidators are to
be remunerated.  The Meeting may receive information about, or be
asked to approve, the costs of preparing the statement of affairs
and convening the Meeting.

By Order of the Board
A S Hunt, Director


MANN WEAVER: Recruitment Consultant Calls in Administrator
----------------------------------------------------------
Name of company: MANN WEAVER DREW LIMITED
                 (Company No 4200617)

Nature of Business: Recruitment Consultants

Trade Classification: 7484

Date of Appointment: June 15, 2005

Joint Administrators' Names and Address: Dan P Hennessy and
Gordon Craig (IP Nos 1388 and 0978), both of Cresswall Associates
Limited, Bridge House, Marsh Lane, Huddersfield HD8 8AE

                            *   *   *

Since 1996, Mann Weaver Drew has been one of the leading
multi-racial consulting and business service practices.  It is
currently engaged with a wide range of clients that provide
public services.  Visit http://www.mwd-global.com/for more
information.

CONTACT:  MANN WEAVER DREW
          4th Floor
          2-4 Great Eastern Street
          London EC2A 3NW
          Phone: (020) 7422 0880
          Fax: (020) 7422 0881
          E-mail: info@mwd-global.com

          CRESSWALL ASSOCIATES LIMITED
          Bridge House, Marsh Lane,
          Huddersfield HD8 8AE


MARAWELL LIMITED: Creditors to Meet Later this Month
----------------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of Marawell Limited will be
held at 2 Mountview Court, 310 Friern Barnet Lane, Whetstone,
London N20 0YZ, on 29 July 2005, at 12:30 p.m., for the purposes
provided for in sections 99, 100 and 101 of the Insolvency Act
1986.  The Resolutions to be taken at the Meeting may include a
Resolution specifying the terms on which the Liquidators are to
be remunerated.  The Meeting may also receive information about,
and be called upon to approve, the costs of preparing the
statement of affairs and convening the Meeting.

Proxies to be used at the Meeting must be lodged with the Company
at its registered office at 2 Mountview Court, 310 Friern Barnet
Lane, Whetstone, London N20 0YZ, not later than 12:00 noon on the
working day before the Meeting.  A list of names and addresses of
the Company's Creditors will be available for inspection at the
registered office between 10:00 a.m. and 4:00 p.m. on 27 July
2005 and 28 July 2005, the two business days before the date of
the Meeting.

By Order of the Board
J Singh, Director


MARIDA HATS: General Meeting Set August
---------------------------------------
Notice is hereby given, pursuant to section 105 of the Insolvency
Act 1986, that a General Meeting of Marida Hats Limited will be
held at the offices of Poppleton & Appleby, 32 High Street,
Manchester M4 1QD, on Thursday 18 August 2005, at 10:00 a.m.
precisely.

A Meeting of Creditors will follow at 10:30 a.m. for the purpose
of having an account laid before them, and to receive the report
of the Joint Liquidators, showing how the winding-up of the
Company has been conducted and its property disposed of, and of
hearing any explanation that may be given by the Joint
Liquidators.

Proxies to be used at the Meetings must be lodged with the
Liquidator at 32 High Street, Manchester M4 1QD, no later than
12:00 noon on the business day preceding the Meeting.

S J Wainwright, Joint Liquidator

CONTACT:  POPPLETON & APPLEBY
          32 High Street
          Manchester
          Greater Manchester M4 1QD
          Phone: 0161 834 7025
          Fax: 0161 833 1548
          E-mail: insol@pandamanchester.co.uk


MARKS & SPENCER: IT Chief Steps down
------------------------------------
Charles Wilson, Executive Director for IT, Logistics and Property
of Marks & Spencer Group plc has resigned.  He will leave Marks &
Spencer on 28 October 2005 to join Booker Cash & Carry as Chief
Executive.

Mr. Wilson will not be replaced and his roles and
responsibilities will be re-allocated in due course.  The timing
of his departure will allow Ian Dyson, Group Finance Director,
time to fully settle into his new role.

Chief Executive Stuart Rose said: "Charles joined M&S to do a
specific job, namely to help focus the business and to deliver
cash and cost improvements.  He has delivered these and helped
build a solid foundation for the Company to go forward.  Our
priority now is to drive the business forward in the key areas of
product, service and environment.

"We would like to thank Charles for his considerable contribution
and wish him well for the future."

                            *   *   *

On July 13, Marks & Spencer Group plc reported U.K. Retail Sales
for the 14 weeks to 9 July 2005 were down 3.1% in total with
General Merchandise down 10.3% and Food up 5.0%.  Within this,
Clothing was down 9.2% and Home down 22.3%.  Like for like sales
were down 5.4% in total (Q4 04/05: -6.3%) with General
Merchandise down 11.2% (Q4 04/05: -9.2%) and Food up 0.7% (Q4
04/05: -3.1%).

Chief Executive Stuart Rose said: "While the trading environment
remains very challenging, better buying, stock and cost control
should enable us to make further progress."

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


MG ROVER: Nanjing Bares Plan for Bankrupt Carmaker
--------------------------------------------------
Bidder Nanjing Auto has reportedly designed a new range of sports
cars to be built at Longbridge if its GBP50 million offer
materializes.

According to The Scotsman, the Chinese firm is also considering
the production of small cars in China by moving some of Rover's
production equipment there.  An executive close to the company
said: "Nanjing's strategy is to have a U.K. base with design,
engineering and manufacturing supporting a U.K. brand delivering
high-value prestige products."

He added Nanjing has a broad experience in production, which
includes working with U.K. engineering group Arup in developing a
road map for new vehicles to be designed, engineered and produced
both in the U.K. and in China.

Another Chinese carmaker, Shanghai Automotive Industry
Corporation, joins Nanjing in lodging a bid with Rover
administrator PricewaterhouseCoopers.  SAIC recently signed a
letter of intent with Magma Holdings, the consortium led by
former Ford Europe head Martin Leach.

Magma is proposing to create a new company to revive production
of the Rover 75 saloon at the Longbridge plant with SAIC
supplying engines made in China using Rover equipment.

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


MOWLEM PLC: Wins GBP59 Mln Contract to Build Stand
--------------------------------------------------
Mowlem plc has been awarded a GBP59 million contract by the Rugby
Football Union (RFU) to build a new stand at Twickenham Stadium.

The contract is to construct a new South Stand, which will
increase the stadium's capacity to 82,000.  New facilities,
including a commercial center featuring the shell and core of a
hotel and health club, will be added. The work will begin
immediately and is scheduled for completion by November 2006.

Commenting on the contract award, Mowlem Chief Executive, Simon
Vivian, said: "Mowlem is particularly delighted to have been
awarded this very significant contract for the RFU having already
built the other three stands at the Twickenham Stadium. The
project also provides us with an opportunity to further underline
Mowlem's capabilities in the construction of major sporting
facilities and associated infrastructure during the run up to the
2012 London Olympics."

                            *   *   *

Mowlem plc, based in Middlesex, provides construction and support
services to public and private sector customers across a
comprehensive range of market sectors.  It has more than 25,000
employees, and annual turnover of GBP2 billion.  It has GBP228.4
million in assets and GBP18.9 million in debt.  Its creditors are
HSBC Bank, National Westminster Bank, and Lloyds TSB Bank.

                           The Trouble

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

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

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

          Brian O'Neill
          Phone: 020 7405 5251


NAPPER TRADING: Creditors to Meet Today
---------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Napper Trading
Limited will be held at BWC Business Solutions, 8 Park Place,
Leeds LS1 2RU, on 19 July 2005, at 10:15 a.m., for the purposes
mentioned in sections 99 to 101 of the said Act. A list of the
names and addresses of the Company's Creditors may be inspected,
free of charge, at BWC Business Solutions, 8 Park Place, Leeds
LS1 2RU, between 10:00 a.m. and 4:00 p.m. on the two business
days preceding the date of the Meeting.

By Order of the Board
P Iqbal, Director

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


NOBLE HOUSE: Board Calls Creditors Meeting
------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Noble House Limited
will be held at the offices of K J Watkin & Co, Emerald House,
20-22 Anchor Road, Aldridge, Walsall, West Midlands WS9 8PH, on
20 July 2005, at 10:30 a.m., for the purposes mentioned in
sections 99 to 101 of the said Act.

Creditors wishing to vote at the Meeting must lodge their proxy,
together with a full statement of account at the registered
office of the Company which, for the purposes of winding-up, has
been changed to the offices of K J Watkin & Co, Emerald House,
20-22 Anchor Road, Aldridge, Walsall, West Midlands WS9 8PH, no
later than 12:00 noon on 19 July 2005.  For the purposes of
voting, a secured Creditor is required (unless he surrenders his
security) to lodge at the address shown above, before the
Meeting, a statement giving particulars of his security, the date
when it was given and the value at which it is assessed.  Notice
is further given that a list of the names and addresses of the
Company's Creditors may be inspected, free of charge, at the
address shown above between 10:00 a.m. and 4:00 p.m. on the two
business days preceding the date of the Meeting stated above.

By Order of the Board
P E Langstone, Director


O'DONNELL & STOCKWELL: Creditors Meeting Set July
-------------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of O'donnell &
Stockwell Limited will be held at BWC Business Solutions, 8 Park
Place, Leeds LS1 2RU, on 22 July 2005, at 10:15 a.m., for the
purposes mentioned in sections 99 to 101 of the said Act.  A list
of the names and addresses of the Company's Creditors may be
inspected, free of charge, at BWC Business Solutions, 8 Park
Place, Leeds LS1 2RU, between 10:00 a.m. and 4:00 p.m. on the two
business days preceding the date of the Meeting.

By Order of the Board
H Summers, Director


ORACLE RESTAURANTS: Bristol Court Orders Liquidation
----------------------------------------------------
Name of Company: Oracle Restaurants Limited

Company Registration Number: 03604686

Address of Registered Office: Finsgate, 5-7 Cranwood Street,
London, EC1V 9EE

Court: Bristol District Registry

Date of Filing Petition: 5 May 2005

No. of Matter: 2045 of 2005

Date of Winding-up Order: 6 July 2005

Official Receiver: 21 Bloomsbury Street, London, WC1B 3SS


OULTRAM INSTALLATIONS: Creditors Meeting Set August
---------------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of Oultram Installations
Limited will be held at The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG, on 1 August 2005, at 11:00 a.m.,
for the purposes mentioned in sections 100 and 101 of the said
Act, that is, the nomination of a Liquidator and the appointment
of a Liquidation Committee.

Proxy forms to be used for the purposes of the above Meeting must
be lodged, accompanied by statements of claim, at the registered
office of the Company situated at The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, not later than
12:00 noon on 29 July 2005.  Notice is also hereby given,
pursuant to section 98(2)(a) of the Insolvency Act 1986, that
Louise Donna Baxter and Jamie Taylor, of Begbies Traynor, The Old
Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG,
is qualified to act as an Insolvency Practitioner in relation to
the above Company, and will furnish Creditors, free of charge,
with such information concerning the Company's affairs as they
may reasonably require.

Resolutions to be taken at the aforementioned Meeting may include
a Resolution specifying the terms on which the Liquidator is to
be remunerated, and Resolutions in respect of the payment of
other costs and expenses including the basis on which these are
charged or reimbursed.  The Meeting may also receive information
about, or be called upon to approve, the costs of preparing the
statement of affairs and convening the Meeting.  Resolutions also
to be taken at the aforementioned Meeting may include a
Resolution conferring upon the duly appointed Liquidator the
powers contained in Schedule 4, Part I of the Insolvency Act
1986.

By Order of the Board
J B Oultram, Director

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


PHOENIX CONSULTANTS: Hires BDO Stoy Hayward Administrator
---------------------------------------------------------
Name of company: PHOENIX CONSULTANTS INTERNATIONAL LIMITED
                 (Company No 02936459)

Nature of Business: Labor Recruitment

Trade Classification: 29-Air Transport

Date of Appointment: July 1, 2005

Joint Administrators' Names and Addresses: Geoffrey Stuart Kinlan
(IP No 8268/01), of BDO Stoy Hayward LLP, Prospect Place, 85
Great North Road, Hatfield, Hertfordshire AL9 5BS, and David
Gilbert (IP No 2376), of BDO Stoy Hayward LLP, 8 Baker Street,
London W1U 3LL

                            *   *   *

John O'Brien, the present Managing Director, founded Phoenix in
1992. Originally specializing in the Airframe and Systems design
fields Phoenix has rapidly grown into one of the largest service
agencies in Europe.  Visit http://www.phoenix-cil.com/for more
information.

CONTACT:  PHOENIX CONSULTANTS INTERNATIONAL LTD.
          44 Whitehorse Street,
          Baldock, Herts, SG7 6QQ
          United Kingdom
          Phone: +44 (0) 1462 490480 l
          Fax: +44 (0) 1462 490481 l
          E-mail: info@phoenix-cil.com

          BDO STOY HAYWARD LLP
          Prospect Place, 85 Great North Road,
          Hatfield, Hertfordshire AL9 5BS
          Phone: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk

          BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


PICO ESTIL: Winding-up Report Out Mid-August
--------------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that the Final Meeting of the Members of Pico Estil
Manufacturing will be held at 1 More London Place, London SE1
2AF, on 15 August 2005, commencing at 10:30 a.m., to receive an
account showing how the winding-up of the Company has been
conducted and its property disposed of, and to hear any
explanation that may be furnished by the Liquidators.

Any Member entitled to attend and vote is entitled to appoint a
proxy to attend and vote instead of him or her, and such proxy
need not also be a Member.  A proxy form must be lodged at 1 More
London Place, London SE1 2AF, not later than 4:00 p.m. on 12
August 2005.

M Fishman, Joint Liquidator


ROSEBRILLE LIMITED: Sets Creditors Meeting August
-------------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Rosebrille Limited
will be held at the offices of Elwell Watchorn & Saxton LLP, 109
Swan Street, Sileby, Leicestershire LE12 7NN, on 28 July 2005, at
11:30 a.m., for the purposes mentioned in sections 100 and 101 of
the said Act.  A list of the names and addresses of the Creditors
of the above-named Company may be inspected at the offices of
Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby,
Leicestershire LE12 7NN, between the hours of 10:00 a.m. and 4:00
.pm. on 26 July 2005 and 27 July 2005.  For the purposes of
voting, a statement of claim and any proxy intended for use at
the Meeting must be lodged with the Company at its registered
office, 109 Swan Street, Sileby, Leicestershire LE12 7NN, not
later than 12:00 noon on 27 July 2005.

O M Ismail, Director

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


SIMON SALES LIMITED: Creditors Meeting Set Next Week
----------------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of Simon Sales Limited will
be held at Gable House, 239 Regents Park Road, Finchley, London
N3 3LF, on Tuesday 26 July 2005, at 11:00 a.m., for the purposes
mentioned in sections 99, 100 and 101 of the said Act.  A list of
the names and addresses of the Company's Creditors will be
available for inspection at the offices of SPW Poppleton &
Appleby, Gable House, 239 Regents Park Road, London N3 3LF,
between 10:00 a.m. and 4:00 p.m. on the two business days prior
to the day of the Meeting.

By Order of the Board
S Burgerman, Director


SLOAN'S CABINET: Members to Meet Next Month
-------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Sloan's Cabinet Works Limited
                         (In Liquidation)

Notice is hereby given pursuant to Section 94 of the Insolvency
Act 1986 that a General Meeting of the members of Sloan's Cabinet
Works Limited will be held at Bruntsfield House, 6 Bruntsfield
Terrace, Edinburgh EH10 4EX on August 12, 2005, at 10:45 a.m. for
the purpose of having an account laid before the meeting showing
how the winding-up of the company has been conducted and the
property of the company has been disposed of and of hearing any
explanations that may be given by the liquidator.

K. V. Anderson, Liquidator
July 6, 2005

CONTACT:  SCOTT & PATERSON
          Bruntsfield House
          6 Bruntsfield Terrace
          Edinburgh EH10 4EX
          Phone: 0131 229 2392
          Fax: 0131 228 5587
          E-mail: mail@scottandpaterson.co.uk
          Web site: http://www.scottandpaterson.co.uk


SOUTHFIELDS (LEICESTER): Calls in Administrator from Numerica
-------------------------------------------------------------
At a Special General Meeting of Southfields (Leicester) Royal
British Legion Club Limited, duly convened, and held at Aylestone
& District WMC, 305 Saffron Lane, Leicester, on 6 July 2005, at
7:00 p.m., the following Resolutions were duly passed, as a
Special Resolution, as Ordinary Resolutions and as an
Extraordinary Resolution respectively:

"That the Company be wound up voluntarily in a Members' Voluntary
Liquidation, that Alan Roy Limb and Lynn Robert Bailey both of
Vantis Numerica LLP, Stoughton House, Harborough Road, Oadby,
Leicester LE2 4LP, be and are hereby appointed Joint Liquidators
for the purpose of the voluntary winding-up, that anything
required or authorized to be done by the Joint Liquidators be and
are hereby authorized to be done by both or either of them, that
the Company's books and records be and are hereby authorized to
be destroyed twelve months after the dissolution of the Company,
that the Joint Liquidators' remuneration for dealing with matters
arising in the liquidation should be calculated by reference to
the time costs properly incurred by the Joint Liquidators and
their staff and authority is hereby given for the Joint
Liquidators to draw their remuneration on this basis, and that
the Joint Liquidators be and are hereby authorized to distribute,
amongst the Shareholders, in specie, all or any part of the
assets of the Company."

D Wignall, Chairman

                            *   *   *

The Creditors of the company are required, on or before Friday 12
August 2005, to send in their full names, their addresses and
descriptions, full particulars of their debt or claims, and the
names and addresses of their Solicitors (if any), to the
undersigned, Alan Roy Limb, of Vantis Numerica LLP, Stoughton
House, Harborough Road, Oadby, Leicester LE2 4LP, the Joint
Liquidator of the said Company, and, if so required by notice in
writing from the said Joint 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. The winding-up is a Members' voluntary winding-up
and it is anticipated that all debt will be paid.

CONTACT:  NUMERICA
          Stoughton House
          Harborough Road
          Oadby
          Leicestershire LE2 4LP
          Phone: 0116 272 8200
          Fax: 0116 271 5472
          E-mail: bob.bailey@numerica.biz


SULBROS INVESTMENTS: Creditors Meeting Set July
-----------------------------------------------
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Sulbros Investments
Limited will be held at the offices of Elwell Watchorn & Saxton
LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN, on 28 July
2005, at 12:30 p.m., for the purposes mentioned in sections 100
and 101 of the said Act.  A list of the names and addresses of
the Creditors of the above-named Company may be inspected at the
offices of Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby,
Leicestershire LE12 7NN, between the hours of 10:00 a.m. and 4:00
p.m., on 26 July 2005 and 27 July 2005.  For the purposes of
voting, a statement of claim and any proxy intended for use at
the Meeting must be lodged with the Company at its registered
office, 109 Swan Street, Sileby, Leicestershire LE12 7NN, not
later than 12:00 noon on 27 July 2005.

O M Ismail, Director

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


SURPLUS STORES: Winding-up Report Out Next Month
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Surplus Stores (Edinr) Limited
                         (In Liquidation)

Notice is hereby given pursuant to Section 94 of the Insolvency
Act 1986 that a General Meeting of the members of Surplus Stores
(Edinr) Limited will be held at Bruntsfield House, 6 Bruntsfield
Terrace, Edinburgh EH10 4EX on August 12, 2005, at 10:30 a.m. for
the purpose of having an account laid before the meeting showing
how the winding-up of the company has been conducted and the
property of the company has been disposed of and of hearing any
explanations that may be given by the liquidator.

K. V. Anderson, Liquidator
July 5, 2005

CONTACT:  SCOTT & PATERSON
          Bruntsfield House
          6 Bruntsfield Terrace
          Edinburgh EH10 4EX
          Phone: 0131 229 2392
          Fax: 0131 228 5587
          E-mail: mail@scottandpaterson.co.uk
          Web site: http://www.scottandpaterson.co.uk


TF UK: Appoints Administrator from Kroll
----------------------------------------
At an Extraordinary General Meeting of TF UK Estate Limited, duly
convened, and held at 380 Lexington Avenue, Suite 1514, New York
NY10168, USA on 7 July 2005, the following Resolutions were
passed, as a Special Resolution, as Ordinary Resolutions and as
an Extraordinary Resolution respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business and that the Company be wound up voluntarily, that
Alastair Paul Beveridge and Nigel Heath Sinclair of Kroll, 10
Fleet Place, London EC4M 7RB, be appointed Joint Liquidators of
the Company for the purposes of the voluntary winding-up, that
the Joint Liquidators be authorized to act jointly and severally
in the Liquidation and that the Joint Liquidators' remuneration
shall be fixed according to their time costs.  These fees are to
be paid at the Joint Liquidators' discretion, as and when funds
are available.  The Joint Liquidators be authorized to divide
among the Members of the Company in specie part or the whole of
the assets of the Company and may for that purpose, value any
assets and determine how the division between Members should be
carried out.

H Truesdell, Chairman

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


THE REGENT: High Court Orders Liquidation
-----------------------------------------
Name of Company: The Regent Clinic Ltd.

Company Registration Number: 03210261

Address of Registered Office: 21 Devonshire Place, London, W1G
6HZ

Court: High Court of Justice

Date of Filing Petition: 18 January 2005

No. of Matter: 00302 of 2005

Date of Winding-up Order: 29 June 2005

Official Receiver: 21 Bloomsbury Street, London, WC1B 3SS


THRUSTBORE LIMITED: Falls into Administration
---------------------------------------------
At an Extraordinary General Meeting of the Members of Thrustbore
Limited, duly convened, and held at the offices of Jacksons
Jolliffe Cork, 33 George Street, Wakefield WF1 1LX on 8 July
2005, the following Resolutions were duly passed, as a Special
Resolution and as Extraordinary Resolutions respectively:

"That the Company be wound up voluntarily, that Matthew Colin
Bowker and David Antony Willis of Jacksons Jolliffe Cork, 33
George Street, Wakefield WF1 1LX, be and are hereby appointed
Joint Liquidators for the purpose of such winding-up, that the
Joint Liquidators be and are hereby authorized under the
provisions of section 165 of the Insolvency Act 1986 to exercise
the powers laid down in Schedule 4 Part I of the said Act and
that the Joint Liquidators be and are hereby authorized to divide
and distribute amongst the Members as appropriate, in specie or
in kind, the whole or any part of the assets of the Company".

P D Whitehouse, Chairman

                            *   *   *

Creditors are required to send their names and addresses and
particulars of their claims to the Liquidator, on or before 5
August 2005.  If so required by notice in writing from the
Liquidator, personally or by their Solicitor, Creditors must come
in and prove their debt at such time and place as shall be
specified in such notice.  If they default in providing such
proof, they will be excluded from the benefit of any distribution
made before such debt is proved.

M C Bowker, Joint Liquidator

                            *   *   *
Thrustbore Limited is into test drilling and boring.

CONTACT:  JACKSON JOLLIFFE CORK
          33 George Street,
          Wakefield WF1 1LX
          Phone: 01904 652100
          Fax:   01904 635349
          Web site: http://www.jjcork.co.uk


TREWICK (COACHWORKS): Calls in Administrator from R M T
-------------------------------------------------------
Name of company: TREWICK (COACHWORKS) LTD.
                 (Company No 00695386)

Nature of Business: Repair of Motor Vehicles

Trade Classification: 5010

Date of Appointment: July 1, 2005

Joint Administrators' Names and Address: Anthony Alan Josephs and
Linda Ann Farish (IP Nos 004179 and 009054), both of R M T,
Gosforth Park Avenue, Newcastle upon Tyne NE12 8EG

CONTACT:  TREWICK COACHWORKS LTD.
          Benton Square Ind Est
          Newcastle Upon Tyne NE12 9TA
          Tyne and Wear
          Phone: 0191 2663581

          R M T
          Gosforth Park Avenue,
          Newcastle upon Tyne NE12 8EG


VOLVO AERO: Files for Liquidation
---------------------------------
At an Extraordinary General Meeting of Volvo Aero Turbines (UK)
Limited, duly convened, and held at Scott-Moncrieff, Glasgow, on
1 July 2005, the following Resolutions were passed, as a Special
Resolution and as an Ordinary Resolution respectively:

"That the Company be wound up voluntarily, and that Stewart
MacDonald of Scott Moncrieff, Glasgow, be and he is hereby
appointed Liquidator for the purpose of such winding-up."

L I Thoren, Chairman

                            *   *   *

Volvo Aero is previously (315194) United Turbine (UK) Limited and
(2112192) Sheifcorp 16 Limited.  It manufactures engines.

CONTACT:  VOLVO AERO
          Wedgnock Lane, Warwick CV34 5YA

          Stewart MacDonald, Liquidator
          Scott-Moncrieff, 25 Bothwell Street, Glasgow G2 6NL


WENDLEY LIMITED: Teddy Bear Manufacturer Calls in Administrator
---------------------------------------------------------------
Name of company: WENDLEY LIMITED
                 (Company No 2177757)

Nature of Business: Teddy Bear Manufacturer

Registered Office of Company: Pontnewynydd Industrial Estate,
Pontypool, Torfaen NP4 6YY

Date of Appointment: July 1, 2005

Joint Administrators' Names and Address: David Hill and John W.
Davies (IP Nos 6904 and 6425), both of Begbies Traynor, Riverside
House, 31 Cathedral Road, Cardiff CF11 9HB

CONTACT:  WENDLEY LIMITED
          Pontnewynydd Industrial Estate,
          Pontnewynydd, Pontypool, Gwent NP4 6YY
          Phone: 01495764881

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


WESTBURY HOLDINGS: Calls in Administrator from PKF
--------------------------------------------------
We, the undersigned, being all the Members of property holding
company Westbury Holdings Limited entitled to receive notice of,
and to attend and vote at General Meetings of the Company in
accordance with section 381A of the Companies Act 1985 do hereby
declare the following Resolutions to have been passed as Special
Resolutions as if passed at a General Meeting of the Company,
duly convened, and held:

"That the Company be wound up voluntarily, that Anne Buchanan of
PKF (UK) LLP, be and is hereby appointed as Liquidator of the
Company for the purpose of the voluntary winding-up and that the
Liquidator be and is hereby authorized to execute an agreement
pursuant to section 110 of the Insolvency Act 1986 and to do all
acts necessary and/or expedient to implement such agreement".

S L Jackson, Director

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 4295900
          Fax: 0141 4295901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk


WM MORRISON: No Further Appointments this Week, Insiders Say
------------------------------------------------------------
Wm Morrison Supermarkets plc will likely miss its self-imposed
deadline this week to appoint two more directors to the board.

According to Mail on Sunday, company insiders disclosed that the
appointments will be postponed for at least another week.

Morrison named three recruits to the board last month after a
boardroom showdown pitting the chairman Sir Ken Morrison and
deputy chairman David Jones.  Sir Ken is said to be backed by
executives, while Mr. Jones enjoys the support of major
shareholders.

Sir Ken earlier refused the list of candidates endorsed by Mr.
Jones, but finally agreed that Brian Flanagan, Susan Murray and
Nigel Robinson would join as non-executives starting July.

The company then said it would screen more candidates, and
promised to announce two more appointments "within four weeks."

The insiders, however, clarified that the delay was not
influenced by the rift between Sir Ken and Mr. Jones.  They cited
the difficulty in arranging interviews and the process being
"well advanced" as reasons for the postponement.

In May, Sir Ken stepped down as head of the operations board, but
chose to stay as chairman of the group at least for another year
despite criticisms from shareholders.

He has come under fire for the group's poor performance since
buying Safeway last year, which saw five consecutive profits
warning.

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


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



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

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


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


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


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


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


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


GREECE
------
DryShips Inc.             DRYS        (4)         184      (29)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


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


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


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


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


ROMANIA
-------
Oltchim RM Valce          OLT        N.A.         232     (321)


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


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


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


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (252)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Invensys PLC                        (963)       4,861      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L      (14)         321        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (334)         934       44

Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Partygaming Plc           PRTY      (405)         263     (161)
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *