TCREUR_Public/050720.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, July 20, 2005, Vol. 6, No. 142

                            Headlines

C Z E C H   R E P U B L I C

AERO VODOCHODY: Aerodome Construction Begins Next Year


F I N L A N D

BENEFON OYJ: Names New Chief Executive


F R A N C E

AUTOCAM FRANCE: Moody's Confirms Caa2 Senior Subordinated Rating
GANTOIS ETABLISSEMENTS: Court Lengthens Observation Period


G E R M A N Y

BTM PART: Court to Verify Claims September
CHEMNITZER BETREUUNGSVEREIN: Under Bankruptcy Administration
D+M IMMOBILIENVERWERTUNGS: Falls into Bankruptcy
EUROMED AG: Financial Woes Force Firm to Declare Insolvency
FAKA UMWELTSCHUTZ: Appoints Anwaltskanzlei Siemon Administrator

GFA GESELLSCHAFT: Creditors' Claims Due Next Month
KARSTADTQUELLE AG: Sells Wehmeyer Unit
LEICA CAMERA: Major Shareholders Snub Capital Hike
MTU AERO: Senior Notes Raised to Ba3
SMN ELEKTROTECHNIK: Proofs of Claim Due August

T.U.B. GMBH: Creditors Meeting Set September
WALTER BAU: Sells DSI to Industri Kapital
WEIDMANN MASCHINENBAU: Construction Firm Under Administration


I T A L Y

ALITALIA SPA: Cabin Crew Strike Downs 80 Flights


R U S S I A

ARCTIC-5: Gives Creditors Until Next Week to File Claims
BIZHBULYAKSKOYE: Deadline for Proofs of Claim August 25
BUILDING ASSEMBLY-1 STROY-DETAIL: Falls into Bankruptcy
BUILDING ASSEMBLY ENTERPRISE-6: Bankruptcy Hearing Set November
DUBROVKA-DAIRY-INDUSTRY: Under Bankruptcy Supervision

GAZPROMBANK: S&P Brings Outlook in Line with Parent's
KROTOVSKIY: Public Auction Wednesday
METROMEDIA INTERNATIONAL: Defaults on Senior Notes
NORTH-WEST TELECOM: Corporate Credit Rating Raised to 'B+'
NOVATOR: Declared Insolvent

OMSKIY AGGREGATE: To Auction Assets Next Week
PHOSPHOROUS: Deadline for Submission of Bids July 25
RUSSIAN STANDARD: S&P Lifts Ratings Another Notch
STEEL-CONSTRUCTION: Bankruptcy Hearing Set October


S W E D E N

SAS GROUP: E.U. Court Junks Appeal on Fine


U K R A I N E

AKVARIUS: Under Bankruptcy Supervision
GELIOS: Court Orders Debt Moratorium
GETMAN-FOOD: Bankruptcy Supervision Starts
IRIS: Appoints Temporary Insolvency Manager
KUPYANSK' HEAT: Succumbs to Bankruptcy

NIKOLSKE: Court Freezes Debt Payments
PROMBUD-2: Temporary Insolvency Manager Takes over Operations
UKRBROKINVEST: Kyiv Court Appoints Insolvency Manager
UKRTATNAFTA-HERSON: Fails to Stave off Bankruptcy
VENTURA-ALLIANCE: Succumbs to Bankruptcy


U N I T E D   K I N G D O M

2 F P LIMITED: Names KPMG Administrator
ABBEYSTONE CONSTRUCTION: Appoints Liquidator from Begbies
ADRIA TEXTILE: Sheds 185 More Workers at Strabane Plant
AFH LIMITED: Members Call in Liquidators from Baker Tilly
ALLINGSWICK LIMITED: Files for Liquidation

ANTOCKS LAIRN: Furniture Maker Files for Administration
ARC RISK: Directors Take up Share Options
ASHCOMBE FINANCIAL: Members Pass Winding-up Resolutions
BACCHUS HOLDING: In Voluntary Liquidation
BRAVEMOUNT LIMITED: Creditors Appoint PKF Liquidator

BRYTERLITE ELECTRICAL: Creditors to Name Liquidator August 9
BULMANS FRESH: Opts for Liquidation
CARL SHAW: Owners Opt to Wind up Business
CH BRANNAM: Management Buyout Saves 35 Jobs
CHESTERGATE INVESTMENTS: Calls in Liquidator

CLEAR LIMITED: Hires Administrators from UHY Hacker Young
DAYTRADING (LONDON): Shareholders Pass Winding-up Resolution
DRAGONS LAIR: Files for Liquidation
EQUITABLE LIFE: Cuts Claim Versus Ernst & Young
EUROPEAN MOULDED: Shareholders Okay Liquidation

EVEREST SHOWS: Winds up Operations Due to Huge Debt
FIRST CAPITAL: Shareholders Opt for Liquidation
FLOWCOOL SYSTEMS: Administrators from KPMG Step in
GEORGE PRIOR: Appoints Baker Tilly Liquidator
G SEARCH: Members Decide to Liquidate Firm

GTN CIRCUITS: Winding-up Report Out Next Month
HALMART PROPERTIES: In Liquidation
H F MARKETING: Hires Joint Liquidators from CBA
HUNTER MACLEOD: Creditors Meeting Set Next Week
IAN COWBURN: Members Pass Winding-up Resolution

IAN P KINLOCH: Calls in Administrator from Tenon Recovery
ICS IRELAND: Names KPMG Administrator
ICS LIMITED: Calls in Administrator from KPMG
INDUSTRIAL COOLING: Appoints KPMG Administrator
INVENSYS PLC: First-quarter Results Meet Forecast

INVENSYS PLC: Sells Lambda to TDK for GBP134 Million
JARVIS PLC: In Talks to Sell Highway Maintenance Unit
JARVIS PLC: Pre-tax Losses Swell to GBP353.8 Million
KARTEK LIMITED: Liquidator from Sanderlings Moves in
L T ENVIRONMENTAL: Succumbs to Liquidation

MALCOLM ELECTRICAL: Administrators from Grant Thornton Move in
MANAGEMENT DEVELOPMENT: In Voluntary Liquidation
MG ROVER: PwC Disappointed by SAIC's Offer
NIC GOODWIN: Appoints Poppleton & Appleby Liquidator
OWNHOME PROPERTY: Goes into Liquidation

PDL INVESTMENTS: Winding-up Resolution Passed
PRIMARY SYSTEMS: Royal Bank Calls in Administrative Receivers
PRIMESTONE DEVELOPMENTS: EGM Decides on Liquidation
RAPID AUTO: Calls in Administrator from DTE Leonard
RCB FIBREGLASS: In Liquidation

REACTIVE TECHNOLOGIES: Names P&A Partnership Liquidator
ROLTSO LIMITED: Calls First Meeting of Creditors
SECURETRACE LIMITED: Members Decide to Wind up Business
SERCOM FREIGHT: Calls in Liquidator from Begbies Traynor
SEVCO 5001: Members Decide to Wind up Firm

SKYEPHARMA PLC: Launches Triglide in U.S. Market
SOLENT SCAFFOLDING: Members Pass Winding-up Resolutions
THE BUSINESS: Appoints Liquidator
THE BUXA: Liquidator from Baehr Lubbock Moves in
THOMAS JAMES: Appoints Poppleton & Appleby Liquidator

T.S.S. (NORTHERN): Members Decide on Liquidation
WALKERS FITTED: Members Call in Liquidator from DTE
WEB-TEX LIMITED: Textile Manufacturer Falls into Administration
WH SMITH: Drops ABN Amro, Calls in Merill Lynch as Broker


                            *********


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


AERO VODOCHODY: Aerodome Construction Begins Next Year
------------------------------------------------------
Troubled aircraft maker Aero Vodochody will construct an
international airport north of Prague, Czech Happenings says.

The aerodome, which will cater to low-cost carriers, will be
built in 2006-2007 for several millions of crowns.  Milan Holl,
director of the Association of Aviation Technology Producers,
said, "[The airport] would relieve Prague-Ruzyne, which is
literally bursting at the seams."

The transport ministry has already thrown its support to the
project, but local airport authority CSL, which operates the
Prague-Ruzyne airport, seemed not pleased by the project.  CSL
expects to lose several no-frills airlines to the new airport.

Aero dismissed the possible opposition from municipalities near
the aerodome, saying the airport will bring dozens of jobs to the
area.

The government is currently looking for a private investor for
Aero, with the aim of saving the plane maker from bankruptcy.
The state took over Boeing's share in October 2004 citing
dissatisfaction on the latter's inability to secure enough orders
for Aero.  It then attempted to restructure the firm by writing
off debt, but the European Commission thwarted the plan, saying
it was an illegal state aid.  Several potential buyers have
expressed interest in acquiring Aero, mainly for its aerodome
project.

CONTACT:  AERO VODOCHODY A.S.
          250 70 Odolena Voda
          Phone: +420 25576 1111
          Fax: +420 25576 2111 or +420 25576 5999
          Web site: http://www.aero.cz


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


BENEFON OYJ: Names New Chief Executive
--------------------------------------
Benefon Oyj, a leading provider of navigation applications and
location based solutions, appointed Jonathan Bate Chief Executive
Officer.

"The appointment of Jonathan as our CEO is indeed another major
milestone in the company's history," said Benefon Chairman Brian
Katzen.

"Jonathan brings a wealth of international experience from some
of the worlds best companies and has a proven track record in
growing sales whilst improving company profitability.  The
partnership is perfect and we intend to aggressively expand our
market share under Jonathan's leadership in a highly profitable
manner," Mr. Katzen added

"The qualities that attracted me to Benefon, were their
technology and innovation and the way in which it plans to
utilize such technology in growing its business," said Mr. Bate.
"Benefon is poised to capitalize on its 18 years of experience in
telematics and navigation and will leverage that into delivering
applications and solutions in a number of ways on a global
basis."

Mr. Bate has over 16 years of international management experience
in the mobile phone and consumer electronics sectors.  He was
most recently the Vice President of Siemens Northern Europe,
where he was instrumental in increasing profitability by 300
percent in 24 months and doubling market share to 19 percent.
Prior to this, he was Managing Director of Siemens U.K. & Ireland
where he established Siemens Mobile as the number 2 player in the
U.K.  His leadership roles also include positions at Samsung
Electronics, Philips and Motorola.

Michael Vucekovich from Octagon Capital, Benefon's largest
shareholder added: "Whilst Jonathan is a real coup for the
company, Tomi Raita successfully lead the company out of
reorganization and will play a major part in the long term future
of the company.  He was instrumental in the new appointment and
will now become the company's Chief Operating Officer."

Benefon's latest Integrated GPS/GSM navigation and telematics
device will ship to customers in the fourth quarter of 2005.  The
device will feature personal navigation combined with location
based services and will initially launch in the U.K. and China
and thereafter a global rollout of the product is scheduled.

For more information about Benefon visit http://www.benefon.com.

                            *   *   *

Headquartered in Salo, Finland, Benefon provides mobile
telematics solutions for saving lives, securing assets and
improving field management.  It applied for statutory corporate
reorganization with the court of first instance in Turku on April
24, 2003 after failing to find funding on time.  British Octagon
Solutions set the restructuring program as a condition for its
investment of EUR1.65 million in return for a two-thirds share in
the company.  It confirmed in June it is ending its
reorganization program 3-and-a-half years early.

CONTACT:  BENEFON OYJ
          Tomi Raita
          Phone: +358 277 400
          E-mail: tomi.raita@benefon.fi


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


AUTOCAM FRANCE: Moody's Confirms Caa2 Senior Subordinated Rating
----------------------------------------------------------------
Moody's Investors Service has confirmed the long-term ratings of
Autocam Corporation; corporate family (previously called senior
implied) and senior secured, B3; senior subordinated, Caa2; and
lowered the speculative grade liquidity rating to SGL-4 from
SGL-3.

The actions conclude a ratings review for possible downgrade that
was initiated in late March and reflect concern about the:

(a) The impact to the company's operating performance from lower
    automotive vehicle production in North America and Europe;

(b) A diminished liquidity profile from reduced free cash flow
    generation and modest availability under its revolving
    credit facilities;

(c) Deterioration in debt protection ratios; and

(d) The thin cushion under its bank financial covenants.

The confirmation of the long-term ratings reflects Moody's
expectations that savings from the company's restructuring
actions and pricing adjustments to recover raw material costs are
expected to ultimately contribute to earnings going forward and
allow the company's credit metrics to remain in the B3 range.

The downgrade of the SGL rating reflects Moody's expectation that
headroom under financial covenants in Autocam's US$162 million of
bank credit facilities (measured at the end of March) will remain
tight over the balance of 2005, despite its having been able to
successfully amend the facilities earlier this year.  The recent
acquisition of Sager Precision Technologies Inc. (Sager), which
was fully funded by additional equity contributions from
Autocam's shareholders, and the pro forma inclusion of its
numbers into covenant compliance calculations for the second
quarter could help to offset the impact of lower profitability in
the automotive sector and higher interest rates on the company's
floating rate debt.  The equity contribution also improves the
company's balance sheet.  The negative outlook reflects the
challenging environment for automotive production in the
company's principal markets, diminished liquidity profile at
March 31, 2005.

Ratings confirmed:

(a) Autocam Corporation

    (i) Corporate Family, B3

   (ii) Senior Secured bank credit facilities, B3

  (iii) Senior Subordinated notes, Caa2


(b) Autocam France SARL: Senior Secured bank credit facilities
    (guaranteed by Autocam), B3

Ratings lowered: SGL Liquidity rating to SGL-4 from SGL-3

At the end of March Autocam's adjusted debt (excluding use of
factoring but including the modified present value of operating
leases) to LTM EBITDAR was in excess of 6 X, and EBIT coverage of
interest over the 9 months from closing of its acquisition was
approximately 1.1 X.  Free cash flow over this period has been
negative.  The company supplements liquidity through the use of
factoring facilities in its European subsidiaries.

At year-end 2004 approximately US$19 million of receivables had
been sold without recourse and approximately US$16 million at the
end of March.  The lower usage increased working capital
requirements during the quarter, and, in part, contributed to the
US$9 million increase of outstanding under the revolving credits
at the end of the end of March from the end of December.

During the 2nd quarter of 2005 automotive production in North
America has continued to be weak compared to 2004 volumes as both
GM and Ford adjust inventories in line with final demand and to
make room in the distribution pipeline for new model
introductions later in 2005.  Production volumes in Europe have
also been at rates lower than comparable 2004 periods.

The market shares of both GM and Ford have declined during 2005,
producing downward pressure on tier 1 and tier 2 suppliers.
Third quarter activity levels in both regions will be affected by
seasonal industry schedules.

The euro has depreciated against the dollar during the second
quarter, which is likely to result in lower translated amounts of
both Autocam's European EBITDA and euro-denominated debt into
dollars.  Agreed price downs under long term business awards will
continue to place pressure on margins.

Potentially mitigating these trends will be accruing benefits
from the company's restructuring activities, and improved cost
recoveries for metal prices and net new business.

The acquisition of Sager, fully funded with equity contributions
from shareholders, will also benefit Autocam's prospects for
covenant compliance for the 2nd quarter of 2005 and beyond.
Sager will expand the company's existing medical group and will
provide modest diversification from the more cyclical automotive
segment (medical segment revenues will be under 10% of total
sales).  However, the net impact of these trends is uncertain
with the company having only a modest cushion under its amended
financial covenants.

Free cash flow will be pressured from capital expenditures, which
are anticipated to exceed levels of depreciation and amortization
for 2005, increasing the likelihood of additional external
financing requirements.  In addition cash requirements include
amortization of capitalized leases, small amounts of principal
under its European term loan and other notes.  The combination of
weak current results, challenging production environment, tight
financial covenants, elevated capital expenditures, rising
interest rates on its U.S. floating rate debt, and pressure on
liquidity reserves result in a corporate family rating of B3 with
a negative outlook.

Senior secured obligations have been assigned a rating level with
the corporate family as they constitute roughly 50% of the debt
capital.  Subordinated obligations continue to be notched two
levels below the corporate family rating.

The speculative grade liquidity rating has been reduced to SGL-4
representing weak over-all liquidity, and reliance on external
sources, which could be constricted due to tight covenant
restrictions in the bank credit agreements.  Autocam's internal
sources have been stressed by lower production volumes at the OEM
level, reduced margins, increased working capital requirements
and elevated investments.  Amortization of modest amounts of
principal over the next 12 months will also add to cash
requirements.

External liquidity has been reduced with unused revolver
commitments at roughly US$24 million at the end of the first
quarter compared to US$33 million at the end of the year.
However, available amounts under those agreements may be less
than the unused commitment levels due to the impact of financial
covenants.  The company's headroom under these covenants
continues to be tight.  Factoring facilities, while from
long-term providers, are subject to 90-day notice provisions.
The ability to develop alternative liquidity remains limited due
to the extent of liens under the bank credit facilities.

Factors which could lead to lower ratings include; an inability
to comply with its revised financial covenants, further
deterioration of automotive OEM production in North America and
Europe, continued negative free cash flow generation, or adjusted
leverage metrics exceeding seven times.

Developments which could lead to a stable outlook or higher
ratings include; generating significant levels of free cash flow
which would result in adjusted leverage metrics sustained closer
to five times; increasing headroom under its financial covenants
creating significantly improved availability under its borrowing
arrangements, and EBIT coverage of interest in excess of 1.5
times.

Autocam Corporation, based in Kentwood, MI, is a leading designer
and manufacturer of precision machined, close tolerance,
specialty metal alloy components used in the transportation and
medical implement industries.  The company had 2004 revenues of
approximately US$350 million, roughly 2,500 employees and has
manufacturing facilities in North and South America, Europe and
China.

CONTACT:  MOODY'S INVESTORS SERVICE (NEW YORK)
          J. Bruce Clark, Senior Vice President
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653

          Edwin Wiest, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


GANTOIS ETABLISSEMENTS: Court Lengthens Observation Period
----------------------------------------------------------
A commercial court in Saint-Die-des-Vosges extended the
observation period of loss-making metal group Gantois
Etablissements, Les Echos says.

The court extended the period to March 22, 2006 following
positive response from Gantois' business partners.  The group has
been in compulsory administration since July 2004.

Its main operating unit, Gantois, posted a relatively stable
turnover of EUR64.7 million in 2004, down from EUR65.6 million a
year ago.  The group attributes this to its restructuring effort
and the renewal of contract with Airbus to supply the plane maker
with sound-insulated equipment for the A380 superjumbo jet.  The
group likewise obtained an ISO/TS certificate for its automobile
equipment.

In November 2004, Gantois cut around 181 jobs to improve it dire
financial situation, affecting employees at its plants in
Saint-Die and Monthureux-sur-Saone, Vosges; Fismes, Marne; and
Clairoix, Oise.

Set up in 1874, Gantois manufactures fabrics and metal cloths,
perforated sheets, and nettings.

CONTACT:  GANTOIS ETABLISSEMENTS
          B.P. 307
          F. 88105 Saint-Die-Des-Vosges Cedex
          Phone: 33 3 29 55 21 43
          Fax: 33 3 29 55 37 29
          E-mail: contact@gantois.com
          Web site: http://www.gantois.com


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


BTM PART: Court to Verify Claims September
------------------------------------------
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
          Martin Kienitz, Administrator
          Ruegenweg 14, 32427 Minden


CHEMNITZER BETREUUNGSVEREIN: Under Bankruptcy Administration
------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Chemnitzer Betreuungsverein e.V. on June 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 17, 2005
to register their claims with court-appointed provisional
administrator Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting on September 13, 2005, 10:00 a.m. at the district
court of Chemnitz, Saal 27, im Gerichtsgebaude, Fuerstenstrasse
21, in Chemnitz, 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:  CHEMNITZER BETREUUNGSVEREIN e.V.
          Strassburger Strasse 3, 09120 Chemnitz
          Contact:
          Michael Haase and Angelika Mueller

          Markus M. Merbecks, Administrator
          Ludwigstrasse 58, 09113 Chemnitz
          Web site: http://www.handschumacher.de


D+M IMMOBILIENVERWERTUNGS: Falls into Bankruptcy
------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against D+M Immobilienverwertungs- und Verwaltungsgesellschaft
mbH on June 20.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
August 9, 2005 to register their claims with court-appointed
provisional administrator Dr. Peter Naarmann.

Creditors and other interested parties are encouraged to attend
the meeting on September 20, 2005, 10:00 a.m. at the district
court of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse
21, in Chemnitz, 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:  D+M IMMOBILIENVERWERTUNGS-
          UND VERWALTUNGSGESELLSCHAFT mbH
          Contact:
          Siegfried Dellnitz, Manager
          Friedrich-Wilhelm-Magnus, Wildpark 3
          09247 Chemnitz-Rohrsdorf

          Dr. Peter Naarmann, Administrator
          Dresdner Str. 86, 09130 Chemnitz


EUROMED AG: Financial Woes Force Firm to Declare Insolvency
-----------------------------------------------------------
Private hospital operator Euromed AG filed for insolvency at the
district court of Furth, citing severe financial problems, Borsen
Zeitung says.

Euromed said it has already used up more than 50% of its capital
and has been in trouble since listing on Frankfurt's Neuer Markt
in 1999.  At that time, Euromed was the first company on its
market segment to float at an issue price below the book-building
range.  Euromed shares traded at EUR9 each, EUR1.5 below the
book-building range of EUR10.5 to EUR13.5.  In its first year as
a listed company, the over-leveraged group reduced its profit
forecast several times.

Aside from operating a private hospital in Furth, Euromed also
sells integrated hospital concept "Euromed Clinic" on a
franchisee basis and develops hospital management software and
provides IT consultancy services.

CONTACT:  EUROMED AG
          Europa-Allee 1
          D-90763 Furth
          Phone: +49-911-9714-604
          Fax: +49-911-9714-607
          E-mail: boesre@euromed.de
          Web site: http://www.euromed.de


FAKA UMWELTSCHUTZ: Appoints Anwaltskanzlei Siemon Administrator
---------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against FAKA Umweltschutz-Abfallbeseitigungs GmbH on June 17.
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 Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting on September 1, 2005, 12:45 p.m. at the district
court of Chemnitz, Saal 28, im Gerichtsgebaude, Fuerstenstrasse
21, in Chemnitz, 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:  FAKA UMWELTSCHUTZ-ABFALLBESEITIGUNGS GmbH
          Contact:
          Gudrun Peter, Manager
          Plutostrasse 42, 09355 Gersdorf

          Klaus Siemon, Administrator
          Strasse der Nationen 51, 09111 Chemnitz
          Web site: http://www.kanzlei-siemon.de


GFA GESELLSCHAFT: Creditors' Claims Due Next Month
--------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against GfA Gesellschaft fuer Automation mbH on June 30.
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 Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting on September 27, 2005, 9:15 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:  GFA GESELLSCHAFT FUER AUTOMATION mbH
          Philipp-Reis-Str. 4, 45659 Recklinghausen
          Contact:
          Thomas Anlauf, Manager
          Kunstwerkerstr. 102, 45136 Essen
          Hans-Joachim Daas, Manager

          Bernd Depping, Administrator
          Kunibertistrasse 9, 45657 Recklinghausen
          Phone: 02361/58208-88


KARSTADTQUELLE AG: Sells Wehmeyer Unit
--------------------------------------
KarstadtQuelle AG, Europe's leading department store and mail
order group, has sold the Wehmeyer speciality retail chain with
effect from August 1, 2005.  The new owners are SB Capital
(Schottenstein Group) as the operative investor and Miro Radici
AG as the strategic partner for Europe.

Wehmeyer GmbH & Co. KG generated net sales of EUR168 million in
2004.  The focus of the activities of the fashion speciality
retail chain is in North Rhine-Westfalia.

"With the sale of Wehmeyer and the previous disposal of Golf
House we are continuing our disinvestment programme as planned,"
Harald Pinger, Chief Financial Officer of KarstadtQuelle AG,
said.

"In addition, by the end of the third quarter of 2005, we are
planning to sell SinnLeffers, Runners Point and the 75 Karstadt
Kompakt stores.  We are thus continuing our rigorous policy of
restructuring and realigning the group. "

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

          Head of Corporate Communications
          Jorg Howe
          Phone: + 49 (0)201/727-25 38
          Fax: + 49 (0)201/727-37 09
          E-mail: joerg.howe@karstadtquelle.com

          SB CAPITAL GROUP
          1 The Courtyard, Barston Lane
          Eastcote, Solihull, West Midlands
          B92 0HS England
          Phone:01675 445850
          Fax:01675 445851
          Web site: http://www.sbcapitalgroup.com

          MIRO RADICI AG
          Industriestr. 42
          D-59192 Bergkamen
          Phone: +49 (0)23 89 7 83-0
          Fax: +49 (0)23 89 53 14 22
          Web site: http://www.miroradici.com


LEICA CAMERA: Major Shareholders Snub Capital Hike
--------------------------------------------------
Future is becoming more blurred for Leica Camera after its main
shareholders ruled out participating in a vital capital hike,
Handelsblatt says.

According to Leica, shareholders backed out due to several
actions for nullification filed against the capital hike.  Leica
is already holding settlements talks on four of the five actions.
Leica did not rule the possibility that the legal actions could
lead to the capital hike's total failure.

TCR Europe reported on July 4, 2005 that luxury goods retailer
Hermes International, one of Leica's major shareholders, plans to
bail out the loss-making photography group.  Hermes, however,
conditioned the group must either form alliances within the
digital photography sector or focus on the quality of its optical
lenses and binoculars, which account for 40% of its turnover.

Shareholders approved management's proposed restructuring
measures last month, which include a simplified capital
reduction, an increase of the share capital against contributions
in cash and a creation of authorized capital.

                            *   *   *

In February, Leica's banks partially terminated their credit
lines after the firm said it expects a loss of half of its
registered share capital in March 2005.

The Leica Camera Group closed the first half of its fiscal year
2004/2005 (FY end March 31) with sales of EUR45 million.  This is
15.0% below the sales figure in the first half last year.
Sales fell short of the Company's expectations.

At -EUR4.2 million, the operating result for the months April to
September was EUR1.9 million below the comparable prior year
figure.  Including extraordinary expenses of EUR2.4 million for
the restructuring measures currently implemented, the after-tax
result for the half-year comes to a net loss of EUR7.5 million
from EUR2.9 million at the first half of 2003/2004, according to
Die Welt.

CONTACT:  LEICA CAMERA AG
          Oskar-Barnack-Strasse 11
          35606 Solms
          Deutschland
          Web site: http://www.leica-camera.com

          HERMES INTERNATIONAL
          24, Faubourg Saint-Honore
          75008 Paris
          Phone: +33-1-40-17-49-20
          Fax: +33-1-40-17-49-21
          Web site: http://www.hermes.com


MTU AERO: Senior Notes Raised to Ba3
------------------------------------
Moody's Investors Service upgraded the senior notes of MTU Aero
Engines Investment GmbH to Ba3.  Concurrently, Moody's also
upgraded the company's corporate family rating and withdrew its
unsecured issuer rating.  This rating action concludes the review
of MTU's ratings, which commenced on May 31, 2005.

Ratings affected are:

(a) Corporate Family rating (formerly known as senior implied
    rating) to Ba2 from Ba3;

(b) EUR275 million of senior notes due 2014 at MTU Aero Engines
    Investment GmbH to Ba3 from B2;

(c) The unsecured issuer rating has been withdrawn.

The outlook for all ratings is stable.

The rating upgrade reflects MTU's progress in rationalizing its
cost base and de-leveraging its business from both improvements
in internal cash flow generation and new equity issuance
following the initial ratings assignment in March 2004.  This is
evidenced by significantly improved credit metrics, with Adjusted
Total Debt to Adjusted EBITDAR for 2005 expected to around 3x
(versus pro-forma leverage of over 6x at the time of the initial
ratings assignment), whilst Adjusted Retained Cash Flow to Net
Adjusted Debt is expected to be in the mid-teens (compared to 6%
in 2004).

The stable outlook reflects Moody's view that whilst MTU is
strongly positioned in its rating category, its rating is in part
constrained by the short overall track record of the company as
an independent entity.  Further progressions in the rating will
likely result should Adjusted Retained Cash Flow to Net Adjusted
Debt reach the high teens for a sustained period.

Conversely, whilst future operating margins are expected to
fluctuate as a result of variations in sales mix, a reduction in
margins resulting from a deterioration in the underlying
operational performance of the group (e.g. due to loss of a key
maintenance, repair and overhaul (MRO) customer), could result in
downward pressure on the rating.  Further, whilst it is Moody's
expectation that the company may undertake debt-financed bolt-on
acquisitions (particularly in order to strengthen or complement
its MRO operations), any acquisitions resulting in a
deterioration of credit metrics beyond the company's current
pro-forma metrics is likely to constrain the rating.

The company's strong performance over the last 15 months reflects
both the success of the strategy implemented by management at the
time of the initial rating in March 2004 as well as the impact of
a faster than anticipated recovery in the civil aviation
industry.  Results from the company's internal reorganization
(which included headcount reductions and efficiency programs)
have yielded significant cash flow improvements to date whilst
the upturn in the civil aviation sector has resulted in
substantially higher spare parts sales than originally
anticipated at the time of the LBO.

As a consequence, free cash flow generation has been strong,
which enabled MTU to pre-pay a significant part of its senior
secured debt obligations in March 2005.  In addition, the
company's financial indebtedness was further reduced in June
following MTU's initial public offering, whereby EUR260 million
of primary proceeds were used to repay vendor and shareholder
loans.

Following the company's initial public offering, liquidity is
viewed as good given the company's strong internal cash flow
generation and cash balances as well as access to its new EUR250
million senior revolving credit facility at MTU Aero Engines GmbH
(which is substantially undrawn).  The new senior facility (which
is not rated by Moody's) replaced the company's EUR620 million of
senior secured credit facilities, which were put in place at the
time of the LBO.  The new senior facility provides the company
with increased financial flexibility as the facility is
non-amortizing and financial covenants are less restrictive
(although Moody's notes that the new facility does contain a MAC
clause).

Whilst performance has been encouraging to date, the ratings
continue to factor the company's significant exposure to the
cyclical commercial airline sector, its exposure to fluctuations
in the US$/Euro exchange rate (given its predominantly European
manufacturing base), the requirement for high levels of R&D
investment in order to continue to develop products and to
maintain technological leadership, strong competition in both
MTU's direct and end customer markets and the potential for
revenue programs to be subject to material delays or
cancellations due to both technical and financial reasons.
Furthermore, whilst liquidity is viewed as good, Moody's notes
that working capital can be subject to large variations depending
on the timing of programs and prepayments.

However, the rating is supported by the company's leadership
position as a global supplier of aero engines, sub-systems and
components and the high market barriers to entry that exist in
the aeronautical industry, the company's diverse engine portfolio
and the long term revenue visibility derived from these engine
programs, its long-term customer relationships and its position
as the main provider of military engines and MRO services to the
German air force.

The Ba3 rating on the senior notes reflects their relative
ranking in the capital structure (the notes are issued at a
holding company and are structurally subordinated to all
liabilities of the operating companies, including the new senior
credit facility).

Headquartered in Munich, Germany, MTU is a world-leading
manufacturer of aircraft engines, sub-systems and components and
a provider of maintenance, repair and overhaul services for
commercial and military jet engines.  For the financial year
ended December 2004, MTU reported revenues of EUR1.918 billion
and Pro Forma Adjusted EBITDA of EUR247 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Nicole Guest, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


SMN ELEKTROTECHNIK: Proofs of Claim Due August
----------------------------------------------
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


T.U.B. GMBH: Creditors Meeting Set September
--------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against T.U.B. GmbH on July 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 29, 2005 to register their claims
with court-appointed provisional administrator Dieter Pampfer.

Creditors and other interested parties are encouraged to attend
the meeting on September 27, 2005, 8:30 a.m. at the district
court of Aachen, Nebenstelle Augustastrasse, Augustastrasse
78/80, 52070 Aachen, II. Etage, Zimmer 21, 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:  T.U.B. GmbH
          Wuerselener Strasse 5 a, 52222 Stolberg
          Contact:
          Guido Bock, Manager

          Dieter Pampfer, Administrator
          Salierallee 18 A, 52066 Aachen
          Phone: 0241/608320
          Fax: 0241/60832-16


WALTER BAU: Sells DSI to Industri Kapital
-----------------------------------------
The process of selling DSI - DYWIDAG Systems International, the
independent sub-group and wholly owned subsidiary of the
insolvent Walter Bau AG, has been successfully completed.  The
sale process had begun in April 2005.  Financial investment house
Industri Kapital is taking over the renowned technology
enterprise as of January 1, 2005.  The deal is subject to the
usual approvals required by cartel law.

Although DSI's book value stood at just EUR144 million, the deal
has been done at a purchase price of EUR168 million.  On
conclusion of the deal, Werner Schneider, Insolvency
Administrator of SKP Partnership, remarked: "I am delighted at
this successful outcome.  Not only are the proceeds high, but the
deal will also sustainably support DSI's successful growth
strategy."

As a result, most of the WALTER BAU insolvency process has been
settled very quickly.  It has been very fast work --
Administrator Werner Schneider completed all the main
transactions within five months of the insolvency petition.
Furthermore, over 5,700 of the original 9,800 jobs in the Group
have been saved.  With similar speed, all major operating
subsidiaries have been transferred to new ownership.  This means
that the plans outlined in the early announcements following the
insolvency petition have been realized.  Fundamental to the
disposal of parts of the company to various investors was a
stated intention to continue trading.

The aim from the outset in selling DSI, a highly independent
operator, was to achieve a price well above the past book value
of EUR144 million.  This aim has been achieved.  "What made this
feasible was the well planned and structured M&A process, which
we followed through with a professional team", added Werner
Schneider.

DSI - DYWIDAG Systems International is a supplier of fastening
and anchor systems for the building and mining industries.  In
2004, turnover was around EUR300 million, with around 1,100
employees.  DSI is largely engaged in foreign markets, where it
nets over 80% of its turnover.  Industri Kapital has confirmed
that DSI's previous growth is set to continue under the new
ownership, and further acquisitions will be sought.

Industri Kapital is a European financial investment house with
assets under management of some EUR4 billion.  Since formation in
1989, it has acquired 50 companies.  Industri Kapital's portfolio
currently consists of interests in 21 companies, together
generating turnover of some EUR8 billion.  The main focuses of
Industri Kapital activities outside Germany is in Scandinavia,
the Benelux countries and France.  The latest acquisition in
Germany was Gardena Holding AG, taken over in 2002.

                            *   *   *

The company declared insolvency in February after creditor banks
refused to approve its restructuring plan, denying access to a
EUR1.5 billion credit line.  In his report to the creditors, Mr.
Schneider blamed the group's demise to management errors and the
downturn in the local construction industry.

More than 20 parties were eyeing Dywidag Systems International
(DSI), Walter Bau's civil engineering subsidiary.  The insolvent
group had hired an investment bank to facilitate the sale that
was expected to fetch around EUR100 million.

CONTACT:  WALTER BAU AG
          Boheimstr. 8
          86153 Augsburg
          Phone: +49 (0)8 21/55 82-00
          Fax: +49 (0)8 21/55 82-3 20
          Web site: http://www.walter-bau.de

          INDUSTRI KAPITAL (DEUTSCHLAND) GmbH
          ABC-Bogen Hamburg
          ABC-Strasse 19
          D-20354 Hamburg
          Phone: +49-(0)40-369 8850
          Fax: +49-(0)40-369 885 30
          Web site: http://www.industrikapital.com


WEIDMANN MASCHINENBAU: Construction Firm Under Administration
-------------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Weidmann Maschinenbau GmbH on June 30.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 12, 2005 to register their claims
with court-appointed provisional administrator Markus
Lehmkuehler.

Creditors and other interested parties are encouraged to attend
the meeting on September 19, 2005, 10:45 a.m. at the district
court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2
Stock, Saal S 2.20, 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:  WEIDMANN MASCHINENBAU GmbH
          Biberweg 28, 53842 Troisdorf
          Contact:
          Norbert Felder, Manager
          Lothar Brenner, Manager

          Markus Lehmkuehler, Administrator
          Wilhelmstr. 40, 53111 Bonn
          Phone: 0228/92 66 60
          Fax: 92 66 699


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


ALITALIA SPA: Cabin Crew Strike Downs 80 Flights
------------------------------------------------
Struggling national carrier Alitalia grounded Monday around 80
flights due to a whole-day strike by flight attendants, Reuters
says.

The number was around 20 more than what Alitalia had previously
announced -- 26 domestic and 33 international flights.  The SULT
union, composed mainly of the carrier's flight attendants, staged
the strike to protest Alitalia's latest move to further cut the
number of cabin crew.  The union also protested Alitalia's use of
short-term contracts.

Prior to Monday's strike, the attendants also held a strike on
July 11, demanding better work conditions.  The series of strike
forced the carrier to renew talks with the crew last week.

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


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


ARCTIC-5: Gives Creditors Until Next Week to File Claims
--------------------------------------------------------
The Arbitration Court of Magadan region has commenced bankruptcy
supervision procedure on limited liability company Arctic-5.  The
case is docketed as A37-1155/05-13.  Mr. V. Monastyrskiy has been
appointed temporary insolvency manager.  Creditors have until
July 25, 2005 to submit their proofs of claim to 685000, Russia,
Magadan, Proletarskaya Str. 12, Office 90.

CONTACT:  ARCTIC-5
          Russia, Magadan region, Yagodnoye,
          Balibina Str. 18, Room 3

          Mr. V. Monastyrskiy
          Temporary Insolvency Manager
          685000, Russia, Magadan region,
          Proletarskaya Str. 12, Office 90


BIZHBULYAKSKOYE: Deadline for Proofs of Claim August 25
-------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Bizhbulyakskoye after finding the
technical repair company insolvent.  The case is docketed as
A-07-33760/04-G-KhRM.  Mr. D. Karavaev has been appointed
insolvency manager.  Creditors have until August 25, 2005 to
submit their proofs of claim to 452040, Russia, Bashkortostan
republic, Bizhbulyakskiy region, Bizhbulyak, Stoitelnaya Str. 22.

CONTACT:  BIZHBULYAKSKOYE
          452040, Russia, Bashkortostan republic, Bizhbulyakskiy
          region, Bizhbulyak, Stoitelnaya Str. 22

          Mr. D. Karavaev
          Insolvency Manager
          452040, Russia, Bashkortostan republic, Bizhbulyakskiy
          region, Bizhbulyak, Stoitelnaya Str. 22


BUILDING ASSEMBLY-1 STROY-DETAIL: Falls into Bankruptcy
-------------------------------------------------------
The Arbitration Court of Lipetsk region has commenced bankruptcy
supervision procedure on close joint stock company Building
Assembly-1 Stroy-Detail.  The case is docketed as A36-907/2005.
Mr. A. Filatov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 394006, Russia,
Voronezh, Post User Box 9.  A hearing will take place on Oct. 13,
2005, 2:10 p.m. at the Arbitration Court of Lipetsk region
398019, Russia, Lipetsk, Skorokhodova Str. 2, room 521.

CONTACT:  BUILDING ASSEMBLY-1 STROY-DETAIL
          398005, Russia, Lipetsk region,
          Lipetsk, Almaznaya Str. 10

          Mr. A. Filatov
          Temporary Insolvency Manager
          394006, Russia, Voronezh region,
          Post User Box 9


BUILDING ASSEMBLY ENTERPRISE-6: Bankruptcy Hearing Set November
---------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Building Assembly Enterprise-6.  The case is docketed as
A43-11174/2005-32-242.  Mr. S. Antipov has been appointed
temporary insolvency manager.

Creditors have until July 25, 2005 to submit their proofs of
claim to Russia, Nizhniy Novgorod region, Lyskovo, Michurina Str.
100.  A hearing will take place on Nov. 15, 2005, 1:00 p.m.

CONTACT:  BUILDING ASSEMBLY ENTERPRISE-6
          Russia, Nizhniy Novgorod region,
          Lyskovo, Michurina Str. 100

          Mr. S. Antipov
          Temporary Insolvency Manager
          Russia, Nizhniy Novgorod region,
          Lyskovo, Michurina Str. 100


DUBROVKA-DAIRY-INDUSTRY: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on open joint stock company
Dubrovka-Dairy-Industry.  The case is docketed as A09-1498/05-26.
Mr. I. Vyshegorodtsev has been appointed temporary insolvency
manager.

Creditors have until July 25, 2005 to submit their proofs of
claim to 394018, Russia, Voronezh, Kirova Str., 9, office 30.  A
hearing will take place on Sept. 26, 2005, 11:00 a.m. at the
Arbitration Court of Bryansk region located at Russia, Bryansk,
Trudovoy Per. 6, Room 603.

CONTACT:  DUBROVKA-DAIRY-INDUSTRY
          Russia, Bryansk region,
          Dubrovka, Pobedy Str. 21

          Mr. I. Vyshegorodtsev
          Temporary Insolvency Manager
          394018, Russia, Voronezh,
          Kirova Str. 9, Office 30


GAZPROMBANK: S&P Brings Outlook in Line with Parent's
-----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russia-based Gazprombank (Joint-Stock Bank of Gas Industry) to
positive from stable, following the outlook revision to positive
from stable on Gazprombank's parent, OAO Gazprom
(BB-/Positive/--).  The 'B+/B' long- and short-term counterparty
credit and the
'ruA+' Russia national scale credit ratings on the bank were
affirmed.

"The outlook revision on Gazprom on July 12, 2005 was based on
the increased support that might result from the government's
direct majority control over the company, favorable international
gas prices for 2005 and beyond, and gradually increasing domestic
gas prices," said Standard & Poor's credit analyst Irina Penkina.

The ratings on Gazprombank are supported by the bank's strategic
importance to the Gazprom group, adequate capitalization, and
good liquidity.  The ratings remain constrained by the bank's
significant exposure to the Gazprom group and its weak earnings
structure, as well as the risks associated with operating in the
risky environment prevailing in the Russian Federation (foreign
currency, BBB-/Stable/A-3; local currency, BBB/Stable/A-3).

"The positive outlook mirrors that on Gazprom and reflects
Standard & Poor's expectation that Gazprom will retain control
over the bank and will continue to support it in case of need,"
added Ms. Penkina.  "The likely upgrade of Gazprom in the short
term will have a corresponding impact on the ratings on
Gazprombank."

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

CONTACT:  STANDARD & POOR'S
          Group E-mail Address:
          FIG_Europe@standardandpoors.com


KROTOVSKIY: Public Auction Wednesday
------------------------------------
The insolvency manager and bidding organizer of limited liability
company Krotovskiy will sell its property on July 20, 2005, 1:00
p.m.  The public auction will take place at Russia, Moscow,
Trofimova Str. 21, Building 2.  Up for sale is a piece of lot and
equipment.  Starting price: RUB1,172,000.

The list of documentary requirements is available at Russia,
Moscow, Trofimova Str. 21, Building 2.  To participate, bidders
must deposit RUB20,000 to the settlement account
40703810900600000026 in OJSC Bank Alemar, Moscow, BIC 044585495,
correspondent account 30101810700000000495, TIN/KPP
5406240676/772302001.

CONTACT:  KROTOVSKIY
          Russia, Samara region,
          Kinel-Cherkasskiy region, Krotovka

          Insolvency Manager/Bidding Organizer
          Russia, Moscow, Trofimova Str. 21, Building 2
          Phone: (095) 710-20-35


METROMEDIA INTERNATIONAL: Defaults on Senior Notes
--------------------------------------------------
Metromedia International Group, Inc. did not file its Annual
Report on Form 10-K for the fiscal year ended December 31, 2004
with the U.S. Securities and Exchange Commission, deliver its
2004 Form 10-K to the indenture trustee and the holders of the
Company's 10 1/2% Senior Notes Due 2007 and deliver certain other
annual certificates to the indenture trustee, in each case on or
prior to July 15, 2005 as required under the indenture governing
the Senior Notes.

Accordingly, an event of default on the Senior Notes exists as of
July 16, 2005, thereby permitting the indenture trustee or
holders of at least 25% of the aggregate principal amount of the
Senior Notes outstanding to declare all Senior Notes to be due
and payable immediately.  If this were to happen, the Company
would not have sufficient corporate cash available to meet this
obligation.

The Company also announced that it has reached an agreement in
principle with the holder of in excess of 80% of the aggregate
outstanding principal amount of the Senior Notes, subject to
preparation and execution of definitive documentation, in respect
of an additional waiver of the defaults and event of default
described above through August 15, 2005, with a Company option to
extend the waiver through September 15, 2005.

No event of default in respect of the Company's failure to file
the 2004 Form 10-K with the U.S. SEC, deliver the 2004 Form 10-K
to the indenture trustee and the holders of the Senior Notes and
deliver the Certificates to the trustee will exist during the
period of the waiver and the Senior Notes cannot be declared due
and immediately payable based on the foregoing during such
period.  In partial consideration of the foregoing, the Company
has committed to elect to optionally redeem all of the
outstanding Senior Notes utilizing a portion of the proceeds from
the pending sale of its interest in Peterstar ZAO.

About Metromedia International Group

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

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Ernie Pyle
          Phone: 704-321-7380
          E-mail: investorrelations@mmgroup.com


NORTH-WEST TELECOM: Corporate Credit Rating Raised to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on North-West Telecom (JSC) (NWT), the incumbent
fixed-line telecommunications operator in the northwest region of
Russia, to 'B+' from 'B-', reflecting the company's improving
performance.  The outlook is stable.

At the same time, Standard & Poor's raised its long-term Russia
national scale rating on NWT to 'ruA+' from 'ruBBB+'.

"The upgrade reflects NWT's improved business position, marked by
leading market shares in fixed-line and long-distance telephony;
continuing progress in network improvement; and positive trends
in regulated tariffs and social benefits monetization," said
Standard & Poor's credit analyst Lorenzo
Sliusarev.  "Furthermore, NWT has eliminated its previously
unsettled financial obligations, with the company's exposure to
financial risk continuing to be one of the most manageable among
its peers.  This supports the company's ability to implement its
capital program and face the looming restructuring of Russia's
telecoms market."

Standard & Poor's notes that the rating is, however, constrained
by the limited diversification of the company's business, the
continuing need for further spending on infrastructure
improvements, the need to improve cost structure and
profitability, and the uncertainty of evolving regulatory and
market environment.

Further positive changes to the ratings on NWT would require a
strengthening of the company's business position, an increase of
its revenue diversification, and favorable developments in the
evolution of the Russian telecoms market.  Conversely, prolonged
uncertainty, increased risks of the country's regulatory and
market environment, or unforeseen substantial weakening of the
company's financial profile could put pressure on NWT's current
creditworthiness.

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

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


NOVATOR: Declared Insolvent
---------------------------
The Arbitration Court of Mariy El republic commenced bankruptcy
proceedings against Novator after finding the open joint stock
company insolvent.  The case is docketed as A-38-9/6-03.  Mr. A.
Chernov has been appointed insolvency manager.  Creditors have
until August 25, 2005 to submit their proofs of claim to 424031,
Russia, Mariy El republic, Post User Box 106.

CONTACT:  NOVATOR
          424006, Russia, Mariy El republic,
          Yoshkar-Ola, Stroiteley Str. 98

          Mr. A. Chernov
          Insolvency Manager
          424031, Russia, Mariy El republic,
          Post User Box 106
          Phone/Fax: (8362) 42-23-21

          The Arbitration Court of Mariy El republic
          424000, Russia, Mariy El republic,
          Yoshkar-Ola, Leninskiy Pr. 40


OMSKIY AGGREGATE: To Auction Assets Next Week
---------------------------------------------
The bidding organizer of the open joint stock company Omskiy
Aggregate Factory will sell its property on July 25, 2005, 10:00
a.m. (local time).  The public auction will take place at Russia,
Omsk, Krasnyj Put', 1, Room 202.  Up for sale are 14 different
properties.

Preliminary examination and reception of bids are done daily from
9:00 a.m. to 4:00 p.m. (local time) on or before July 22, 2005.
The list of documentary requirements is available at Russia,
Omsk, Krasnyj Put', 1, room 203.

To participate, bidders are required to make a deposit to the
settlement account 40702810800110720027 in OJSC Sobinbank, Omsk,
BIC 045218817, correspondent account 30101810700000000817.

CONTACT:  OMSKIY AGGREGATE FACTORY
          Russia, Omsk region, Gertsena Str. 48

          OMSKOYE REGIONAL BRANCH OF RUSSIAN FUND OF
          FEDERAL PROPERTY
          Bidding Organizer
          Russia, Omsk region, Krasnyj Put', 1


PHOSPHOROUS: Deadline for Submission of Bids July 25
----------------------------------------------------
The open joint stock company Phosphorous will sell its property
on July 27, 2005, 11:00 a.m. (Moscow time).  The public auction
will take place at Russia, Samara region, Tolyatti,
Novozavodskaya Str. 2-A, Conference Hall.  Up for sale are six
buildings for a starting price of RUB5,150,000.

Preliminary examination and reception of bids are done from 9:00
a.m. to 4:00 p.m. (local time) until July 25, 2005.  The list of
documentary requirements is available at Russia, Samara region,
Tolyatti, Novozavodskaya Str. 2-A.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the interregional Volgo-Kamskiy bank of
reconstruction and development, Samara, BIC 43601709, TIN
6317009589/631601001, settlement account 40702810700000002672,
correspondent account 30101810700000000709, TIN
6320001942/632001001 on or before July 26, 2005.

CONTACT:  PHOSPHOROUS
          Russia, Samara region, Tolyatti,
          Novozavodskaya Str. 2-A


RUSSIAN STANDARD: S&P Lifts Ratings Another Notch
-------------------------------------------------
Standard & Poor's Ratings Services raised its long- and
short-term counterparty credit ratings on Russia-based Russian
Standard Bank ZAO to 'B+/B' from 'B/C'.  The outlook is stable.
In addition, the Russia national scale credit rating on the bank
was raised to 'ruA+' from 'ruBBB+'.

"The rating action reflects Russian Standard's ability to
preserve good loan performance while maintaining fast lending
growth, and the bank's sustained strong profitability and
adequate capitalization," said Standard & Poor's credit analyst
Irina Penkina.  The ratings also benefit from Russian
Standard's leading position in the nascent Russian consumer
finance market; successful business model; geographical
diversification of business; and wider funding resources.

"The ratings remain constrained by the high risks of operating in
the fast-growing and untested Russian consumer finance market,
the bank's relatively short operating history in the global
context, and its high dependence on wholesale funding," added Ms.
Penkina.

"Standard & Poor's expects that, under Russia's growing economic
environment, Russian Standard will continue the successful
expansion of its consumer finance business, while keeping credit
and funding risks in check, and maintaining a good capitalization
level," she said.

Despite growing competition in its consumer finance niche,
Russian Standard should be able to retain its leading market
position, particularly in point-of-sale financing, and maintain a
lucrative interest margin compared with most commercial banks in
Russia.  The bank's ability to manage operational risks under
rapid network and lending expansion is another important rating
factor.

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

CONTACT:  STANDARD & POOR'S
          Group E-mail Address:
          FIG_Europe@standardandpoors.com


STEEL-CONSTRUCTION: Bankruptcy Hearing Set October
--------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on limited liability company
Steel-Construction-Belgorod-Steel-Construction.  The case is
docketed as A08-3930/05-11.  Mr. S. Klimov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 308033, Russia,
Belgorod, Post User Box 671.  A hearing will take place on Oct.
27, 2005, 10:00 a.m. at the Arbitration Court of Belgorod region.

CONTACT:  STEEL-CONSTRUCTION-BELGOROD-STEEL-CONSTRUCTION
          308000, Russia, Belgorod region,
          Sosnovka, base of Steel construction

          Mr. S. Klimov
          Temporary Insolvency Manager
          308033, Russia, Belgorod region,
          Post User Box 671


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


SAS GROUP: E.U. Court Junks Appeal on Fine
------------------------------------------
The European Commission refused to cut its EUR39 million fine
against troubled carrier SAS AB, Reuters says.

The Luxembourg-based Court of First Instance ruled SAS must pay
the entire fine imposed in 2001 for illegally agreeing to divide
certain routes between itself and Danish airline Maersk Air.

The Commission had ruled that SAS and Maersk failed to register
all details of their 1999 agreement, which entailed code-sharing
and participation in a frequent flyer program.  Under the deal,
Maersk stopped servicing the Stockholm-Copenhagen route, which
was also being serviced by SAS.  In exchange, SAS stopped its
Copenhagen-Venice flights to allow Maersk to operate the route.
SAS also abandoned the Billund-Franfurt route, which Maersk took
over.

"The agreement between SAS and Maersk Air was broader than the
one which the parties had notified to the Commission," the Court
of First Instance said.

The European Commission also fined Maersk EUR13.125 million.  SAS
said the ruling will not affect it financially.

"It has already been paid in 2001," SAS Spokesman Hans Ollongren
said, adding the company will not appeal the ruling.

CONTACT:  SAS AB
          Frosundaviks Alle 1, Solna
          S-195 87 Stockholm, Sweden
          Phone: +46-8-797-00-00
          Fax: +46-8-797-16-03
          Web site: http://www.scandinavian.net

          MAERSK AIR A/S
          Copenhagen Airport South
          2791 Dragor, Denmark
          Phone: +45-3231-4444
          Fax: +45-3231-4490
          Web site: http://www.maersk-air.com


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


AKVARIUS: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on JSC Akvarius (code EDRPOU 23508161).
The case is docketed as 24/211.  Mr. E. Kondra (License Number AA
779175) has been appointed temporary insolvency manager.  The
company holds account number 26006002000/980 at CJSC Dongorbank,
Kyiv region branch, MFO 380065.

CONTACT:  AKVARIUS
          01103, Ukraine, Kyiv region,
          Druzhbi Narodiv Boulevard, 8/9

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


GELIOS: Court Orders Debt Moratorium
------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Gelios (code EDRPOU 24321186) on
April 25, 2005 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 27/54 B.  Mr. Yevgen
Lesnikov (License Number AA 116080) has been appointed temporary
insolvency manager.

CONTACT:  GELIOS
          86600, Ukraine, Donetsk region,
          Torez, Esenin Str. 2

          Mr. Yevgen Lesnikov,
          Temporary Insolvency Manager
          Ukraine, Donetsk region,
          Novogrodivka, Oleg Koshevij Str. 37/29

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


GETMAN-FOOD: Bankruptcy Supervision Starts
------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on LLC Getman-Food (code EDRPOU 31488323)
on April 5, 2005.  The case is docketed as 6/106-B-05.  Mr.
Yevgen Pirozhok (License Number AA 419249) has been appointed
temporary insolvency manager.  The company holds account number
260022846 at JSPPB Aval, Herson regional branch, MFO 352093.

CONTACT:  Mr. Yevgen Pirozhok
          Temporary Insolvency Manager
          Ukraine, Herson region,
          Berislavskij district, Urozhajne

          ECONOMIC COURT OF HERSON REGION
          73000, Ukraine, Herson region,
          Gorkij Str. 18


IRIS: Appoints Temporary Insolvency Manager
-------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Iris (code EDRPOU 25199008) on April
25, 2005.  The case is docketed as 44/223 b.  Mr. Oleksij Lugovij
(License Number AA 783122) has been appointed temporary
insolvency manager.

CONTACT:  IRIS
          04080, Ukraine, Kyiv region,
          Bilitska Str. 38-B

          Mr. Oleksij Lugovij
          Temporary Insolvency Manager
          Ukraine, Kyiv region,
          Kutuzova Str. 6/50

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


KUPYANSK' HEAT: Succumbs to Bankruptcy
--------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Kupyansk' Heat Systems (code EDRPOU
33001645).  The case is docketed as B 50/77-05.  Mr. Vladislav
Kardash (License Number AB 216987) has been appointed temporary
insolvency manager.  The company holds account number 260004471
at OJSC Megabank, Harkiv branch, MFO 351629.

CONTACT:  KUPYANSK' HEAT SYSTEMS
          Ukraine, Harkiv region,
          Kupyansk, Lenin Str. 108 A

          Mr. Vladislav Kardash,
          Temporary Insolvency Manager
          63700, Ukraine, Harkiv region,
          Kupyansk, Lenin Str. 15/4

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv, Svobodi Square,
          5, Derzhprom, 8-th entrance


NIKOLSKE: Court Freezes Debt Payments
-------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Agricultural LLC Nikolske (code EDRPOU
05287822) on May 19, 2005 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as 15/78
B.  Mr. Sergij Skachko (License Number AA 216701) has been
appointed temporary insolvency manager.  The company holds
account number 26004200061001 at Ukrsocbank, Slovyansk branch,
MFO 334572.

CONTACT:  NIKOLSKE
          84152, Ukraine, Donetsk region,
          Slovyansk district, Nikolske, Miru Str. 93

          Mr. Sergij Skachko,
          Temporary Insolvency Manager
          83003, Ukraine, Donetsk region,
          Illich Str. 91/34

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


PROMBUD-2: Temporary Insolvency Manager Takes over Operations
-------------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Prombud-2 (code EDRPOU 30443009) on
April 20, 2005.  The case is docketed as B-24/74/05.  Mr. M.
Grishin (License Number AA 116283) has been appointed temporary
insolvency manager.  The company holds account number
2600530395502 at Prominvestbank, Novomoskovske branch, MFO
305545.

CONTACT:  PROMBUD-2
          52005, Ukraine, Dnipropetrovsk region,
          Dnipropetrovsk district,
          Yuvilejne, Radgospna Str. 56

          Mr. M. Grishin
          Temporary Insolvency Manager
          Ukraine, Dnipropetrovsk region, Kujbishev Str. 1-a

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


UKRBROKINVEST: Kyiv Court Appoints Insolvency Manager
-----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Ukrbrokinvest (code EDRPOU
25199971).  The case is docketed as 25/160.  Mr. S. Gritsaj
(License Number AA 719865) has been appointed temporary
insolvency manager.  The company holds account number
26003164733001 at CB Privatbank, Kyiv region regional branch.

CONTACT:  UKRBROKINVEST
          Ukraine, Kyiv region,
          Artema Str. 73, office 210

          Mr. S. Gritsaj
          Temporary Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 38

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


UKRTATNAFTA-HERSON: Fails to Stave off Bankruptcy
-------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on LLC Ukrtatnafta-Herson (code EDRPOU
30329919) on April 5, 2005.  Mr. Yevgen Pirozhok (License Number
AA 419249) has been appointed temporary insolvency manager.  The
company holds account number 26000109 at JSCB MT-Bank, Harkiv
branch, MFO 352510.

CONTACT:  Mr. Yevgen Pirozhok
          Temporary Insolvency Manager
          Ukraine, Herson region,
          Berislavskij district, Urozhajne

          ECONOMIC COURT OF HERSON REGION
          73000, Ukraine, Herson region,
          Gorkij Str. 18


VENTURA-ALLIANCE: Succumbs to Bankruptcy
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Ventura-Alliance (code EDRPOU
24098191) on April 14, 2005.  The case is docketed as 15/334-b.
Ms. Tetyana Ruban (License Number AA 783057) has been appointed
temporary insolvency manager.  The company holds account number
2600030075501 at JSCB Rostok Bank, Kyiv region branch, MFO
322692.

CONTACT:  VENTURA-ALLIANCE
          03022, Ukraine, Kyiv region
          Amurska Str. 6

          Ms. Tetyana Ruban,
          Temporary Insolvency Manager
          08133, Ukraine, Kyiv region,
          Vishneve, a/b 11

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


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


2 F P LIMITED: Names KPMG Administrator
---------------------------------------
In the High Court of Justice (Chancery Division)
Birmingham District Registry No. 2680 of 2005

Company Name: 2 F P Limited

Company No.: 04158686

Nature of Business: Holding Company

Registered Office: Arlington Business Park, Theale, Reading RG7
4SD

Date of Appointment: 11 July 2005

Joint Administrators' Names and Address: Myles Antony Halley and
David John Crawshaw (IP Nos 6658 and 8814), both of KPMG LLP,
Arlington Business Park, Theale, Reading RG7 4SD

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


ABBEYSTONE CONSTRUCTION: Appoints Liquidator from Begbies
---------------------------------------------------------
At an Extraordinary General Meeting of Abbeystone Construction
Limited, duly convened, and held at Prospect House, Footscray
High Street, Footscray, Sidcup, Kent DA14 5HN, on 8 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
Nedim Patrick Ailyan, of Begbies Traynor, Prospect House,
Footscray High Street, Footscray, Sidcup, Kent DA14 5HN, and
David Paul Hudson, of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, be and they are
hereby appointed Joint Liquidators for the purposes of such
winding-up."

M Wale

CONTACT:  BEGBIES TRAYNOR
          Prospect House
          Footscray High Street
          Sidcup
          Kent DA14 5NH
          Phone: 0208 300 5764
          Fax: 0208 300 5749
          E-mail: nedim.ailyan@begbies-traynor.com


ADRIA TEXTILE: Sheds 185 More Workers at Strabane Plant
-------------------------------------------------------
Northern Ireland's Adria textile company plans to cut down
workers at its plant in Strabane, Co Tyrone, reports Business
world.

Approximately 185 employees will lose their jobs on top of the
175 workers already shed in March.  The latest announcement is a
devastating blow to the local economy because Adria is the
largest employer in Strabane.

Thousands of people used to work in the textile industry in the
North, but lay-offs and factory closures have become commonplace
in recent years due to lower manufacturing costs in Asia.  Adria
said it would still continue to be a significant employer in
Strabane despite its current predicament.


AFH LIMITED: Members Call in Liquidators from Baker Tilly
---------------------------------------------------------
At an Extraordinary General Meeting of AFH Limited, duly
convened, and held at McLaren Technology Centre, Chertsey Road,
Woking, Surrey GU21 4YH, on 4 July 2005, the following
Resolutions were passed, as Special Resolutions and as an
Extraordinary Resolution respectively:

"That the Company be wound up voluntarily, and that Matthew
Richard Meadley Wild and Geoffrey Lambert Carton-Kelly, of Baker
Tilly, The Clock House, 140 London Road, Guildford, Surrey GU1
1UW, be appointed the Joint Liquidators of the Company for the
purpose of such winding-up, and that the Liquidators 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."

R Dennis, Chairman

CONTACT:  BAKER TILLY
          The Clock House, 140 London Road,
          Guildford, Surrey GU1 1UW
          Phone: 01483 307000
          Fax: 01483 569 281
          Web site: http://www.bakertilly.co.uk


ALLINGSWICK LIMITED: Files for Liquidation
------------------------------------------
At an Extraordinary General Meeting of Allingswick Limited, duly
convened, and held at Russell Bedford House, City Forum, 250 City
Road, London EC1V 2QQ, on 6 July 2005, the following Special
Resolution was passed:

"That the Company be wound up voluntarily, and that Laurence
Josef Baehr, of Baehr Lubbock Fine, Russell Bedford House, City
Forum, 250 City Road, London EC1V 2QQ, be and is hereby appointed
Liquidator for the purposes of winding-up the Company."

B Agarwal, Chairman

CONTACT:  BAEHR LUBBOCK FINE
          Russell Bedford House
          City Forum
          250 City Road
          London EC1V 2QQ
          Phone: 020 7490 7766
          Fax: 020 7490 5102
          E-mail: laurencebaehr@lubbockfine.co.uk


ANTOCKS LAIRN: Furniture Maker Files for Administration
-------------------------------------------------------
In the High Court of Justice No. 4281 of 2005

Company Name: Antocks Lairn Limited

Company No.: 04075295

Nature of Business: Manufacturer of Furniture

Trade Classification: 09

Date of Appointment: 6 July 2005

Administrator's Name and Address: Peter Hughes-Holland and Frank
Wessely (IP Nos 1700 and 7788), both of Vantis Numerica, 81
Station Road, Marlow, Buckinghamshire SL7 1SX

CONTACT:  NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Phone: 01628 478100
          Fax:   01628 472629
          Web site: http://www.numerica.biz


ARC RISK: Directors Take up Share Options
-----------------------------------------
ARC Risk Management plc has granted options over ordinary shares
to Directors under the Company's share option scheme and are
exercisable from 1 July 2008 to 31 March 2015 inclusive at a
price of 1p per share.

These directors are:

(a) Simon Wakeling [5,000,000];

(b) Maldwyn Worsley-Tonks [1,750,000];

(c) Simon Richards [1,000,000]; and

(d) John Mocatta [1,000,000].

                            *   *   *

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

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


ASHCOMBE FINANCIAL: Members Pass Winding-up Resolutions
-------------------------------------------------------
At an Extraordinary General Meeting of Ashcombe Financial
Services Ltd., duly convened, and held at Ashcombe Court,
Godalming, on 24 June 2005, 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, and that Anthony John
Harris, of Critchleys, Greyfriars Court, Paradise Square, Oxford
OX1 1BE, be and is hereby appointed Liquidator of the Company for
the purpose of the voluntary winding-up, and that the Liquidator
be authorized to draw remuneration on the basis of time costs and
that the Liquidator be authorized to distribute the assets of the
Company in specie to the Members."

R Marshman, Chairman

CONTACT:  CRITCHLEYS
          Greyfriars Court,
          Paradise Square, Oxford OX1 1BE
          Phone: +44 (0) 1865 261100
          Fax:   +44 (0) 1865 261201
          E-mail: Oxford@critchleys.co.uk
          Web site: http://www.critchleys.co.uk


BACCHUS HOLDING: In Voluntary Liquidation
-----------------------------------------
The undersigned, being the holders of the entire share capital of
Bacchus Holding Limited who (at the date of this Resolution)
would have been entitled to receive notice of, attend and vote at
General Meetings, hereby passes, on 4 July 2005, pursuant to the
Company's Articles of Association, the following Written
Resolution (Resolution numbered 1 which would otherwise be
required to be passed as a Special Resolution) and said
Resolution shall for all purposes be as valid and effective as if
the same had been passed at a General Meeting of the Company duly
convened and held as a Special Resolution:

That the Company be wound up voluntarily and that Kevin Anthony
Murphy and David Anthony Ingram, of Chantrey Vellacott DFK,
Russell Square House, 10-12 Russell Square, London WC1B 5LF, be
and are hereby appointed as Joint Liquidators of the Company for
the purpose of the voluntary winding-up.

NRG Investments Limited and NRG Credit Limited, Shareholders


BRAVEMOUNT LIMITED: Creditors Appoint PKF Liquidator
----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Bravemount Limited

Notice is hereby given that on July 7, 2005, I, Anne Buchanan,
PKF (U.K.) LLP, 78 Carlton Place, Glasgow G5 9TH was appointed
liquidator of Bravemount Limited, which trades from 160 Hope
Street, Glasgow G2 2TJ, by resolution of a meeting of creditors,
pursuant to section 109 of the Insolvency Act 1986.

Anne Buchanan, Liquidator

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

          Anne Buchanan
          E-mail: anne.buchanan@uk.pkf.com
          Phone: 0141 418 1119
          Fax: 0141 429 1210


BRYTERLITE ELECTRICAL: Creditors to Name Liquidator August 9
------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Bryterlite Electrical Limited
                        (In Liquidation)

I, James David Cockburn Macintyre, CA, James Macintyre & Co.,
Chartered Accountants, Dundas Business Centre, 38/40 New City
Road, Glasgow G4 9JT, hereby give notice that I was appointed
Interim Liquidator of Bryterlite Electrical Limited on June 6,
2005 by Interlocutor of the Sheriff of Glasgow and Strathkelvin
at Glasgow.

Notice is also given, pursuant to Section 138(4) of The
Insolvency Act 1986 and Rule 4.12 of The Insolvency (Scotland)
Rules 1986 as amended by the Insolvency (Scotland) Amendment
Rules 1987, that the first Meeting of Creditors of the company
will be held at Dundas Business Centre, 38/40 New City Road,
Glasgow G4 9JT, on August 9, 2005 at 12:00 noon, for the purpose
of choosing a Liquidator and of determining whether to establish
a Liquidation Committee.  A resolution at the meeting is passed
if a majority of those voting have voted in favor of it.

A creditor will be entitled to vote at the meeting only if a
claim has been lodged with me at the meeting or before the
meeting at my office and it has been accepted for voting purposes
in whole or in part.  For the purpose of formulating claims,
creditors should note that the date of commencement of the
Liquidation is May 31, 2005.  Proxies may also be lodged with me
at the meeting or before the meeting at my office.

J. D. C. Macintyre, Interim Liquidator

CONTACT:  JAMES MACINTYRE & CO.
          Dundas Business Centre
          38/40 New City Road
          Glasgow G4 9JT

          James David Cockburn Macintyre
          E-mail: enquiries@jamesmacintyre.co.uk
          Phone: 0141 353 0449
          Fax: 0141 353 2332


BULMANS FRESH: Opts for Liquidation
-----------------------------------
At an Extraordinary General Meeting of Bulmans Fresh Food
Limited, duly convened, and held at Quality Hotel Royal,
Ferensway, Hull HU1 3UF, at 10:15 a.m., 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
Matthew Colin Bowker and David Antony Willis, of Jacksons
Jolliffe Cork, Lowgate House, Lowgate, Hull HU1 1EL, are hereby
appointed Joint Liquidators of the Company for the purposes of
such winding-up, and that the Joint Liquidators in carrying out
their functions and exercising their powers may act on their own
or jointly and as such their functions and powers may be
exercised by either one of them acting jointly or on their own
account."

S Cawthorne, Chairman

CONTACT:  JACKSON JOLLIFFE CORK
          Lowgate House,
          Lowgate, Hull HU1 1EL
          Web site: http://www.jjcork.co.uk


CARL SHAW: Owners Opt to Wind up Business
-----------------------------------------
At an Extraordinary General Meeting of Carl Shaw Ltd., duly
convened, and held at the offices of Gibson Booth, 15 Victoria
Road, Barnsley S70 2BB, on 8 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
Edward Christopher Wetton be and he is hereby appointed
Liquidator for the purposes of such winding-up."

C Shaw, Director

CONTACT:  GIBSON BOOTH
          15 Victoria Road
          Barnsley
          South Yorkshire S70 2BB
          Phone: 01226 213131
          Fax: 01226 213151
          E-mail: ecw@gibsonboothinsol.com


CH BRANNAM: Management Buyout Saves 35 Jobs
-------------------------------------------
Andrew Stoneman and Jason Godefroy, both partners at Menzies
Corporate Restructuring (MCR), have sold the business and assets
of Barnstaple, Devon-based pottery company, CH Brannam to an MBO
(Management Buyout)-backed team.  The deal was finalized on 15
July 2005 and comes nearly seven weeks after MCR was appointed
Joint Administrators to the company.

MCR's Andrew Stoneman said: "This is excellent news for the
company and for the local area, where CH Brannam has been a
landmark site and popular visitor center for many years.  We're
delighted that this sale has been achieved.  It ensures the
survival of the business, has saved at least 35 jobs, and brings
the best possible outcome for all creditors and stakeholders.  It
will be very much business as usual while the new owners review
the overall operation."

He added: "In total, we have spoken to more than 60 parties
interested in purchasing the business.  The fact that the sale
goes to a locally based team makes it even more attractive."

CONTACT:  CH BRANNAM LIMITED
          Web site: http://www.studiopottery.com/

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

          SAPPHIRE PUBLIC RELATIONS
          Caroline Harrison/Adrienne Routledge
          Phone: 020 8916 2144
          E-mail: caroline@sapphirepr.co.uk
                  Adrienne@sapphirepr.co.uk


CHESTERGATE INVESTMENTS: Calls in Liquidator
--------------------------------------------
At an Extraordinary General Meeting of Chestergate Investments
Limited, duly convened, and held at Lewis Alexander & Collins,
103 Portland Street, Manchester M1 6DF, on 11 July 2005, the
following Special Resolution was duly passed:

"That the Company be wound up voluntarily, and that Michael David
Alexander and Stephen Hoffman, Lewis Alexander & Collins, 103
Portland Street, Manchester M1 6DF, be and they are hereby
appointed Liquidators for the purpose of such winding-up."

J Jackson, Director


CLEAR LIMITED: Hires Administrators from UHY Hacker Young
---------------------------------------------------------
In the High Court of Justice No. 4336 of 2005

Company Name: Clear Limited

Company No.: 03809390

Nature of Business: Motion Picture and Video Production

Registered Office of Company: St Alphage House, 2 Fore Street,
London EC2Y 6DH

Date of Appointment: 11 July 2005

Joint Administrators' Names and Address: Peter Alan Kubik and
Andrew Andronikou (IP Nos 9220 and 1253), both of UHY Hacker
Young, St Alphage House, 2 Fore Street, London EC2Y 6DH

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


DAYTRADING (LONDON): Shareholders Pass Winding-up Resolution
------------------------------------------------------------
At an Extraordinary General Meeting of Daytrading (London)
Limited, duly convened, and held at 641 Green Lanes, London N8
0RE, on 12 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
Ninos Koumettou, of Alexander Lawson & Co, 641 Green Lanes,
London N8 0RE, be and he is hereby appointed Liquidator for the
purposes of such winding-up."

T Yilmaz

CONTACT:  ALEXANDER LAWSON & CO.
          641 Green Lanes
          London N8 0RE
          Phone: 020 8348 0183
          Fax: 020 8340 9115


DRAGONS LAIR: Files for Liquidation
-----------------------------------
At an Extraordinary General Meeting of Dragons Lair Productions
Limited, duly convened, and held at 119 Old Rutherglen Road,
Glasgow G5 0RX, on 28 June 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
Colin Burke, of Milner Boardman & Partners, Century House, Ashley
Road, Hale, Cheshire WA15 9TG, be and is hereby appointed
Liquidator for the purposes of such winding-up."

A St Raphael, Director

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


EQUITABLE LIFE: Cuts Claim Versus Ernst & Young
-----------------------------------------------
Equitable Life has reduced its GBP2.05 billion claim against
former auditor Ernst & Young to GBP700 million.

According to The Scotsman, the mutual insurer told the High Court
Tuesday night that it was slashing GBP1.3 billion off the
original claim.  Equitable Life had earlier argued that had E&Y
advised the company regarding its financial position, the board
would have sold it, earning over GBP1 billion in the process.  It
also claims that the auditor failed to inform the company to
reserve a substantial amount between 1997 and 1999 to cover some
policyholders' income guarantees, which consequently led to huge
losses.

The insurers' former directors, who are also facing claims of
GBP1.7 billion for negligence and breach of fiduciary duty, said
they would not have opted for a sale.  Equitable chairman Vanni
Treves said: "It appears from the evidence given by the former
directors that, although the old board should have sold the
business to raise capital, they would not have done so."

"We are now focusing our attention on E&Y's audit failure.  We
believe that it does not weaken the overall claim value we expect
to receive at the end of this trial," he added.

E&Y, for its part, said: "The fact that four years into this
process and nearly half way through the trial, Equitable has
abandoned its GBP1.3 billion claim against (us) shows what a
desperate state their case is in.

"This is one of the worst examples ever seen of the disreputable
tactic of making a hugely inflated claim, now admittedly
hopeless, against a 'Deep Pocket' in the hope of forcing a
settlement out of fear of litigation risk."

The highly technical trial, which was started in April, is
expected to cost over GBP80 million, with a number of witnesses
and lawyers involved.  The original GBP2.05 billion claim had
been the biggest ever filed against an auditing firm in the U.K.,
said The Scotsman.

CONTACT:  THE EQUITABLE LIFE ASSURANCE SOCIETY
          Walton Street
          Aylesbury
          Buckinghamshire HP21 7QW
          United Kingdom
          Phone: +44-870-901-0052
          Web site: http://www.equitable.co.uk


EUROPEAN MOULDED: Shareholders Okay Liquidation
-----------------------------------------------
At an Extraordinary General Meeting of European Moulded Letters
Limited, duly convened, and held at Tomlinsons, St John's Court,
72 Gartside Street, Manchester M3 3EL, on 4 July 2005, the
following Resolutions were 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 that the same should be would
up voluntarily and that the Company be wound up accordingly, and
that Alan H Tomlinson, of Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL, is hereby appointed as
Liquidator for the purposes of such winding-up."

At the subsequent Meeting of Creditors held on the same date, the
Resolution was ratified, together with the appointment of Alan H
Tomlinson, of Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL as Liquidator of the Company.

B Dean, Chairman

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


EVEREST SHOWS: Winds up Operations Due to Huge Debt
---------------------------------------------------
At an Extraordinary General Meeting of the Members of Everest
Shows, Events & Exhibitions Limited, duly convened, and held at
UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y
5DH, on 6 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
Andrew Andronikou and Ladislav Hornan, of UHY Hacker Young, St
Alphage House, 2 Fore Street, London EC2Y 5DH, be and they are
hereby appointed Joint Liquidators for the purposes of such
winding-up."

I Allen, Director

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


FIRST CAPITAL: Shareholders Opt for Liquidation
-----------------------------------------------
At an Extraordinary General Meeting of First Capital Properties
Limited, duly convened, and held at Lewis Alexander & Collins,
103 Portland Street, Manchester M1 6DF, on 11 July 2005, the
following Special Resolution was duly passed:

"That the Company be wound up voluntarily, and that Michael David
Alexander and Stephen Hoffman, Lewis Alexander & Collins, 103
Portland Street, Manchester M1 6DF, be and they are hereby
appointed Liquidators for the purpose of such winding-up."

J Jackson, Director


FLOWCOOL SYSTEMS: Administrators from KPMG Step in
--------------------------------------------------
Birmingham District Registry No. 2681 of 2005

Company Name: Flowcool Systems Limited

Company No.: 00466613

Nature of Business: Manufacture of Industrial Cooling Systems

Registered Office: Arlington Business Park, Theale, Reading RG7
4SD

Date of Appointment: 11 July 2005

Joint Administrators' Names and Address: Myles Antony Halley and
David John Crawshaw (IP Nos 6658 and 8814), both of KPMG LLP,
Arlington Business Park, Theale, Reading RG7 4SD

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


GEORGE PRIOR: Appoints Baker Tilly Liquidator
---------------------------------------------
At an Extraordinary General Meeting of the Members of George
Prior Engineering (Swansea) Limited, duly convened, and held at
Baker Tilly, 7 The Close, Norwich, Norfolk NR1 4DP, on 6 July
2005, at 10:00 a.m., 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 Company, and
accordingly that the Company be wound up voluntarily, and that
Nigel Millar, of Baker Tilly, Friars Courtyard, 30 Princes
Street, Ipswich, Suffolk IP1 1RJ and Mandy Jane Smart, of Baker
Tilly, Marlborough House, Victoria Road South, Chelmsford, Essex
CM1 1LN, be and are hereby appointed as Joint Liquidators for the
purposes of such winding-up, and that the Joint Liquidators are
to act jointly and severally."

G Prior, Chairman


G SEARCH: Members Decide to Liquidate Firm
------------------------------------------
By written Resolution of all the Members of G Search Limited 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 the Members 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
John Kelmanson and Elias Paourou be and are hereby appointed
Joint Liquidators for the purposes of such winding-up."

G Lamphee

CONTACT:  THE KELMANSON PARTNERSHIP
          Avco House
          6 Albert Road
          Barnet
          Hertfordshire EN4 9SH
          Phone: 020 8441 2000
          Fax: 020 8441 3000
          E-mail: ep@kelpart.co.uk
                  tkp@kelpart.co.uk


GTN CIRCUITS: Winding-up Report Out Next Month
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF GTN Circuits Limited
                   (In Compulsory Liquidation)

Notice is hereby given pursuant to Section 146 of the Insolvency
Act 1986 that Final Meetings of Members and Creditors of GTN
Circuits Limited will be held at the offices of Irwin & Company,
Station House, Midland Drive, Sutton Coldfield B72 1TU, on August
19, 2005 at 10:30 a.m. and 10:45 a.m. respectively for the
purpose of having an account laid before them showing the manner
in which the winding-up has been conducted and the property of
the Company disposed of and of hearing any explanations that may
be given by the Liquidator.

Any person entitled to attend and vote is entitled to appoint a
Proxy to attend and vote instead of him and such Proxy need not
also be a Member or Creditor.

Gerald Irwin, Liquidator
June 30, 2005

CONTACT:  IRWIN & COMPANY
          Station House, Midland Drive,
          Sutton Coldfield B72 1TU
          Phone: 01216869505


HALMART PROPERTIES: In Liquidation
----------------------------------
The following Special Resolution was duly passed at Knowle Hill
Park, Fairmile Lane, Cobham, Surrey KT11 2PD, on 27 June 2005:
"That the Company [Halmart Properties Limited] be wound up
voluntarily."


H F MARKETING: Hires Joint Liquidators from CBA
-----------------------------------------------
At an Extraordinary General Meeting of H F Marketing Limited held
at Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS,
on 12 July 2005, the following Resolutions were duly passed as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has proved to the satisfaction of the Meeting that the
Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same be wound up
voluntarily, and that the Company be wound up accordingly, and
that Geoff Robbins and Neil Richard Gibson, of CBA, Lichfield
Place, 435 Lichfield Road, Aston, Birmingham B6 7SS, be and are
hereby appointed Joint Liquidators for the purpose of such
winding-up, and that the Joint Liquidators be and are hereby
empowered to act jointly and severally."

P Hacker, Chairman

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


HUNTER MACLEOD: Creditors Meeting Set Next Week
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Hunter Macleod Limited
                       (In Liquidation)

I, Alan C. Thomson CA, of Thomson Cooper, 3 Castle Court,
Carnegie Campus, Dunfermline KY11 8PB hereby give notice that I
was appointed Interim Liquidator of Hunter MacLeod Limited on
June 14, 2005, by Interlocutor of the Lord Ordinary at the Court
of Session.

Notice is also given pursuant to Section 138(4) of the Insolvency
Act 1986 and Rule 4.12 of The Insolvency (Scotland) Rules 1986,
as amended by the Insolvency (Scotland) Amendment Rules 1987,
that the first Meeting of Creditors of the company will be held
within the offices of Thomson Cooper, 3 Castle Court, Carnegie
Campus, Dunfermline KY11 8PB on July 26, 2005 at 11:30 a.m. for
the purpose of choosing a liquidator and determining whether to
establish a Liquidation Committee.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
meeting or lodged beforehand at the address below. A Resolution
will be passed when a majority of those voting have voted in
favor of it.  For the purposes of formulating claims, creditors
should note that the date of commencement of the liquidation is
June 14, 2005.

Alan C. Thomson, C.A., Interim Liquidator
July 8, 2005

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


IAN COWBURN: Members Pass Winding-up Resolution
-----------------------------------------------
At an Extraordinary General Meeting of the Members of Ian Cowburn
Joinery Ltd. held at 269 Church Street, Blackpool FY1 3PB, on 11
July 2005, the following Extraordinary Resolution was 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."

I C Cowburn, Chairman

CONTACT:  ROSALIND HILTON, Liquidator
          Adcroft Hilton, 269 Church Street
          Blackpool FY1 3PB


IAN P KINLOCH: Calls in Administrator from Tenon Recovery
---------------------------------------------------------
In the High Court of Justice, Leeds District Registry No. 649 of
2005

Company Name: Ian P Kinloch & Co Limited

Company No.: 1691629

Nature of Business: Sheet Metal Manufacturer

Registered Office of Company: 4 Commercial Road, Reading RG2 0QZ

Date of Appointment: 29 June 2005

Joint Administrators' Names and Address: Steven John Parker and
Simon Robert Thomas (IP Nos 8989 and 8920), both of Tenon
Recovery, Sherlock House, 73 Baker Street, London W1U 6RD.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


ICS IRELAND: Names KPMG Administrator
-------------------------------------
In the High Court of Justice (Chancery Division)
Birmingham District Registry No. 2682 of 2005

ICS (INDUSTRIAL COOLING SYSTEMS) IRELAND LIMITED

(Company No 320086)

Nature of Business: Distribution of Industrial Cooling Systems

Registered Office: Arlington Business Park, Theale, Reading RG7
4SD

Date of Appointment: 11 July 2005

Joint Administrators' Names and Address: Myles Antony Halley and
David John Crawshaw (IP Nos 6658 and 8814), both of KPMG LLP,
Arlington Business Park, Theale, Reading RG7 4SD

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


ICS LIMITED: Calls in Administrator from KPMG
---------------------------------------------
ICS In the High Court of Justice (Chancery Division)
Birmingham District Registry No. 2678 of 2005

Company Name: ICS (Industrial Cooling Systems) Limited

Company No.: 02432069

Nature of Business: Distributor of Industrial Cooling Systems

Registered Office: Arlington Business Park, Theale, Reading RG7
4SD

Date of Appointment: 11 July 2005

Joint Administrators' Names and Address: Myles Antony Halley and
David John Crawshaw (IP Nos 6658 and 8814), both of KPMG LLP,
Arlington Business Park, Theale, Reading RG7 4SD

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


INDUSTRIAL COOLING: Appoints KPMG Administrator
-----------------------------------------------
In the High Court of Justice (Chancery Division)
Birmingham District Registry No. 2679 of 2005

Company Name: Industrial Cooling Services Limited

Company No. 02618808:

Nature of Business: Supplier of Industrial Cooling Systems

Registered Office: Arlington Business Park, Theale, Reading RG7
4SD

Date of Appointment: 11 July 2005

Joint Administrators' Names and Address: Myles Antony Halley and
David John Crawshaw (IP Nos 6658 and 8814), both of KPMG LLP,
Arlington Business Park, Theale, Reading RG7 4SD


INVENSYS PLC: First-quarter Results Meet Forecast
-------------------------------------------------
The Group's overall profit performance during the first quarter
of the current financial year was in line with expectations and
ahead of the corresponding period last year.

Process Systems achieved an increase in profitability as the
benefits of its performance improvement program continue to come
through.  Eurotherm was in line with last year.  APV improved
from the disappointing result in the first quarter of last year
but there are still further operational efficiencies to be
achieved.

As expected, Rail Systems had a weaker quarter mainly due to the
deferment of orders by Network Rail in prior periods; the company
continues to expect an upturn in orders later in the year.  Also
as expected, Controls had a weaker first quarter than last year
because of the effects of the manufacturing problems in North
America and the changing competitive environment in the white
goods sector.

Looking at the remainder of the year, Invensys plc continues to
expect performance to be in line with market expectations.

CONTACT:  INVENSYS PLC
          Invensys House, Carlisle Place
          London SW1P 1BX
          Phone: +44-20-7834-3848
          Fax: +44-20-7834-3879
          Web site: http://www.invensys.com

          Steve Devany
          Phone: +44 (0) 20 7821 3758

          Nina Delangle
          Phone: +44 (0) 20 7821 2121

          Emma Burdett
          Phone: +44 (0) 20 7379 5151


INVENSYS PLC: Sells Lambda to TDK for GBP134 Million
----------------------------------------------------
Invensys plc has signed an agreement to sell its Lambda
businesses to TDK Corporation of Japan for a gross cash
consideration of GBP134 million.

Lambda comprises a 58.2% interest in Densei-Lambda KK, which is
listed on the Tokyo Stock Exchange, and wholly owned operations
in Europe and North America.

Lambda is a leading manufacturer of power supplies and
uninterruptible power supply systems, which are an important
element in the supply, regulation and distribution of electrical
power in electronic equipment.

In the year ended 31 March 2005, Lambda had sales of GBP229
million and operating profit of GBP11 million, before deduction
of GBP8 million of operating exceptional charges.  The gross
assets of Lambda (including goodwill) subject to the disposal
were GBP265 million at 31 March 2005 and the net assets
(including goodwill) were GBP175 million.

Invensys plc's consolidated accounts contained a minority
interest charge of GBP2 million and balance sheet minority
interests of GBP65 million in respect of Densei-Lambda KK.

The transaction is subject to customary regulatory approvals and
is expected to be completed on or before 30 September 2005.  The
proceeds from this disposal will be applied towards satisfying
the Group's liabilities.

Ulf Henriksson, Chief Executive Designate of Invensys plc, said:
This disposal is a further step in the Group's previously stated
plans for the divestiture of non-core businesses.  I am delighted
that TDK has acquired Lambda and I am confident that the business
will prosper and grow under its ownership."

Invensys was advised by Nomura International and Morgan Stanley.

About Invensys plc

Invensys is a global automation, controls and process solutions
Group.  Its products, service expertise and ongoing support
enable intelligent systems to monitor and control processes in
many different environments.

The Invensys Group is made up of five businesses: Process
Systems, APV, Eurotherm, Rail Systems and Controls.  The Group is
headquartered in London and is listed on the London Stock
Exchange, with 30,000 employees working in 60 countries.

About TDK

TDK Corporation is a leading global electronics company based in
Japan.  It was established in 1935 to commercialize "ferrite," a
key material in electronics and magnetics.  The company currently
leads in the development of next-generation technologies such as
Blu-ray recording media, an optical disc ideally suited for
high-definition video recording.  TDK offers a full line of
recordable DVD and CD media, digital camcorder tapes,
professional data storage solutions and much more.

CONTACT:  INVENSYS PLC
          Invensys House, Carlisle Place
          London SW1P 1BX
          Phone: +44-20-7834-3848
          Fax: +44-20-7834-3879
          Web site: http://www.invensys.com

          Steve Devany
          Phone: +44 (0) 20 7821 3758

          Nina Delangle
          Phone: +44 (0) 20 7821 2121

          Emma Burdett
          Phone: +44 (0) 20 7379 5151

          TDK CORPORATION
          1-13-1 Nihonbashi, Chuo-ku
          Tokyo, 103-8272, Japan
          Phone: +81-3-5201-7102
          Fax: +81-3-5201-7114
          Web site: http://www.tdk.co.jp


JARVIS PLC: In Talks to Sell Highway Maintenance Unit
-----------------------------------------------------
Jarvis plc has disclosed it is in an advanced state of
negotiation with Accord plc, for the sale of its Highway
Maintenance business.

The sale will include its 80% shareholding in Herefordshire
Jarvis Services Limited, a venture with Herefordshire Council,
and its 50% interest in Accord Jarvis Limited.

The proposed transaction is subject to due diligence, contractual
documentation, Jarvis lender consent and will be conditional on
Jarvis shareholder approval, if required.

The Roads division will retain its core "Prismo" branded
businesses and Somerford Equipment.

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

          Bridget Fury, Merlin
          Phone: 020 7653 6620


JARVIS PLC: Pre-tax Losses Swell to GBP353.8 Million
----------------------------------------------------
Over the last 12 months, the Company has written to shareholders
on a number of occasions to update them on the progress of and
seek their consent to various disposals, and to advise them of
how the board intended to deal with the future capital needs of
the company.

On July 12, the Company issued a circular with respect to its
restructuring proposals, which described the major developments
of the Group over the last year and set out the reasons why
shareholders should vote in favor of a debt for equity exchange
by the Group's lenders combined with a placing and open offer,
conditionally underwritten by Deutsche Bank, to raise
approximately GBP50 million of new money.  The Board is pleased
that various lenders have had sufficient faith in the underlying
business and in its strategy to have supported the Company and
its restructuring plans.

Restructuring

The attention of shareholders is drawn to the Restructuring
Circular.  In particular, that Circular referred to the
Directors' belief that the implementation of the Restructuring
will create a stronger foundation for the Group's business going
forward and that, immediately following the Restructuring and on
an unaudited basis, the Group should have less than GBP20 million
of net indebtedness.

The Directors consider the Restructuring to be in the best
interests of the Company and of existing shareholders;
accordingly they unanimously recommend that existing shareholders
vote in favor of the resolutions at the forthcoming EGM.

Financial Results

Group turnover has fallen to GBP585.7 million (2004: GBP1076.1
million), principally due to the transfer of rail maintenance to
Network Rail with effect from 1 April 2004, a reduction in track
renewals arising primarily from the slowing of work on the West
Coast Main Line and the decision to withdraw from bidding for all
construction and FM contracts.

The reported loss before tax is GBP353.8 million (2004: GBP256.0
million loss) of which GBP246.8 million is exceptional and
relates to provisions for construction losses, write off of
goodwill in the roads businesses, costs incurred in relation to
the restructuring of the Group and provisions in respect of aged
debtor balances and certain work in progress.

Operating cash outflow has increased to GBP219.2 million as a
result of the losses in the Accommodation Services Division,
lower than anticipated settlements on Rail contracts and the loss
of contracts in the roads businesses.  Non-operating cash inflow
was GBP114.0 million due to the disposal of the interest in Tube
Lines and other non-core businesses and assets including the
property portfolio.

During the financial year ended 31 March 2005, the Group exited
more than 13 peripheral businesses and focused on a core business
with three divisions:

(a) Rail - which provides services in the U.K. for track renewal
    and the delivery of electrical and signaling projects;

(b) Plant hire - which manages the provision, operation and
    maintenance of self-propelled track maintenance and renewal
    trains, as well as small plant hire; and

(c) Roads - which is engaged in the manufacture, marketing and
    application of specialized roads products.

Disposals

A key element of the Group's recovery strategy was to realize the
long-term value of its investment in Tube Lines.  On 29 January
2005, the Group sold its 33.3% shareholding in Tube Lines
(Holdings) Ltd. together with the Group's obligations under the
Second Agreement for GBP95.5 million.  A Letter of Credit
facility required as part of the initial financing of the
investment in Tube Lines (Holdings) Ltd. was terminated and
associated cash collateral of GBP51.8 million was released to the
Group.

The Group also disposed of the majority of its property
portfolio, realizing GBP25 million.

In addition, the Group agreed the sale of its European roads
businesses in December 2004 and completed the sale in July 2005.

Construction Contracts

The Group signed settlement agreements on 29 January 2005 in
respect of its 14 largest unfinished PFI and UPP construction
contracts.  These agreements provided for the surety companies
who had issued performance bonds and the owners of and lenders to
the special purpose companies, to contribute to the costs of
funding construction liabilities; and also for the release of the
Jarvis plc guarantee in respect of those contracts.

These other parties have committed GBP60 million to the costs to
completion of these 14 contracts, of which some GBP45 million may
be assumed by the Group onto its balance sheet as debt; GBP38
million had already been assumed by the Group as at 31 March
2005.  In addition, the Group itself contributed GBP58 million.

Turnover

The main factors that have affected turnover are the exit from
rail maintenance with effect from 1 April 2004 (GBP185 million in
2004), the significant reduction in track renewal activity,
particularly on the West Coast Main Line, the planned withdrawal
from new construction contracts, and the loss of contracts in the
roads highways maintenance business, primarily the loss of the
Cheshire County Council contract.

Turnover in joint venture projects has fallen from GBP261.8
million to GBP249.4 million, mainly due to the disposal of both
the Group's holding in Estonia Rail and the PFI/UPP Special
Purpose Company portfolio, together with the conversion of
Agilisys from a joint venture to an associate.  These reductions
were partially offset by increased turnover within Tube Lines.

Losses

The loss on ordinary activities before taxation was GBP353.8
million (2004: loss GBP256.0 million).  Operating loss before
exceptional items reached GBP95.5 million (2004: profit GBP0.5
million).

Dividend and Net debt

The Company has a profit and loss reserve deficit.  Until this
deficit is eliminated, the Company is not in a position to pay a
dividend.  Group net debt at the yearend was GBP303.8 million
(2004: GBP145.9 million).

Audit Status

The Group's auditors have informed the Board that they have
substantially completed their audit work on the Group's draft
financial statements and annual report for the year ended 31
March 2005, which the Directors anticipate will be approved by
the Board in due course.

The auditors have indicated that, due to the uncertainties that
currently exist, their audit report is likely to be modified to
draw attention to the fundamental uncertainty in respect of the
ability of the Group to continue as a going concern.

The auditors have reviewed this preliminary announcement and have
given the Board their written consent for its release.

Current trading and Prospects

Trading at the start of the current financial year demonstrates
an improved performance.  The cost base of the core business
reflects the benefits of the significant savings achieved over
the last nine months and there are a number of encouraging
developments within the core business, which is trading in line
with the Board's expectations.

The Directors believe that the successful completion of the
restructuring announced on 12 July and the continuation of the
Group's strategy of focusing on the core businesses of Rail Plant
and Road, aligned with further cost saving measures and exit from
or stabilization of the non core activities of construction and
FM, will provide a much improved base from which to develop the
business.

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

          Bridget Fury, Merlin
          Phone: 020 7653 6620


KARTEK LIMITED: Liquidator from Sanderlings Moves in
----------------------------------------------------
At an Extraordinary General Meeting of Kartek Limited held at
Sanderlings LLP, Sanderling House, 1071 Warwick Road, Acocks
Green, Birmingham B27 6QT, on 6 July 2005, at 10:30 a.m., the
following Extraordinary Resolutions were duly passed:

"That it has proved to the satisfaction of the Meeting that the
Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same be wound up
voluntarily, and that the Company be wound up accordingly, and
that Andrew Fender, of Sanderlings LLP, Sanderling House, 1071
Warwick Road, Acocks Green, Birmingham B27 6QT, be and is hereby
nominated Liquidator for the purpose of winding-up."

M Gouldingay, Chairman


L T ENVIRONMENTAL: Succumbs to Liquidation
------------------------------------------
At an Extraordinary General Meeting of the Members of L T
Environmental Services Limited, duly convened, and held at The
Chimney House Hotel, Congleton Road, Sandbach CW11 4ST, on 12
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 M
C Bowker, of Unity Corporate Recovery & Insolvency, Clive House,
Clive Street, Bolton BL1 1ET, be and is hereby appointed
Liquidator for the purpose of such winding-up."

D Lester, Director

CONTACT:  UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton
          Lancashire BL1 1ET
          Phone: 01204 395000
          Fax: 01204 383999
          E-mail: matthewbowker@ubsg.co.uk


MALCOLM ELECTRICAL: Administrators from Grant Thornton Move in
--------------------------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No. 4526 of 2005

Company Name: Malcolm Electrical Limited

Company No.: 01196317

Nature of Business: Wholesale Electrical Household Goods

Registered Office of Company: Bowen Court, Church Street,
Rayleigh, Essex SS6 7EE

Date of Appointment: 11 July 2005

Joint Administrators' Names and Address: Andrew L Hosking and
Daniel R W Smith (IP Nos 9009 and 8373), both of Grant Thornton
UK LLP, Grant Thornton House, Melton Street, Euston Square,
London NW1 2EP

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


MANAGEMENT DEVELOPMENT: In Voluntary Liquidation
------------------------------------------------
At an Extraordinary General Meeting of Management Development
Associates International Limited, duly convened, and held at 4 St
Giles Court, Southampton Street, Reading, Berkshire RG1 2QL, on 7
July 2005, the following Resolutions were duly passed as an
Extraordinary Resolution and as Ordinary Resolutions
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, that P R
Boyle and J C Sallabank, of Harrisons, 4 St Giles Court,
Southampton Street, Reading, Berkshire RG1 2QL, be and are hereby
appointed Joint Liquidators for the purposes of such winding-up,
and that the Joint Liquidators may act jointly or severally in
all matters relating to the conduct of the liquidation of the
Company."

J Turley, Director

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


MG ROVER: PwC Disappointed by SAIC's Offer
------------------------------------------
MG Rover administrator PricewaterhouseCoopers was unimpressed
with the GBP60 million bid that Shanghai Automotive Industry
Corporation presented Monday, says The Guardian.

This leaves the collapsed carmaker still up for grabs.

Richard Cort, chairman of the Rover dealers' association, said:
"I don't know what the actual offer was but I understand that
they (PwC) were very disappointed by both the quantum and the
style of the Shanghai bid.

PwC declined to comment, but Mr. Cort's remarks bring fresh hope
for potential bidders Nanjing Auto and the consortium led by
David James.  SAIC is in a joint bid 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.

In April, SAIC walked away from talks with the Government about
a rescue package for MG Rover, sending the latter into
administration.  It also abandoned over the weekend a possible
joint proposal with Mr. James that would have saved 500 jobs.

Mr. James earlier said that "a major and highly respectable
financial backer" was willing to fund a Rover bid given an
adequate amount of support from the government.

However, the government reportedly considered the proposal to be
too late.  The speculation pointed to Alchemy, which failed to
take over Rover in 2000.

Jon Moulton, chairman of Alchemy, said: "I would have said if
[there's a] government guarantee of course we'd do it. (However)
there's no reason that one will be forthcoming."

Meanwhile, a spokesman for Mr. James' bid said: "This is the last
chance to save Britain's largest independent carmaker from
falling into overseas ownership."

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


NIC GOODWIN: Appoints Poppleton & Appleby Liquidator
----------------------------------------------------
At an Extraordinary General Meeting of NIC Goodwin Limited, duly
convened, and held at Poppleton & Appleby, The Old Barn,
Caverswall Park, Caverswall Lane, Stoke on Trent, Staffordshire
ST3 6HP, on 6 July 2005, at 3:00 p.m., the following subjoined
Special Resolution was duly passed:

"That the Company be wound up voluntarily, and that Ian Michael
Rose and Robert Michael Young, of Poppleton & Appleby, The Old
Barn, Caverswall Park, Caverswall Lane, Stoke on Trent,
Staffordshire ST3 6HP, be and are hereby appointed Joint
Liquidators for the purpose of such winding-up."

N Goodwin


OWNHOME PROPERTY: Goes into Liquidation
---------------------------------------
At an Extraordinary General Meeting of Ownhome Property Limited,
duly convened, and held at 5 Twixt Chines, 21 McKinley Road,
Bournemouth, Dorset BH4 8EG, on 17 June 2005, the subjoined
Special Resolution was duly passed:

"That the Company be wound up voluntarily, and that Ian William
Walton, of Coyne, Butterworth & Chalmers, Lupins Business Centre,
1-3 Greenhill, Weymouth, Dorset DT4 7SP, be and he is hereby
appointed Liquidator for the purposes of such winding-up."

D Annable

CONTACT:  COYNE BUTTERWORTH & CHALMERS
          Lupins Business Centre
          1-3 Greenhill
          Weymouth
          Dorset DT4 7SP
          Phone: 01305 772458
          Fax: 01305 779956
          E-mail: wey@c-b-c.co.uk


PDL INVESTMENTS: Winding-up Resolution Passed
---------------------------------------------
At an Extraordinary General Meeting of PDL Investments Limited
(trading as PDL New Homes & Building Maintenance), duly convened,
and held at Devon Hotel, Exeter By Pass, Matford, Exeter, Devon
EX2 8XU, 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
Richard Frank Simms, of Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, be hereby appointed
Liquidator for the purposes of such winding-up."

G J Kendall, Chairman

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


PRIMARY SYSTEMS: Royal Bank Calls in Administrative Receivers
-------------------------------------------------------------
Company Name: Primary Systems Limited

Registered No.: 03556436

Former Company Name: Junemax Limited

Nature of Business: Supply and Installation of Alarm Systems

Trade Classification: 4534

Date of Appointment of Joint Administrative Receivers: 8 July
2005

Name of Person Appointing the Joint Administrative Receivers: The
Royal Bank of Scotland plc

Joint Administrative Receivers: Bruce Alexander Mackay (Office
Holder No 008296), First Floor, 5 Old Bailey, London EC4M 7AF,
and Matthew Richard Meadley Wild (Office Holder No 009300), The
Clock House, 140 London Road, Guildford, Surrey GU1 1UW

CONTACT:  BAKER TILLY
          The Clock House, 140 London Road,
          Guildford, Surrey GU1 1UW
          Phone: 01483 307000
          Fax: 01483 569 281
          Web site: http://www.bakertilly.co.uk


PRIMESTONE DEVELOPMENTS: EGM Decides on Liquidation
---------------------------------------------------
At an Extraordinary General Meeting of Primestone Developments
Limited, duly convened, and held at Devon Hotel, Exeter By Pass,
Matford, Exeter, Devon EX2 8XU, 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
Richard Frank Simms, of Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, be hereby appointed
Liquidator for the purposes of such winding-up."

G J Kendall, Chairman

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


RAPID AUTO: Calls in Administrator from DTE Leonard
---------------------------------------------------
In the Birmingham District Registry No. 2683 of 2005

Company Name: Rapid Auto Body Repairs (1986) Limited

Company No.: 2043192

Nature of Business: Maintenance and Repair of Motors

Registered Office of Company: 59 Bridge Street, Wednesbury, West
Midlands WS10 0AN

Date of Appointment: 8 July 2005

Joint Administrators' Names and Address: P D Masters and A
Clifton (IP Nos 8262 and 8766), both of DTE Leonard Curtis, 3rd
Floor, 50-52 Newhall Street, Birmingham B3 3QE


RCB FIBREGLASS: In Liquidation
------------------------------
At an Extraordinary General Meeting of RCB Fibreglass Limited,
duly convened, and held at The Rhinewood Country House Hotel,
Glazebrook Lane, Glazebrook, near Warrington, Cheshire WA3 5BB,
on 1 July 2005, the subjoined Resolutions were 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 that the same should be wound
up voluntarily, and that the Company be wound up accordingly, and
that Richard Ian Williamson, of Campbell Crossley and Davis,
348-350 Lytham Road, Blackpool FY4 1DW, be and is hereby
appointed the Liquidator of the Company for the purposes of such
winding-up."

K C Boden, Chairman

CONTACT:  CAMPBELL CROSSLEY & DAVIS
          348-350 Lytham Road
          Blackpool
          Lancashire FY4 1DW
          Phone: 01253 349331
          Fax: 01253 349435
          E-mail: ian.williamson@crossleyd.co.uk


REACTIVE TECHNOLOGIES: Names P&A Partnership Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of Reactive Technologies
Limited, duly convened, and held at 93 Queen Street, Sheffield S1
1WF, on 6 July 2005, at 10:45 a.m., the following Extraordinary
Resolutions were duly passed:

"That it has been proved to the satisfaction of this Meeting that
this Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same should be wound
up, and that the Company be wound up accordingly, that Andrew
Philip Wood and Allan Cooper, of The P&A Partnership, 93 Queen
Street, Sheffield S1 1WF, be and are hereby appointed the
Liquidators of the Company for the purposes of such winding-up,
and that any act required or authorized to be done by the
Liquidators is to be done by any one or more of the Liquidators
for the time being in office."

At a subsequent Meeting of Creditors, duly convened and held
pursuant to sections 98, 99, 100 and 101 of the Insolvency Act
1986, the Resolutions for voluntary liquidation and the
appointment of Andrew Philip Wood and Allan Cooper were
confirmed.

P Fretwell, Chairman

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


ROLTSO LIMITED: Calls First Meeting of Creditors
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Roltso Limited
                        (In Liquidation)

I, James David Cockburn Macintyre, CA, James Macintyre & Co.,
Chartered Accountants, Dundas Business Centre, 38/40 New City
Road, Glasgow G4 9JT, hereby give notice that I was appointed
Interim Liquidator of Roltso Limited on June 7, 2005 by
Interlocutor of the Sheriff of Glasgow and Strathkelvin at
Glasgow.

Notice is also given, pursuant to Section 138(4) of The
Insolvency Act 1986 and Rule 4.12 of The Insolvency (Scotland)
Rules 1986 as amended by the Insolvency (Scotland) Amendment
Rules 1987, that the first Meeting of Creditors of the company
will be held at Dundas Business Centre, 38/40 New City Road,
Glasgow G4 9JT, on August 1, 2005 at 12:00 noon, for the purpose
of choosing a Liquidator and of determining whether to establish
a Liquidation Committee.  A resolution at the meeting is passed
if a majority of those voting have voted in favor of it.

A creditor will be entitled to vote at the meeting only if a
claim has been lodged with me at the meeting or before the
meeting at my office and it has been accepted for voting purposes
in whole or in part.  For the purpose of formulating claims,
creditors should note that the date of commencement of the
Liquidation is June 6, 2005.  Proxies may also be lodged with me
at the meeting or before the meeting at my office.

J. D. C. Macintyre, Interim Liquidator

CONTACT:  JAMES MACINTYRE & CO.
          Dundas Business Centre
          38/40 New City Road
          Glasgow G4 9JT

          James David Cockburn Macintyre
          E-mail: enquiries@jamesmacintyre.co.uk
          Phone: 0141 353 0449
          Fax: 0141 353 2332


SECURETRACE LIMITED: Members Decide to Wind up Business
-------------------------------------------------------
At an Extraordinary General Meeting of the Members of Securetrace
Limited, duly convened, and held at Hilton Cobham, Seven Hills
Road South, Cobham, Surrey KT11 1EW, on 11 July 2005, 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
Tony James Thompson, of Piper Thompson, Mulberry House, 53 Church
Street, Weybridge, Surrey KT13 8DJ, be and he is hereby nominated
Liquidator for the purpose of the winding-up."

J D Bryce, Director

CONTACT:  PIPER THOMPSON
          Mulberry House,
          53 Church Street, Weybridge,
          Surrey KT13 8DJ
          Phone: 01932855515


SERCOM FREIGHT: Calls in Liquidator from Begbies Traynor
--------------------------------------------------------
At an Extraordinary General Meeting of Sercom Freight Limited,
duly convened, and held at the offices of Begbies Traynor, The
Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1
2EG, 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
Jamie Taylor, 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."

R Walpole

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


SEVCO 5001: Members Decide to Wind up Firm
------------------------------------------
At an Extraordinary General Meeting of SEVCO 5001, convened, and
held at PO Box 415, Templar House, Don Road, St Helier, Jersey
JE4 8WH, on 4 July 2005, at 3:00 p.m., the following were passed:

(a) A Special Resolution "that the Company be wound up
    voluntarily and that Stephen Goderski, of Geoffrey Martin &
    Co, 7-8 Conduit Street, London W1S 2XF, be appointed as
    Liquidator of the Company for the purposes of the voluntary
    winding-up";

(b) An Ordinary Resolution "that the Liquidator's remuneration,
    be based upon Geoffrey Martin & Co's time costs and his
    disbursements be based on the firm's present policy";

(c) An Extraordinary Resolution "that the Liquidator be
    authorized to pay all Creditors in full";

(d) The Liquidator to instruct Solicitors as and when they are
    required;

(e) That Messrs PricewaterhouseCoopers be instructed to carry
    out all bookkeeping necessary for the completion of accounts
    for submission to the Inland Revenue, and to finalize the
    Company's tax affairs up to the date of liquidation.
    Geoffrey Martin & Co will deal with the Company's taxation
    matters arising after the date of liquidation;

(f) That an interim distribution be made by the Liquidator to
    Shareholders, the timing and quantum of such distribution to
    be at the sole discretion of the Liquidator; and

(g) A Special Resolution "that the Liquidator be authorized to
    value the Company's assets for the purpose of distribution
    in specie and that he may if so desired, distribute the
    assets accordingly at his discretion."

S R Perchard, Director


SKYEPHARMA PLC: Launches Triglide in U.S. Market
------------------------------------------------
At the Annual General Meeting of SkyePharma plc, all resolutions
were passed.

Mr. Torao Yamamoto, who has now resigned as a Director, was
thanked for his contribution.

Non-Executive Chairman Ian Gowrie-Smith said: "In the past few
months we have been able to report no less than eight significant
events.

"I am pleased to report that our partner First Horizon has
launched Triglide(TM) in the U.S. market.  We and First Horizon
believe that Triglide(TM) will have an important role in this
multibillion dollar market.  Lipid disorders are very common and
their association with heart disease is well known.  However,
even those patients who are treated rarely achieve target goals
and so there is ample room for an effective and easy-to-use
treatment such as Triglide(TM).  We look forward to Triglide(TM)
becoming one of our most important sources of royalty income.

"In April, we announced a new agreement with GlaxoSmithKline for
Paxil CR(TM).  We resolved our differences over the royalty rate
we receive with an increase from 3% to 4%, backdated to 2003.
Furthermore, GlaxoSmithKline generously agreed to maintain our
royalty payments even while Paxil CR(TM) was temporarily off the
market because of a manufacturing issue at GlaxoSmithKline's
plant in Puerto Rico.  Such a move pays tribute to the strength
of our relationship with our partner for this and other products.
I am happy to report that Paxil CR(TM) returned to the US market
at the end of June and the early prescription data makes us
confident that sales can be rebuilt.

"Shareholders will be aware that we have been in negotiations
with various potential partners to out-license our pulmonary
package.  We were pleased to announce in April that we had
negotiated Heads of Terms with a major global pharmaceutical
company for Flutiform(TM).  This combination treatment for asthma
and COPD is likely to be by far the most important product in the
pulmonary package with the potential to deliver very significant
value to our shareholders.

"This is reflected in the negotiated terms, which involve
double-digit royalties and up to US$160 million in milestone
payments and recovery of clinical development costs from the
beginning of this year.  This agreement, which is currently for
the U.S. market only, is subject to final contract.  The
announcement of this agreement in April has attracted additional
interest in this product.

"DepoDur(TM) is our novel treatment for the relief of pain after
surgery.  The product was approved by the FDA last year and
launched in the U.S. in December by our partner Endo.  A hospital
product such as DepoDur(TM) takes time to become established in
clinical use and to pass the procedure for acceptance on hospital
formularies.  Therefore although sales in the first quarter of
2005 were only a few million dollars, we remain confident in the
commercial potential of DepoDur.

"In November 2003, the Company submitted the DepoDur(TM)
marketing approval application to the U.K. Medicines and
Healthcare Products Approval Agency.  We have recently been
informed by the Committee on Safety of Medicines that it will
recommend approval for DepoDur(TM), subject to certain conditions
being satisfied (these conditions do not include further clinical
trials), leading to marketing authorization in the United
Kingdom.

"The Company is in discussions with the CSM in respect of these
conditions and how they will be satisfied. Assuming the receipt
of final approval, the U.K. approval will be used as the basis
for seeking approval throughout the European Union using the
E.U.'s Mutual Recognition procedure.

"DepoBupivacaine(TM) is another product for the relief of
post-operative pain but this time for use primarily after
out-patient surgery, now the most common type of surgical
procedure.  We have now licensed DepoBupivacaine(TM) to
Mundipharma in Europe. Mundipharma is a private company whose
name may be relatively unfamiliar but it is a hospital specialist
and is already doing an excellent job with DepoCyte(R).  In the
U.S., we will commence licensing negotiations once we have the
results of our Phase II trial in the autumn.

"Finally our partner Novartis has recently obtained approval for
Foradil(R) Certihaler(R) in Germany.  Although this product is
now approved in 13 markets, Germany is the first major market and
we are now supplying product to Novartis for the launch.
Foradil(R) Certihaler(R) has "approvable" status in the U.S. and
Novartis is working with the FDA to resolve the outstanding
issues.  Our dry-powder inhaler and formulation technologies used
in Foradil(R) Certihaler(R) are also being used by Novartis in a
second collaboration for QAB 149 (indacaterol), an even
longer-acting bronchodilator that we believe will be an important
component of the next generation of asthma treatments."

CONTACT:  SKYEPHARMA PLC
          105 Piccadilly
          London
          United Kingdom
          W1J 7NJ
          Phone: +44 20 7491 1777
          Fax: +44 20 7491 3338
          Web site: http://www.skyepharma.com

          Ian Gowrie-Smith, Non-executive Chairman
          Michael Ashton, Chief Executive Officer
          Peter Laing, Director of Corporate Communications
          Phone: +44 207 491 1777

          Sandra Haughton, U.S. Investor Relations
          Phone: +1 212 753 5780

          BUCHANAN COMMUNICATIONS
          Phone: +44 207 466 5000
          Tim Anderson/Mark Court


SOLENT SCAFFOLDING: Members Pass Winding-up Resolutions
-------------------------------------------------------
At an Extraordinary General Meeting of Solent Scaffolding
Limited, duly convened, and held at The Elizabeth House Hotel,
42-44 The Avenue, Southampton SO17 1XP, on 11 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
David John Stringer, of Stringer & Co, 5 Bassett Wood Drive,
Southampton SO16 3PT, be and he is hereby appointed Liquidator
for the purposes of the winding-up."

M Witt, Chairman

CONTACT:  STRINGER & CO.
          5 Bassett Wood Drive
          Southampton
          Hampshire SO16 3PT
          Phone: 023 8076 7241
          Fax: 023 8076 7241


THE BUSINESS: Appoints Liquidator
---------------------------------
At an Extraordinary General Meeting of The Business Production
Company Limited, duly convened, and held at 76 New Cavendish
Street, London W1G 9TB, on 11 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
Mark Levy, of Berley, 76 New Cavendish Street, London W1G 9TB, be
and is hereby appointed Liquidator for the purpose of such
winding-up."

F Burgess, Director

CONTACT:  BERLEY
          76 New Cavendish Street
          London W1M 7LB
          Phone: 020 7636 9094
          Fax: 020 7636 4115
          E-mail: mark.levy@berley.co.uk


THE BUXA: Liquidator from Baehr Lubbock Moves in
------------------------------------------------
At an Extraordinary General Meeting of The Buxa Dooars Tea
Company Limited, duly convened, and held at Russell Bedford
House, City Forum, 250 City Road, London EC1V 2QQ, on 6 July
2005, the following Special Resolution was duly passed:

"That the Company be wound up voluntarily, and that Laurence
Josef Baehr, of Baehr Lubbock Fine, Russell Bedford House, City
Forum, 250 City Road, London EC1V 2QQ, be and is hereby appointed
Liquidator for the purposes of winding-up the Company."

B Agarwal, Chairman

CONTACT:  BAEHR LUBBOCK FINE
          Russell Bedford House
          City Forum
          250 City Road
          London EC1V 2QQ
          Phone: 020 7490 7766
          Fax: 020 7490 5102
          E-mail: laurencebaehr@lubbockfine.co.uk


THOMAS JAMES: Appoints Poppleton & Appleby Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of Thomas James Limited, duly
convened, and held at Inn Keepers Lodge, Burchard Crescent,
Shenley Church End, Milton Keynes MK5 6HQ, on 8 July 2005, at
11:30 a.m., the following 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
Ian Michael Rose and Robert Michael Young, of Poppleton &
Appleby, The Old Barn, Caverswall Park, Caverswall Lane,
Stoke-on-Trent, Staffordshire ST3 6HP, be and are hereby
appointed Joint Liquidators for the purposes of such winding-up,
and that the Joint Liquidators be authorized to act jointly and
severally in the liquidation."

J Price


T.S.S. (NORTHERN): Members Decide on Liquidation
------------------------------------------------
At an Extraordinary General Meeting of T.S.S. (Northern) Limited,
duly convened, and held at 52 Penny Lane, Mossley Hill, Liverpool
L18 1DG, on 11 July 2005, the following Resolutions were 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 that the same be wound up
voluntarily, and that the Company be wound up accordingly, and
that Alan H Tomlinson, of Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL, is hereby appointed
Liquidator for the purposes of such winding-up."

At the subsequent Meeting of Creditors held on the same date, the
Resolution was ratified, together with the appointment of Alan H
Tomlinson, of Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL, as Liquidator of the Company.

P Watson, Chairman

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


WALKERS FITTED: Members Call in Liquidator from DTE
---------------------------------------------------
By written Resolution of all the Members the following
Extraordinary Resolution was passed:

"That it has been proved to the satisfaction of the Meeting that
this Company [Walkers Fitted Bedrooms Limited] 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, and that J M Titley, of DTE Leonard Curtis, DTE
House, Hollins Mount, Bury BL9 8AT, be and is hereby appointed
Liquidator of the Company for the purposes of such a winding-up."

G Walker, Director

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


WEB-TEX LIMITED: Textile Manufacturer Falls into Administration
---------------------------------------------------------------
In the Chancery Division, Leeds District Registry No. 752 of 2005

Company Name: Web-Tex Limited

Company No.: 1211938

Nature of Business: Manufacturers of Textiles, Apparel and
Leather Products

Trade Classification: 2954

Date of Appointment: 8 July 2005

Joint Administrators' Names and Address: D F Wilson and J N R
Pitts (IP Nos 0703 and 7851), both of Wilson Pitts, Glendevon
House, Hawthorn Park, Coal Road, Leeds LS14 1PQ

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Phone: 0113 237 5560
          Fax: 0113 237 5561


WH SMITH: Drops ABN Amro, Calls in Merill Lynch as Broker
---------------------------------------------------------
WH Smith plc has named Merill Lynch as its new joint corporate
broker, dropping ABN Amro Hoare Govett in the process.

According to The Telegraph, the British bookseller stressed that
the move was only partly influenced by the high-profile exits at
its former broker.

A spokesman for WH Smith said: "We decided to review our
relationship in the spring prior to the recent departures."

However, she noted that one advantage Merrill Lynch had over ABN
Amro Hoare Govett was "particularly the size and stability of its
broking team."

In June, chief executive Nigel Mills left ABN Amro to join
Citigroup together with six of his senior colleagues.  Drinks
firm Cadbury Schweppes and utility group Centrica have also axed
ABN Amro as broker.

Amid the losses, ABN Amro revealed it had won five new broker
mandates from FTSE 250 companies this year.

Four other investment banks proposed for the broking job at WH
Smith, while JPMorgan Cazenove, the U.K.'s biggest broker, was
retained.

CONTACT:  WH SMITH PLC
          Nations House, 103 Wigmore St.
          London
          W1U 1WH, United Kingdom
          Phone: +44-20-7409-3222
          Fax: +44-20-7514-9633
          Web site: http://www.whsmithplc.com

          Louise Evans
          Media Relations
          Phone: 020 7514 9624
          Mark Boyle
          Investor Relations
          Phone: 020 7514 9630


                            *********


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.

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