TCREUR_Public/050721.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, July 21, 2005, Vol. 6, No. 143

                            Headlines

G E R M A N Y

AUTOHAUS RAUBOLD: Court to Verify Claims October
DAIMLERCHRYSLER AG: Outlook on Senior Unsecured Rating Stable
FJH AG: Returns to Black in First Quarter
HIRSCHBURG AGENTUR: Court Appoints Dr. Fink Administrator
INFINEON TECHNOLOGIES: German Manager Figures in Bribery Scandal

KLAR + SCHADE: Creditors' Claims Due Next Month
KNIGHT WENDLING: Creditors Meeting Set September
MEC MULTI: Proofs of Claim Due First Week of August
PESCHKES METALL: Under Bankruptcy Administration
PFLEIDERER AG: Takes over Engineered Wood Activities of Kunz

PFLEIDERER AG: 'BB' Rating Affirmed; Outlook Stable
ROLLTEC-WERKSTATTECHNIK: Falls into Bankruptcy
SOUND COMPANY: Essen Court Appoints Dr. Nikolaus Administrator


G R E E C E

DRYSHIPS INC.: Issues Updated Fleet Charter Details


I R E L A N D

ELAN CORPORATION: Latest Update on Tysabri Tests Positive
RIVERDEEP HOLDINGS: On CreditWatch Negative After PIK Loan Issue
RIVERDEEP HOLDINGS: Moody's Hints Downgrade of B2 Family Rating
SHAMROCK ROVERS: Fans Spearhead Soccer Club's Rescue
SITEL IRELAND: Closes Dublin Call Center


I T A L Y

IMPREGILO SPA: Sells Anita Unit to Hines
PARMALAT FINANZIARIA: Italy Clears Morgan Stanley Settlement
PARMALAT FINANZIARIA: Court Dismisses Suit vs. Citigroup, et al.
PARMALAT USA: Court Okays Crisis Manager's US$1 Million Fee


L U X E M B O U R G

STOLT-NIELSEN: Reports US$5.7 Mln Net income in Second Quarter


N E T H E R L A N D S

ROYAL SHELL: Starts Trading as Unified Company
WINSTAR COMMUNICATIONS: Chapter 7 Trustee Hires Counsel


N O R W A Y

FINANCE CREDIT: Court Orders KPMG to Pay NOK656 Mln in Damages


R U S S I A

EKATERININSKOYE: Proofs of Claim Deadline Expires Next Week
KASHIN-DOR-STROY: Undergoes Bankruptcy Supervision Procedure
KIT OKA: Sets Pubic Auction July 26
KRYMSKIY: Bankruptcy Hearing Resumes August
SIB-STROY-MECHANIZATION: Last Day for Filing Claims August 25

SPASSKOYE: Gives Creditors Until Next Week to File Claims
TOKAMAK: Deadline for Proofs of Claim August 25
TYUMRYUK-REM-TEKH-ENTERPRISE: Succumbs to Bankruptcy
UNIVERSAL-S: Selling Assets Worth RUB1.5 Mln Next Week
VOZROZHDENIYE BANK: Moody's Ups Deposit Rating to B1

VYAZNIKOVSKIY FLAX: Public Auction Set Next Week
YUKOS OIL: Court to Hear Appeal on Yugansk Sale Next Week
YUKOS OIL: Moscow Court Admits Yugansk's Amended Claim
YUKOS OIL: Strikes Deal with Lithuania on Mazeikiu Stake


S W E D E N

AB ELECTROLUX: Material Costs Hit Second-quarter Earnings
CONCORDIA BUS: Noteholders Accept Restructuring Terms
PREEM HOLDINGS: Ratings Unchanged After Notes Issuance News
SCANDINAVIAN AIRLINES: To Service 52 Routes for Swedish Govt


T U R K E Y

TURKCELL ILETISIM: S&P Keeps Rating on CreditWatch Positive
VAKIF BANK: S&P Assigns 'BB-' Counterparty Credit Rating


U K R A I N E

ALFA: Donetsk Court Opens Bankruptcy Proceedings
BOGODUHIVSKA AGROTEHNIKA: Declared Insolvent
DZERZHINSK' AUTO 11478: Court Appoints Insolvency Manager
GNIDAVA AUTO: Declares Bankruptcy
LISYANKA COMBI: Names Volodimir Rekun Liquidator

NOVOMIRGOROD' RAJAGROHIM: Succumbs to Insolvency
STAROKRIMSKIJ REINFORCED: Insolvency Breaks Concrete Group
UKRSPETSPROM: Under Bankruptcy Supervision
UST-CHORNYANSKIJ WOOD: Collapses into Bankruptcy
YUVILEJNIJ: Liquidator Takes over Operations


U N I T E D   K I N G D O M

ABSTRACT & HART: Bristol District Court Orders Liquidation
ACROSSFORM PROJECTS: Files Winding-up Petition
ADVANCED TRANSACTION: Goes into Liquidation
AGENDA COUTURE: Owners Opt for Liquidation
ALLIED TELECOMMUNICATIONS: Calls in Administrators

ALL-TRAVEL MARKETING: Members Pass Winding-up Resolutions
ANT SCAFFOLDING: Falls into Liquidation
APOLLO DESPATCH: Members Decide to Wind up Firm
APPEAREARLY LIMITED: Shareholders Vote in Favor of Liquidation
A & R METAL: Calls in Liquidators

ASHLEY COURT: Goes into Liquidation
AULT FOODS: Administrator from Smith & Williamson Moves in
BEXLEYWAY LIMITED: Hires Joint Administrators from PKF
BURSCOUGH REWINDS: Appoints Liquidators from PKF
CITY MOTORCYCLES: Court Accepts Winding-up Petition

COLLINS & AIKMAN: Puts European Units Under Administration
COLLINS & AIKMAN: WL Ross to Fund U.K. Units in Administration
COMMON TIDE: Calls in Liquidator
C.T. PLASTICS: Hires Administrators from Tenon Recovery
DANKA BUSINESS: Outsourcing U.S. IT Business to Cut Cost

DRINDELL LIMITED: Courier Succumbs to Liquidation
EMI GROUP: Forming Joint Venture with Mexico's Televisa
ENTERPRISE BUSINESS: Shareholders Decide to Wind up Business
FINEDON MILL: Appoints Administrators from Baker Tilly
GENERAL RE (LONDON): Appoints Ernst & Young Liquidator

GLOMOCO LIMITED: Calls in Liquidators from PKF
GOVANNON LIMITED: Food Retailer Goes into Liquidation
HALLAMTECHNIC LIMITED: Hires PKF as Administrator
H & B ELECTRICAL: Owners Decide to Liquidate Firm
HIT ENTERTAINMENT: S&P Junks Proposed US$172 Mln Sr. Sub. Notes

ICS CORPORATION: Members Decide to Wind up Firm
ICS (MANAGEMENT SERVICES): Calls in PwC Liquidator
INSURED IT: Bristol Court Orders Liquidation
INTER-SELECTION GROUP: Hires Liquidators from PwC
INTERSOFT ENTERTAINMENT: In Voluntary Liquidation

ITALIANO COFFEE: Calls in Liquidator
JDAY CONSTRUCTION: Appoints DTE Leonard Liquidator
JFT MEDIA: Falls into Liquidation
KOLOR-FAST: In Voluntary Liquidation
KUCHEN STUDIO: Members Opt for Liquidation

LUMINAR PLC: Sale of Enterprise Unit Cuts Debt by GBP28 Million
LUPUS FASHIONS: High Court Accepts Winding-up Petition
MACKENZIE'S BAR: Bar and Restaurant Calls in Administrator
MARINE COMPUTING: Southampton Court Orders Winding-up
MASQUERADE MUSIC: Goes into Liquidation

MCGARRIGLE & COMPANY: High Court Orders Liquidation
M & D TOYS: High Court Approves Liquidation
MR & MRS RAMESH: Liquidation Approved
NETSHIFT SOFTWARE: Hires Joint Administrators from Stoy Hayward
NORTH DERBYSHIRE: Members Pass Winding-up Resolutions

OFFICE INTERIOR: Aylesbury Court Okays Liquidation
OLDER CARE: Appoints Liquidator
ORIAN TECHNOLOGY: Members Decide to Wind up Firm
ORRELL COMMUNITY: EGM Decides on Liquidation
OVERSEAS TEA: Hires Liquidator from Wilkins Kennedy

PROMARK DEVELOPMENT: Creditors to Meet Late Next Month
PURE GROUP: Final Meeting of Creditors Set Next Month
R.D.C. CONTACTORS: Falls into Liquidation
ROBENDENE LIMITED: Calls in Administrators from Mazars
RUBY DIRECT: Liquidator Takes over Helm

SECURE DESPATCH: Calls in Liquidator from PricewaterhouseCoopers
SPOONER MEDICAL: Winding-up Report Out August
SSD ACCIDENT: High Court Okays Winding-up
STARLAND LIMITED: Hires Administrator from Francis Clark
STEP 2 RECRUITMENT: Names Begbies Traynor Liquidator

STEVE ALLEN: Calls in Liquidator from DTE Leonard
SUOMI LIMITED: Court Approves Winding-up Petition
TDP (UK): EGM Decides on Liquidation
TEAMMATES LIMITED: Manchester Court Okays Liquidation
THE PRESIDENT: In Liquidation

THERMALOGIC LIMITED: Goes into Liquidation
THE SERVICEPOINT: High Court Orders Liquidation
TOTAL MAILING: Names PricewaterhouseCoopers Liquidator
TOWERHILL ENGINEERS: Falls into Liquidation
TY EUROPE: Takeover Preserves Local Jobs

U3S INTERNATIONAL: Calls in Liquidators from Citreon Wells
VAN DER VLEIT: Liquidator to Present Report Mid-August
WADE SMITH: PKF Administrators Take Charge
W BAILEY: Hires Vantis Business Recovery Liquidator
WINDMILL PINE: Lincoln Court Approves Winding-up Petition
ZENITH DISTRIBUTIONS: Falls into Liquidation


                            *********


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


AUTOHAUS RAUBOLD: Court to Verify Claims October
------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
Autohaus Raubold GmbH on June 27.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 8, 2005 to register their claims
with court-appointed provisional administrator Bernd Krumbholz.

Creditors and other interested parties are encouraged to attend
the meeting on October 23, 2005, 10:50 a.m. at the district
court of Gera, Rudolf-Diener-Str. 1, Zimmer 301, 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:  AUTOHAUS RAUBOLD GmbH
          Fuenfminutenweg Nord 2
          04603 Windischleuba

          Bernd Krumbholz, Administrator
          Fr.-Engels-Str. 1a, 07545 Gera


DAIMLERCHRYSLER AG: Outlook on Senior Unsecured Rating Stable
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on DaimlerChrysler AG's
'BBB+' senior unsecured rating to Stable from Positive.  The
short-term rating is affirmed at 'F2'.

The Outlook revision reflects Fitch's view that, given the
recent performance of the Mercedes Car Group and competitive
pressures at the Chrysler Group, an upgrade of the ratings for
DaimlerChrysler is unlikely in the short term.  While the
Mercedes Car Group had been the stabilizer of the group's credit
profile since its formation in fiscal 1998, this division has
recently faced a number of quality issues, a restructuring and
increasing operating losses at its Smart division, and higher
expenses related to new product introductions.

Despite significant improvement in profitability at the Chrysler
Group resulting from attractive product introductions and
improved market share, new product competition and pricing
pressures are likely to impact profitability over the
intermediate term.  Despite a number of scheduled new product
offerings, Chrysler will be challenged to retain the share gains
and profitability garnered from recent product successes.
Pricing pressures and transplant capacity expansion will
continue to limit margin expansion and could neutralize at least
parts of the operational improvements achieved at Chrysler Group
so far.

The Commercial Vehicles segment remains in the midst of a strong
cyclical upswing in the U.S., which is likely to continue
through 2006.  New emission standards to be enacted in 2007 in
the U.S. could result in a 2007 cyclical downturn, although the
current strength of the market and emission-compliant products
could extend the current build cycle.  Over the long-term, the
Commercial Vehicles segment remains well positioned to
capitalize on its market position, scale, and technical
capabilities and to leverage its cost position and recent
strategic acquisitions.

Consolidated margins also remain affected by the sharp increase
in commodity prices.  Fitch expects that relief in this area may
not be felt until 2007.  A restructuring program at the center
of a new business model for the Smart business unit targets to
increase earnings at Smart by some EUR600 million in fiscal
2007, which would result in achieving break-even in the same
year, while streamlining the company's model range.  Management
expects to incur restructuring expenses of up to EUR1.2 billion
in fiscal 2005, the majority of which will be cash-effective.
Separately, losses at the tolling joint venture Toll Collect
(incorporated in the Financial Services division) have hurt 2004
consolidated operating results.  These losses were incurred
following a revaluation of the system's total cost and
additional operating expenses required to ensure the timely
start of operations in January 2005.

In their entirety, these developments have affected the positive
momentum assessed during fiscal 2004 and are expected to affect
short- to medium-term profitability and cash generation.  As a
result, Fitch does not see the potential for a ratings upgrade
within the original time frame envisioned.  A key focus over the
near term will be the performance of the Mercedes Car Group in
addressing quality issues and the performance of important new
product introductions.

A recall of several models under the Mercedes-Benz brand had
been made to address actual and potential quality issues with
respect to electronic components.  Fitch also notes the sizable
exchange rate risk MCG still faces as a result of the weakness
of the U.S. dollar, which affects the margins achievable on the
export of vehicles out of Europe.

Fitch also remains concerned about the financial health of the
U.S. supplier base, which has been adversely affected by pricing
pressures, high structural and legacy costs, and high commodity
prices.  For the Chrysler Group, it could become increasingly
difficult to extract the incremental price concessions that have
been the norm historically.  Instead, increasing levels of
financial support are being provided by OEMs to suppliers to
ensure supply chain integrity and investment required by new
product launches.

Fitch notes that the financial profile of the group remains
strong.  Cash surpluses were used to repay industrial debt while
exchange rate movements have lowered the book value of the U.S.
dollar-denominated debt.  At the same time, the increase in
total group debt reflected the strong expansion in Financial
Services businesses.  Industrial leverage improved further and
reflects DCX's industrial net cash position, while EBITDA-based
gross interest coverage rose to 10.2 times (x) (fiscal 2003:
7.9x).  Nevertheless the agency expects that the quality
offensive at Mercedes-Benz and the Smart restructuring as well
as potential pricing pressures in North America are likely to
affect the group's cash generation in the short to medium term.

CONTACT:  FITCH RATINGS
          Mark Oline, Chicago
          Phone: +1-312-368-2073
          Trevor Pitman, London
          Phone: +44 (0)20 7417 4280

          Media Relations
          Brian Bertsch, New York
          Phone: +1-212-908-0549


FJH AG: Returns to Black in First Quarter
-----------------------------------------
The Prime Standard-listed consulting and software company FJH AG
(ISIN DE0005130108) on Tuesday presented the final figures for
the first quarter of 2005.  At EUR13.5 million (2004: EUR17.1
million), revenues were higher than expected.  Operating results
(EBIT) were -EUR0.1 million (2004: -EUR4.7 million).  Thanks to
one-off factors, the quarterly result was positive at EUR3.1
million (2004: -EUR3.2 million).  The figures no longer include
HEUBECK AG and Insiders Technologies GmbH, which were
deconsolidated during the first quarter of 2005.

The initial effects of the restructuring program also began to
show during the first quarter, with savings of approximately
EUR7 million being made on operating and staffing costs.  The
result was also affected by several one-off factors.  An amount
of EUR3.9 million in accruals for services to be performed was
written back, and the banks waived a loan of EUR1.6 million when
HEUBECK AG was sold.  Earnings of EUR2.1 million from deferred
taxation were also accrued.

The process of reorganizing the company, which is being financed
by a bundle of capital measures, should be completed by the end
of the year.  Further accruals will be formed for this in the
second quarter.  Overall, the Executive Board expects revenues
for the second quarter to run at around the same level as in the
first quarter.

CONTACT:  FJH AG
          Leonhard-Moll-Bogen 10
          81373 Munich
          Germany
          Martina Fassbender
          Phone: +49-(0) 89-769-01-517
          Fax: +49-(0) 89-769-01-606
          E-mail: martina.fassbender@fjh.com
          Web site: http://www.fjh.com


HIRSCHBURG AGENTUR: Court Appoints Dr. Fink Administrator
---------------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against HIRSCHBURG Agentur fuer Kommunikation GmbH on July 1.
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. Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting on August 30, 2005, 9:10 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  HIRSCHBURG AGENTUR FUER KOMMUNIKATION GmbH
          Hirschburgweg 5, 40629 Duesseldorf
          Contact:
          Thomas Bienert, Manager
          Achenbachstr. 134, 40237 Duesseldorf
          Konrad May, Manager
          Von-Gahlen-Str. 45, 40625 Duesseldorf

          Dr. Paul Fink, Administrator
          Rheinort 1, 40213 Duesseldorf


INFINEON TECHNOLOGIES: German Manager Figures in Bribery Scandal
----------------------------------------------------------------
A top executive at Infineon Technologies AG has reportedly
stepped due to bribery allegations hurled against him.  The
German chipmaker confirmed Andreas von Zitzwewitz was under
investigation "in context with payments made for contracts
regarding motorsport sponsorship."

Mr. Zitzwewitz led the firm's memory chip division, the key
operations at Europe's second-biggest chipmaker.  Munich
prosecutors have said Mr. Zitzwewitz pocketed some US$370,000
(EUR306,779) in bribes for racing sponsorship deals, Deutsche
Welle reported Tuesday.  The paper added the company has been
aware of the corruption since last year.

Employees expressed disappointment, but said the reports did not
come as a shock to them given the recent scandal hounding
Volkswagen AG.  Klaus Luschtinetz, head of the Infineon workers'
committee, said it's incomprehensible how people who already
earn big could resort to such scheme.

CONTACT:  INFINEON TECHNOLOGIES AG
          Worldwide Headquarters
          P.O. Box 80 09 49
          D-81609 Muenchen
          Germany
          Web site: http://www.infineon.com
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com

          For Investors and Analysts based in Europe:
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          For Investors and Analysts based in North America:
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com

          Christoph Liedtke
          U.S.A.
          Phone: +1-408 501-6790
          Fax: +1-408 501-2424
          E-mail: christoph.liedtke@infineon.com

          Kaye Lim
          Asia
          Phone: +65-6840-0689
          Fax: +65-6840-0073
          E-mail: kaye.lim@infineon.com

          Hirotaka Shiroguchi
          Japan
          Phone: +81-3-5449-6795
          Fax: +81-3-5449-6401
          E-mail: hirotaka.shiroguchi@infineon.com


KLAR + SCHADE: Creditors' Claims Due Next Month
-----------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Klar + Schade 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 Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting on August 31, 2005, 9:40 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I.OG,
gelber Bereich, Saal 185, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  KLAR + SCHADE GmbH
          Schlessischer Ring 5a, 45894 Gelsenkirchen
          Contact:
          Hans-Joachim Schade, Manager
          Langenfeldstr. 146, 45481 Muelheim Ruhr


KNIGHT WENDLING: Creditors Meeting Set September
------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Knight Wendling Cast Metals GmbH on July 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 18, 2005
to register their claims with court-appointed provisional
administrator Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on September 8, 2005, 9:00 a.m. at the district
court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  KNIGHT WENDLING CAST METALS GmbH
          Kieshecker Weg 240, 40468 Duesseldorf
          Contact:
          Dr. Klaus Schmitz-Cohnen, Manager
          Magnolienweg 16, 41468 Neuss
          Kurt Mainka, Manager
          Klosterbusch 7, 46562 Voerde

          Dr. Frank Kebekus, Administrator
          Scheibenstrasse 45, 40479 Duesseldorf


MEC MULTI: Proofs of Claim Due First Week of August
---------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against MEC Multi Entertainment Center Hannover GmbH on June 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 8, 2005
to register their claims with court-appointed provisional
administrator Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting on September 6, 2005, 9:30 a.m. at the district
court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude
Hamburger Allee 26, 30161 Hannover, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  MEC MULTI ENTERTAINMENT CENTER HANNOVER GmbH
          Raschplatz 6, 30161 Hannover
          Contact:
          Frank Grotheer, Manager
          Am Hochzeitswald 16, 27711 Osterholz-Scharmbeck

          Knut Thomas Hofheinz, Administrator
          Am Markte 13, 30159 Hannover
          Phone: 0511/357721-0
          Fax: 0511/357721-40


PESCHKES METALL: Under Bankruptcy Administration
------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Peschkes Metall- und Stahlbau GmbH on July 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 3, 2005
to register their claims with court-appointed provisional
administrator Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on August 10, 2005, 10:15 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, Raum A 341, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report on August 24, 2005, 10:25 a.m. at the
same venue.

CONTACT:  PESCHKES METALL- UND STAHLBAU GmbH
          Im Dorffeld 5-7, 41352 Korschenbroich
          Contact:
          Holger Gerard, Manager
          Lilienstr. 101, 47906 Kempen

          Georg Kreplin, Administrator
          Berliner Allee 21, 40212 Duesseldorf


PFLEIDERER AG: Takes over Engineered Wood Activities of Kunz
------------------------------------------------------------
MDAX-listed Pfleiderer AG, Neumarkt (ISIN DE0006764749) on
Friday signed a deal for the acquisition of substantial parts of
the Kunz Group, Unterensingen.  Alongside other conditions, the
transaction requires approval by the antitrust authorities for
the markets concerned.

In a share deal Pfleiderer AG now acquires the engineered wood
operations of the Kunz Group in Germany, Canada and the U.S.A.,
which during financial year 2004 achieved global sales of EUR556
million with EBITDA of just under EUR85 million, and currently
employ 1,800 people.

In connection with this transaction, Pfleiderer AG will also
gain the minority share in the MDF plant in Baruth previously
held by the Classen Group.  The purchase of all the acquired
shares, backdated for commercial purposes to January 1, 2005,
equates to a price of around EUR212 million.  In addition,
Pfleiderer AG is also to take over the amounts due to banks and
for leasing totaling approximately EUR267 million net.  The deal
excludes the Kunz Group's foil and decor activities in Germany
(W.K.P. Wrttembergische Kunststoffplattenwerke GmbH & Co. KG)
and Canada (CDM Decor Papers, Incl.).

As a result of the acquisition, Pfleiderer AG, whose business
segment Engineered Wood achieved almost EUR760 million in sales
during 2004, will become a global player as a system supplier of
engineered wood for the furniture industry and interior design.

Through the products and sales activities of the Kunz Group,
Pfleiderer will gain access to the laminated flooring segment in
particular, and is taking over a company in North America that
has enjoyed a leading market position for over 20 years.

CONTACT:  PFLEIDERER AG
          Neumarkt
          Corporate Communication
          Alexandra Klemme
          Phone: +49(0)9181/28-8044
          Fax: +49(0)9181/28-606
          E-Mail: alexandra.klemme@pfleiderer.com


PFLEIDERER AG: 'BB' Rating Affirmed; Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Germany-based Pfleiderer AG's Senior
Unsecured 'BB' rating and removed it from Rating Watch Negative
(RWN).  A Stable Outlook has been assigned.  The Short-term 'B'
rating is also affirmed.

The rating action follows Pfleiderer's announcement to acquire
Kunz Group's engineered wood activities in Canada, the United
States and Germany.  In FY04, the acquired activities had total
sales of EUR556 million and EBITDA of EUR85 million.  The
transaction is expected to close in August/September and subject
to regulatory approval.

The Senior Unsecured rating was placed on RWN on 8 February
2005, following Pfleiderer's announcement that the group was
using an exclusivity period to carry out a due diligence on Kunz
Group.  Fitch was concerned that the acquisition, coming shortly
after Pfleiderer's recovery, would have a major impact on the
group's financial profile.  Pfleiderer had spent the last two
years in rebuilding its cash generation capacity and de-
leveraging, the latter by disposing its non-core operations.

Following a full analysis of the acquisition and its details,
Fitch has taken the view that the transaction will have a solid
financing structure that will only temporarily affect
Pfleiderer's financial profile, which should recover to more
conservative levels in the medium term.  In the agency's view,
the acquisition is a strategic fit to Pfleiderer, which will
help improve its business profile.  The transaction allows
Pfleiderer to improve markedly its position in the global
consolidating engineered wood market and increase its
geographical diversification towards the North American market.
However, Fitch also believes that the sizeable acquisition
involves significant execution and implementation risks.  The
Stable Outlook reflects Fitch's opinion that Pfleiderer is in a
position to integrate Kunz Group in reasonable time and that the
group will manage the execution risks well.

The ratings take also into account Pfleiderer's established
position as a leading supplier in its core markets of engineered
wood products and infrastructure technology.  The group's
focused growth in Eastern Europe and now North America, as well
as its move into higher-margin products, are backed by an
experienced management team.  This is partly offset by the
group's weak operating profitability in the cyclical and mature
German engineered wood market, where the protracted sluggish
furniture sector has led to intense pricing pressure.  Fitch
notes that the acquisition will further help reduce the group's
exposure to the difficult German market and allow for higher
margins.

Disposal proceeds and an equity increase have helped reduce
Pfleiderer's FYE04 net debt to EUR123 million from EUR256
million at FYE03.  At FYE04, its net debt/EBITDA stood at
healthy 1.4x (FY03: 3.6x) and net interest cover was at 2.6x
(FY03: 2.0x).  Fitch expects Pfleiderer's credit metrics to
deteriorate moderately in FY05 although they should remain
higher than the FY03 levels.

Founded in 1894 in Germany, Pfleiderer is an internationally
active and leading supplier of engineered wood products for the
furniture industry and of railway sleepers.

CONTACT:  FITCH RATINGS
          Markus Leitner, Frankfurt
          Phone: +49 (0)69 7680 76 241
          Karsten Frankfurth
          Phone: +49 (0)69 7680 76 170

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


ROLLTEC-WERKSTATTECHNIK: Falls into Bankruptcy
----------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Rolltec-Werkstattechnik GmbH on June 24.  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 Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting on September 14, 2005, 9:40 a.m. at the district
court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude,
Hamburger Allee 26, 30161 Hannover, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  ROLLTEC-WERKSTATTECHNIK GmbH
          Kreihnbrink 29, 30900 Wedemark
          Contact:
          Hans-Georg Dietrich, Manager

          Helge Wachsmuth, Administrator
          Alexanderstr. 2, 30159 Hannover
          Phone: 0511/325095
          Fax: 0511/329934


SOUND COMPANY: Essen Court Appoints Dr. Nikolaus Administrator
--------------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Sound Company Veranstaltungstechnik GmbH on July 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 23, 2005
to register their claims with court-appointed provisional
administrator Dr. Frank Nikolaus.

Creditors and other interested parties are encouraged to attend
the meeting on September 7, 2005, 9:10 a.m. at the district
court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I.OG,
gelber Bereich, Saal 185, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  SOUND COMPANY VERANSTALTUNGSTECHNIK GmbH
          Almastr. 73, 45886 Gelsenkirchen
          Contact:
          Frank Hano, Manager

          Dr. Frank Nikolaus, Administrator
          Alfredstr. 108-112, 45131 Essen
          Phone: 87 90 40


===========
G R E E C E
===========


DRYSHIPS INC.: Issues Updated Fleet Charter Details
---------------------------------------------------
DryShips Inc. has released updated charter details for its fleet
of 26 vessels.

The table describes in detail the company's fleet development
and current employment profile:

               Year                         Current   Redelivery

               Built Deadweight Type     Employment (mid-range)*

EXISTING FLEET         514,890

Shibumi          1984  166,058  Capesize   US$53,500      Nov-05

Panormos ***     1995   71,747  Panamax  Spot-US$27,530

Lacerta **       1994   71,862  Panamax  Pool Spot-US$25,631

Flecha           1982   65,081  Panamax    US$23,685      Oct-05

Striggla **      1982   64,747  Panamax  Pool Spot-US$20,890

Mostoles **      1981   75,395  Panamax  Pool Spot-US$22,237


IDENTIFIED VESSELS     812,958

Netadola         1993  149,475  Capesize Spot-US$45,000

Ocean Crystal    1999   73,688  Panamax  Spot-US$27,000

Iguana           1996   70,349  Panamax    US$33,700      Nov-05

Waikiki          1995   75,473  Panamax  Spot-US$33,750

Toro **          1995   73,034  Panamax  Pool Spot-US$26,445

Paragon          1995   71,259  Panamax    US$30,000      Sep-06

Daytona ***      1989   69,703  Panamax  Spot-US$40,000

Lanikai **       1988   68,676  Panamax  Pool Spot-US$23,590

Tonga **         1984   66,798  Panamax  Pool Spot-US$21,163

Alona **         2002   48,640  Handymax Pool Spot-US$24,585

Matira           1994   45,863  Handymax   US$28,500      Oct-05


ADDITIONAL VESSELS     936,367

Manasota         2004  171,061  Capesize   US$60,000      Sep-05

Alameda          2001  170,662  Capesize   US$65,000      Oct-05

Mendocino        2002  76,623   Panamax    US$42,000      Dec-06

Sonoma **        2001  74,786   Panamax  Pool Spot-US$26,130

Coronado         2000  75,706   Panamax  Spot-US$9,600

Xanadu           1999  72,270   Panamax    US$35,000      Aug-06

La Jolla         1997  72,126   Panamax  Spot-US$19,000

Linda Oldendorff 1995  75,100   Panamax    US$43,250      Aug-06

Catalina         2005  74,432   Panamax  Spot-US$22,000

Belmonte         2004  73,601   Panamax    US$42,000      Jun-06

DRYSHIPS FLEET      2,264,215  27 vessels

- - - - - - - - - - -
[*] Where the Redelivery column is left blank it signifies that
the vessel is trading in the spot market.  For those vessels
employed in the spot market and where rates are quoted, the
Company has calculated the estimated rates under current
specific contracted voyages.

The Company gives no guarantee that these rates are correct, or
that the rates are sustainable beyond the duration of the
current voyage.  The quoted rates are not indications of future
earnings and the Company gives no assurance or guarantee of
future rates after the current voyage.

[**] Indicates vessels that are trading in the Baumarine Pool.
Rates quoted refer to the vessels earnings as last reported,
usually the previous month's earnings.

[***] Indicates vessels that will be entering into the Baumarine
Pool.

                            *   *   *

DryShips specializes in shipping drybulk commodities such as
coal, iron ore, and grains as well as minor bulks like bauxite,
fertilizers, and steel products.  Its fleet is managed by
Liberian affiliate Cardiff Marine Inc.  Chairman and CEO George
Economou and family own 57% of DryShips.

For the year ended October 31, 2004, DryShips reported a
US$(4.374) million [EUR (3.58) million] shareholders' equity, as
total liabilities exceeded total assets of US$183.55 million
(EUR150.05 million).  The company faces US$98.17 million
(EUR80.24 million) in maturing debt before the end of the
current fiscal year.  Its long-term liabilities amount to
US$115.202 million (EUR94.16 million), according to U.S. SEC
files.

CONTACT:  DRYSHIPS INC.
          80 Kifissias Avenue
          Marousi
          Athens - 15125
          Greece
          Web site: http://www.dryships.com

          Christopher J. Thomas
          Chief Financial Officer
          Phone: 011-30-210-809-0570
          E-mail: finance@dryships.com

          Investor Relations / Media
          Nicolas Bornozis
          Capital Link, Inc. (New York)
          Phone: 212-661-7566
          E-mail: nbornozis@capitallink.com


=============
I R E L A N D
=============


ELAN CORPORATION: Latest Update on Tysabri Tests Positive
---------------------------------------------------------
Biogen Idec and Elan Corporation plc reveal that SENTINEL, the
Phase III TYSABRI(R) (natalizumab) add-on trial with AVONEX(R)
(Interferon beta-1a), achieved the two-year primary endpoint of
slowing the progression of disability in patients with relapsing
forms of multiple sclerosis (MS).

The addition of TYSABRI to AVONEX resulted in a 24% reduction in
the risk of disability progression compared to the effect
provided by AVONEX alone.  Data from SENTINEL also demonstrated
that the addition of TYSABRI to AVONEX led to a 56% relative
reduction in the rate of clinical relapses compared to that
provided by AVONEX alone.  The reduction in relapse rate was
statistically significant and sustained over the entire two-year
study period.

Other efficacy data from SENTINEL at two years, including MRI
measures and immunogenicity, were similar to previously reported
one-year results.

Common adverse events included headache, nasopharyngitis, limb
pain, depression, flu-like symptoms, diarrhea, insomnia,
sinusitis, influenza, nausea, muscle pain, anxiety and cough.
The rate of infection was 1.6 per patient-year in both AVONEX
plus TYSABRI-treated patients and AVONEX plus placebo-treated
patients.

Serious infections occurred in 2.9% of AVONEX plus placebo-
treated patients and 2.7% of AVONEX plus TYSABRI-treated
patients.  TYSABRI has been associated with hypersensitivity
reactions, including serious systemic reactions, which occurred
at an incidence of less than 1% of patients.

On February 28, 2005, Biogen Idec and Elan announced that they
voluntarily suspended TYSABRI from the U.S. market and all
ongoing clinical trials based on reports of progressive
multifocal leukoencephalopathy (PML), a rare and potentially
fatal, demyelinating disease of the central nervous system.  The
companies have previously reported three confirmed cases of PML,
two of which were fatal.  Two of the patients with confirmed PML
had received AVONEX plus TYSABRI for over two years as part of
the SENTINEL trial.  Biogen Idec and Elan's comprehensive safety
evaluation concerning TYSABRI and any possible link to PML is
ongoing.  The results of this safety evaluation will be
discussed with regulatory agencies to determine the appropriate
path forward for TYSABRI.

Burt Adelman, MD, executive vice president, Development, Biogen
Idec, said: "These data demonstrate the effect of TYSABRI on
disability progression and clinical relapses.  We continue to
believe in the therapeutic benefit of TYSABRI in MS, a disease
with significant unmet medical need.

"Our extensive safety evaluation, in collaboration with leading
experts and regulatory agencies, is on track and we hope to have
findings by the end of the summer.  As always, our primary
commitment is to improving the lives of people with MS."

Lars Ekman, MD, PhD, executive vice president and president,
Research and Development, Elan, said: "TYSABRI continues to show
benefit in the treatment of immune-mediated diseases.  Patient
safety is our top priority.  We remain strongly committed to
defining TYSABRI's benefit-risk profile and determining the
appropriate path forward."

SENTINEL is a two-year, randomized, multi-center, placebo-
controlled, double-blind study of 1,171 AVONEX-treated patients
in 123 clinical trial sites worldwide.  In the trial, AVONEX-
treated patients who continued to experience disease activity
were randomized to add TYSABRI (n=589) or placebo (n=582) to
their standard regimen.

The companies anticipate that two-year data from SENTINEL will
be presented at the 21st Congress of the European Committee for
Treatment and Research in Multiple Sclerosis (ECTRIMS) in
Thessaloniki, Greece, which begins September 28, 2005.

About TYSABRI

Biogen Idec and Elan are collaborating equally on the
development of TYSABRI in MS, Crohn's disease, and rheumatoid
arthritis.  Information about TYSABRI, including the voluntary
suspension of marketing and U.S. prescribing information, is
available at 1-800-456-2255 and at http://www.TYSABRI.com.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House
          Lincoln Place
          Dublin2
          Ireland
          Phone: +353 1 709 4000
          Fax: +353 1 709 4108
          Web site: http://www.elan.com


RIVERDEEP HOLDINGS: On CreditWatch Negative After PIK Loan Issue
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on Ireland-based educational software publisher
Riverdeep Holdings PLC and all related entities on CreditWatch
with negative implications, pending clarification on the status
of the proposed pay-in-kind (PIK) term loan facility, announced
by the company on Tuesday.  The PIK issue proceeds are to be
used to repurchase a portion of shares held by Riverdeep's
ultimate shareholders.

"The CreditWatch placement reflects the lack of information
available to Standard & Poor's about the terms and conditions of
the new facility, as well as concerns over the company's future
financial policy," said Standard & Poor's credit analyst Anna
Overton.

Standard & Poor's does not yet have full information on the
terms of the PIK loan and its place in Riverdeep's overall debt
capital structure, and we consider that the new instrument is
likely to increase the overall debt burden to be serviced with
the operating cash flows of Riverdeep's subsidiaries.  Although
the absence of ongoing cash payments by the proposed PIK
instrument means that there is no additional pressure on the
issuer's liquidity, the rapid accrual of the principal could
hinder Riverdeep's ability to refinance its other maturities in
due course.

Standard & Poor's will seek to clarify Riverdeep's business and
financial strategy, in particular its near-term plans for the
use of existing cash balances.

"The ratings could be lowered if it becomes evident that
Riverdeep's operating cash flow base cannot provide sufficient
debt service coverage for the consolidated obligations," added
Ms. Overton.

We expect to resolve the CreditWatch placement within two
months.

Ratings information is available to subscribers of RatingsDirect
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 AND POOR'S RATING SERVICES
          Group E-mail Address
          CorporateFinanceEurope@standardandpoors.com


RIVERDEEP HOLDINGS: Moody's Hints Downgrade of B2 Family Rating
---------------------------------------------------------------
Moody's Investors Service placed the ratings of Riverdeep
Holdings Plc and related entities on review for possible
downgrade following the company's announced intention to raise
US$150 million through a senior paid-in-kind (PIK) loan issued
by a newly established holding company. Moody's understands that
the proceeds of the loan will be used to fund shareholder
distributions.

Ratings affected are:

(a) Riverdeep Holdings Plc (previously Hertal Acquisitions plc):
    B2 corporate family rating (previously called senior implied
    rating). Moody's has, at the same time, withdrawn the Caa1
    senior unsecured issuer rating.

(b) Riverdeep Group Limited: B3 senior notes

(c) Riverdeep Interactive Learning Limited: B1 senior secured
    bank facility

Moody's said that the review will focus on

(a) The potential impact on the restricted group due to the
    establishment of a new entity, which will be issuing the PIK
    loan;

(b) Riverdeep's financial policies going forward as reflected
    by, and as a result of, the issuance of the PIK loan; and

(c) The company's operating and financial metric trends in light
    of the earlier indication of the company's weakening credit
    profile, which was reflected in the outlook change to
    negative on December 10, 2004.

Headquartered in Dublin, Ireland, Riverdeep provides educational
and personal publishing/productivity software principally in the
U.S. market. For the three months ended 31 March 2005, the
company reported net revenues of US$32.1 million and EBITDA of
US$15.6 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

          Jenya Brown, Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


SHAMROCK ROVERS: Fans Spearhead Soccer Club's Rescue
----------------------------------------------------
Supporters of Shamrock Rovers are poised to take control of the
football club after creditors approved their rescue plan Friday.

The 400 Club has reportedly gathered EUR167,000 and will have
brought in EUR750,000 by the end of 2005 to get Shamrock Rovers
Football Club out of examinership.  The 400 Club is a fund where
fans of the Rovers contribute an agreed annual amount to help
progress the club on and off the pitch.

Under the plan, the club members and Australian-based investor
Ray Wilson will own equal shares of the Shamrock Rovers, says
Business World.

However, the supporters will have to wait almost two weeks to
learn if their takeover pushes through, as the High Court
postponed the hearing on the case to July 28.

With the delay, the period of examinership was also extended.
This gives fresh hope for The 400 Club, which earlier sought
more backing to beat the July 19 closing period for the
procedure.  If the examinership fails, SRFC will go into
liquidation and out of the football scene.

In April, court-approved examiner Neil Hughes started working
with The 400 Club, as the company struggled to pay its EUR2.3
million debt.

According to the International Insolvency Institute,
examinership is a procedure whereby the court appoints an
independent third-party to assess the operations, activities and
assets of the debtor's business.  This procedure can be utilized
by a debtor, with a reasonable prospect of recovery, that is or
will become unable to pay its debt, but which is not yet under a
resolution to wind up.

An independent probe on SRFC's accounts has reportedly proved it
is financially insolvent.  However, Justice Peter Kelly allowed
the examinership after SRFC said it was working out a long-term
lease on Morton Stadium in Santry and will not run away from the
payment scheme signed with Revenue Commissioners.

Mr. Hughes said Monday that the club has been granted permission
for the provisional use of the Stadium, while the South Dublin
County Council had agreed to complete the semi-finished Tallaght
County Stadium, with the club as preferential user over a 50-
year period.

CONTACT:  SHAMROCK ROVERS FOOTBALL CLUB
          Unit 12A, Tallaght Enterprise Centre
          Main Street, Tallaght
          Dublin 24
          Ireland
          Phone: (00353 1) 4622077
          Fax: (00353 1) 4940833
          E-mail: shamrockrovers@clubi.ie
          Web site: http://www.shamrockrovers.ie

          THE 400 CLUB
          31 Greentrees Road
          Perrystown
          Dublin 12
          Ireland
          E-mail: shamrockrovers400club@hotmail.com


SITEL IRELAND: Closes Dublin Call Center
----------------------------------------
Call center operator Sitel Ireland will shut down its Park West,
Dublin site, BizWorld says.

According to the Sunday Tribune, Sitel has already informed the
site's 215 employees of the closure slated at year's end.  Sitel
said the decision was part of the group's effort to "align costs
and infrastructure with current business in its U.K. and Ireland
operations."

Sitel said it is experiencing overcapacity in a highly
competitive marketplace.  The site used to employ 340 personnel.
Sitel used to handle customer and sales contract for Microsoft
until the software group decided to create its own call center
operations.  Sitel also provides services for British Bakeries,
Capital One and Bank of Scotland.  Sitel Ireland posted
EUR330,000 in pretax losses on EUR12.43 million in turnover in
2003.

CONTACT:  SITEL IRELAND
          8 Park West Business Park
          Nangor Road
          Dublin 12
          Web site: http://www.sitel.com


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


IMPREGILO SPA: Sells Anita Unit to Hines
----------------------------------------
The Impregilo Group has closed the sale to Hines of a property
forming part of the "Garibaldi Republic project."  The sale
generated proceeds of EUR42 million and a capital gain at
consolidated level of approximately EUR5 million.

Specifically, the transaction involved the sale by Impregilo's
I.L.I.M. subsidiary (Iniziative Lombarde Immobiliari) of 100% of
Anita S.r.l., a special purpose vehicle set up as the holding
for a property in the "Garibaldi Republic" project. It took
place as envisaged by a contract signed with the Hines fund more
than two years ago.

The sale is consistent with Impregilo's strategy to strengthen
its focus on its core business and dispose of non-strategic
assets.

"The transaction marks the first real step in our plan to reduce
capital employed in non-core businesses," said Impregilo S.p.A.
Chief Executive Officer Alberto Lina.

                            *   *   *

Impregilo S.p.A.'s EUR649 million capital increase recently
gained overwhelming support from shareholders, who exercised
99.36% of the total offer.  The capital hike completed the
group's financial restructuring.

"The success of the rights issue reflects the market's interest
in our company and the new business plan," commented Impregilo
S.p.A. Chief Executive Officer Alberto Lina.

The group will launch its strategic program to strengthen its
focus on its Engineering & Construction core business and reduce
invested capital.

CONTACT:  IMPREGILO S.p.A.
          Viale Italia 1,
          Sesto S. Giovanni
          20099 Milan
          Phone: +39-02-244-22111
          Fax: +39-02-244-22293
          Web site: http://www.impregilo.it

          GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A.
          Via Turati n. 16/18
          Milan
          Phone: +39-02-444-23121
          Fax: +39-02-444-23120
          E-mail: investor.relator@gemina.it
          Web site: http://www.gemina.it

          HINES ITALIA
          Corso Matteotti, 7
          20121 Milan, Italy
          Phone:  011-39-02-7639-8394
          Fax: 011-39-02-739-8473
          Web site: http://www.hines.com


PARMALAT FINANZIARIA: Italy Clears Morgan Stanley Settlement
------------------------------------------------------------
Italian industry minister Claudio Scajola has cleared a
settlement between insolvent food group Parmalat Finanziaria
S.p.A. and investment bank Morgan Stanley, AFX News says.

The EUR155 million settlement arose from Morgan Stanley's EUR300
million bond sale in June 2003, months before the dairy giant's
collapse.  Morgan Stanley acted as intermediary when Nextra, the
fund management unit of local bank Banca Intesa, bought and
resold that debt.  Parmalat filed in February a claim against
Morgan Stanley, citing a local bankruptcy law that allows
Italian companies to claw back money paid within two years to
financial institutions in the run-up to insolvency, if these
same institutions are suspected of already knowing at the time
that the company was in financial trouble.

Parmalat received the settlement amount Monday.  Parmalat's
government-appointed administrator Enrico Bondi has pending
legal actions against Swiss UBS, German Deutsche Bank and U.S.
groups Citigroup Inc. and Bank of America Corp.  Parmalat
collapsed in December 2003 after revealing EUR14 billion in debt
in its balance sheet.

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

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

          MORGAN STANLEY
          1585 Broadway
          New York NY 10036
          Phone: 212-761-4000
          Fax: 212-762-0575
          Web site: http://www.morganstanley.com


PARMALAT FINANZIARIA: Court Dismisses Suit vs. Citigroup, et al.
----------------------------------------------------------------
The United States District Court for the Southern District of
New York dismisses the complaint commenced by investors of
securities of Parmalat Finanziaria S.p.A. as against Citigroup
Inc., Citibank, N.A., Bank of America Corporation, Bank of
America, N.A., Banc of America Securities Limited, Banca
Nazionale del Lavoro S.p.A., and Credit Suisse First Boston.

Citigroup

As previously reported, the Investor-Plaintiffs asserted that
Citigroup knowingly and actively participated in the fraudulent
scheme, and has had "intimate knowledge" of Parmalat's finances
through its "close relationship with its important client" and
its direct participation in the fraudulent activities of the
company.  The Complaint alleged three specific arrangements
involving Citigroup:

(a) Securitization of Invoices,

(b) The Geslat/Busonero Arrangement, and

(c) Parmalat Canada Arrangement.

Under certain agreements entered into in 1995, 1999, 2000, and
2001, invoices for goods sold by various Parmalat subsidiaries
were purchased by defendant Eureka Securitisation plc -- a
Citigroup affiliate -- as well as by Eureka's Italian
subsidiary, Archimede Securitization S.r.l.  Archimede then sold
commercial paper secured by invoices.  The deception supposedly
stemmed from Parmalat's billing system, under which many of the
invoices were in effect duplicates that did not represent
anything actually due.

However, Judge Kaplan finds that there is nothing remarkable or
deceptive about the company's billing system, which the
complaint implies had been used for 40 years, standing alone.
According to Judge Kaplan, the problem was that Parmalat
assigned to Archimedes and Eureka, and they then securitized,
both supermarket invoices -- which represent receivables -- and
the corresponding dealer invoices for the goods sold and
delivered.

The invoices did not represent a real revenue stream for
Parmalat because it was obligated to reimburse the dealers the
same amounts that they owed Parmalat.

The Complaint further held that Citigroup structured the program
and had detailed knowledge as early as 1995 of Parmalat's
invoicing system, including the duplicate invoices.  Citibank
installed proprietary software on Parmalat's computer network
that allowed Citibank to determine which receivables were
eligible for the securitization program and to regularly audit
Parmalat's sales.  Thus, Citibank knew that the securitization
program would create a false impression about Parmalat's cash
flow from its operations, and therefore mislead the market about
Parmalat's real financial condition.

Citigroup allegedly received US$35 million in fees for its role
in the securitization program.

Judge Kaplan notes that the applicable regulations governing
securitization permitted only independent financial
institutions, not the entities generating the receivables, to
collect on them.

Eureka and Archimede, however, were alleged to have assigned
back to Parmalat the right to collect payment on the invoices.
Parmalat's characterization on its balance sheets of the
arrangement with Eureka and Archimede as a securitization rather
than as debt was therefore misleading.

The Plaintiffs also asserted that Citibank structured
transactions in which several of its subsidiaries made loans to
Parmalat that were disguised as equity investments.  The
Plaintiffs noted that the reason for the scheme was that was
performing poorly, but it did not want to damage its credit
rating by issuing debt through the bond markets.  Citibank
allegedly knew that Parmalat would use the arrangement to mask
the company's debt on its financial statements.

The arrangement began in 1995, when Parmalat and Citibank
entered into an agreement styled as a joint venture.  In
connection with the agreement, Parmalat set up a Swiss branch of
its subsidiary, Gestione Centrale Latte S.r.l., to which
Citibank contributed funds.  The Swiss branch of Geslat was to
make loans to other companies in the Parmalat group, with
Citibank receiving a proportional share of the profits from
those loans.  At the same time, Parmalat gave Citibank a put
option that allowed Citibank to sell its interest in Geslat back
to Parmalat at a price that guaranteed that Citibank would
receive a return on its investment.

On December 9, 1999, Citibank altered the arrangement so that
the funds would be provided by two Citibank subsidiaries,
defendants Buconero LLC and Vialattea LLC, both Delaware limited
liability companies.

Geslat guaranteed that Citibank would receive at least a certain
fixed rate of return.  Buconero would be responsible for
Geslat's losses if they exceeded a certain threshold, but
Citibank could avoid that condition entirely because it had the
right to dismantle the relationship with Geslat and require the
repayment of its contribution if Geslat's performance or
Parmalat's creditworthiness declined.

From 1999 to 2001, Buconero and Vialattea contributed as much as
US$120 million to Geslat.  Parmalat recorded these funds as
equity on its balance sheets.  The funds, however, were in
reality at favorable interest rates and therefore should have
been recorded as debt.  The result was to understate Parmalat's
liabilities by US$137 million, permitting the conglomerate to
conceal its troubles in South America and elsewhere.  Following
Parmalat's collapse, Citibank publicly characterized the
investments as debt.

Citibank, which regarded the Geslat transactions as a financing
arrangement rather than as equity investments, received annual
returns of approximately US$5 million to US$6 million as well as
approximately US$7 million in fees for structuring the
transactions.

The final set of allegations against Citigroup also involved the
alleged classification of debt as equity.  In 1997 and 1998,
Parmalat purchased three Canadian food and dairy companies.
Citibank helped finance the purchase with capital contributions
of CND171.9 million.  The agreement between Parmalat and
Citibank provided that Parmalat Canada either would be publicly
listed or that Citibank could put its interest back to Parmalat
for a specified amount.

Parmalat recorded Citibank's investments as equity on its
financial statements when they should have been recorded as
high-interest loans because the put option meant that Citibank
bore no risk.  The Plaintiffs contended that Parmalat's
financial statements failed to disclose the put option after
1999.  A senior Citibank executive misrepresented the nature of
Citibank's involvement in Parmalat Canada in statements to the
press in 1997 and 1998.

Moreover, the Complaint asserted that Citibank designed the
financing transactions to enable Parmalat to characterize them
as equity and thereby maintain the false appearance of a lower
debt-to-equity ratio.  The bank received CND1.3 million in
subscription fees and CND5.6 million in financial advisory fees
as well as a net tax-free gain of CND47.82 million upon the
exercise of the put option.

According to the Complaint, "this abnormally high return can
only be explained by the illegal nature of the activity."

Citigroup argued that it was not a primary violator, the
allegations are deficient as to scienter, causation, and
reliance, and the Complaint fails to state a claim for
controlling person liability under Section 20(a) of the
Securities Act.

Bank of America

The Complaint described two arrangements involving the BofA
Defendants:

(a) The Parmalat Administracao Private Placement, and

(b) Loans Backed by Funds Raised Through Private Placements

The Plaintiffs alleged that in 1999, BofA proposed and arranged
what appeared to be the sale of an 18% interest in Parmalat
Empreendimentos e Administracao, a Brazilian Parmalat
subsidiary, to a group of investors for US$300 million.  In
reality, however, the investors purchased four-year notes issued
by two special purpose Cayman Islands entities and guaranteed by
Parmalat.  Furthermore, the investors had the right to put their
investments back to Parmalat if Parmalat Administracao did not
become publicly listed.  BofA and Parmalat allegedly knew that
the listing was economically impractical and therefore would not
occur.

The Complaint further alleged that BofA entered into an
agreement with Parmalat pursuant to which BofA fronted to the
Cayman Islands companies the funds needed to make interest
payments on the four-year notes.  When it became clear that
Parmalat could not raise the money to redeem the notes, BofA
assumed some of the exposure and attempted to offer another
private placement to cover it.

The Plaintiffs contended that BofA and an Italian bank received
as much as US$38.5 million in fees and commissions for their
role in the Parmalat Administracao private placement.

The Complaint said BofA extended loans to Parmalat subsidiaries
and required that the loans be secured with funds raised from
private placements of debt.  In essence, BofA transferred the
risk of default on these loans from itself to purchasers of
Parmalat's debt.

The Complaint included three types of loans:

(a) US$80 million to Parmalat subsidiaries in Venezuela,

(b) US$100 million to a Brazilian subsidiary, and

(c) US$80 million to Parmalat Capital Finance

Judge Kaplan says that, with full disclosure, there would have
been nothing deceptive about these transactions.  The Complaint,
however, alleged that:

(a) Neither BofA nor Parmalat disclosed that a US$80 million
    offering in 1998 was related to the Venezuelan loan, or
    that the US$80 million loan was done to pay off a 1997 BofA
    loan in the same amount to Parmalat Venezuela that lacked
    the same security for Bank of America;

(b) In each instance, BofA publicly announced it had made a
    conventional loan in the stated amount to Parmalat; and

(c) Side letter agreements that required Parmalat to pay
    additional interest on its loans were not disclosed.

BofA was believed to have earned over US$30 million in fees and
interest from the transactions.

BofA argued that the claims asserted by the Plaintiffs under
Rule 10b-5(b) of the U.S. Securities Exchange Act of 1934 fail
because BofA made no misstatements or actionable omissions, any
alleged misstatements or omissions and scienter are not pled
with the required specificity, and the allegations regarding
causation are deficient.  Furthermore, BofA said the Rule 10b-
5(a) and (c) claims fail because the Plaintiffs have not alleged
any manipulation or deception, and the allegations regarding
reliance and scienter are deficient.  The Plaintiffs also failed
to state claims for controlling person liability under Section
20(a) of the Exchange Act.

Banca Nazionale

The core allegation against Banca Nazionale was that its
factoring arm and 99.6%-owned subsidiary, Ifitalia S.p.A., along
with other institutions, repeatedly paid Parmalat cash in
exchange for assignment of invoices that both parties knew were
bad.  The Plaintiffs alleged that Parmalat booked the cash as an
asset.

Judge Kaplan finds the allegation misleading.  In a normal
factoring transaction, one party purchases, at a discount,
receivables from the party that issued them and then attempts to
collect the face amount of the invoices.  The Complaint,
however, indicated that Parmalat had guaranteed to Banca
Nazionale or Ifitalia, and the other banks, payment of the full
face value of the invoices.

Moreover, Parmalat invariably made good on that guarantee, at
least while the arrangement was in place.  The receivables thus
played no economic role in the transaction.  In fact, they were
simply a device or excuse that permitted Parmalat to record the
revenue and to conceal the liability on the guarantees.  The
Court notes that the Complaint suggested that the scheme in
substance involved loans by Banca Nazionale to Parmalat rather
than factoring of receivables.

The Complaint alleged that Parmalat used old invoices for the
arrangement and that each time payment on the invoices came due,
Parmalat would pay Banca Nazionale and the other banks the full
amount for the previous set.  The Complaint further suggested
that, at the same time, Parmalat would assign to the banks, in
exchange for another payment, a new set of invoices that were
the same as the previous ones except that a single digit on each
one had been changed to avoid detection and exclusion by Banca
Nazionale's computers.  If Parmalat's payment to the banks of
the full amount on the previous set of invoices occurred at the
same time as the banks' payment to Parmalat for assignment of
the next set, then presumably the two payments would have been
offset such that Parmalat in effect paid interest on a loan.

However, this point is not made entirely clear in the complaint,
Judge Kaplan says.

The arrangement began in December 1999 and was renewed every six
months.  It allegedly resulted in Parmalat overstating its
assets and receivables and understating its debt by EUR103
million each year during the Class Period.

Banca Nazionale was believed to have supposedly benefited by
receiving returns from that scheme that were far greater than
returns earned in typical factoring transactions, and from
bearing Parmalat's credit risk rather than that of third parties
owing payment on invoices.  Furthermore, Banca Nazionale was co-
managing underwriter for two large bond offerings by Parmalat
during the Class Period.  The profits from the factoring scheme
and the underwriting fees were the alleged payoffs for Banca
Nazionale's participation in the fraud.

The Plaintiffs argued that Banca Nazionale had intimate
knowledge of the fraud because it shared two directors with
Parmalat, one of whom was the president of Ifitalia.  The
Plaintiffs further stated that Banca Nazionale's knowledge of
the fraud was also apparent in its acceptance of numerous
invoices, which were identical except for a change in one digit
-- a change made to elude Banca Nazionale's fraud-sensitive
software.  The Complaint said Ifitalia acted as Banca
Nazionale's agent in the scheme.

Banca Nazionale asked the Court to dismiss the Complaint on the
grounds that the Court does not have subject matter
jurisdiction,
Banca Nazionale is not a primary violator, the allegations of
scienter and causation are deficient, and the Plaintiffs failed
to state a claim for controlling person responsibility under
Section 20(a).

CSFB

The core allegation against CSFB was that it designed and
participated in a set of transactions in late 2001 and January
2002 that CSFB knew Parmalat would use to conceal debt on its
financial statements.

In particular, CSFB executed a subscription agreement with
Parmalat pursuant to which CSFB paid almost EUR500 million to
Parmalat Participacoes do Brasile for the entirety of a
EUR500 million issue of Parmalat Brasile bonds underwritten by
CSFB.  The bonds were convertible into equity and had an
expiration date of 2008.

At the same time, Parmalat and CSFB executed an agreement
pursuant to which CSFB transferred back to Parmalat the right of
conversion, which was priced at EUR248.3 million.  Parmalat
raised the funds to pay CSFB under the agreement through a
separate EUR250 million bond issue underwritten by CSFB jointly
with two other institutions.  The Eurobond Issue produced
EUR246.5 million, which was deposited in a CSFB checking
account.

Parmalat then recorded both the "right" it had purchased from
CSFB to convert the Parmalat Brasile bonds, and the proceeds of
the Parmalat Brasile bond issue as assets each worth about
EUR250 million.

The accounting treatment was improper.  The net result of the
transactions, according to the Complaint, was that Parmalat
obtained EUR500 million in financing -- EUR250 million each from
the Parmalat Brasile bonds and the Eurobond Issue -- and
manufactured EUR248 million in assets and concealed EUR248
million of debt.

The Complaint alleged that CSFB received millions of dollars in
commissions and fees from the transactions.  Furthermore, 50% of
the risk from underwriting the Parmalat Brasile bond issue was
transferred back to Parmalat under the Forward Sale Agreement.
CSFB transferred the remaining risk to the market by selling the
Parmalat Brasile bonds or by executing credit default swap
agreements.

The Complaint alleged as well that as a reward for designing and
participating in the scheme, CSFB received lucrative
underwriting roles for at least three debt offerings during the
Class Period.

CSFB lashed back.  CSFB argued that the Plaintiffs have failed
to allege that it is a primary violator, the Complaint does not
adequately allege scienter, and the Court lacks subject matter
jurisdiction over the allegations against it.

           Loan-Related Transactions Are Not Deceptive

The Court accepts all well-pleaded factual allegations in the
Complaint and draws all reasonable inferences in the Plaintiffs'
favor.  Judge Kaplan says that dismissal is inappropriate unless
it appears beyond doubt that the plaintiff can prove no set of
facts in support of his claim, which would entitle him to
relief.

According to Judge Kaplan, the term "substantially participated"
does not appear in the text of Section 10(b) or Rule 10b-5, and
it invites dispute over whether a particular defendant's role as
or was not substantial.  The text asks only whether a defendant
directly or indirectly used or employed a manipulative or
deceptive device or contrivance.  The Court adheres to that
language.

Judge Kaplan concludes that the arrangements involving the
regular factoring and securitization of worthless invoices were
deceptive devices or contrivances for purposes of Section 10(b).
Those were inventions, projects, or schemes with the tendency to
deceive because they created the appearance of a conventional
factoring or securitization operation when, in fact, the reality
was quite different.

Judge Kaplan notes that Banca Nazionale knew when it paid
Parmalat for the invoices that they were worth nothing and were
in fact a trick to disguise its loan to Parmalat.  The same is
true of Citigroup's purchase of certain invoices.  If the
allegations of the Complaint are accepted, the banks used the
deceiving devices.  In the language of Rule 10b-5(c), the banks
engaged in acts, practices, or courses of business that would
operate as a fraud or deceit upon others.  In these
circumstances, it cannot be said that the banks' conduct fell
outside of Rule 10b-5 or Section 10(b).

The Court also finds that the Bank Defendants' argument that
they were at most aides and abettors of a program pursuant to
which Parmalat made misrepresentations on its financial
statements misses the mark.  The transactions in which the
Defendants engaged were by nature deceptive.  They depended on a
fiction, namely that the invoices had value.  It is impossible
to separate the deceptive nature of the transactions from the
deception actually practiced upon Parmalat's investors.  Neither
the statute nor the rule requires such a distinction.

Judge Kaplan, however, points out that a number of transactions
in which the banks made loans allegedly disguised as equity
investments or assets were not deceptions.  There is no
suggestion that Citigroup did not own the equity stakes in the
relevant Parmalat entities that it purported to buy.  The same
is true of the investments made by the purchasers of the
Parmalat Administracao debt privately placed by BofA.  The put
options established floors on Citigroup's and the private
investors' potential losses, but there is no suggestion that the
transactions were something other than what they appeared to be.
Those arrangements, therefore, were not schemes with the
tendency to deceive.

                          Dismissal Terms

Consequently, Judge Kaplan dismisses the Complaint to the extent
that it seeks to hold the Bank Defendants liable for
participating in the loan transactions.

However, the Court disagrees with Citigroup's, Banca
Nazionale's, and CSFB's argument that the Complaint fails to
plead scienter adequately.  The Plaintiffs have set forth with
particularity facts that constitute strong circumstantial
evidence of conscious misbehavior or recklessness.  The
Complaint asserts that Citigroup was intimately familiar with
Parmalat's billing system and structured the invoice
securitization program.

Judge Kaplan also points out that Banca Nazionale and Ifitalia's
very participation in the factoring arrangement, which depended
on the recycling of stale invoices, if proven, would constitute
strong circumstantial evidence that they understood exactly what
they were receiving in exchange for their loans to Parmalat.
Likewise, the practice of altering a single digit on the
invoices to avoid detection by Banca Nazionale's computers would
constitute strong circumstantial evidence of conscious
misbehavior.

CSFB likewise is said to have structured the transactions,
participated in them as Parmalat's counterparty, and
underwritten the relevant bond issues, all so that Parmalat
could overstate its assets and understate its debt.  The
allegations against CSFB, if proven, are more than sufficient to
give rise to an inference of conscious misbehavior, let alone
recklessness.

In light of the issue of causation, Judge Kaplan denies the Bank
Defendants' Motion to Dismiss the Complaint insofar as the
Complaint seeks to hold:

(a) Citigroup and Banca Nazionale liable for participating in
    transactions involving allegedly worthless invoices; and

(b) CSFB liable for participating in the scheme set forth in
    the Complaint.

The Complaint will be dismissed to the extent that it asserts
claims against Banca Nazionale and CSFB on behalf of purchasers
not resident in the United States.

The Court also finds that the Complaint fails to state a claim
based on BofA's alleged misrepresentations and omissions
connected with the private placements used to back BofA's loans
to Parmalat.  The allegation that BofA and Parmalat failed to
disclose that an US$80 million offering in 1998 was related to
the Venezuelan loan is time-barred.  The allegation that "in
each instance, BofA publicly announced it had made a
conventional loan in the stated amount to Parmalat" when "the
reality of these transactions was much different" fails to
specify where and when BofA made these announcements.

As for the allegation that BofA omitted to disclose in
connection with its loans "side letter agreements that required
Parmalat to pay additional interest on its loans," the Complaint
fails to allege or show that BofA owed a duty to disclose that
would have made an omission actionable.

Judge Kaplan says the Court need consider only whether the
Complaint states claims for controlling person liability against
Banca Nazionale and Citigroup.  The only remaining issue is the
sufficiency of the allegations as to control of Ifitalia by
Banca Nazionale and control of the relevant Citigroup entities.

Judge Kaplan rules that:

(a) Citigroup's Dismissal Motion is denied insofar as the
    Complaint seek to hold Citigroup liable for participating
    in transactions involving allegedly worthless invoices,
    and otherwise granted.

(b) BofA's Dismissal Motion is granted.

(c) Banca Nazionale's Dismissal Motion is granted to the
    extent that the complaint asserts claims on behalf of
    purchasers of Parmalat securities not resident in the
    United States and otherwise denied.

(d) CSFB's Dismissal Motion is granted to the extent that the
    Complaint asserts claims on behalf of purchasers of
    Parmalat securities not resident in the United States and
    otherwise denied.

Judge Kaplan grants the Plaintiffs leave to amend their
Complaint on or before August 8, 2005.

A full-text copy of Judge Kaplan's Opinion can be viewed at
http://bankrupt.com/misc/Kaplan_memorandum_of_opinion.pdf

Headquartered in Wallington, New Jersey, Parmalat USA
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion euros in annual revenue.  The Parmalat Group's
40-some brand product line includes milk, yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices and employs over 36,000
workers in 139 plants located in 31 countries on six continents.
The Company filed for chapter 11 protection on February 24, 2004
(Bankr. S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and
Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP,
represent the Debtors.  When the U.S. Debtors filed for
bankruptcy protection, they reported more than US$200 million in
assets and debt.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.  (Parmalat Bankruptcy News, Issue No. 58;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PARMALAT USA: Court Okays Crisis Manager's US$1 Million Fee
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved AP Services, LLC's application for a US$1,000,000
Contingent Success Fee in connection with Parmalat U.S.A.
Corporation, and its U.S. debtor-affiliates' engagement of AP
Services, LLC, as their crisis manager.

Pursuant to an Engagement Letter between the parties, the
Debtors agreed that AP Services would be compensated for its
efforts by payment of a Contingent Success Fee in addition to
the standard hourly fees.

AP Services attested that throughout their bankruptcy cases, the
U.S. Debtors have paid the firm's hourly fees and reimbursed the
necessary expenses for each monthly period.

As reported in the Troubled Company Reporter on June 29, 2005,
the Contingent Success Fee was based on the development and
implementation of a plan to maximize "Parmalat Dairy Value
Recovery" received by the Debtors' various stakeholders.  As
provided for in the Engagement Letter, the Contingent Success
Fee was calculated in this manner:

(a) US$1,000,000 upon implementation and the closing of the
    Parmalat Dairy Value Recovery plan including the sale of a
    majority of the Parmalat USA Corp.'s assets, wherein AP
    Services had assisted in the negotiations with all relevant
    stakeholders; and

(b) 1% of the excess of any distribution to stakeholders of
    more than $135,000,000 from the Parmalat Dairy Value
    Recovery.

Headquartered in Wallington, New Jersey, Parmalat USA
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices and employs over 36,000 workers in 139
plants located in 31 countries on six continents.  The Company
filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the
Debtors.  When the U.S. Debtors filed for bankruptcy protection,
they reported more than US$200 million in assets and debt.  The
U.S. Debtors emerged from bankruptcy on April 13, 2005.
(Parmalat Bankruptcy News, Issue No. 58; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


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


STOLT-NIELSEN: Reports US$5.7 Mln Net income in Second Quarter
--------------------------------------------------------------
Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) on
Tuesday reported results for the second quarter and six months
ended May 31, 2005.

Highlights for the second quarter of 2005

(a) Operating revenue of $443.4 million for the quarter,
    compared with operating revenue of $448.4 million in the
    same quarter last year.

(b) Net income of $5.7 million for the quarter ($5.9 million
    from continuing operations), compared with net income of
    $3.9 million ($9.5 million from continuing operations) in
    the same quarter last year.

(c) Stolt-Nielsen Transportation Group's (SNTG) performance
    reflected a continued strong parcel tanker market, improved
    margins from Stolt Tank Containers, and improved results
    from Stolthaven Terminals.  The Stolt Tankers Joint Service
    Sailed-in Time-Charter Index increased by 10% to 1.31 from
    1.19 in the same quarter last year.

(d) The completion of the merger of Stolt Sea Farm (SSF) and
    Marine Harvest on April 29, 2005.

(e) Continued solid results from the turbot business.

Commenting, Mr. Niels G. Stolt-Nielsen, CEO of SNSA, said:

"Operationally, SNSA posted strong results in the second quarter
of 2005 as we continued to see solid demand for SNTG's services.
The second quarter of 2005 income from continuing operations of
$5.9 million is net of deductions of  $14.2 million for the
early retirement of debt primarily relating to a pre-payment
penalty on our senior notes and $9.8 million of SSF tax
provisions arising from a legal restructuring in anticipation of
the Marine Harvest transaction.  The second quarter of 2004
income from continuing operations of $9.5 million included SNSA
financial restructuring charges of $10.5 million.

"For SNTG, we believe the underlying fundamentals of the parcel
tanker market remain strong. During the second quarter of 2005,
rates on contracts renewed by SNTG increased by an average of
approximately 23%, compared with average rate increases of
approximately 20% in the first quarter. Contract volume remains
strong.  In recent months we have seen some choppiness in the
spot market that we believe is due to a temporary slowing of
demand as a result of an inventory correction in Asia.  The
results of SNTG's regional fleets continued to show
improvements.  Our tank container division again reported
improved gross profit margins and our terminal division reported
greatly improved results.

"The merger of SSF and Marine Harvest was completed on April 29,
2005 according to plan.  SSF's results showed improvement over
the first quarter of 2005.

"Our strengthened financial position and continued strong
operating results enabled us to reinstate our dividend policy.
We continue to expect that 2005 will be a strong year for SNSA,
given the ongoing strength in SNTG's markets, the solid
performance of our turbot business and the recent improvement in
salmon prices, which should bode well for our investment in
Marine Harvest."

A full copy of its financial results is available free of charge
at http://bankrupt.com/misc/StoltNielsen(Q22005).pdf.

CONTACT:  STOLT-NIELSEN S.A.
          Richard M. Lemanski
          Phone: (U.S.) 1 203 625 3604
          E-mail: rlemanski@stolt.com

          Valerie Lyon
          Phone: (U.K.) 44 20 7611 8904
          E-mail: vlyon@stolt.com


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


ROYAL SHELL: Starts Trading as Unified Company
----------------------------------------------
Shares in Royal Dutch Shell started trading in London Wednesday
after 92% of the investors have agreed to tender their old
shares.

According to the Financial Times, this marks the first time in
its 98-year history that the oil group traded as a single
company, following the merger of its U.K. and Dutch divisions.

Chief Executive Jeroen van der Veer said: "Shareholders have
shown strong support throughout the process and voted
overwhelmingly in support of the proposals at the recent
shareholder meetings to move to one company."

The company needed 95% of Dutch investors to agree to the
unification, but it cited a clause allowing approval at lower
levels, said the Financial Times.

Meanwhile, The Guardian disclosed that some non-Dutch investors
had disagreed with the structure of the deal as it leaves them
with large tax bills.

The unification comes after the High Court sanctioned Tuesday
the Shell Transport scheme of arrangement, and the registration
of the court order by the Registrar of Companies in England and
Wales.

Under the terms of the merger, the new company will be listed in
London and will be based in the Netherlands.

It also follows the company's admission that it had overstated
its proved reserves by almost 6.0 billion barrels between
January 2004 and February this year.  The crisis sank investor
confidence and resulted to the ouster of three top executives,
including former chairman Philip Watts.

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


WINSTAR COMMUNICATIONS: Chapter 7 Trustee Hires Counsel
-------------------------------------------------------
Sheldon K. Rennie, Esq., at Fox Rothschild LLP, in Wilmington,
Delaware, relates that Winstar Communications B.V. was declared
bankrupt on May 21, 2001, in Amsterdam, The Netherlands.  L.J.
van Eeghen was appointed as Winstar B.V.'s liquidator.

On June 25, 2001, Clifford Chance LLP filed various claims with
the Liquidator on behalf of certain of the Debtors' estates,
including Winstar Network Expansion, WCI Capital Corporation,
Winstar International, Inc., and Winstar Communications, Inc.

Christine Shubert, the Chapter 7 Trustee for Winstar
Communications and its debtor-affiliates, seeks the Court's
authority to employ Clifford Chance as her special counsel,
effective as of May 23, 2005.

As the Trustee's special counsel, Clifford Chance will:

   (a) represent and assist the Trustee in carrying out her
       duties with respect to the Claims filed against Winstar
       B.V.;

   (b) attend the creditors meeting;

   (c) explain and defend the Claims to other creditors and the
       Liquidator; and

   (d) monitor the liquidation process and ensure that any
       distributions are paid out to the Debtors' estates.

Mr. Rennie relates that compensation will be payable to Clifford
Chance on an hourly basis at its normal and customary hourly
rates, plus reimbursement of actual, necessary expenses and
other charges incurred by the firm.

The principal attorneys and paralegals presently designated to
represent the Trustee and their hourly rates are:

          Jan Hendrik Crucq      EUR500
          Diederik Bos           EUR225

Jan Hendrik Crucq, Esq., a member of Clifford Chance's Amsterdam
office, assures the Court that the firm does not hold nor
represent any interest adverse to the Debtors and their estates.
Thus, Clifford Chance is a "disinterested person" as defined in
Section 101(14) of the Bankruptcy Code.

Headquartered in New York, New York, Winstar Communications,
Inc., provides broadband services to business customers.  The
Company and its debtor-affiliates filed for chapter 11
protection on April 18, 2001 (Bankr. D. Del. Case Nos. 01-01430
through 01-01462).  The Debtors obtained the Court's approval
converting their case to a chapter 7 liquidation proceeding in
January 2002.  Christine C. Shubert serves as the Debtors'
chapter 7 trustee.  When the Debtors filed for bankruptcy, they
listed $4,975,437,068 in total assets and $4,994,467,530 in
total debt.  (Winstar Bankruptcy News, Issue No. 68; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


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


FINANCE CREDIT: Court Orders KPMG to Pay NOK656 Mln in Damages
--------------------------------------------------------------
KPMG Norway has reportedly been ordered to pay NOK656 million
(GBP50 million) in damages following the bankruptcy of Finance
Credit Norge A.S.A.

According to the Associated Press, the Oslo district court
declared the firm negligent in auditing the books of Finance
Credit, which went bankrupt in 2003 with debt of NOK1.3 billion
to eight banks.

The court said that as the auditor, KPMG was obliged to make
sure that Finance Credit's books accurately represented its
financial position.

It also ordered the firm to pay the amount to creditors through
Finance Credit's administrator, with additional NOK6.5 million
in legal costs.

Meanwhile, KPMG, which revealed last week it will appeal, has
found it strange to be held responsible when the accounts it was
reviewing were falsified with criminal intent, said The
Associated Press.

Group partner Tom Myhre said: "KPMG is very surprised and very
disappointed by the ruling.  There was massive economic crime by
a number of people in the leadership of Finance Credit."

Finance credit served as a collection agency, buying unpaid debt
from other firms, then collecting the funds plus fees.  Its
collapse, which was one of Norway's biggest financial scandal,
led to a nine-year jail sentence for one of its founders, Trond
Kristoffersen.  Mr. Kristoffersen was also ordered to repay
NOK1.2 billion in illegally acquired debt to banks.

The court ruled that Finance Credit overstated its assets, which
portrayed it as an acceptable loan risk for creditors.  In
truth, according to the ruling, the group was already insolvent
by the end of 2000.  KMPG should have been aware of this in its
review of the company's accounts, it added.

CONTACT:  FINANCE CREDIT NORGE A.S.A.
          Sjolyst Pl 4 0270
          Oslo, Norway
          Phone: +47 22 54 26 20
          Fax: +47 22 54 26 21

          KPMG NORWAY
          Sorkedalsveien 6
          Box 7000 Majorstuen
          N-0306
          Oslo, Norway
          Phone: +47 21 09 21 09
          Fax: +47 22 60 96 01
          E-mail: contact@kpmg.no
          Web site: http://www.kpmg.no


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


EKATERININSKOYE: Proofs of Claim Deadline Expires Next Week
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Ekaterininskoye after finding the state-
owned enterprise insolvent.  The case is docketed as A60-
5543/2005-S3.  Mr. Y. Suzdalev has been appointed insolvency
manager.  Creditors have until July 25, 2005 to submit their
proofs of claim to 620048, Russia, Ekaterinburg, Post User Box
23.

CONTACT:  EKATERININSKOYE
          Russia, Ekaterinburg, Danilovskaya Str. 22

          Mr. Y. Suzdalev
          Insolvency Manager
          620048, Russia, Ekaterinburg,
          Post User Box 23


KASHIN-DOR-STROY: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on open joint stock company Kashin-Dor-
Stroy (TIN 6909003553).  The case is docketed as A66-3916/2005.
Mr. O. Akinshin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 171640, Russia,
Tver region, Kashin, Kalininskoye Shosse.

CONTACT:  KASHIN-DOR-STROY
          171640, Russia, Tver region,
          Kashin, Kalininskoye Shosse

          Mr. O. Akinshin
          Temporary Insolvency Manager
          171640, Russia, Tver region,
          Kashin, Kalininskoye Shosse


KIT OKA: Sets Pubic Auction July 26
-----------------------------------
The bidding organizer of open joint stock company Kit Oka will
sell its property on July 26, 2005, 11:00 a.m. (Moscow time).
The public auction will take place at Russia, Tula,
Krasnoarmeyskiy Pr. 7.

The assets for sale are:

Lot 1: Buildings for a starting price of RUB12,000,000;

Lot 2 and 3: Equipment for a starting price of RUB288,000 each;

Lot 4: Five units of building constructions and 21 units of
       machinery and equipment for a starting price of
       RUB2,046,050 (inclusive of VAT).

Preliminary examination and reception of bids are done from 9:00
a.m. to 4:00 p.m. until July 22, 2005.  The list of documentary
requirements is available at Russia, Tula, Krasnoarmeyskiy Pr.
7.  To participate, bidders must deposit an amount equivalent to
10% of the starting price to the settlement account
40702810200000000499 at OJSC Bank RULSKIY PROMYSHLENNIK, Tula,
BIC 047003729, correspondent account 30101810700000000729.

CONTACT:  KIT OKA
          300040, Russia, Tula,
          Epifanskaya Str. 191
          Phone: 8-0872-200-125

          LLC ACTIVE GOUPE
          Bidding Organizer
          Russia, Tula region,
          Krasnoarmeyskiy Pr. 7
          Phone: 8-0872-200-125


KRYMSKIY: Bankruptcy Hearing Resumes August
-------------------------------------------
The Arbitration Court of the Republic of Krasnodar has commenced
external management bankruptcy procedure on open joint stock
company Krymskiy.  The case is docketed as A32-29591/2004-1/205
B.  Mr. R. Kovtunenko has been appointed external insolvency
manager.  A hearing will take place on Aug. 15, 2005.

CONTACT:  KRYMSKIY
          353383, Russia, Krasnodar region,
          Krymsk, Sverdlova Str. 2

          Mr. R. Kovtunenko
          External Insolvency Manager
          353383, Russia, Krasnodar region,
          Krymsk, Sverdlova Str. 2


SIB-STROY-MECHANIZATION: Last Day for Filing Claims August 25
-------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Sib-Stroy-Mechanization
after finding the limited liability company insolvent.  The case
is docketed as A-75-135-B/04 and A-75-1432/2005.  Mr. D.
Shapoval has been appointed insolvency manager.  Creditors have
until Aug. 25, 2005 to submit their proofs of claim to 628183,
Russia, Khanty-Mansiyskiy autonomous region, Tyumen region,
Nyagan, Novosibirskaya Str. 12.

CONTACT:  Mr. D. Shapoval
          Insolvency Manager
          628183, Russia, Khanty-Mansiyskiy autonomous region,
          Tyumen region, Nyagan, Novosibirskaya Str. 12


SPASSKOYE: Gives Creditors Until Next Week to File Claims
---------------------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
proceedings against Spasskoye after finding the open joint stock
company insolvent.  The case is docketed as A49-2438/05-43b/10.
Ms. O. Volkova has been appointed insolvency manager.  Creditors
have until July 25, 2005 to submit their proofs of claim to
442153, Russia, Penza region, N. Lomov, Sergeeva Str. 82,
Apartment 61.

CONTACT:  SPASSKOYE
          Russia, Penza region, Bednodemyanosk,
          Lenina Str. 108

          Ms. O. Volkova
          Insolvency Manager
          442153, Russia, Penza region, N. Lomov,
          Sergeeva Str. 82, Apartment 61


TOKAMAK: Deadline for Proofs of Claim August 25
-----------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
proceedings against Tokamak (TIN 3321003190, KPP 332101001)
after finding the open joint stock company insolvent.  The case
is docketed as A1101196/2004-K1-18B.  Mr. E. Tsutskikh has been
appointed insolvency manager.  Creditors have until August 25,
2005 to submit their proofs of claim to 601141, Russia, Vladimir
region, Petushki, Klyamenskaya Str. 43.

CONTACT:  TOKAMAK
          601141, Russia, Vladimir region, Petushki,
          Klyamenskaya Str. 43

          Mr. E. Tsutskikh
          Insolvency Manager
          601141, Russia, Vladimir region, Petushki,
          Klyamenskaya Str. 43


TYUMRYUK-REM-TEKH-ENTERPRISE: Succumbs to Bankruptcy
----------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Tyumryuk-Rem-Tekh-Enterprise after finding
the open joint stock company insolvent.  The case is docketed as
A-32-13812/2004-27/114-B.  Mr. A. Nefedov has been appointed
insolvency manager.

Creditors have until August 25, 2005 to submit their proofs of
claim to 350003, Russia, Krasnodar region, Post User Box 5335.
A hearing will take place on June 1, 2006.

CONTACT:  TYUMRYUK-REM-TEKH-ENTERPRISE
          Russia, Krasnodar region, Temryuk,
          Promyshlennaya Str. 23

          Mr. A. Nefedov
          Insolvency Manager
          350003, Russia, Krasnodar region,
          Post User Box 5335
          Phone: (8612) 62-97-27


UNIVERSAL-S: Selling Assets Worth RUB1.5 Mln Next Week
------------------------------------------------------
The insolvency manager and bidding organizer of open joint stock
company Universal-S will sell its property on July 25, 2005,
11:00 a.m. (Moscow time).  The public auction will take place at
Russia, Penza, Leningradskaya Str. 10.  Up for sale are seven
lots of industrial properties with different machineries for a
starting price of RUB1,478,000.

Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 6:00 p.m. until July 22, 2005.  The list of
documentary requirements is available at Russia, Penza,
Leningradskaya Str. 10.  To participate, bidders must deposit an
amount equivalent to 10% of the starting price to the settlement
account 40702810215010000096 in OJSC Rosselbank on or before
July 22, 2005.

CONTACT:  UNIVERSAL-S
          Russia, Penza region, Penza region,
          Zasechnoye, Surskaya Plotina

          Ms. S. Silchenko
          Insolvency Manager/Bidding Organizer
          Russia, Penza region,
          Leningradskaya Str. 10
          Phone: (8412) 63-59-89


VOZROZHDENIYE BANK: Moody's Ups Deposit Rating to B1
----------------------------------------------------
Moody's Investors Service has upgraded to B1 from B2
Vozrozhdeniye Bank's long-term foreign currency deposit rating.
The bank's Financial Strength Rating (FSR) remains unchanged at
E+, and so does the short-term deposit rating at Not-Prime.  The
outlook for the ratings is stable.

According to Moody's, the upgrade reflects the bank's growing
franchise, together with material improvement in its financial
fundamentals in the wake of the bank finally solving (in 2004 -
2005) its largest non-performing loan problem.  The improvements
include decreased single-party and industry concentration,
increased returns and lower risks on the loan portfolio, as well
as growing profitability and capitalization.  Vozrozhdeniye
Bank's participation in the recently introduced Deposit
Insurance System is in Moody's opinion likely to alleviate its
sensitivity to depositor runs, as well as increase the stability
of its liabilities, which to a large extent comprise household
deposits.

Vozrozhdeniye Bank's E+ financial strength and B1/NP long- and
short-term foreign currency deposit ratings take into account
both the bank's relative size (it is one of the top-ranking 30
Russian banks in terms of assets, and among the top 10 in terms
of household deposits), and its well-developed and growing
business franchise.

The bank has strong market positions in the Moscow region -- a
region surrounding the city of Moscow, and one of the most
promising banking markets in the country.  The bank's positions
are defended by its branch network that is the largest among
private banks in the region, and by its first-mover advantage.

The bank's tight capitalization remains the most important
factor constraining its ratings.  The shareholders have limited
resources to regularly increase the capital, and the bank plans
to generate most of the required capital internally, while
continuing to grow at a fast rate.  Moody's cautions that,
although the bank's plans are feasible, any mismanagement of
growth, inability to raise capital when needed, or failure to
meet profitability targets may jeopardize its capital adequacy
and have negative rating implications.

The ratings reflect Vozrozhdeniye Bank's credit standing on a
stand-alone basis without imputing support, either from the
government or from the owners.  In 1998, Vozrozhdeniye was one
of few banks that managed to negotiate support from the Central
Bank.  State support for the bank in the future, in case of
need, cannot be ruled out, even though the bank does not fully
meet "too-important-to-fail" criteria.

Vozrozhdeniye Bank is headquartered in Moscow, Russian
Federation, and reported total assets under IFRS of US$1,091
million as of end-2004 (2003: US$909 million).

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

          Joel Bismuth, Vice President - Senior Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


VYAZNIKOVSKIY FLAX: Public Auction Set Next Week
------------------------------------------------
The bidding organizer of open joint stock company Vyaznikovskiy
Flax Combine will sell its property on July 26, 2005, 10:00 a.m.
(Moscow time).  The public auction will take place at Russia,
Moscow, Nizhegorodskaya Str. 32, Rooms 15 and 16.

The assets for sale are:

Lot 1: 20% stake in OJSC VYAZNIKOVSKIY FLAX COMBINE for a
       starting price of RUB2,500,000; and

Lot 2: Building for a starting price of RUB250,000.

The list of documentary requirements is available at Russia,
Moscow, Nizhegorodskaya Str. 32, Rooms 15 and 16.  To
participate, bidders must deposit an amount equivalent to 20% of
the starting price to the settlement account
40702810000000080960 at CB Expobank (LLC), Moscow, BIC
044585460, correspondent account 30101810900000000460, TIN
7710426283/KPP 771001001.

CONTACT:  INVESTMENT COMPANY TSK
          Bidding Organizer
          Russia, Moscow region,
          Nizhegorodskaya Str. 32, Rooms 15 and 16
          Phone: (095) 786-36-90 (additional 12-99)


YUKOS OIL: Court to Hear Appeal on Yugansk Sale Next Week
---------------------------------------------------------
Moscow's arbitration court postponed until July 25 the
preliminary hearing on Yukos' appeal to negate Yuganskneftegaz's
auction in December, according to RIA Novosti.

The court session was postponed to allow the defendants time to
review the documents concerning the claimed amount.  During the
session on July 18, the court refused Yukos' appeal to present
additional documents relevant to the contested auction
procedures.

Yukos is demanding that the defendants collectively pay the
amount of US$11.3 billion in damages caused by the sale of
Yuganskneftegaz shares.  The defendants are the Russian Federal
Property Fund (RFPF), BaikalFinance Group, Rosneft, Gazpromneft,
Gazprom, and the Russian Ministry of Finance.

Yukos defense lawyers claim the auction was conducted with
"numerous violations of Russian legislation and international
law, including the Human Rights Convention."  In addition, they
claim the RFPF deliberately lowered the initial price of the
bloc of Yuganskneftegaz shares and violated bidding rules.

On November 18, 2004, bailiffs announced the auction to cover
Yukos' tax debt, which at the time was over US$20 billion.  On
December 19, the RFPF sold a bloc of Yuganskneftegaz shares for
US$9.3 billion to BaikalFinance Group, which was later acquired
by Rosneft.  According to the Russian Ministry of Justice, on
June 29, 2005, Yukos' remaining debt amounted to US$2 billion.

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

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


YUKOS OIL: Moscow Court Admits Yugansk's Amended Claim
------------------------------------------------------
The Moscow Arbitration Court has recognized an updated claim of
Yuganskneftegaz against former parent Yukos Oil, Interfax says.

Yuganskneftegaz amended its claim for damages against Yukos,
increasing it by 150% to EUR6.6 billion.  The court, however,
has yet to rule on the claim.  Yuganskneftegaz accused Yukos of
mismanagement between 1999 and 2003, selling its oil to
intermediary groups at below market prices.

The acceptance of the claim is another blow to Yukos, which saw
Yuganskneftegaz, formerly its largest production unit, land in
the hands of state-owned Rosneft through a controversial
auction.  The hearing will resume August 23.

CONTACT:  OAO NK YUKOS
          31A, Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7-95-232-3161
          Fax: +7-95-232-3160
          Web site: http://www.yukos.com


YUKOS OIL: Strikes Deal with Lithuania on Mazeikiu Stake
--------------------------------------------------------
Yukos Oil and the government of Lithuania have already reached a
consensus on the disputed 10% stake in Mazeikiu Nafta, the only
refinery in the Baltic region, Reuters says.

Yukos and Lithuania hold 53.7% and 40.66% stakes respectively in
Mazeikiu.  Both insist they have a right to acquire an extra 10%
from each other.

In an interview with Reuters, Mazeikiu board Chairman Nerijus
Eidukevicius confirmed negotiations have ended but declined to
reveal the result until the government is informed about it.
Mr. Eidukevicius, who also serves as Lithuania's deputy economy
minister, said: "We will present the results to the government
and wider comments will be available in two to three weeks."

Prime Minister Algirdas Brazauskas is currently on vacation
until the end of the month while the cabinet is not set to meet
before August.  Also interested in the stake are BP's Russian
vehicle TNK-BP, Russian oil giant Gazprom and U.S. oil group
ConocoPhillips.

CONTACT:  OAO NK YUKOS
          31A, Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7-95-232-3161
          Fax: +7-95-232-3160
          Web site: http://www.yukos.com

          AB MAZEIKIU NAFTA
          Juodeikiai,
          LT- 89467 Mazeikiai District,
          Lithuania
          Phone: +370 443 9 21 21
          Fax: +370 443 9 25 25
          E-mail: post@nafta.lt
          Web site: http://www.nafta.lt

          TNK-BP
          67, Lenin Street
          Tyumen, Russia 625000
          Phone: +7 3452 46-50-12
          Fax: +7 3452 25-18-19
          Web site: http://www.tnk-bp.com

          OAO GAZPROM
          16 Nametkina
          117884 Moscow, B-420
          Phone: +7-095-719-3001
          Fax: +7-095-719-8333
          Web site: http://www.gazprom.ru

          CONOCOPHILLIPS
          600 North Dairy Ashford
          P.O. Box 2197
          Houston, TX 77252-2197
          Phone: 281.293.1000
          Web site: http://www.conocophillips.com


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


AB ELECTROLUX: Material Costs Hit Second-quarter Earnings
---------------------------------------------------------
The high costs of raw materials reportedly hit AB Electrolux in
the second quarter.  Pre-tax earnings plunged to SEK1.7 billion
(excluding one-off items) from SEK2.14 billion a year ago.

The Swedish household appliance maker, according to The
Financial Times, has also stressed that full-year profits would
be slightly lower than last year's figures.

Chief Executive Hans Straberg said: "We were able to raise
prices in several markets, but this could not fully compensate
for the substantial cost increases."

The tough market has reportedly forced the company to spend at
least SEK8 million in restructuring costs, which involves job
cuts and shifting production to countries where labor is
cheaper.

It has revealed plans of shutting down a lawn mower plant in
Parabiaggio, Italy in the fourth quarter of this year and the
refrigerator factory in Fuenmayor, Spain in the fourth quarter
of 2006.  These closures, which would affect about 450 and 100
workers respectively, would bring in charges of SEK550 million
in the third quarter, sending restructuring costs to at least
SEK3 billion in 2005.

In June, AB Electrolux started reviewing operations at its
factory in Nuremberg, Germany.  The site manufactures washing
machines, dishwashers and dryers.  Closing it down would leave
1,750 jobless, with costs reaching around SEK2 billion.

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


CONCORDIA BUS: Noteholders Accept Restructuring Terms
-----------------------------------------------------
An agreement in principle on the terms of a restructuring has
been reached between:

(a) Concordia Bus AB (Bus) and Concordia Bus Nordic AB (Nordic,
    and together with Bus and Concordia Bus Nordic Holding AB,
    the 'Concordia Group');

(b) an ad hoc committee (the Subordinated Ad Hoc Committee)
    representing at least 75% of holders of Bus' 11% Senior
    Subordinated Notes;

(c) an informal group (the Senior Group Members) of holders of a
    majority of Nordic's 9.125% Senior Secured Notes; and

(d) the principal ultimate equity holders in the Concordia Group
    have reached agreement in principle on the terms of a
    restructuring.

Documentation for the Restructuring, including a restructuring
agreement, has been substantially finalized and is expected to
be circulated for execution shortly.  The Concordia Group
believes that the Restructuring will improve the capital
structure of the Concordia Group.  Nordic also confirms that it
intends to pay the interest due on the Senior Notes on August 1,
2005.

The Restructuring Agreement will require Bus to make an
application for reorganization proceedings in the District Court
in Stockholm, Sweden.  The proceedings are expected to result in
the face amount of all the Subordinated Notes being reduced from
100% to 25% and the Restructuring Agreement requires holders of
Subordinated Notes who consent to the Restructuring to exchange
their reduced debt securities (including all principal, all
accrued and unpaid interest and any other amounts due thereon)
for ordinary shares of Bus, which will constitute, subject to
the terms of a management incentive plan, 97.5% of the issued
ordinary share capital of Bus (the "Debt-to-Equity Swap").

In addition to the Debt-to-Equity Swap, the Restructuring
Agreement will provide for:

(a) Third-party Tender Offer: a tender offer by or on behalf of
    certain members (the Offerors) of the Subordinated Ad Hoc
    Committee to purchase at a price equivalent to the principal
    face amount of the Senior Notes (plus all accrued and unpaid
    interest thereon) all the outstanding Senior Notes except
    the 40.9% held as of [Tuesday's] date by members of the
    Subordinated Ad Hoc Committee, to be completed before
    September 1, 2005 and conditional only upon the successful
    completion of the Consent Solicitation referred to below.
    Senior Group Members will tender their Senior Notes in the
    Third Party Tender Offer.  As consideration for conducting
    the Third Party Tender Offer Nordic will pay the Offerors a
    fee of 3% of the aggregate principal amount of Senior Notes
    not held by members of the Subordinated Ad Hoc Committee and
    tendered into the Third Party Tender Offer;

(b) Revised Consent Solicitation: a revised consent solicitation
    by Nordic, amending and restating its pending consent
    solicitation, to be commenced simultaneously with the Third
    Party Tender Offer, seeking, in exchange for a consent fee
    of EUR40 for each EUR1,000 principal amount of Senior Notes,

     (i) consents to certain amendments to the indenture
         governing the Senior Notes, and

    (ii) an undertaking by holders of Senior Notes who deliver
         their consents not to participate in the change of
         control offer that will be made after the successful
         consummation of the Restructuring.

    The proposed amendments will not take effect unless and
    until both the consent fee and the tender offer payments
    have been made.  Senior Group Members and members of the
    Subordinated Ad Hoc Committee who hold Senior Notes will
    deliver their consents to Nordic pursuant to the terms of
    the Revised Consent Solicitation.  Consents to be provided
    by the Senior Group Members will be sufficient to permit the
    amendments to the Indenture that will be requested in the
    Revised Consent Solicitation; and

(c) Bridge Facility: the borrowing by Concordia Bus Nordic
    Holding AB, a direct subsidiary of Bus and the direct parent
    of Nordic, of not less than EUR25,000,000 which will (i)
    provide liquidity to the Concordia Group, (ii) cover some of
    the costs of the Restructuring and (iii) repay an
    outstanding loan to Nordic of approximately EUR4,800,000;
    and, upon the successful consummation of the Restructuring:

(d) Mezzanine Facility: the borrowing by Bus of EUR45,000,000,
    of which an amount equal to the amount borrowed under the
    Bridge Facility will be used to refinance and pay the costs
    of the Bridge Facility, approximately EUR5,000,000 will be
    retained to pay Bus' expenses and the remainder will be
    indirectly contributed to Nordic as equity; and

(e) Change of Control Offer: a change of control offer by
    certain members of the Subordinated Ad Hoc Committee, to be
    made to all holders of Senior Notes but that may only be
    accepted by holders of Senior Notes who do not deliver
    consents in the Consent Solicitation, have not tendered
    their Senior Notes in the Third Party Tender Offer and are
    not members of the Subordinated Ad Hoc Committee.  The
    Change of Control Offer will be made at a purchase price of
    101% of the aggregate principal amount of the Senior Notes
    accepting the offer (plus any accrued and unpaid interest),
    and will be completed within not less 30 calendar days and
    not more than 90 calendar days following the successful
    consummation of the Restructuring. The Change of Control
    Offer will be made in accordance with the provisions of the
    Indenture, which relieve Nordic of its obligation to conduct
    a Change of Control Offer if a third party does so in the
    manner, at the times and otherwise in compliance with the
    Indenture.

The funds for the Bridge Facility and the Mezzanine Facility
will be provided by certain members of the Subordinated Ad Hoc
Committee.  The fees payable in connection with these facilities
will equal up to 2% of the amount of such facilities and 3% with
respect to the Change of Control Offer.  The terms of these
facilities are provided in greater detail in the schedule
attached to this announcement.

"We are very satisfied that the negotiations have ended
successfully," said Ragnar Norback, Chief Executive Officer of
Nordic.  "This will benefit the Concordia Group and enable us to
fully concentrate on further strengthening our competitiveness
and on growing our business on the Swedish, Finnish and
Norwegian bus transport markets.  I am proud of the excellent
work done in the Concordia Group to develop our business during
the arduous process of negotiating the restructuring."

The Debt-to-Equity Swap will be subject to certain conditions
including a material adverse change condition.

The above is a summary only and investors are strongly advised
to read the Restructuring Agreement.  It will contain additional
important information not included in this summary.

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

This announcement is not an offer to sell securities in the
United States.  Securities may not be offered or sold in the
United States other than pursuant to registration under the
United States Securities Act of 1933, as amended, (the "Act") or
an exemption from such registration.  No public offering of
securities has been or will be made in the United States and,
accordingly, neither the Company nor any of its subsidiaries are
or will register any securities under the Act.

                            *   *   *

Concordia Bus operates bus systems under contracts with public
transportation authorities in Sweden (through Swebus), Norway
(through SBC), and Finland (through Concordia Finland).  It has
9,000 employees, annual revenue of SEK4,813 million (preliminary
full year group profit and loss ending Feb. 28, 2005), and total
net assets of SEK2,852 million.  Company profile is available at
http://bankrupt.com/misc/Concordia_Profile.htm

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

          CONCORDIA BUS NORDIC AB
          Contact:
          Ragnar Norback
          Phone: +46(0)854630141, +46(0)701871040
          Per Skargard
          Phone: +46(0)854630021

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


PREEM HOLDINGS: Ratings Unchanged After Notes Issuance News
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Sweden-based oil refinery operator Preem Holdings AB
(BB-/Stable/--) were unchanged following an announcement by its
owner, Corral Petroleum Holding AB, that it plans to issue
EUR500 million of payment-in-kind (PIK) notes.

In issuing this additional debt-like liability Preem is using up
most, if not all, of its current financial flexibility.  This
increases the likelihood that the company could be downgraded
should the economic environment deteriorate.  Preem is
benefiting from an extremely cash flow generative refining
market at the moment, however, and is expected to continue to do
so until the end of 2005 at least.  In addition, the company's
cash flow is expected to improve from the third quarter of 2006
as a large capital expenditure project (the group's isocracker
unit) is expected to come on stream.

Standard & Poor's considers PIK notes to be debt-like
liabilities and consolidates them in the group's overall debt
figure.  In particular, the PIK notes proposed by Corral contain
a call option nine months after issue, which makes it quite
likely that, should market conditions allow, this expensive type
of debt could need to be refinanced.  Crucially, the
indebtedness of Preem could increase if the bond needs to be
refinanced.  The bond matures in 2010 and will not be rated by
Standard & Poor's.  We expect, therefore, the company's funds-
from-operations-to-net-debt ratio to remain at more than 20%
(including the PIK as debt), which is the threshold for the
ratings.

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


SCANDINAVIAN AIRLINES: To Service 52 Routes for Swedish Govt
------------------------------------------------------------
Following a procurement procedure, the Swedish government has
chosen Scandinavian Airlines Sweden as the supplier for all 52
domestic routes for which SAS submitted a tender.

"The Government's purchase confirms our success in the Swedish
domestic market," says Anders Ehrling, president of Scandinavian
Airlines Sweden.

"We fly to the greatest number of destinations and have the most
departures.  In addition, we have made it easier and less
expensive to fly domestically with us and more and more people
are choosing SAS."

The procurement procedure was conducted by FM-LOG, the
government authority responsible for the contracts, and covers
all domestic travel.

The contracts extend from September 1, 2005 through August 31,
2006, with an extension option.  The exceptions are the routes
from Stockholm to Gothenburg, Malmo and Umea, for which the
current contracts are being extended.

"The Swedish government is an important customer for us, and the
new contracts are very significant," states Mr. Ehrling. "The
total value on an annual basis is several hundred million
Swedish krona.  We are therefore pleased that we were chosen for
all the routes for which we submitted tenders."

CONTACT:  SCANDINAVIAN AIRLINES
          Ulrika Fager
          Phone: + 46 70 997 3451

          Stefan Larsson, Director Passenger Sales STOAA
          Phone: + 46 70 626 5033

          SCANDINAVIAN AIRLINES SWEDEN
          Press service
          Phone: + 46 8 797 3330


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


TURKCELL ILETISIM: S&P Keeps Rating on CreditWatch Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' long-term
foreign currency corporate credit rating on leading Turkish
mobile operator, Turkcell Iletisim Hizmetleri A.S., remains on
CreditWatch with positive implications, where it was placed on
March 25, 2005.  The 'B' senior unsecured debt rating on related
entity Cellco Finance N.V. also remains on CreditWatch with
positive implications.

The CreditWatch placement followed the announcement that
TeliaSonera AB (A/Negative/A-1) was to take control of the
company through the purchase of a further 53% interest in
Turkcell Holding A.S., Turkcell's parent company.

"Although this transaction is not now expected to proceed, the
ratings remain on CreditWatch with positive implications
following the announcement by the Cukurova group, one of
Turkcell's major owners, that it has reached an agreement with
the Russian Alfa Group," said Standard & Poor's credit analyst
Simon Redmond.

The agreement could result in Alfa becoming a third significant
shareholder in Turkcell, with a 13.2% indirect stake.  The
future control and balance of board membership of Turkcell is
therefore unclear at present.

"Standard & Poor's considers that ratings upside is still
possible if the identity of, and balance of control between, the
new owners is not seen as a major weight on the ratings," added
Mr. Redmond.  "In particular, the reduction of financially weak
Cukurova's influence on Turkcell could be positive."

The effective ownership interests of Cukurova and TeliaSonera
are currently 40.3% and 37.1%, respectively.

Ratings information is available to subscribers of RatingsDirect
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 AND POOR'S RATING SERVICES
          Group E-mail Address
          CorporateFinanceEurope@standardandpoors.com


VAKIF BANK: S&P Assigns 'BB-' Counterparty Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-/B'
counterparty credit and certificate of deposit ratings to
Turkey-based Turkiye Vakiflar Bankasi T.A.O. (VakifBank).
At the same time, the 'Bpi' public information rating on the
bank was withdrawn.  The outlook is stable.

The ratings on VakifBank balance the risky banking and economic
environment in the Republic of Turkey (foreign currency, BB-
/Stable/B; local currency, BB/Stable/B), the bank's vulnerable
asset quality, and tight capitalization with VakifBank's
indirect state ownership and association with charitable
foundations, good customer franchise, and strong--albeit
concentrated--deposit base. In addition, the bank's financial
performance has been on a strong positive trend since 2002--
along with the rest of the Turkish banking sector.

Turkish banks, which finance a large part of government debt,
are still at the mercy of the state's monetary policies.
Government securities represent a significant portion of the
bank's balance sheet, but are lower than the sector's average
and are reducing.  VakifBank is the seventh-largest bank in
Turkey and is majority-owned by the state through the General
Directorate of Foundations.  Traditionally more of a corporate
bank, VakifBank has increased its retail-banking profile in the
past decade, with retail loans now representing about 50% of its
loan book.  The bank's strategy focuses on increasing lending,
particularly to small and midsize enterprises and retail
customers, and increasing non-interest revenues.

The stable outlook reflects that on the Republic of Turkey.
VakifBank's strategy is proactive and is adapting to the
changing economic and banking environment in Turkey.  "If the
positive economic developments continue, the bank will benefit
from the lower cost of funds and increasing business
opportunities," said Standard & Poor's credit analyst Magar
Kouyoumdjian.

"Conversely, if confidence deteriorates, VakifBank will have to
operate in a difficult and volatile financial environment with
limited lending opportunities, making progress on asset quality
and profitability much more uncertain," he added.

The impact of VakifBank's planned privatization on its
creditworthiness will depend on the strength and commitment of
any strategic shareholder.  However, the bank already operates
as a private commercial bank, hence the impact of privatization
should be minimal with a smooth transformation process.

Ratings information is available to subscribers of RatingsDirect
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 AND POOR'S RATING SERVICES
          Group E-mail Address
          FIG_Europe@standardandpoors.com


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


ALFA: Donetsk Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Alfa (code EDRPOU 14310626) on April 21,
2005 after finding the open joint stock company insolvent.  The
case is docketed as 32/44 B.  Mr. A. Buryak (License Number AA
783120) has been appointed liquidator/insolvency manager.

CONTACT:  ALFA
          Ukraine, Donetsk region,
          Kramatorsk, Yuvilejna Str. 70

          Mr. A. Buryak
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          Druzhkivska Str. Lvivska Str. 36

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


BOGODUHIVSKA AGROTEHNIKA: Declared Insolvent
--------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Bogoduhivska Agrotehnika (code EDRPOU
03761260) on May 23, 2005 after finding the state agricultural
enterprise insolvent.  The case is docketed as B-39/13-04.  Mr.
Dmitro Zadruzhnij (License Number AB 216763) has been appointed
liquidator/insolvency manager.  The company holds account number
260063124 at JSPPB Aval, Bogoduhiv branch, MFO 350589.

CONTACT:  BOGODUHIVSKA AGROTEHNIKA
          64050, Ukraine, Harkiv region,
          Bogoduhiv district, Maksimivka

          Mr. Dmitro Zadruzhnij
          Liquidator/Insolvency Manager
          61057, Ukraine, Harkiv region,
          Pushkinska Str. 5, room 408

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


DZERZHINSK' AUTO 11478: Court Appoints Insolvency Manager
---------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Dzerzhinsk' Auto Transport Enterprise-11478
(code EDRPOU 03116281) after finding the limited liability
company insolvent.  The case is docketed as 42/157 B.  Mr. V.
Paterilov (License Number AA 783055) has been appointed
liquidator/insolvency manager.  The company holds account number
26007275032790 at Ukjrsocbank, Gorlivka branch, MFO 334088.

CONTACT:  DZERZHINSK' AUTO TRANSPORT ENTERPRISE-11478
          85200, Ukraine, Donetsk region,
          Dzerzhinsk, Dzerzhinskij Str. 6

          Mr. V. Paterilov
          Liquidator/Insolvency Manager
          83050, Ukraine, Donetsk region, a/b 6915

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


GNIDAVA AUTO: Declares Bankruptcy
---------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Gnidava Auto (code EDRPOU 32498919) on May
23, 2005 after finding the limited liability company insolvent.
The case is docketed as 7/61-B.  Mr. Zhilich Oleksandr (License
Number AA 140403) has been appointed liquidator/insolvency
manager.  The company holds account number 26001055482030 at CB
Privatbank, MFO 303440.

CONTACT:  GNIDAVA AUTO
          43020, Ukraine, Lutsk region,
          Rankova Str. 1

          Mr. Zhilich Oleksandr
          Liquidator/Insolvency Manager
          Ukraine, Lutsk region,
          Shota Rustaveli Str. 11/77

          ECONOMIC COURT OF VOLINSKA REGION
          43010, Ukraine, Lutsk region,
          Voli Avenue, 54-a


LISYANKA COMBI: Names Volodimir Rekun Liquidator
------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Lisyanka Combi Food Combine (code EDRPOU
00687876) after finding the limited liability company insolvent.
The case is docketed as 01-08/227.  Mr. Volodimir Rekun (License
Number AA 140456) has been appointed liquidator/insolvency
manager.  The company holds account number 25606301353 at
Oshadbank, Lisyanka branch 2971, MFO 354507.

CONTACT:  LISYANKA COMBI FOOD COMBINE
          Ukraine, Cherkassy region,
          Lisyanka, Zvenigorodska Str. 1

          Mr. Volodimir Rekun,
          Liquidator/Insolvency Manager
          18005, Ukraine, Cherkassy region,
          Ilyin Str. 330/16

          ECONOMIC COURT OF CHERKASSY REGION
          18005, Ukraine, Cherkassy region,
          Shevchenko Avenue, 307


NOVOMIRGOROD' RAJAGROHIM: Succumbs to Insolvency
------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Novomirgorod' Rajagrohim (code EDRPOU
05489483) on May 12, 2005 after finding the open joint stock
company insolvent.  The case is docketed as 9/285.  Ms. O.
Muravska (License Number AB 116067) has been appointed
liquidator/insolvency manager.

CONTACT:  NOVOMIRGOROD' RAJAGROHIM
          Ukraine, Kirovograd region,
          Novomirgorod, Sadova Str. 37

          Ms. O. Muravska
          Liquidator/Insolvency Manager
          25031, Ukraine, Kirovograd region,
          Geroiv Stalingradu Str. 32/115

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          Ukraine, Kirovograd region,
          Lunacharski str. 29


STAROKRIMSKIJ REINFORCED: Insolvency Breaks Concrete Group
----------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Starokrimskij Reinforced Concrete Products
Plant (code EDRPOU 20685262) after finding the company
insolvent.  The case is docketed as 2-20/7063-2004.  Mr. Oleksij
Sherbina (License Number AA 719799) has been appointed
liquidator/insolvency manager.

CONTACT:  STAROKRIMSKIJ REINFORCED CONCRETE PRODUCTS PLANT
          Ukraine, AR Krym region,
          Starij Krym, Lenin Str. 1

          Mr. Oleksij Sherbina,
          Liquidator/Insolvency Manager
          Ukraine, AR Krym region,
          Simferopol, Alushtinska Str. 21

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


UKRSPETSPROM: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Ukrspetsprom (code EDRPOU
31285292).  The case is docketed as B-19/44-05.  Mr. Y. Artyuh
(License Number AA 783114) has been appointed temporary
insolvency manager.  The company holds account number
26008030000402 at JSB Factorial-Bank, MFO 351715.

CONTACT:  UKRSPETSPROM
          Ukraine, Harkiv region,
          Peremogi Avenue, 68 B/56

          Mr. Y. Artyuh
          Temporary Insolvency Manager
          61002, Ukraine, Harkiv region,
          Melnikov Str. 8/6

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


UST-CHORNYANSKIJ WOOD: Collapses into Bankruptcy
------------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
proceedings against UST-Chornyanskij Wood Combine after finding
the open joint stock company insolvent.  Mr. Igor Savchuk
(License Number AA 719871) has been appointed
liquidator/insolvency manager.

CONTACT:  UST-CHORNYANSKIJ WOOD COMBINE
          Ukraine, Zakarpatska region,
          Tyachiv

          Mr. Igor Savchuk
          Liquidator/Insolvency Manager
          Ukraine, Zakarpatska region,
          Rahiv, Miru Str. 5/62

          ECONOMIC COURT OF ZAKARPATSKA REGION
          88000, Ukraine, Uzhgorod region,
          Kotsubinski Str. 2a


YUVILEJNIJ: Liquidator Takes over Operations
--------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Yuvilejnij (code EDRPOU 13628289) on May 12,
2005 after finding the trading company insolvent.  The case is
docketed as 25/92.  Mr. Y. Arhipov (License Number AA 419211)
has been appointed liquidator/insolvency manager.

CONTACT:  YUVILEJNIJ
          Ukraine, Zaporizhya region,
          Orihiv, Leningradskih Kursantiv Str. 53

          Mr. Y. Arhipov
          Liquidator/Insolvency Manager
          69013, Ukraine, Zaporizhya region,
          Radishev Str. 85

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


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


ABSTRACT & HART: Bristol District Court Orders Liquidation
----------------------------------------------------------
Company Name: Abstract & Hart Limited

Company Registration Number: 3275860

Address of Registered Office: 40-42 High Street, Maldon, Essex,
CM9 7PN.

Court: Bristol District Registry

Date of Filing Petition: 21 April 2005

No. of Matter: 1923 of 2005

Date of Winding-up Order: 22 June 2005

Official Receiver's Address: 4th Floor, Central House, 8
Clifftown Road, Southend-on-Sea, Essex, SS1 1AB


ACROSSFORM PROJECTS: Files Winding-up Petition
----------------------------------------------
Company Name: Acrossform Projects Limited

Company Registration Number: 02795367

Address of Registered Office: Rainbow Centre, Phoenix Way
Enterprise Park, Llansamlet, Swansea, SA7 9EH

Court: Bristol District Registry

Date of Filing Petition: 5 May 2005

No. of Matter: 2058 of 2005

Date of Winding-up Order: 6 July 2005

Official Receiver's Address: 2nd Floor, Sun Alliance House, 166-
167 St Helens Road, Swansea, SA1 5DL


ADVANCED TRANSACTION: Goes into Liquidation
-------------------------------------------
Company Name: Advanced Transaction Services Limited

Company Registration Number: 04030825

Address of Registered Office: 21 Wilson Street, London, EC2M 2TD

Court: Bristol District Registry

Date of Filing Petition: 5 May 2005

No. of Matter: 2041 of 2005

Date of Winding-up Order: 6 July 2005

Official Receiver's Address: 21 Bloomsbury Street, London, WC1B
3SS


AGENDA COUTURE: Owners Opt for Liquidation
------------------------------------------
At an Extraordinary General Meeting of Agenda Couture Limited,
duly convened, and held at The Royal Hotel, High Street,
Southend-on-Sea, Essex SS1 1JE, on Thursday 30 June 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 the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Robert Valentine and Mark Reynolds, of Valentine & Co, 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, be appointed
Joint Liquidators of the Company for the purposes of the
voluntary winding-up and that the Joint Liquidators be
authorized to act jointly and severally in the liquidation."

M S Swain, Chairman

                            *   *   *

Agenda Couture produces leather clothes.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


ALLIED TELECOMMUNICATIONS: Calls in Administrators
--------------------------------------------------
Name of company: ALLIED TELECOMMUNICATIONS LIMITED
                 (Company No 04521371)

Nature of Business: Telecommunication and Other Services

Trade Classification: 46

Date of Appointment: July 6, 2005

Joint Administrators' Names and Address: Andrew Andronikou and
Ladislav Hornan (IP Nos 1253 and 2059), both of UHY Hacker
Young, St Alphage House, 2 Fore Street, London EC2Y 5DH

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


ALL-TRAVEL MARKETING: Members Pass Winding-up Resolutions
---------------------------------------------------------
The following written Resolutions of the Sole Members of the
All-Travel Marketing Support Services Limited (Company Number:
2591493) were passed, on 29 June 2005, as a Special Resolution
and as an Ordinary Resolution respectively:

"That the Companies be wound up voluntarily, and that Richard
Victor Yerburgh Setchim and Jonathan Michael Sisson, of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be
and are hereby appointed joint liquidators of the company for
the purposes of such winding-up, and any act required or
authorized under any enactment to be done by the Joint
Liquidators is to be done by all or any one or more of the
persons for the time being holding office."

S. Bort, for and on behalf of the Sole Member.

                            *   *   *

Previously named All-Travel Marketing and Support Services
Limited.  The company offers courier services.  Its registered
office is located at 141 Moorgate, London EC2M 6TX.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


ANT SCAFFOLDING: Falls into Liquidation
---------------------------------------
Company Name: Ant Scaffolding Limited

Company Registration Number: 04696965

Address of Registered Office: 9 The Crecent, Taunton, Somerset,
TA1 4EA

Court: Bristol District Registry

Date of Filing Petition: 2nd March 2005

No. of Matter-1139 of 2005

Date of Winding-up Order: 6 July 2005

Official Receiver's Address: 4th Floor, 100 Victoria Street,
Bristol, BS1 6BD


APOLLO DESPATCH: Members Decide to Wind up Firm
-----------------------------------------------
The following written Resolutions of the Sole Members of the
Apollo Despatch Limited (Company Number: 1376212) were passed,
on 29 June 2005, as a Special Resolution and as an Ordinary
Resolution respectively:

"That the Companies be wound up voluntarily, and that Richard
Victor Yerburgh Setchim and Jonathan Michael Sisson, of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be
and are hereby appointed Joint Liquidators of the company for
the purposes of such winding-up, and any act required or
authorized under any enactment to be done by the Joint
Liquidators is to be done by all or any one or more of the
persons for the time being holding office."

S. Bort, for and on behalf of the Sole Member

                            *   *   *

The company offers Courier Services.  Its registered office is
located at 141 Moorgate, London EC2M 6TX

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


APPEAREARLY LIMITED: Shareholders Vote in Favor of Liquidation
--------------------------------------------------------------
At an Extraordinary General Meeting of Appearearly Limited held
at Cottons Centre, Hay's Lane, London SE1 2QE, on 30 June 2005,
the following Resolution was duly passed as an Extraordinary
Resolution:

"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
George Ronald Kennedy, of Knollys House, 11 Byward Street,
London EC3R 5EN, Solicitor, be and he is hereby appointed
Liquidator for the purposes of such winding-up."


A & R METAL: Calls in Liquidators
---------------------------------
At an Extraordinary General Meeting of the Members of A & R
Metal Finishers Ltd., duly convened, and held at Express By
Holiday Inn NEC, Bickenhill Parkway, Birmingham, West Midlands
B40 1QA, 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
Lisa Hogg and David Field, of Wilson Field, The Annexe, The
Manor House, 260 Ecclesall Road South, Sheffield S11 9UZ, be and
are hereby appointed Joint Liquidators for the purposes of such
winding-up."

R Atkins, Director

CONTACT:  WILSON FIELD
          The Annexe
          The Manor House
          260 Ecclesall Road South
          Sheffield
          South Yorkshire S11 9UZ
          Phone: 0114 235 6780
          Fax: 0114 262 0661


ASHLEY COURT: Goes into Liquidation
-----------------------------------
Company Name: Ashley Court Hotel Limited

Company Registration Number: 04929636

Address of Registered Office-63 Ashley Hill, Bristol, BS7 9BE

Court: Bristol District Registry

Date of Filing Petition: 1 June 2005

No. of Matter-82 of 2005

Date of Winding-up Order: 7 July 2005

Official Receiver's Address: 4th Floor, 100 Victoria Street,
Bristol, BS1 6BD


AULT FOODS: Administrator from Smith & Williamson Moves in
----------------------------------------------------------
Name of company: AULT FOODS (UK) LIMITED
                 (Company No 02402889)

Nature of Business: Wholesale of Dairy Produce

Trade Classification: 5133-Wholesale of Dairy Produce

Date of Appointment: May 19, 2005

Joint Administrator's Name and Address: Stephen Robert Cork (IP
No 8627), Smith & Williamson Limited, Bartlett House, 9-12
Basinghall Street, London EC2V 5NS

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


BEXLEYWAY LIMITED: Hires Joint Administrators from PKF
------------------------------------------------------
Name of company: BEXLEYWAY LIMITED
                 (Company No 04758895)

Nature of Business: Hire and Repair of Audio Visual Equipment

Address of Registered Office: Knowle House, 4 Norfolk Park Road,
Sheffield S2 3QE

Date of Appointment: July 1, 2005

Joint Administrators' Names and Address: William Duncan and Ian
C. Schofield (IP Nos 006440 and 002641), both of PKF UK LLP,
Knowle House, 4 Norfolk Park Road, Sheffield S2 3QE

CONTACT:  PKF
          Knowle House
          4 Norfolk Park Road
          Sheffield
          South Yorkshire S2 3QE
          Phone: 0114 276 7991
          Fax: 0114 275 3538


BURSCOUGH REWINDS: Appoints Liquidators from PKF
------------------------------------------------
At an Extraordinary General Meeting of the members of Burscough
Rewinds Limited, duly convened, and held at PKF (UK) LLP,
Sovereign House, Queen Street, Manchester M2 5HR, 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
Kerry Bailey and Jonathan D Newell, of PKF (UK) LLP, Sovereign
House, Queen Street, Manchester M2 5HR, be and they are hereby
appointed Joint Liquidators for the purposes of such winding-up
and that they are empowered to act jointly and severally in all
matters."

CONTACT:  PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


CITY MOTORCYCLES: Court Accepts Winding-up Petition
---------------------------------------------------
Company Name: City Motorcycles Limited

Trading Name: City Motorcycles Limited

Company Registration Number: 03621483

Address of Registered Office: 30-31 St James Place,
Mangotsfield, Bristol, S Glos, BS16 9JB

Court: Bristol District Registry

Date of Filing Petition: 18 April 2005

No. of Matter: 1869 of 2005

Date of Winding-up Order: 6 July 2005

Official Receiver's Address: 4th Floor, 100 Victoria Street,
Bristol, BS1 6BD


COLLINS & AIKMAN: Puts European Units Under Administration
----------------------------------------------------------
Collins & Aikman Corporation's (OTC: CKCRQ) European companies
have obtained a "group wide" Administration order pursuant to
the jurisdiction of the English High Court in London.  Simon
Appell and Alastair Beveridge, amongst others, of Kroll UK have
been appointed joint administrators of each of the companies.
The companies included in the filing are located in the U.K.,
Austria, Belgium, Czech Republic, Italy, Germany, Luxembourg,
Netherlands, Spain and Sweden and have approximately 4,000
employees in 24 facilities.  Collins & Aikman's European
operations are expected to continue in the normal course of
business without interruption while the Administrators assess
appropriate options.

"Over the past two months, we have discussed a number of
alternatives with all of our constituents, including our major
customers, in an effort to fashion a permanent solution to our
liquidity and balance sheet issues across Europe," Commenting on
the Administration, John R. Boken, Chief Restructuring Officer,
said.  "In the absence of a permanent solution acceptable to all
parties, it became evident that applying to the English Court
for a group wide Administration order would be the best course
of action to maximize value for both our European and U.S.
creditors."

Mr. Boken added, "These actions will not impact our ongoing
reorganization efforts in the United States.  Furthermore, the
Company's operations in Canada, Mexico and Brazil are
unaffected."

The consolidated Administration in Europe follows Collins &
Aikman's May 17, 2005, Chapter 11 reorganization filing which
covered substantially all of its subsidiaries in the United
States.  Applying for Administration Orders was concluded to be
in the best interests of creditors, employees, customers and
suppliers.  The Administration Orders are expected to protect
the businesses while the Administrators review the available
options for the companies' operations, which is likely to
include going concern sales of some or all of the European
businesses.

Mr. Appell, Joint Administrator, commenting upon the
appointment, said: "Administration is a rescue-oriented
procedure and will provide the best framework to consider all
the options for the businesses.  In conjunction with the
Administration, we have arranged financing allowing us to
continue Collins & Aikman's European operations in the normal
course.  Among our key objectives are minimizing disruption and
protecting the inherent value in the business for the benefit of
creditors and stakeholders."

Additional information regarding the European group wide
Administration will be available at
http://www.collinsaikmaneurope.com/and information regarding
the Chapter 11 reorganization is available at
http://www.collinsaikman.com,or by calling the Company's toll-
free Reorganization Information Line at 1-866-795-7641 or for
international callers +1 310-432-4170.

Headquartered in Troy, Michigan, Collins & Aikman Corporation --
http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a
leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total debt.

CONTACT:  COLLINS & AIKMAN EUROPE
          Automotive Holding GmbH
          Kruetzpoort 16
          47804 Krefeld
          Germany
          Phone: +49 2151 36336-0
          Fax: +49 2151 36336-99
          E-mail: sekretariat.krefeld@colaik.com


COLLINS & AIKMAN: WL Ross to Fund U.K. Units in Administration
--------------------------------------------------------------
WL Ross & Co. LLC provided a loan to the U.K. affiliates of
Collins & Aikman Corporation.  WL Ross is also preparing to
provide additional financing to the other European subsidiaries
under Administration in the U.K.

Collins & Aikman disclosed that its European subsidiaries,
including the U.K. affiliates to which WL Ross has provided this
loan, had obtained an Administration order pursuant to the
jurisdiction of the English High Court in London.  Proceeds from
the loan are expected to be used to fund working capital
requirements and general corporate purposes during
Administration.

WL Ross is a substantial holder of Collins and Aikman bank debt
and looks forward to working with other holders to bring the
company out of bankruptcy quickly and was pleased to accommodate
the immediate cash needs of its U.K. affiliates.  WL Ross
expects to work closely with Kroll Zolfo Cooper's initial
efforts to stabilize the company in order to restore Collins &
Aikman to its well-deserved and important position as a leading
auto parts manufacturer and to strengthen its long-term
relationships with automobile manufacturers around the world.

WL Ross has sponsored more than $4 billion of private
investments since its founding in 2000, most notably
International Steel Group, International Textile Group, and
International Coal Group.

Headquartered in Troy, Michigan, Collins & Aikman Corporation --
http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a
leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total debt.

CONTACT:  COLLINS & AIKMAN EUROPE
          Automotive Holding GmbH
          Kruetzpoort 16
          47804 Krefeld
          Germany
          Phone: +49 2151 36336-0
          Fax: +49 2151 36336-99
          E-mail: sekretariat.krefeld@colaik.com


COMMON TIDE: Calls in Liquidator
--------------------------------
We, the undersigned, being all the Members of the Common Tide
Limited Company for the time being entitled to receive notice
of, and to attend and vote at, General Meetings of the Company,
hereby pass the following Resolutions pursuant to section 381A
and Schedule 15A of the Companies Act 1985 (as amended by the
Companies Act 1989) and the Deregulation (Resolutions of Private
Companies) Order 1996, and agree that the said Resolutions
shall, for all purposes, be as valid and effective as if passed
as Special Resolutions at a General Meeting of the Company duly
convened and held:

"That Company be wound up voluntarily under the provisions of
the Companies Act and that Kerry Bailey of PKF, Sovereign House,
Queen Street, Manchester M2 5HR, be appointed Liquidator for the
purpose of such winding-up, that a draft agreement appended to
these written Resolutions to be made between (1) the Company
acting by the Liquidator and (2) Trenslo Holdings Limited be
approved, and that the Liquidator be authorized pursuant to the
Insolvency Act 1986, section 110, on behalf of the Company, to
enter into and carry into effect an agreement in the form
appended, and that a draft agreement appended to these written
Resolutions to be made between (1) the Company acting by the
Liquidator and (2) Quality Management Holdings Limited be
approved, and that the Liquidator be authorized pursuant to the
Insolvency Act 1986, section 110, on behalf of the Company, to
enter into and carry into effect an agreement in the form
appended."

Trustees of Berrydata, Executive Pension Scheme

A. R. H. Meier

Trustees of No. 5 Discretionary Settlement
Trustees of No. 1 Discretionary Settlement
Trustees of No. 7 Discretionary Settlement
Trustees of No. 6 Discretionary Settlement

CONTACT:  PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


C.T. PLASTICS: Hires Administrators from Tenon Recovery
-------------------------------------------------------
Name of company: C.T. PLASTICS LIMITED
                 (Company No 01886878)

Nature of Business: Manufacture of Plastic Products

Address of Registered Office: Salamandar Quay West, Park Lane,
Harefield, Uxbridge, Middlesex

Date of Appointment: July 11, 2005

Administrators' Names and Address: Simon Robert Thomas and
Trevor John Binyon (IP Nos 8920 and 9285), both of Tenon
Recovery, 73 Baker Street, London W1U 6RD

                            *   *   *

C. T. Plastics Ltd. manufactures injection moldings (plastic) &
injection mouldings (metal).

CONTACT:  C.T. PLASTICS LIMITED
          Unit 4 Stirling Business Pk
          Britannia Rd
          Waltham Cross
          Herts EN8 7NX
          United Kingdom
          Phone: (01992) 761093
          Fax: (01992) 761047

          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


DANKA BUSINESS: Outsourcing U.S. IT Business to Cut Cost
--------------------------------------------------------
Danka Business Systems plc has disclosed a five-year agreement
in which Danka Business Systems will outsource the balance of
its U.S. information technology (IT) operations to MCI.

As Danka's primary technology provider, MCI will manage all of
Danka's core network services, including its IT operations and
applications support, Wide Area Network, Local Area Network, IP
services, servers, desktops and phone systems, as well as
oversee Danka's network of ancillary technology vendors and
partners.

As part of this US$70 million (EUR57.91 million) agreement,
Danka will transition more than 60 employees to MCI and its
application support provider, Titan Technology Partners.  Danka
expects to generate substantial yearly savings once the
agreement is fully implemented, enabling Danka to drive
productivity and enable further growth of its business.

Todd Mavis, Danka's chief executive officer, said: "This
agreement with MCI is another step forward in our Vision 21
program to reduce our costs and improve our business practices.
MCI is providing a fully managed, integrated IP-based IT
infrastructure, scalable to our current and future needs which
will enable us to elevate our IT environment.

"At the same time, we are able to substantially reduce our IT
costs.  We view MCI as a world-class technology company and this
new agreement builds on an existing relationship under which we
provide services to them."

Wayne Huyard, president of MCI U.S. Sales and Service, said:
"Providing MCI's Managed Services expertise to meet Danka's
advanced IP requirements, we were able to showcase our complete
portfolio of services, from the desktop to the network.

"As Danka's network and systems integrator, we will deliver
best-in-class IT processes and resources to create an operating
model where MCI manages a continuum of technology service across
multiple technology vendors."

                            *   *   *

Danka Business Systems plc recently entered into an agreement to
sell the shares of its Canadian business unit, Danka Canada
Inc., to Pitney Bowes of Canada, Ltd., a subsidiary of Pitney
Bowes Inc., for a purchase price of US$14 million (EUR11.76
million) in cash.

For the full year, Danka reported turnover of GBP668.2 million
and operating losses of GBP22.8 million excluding exceptional
items.  Danka's fourth quarter turnover was GBP158.6 million and
operating losses were GBP27.1 million excluding exceptional
items.  The results include a GBP9.4 million provision for U.S.
trade debtors in the fourth quarter.  Including the exceptional
restructuring charges of GBP5.1 million and GBP4.0 million, the
Group reported operating losses of GBP27.9 million for the full
year and GBP31.0 million for the fourth quarter respectively.

CONTACT:  DANKA BUSINESS SYSTEMS PLC
          1230 Arlington Business Park
          Theale
          West Berkshire RG7 4TX, United Kingdom
          Phone: +44-118-903-2163
          Web site: http://www.danka.com

          MCI, INC.
          Janet Brumfield, Public Relations
          Phone: 001 614 723 1060

          WEBER SHANDWICK SQUARE MILE
          Mike Kirk / Helen Thomas
          Phone: 020 7067 0700


DRINDELL LIMITED: Courier Succumbs to Liquidation
-------------------------------------------------
At an Extraordinary General Meeting of the Members of Drindell
Limited ((formerly Alleysafe Limited), duly convened, and held
at 2A Rumney Road West, Kirkdale, Liverpool L4 1RR, on 12 July
2005, at 3:00 p.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 same, and
accordingly that the Company be wound up voluntarily, and that
Ashok K Bhardwaj, of 47-49 Green Lane, Northwood, Middlesex HA6
3AE, be and is hereby nominated Liquidator for the purpose of
the winding-up."

D L Keen, Director

                            *   *   *

Creditors of the Company are required, on or before 2 September
2005, to send their names and addresses, with particulars of
their debt or claims, and the names and addresses of their
Solicitors (if any), to the undersigned, Ashok K Bhardwaj, of
47-49 Green Lane, Northwood, Middlesex HA6 3AE, the Liquidator
of the said Company, and, if so required by notice in writing by
the said Liquidator, are, by their Solicitors or personally, to
come and prove their said debt or claims at such time and place
as shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debt are proved.

A K Bhardwaj, Liquidator

CONTACT:  BHARDWAJ
          47-49 Green Lane
          Northwood
          Middlesex HA6 3AE
          Phone: 01923 820966
          Fax: 01923 835311
          E-mail: info@bhardwaj.co.uk


EMI GROUP: Forming Joint Venture with Mexico's Televisa
-------------------------------------------------------
EMI Group plc and Grupo Televisa are combining their respective
strengths in music, distribution and media to enter into a major
new partnership, which will include the formation of a new joint
venture record company in Mexico (Televisa EMI Music), and
Televisa's participation in EMI's U.S. Latin operations,
effective September 1 (EMI Televisa Music).

New Joint Venture in Mexico: Televisa EMI Music

Televisa and EMI will establish a new 50/50 joint venture record
company, Televisa EMI Music, which will develop and market music
from stars of Televisa's popular telenovela programs, such as
"Rebelde," "Complices al Rescate" and other properties, as well
as produce TV advertised compilation albums which will be
manufactured and distributed by EMI's current infrastructure.

EMI is contributing to Televisa EMI Music a working capital
facility, as well as licensing various television-advertised
compilations and other artist releases while Televisa will
provide a specific portion of Televisa EMI Music's media
support.  In addition, Televisa EMI Music will also pursue deals
with and develop recording artists in Mexico, a music market
that the IFPI valued at US$360 million in 2004, up 9% from the
prior year.

EMI Music will maintain EMI Music Mexico's existing operations
separate from Televisa EMI Music, whose roster includes top-
selling acts such as Aleks Syntek, RBD, Fey, El Gran Silencio,
Plastilina Mosh, and Lucero, but will participate with Televisa
EMI Music in certain specific projects.

Televisa Teams with EMI Music in U.S. Latin Market

In a move aimed at capitalizing on the growing U.S. Latin
market, Televisa will partner in the existing Miami-based EMI
Music U.S. Latin operations, which will be renamed EMI Televisa
Music and includes artists such as Thalia, Intocable,
AB Quintanilla & Kumbia Kings, and Vico C, among others.
Televisa will contribute significant media support to artists
and products.

Both ventures -- Televisa EMI Music in Mexico, and EMI Televisa
Music in the U.S. -- will be headed by Rodolfo Lopez-Negrete,
who is currently Director of Televisa Music.  He will report
jointly to Marco Bissi, President and CEO, EMI Music Latin
America, and Javier Prado, General Director of Televisa
Entertainment.

EMI Music Chairman & CEO Alain Levy said: "Developing local
artists and music from all regions is central to EMI Music's
strategy.  By partnering with the largest media company in the
Latin market, we will further develop our already strong artist
base, drive growth and generate significant new revenue streams
in our Latin American and US Latin businesses.

"We are looking forward to combining our knowledge of the music
market with Televisa's experience and direct connection to
consumers and powerful reach to grow our share significantly in
the Latin market over the coming years."

Grupo Televisa's Chairman and CEO Emilio Azcarraga Jean said:
"Televisa is delighted to reenter the music business through
this partnership with EMI, one of the biggest record companies
in the world.  This partnership fits with Televisa's strategy to
look for new opportunities in the US Latin Market and will
enrich Televisa's sources for content while leveraging its
different media platforms.

"We are looking forward to partnering our resources with EMI's
strength, experience, vast distribution network and
infrastructure in the music business, which will undoubtedly
contribute to Televisa's expansion and consolidation in Latin
America."

About Televisa

Grupo Televisa, S.A. is the largest media company in the
Spanish-speaking world, and a major participant in the
international entertainment business.  It has interests in
television production and broadcasting, production of pay
television networks, international distribution of television
programming, direct-to-home satellite services, publishing and
publishing distribution, cable television, radio production and
broadcasting, professional sports and live entertainment,
feature film production and distribution, and the operation of a
horizontal Internet portal.

Grupo Televisa also owns an unconsolidated equity stake in
Univision, the leading Spanish-language media company in the
United States.

About EMI Music

EMI Music is a division of London Stock Exchange-listed EMI
Group plc. EMI Music operates directly in 50 countries with
licensing agreements in a further 20, representing more than
1,000 artists spanning all musical tastes and genres.

CONTACT:  EMI GROUP PLC
          27 Wrights Ln.
          London W8 5SW,
          United Kingdom
          Phone: +44-20-7795-7000
          Fax: +44-20-7795-7296
          Web site: http://www.emigroup.com

          GRUPO TELEVISA
          Manuel Compean, Corporate Communications
          Phone: +52.55.5728.3815

          Michel Boyance, Investor Relations
          Phone: +52.55.5261.2445
          Alejandro Eguiluz, Investor Relations
          Phone: +52.55.5261.2445


ENTERPRISE BUSINESS: Shareholders Decide to Wind up Business
------------------------------------------------------------
At an Extraordinary General Meeting of Enterprise Business
Limited (trading as Chanz Restaurant), duly convened, and held
at No 1 St Swithin Street, Worcester WR1 2PY, 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
Neil Francis Hickling, of Smith & Williamson Limited, No 1 St
Swithin Street, Worcester WR1 2PY, be and is hereby appointed
Liquidator for the purposes of such winding-up."

At a subsequent Meeting of Creditors held on 8 July 2005, at No
1 St Swithin Street, Worcester WR1 2PY, the appointment of Neil
Francis Hickling was confirmed by the Creditors.

H G Chan, Chairman

                            *   *   *

Creditors of the Company are required, on or before 22 August
2005, to send in their forenames and surnames, their addresses
and descriptions, full particulars of their debt or claims, and
the names and addresses of their Solicitors (if any), to Neil
Francis Hickling, of Smith & Williamson Limited, No 1 St Swithin
Street, Worcester WR1 2PY, the Liquidator of the said Company,
and, if so required by notice in writing from the said
Liquidator, are, personally or by their Solicitors, to come in
and prove their debt or claims at such time and place as shall
be specified in such notice, or in default thereof, they will be
excluded from the benefit of any distribution made before such
debt are proved.

CONTACT:  SMITH & WILLIAMSON
          1 St Swithin Street
          Worcester
          Worcestershire WR1 2PY
          Phone: 01905 730100
          Fax: 01905 723502
          E-mail: nfh@smith.williamson.co.uk


FINEDON MILL: Appoints Administrators from Baker Tilly
------------------------------------------------------
Name of company: FINEDON MILL LIMITED
                 (Company No 02835083)

Nature of Business: Milling and Supply of Flour

Trade Classification: 04

Date of Appointment: July 12, 2005

Joint Administrators' Names and Address: Andrew Martin Sheridan
and Cedric Marsden Clapp (IP Nos 008839 and 005614), both of
Baker Tilly, 1 Georges Square, Bristol BS1 6BP

CONTACT:  FINEDON MILL LTD.
          5 Bevan Close, Finedon Industrial Estate
          Wellingborough Northants NN8 4BL
          Phone: 01933 225711
          Fax: 01933 443513

          BAKER TILLY
          1 Georges Square
          Bristol BS1 6BP
          Phone: 0117 945 2000
          Fax: 0117 945 2001
          Web site: http://www.bakertilley.co.uk


GENERAL RE (LONDON): Appoints Ernst & Young Liquidator
------------------------------------------------------
At an extraordinary general meeting of General Re (London) held
at The Corn Exchange, 55 Mark Lane, London EC3R 7NE, on 13 July
2005, the following Special Resolutions were duly passed:

"That the Company be wound up voluntarily, and that Elizabeth
Anne Bingham and Patrick Joseph Brazzill, of Ernst & Young LLP,
1 More London Place, London SE1 2AF, be and they are hereby
appointed Joint Liquidators for the purposes of such winding-up
and any power conferred on them by law or by this Resolution may
be exercised and any act required or authorized under any
enactment to be done by them may be done by them jointly or by
each alone."

P. Nance, Chairman

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


GLOMOCO LIMITED: Calls in Liquidators from PKF
----------------------------------------------
At an Extraordinary General Meeting of the Members of Glomoco
Limited, duly convened, and held at PKF (UK) LLP, 52 Mount
Pleasant, Liverpool L3 5UN, 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
Kerry Bailey and Jonathan D Newell, of PKF (UK) LLP, 52 Mount
Pleasant, Liverpool L3 5UN, be and they are hereby appointed
Joint Liquidators for the purposes of such winding-up, and that
they are empowered to act jointly and severally in all matters."

M R Lunch, Director

CONTACT:  PKF
          52 Mount Pleasant,
          Phone: 0151 7088232
          Fax: 0151 7088169
          E-mail: info.liverpool@uk.pkf.com
          Web site: http://www.pkf.co.uk


GOVANNON LIMITED: Food Retailer Goes into Liquidation
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of Govannon
Limited (trading as Penta UK), duly convened, and held at the
offices of UHY Hacker Young, St Alphage House, 2 Fore Street,
London EC2Y 5DH, 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
Andrew Andronikou and Ladislav Hornan be and they are hereby
appointed Joint Liquidators for the purposes of such winding-
up."

At the subsequent Meeting of Creditors held on 11 July 2005 at
11:00 a.m., at the same place, the Creditors confirmed the
appointment of Andrew Andronikou and Ladislav Hornan as Joint
Liquidators.

D F Carter, Chairman

                            *   *   *

Creditors of the Company are required, on or before 11 September
2005, to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debt or
claims, and the names and addresses of their Solicitors (if
any), to the undersigned, Andrew Andronikou, of UHY Hacker
Young, St Alphage House, 2 Fore Street, London EC2Y 5DH, the
Joint Liquidator of the said Company, and, if so required by
notice in writing from the said Joint Liquidator, are,
personally or by their Solicitors, to come in and prove their
debt or claims at such time and place as shall be specified in
such notice, or in default thereof, they will be excluded from
the benefit of any distribution.

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


HALLAMTECHNIC LIMITED: Hires PKF as Administrator
-------------------------------------------------
Name of company: HALLAMTECHNIC LIMITED
                 (Company No 01550642)

Nature of Business: Hire and Repair of Audio Visual Equipment

Address of Registered Office: Knowle House, 4 Norfolk Park Road,
Sheffield S2 3QE

Date of Appointment: July 1, 2005

Joint Administrators' Names and Address: Wiliam Duncan and Ian
C. Schofield (IP Nos 006440 and 002641), both of PKF UK LLP,
Knowle House, 4 Norfolk Park Road, Sheffield S2 3QE

                            *   *   *

Hallamtechnic is a specialist in the audiovisual and I.T.
presentation business, providing reliable and economic solutions
for all kinds of organization.  Visit
http://www.hallamtechnic.co.ukfor more information.

CONTACT:  HALLAMTECHNIC LTD.
          Waverley House
          Effingham Road
          Sheffield S4 7YR
          South Yorkshire
          Phone: 0114 275 4546
          Fax: 0114 275 1918

          PKF
          Knowle House
          4 Norfolk Park Road
          Sheffield
          South Yorkshire S2 3QE
          Phone: 0114 276 7991
          Fax: 0114 275 3538


H & B ELECTRICAL: Owners Decide to Liquidate Firm
-------------------------------------------------
At an Extraordinary General Meeting of the Members of H & B
Electrical Services Limited, duly convened, and held at the
Express Holiday Inn, Upper Harbledown, Canterbury CT2 9HX, on 12
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
Zafar Iqbal, of Cooper Young, Kirkdale House, Kirkdale Road,
London E11 1HP, be and he is hereby nominated Liquidator for the
purposes of the winding-up."

R Holbrook, Chairman

                            *   *   *

H & B is into electrical and structural steelworks.


HIT ENTERTAINMENT: S&P Junks Proposed US$172 Mln Sr. Sub. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to HIT Entertainment Ltd. (the holding company)
and its U.S.-based operating subsidiary HIT Entertainment Inc.

At the same time, Standard & Poor's assigned its 'B' bank loan
rating and a recovery rating of '3' to HIT's $453 million credit
facilities.  The recovery rating of '3' indicates an expectation
of meaningful (50%-80%) recovery of principal in the event of a
payment default.  The proposed credit facility consists of a $77
million revolving credit facility due 2011 and a $376 million
term loan B due 2012.

A 'CCC+' rating was also assigned to HIT's proposed $172 million
senior subordinated notes due 2013.  The outlook is negative.
Pro forma for the transaction, total debt outstanding at April
30, 2005, was $305 million.

"The ratings reflect HIT's significant content distribution risk
relating to its broadcast partners, and its narrow base of
operation, mature and competitive industry with limited internal
growth prospects, and aggressive financial policy," said
Standard & Poor's credit analyst Andy Liu.  These factors are
only partially offset by the company's strong brand properties.

HIT is a preschool children's programming and entertainment
company.  Its portfolio of properties includes Bob the Builder,
Thomas the Tank Engine, Barney the Dinosaur, Angelina Ballerina,
Pingu, Guiness World Records, and others.  The company's
programming is broadcast by the Public Broadcasting Service and
will start in the fall on Sprout, a digital-tier preschool
children's channel being launched by Comcast Corp.
(BBB+/Stable/A-2) (40% equity stake), HIT (30%), PBS (15%), and
Sesame Workshop (15%).

For the most part, HIT is not compensated by its broadcast
partners, but the broadcast of its programs generates demand for
home entertainment videos and license fees for toys sold by
outside entities responsible for the manufacturing process.
These two revenue sources account for more than 85% of the
company's revenues.

Content distribution represents a significant risk for the
company.  Any adverse programming decision by a channel
operator, such as shifting program showtimes or reducing
showings per week, can have a material negative effect.  HIT's
long-term contract with PBS (covering Bob the Builder, Barney
the Dinosaur, and Thomas the Tank Engine) and the launch of
Sprout should ensure the continued distribution of the company's
programs in the U.S., but any changes in programming philosophy
by broadcast partners could still have a material impact on HIT.

The outlook is negative.  The company's revenues had been under
pressure because of the absence of Bob the Builder toys and
programs in the U.S.  Although Bob the Builder is now carried on
PBS and new toy lines soon will commence shipping, it is
uncertain that these actions will be sufficient to achieve a
recovery.  If the negative revenue trend continues and
eventually pressures liquidity, ratings could be lowered.  On
the other hand, if these operational changes are successful in
reversing negative trends, the outlook could be revised to
stable, but we currently view this as a longer term scenario.

CONTACT:  STANDARD & POOR'S
          Web site: http://www2.standardandpoors.com/


ICS CORPORATION: Members Decide to Wind up Firm
-----------------------------------------------
The following written Resolutions of the Sole Members of The ICS
Corporation Limited (Company Number: 2049286) were passed, on 29
June 2005, as a Special Resolution and as an Ordinary Resolution
respectively:

"That the Companies be wound up voluntarily, and that Richard
Victor Yerburgh Setchim and Jonathan Michael Sisson, of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be
and are hereby appointed Joint Liquidators of the company for
the purposes of such winding-up, and any act required or
authorized under any enactment to be done by the Joint
Liquidators is to be done by all or any one or more of the
persons for the time being holding office."

S. Bort, for and on behalf of the Sole Member

                            *   *   *

The company offers courier services.  Its registered office is
located at 141 Moorgate, London EC2M 6TX.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


ICS (MANAGEMENT SERVICES): Calls in PwC Liquidator
--------------------------------------------------
The following written Resolutions of the Sole Members of the ICS
(Management Services) Limited (Company Number: 1712715) were
passed, on 29 June 2005, as a Special Resolution and as an
Ordinary Resolution respectively:

"That the Companies be wound up voluntarily, and that Richard
Victor Yerburgh Setchim and Jonathan Michael Sisson, of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be
and are hereby appointed Joint Liquidators of the company for
the purposes of such winding-up, and any act required or
authorized under any enactment to be done by the Joint
Liquidators is to be done by all or any one or more of the
persons for the time being holding office."

S. Bort, for and on behalf of the Sole Member

                            *   *   *

The company offers provision of distributive and administration
services.  Its registered office is located at 141 Moorgate,
London EC2M 6TX.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


INSURED IT: Bristol Court Orders Liquidation
--------------------------------------------
Company Name: Insured IT Limited

Company Registration Number: 04502994

Address of Registered Office: Sundown House, 3 Meadow Rise,
Coulsdon, Surrey, CR5 2EH

Court: Birmingham District Registry

Date of Filing Petition: 19 March 2005

No. of Matter: 2275 of 2005

Date of Winding-up Order: 4 July 2005

Official Receiver's Address: 6th Floor, Sunley House, Bedford
Park, Croydon, CR9 1TX


INTER-SELECTION GROUP: Hires Liquidators from PwC
-------------------------------------------------
The following written Resolutions of the Sole Members of the
Inter-Selection Group (Holdings) Limited (Company Number:
2523687) were passed, on 29 June 2005, as a Special Resolution
and as an Ordinary Resolution respectively:
"That the Companies be wound up voluntarily, and that Richard
Victor Yerburgh Setchim and Jonathan Michael Sisson, of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be
and are hereby appointed Joint Liquidators of the company for
the purposes of such winding-up, and any act required or
authorized under any enactment to be done by the Joint
Liquidators is to be done by all or any one or more of the
persons for the time being holding office."

S. Bort, for and on behalf of the Sole Member

                            *   *   *

The company was previously named Bonuslogic Limited.  It offers
provision of temporary and permanent staff.  Its registered
office is located at 141 Moorgate, London EC2M 6TX.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


INTERSOFT ENTERTAINMENT: In Voluntary Liquidation
-------------------------------------------------
By written Resolution of all the Members of software distributor
Intersoft Entertainment, the following Resolutions were duly
passed on 11 July 2005, 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."

R Mirza

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


ITALIANO COFFEE: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of Italiano Coffee Company
(UK) Limited, duly convened, and held at 60-62 High Street,
Harpenden, Hertfordshire AL5 2SP, on 12 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
Anthony David Kent, of Maidment Judd, 60-62 High Street,
Harpenden, Hertfordshire AL5 2SP, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

A Kamel, Chairman

CONTACT:  MAIDMENT JUDD
          60/62 High Street
          Harpenden
          Hertfordshire AL5 2SP
          Phone: 01582 469700
          Fax: 01582 460674
          E-mail: akent@maidmentjudd.co.uk


JDAY CONSTRUCTION: Appoints DTE Leonard Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of Jday Construction
Limited, duly convened, and held at DTE Leonard Curtis, DTE
House, Hollins Mount, Bury BL9 8AT, on 24 June 2005, the
following Extraordinary Resolution was passed:

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

J Yiasoumis, 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


JFT MEDIA: Falls into Liquidation
---------------------------------
At an Extraordinary General Meeting of JFT Media Limited, duly
convened, and held at Geoffrey Martin & Co, 7-8 Conduit Street,
London W1S 2XF, on 28 June 2005, the following Resolutions were
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 the Company be wound up voluntarily, and
that Stephen Goderski, of the firm of Geoffrey Martin & Co, 7-8
Conduit Street, London W1S 2XF, be and is appointed as
Liquidator of the Company."

J Maskell, Director

CONTACT:  GEOFFREY MARTIN & CO.
          7-8 Conduit Street
          London W1S 2XF
          Phone: 020 7495 1100
          Fax: 020 7495 1144
          E-mail: stephen.goderski@geoffreymartin.co.uk


KOLOR-FAST: In Voluntary Liquidation
------------------------------------
At an Extraordinary General Meeting of the Members of Kolor-
Fast-UK Limited, duly convened, and held at The Scotch Corner
Hotel, Junction A1/A66, Richmond, North Yorkshire DL10 6NR, on 5
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
Jonathan Sinclair, of Sinclair Harris, 46 Vivian Avenue, Hendon
Central, London NW4 3XP, be and he is hereby Liquidator for the
purposes of the winding-up."

T J Draper, Chairman


KUCHEN STUDIO: Members Opt for Liquidation
------------------------------------------
At an Extraordinary General Meeting of Kuchen Studio Limited,
duly convened, and held at the offices of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, on Thursday 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 the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, that
Robert Valentine and Mark Reynolds, of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, be appointed
Joint Liquidators of the Company for the purposes of the
voluntary winding-up, and that the Joint Liquidators be
authorized to act jointly and severally in the liquidation."

A J Dean, Chairman

                            *   *   *

Kuchen Studio retails and installs quality fitted kitchens.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


LUMINAR PLC: Sale of Enterprise Unit Cuts Debt by GBP28 Million
---------------------------------------------------------------
At the Annual General Meeting of Luminar plc, Chairman Keith
Hamill said: "For the first four months of the year to the end
of June 2005, the Company performed broadly in line with its
plans.  Like-for-like sales for the same period were neutral.
In view of the continuing difficult market environment, the
Board is adopting a cautious outlook on future trading.

"The Company has been conducting a strategic review of the
Entertainment Division and, as has previously been announced,
has received a number of approaches over its possible sale.
None of these approaches has so far led to proposals that, it is
considered, are likely to realize an acceptable value for the
Division.  In view of the time that has passed since the start
of this process, it has been decided to take action to protect
the value of this business.

"The Division will be ring fenced with its own management
structure and David Crabtree, former Operations Director of
Yates, has been appointed as Managing Director of the
Entertainment Division.  This arrangement will enable the
Company's management to focus on the execution of the Company's
branded dancing strategy.

"The acceleration of the Company's branded strategy continues to
make progress: one new Oceana and six new Lava and Ignite venues
will have opened before the half year.  The target for the full
year is a further two Oceanas, five Liquids and five Lava and
Ignite venues.

"The Company's net debt position was further reduced by the sale
of the Enterprise Division to a management team, which was
announced on 13 June 2005.  As at the date of this announcement,
net debt is GBP130 million (year end 2005 GBP158 million).  The
Company is continuing to maximize returns from the sale of
properties that do not form part of its branded strategy.  A
further seven properties will be sold at auction with
permissions for alternative uses in the autumn.  The sale and
leaseback for GBP17 million announced in the preliminary results
is also close to completion.

"The ongoing improvement in the debt position, combined with
strong cash generation and stable trading in its core brands,
provides a strong platform for progressing the Company's
strategy and delivering shareholder value."

CONTACT:  LUMINAR PLC
          Registered Office
          41 King Street
          Luton
          Bedfordshire
          United Kingdom
          LU1 2DW
          Phone: +44 1582 589 400
          Fax: +44 1582 589 667
          Web site: http://www.luminar.co.uk

          COLLEGE HILL
          Matthew Smallwood
          Alex Sandberg
          Phone: 020 7457 2020


LUPUS FASHIONS: High Court Accepts Winding-up Petition
------------------------------------------------------
Company Name: Lupus Fashions Ltd.

Company Registration Number: 01686591

Address of Registered Office: 7A Grosvenor Street, Chester, CH1
2DD

Court: High Court Of Justice

Date of Filing Petition: 16 May 2005

No. of Matter: 003174 of 2005

Date of Winding-up Order: 29 June 2005

Official Receiver's Address: Suite 5, 3rd Floor, Windsor House,
Pepper Street, Chester, CH1 1DF


MACKENZIE'S BAR: Bar and Restaurant Calls in Administrator
----------------------------------------------------------
Name of company: MACKENZIE'S BAR AND DINING ROOM LIMITED
                 (Company No 05006638)

Nature of Business: Bar and Restaurant

Address of Registered Office: Griffin Court, 201 Chapel Street,
Manchester M3 5EQ

Trade Classification: 48

Date of Appointment: July 13, 2005

Administrator's Name and Address: Jonathan Elman Avery-Gee (IP
No 001549), Kay Johnson Gee, Griffin Court, 201 Chapel Street,
Manchester M3 5EQ

                            *   *   *

The company offers superior casual gourmet menu with attentive
table service in a relaxed atmosphere.  The company started its
business on July 8, 2004.  Visit
http://www.mackenziesbaranddiningroom.com/for more information.

CONTACT:  MACKENZIE'S BAR AND DINING ROOM LIMITED
          5 The Citadel,
          Corporation Street
          Birmingham B4 6QD
          Phone: 0121 236 4009
          E-mail: enquiries@mackenziesbaranddiningroom.com

          KAY JOHNSON GEE
          Griffin Court
          201 Chapel Street
          Salford, Manchester
          Greater Manchester M3 5EQ
          Phone: 0161 832 6221
          Fax: 0161 834 8479


MARINE COMPUTING: Southampton Court Orders Winding-up
-----------------------------------------------------
Company Name: Marine Computing International Limited

Company Registration Number: 3811688

Address of Registered Office: Hamble Court, Hamble Lane, Hamble,
Southampton, Hampshire, SO31 4QJ

Court: Southampton

Date of Filing Petition: 4 April 2005

No. of Matter: 741 of 2005

Date of Winding-up Order: 25 May 2005

Official Receiver's Address: The Quay, 30 Channel Way,
Southampton, SO14 3QQ


MASQUERADE MUSIC: Goes into Liquidation
---------------------------------------
Company Name: Masquerade Music Limited

Company Registration Number: 02889377

Address of Registered Office: 43-51 Wembley Hill Road, Wembley,
Middlesex, HA9 8RT

Court: Bristol District Registry

Date of Filing Petition: 23 March 2005

No. of Matter: 1424 of 2005

Date of Winding-up Order: 29 June 2005

Official Receiver's Address: 21 Bloomsbury Street, London, WC1B
3SS


MCGARRIGLE & COMPANY: High Court Orders Liquidation
---------------------------------------------------
Company Name: Mcgarrigle & Company Ltd.

Company Registration Number: 03052551

Address of Registered Office: Imperial Chambers, Prince Albert
Street, Crewe, CW1 2DY

Court: High Court of Justice

Date of Filing Petition: 10 May 2005

No. of Matter: 003040 of 2005

Date of Winding-up Order: 29 June 2005

Official Receiver's Address: Suite 5, 3rd Floor, Windsor House,
Pepper Street, Chester, CH1 1DF


M & D TOYS: High Court Approves Liquidation
-------------------------------------------
Company Name: M & D Toys Limited

Company Registration Number: 04135443

Address of Registered Office: Elliot House, 109 George Lane,
South Woodford, London, E18 1AN

Court: High Court of Justice

Date of Filing Petition: 26 April 2005

No. of Matter: 002730 of 2005

Date of Winding-up Order: 15 June 2005

Official Receiver's Address: 4th Floor, Central House, 8
Clifftown Road, Southend-on-Sea, Essex, SS1 1AB


MR & MRS RAMESH: Liquidation Approved
-------------------------------------
Name of Partnership: Mr. & Mrs. Ramesh Patel

Address: Thornton Heath, Surrey, CR7 7HQ

Court: High Court of Justice

No. of Matter: 003106 of 2005

Date of Filing Petition: 11 May 2005

Date of Winding-up Order: 29 June 2005

These proceedings are related to these cases:

(a) High Court of Justice No. 003106 of 2005
    Re Ramesh Punambhai Patel.,

(b) In The High Court of Justice No. 4665 of 2005
    Re Ramesh Punambhai Patel,

(c) In The High Court of Justice No. 4666 of 2005


NETSHIFT SOFTWARE: Hires Joint Administrators from Stoy Hayward
---------------------------------------------------------------
Name of company: NETSHIFT SOFTWARE LIMITED
                 (Company No 03404142)

Nature of Business: Software Consultancy and Supply

Trade Classification: 36

Date of Appointment: July 12, 2005

Joint Administrators' Names and Addresses: Martha H. Thompson
(IP No 8678/01), of BDO Stoy Hayward LLP, Kings Wharf, 20-30
Kings Road, Reading, Berkshire RG1 3EX and Simon James Michaels
(IP No 8824/01), BDO Stoy Hayward LLP, 8 Baker Street, London
W1U 3LL.

                            *   *   *

NetShift was founded in 1996 and was backed by Shell Internet
Ventures.  Companies and organizations from a variety of
industries use its programs at some 50,000 sites in more than 70
countries.  NetShift also works with hardware providers such as
IBM, Fujitsu, and Wincor Nixdorf to offer complete kiosk units.
The company's Chairman and CEO is Nigel Seed.  Its COO is Tim
Daw while its CFO is Jeremy Brett.

CONTACT:  NETSHIFT SOFTWARE LIMITED
          Kennet Side
          Newbury, West Berkshire RG14 5PX,
          United Kingdom
          Phone: +44-1635-568-800
          Fax: +44-1635-568-850

          BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk

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


NORTH DERBYSHIRE: Members Pass Winding-up Resolutions
-----------------------------------------------------
At the extraordinary general meeting of the members of North
Derbyshire Doctors Limited held at Chesterfield Primary Care
Trust Headquarters, Scarsdale, Newbold Road, Chesterfield,
Derbyshire S41 7PF, on 8 July 2005, the following Resolutions
were passed, as a Special Resolution and as an Ordinary
Resolution respectively:
"That the Company be wound up voluntarily, and that Christopher
J. Brown and Andrew J. Maybery, of the firm of Hart Shaw, be and
are hereby appointed Joint Liquidators of the company for the
purposes of the voluntary winding-up."

D I Anderson, Chairman

CONTACT:  HART SHAW
          Europa Link
          Sheffield Business Park
          Sheffield S9 1XU
          Phone: 0114 251 8850 or 01709 362001
          Fax: 0114 251 8851 or 01709 368590
          E-mails: chris.brown@hartshaw.co.uk
                   andrew.maybery@hartshaw.co.uk


OFFICE INTERIOR: Aylesbury Court Okays Liquidation
--------------------------------------------------
Company Name: Office Interior Projects Ltd.

Company Registration Number: 03919780

Address of Registered Office: Astley House, Wallingford Road,
Uxbridge trading Estate, Uxbridge, Middlesex, HP14 3NH

Court: Aylesbury

Date of Filing Petition: 29 March 2005

No. of Matter: 12 of 2005

Date of Winding-up Order: 7 July 2005

Official Receiver's Address: 1st Floor, Trident House, 42-48
Victoria Street, St Albans, AL1 3HR


OLDER CARE: Appoints Liquidator
-------------------------------
At an Extraordinary General Meeting of Older Care Products
Limited, convened, and held at the offices of BN Jackson Norton,
14 Orchard Street, Bristol, on 13 June 2005, the following
Resolutions were passed, as an Extraordinary Resolution and as
an Ordinary Resolution respectively:

"That the Company cannot, by reason of its liabilities, continue
its business, and that the Company be wound up voluntarily, and
that Graham Lindsay Down, of BN Jackson Norton, 14 Orchard
Street, Bristol, be appointed as Liquidator of the Company for
the purpose of such winding-up."

H H Rees, Chairman

                            *   *   *

Older Care is formerly American Spas Limited.  It retails, and
repairs hot tubs.

CONTACT:  B N JACKSON NORTON
          14 Orchard Street
          Bristol
          Avon BS1 5EH
          Phone: 0117 905 5110
          Fax: 0117 905 5384
          E-mail: gdown@bnjn.com


ORIAN TECHNOLOGY: Members Decide to Wind up Firm
------------------------------------------------
At an Extraordinary General Meeting of the Members of Orian
Technology Limited, duly convened, and held at Ramside Hall
Hotel, Carrville, Durham DH1 1TD, on 6 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
David L Cockshott and Paul A Whitwam, of the firm of BWC
Business Solutions, 8 Park Place, Leeds LS1 2RU, be and are
hereby appointed as Joint Liquidators for the purposes of such
winding-up."

F Orbeck, Chairman

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


ORRELL COMMUNITY: EGM Decides on Liquidation
--------------------------------------------
At an Extraordinary General Meeting of Orrell Community
Initiatives, duly convened, and held at the offices of Parkin S.
Booth & Co, 44 Old Hall Street, Liverpool L3 9EB, on 12 July
2005, at 11:00 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
Paul J Fleming, of Parkin S. Booth & Co, 44 Old Hall Street,
Liverpool L3 9EB, be and he is hereby appointed Liquidator for
the purpose of such winding-up."

R Cannon, Director

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


OVERSEAS TEA: Hires Liquidator from Wilkins Kennedy
---------------------------------------------------
At the extraordinary general meeting of the members of Overseas
Tea Marketing Ltd. on July 5, 2005 held at Gladstone House, 77-
79 High Street, Egham, Surrey TW20 9HY, the following Special
Resolution was duly passed:
"That the Company be wound up and the company be placed in
Members Voluntary Liquidation."

D. G. Emkes, Director

CONTACT:  WILKINS KENNEDY
          Gladstone House, 77-79 High Street,
          Egham, Surrey TW20 9HY
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


PROMARK DEVELOPMENT: Creditors to Meet Late Next Month
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Promark Development Limited

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Meeting of the Creditors of Promark
Development Limited will be held at KPMG, Dukes Keep, Marsh
Lane, Southampton SO14 3EX, on August 26, 2005, at 11:30 a.m.
for the purposes of receiving the report of the Liquidators of
the winding-up and determining whether the Liquidators should
have their release under section 174 of the Insolvency Act 1986.
Proxy forms, if applicable, must be lodged at KPMG Corporate
Recovery, Dukes Keep, Marsh Lane, Southampton SO14 3EX, fax +44
(0) 23 8020 2003, not later than 12:00 noon on August 25, 2005.

S. Treharne, Joint Liquidator
July 12, 2005

CONTACT:  KPMG LLP
          Dukes Keep
          Marsh Lane
          Southampton SO14 3EX
          Phone: (023) 8020 2000
          Fax: (023) 8020 2001
          Web site: http://www.kmpg.co.uk


PURE GROUP: Final Meeting of Creditors Set Next Month
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF The Pure Group Limited

A Final Meeting of the Creditors of The Pure Group Limited has
been summoned by the Liquidator under section 146 of the
Insolvency Act 1986, for the purposes of considering these
resolutions:

(a) To accept the Liquidator's final report on the
    administration of the liquidation to date; and

(b) That the Liquidator should be granted his release from
    office under section 174 of the Insolvency Act 1986.

The Meeting will be held at HKM LLP, 73-75 Aston Road North,
Waterlinks, Birmingham B6 4DA, on 12 August 2005, at 11.00 am. A
proxy form must be lodged with me not later than 12:00 noon on
the day prior to the Meeting to entitle you to vote at the
Meeting, together with a proof of debt form if you have not
already lodged one.

J. P. W. Harlow, Liquidator

CONTACT:  HKM LLP
          73-75 Aston Road North
          Birmingham B6 4DA
          Phone: +44(0) 121 333 7300
          Fax: +44(0) 121 333 7301
          Web site: http://www.hkm.co.uk


R.D.C. CONTACTORS: Falls into Liquidation
-----------------------------------------
Company Name: R.D.C. Contactors Limited

Trading Name: R.D.C. Contractors Limited

Company Registration Number: 04535978

Address of Registered Office: Raglan Farm, Redhill, Near
Wrington, North Somerset, BS40 5TG

Court: Bristol District Registry

Date of Filing Petition: 9 May 2005

No. of Matter-2089 of 2005

Date of Winding-up Order: 6 July 2005

Official Receiver's Address: 4th Floor, 100 Victoria Street,
Bristol, BS1 6BD


ROBENDENE LIMITED: Calls in Administrators from Mazars
------------------------------------------------------
Name of company: ROBENDENE LIMITED
                 (Company No 01023988)

Nature of Business: Printing

Address of Registered Office: Grimsdells Lane, Amersham,
Buckinghamshire HP6 6HF

Trade Classification: 10

Date of Appointment: July 11, 2005

Administrator's Name and Address: Alistair Steven Wood (IP No
007929), Mazars LLP, Lancaster House, 67 Newhall Street,
Birmingham B3 1NG

                            *   *   *

Its managing director is Derek Blunden.

CONTACT:  ROBENDENE LTD.
          Grimsdells Lane
          Amersham HP6 6HF
          Buckinghamshire
          Phone: 01494 722255
          Fax: 01494 431320

          MAZARS
          Lancaster House
          67 Newhall Street
          Birmingham
          West Midlands B3 1NG
          Phone: 0121 236 7711
          Fax: 0121 236 2778


RUBY DIRECT: Liquidator Takes over Helm
---------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Ruby Direct Sales Limited

Notice is hereby given that Michael Francis Stevenson, of
Middleton Partners, 65 St. Edmunds Church Street, Salisbury,
Wiltshire SP1 1EF, was appointed Liquidator of Ruby Direct Sales
Limited with effect from June 28, 2005 following the Meeting of
Creditors and Contributories held on June 9, 2005.  All
Creditors are hereby invited to prove their debt by sending
details to me.

M. F. Stevenson, Liquidator

CONTACT:  MIDDLETON PARTNERS SALISBURY
          65 St. Edmunds Church Street,
          Salisbury SP1 1EF
          Phone: 01722 435190
          Fax: 01722 421102
          Web site: http://www.middletonpartnerssalisbury.co.uk


SECURE DESPATCH: Calls in Liquidator from PricewaterhouseCoopers
----------------------------------------------------------------
The following written Resolutions of the Sole Members of the
Secure Despatch Services Limited (Company Number: 3116029) were
passed, on 29 June 2005, as a Special Resolution and as an
Ordinary Resolution respectively:
"That the Companies be wound up voluntarily, and that Richard
Victor Yerburgh Setchim and Jonathan Michael Sisson, of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be
and are hereby appointed Joint Liquidators of the company for
the purposes of such winding-up, and any act required or
authorized under any enactment to be done by the Joint
Liquidators is to be done by all or any one or more of the
persons for the time being holding office."

S. Bort, for and on behalf of the Sole Member

                            *   *   *

The company offers provision of courier services.  Its
registered office is located at 141 Moorgate, London EC2M 6TX.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


SPOONER MEDICAL: Winding-up Report Out August
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Spooner Medical Limited

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986 that a Final General Meeting of Creditors of
Spooner Medical Limited will be held at the offices of BDO Stoy
Hayward LLP, Connaught House, Alexandra Terrace, Guildford,
Surrey GU1 3DA, on August 10, 2005, at 11:00 a.m. for the
purpose of having an account laid before the Meeting showing the
manner in which the winding-up has been conducted and the
property of the Company disposed of and of hearing any
explanation that may be given by the Liquidator.

D. B. Coakley, Liquidator
July 8, 2005

CONTACT:  BDO STOY HAYWARD LLP
          Connaught House,
          Alexandra Terrace,
          Guildford, GU1 3DA
          Phone: 01483 565666
          Fax: 01483 531306
          E-mail: dermot.coakley@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


SSD ACCIDENT: High Court Okays Winding-up
-----------------------------------------
Company Name: SSD Accident Line Limited

Company Registration Number: 03768528

Address of Registered Office: Fareham Reach, 166 Fareham Road,
Gosport, Hampshire, PO13 0FW

Court: High Court of Justice

Date of Filing Petition: 6 April 2005

No. of Matter: 002279 of 2005

Date of Winding-up Order: 29 June 2005

Official Receiver's Address: The Quay, 30 Channel Way,
Southampton, SO14 3QQ


STARLAND LIMITED: Hires Administrator from Francis Clark
--------------------------------------------------------
Name of company: STARLAND LIMITED
                 (Company No 2942435)

Nature of Business: Sale of Musical Instruments

Address of Registered Office: Southernhay House, 36 Southernhay
East, Exeter EX1 1NX

Date of Appointment: July 7, 2005

Administrator's Name and Address: Stephen Hobson (IP No 006473),
Francis Clark, Southernhay House, 36 Southernhay East, Exeter,
Devon EX1 1NX

                            *   *   *

Visit http://www.starland.co.ukfor more information.

CONTACT:  STARLAND LTD.
          Music Technology Cantre
          Darklake View
          Estover
          Plymouth PL6 7TL
          Phone: +44 (0) 1752 313300
          Fax: +44 (0) 1752 313336

          FRANCIS CLARK
          Southernhay House
          36 Southernhay East
          Exeter
          Devon EX1 1NX
          Phone: 01392 667000
          Fax: 01392 662751
          E-mail: SJH@francisclark.co.uk


STEP 2 RECRUITMENT: Names Begbies Traynor Liquidator
----------------------------------------------------
At an Extraordinary General Meeting of the Members of
recruitment agency Step 2 Recruitment Limited, duly convened,
and held at 30 Park Cross Street, Leeds LS1 2QH, on 5 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
Michael E G Saville and Rob Sadler, of Begbies Traynor, 30 Park
Cross Street, Leeds LS1 2QH, be and hereby are appointed Joint
Liquidators of the Company for the purpose of the voluntary
winding-up, and any act required or authorized under any
enactment to be done may be done by any one or more persons
holding the office of Liquidator from time to time."

A Member entitled to attend and vote at the above Meeting may
appoint a proxy, who need not be a Member of the Company, to
attend and vote instead of the Member.  Proxies must be lodged
with the Company at Begbies Traynor, 30 Park Cross Street, Leeds
LS1 2QH, no later than 12:00 noon on the business day prior to
the Meeting.

S Pearson, Chairman

CONTACT:  BEGBIES TRAYNOR
          30 Park Cross Street,
          Leeds LS1 2QH
          Web site: http://www.begbies.com


STEVE ALLEN: Calls in Liquidator from DTE Leonard
-------------------------------------------------
At an Extraordinary General Meeting of furniture manufacturer
Steve Allen Originals Limited, duly convened, and held at DTE
Leonard Curtis, 24 Wellington Street, St Johns, Blackburn,
Lancashire BB1 8AF, on 6 July 2005, the following Extraordinary
Resolution was duly passed:

"That it has been proved to the satisfaction of the Meeting that
this 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 J
M Titley, of DTE Leonard Curtis, 24 Wellington Street, St Johns,
Blackburn BB1 8AF, be and is hereby appointed the Liquidator of
the Company for the purposes of such winding-up."

S Allen, Director

CONTACT:  DTE LEONARD CURTIS
          24 Wellington Street,
          St John's, Blackburn,
          Lancashire BB1 8AF
          Web site: http://www.dtegroup.com


SUOMI LIMITED: Court Approves Winding-up Petition
-------------------------------------------------
Company Name: Suomi Limited

Company Registration Number: 04787383

Address of Registered Office: 56A Haverstock Hill, London, NW3
2BH

Court: Bristol District Registry

Date of Filing Petition: 5 May 2005

No. of Matter: 2046 of 2005

Date of Winding-up Order: 6 July 2005

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


TDP (UK): EGM Decides on Liquidation
------------------------------------
At an Extraordinary General Meeting of the Members of graphic
designer TDP (UK) Limited (trading as The Design Practice), duly
convened, and held at 1st Floor, Clockhouse Barn, Canterbury
Road, Challock, Ashford, Kent TN25 4BJ, on 27 June 2005, at
10:00 a.m., the following Resolutions were passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Barry P Knights, of Knights & Company, Milford House, 43-55
Milford Street, Salisbury, Wiltshire SP1 2BP, is hereby
appointed Liquidator for the purposes of the voluntary winding-
up."

E Goodman, Chairman

                            *   *   *

Creditors of the Company are required, on or before 11 September
2005, to send in their full names, their addresses and
descriptions, full particulars of their debt or claims, and the
names and addresses of their Solicitors (if any), to the
undersigned, Barry Peter Knights, of Knights & Company, Milford
House, 43-55 Milford Street, Salisbury, Wiltshire SP1 2BP, the
Liquidator of the said Company, and, if so required by notice in
writing from the said Liquidator, are, personally or by their
Solicitors, to come in and prove their debt or claims at such
time and place as shall be specified in such notice, or in
default thereof, they will be excluded from the benefit of any
distribution.

CONTACT:  KNIGHTS & CO
          1st Floor
          Milford House
          43-45 Milford Street
          Salisbury
          Wiltshire SP1 2BP
          Phone: 01722 330688
          Fax: 01722 414546


TEAMMATES LIMITED: Manchester Court Okays Liquidation
-----------------------------------------------------
Company Name: Teammates Limited

Company Registration Number: 04125373

Address of Registered Office: Unit 3 Asher Court, Lyncastle Way,
Appleton, Warrington, WA4 4ST

Court: Manchester District Registry

Date of Filing Petition: 13 April 2005

No. of Matter: 1341 of 2005

Date of Winding-up Order: 4 July 2005

Official Receiver: Suite 5, 3rd Floor, Windsor House, Pepper
Street, Chester, CH1 1DF


THE PRESIDENT: In Liquidation
-----------------------------
Company Name: The President Group of Companies Limited

Company Registration Number: 04553453

Address of Registered Office: Unit A, Castle Park Industrial
Estate, Bower Street, Oldham, OL1 3LN

Court: Manchester District Registry

Date of Filing Petition: 28 April 2005

No. of Matter: 1397 of 2005

Date of Winding-up Order: 13 May 2005

Official Receiver's Address: 1st Floor, Boulton House, 17-21
Chorlton Street, Manchester, M1 3HY


THERMALOGIC LIMITED: Goes into Liquidation
------------------------------------------
Company Name: Thermalogic Limited

Company Registration Number: 01945605

Address of Registered Office: Wilson's Corner 1st Floor, 1-5
Ingrave Road, Brentwood, Essex, CM15 8AP

Court: Manchester District Registry

Date of Filing Petition: 4 April 2005

No. of Matter: 1307 of 2005

Date of Winding-up Order: 4 July 2005

Official Receiver: Suite 5, 3rd Floor, Windsor House, Pepper
Street, Chester, CH1 1DF


THE SERVICEPOINT: High Court Orders Liquidation
-----------------------------------------------
Company Name: The Servicepoint Group Ltd.

Company Registration Number: 04873023

Address of Registered Office: Flat 41, 7A High Street, Sutton
Coldfield, West Midlands, B72 1AB

Court: High Court of Justice

Date of Filing Petition: 11 May 2005

No. of Matter: 003068 of 2005

Date of Winding-up Order: 29 June 2005

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


TOTAL MAILING: Names PricewaterhouseCoopers Liquidator
------------------------------------------------------
The following written Resolutions of the Sole Members of the
Total Mailing Services Limited (Company Number: 2831426) were
passed, on 29 June 2005, as a Special Resolution and as an
Ordinary Resolution respectively:
"That the Companies be wound up voluntarily, and that Richard
Victor Yerburgh Setchim and Jonathan Michael Sisson, of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be
and are hereby appointed Joint Liquidators of the company for
the purposes of such winding-up, and any act required or
authorized under any enactment to be done by the Joint
Liquidators is to be done by all or any one or more of the
persons for the time being holding office."

S. Bort, for and on behalf of the Sole Member

                            *   *   *

The company offers provision of courier services.  Its
registered office is located at 141 Moorgate, London EC2M 6TX.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


TOWERHILL ENGINEERS: Falls into Liquidation
-------------------------------------------
Company Name: Towerhill Engineers Limited

Company Registration Number: 04710745

Address of Registered Office: 214 Northumberland Road,
Southampton, Hampshire, SO14 0EN

Court: Bristol District Registry

Date of Filing Petition: 5 May 2005

No. of Matter: 2048 of 2005

Date of Winding-up Order: 6 July 2005

Official Receiver's Address: The Quay, 30 Channel Way,
Southampton, SO14 3QQ


TY EUROPE: Takeover Preserves Local Jobs
----------------------------------------
The joint administrators of Ty Europe Limited, Colin Haig and
Karen Dukes, from PricewaterhouseCoopers, have sold the business
and its assets to Ty UK Limited.  The business, which
distributes the highly popular children's collectible soft toy
range, "Beanie Babies," across Europe, operated from premises in
Fareham, Hampshire.

Colin Haig, joint administrator and partner at
PricewaterhouseCoopers, said: "We are extremely pleased to have
been able to ensure the continuation of this business for the
1300 trade customers in the U.K., Germany, Ireland, Spain and
Poland.  We understand that in addition to the significant
existing stock acquired, supplies of new stock have already
landed and are being distributed by Ty UK Limited.

"We are delighted to have been able to negotiate a solution
whereby this business may continue to develop under new
ownership going forward, preserving a significant number of jobs
and creating new positions in the local area.  I would like to
thank all the parties who have contributed to this successful
outcome."

CONTACT:  TY EUROPE LIMITED
          Fareham Reach
          166 Fareham Road
          Gosport
          Hampshire
          PO13 0FW

          PRICEWATERHOUSECOOPERS
          Julie Harwood
          Corporate Public Relations Manager
          Phone: 020 7213 4727
          Mobile: 07711 109934

          Colin Haig
          Phone: 020 7212 4386


U3S INTERNATIONAL: Calls in Liquidators from Citreon Wells
----------------------------------------------------------
At the extraordinary general meeting of the members of U3S
International Limited held at 45-49 rue de Villiers, 92526
Neuilly-sur-Seine Cedex, France, on 7 July 2005, the following
Resolutions were passed, as an Ordinary Resolution, as a Special
Resolution and as an Extraordinary Resolution respectively:
"That the Company be wound up voluntarily, that Murzban Khurshed
Mehta and Mark Richard Phillips, of Citroen Wells, Devonshire
House, 1 Devonshire Street, London W1W 5DR, be and are hereby
appointed Joint Liquidators for the purpose of such winding-up,
and that, in accordance with the provisions of the Company's
articles of association, the Joint Liquidators be and are hereby
authorized to divide among the Members in specie all or any part
of the company's assets."

J-C Gathier, Director

CONTACT:  CITROEN WELLS
          Devonshire House,
          1 Devonshire Street, London W1W 5DR
          Phone: +44 (0) 20 7304 2000
          Fax: +44 (0) 20 7304 2020
          Web site: http://www.citroenwells.co.uk


VAN DER VLEIT: Liquidator to Present Report Mid-August
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF Van Der Vleit International Ltd.

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Meeting of the Creditors of Van Der
Vleit International Ltd. will be held at KPMG, 100 Temple
Street, Bristol BS1 6AG, on August 17, 2005, at 10:00 a.m. for
the purposes of receiving the report of the Liquidator of the
winding-up.

R. J. Hill, Liquidator
July 8, 2005

CONTACT:  KPMG LLP
          100 Temple Street
          Bristol BS1 6AG
          Phone: (0117) 905 4000
          Fax: (0117) 905 4001
          Web site: http://www.kpmg.co.uk


WADE SMITH: PKF Administrators Take Charge
------------------------------------------
Jon Newell, Kerry Bailey and Ian Gould of PKF (UK) LLP were
appointed to Liverpool-based men's fashion and sports retailer
Wade Smith Limited on July 15, 2005.

Wade Smith has been established for over 20 years and is based
in Matthew Street in the center of Liverpool.  It is recognized
as one of the leading independent retailers in the city.  The
company, which has 35 employees, is continuing to trade as
normal while the administrators seek a purchaser for the
business.

Jon Newell, corporate recovery partner at PKF in Liverpool,
said: "The problems of the retail sector have received much
comment in the press.  Even established businesses such as Wade
Smith are not immune from these competitive pressures.

"The management of Wade Smith has responded to these pressures
and begun a radical re-structuring of the company, concentrating
on the core business of men's wear.  The most visible element of
this restructuring was the withdrawal from the store in the
Trafford Centre.

"The brand of Wade Smith is recognized throughout the Merseyside
region and beyond and we are optimistic that we will be able to
identify a buyer for the business."

CONTACT:  PKF
          52 Mount Pleasant
          Liverpool L3 5UN
          Phone: 0151 7088232
          Fax: 0151 7088169
          E-mail: info.liverpool@uk.pkf.com
          Web site: http://www.pkf.co.uk

          Imelda Michalczyk, PR Manager
          Phone: 020 7065 0141

          Frances Dukeson, PR Executive
          Phone: 020 7065 0376


W BAILEY: Hires Vantis Business Recovery Liquidator
---------------------------------------------------
At the extraordinary general meeting of the W Bailey (Holdings)
Limited held at One Colmore Square, Birmingham, on 29 June 2005,
the subjoined Special Resolutions were duly passed:
"That the Company be wound up voluntarily, and that Mark Newman,
of Vantis Business Recovery, Judd House, 16 East Street,
Tonbridge, Kent TN9 1HG, be and is hereby appointed Liquidator
(the Liquidator) for the purposes of such winding-up, and that,
without prejudice to any other Resolutions, the Liquidator be
authorized pursuant to section 110 of the Insolvency Act 1986,
to receive, in compensation or part compensation for the
transfer or sale of all or any part of the company's business to
any other Company (Transferee Company), shares or other like
interests in the Transferee Company for distribution among the
Members of the company."

P. Bailey, Chairman

CONTACT:  VANTIS BUSINESS RECOVERY
          Judd House
          East Street
          Tonbridge
          Kent TN9 1HG
          Phone: 01732 378680
          Fax: 07917260099
          E-mail: mark.newman@vantisplc.com


WINDMILL PINE: Lincoln Court Approves Winding-up Petition
---------------------------------------------------------
Company Name: Windmill Pine Limited

Company Registration Number: 01803883

Address of Registered Office: 93 Queens Street, Sheffield, S1
1WF

Court: Lincoln

Date of Filing Petition: 20 June 2005

No. of Matter: 12 of 2005

Date of Winding-up Order: 5 July 2005

Official Receiver's Address: The Frontage, 4th Floor, Queen
Street, Nottingham, NG1 2BL


ZENITH DISTRIBUTIONS: Falls into Liquidation
--------------------------------------------
Company Name: Zenith Distributions Ltd.

Company Registration Number: 04814947

Address of Registered Office: Cromwell House, Mill Street,
Cannock, Staffordshire, WS11 3DP

Court: High Court of Justice

Date of Filing Petition: 16 May 2005

No. of Matter: 003178 of 2005

Date of Winding-up Order: 29 June 2005

Official Receiver: Ground Floor, Copthall House, King Street,
Newcastle-Under-Lyme, ST5 1UE


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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