TCREUR_Public/050725.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

             Monday, July 25, 2005, Vol. 6, No. 145

                            Headlines

B U L G A R I A

PLAMA PLEVEN: Second Bankruptcy Could be Fatal


F R A N C E

ANDRE-CLAUDE CANOVA: Lyon Court Sanctions Turnaround Plan
EURO DISNEY: To Delist from LSE, Euronext


G E R M A N Y

ANDREAS PRICK: Essen Court Appoints Administrator
AUTOHAUS NIEDERSACHSEN: Creditors Meeting Set September
BBK CONSULT: Court to Verify Claims November
BDM BLIND: Call Center Contacts Provisional Administrator
BETTFEDERN DRIFTMEYER: Under Bankruptcy Administration

BIG AREAL: Creditors' Claims Due October
BIG BERLIN: Creditors to Meet Second Week of August
CELANESE AG: Acetex to Redeem 10-7/8 Senior Notes
DOCKSIDE GASTRO: Court to Verify Claims September
FRESENIUS MEDICAL: Sets EGM August 30

GEA GROUP: Lurgi Executive Joins Board
GRIEGER-STAHLHANDELS: Proofs of Claim Due Next Month
H&L MASCHINENBAU: Bonn Court Calls in Administrator


G R E E C E

OLYMPIC AIRLINES: Asks Preferred Bidder to Name Final Offer


H U N G A R Y

MALEV HUNGARIAN: Winning Bidder Known in Six to Eight Weeks


I T A L Y

CASSA DI RISPARMIO: 'BB+' Ratings Affirmed; Outlook Positive
SAFILO SPA: S&P Affirms 'CCC+' Rating on Senior Notes


L U X E M B O U R G

ORIFLAME COSMETICS: Second-quarter Results Out Wednesday


N E T H E R L A N D S

NUMICO N.V.: Ups Stake in Indonesia's Leading Baby Food Company
ROYAL SHELL: Sets Interim Dividend Schedule
ROYAL SHELL: Shares First on Euronext's Eurolist
UNITEDGLOBALCOM INC.: UPC Holding B.V.'s Sr. Notes Rated 'CCC+'
UPC HOLDING: Moody's Rates New Senior Notes (P)B3


P O L A N D

POLSKIE LINIE: Treasury Revives Fleet Acquisition Program


R U S S I A

BRICKWORKS: Declared Insolvent
KABBAL-MEAT: Proofs of Claim Deadline Expires August 25
KAMCHATSKAYA OIL-GAS-EXPLORING: Insolvency Manager Steps in
NURLATSKIY ELEVATOR: Bankruptcy Hearing Resumes September
OAO ROSNEFT: 'B-' Rating Off CreditWatch; Outlook Developing

OKLADNENSKIY: Volgograd Court to Hear Bankruptcy Petition August
PALKINSKIY FLAX: Court Appoints S. Timoshkov Insolvency Manager
PROGRESSOVSKIIY BAKERY: Deadline for Proofs of Claim August 25
STERLITAMAK-STROY: Claims Deadline Expires Today
SYUNDYUKOVSKIYI CARIER: Succumbs to Insolvency
UST-LABINSK-AGRO-TRANS: Court to Hear Bankruptcy Petition August


S W I T Z E R L A N D

BARRY CALLEBAUT: Ba2 Corporate Rating Affirmed; Outlook Positive


U K R A I N E

BAZIS-PLUS: Insolvency Manager to Temporarily Oversee Operations
GIPERBOREJ: Kyiv Court Opens Bankruptcy Proceedings
IMPERIAL: Bankruptcy Supervision Starts
INTERMIK-UKRAINE: Kyiv Court Appoints Insolvency Manager
MASKA: Under Bankruptcy Supervision

MASTER-PLUS: Bankruptcy Proceedings Begin
PRIBUZHYA: Temporary Insolvency Manager Takes over Helm
RISE-INVEST: Succumbs to Bankruptcy
STELSEN: Declared Insolvent
TEA HOUSE: Zaporizhya Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ACCLAIM ENTERTAINMENT: Game over for Video Game Maker
ASHTEAD GROUP: New Senior Loan Notes Carry 8 5/8% Interest
ASTROAIR LTD.: Collapses into Liquidation
BAE SYSTEMS: Raising US$1.75 Bln to Repay Money Used to Buy UDI
BASEBUILD CONTRACTORS: Bristol Court Okays Liquidation

BP2K LTD.: Official Receiver Oversees Liquidation
COLD CURE: High Court Approves Winding-up
COMPASS GROUP: Personnel Chief Leaving at Month's end
DENISLA PLC: Appoints Liquidator from Ritson Smith
DRIFTWOOD TREE: Files for Liquidation

DUNEDIN ENTERPRISE: Hires KPMG to Liquidate Assets
E-KNOWLEDGE SOLUTIONS: Goes into Liquidation
EQUITABLE LIFE: No Further Cuts to Claims Against E&Y
FIRST CHOICE: Bristol Court Accepts Liquidation Petition
GIBBONS COACHES: Owners Decide to Liquidate Company

HALAL WORLD: High Court Sanctions Liquidation
HUNSBURY PUB: Files for Liquidation
ICE HOCKEY: Gives Creditors Until September to File Claims
J J GLASS: High Court Accepts Winding-up Petition
JOHN LETTERS: Joint Receivers Take over Operations

KITCHEN PLACE: Applies for Administration
K & R BUILDING: Opts for Liquidation
MERROC LIMITED: Appoints Joint Receivers from Campbell Dallas
MG ROVER: Bad News for Bidders as Honda Enforces Rights
MG ROVER: David James Returns with Two More Offers

NMT GROUP: Minority Shareholder Hints of Board Shakeup
NORTHERN FOODS: Chairman Stepping Down
PORTSLADE LTD.: In Liquidation
PROCESS PIPEWORK: Files Winding-up Petition
READCO 300: Factory Fire Sends Firm into Administration

RIVERSIDE INNS: Bristol Court Approves Winding-up Petition
R.J. SITE: High Court Orders Liquidation
S.C.K. HAULAGE: Files for Liquidation
S GUYMER: High Court Orders Liquidation
STANDARD METROPOLITAN: Collapses into Liquidation

TWO JAYS: High Court Okays Liquidation
USG TURBO: Official Receiver to Oversee Liquidation
WADE SMITH: Files for Administrative Receivership
WATERFORD WEDGWOOD: Rights Issue Receives 31% Acceptance
WM MORRISON: To Reveal Latest Sales Figures this Week
XTERIOR LTD.: Birmingham Court Orders Liquidation


                            *********


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


PLAMA PLEVEN: Second Bankruptcy Could be Fatal
----------------------------------------------
Plama Pleven Oils AD has filed for bankruptcy for the second
time in seven years, reports Sofia News Agency.

The petroleum refinery, founded in 1971, first declared
bankruptcy in 1998.  The company got back to its feet through a
revival scheme, which saw facilities at Plama upgraded to adopt
new technologies and suit the changing conditions of the
international market.  Such a rescue plan is no longer
applicable under new regulations.

Court filings indicate the company owes creditors a total of
BGN5 million, representing debt incurred between 1999 and 2001.
With no buyer in sight, Pleven's assets will likely be sold to
repay the debt.

CONTACT:  PLAMA PLEVEN OILS AD
          5800 Pleven
          Bulgaria


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


ANDRE-CLAUDE CANOVA: Lyon Court Sanctions Turnaround Plan
---------------------------------------------------------
The Lyon commercial court has approved the recovery plan of
luxury silk maker Andre-Claude Canova, Les Echos says.

As part of the plan, founder Andre-Clause Canova will remain as
director, but will cease to control the group.  Five investors,
mostly manufacturers of quality products, will inject EUR500,000
into Canova.  The group plans to intensify the promotion of its
own brand, but will continue to produce for prestigious labels
Cartier and Chanel.  It also plans to increase the turnover
contribution of its own brand from the current 15% to between
30% and 35% within three years.

The company will hire consultancy group CFP to advise it on
strategic reorientation.  The group expects to post EUR3.2
million in turnover for 2005, after posting EUR3.7 million a
year ago.  Canova aims to gradually repay EUR1.2 million in
debt.

CONTACT:  ANDRE-CLAUDE CANOVA
          26, quai Saint Vincent
          69202 Lyon cedex 01
          Phone: +33 (0)4 78 39 40 40
          Fax: +33 (0)4 78 30 92 28
          E-mail: soieries@ac-canova.com
          Web site: http://www.ac-canova.com


EURO DISNEY: To Delist from LSE, Euronext
-----------------------------------------
Euro Disney S.C.A., parent company of Euro Disney Associes
S.C.A., operator of Disneyland Resort Paris, has decided to
cancel its secondary listings of both ordinary shares and U.K.
Depository Receipts on the Official List of the U.K. Listing
Authority and from trading on the London Stock Exchange's market
for listed securities; and the secondary listing of its ordinary
shares from Brussels Euronext.

Over the past few years, market trends and changes in the
regulatory environment, including the recent European Union
Prospectus Directive, which harmonizes the law on public
offerings across the European Union, have facilitated access for
investors to trade in shares listed in European Union member
states other than their own.

These changes, combined with the high cost of maintaining
separate listings relative to historical trading volumes, have
led to the Company's decision to cancel its share listings on
the London Stock Exchange and Euronext Brussels.  Following the
cancellation of the listings, investors will still be able to
trade in the Company's shares on Euronext Paris.

As separately notified to each holder of Euro Disney's U.K.
Depositary Receipts such holders are entitled to exchange their
UK Depositary Receipts for Euro Disney underlying shares until
3:00 p.m. on October 15, 2005.  Where any U.K. Depositary
Receipt has not been exchanged for Euro Disney underlying
shares, the U.K. Depositary Receipt will be cancelled and the
Euro Disney ordinary shares referable to such U.K. Depositary
Receipt will be sold on the holder's behalf and the net
proceeds, less commission and expenses, sent to the holder.

The last day of trading of Depositary Receipts and ordinary
shares on the London Stock Exchange will take place on October
31, 2005.  The listing cancellation in Belgium does not require
any specific action by shareholders, and a final listing
cancellation date will be announced after obtaining approval
from the relevant market authority.

Euro Disney S.C.A. and its subsidiaries operate the Disneyland
Resort Paris, which includes Disneyland Park, Walt Disney
Studios Park, seven themed hotels with approximately 5,800 rooms
(excluding 2,074 additional third-party rooms located on the
site), two convention centers, Disney Village, a dining,
shopping and entertainment center, and a 27-hole golf facility.

The Group's operating activities also include the management and
development of the 2,000-hectare site, which currently includes
approximately 1,000 hectares of undeveloped land.

CONTACT:  EURO DISNEY S.C.A.
          Corporate Communication
          Pieter Boterman
          Phone: +331 64 74 59 50
          Fax: +331 64 74 59 69
          E-mail: pieter.boterman@disney.com

          Investor Relations
          Fiona Lord Duarte
          Phone: +331 64 74 58 55
          Fax: +331 64 74 56 36
          E-mail: fiona.lord.duarte@disney.com


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


ANDREAS PRICK: Essen Court Appoints Administrator
-------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Andreas Prick GmbH & Co KG on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 25, 2005 to register their
claims with court-appointed provisional administrator Dr. Jens
M. Schmittmann.

Creditors and other interested parties are encouraged to attend
the meeting on August 15, 2005, 9:45 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ANDREAS PRICK GmbH & Co KG
          Wehlingsweg 8, 45964 Gladbeck

          Dr. Jens M. Schmittmann, Administrator
          Zweigertstrasse 28-30, 45130 Essen
          Phone: 0201 438740


AUTOHAUS NIEDERSACHSEN: Creditors Meeting Set September
-------------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Autohaus Niedersachsen GmbH on June 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until August 30, 2005 to
register their claims with court-appointed provisional
administrator Jan Korber.

Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2005, 10:30 a.m. at the district
court of Braunschweig, An der Martinikirche 8, 38100
Braunschweig, 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 NIEDERSACHSEN GmbH
          Hildesheimer Strasse 25, 38114 Braunschweig
          Contact:
          Dr. Wilhelm Jacobj, Manager

          Jan Korber, Administrator
          Museumstrasse 2, D-38100 Braunschweig
          Phone: (0531) 2409620
          Fax: (0531) 2409670


BBK CONSULT: Court to Verify Claims November
--------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BBK Consult GmbH on July 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 1, 2005 to
register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on August 9, 2005, 9:50 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
November 29, 2005, 9:40 a.m. at the same venue.

CONTACT:  BBK CONSULT GmbH
          Kleiststrasse 3-6,10787 Berlin

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Str. 48, 10785 Berlin


BDM BLIND: Call Center Contacts Provisional Administrator
---------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against BDM Blind Dialog Marketing GmbH on June 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 5, 2005
to register their claims with court-appointed provisional
administrator Kerstin Gruettner.

Creditors and other interested parties are encouraged to attend
the meeting on September 9, 2005, 12:00 noon at the district
court of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083
Hamburg, Saal 1, 2. Ebene (Zi. 2.18), 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:  BDM BLIND DIALOG MARKETING GmbH
          An der Alster 26, 20099 Hamburg
          Contact:
          Hafize Sahin, Manager

          Kerstin Gruettner, Administrator
          Neuer Wall 86, 20354 Hamburg
          Phone: 040/361307-0
          Fax: 040/3611307-300


BETTFEDERN DRIFTMEYER: Under Bankruptcy Administration
------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Bettfedern Driftmeyer GmbH on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 30, 2005 to register their
claims with court-appointed provisional administrator Jochen
Schnake.

Creditors and other interested parties are encouraged to attend
the meeting on September 20, 2005, 11:00 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BETTFEDERN DRIFTMEYER GmbH
          Kleekamp 133, 33829 Borgholzhausen
          Contact:
          Carsten Ernst Hermann Driftmeyer, Manager

          Jochen Schnake, Administrator
          Ravensberger Str. 12, 33824 Werther


BIG AREAL: Creditors' Claims Due October
----------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BIG Areal GmbH on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 1, 2005 to register their
claims with court-appointed provisional administrator Dr.
Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on August 9, 2005, 10:10 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
November 29, 2005, 9:50 a.m. at the same venue.

CONTACT:  BIG AREAL GmbH
          Kleiststr. 3-6,10787 Berlin

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Str. 48, 10785 Berlin


BIG BERLIN: Creditors to Meet Second Week of August
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BIG Berlin-Innovation Gesellschaft fuer
Forschungs- und Technologietransfer mbH & Co. Wilhelmstrasse KG
On July 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 1, 2005 to register their claims with court-appointed
provisional administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on August 9, 2005, 10:15 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
November 29, 2005, 9:55 a.m. at the same venue.

CONTACT:  BIG BERLIN-INNOVATION GESELLSCHAFT FUER FORSCHUNGS-
          UND TECHNOLOGIETRANSFER mbH & Co. WILHELMSTRASSE KG
          Kleiststr. 3-6,10787 Berlin

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Str. 48, 10785 Berlin


CELANESE AG: Acetex to Redeem 10-7/8 Senior Notes
-------------------------------------------------
Celanese Corporation closed the acquisition of Acetex
Corporation.  Acetex is informing holders of its 10-7/8% senior
notes due 2009 that it will redeem all of the outstanding notes
on August 19, 2005.

After the European Commission unconditionally approved the
acquisition on July 13, Celanese stated it would have Acetex
exercise its option to redeem the senior notes using cash or, if
necessary, Celanese's existing senior credit facilities.

The redemption price is equal to 105.438% of the outstanding
principal amount, plus accrued and unpaid interest to August 19,
2005.  Payment of the redemption price (together with accrued
and unpaid interest) for the redeemable securities will be made
on August 19, 2005 upon presentation and surrender of the senior
notes on or before August 19 to the trustee, The Bank of New
York, as paying agent, by hand or by mail as:

            By Mail:                 By Hand or Overnight Mail:

      The Bank of New York              The Bank of New York
          P.O. Box 396                   101 Barclay Street
    East Syracuse, NY 13057          Corporate Trust Window, 1E
                                         New York, NY 10286

Celanese Corporation (NYSE:CE) is an integrated global producer
of value-added industrial chemicals based in Dallas.  The
Company has four major businesses: Chemicals Products, Technical
Polymers Ticona, Acetate Products and Performance Products.
Celanese has production plants in 12 countries in North America,
Europe and Asia.  In 2004, Celanese Corporation and its
predecessor had combined net sales of $5.1 billion.  The
presentation of combined net sales of Celanese Corporation with
its predecessor is not in accordance with U.S. GAAP.  For more
information on Celanese Corporation including a reconciliation
of the combined net sales, please visit http://www.celanese.com.


                            *   *   *

Celanese reported a second quarter operating profit of EUR54
million compared to EUR109 million in the same period last year,
which included EUR90 million of insurance recoveries related to
the previously disclosed plumbing litigation cases.  In the
second quarter 2004 report, the company said it had a net loss
for the period of EUR91 million, or EUR1.85 per share, compared
to net earnings of EUR96 million, or EUR1.95 per share, in the
same period last year.

CONTACT:  CELANESE CORPORATION, USA
          Media Relations
          Jeanne Cullers
          Phone: 972-443-4824
          E-mail: JECullers@celanese.com

          CELANESE CORPORATION, Europe
          Michael Kraft
          Phone: +49 69 30514072
          E-mail: M.Kraft@celanese.com

          Investor Relations
          Mark Oberle
          Phone: 972-443-4464
          E-mail: Mark.Oberle@celanese.com


DOCKSIDE GASTRO: Court to Verify Claims September
-------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Dockside-Gastro GmbH on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 26, 2005 to register their
claims with court-appointed provisional administrator Axel
Geese.

Creditors and other interested parties are encouraged to attend
the meeting on September 16, 2005, 9:00 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  DOCKSIDE-GASTRO GmbH
          Ritterstr. 1, 33602 Bielefeld
          Contact:
          Dirk Zur Nieden, Manager
          Arndtstr. 57, 33615 Bielefeld

          Axel Geese, Administrator
          Adenauerplatz 4, 33602 Bielefeld


FRESENIUS MEDICAL: Sets EGM August 30
-------------------------------------
The EGM of Fresenius Medical Care AG ordinary shareholders will
be at the Congress Center Messe Frankfurt (Germany), on Tuesday,
August 30, 2005 at 10:00 a.m.  The meeting will approve:

(a) the proposed transformation of the Company's legal form into
    a Kommanditgesellschaft auf Aktien (KGaA); and

(b) the proposed conversion of the Company's preference shares
    into ordinary shares.

A separate meeting of preference shareholders will be held at
the same location immediately following completion of the EGM to
approve the preference share conversion proposal.

The Company recognizes that the announcement of the proposed
KGaA transformation and preference share conversion offer has
increased shareholder value for both the ordinary and preference
shareholders.  While the Company believes that a vote of
preference shareholders is not required to offer to preference
shareholders the opportunity to voluntarily convert their
preference shares into ordinary shares, the Company has decided,
as a matter of appropriate corporate governance, to provide
preference shareholders the opportunity to approve the proposed
preference share conversion offer.  The Company believes that
approval and completion of both proposals is in the best
interest of all shareholders.

For Shareholders in the United States: This announcement is not
an offer to sell any securities of Fresenius Medical Care AG &
Co. KGaA.  Such offer may be made only by prospectus.  A
registration statement relating to such securities has been
declared effective by the U.S. Securities and Exchange
Commission.  The Company will mail the registration statement to
U.S. shareholders, during the week of July 25.  This
announcement is not an offer to issue ordinary shares upon
conversion of preference shares.  Any such offer will be made in
the U.S. only by means of a separate prospectus to be
distributed after our shareholder meetings.

Fresenius Medical Care AG (Frankfurt Stock Exchange: FME, FME3)
(NYSE: FMS, FMS-p) is the world's largest, integrated provider
of products and services for individuals undergoing dialysis
because of chronic kidney failure, a condition that affects more
than 1,300,000 individuals worldwide.  Through its network of
approximately 1,630 dialysis clinics in North America, Europe,
Latin America, Asia-Pacific and Africa, Fresenius Medical Care
provides Dialysis Treatment to approximately 125,900 patients
around the globe.  Fresenius Medical Care is also the world's
leading provider of Dialysis Products such as hemodialysis
machines, dialyzers and related disposable products.  For more
information about Fresenius Medical Care, visit http://www.fmc-
ag.com.

                            *   *   *

Early in July, Moody's Investors Service downgraded ratings of
Fresenius Medical Care as a result of the company's planned
debt-funded acquisition of Renal Care Group.  Concurrently,
Moody's assigned a Ba2 rating to FME's new Euro 5 billion senior
credit facility put in place to finance the transaction.  This
concludes the review initiated on 4 May 2005.

Moody's ratings reflect the agency's assumption that FME's
proposed acquisition of RCG will be completed as expected and
considers the enlarged company's ability to service its
significantly higher debt burden as a result of the transaction
as well as integration risks resulting from the acquisition.

CONTACT:  FRESENIUS MEDICAL CARE AG
          Investor Relations
          Oliver Maier
          Phone: + 49 6172 609 2601
          E-mail: ir-fms@fmc-ag.com

          Heinz Schmidt (North America)
          Phone: + 1 781 402 9000
          Ext.: 4518
          E-mail: ir-fmcna@fmc-ag.com
          Web site: http://www.fmc-ag.com


GEA GROUP: Lurgi Executive Joins Board
--------------------------------------
Klaus Buchborn-Klos, 46, has been appointed to the Executive
Board of Lurgi AG, Frankfurt am Main, with effect August 1 this
year.  He will be in charge of finance and controlling.  In
accordance with the terms of his contract, Juergen Pflaum, the
current finance director, who has been a member of Lurgi's
Executive Board since August 2000, is to retire from the Board
and will take up a new position in the GEA Group's holding
company. He played a key part in Lurgi's successful
restructuring and the extensive optimization of its portfolio.

Klaus Buchborn-Klos is a proven financial expert in the field of
plant engineering.  After studying business economics in
Mannheim, he began his professional career in 1984 as financial
controller with ABB Kraftwerke AG, Mannheim, and subsequently
held various posts at the company.  Following further positions
in power plant engineering and industrial plant engineering,
Buchborn-Klos joined Alstom Power Generation AG, Mannheim, as
commercial project manager in July 2000, finally becoming unit
managing director of the power plant division.

GEA Group Aktiengesellschaft is an international technology
group that focuses on specialty mechanical engineering --
especially process engineering and equipment -- and plant
engineering.  It generated sales of roughly EUR4.1 billion in
2004.  At the end of 2004 it employed around 17,000 people.  GEA
Group is one of the world's market and technology leaders in 90
percent of its businesses.

                            *   *   *

Mg technologies AG was renamed GEA Group Aktiengesellschaft
effective as of July 12 as part of its strategic restructuring
launched in 2003.  GEA now stands for "Global Engineering
Alliance".  At the same time, the firm's head office has been
relocated from Frankfurt am Main to Bochum.

CONTACT:  GEA GROUP AKTIENGESELLSCHAFT
          Phone: +49 (0)234 890 1081
          Fax: +49 (0)234 890 1087
          Web site: http://www.geagroup.com


GRIEGER-STAHLHANDELS: Proofs of Claim Due Next Month
----------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Grieger-Stahlhandels GmbH on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 31, 2005 to register their
claims with court-appointed provisional administrator Andreas
Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2005, 9:00 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  GRIEGER-STAHLHANDELS GmbH
          Werler Str. 21, 32052 Herford
          Alfons Grieger, Manager
          Am Alten Dreisch 48, 33605 Bielefeld

          Andreas Stratenwerth, Administrator
          Lemgoer Str. 4, 33604 Bielefeld


H&L MASCHINENBAU: Bonn Court Calls in Administrator
---------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
H&L Maschinenbau GmbH on July 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 12, 2005 to register their claims
with court-appointed provisional administrator Dr. Jorg
Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting on September 26, 2005, 10:00 a.m. at the district
court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn,
Saal S 2.18, 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:  H&L MASCHINENBAU GMBH
          Biberweg 18, 53842 Troisdorf
          Contact:
          Mario Lanz, Manager
          Auf dem Dueppel 20, 51147 Koln

          Dr. Jorg Bornheimer, Administrator
          Sporergasse 7, 50667 Koln
          Phone: 0221 - 27 26 12 0
          Fax: 0221 - 27 26 12 99


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


OLYMPIC AIRLINES: Asks Preferred Bidder to Name Final Offer
-----------------------------------------------------------
Efforts to sell troubled carrier Olympic Airlines are sputtering
due to delays in talks between the government and preferred
bidder Olympic Investors-York Capital, Reuters says.

According to a source, the state has already given the bidder a
deadline to submit a final offer, but "there has been no major
development."  The source added, "The process is continuing,
with developments to date not in the desired direction but
nothing can be ruled out."

The Finance Ministry revealed in June the state is holding
negotiation with Olympic Investors-York, along with rivals,
British fund Klesch and Dutch investment fund Sure Estates.
Transport Minister Michael Liapis recently said that, though the
government is in the final phase of talks with three potential
buyers, it will still accept additional offers.

The state is trying to dispose of the struggling carrier to
reduce EUR1.6 billion in public debt.  Olympic Airlines has been
posting losses in the past two years, booking a EUR87 million
deficit in 2003.

CONTACT:  OLYMPIC AIRLINES S.A.
          96 Sygrou Ave.
          11741 Athens
          Phone: +30 1 9267221
          Fax: +30 1 9267858
          E-mail: olyair10@otenet.gr
          Web site: http://www.olympicairlines.com


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


MALEV HUNGARIAN: Winning Bidder Known in Six to Eight Weeks
-----------------------------------------------------------
The future of loss-making national carrier Malev Hungarian will
be known within six to eight weeks, Reuters says.

According to Marton Vagi, chief executive of state privatization
agency APV, the board of directors met Thursday to review the
flow of the sale talks, but a decision will be made within six
to eight weeks.  APV said last week it would declare KrasAir,
which submitted a "significantly higher" offer, the winning
bidder unless Airbridge and Aviation Solutions increase their
offers.

The latest attempt to sell the carrier started in April after a
previous tender failed in March.  Around 14 investors expressed
interest in the carrier, but only six were considered serious
bidders.  Only KrasAir and Aviation Solution filed formal bids,
with Russian airline alliance Airbridge Cargo as the third
bidder.

                            *   *   *

Malev Hungarian Airlines expects another operating loss for
2005.  It sees a HUF1.8 billion deficit at the operating level.
In 2004, the carrier booked an operating loss of HUF4.4 billion
(US$$21.9 million) on revenues of HUF123.8 billion.  It expects
to break even next year, partly as a result of its membership to
the oneworld alliance.

Malev recently signed a memorandum of understanding with
oneworld, which sets its full membership by the summer of 2006.
This alliance, Malev claims, will increase its revenues by as
much as HUF8 billion a year and net profit by HUF4 billion.  The
carrier also struck a vital deal with Budapest Airport in
anticipation of a successful sale.

Since the fall of Communism in the country, the government has
tried to sell Malev several times but failed.  Malev has
struggled to increase revenues due to the proliferation of
budget airlines at its Budapest hub that has pushed prices down
and cut into its market share.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Konyves Kalman korut 12-14,
          H-1097 Budapest
          Phone: +36 1 235 3100
          Fax: +36 1 235-3255
          E-mail: malev@malev.hu
          Web site: http://www.malev.hu

          ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.)
          Pozsonyi ut 56
          H-1133 Budapest
          Phone:(36 1) 237 4400
          Fax:(36 1) 237 4100
          E-mail: apvrt@apvrt.hu
          Web site: http://www.apvrt.hu/english/m3.html

          OAO KRASNOYARSK AIRLINES
          663021, Krasnoyarsk region,
          Emeljanivo-1, Krasnoyarsk Airport
          Phone: +7 (3912)635-110
          Fax: +7 (3912)635-181
          E-mail: krasair@krasair.ru

          AIRBDRIDGE CARGO
          119048, Usacheva Str. 35A
          Moscow, Russia
          Phone: + 7 095 7862613
          Fax: + 7 095 7556851
          E-mail: info@airbridgecargo.com
          Web site: http://www.airbridgecargo.com


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


CASSA DI RISPARMIO: 'BB+' Ratings Affirmed; Outlook Positive
------------------------------------------------------------
Fitch Ratings has changed Italy-based Cassa di Risparmio della
Provincia di Chieti's (CariChieti) Outlook to Positive from
Stable.  At the same time, the agency has affirmed the bank's
ratings at Long-term 'BB+', Short-term 'B', Individual 'C/D' and
Support '3'.

The Outlook change reflects the bank's improving profitability
following the completion of its restructuring.  It also takes
into account the good prospects of the bank strengthening its
performance further as its branch expansion should help bolster
revenue generation.

CariChieti generated a return on equity of 4.7% in 2004 on
declining loan loss provisions and higher net interest revenue
due to loan growth.  The bank expects a further rise in net
income for 2005.  CariChieti's ratings are underpinned by its
strong franchise in its home region near the Adriatic coast in
central Italy, its sound capital adequacy with a Tier 1 ratio of
9.84% at end-2004, acceptable asset quality and improved risk
management.

The ratings also reflect the bank's small size and its need to
achieve a better balance of costs and revenues.  Fitch considers
that a further improvement in the bank's performance, together
with maintaining adequate asset quality and sound capital, could
lead to an upgrade of the bank's Long-term rating over the next
12 to 18 months.

CariChieti is a regional bank with 57 branches based in the
Abruzzo region in central Italy, where it has a market share of
around 10% in lending and deposit-taking.  The bank provides a
wide range of banking services to its predominantly retail and
small- and medium-sized enterprises customer base.  A charitable
foundation Fondazione CariChieti holds 80% of the bank's shares,
with the remaining 20% owned by Banca Intesa.

CONTACT:  FITCH RATINGS
          Christian Scarafia, Milan
          Phone: +39 02 87 90 87 212
          Matthew Taylor, London
          Phone: +44 (0)20 7417 4345
          Web site: http://www.fitchratings.com

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


SAFILO SPA: S&P Affirms 'CCC+' Rating on Senior Notes
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Italy-based eyewear manufacturer
Safilo S.p.A.  The outlook is stable.

At the same time, Standard & Poor's affirmed its 'B' bank loan
rating on the group's EUR650 million senior secured credit
facility maturing between 2009 and 2011, and its 'CCC+'
subordinated debt rating on the senior notes maturing in 2013
issued by Luxembourg-based subsidiary Safilo Capital
International S.A. and guaranteed by Safilo.

All ratings were removed from CreditWatch with negative
implications, where they had been placed on Nov. 16, 2004.

"The affirmation reflects Safilo's improved liquidity position
following renegotiations with senior debt lenders," said
Standard & Poor's credit analyst Benedetta Rospigliosi.

Safilo has obtained more flexible terms under the covenants of
its senior credit facility up to the quarter ending June 2006 as
well as a waiver for the March 2005 breach of its net debt-to-
EBITDA senior debt covenant.  Standard & Poor's views as a key
rating support the additional leeway negotiated with senior
lenders for the repayments of Safilo's senior loan in case its
planned IPO is not successful by June 2006.  The IPO, which is
envisaged by the group over the near term and should improve
Safilo's financial profile, is not factored into the rating.

The recently renegotiated capital structure is now more in line
with Safilo's expected performance.

"To sustain the rating, however, the company still needs to
markedly improve its free operating cash flow from the modest
EUR12 million posted in 2004," added Ms. Rospigliosi.

Any delay in the company's deleveraging would put the rating
under pressure.  In this respect, among other factors, license
renewals will be closely monitored.  Conversely, an upgrade
could be envisaged if proceeds of the planned IPO were to be
applied toward debt reduction and the resulting ratio of funds
from operations to net debt were to exceed 15% on a sustainable
basis.

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

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


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


ORIFLAME COSMETICS: Second-quarter Results Out Wednesday
--------------------------------------------------------
Oriflame Cosmetics S.A. will announce its financial results for
the second quarter ended 30 June 2005 at 7:00 a.m. CET on
Wednesday, 27 July 2005.

The company will present the results at a meeting at
Operaterrassen (The Opera House, Kungstradgarden, Karl XII:s
Torg) in Stockholm, at 8:00 a.m. the same day.

Hosts: Magnus Brannstrom, CEO, and Kevin Kenny, CFO.

The meeting may be followed in 'listen-only' mode on
http://www.oriflame.comand http://www.financialhearings.com.
To participate in the Web cast please register on
http://www.financialhearings.comor e-mail
hearings@financialhearings.com.

For additional information, please contact Patrik Linzenbold,
Oriflame Investor Relations, by calling +32 (0) 2 357 5675 or
Johan Kleis, Financial Hearings, by calling +46 (0) 70 770 45
80.

Oriflame Cosmetics is a direct-selling international cosmetics
company, with presence in 56 countries.  Oriflame offers a
complete range of high quality skincare, fragrances and color
cosmetics, marketed through a sales force of independent Sales
Consultants.  Oriflame is a co-founder of World Childhood
Foundation.  Oriflame Cosmetics is listed on the Stockholm
Exchange.

                            *   *   *

For the year ended December 31, 2004, the company posted an
operating profit of EUR109.5 million as operating cash flow
almost doubled to EUR90.5 million.  Net interest bearing debt
also improved to EUR57.5 million, down from EUR189.8 million.
Shareholders' equity remained negative, however, at -EUR34.99
million, as liabilities exceeded total assets of EUR300.8
million.

CONTACT:  ORIFLAME COSMETICS S.A.
          20 rue Philippe II
          L-2340
          Luxembourg
          Web site: http://www.oriflame.com

          Magnus Brannstrom, Chief Executive Officer
          Phone: +32 2 357 5529

          Kevin Kenny, Chief Financial Officer
          Phone: +32 2 357 5544

          Patrik Linzenbold, Investor Relations
          Phone: +32 2 357 5675


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


NUMICO N.V.: Ups Stake in Indonesia's Leading Baby Food Company
---------------------------------------------------------------
Royal Numico N.V. increased its majority shareholding in the
Indonesian baby food company PT Sari Husada Tbk to 86.3%,
effective 20 July.  It acquired a block of shares equivalent to
5% for IDR3,500 per share.

With this transaction Numico increased its shareholding in the
capital of Sari Husada, Indonesia's leading baby food company,
from 81.3% to 86.3%.  The value of the transaction is EUR28
million.

In future transactions, Numico stands willing to guarantee the
same price to current shareholders of Sari Husada.

Jan Bennink, CEO of Numico, commented: "Sari Husada's baby food
business is of great importance to Numico's strategy in the
Asia-Pacific region.  This investment reinforces our commitment
to the continuing success of this fast-growing and highly
profitable company."

Royal Numico is a high-growth, high-margin specialized nutrition
company with leading positions in Baby Food and Clinical
Nutrition and brings products to the market under the brand
names Nutricia, Milupa and Cow & Gate, among others.  The
company serves customers in over 100 countries and employs
approximately 11,000 people.

CONTACT:  ROYAL NUMICO N.V.
          P.O. Box 75538, 1118 ZN Schiphol Airport
          The Netherlands
          Phone: +31 20 456 9000
          Fax: +31 20 456 8000
          Corporate Communications
          Phone: +31 20 456 9077
          Investor Relations
          Phone: +31 20 456 9003
          Web site: http://www.numico.com


ROYAL SHELL: Sets Interim Dividend Schedule
-------------------------------------------
N.V. Koninklijke Nederlandsche Petroleum Maatschappij (Royal
Dutch Petroleum Company) has released the timetable for payment
of the second quarterly interim dividend in respect of the
financial year 2005.

The timetable with respect to the second quarterly interim
dividend for 2005 is:

(a) Announcement Date: 28 July 2005;

(b) Record Date (Amsterdam): 2 August 2005;

(c) Record Date (New York): 5 August 2005;

(d) Ex-Dividend Date (Amsterdam and New York): 3 August 2005;
    and

(e) Payment Date (Amsterdam and New York): 15 September 2005.

The second quarter interim dividend for Royal Dutch Petroleum
Company will be set in euros.  The amount to be paid in dollars
to holders of shares of New York Registry will be announced at
the same time as the declaration of the dividend in euro.

                            *   *   *

Some investors blamed the complicated system for the
overestimation of proved energy reserves by the company between
January 2004 and February this year.  The crisis resulted to the
ouster of three top executives, including former chairman Philip
Watts.

Royal Shell had admitted it overstated its proved reserves by
almost 6.0 billion barrels.  It was finned EUR150 million in
total after investigations launched by U.S. and British
regulators.  Shell has said it had revised the method by which
it calculates reserves to comply with U.S. regulations.  Shell's
proved reserves stood at 10.2 billion barrels at the end of
2004.

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


ROYAL SHELL: Shares First on Euronext's Eurolist
------------------------------------------------
Following the unification of Koninklijke Nederlandse Petroleum
Maatschappij N.V. (Royal Dutch) and Shell Transport and Trading
Company plc (Shell T&T) into one company, Royal Dutch Shell plc
A and B shares have been listed on the Eurolist section of
Euronext Amsterdam.

Based on the opening price of "A" and "B" shares at Euronext
Amsterdam, market capitalization of Royal Dutch Shell plc
totaled more than EUR180 billion, by which the company ranks
number one on the Eurolist of Euronext.

In addition, options and Universal Stock Futures on Royal Dutch
Shell plc A and B have been launched.

Jean-Fran?ois Theodore, Chairman of the Managing Board and CEO
of Euronext N.V., said: "We are very happy that Royal Dutch
Shell plc, a key European blue chip, is listed and tradable on
Euronext Amsterdam.  We are extending our range of derivatives
products by launching options and Universal Stock futures on
these shares.  This will give investors unique opportunities to
combine cash and derivatives strategies when trading in Royal
Dutch Shell plc, whose options are the most traded in Europe."

                            *   *   *

Some investors blamed the complicated system for the
overestimation of proved energy reserves by the company between
January 2004 and February this year.  The crisis resulted to the
ouster of three top executives, including former chairman Philip
Watts.

Royal Shell had admitted it overstated its proved reserves by
almost 6.0 billion barrels.  It was finned EUR150 million in
total after investigations launched by U.S. and British
regulators.  Shell has said it had revised the method by which
it calculates reserves to comply with U.S. regulations.  Shell's
proved reserves stood at 10.2 billion barrels at the end of
2004.

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


UNITEDGLOBALCOM INC.: UPC Holding B.V.'s Sr. Notes Rated 'CCC+'
---------------------------------------------------------------
Standard & Poor's assigned on July 21 its 'CCC+' rating to UPC
Holding B.V.'s EUR300 million senior secured notes due 2014.
The notes are being issued under Rule 144A without registration
rights.  In addition, a 'B' corporate credit rating was assigned
to this entity.

"These ratings were placed on CreditWatch with positive
implications concurrent with their assignment to reflect the
recently completed merger of UPC Holding's ultimate parent,
UnitedGlobalCom Inc. (UGC), with Liberty Media International
(LMI) to form Liberty Global Inc.," said Standard & Poor's
credit analyst Catherine Cosentino.  Existing ratings for UGC
and related entities remain on CreditWatch with positive
implications.

UPC Holding B.V. is the intermediate holding company for UPC
Broadband Holding B.V. and, in turn, is owned by UGC, a Denver
based European and Latin American cable operator.  The notes are
secured by a pledge of the shares of UPC Holding B.V. held by
its intermediate holding company, UGC Europe Financing B.V.,
which is also a guarantor of the issue.  Proceeds from the issue
will be used for general corporate purposes.  Pro forma for this
debt issue and borrowings under UPC's bank facility that was
upsized in early 2005, UGC's overall debt to EBITDA (on an
operating lease-adjusted basis, including stock-based
compensation expense) is expected to be in the mid- to high-7x
area for 2005.  The rating on the notes is two notches below the
corporate credit rating given the substantial concentration of
priority obligations in the capital structure (mainly comprising
borrowings under UPC Broadband Holdings B.V.'s EUR4 billion bank
facility, which totaled about EUR3 billion, pro forma for the
recent bank tranche refinancings).

On Jan. 19, 2005, Standard & Poor's placed its ratings on UGC
and related entities on CreditWatch with positive implications.
This action followed the announced merger agreement between UGC
and its approximate 53% economic owner, LMI.  With the recently
completed merger, ratings on UGC need to reflect the ratings of
the new parent, which includes the assets of LMI.  The rating on
new parent Liberty Global Inc. may be higher than the current
'B' corporate credit rating on UGC, given its 45% interest in
Japanese cable TV operator Jupiter Telecommunications Co. Ltd.
(JCOM).  JCOM generates substantial EBITDA and has good growth
prospects relative to that of UGC's European cable operations,
which have been viewed by Standard & Poor's as being fairly
weak.

On Feb. 18, 2005, JCOM announced an initial public offering of
its common stock in Japan, which caused LMI's casting or tie-
breaking vote with regard to decisions by the management
committee of LMI/Sumisho Supermedia LLC to become effective.  As
a result, LMI began to account for JCOM as a consolidated
subsidiary effective Jan. 1, 2005, and could exert effective
control in the future.  In resolving the CreditWatch, Standard &
Poor's will review the business strategy for JCOM, and evaluate
the combined company's plans for the significant cash and non-
core monetizable investment balances at Liberty Global Inc., net
of the approximate US$695 million in cash payments to former UGC
shareholders.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. All ratings referenced
herein can be found on Standard & Poor's public Web site at
http://www.standardandpoors.com.

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

          UNITEDGLOBALCOM INC.
          Richard S.L. Abbott
          Investor Relations - UGC
          Phone: (303) 220-6682
          E-mail: ir@unitedglobal.com
          Web site: http://www.unitedglobal.com


UPC HOLDING: Moody's Rates New Senior Notes (P)B3
-------------------------------------------------
Moody's Investors Service assigned a rating of (P)B3 to the
EUR300 million of senior notes due 2013 issued by UPC Holding
BV, an indirect subsidiary of UnitedGlobalCom, Inc. (UGC),
withdrew the senior unsecured issuer ratings of UGC and UPC
Broadband, and affirmed the other ratings of UnitedGlobalCom's
other subsidiaries.

The ratings of the new debt reflect their structural
subordination to the considerable amount of existing and
allowable secured and unsecured debt guaranteed by subsidiaries
or operating entities; the potential for notes proceeds to be
upstreamed to parent entities; and the risk that covenants of
UPC Broadband's bank facilities can restrict upstreaming of cash
from operating companies which will be needed to make interest
payments.  The rating outlook remains stable.

The table reflects UGC's ratings following Thursday's actions:

(a) UnitedGlobalCom Inc.:

    (i) Corporate Family Rating (previously called senior
        implied rating) of B1 (rating affirmed); and

   (ii) Senior unsecured issuer rating of B3 withdrawn.

(b) UPC Holding BV (Rating assigned): EUR300 million senior
    notes rated (P)B3.

(c) UPC Broadband Holding B.V.: Corporate Family Rating
    (previously called senior implied rating) of B1 is affirmed
    and senior unsecured issuer rating of B3 is withdrawn;

These ratings have been affirmed:

(a) B1 rating of Tranche A EUR500 million revolving credit
    facility expiring June 2008;

(b) B1 rating of Tranche G EUR1.0 billion term loan maturing
    April 2010;

(c) B1 rating of Tranche F EUR140 million and US$525 million
    term loans maturing December 2011;

(d) B1 rating of Tranche H EUR1.5 billion term loan maturing
    September 2012 (composed of Tranche H-1 for $1,250 million,
    and H-2 for EUR550 million); and

(e) B1 rating of Tranche I EUR500 million revolving credit
    facility maturing April 2010.

The ratings continue to reflect the expectation that UGC's high
leverage is unlikely to fall given the company's stated growth
focus and leverage targets.  UPC Broadband's credit agreement
was recently amended to ease acquisition restrictions and allows
for a substantial amount of leverage to be added on a
subordinated basis.  Risks continue to include potential
integration risks with regards to future acquisitions; strong
competition from larger and more established telecommunications
competitors; and the challenge of managing a broad base of
multi-national operations in a complex capital structure.

The ratings are supported by UGC's healthy growth trends and
satisfactory EBITDA margins; the size and scope of the company's
operations, and the upgraded nature of a portion of the
company's networks, which allows for provision of multiple
services (broadband, Internet and telephony) as well as the
flexibility of success-based investment going forward; and
historically limited competition for analog cable television in
the Netherlands, UGC's largest market.

The new notes of UPC Holding BV are structurally subordinated to
obligations at subsidiary levels, including over EUR3 billion of
debt secured by certain consolidated cash balances.  Noteholders
are also at risk that restricted payments tests at subsidiaries
could restrict upstreaming of cash to the UPC Holding.

Moody's believes that at this time, given current and
anticipated financial performance and exemptions, UPC Broadband
has the ability to upstream sufficient cash to pay interest on
the notes.  The assigned ratings assume there will be no
material variations to the draft legal documentation reviewed by
Moody's and assume that these agreements are legally valid,
binding and enforceable.

Moody's believes that it is possible but unlikely for UGC to
raise additional capital at UPC Broadband (or any intermediate
entity), which will be layered between the bank debt and the
notes.  The ability to raise debt at the issuer and subsidiaries
will be limited by consolidated debt incurrence covenants of UPC
Holding's notes.

The rating of the notes could be sensitive to movements in the
capital structure and the ability to upstream payments from UPC
Broadband under its permitted payments covenant.  Moody's
believes there is currently sufficient room under UPC
Broadband's payments provisions to upstream payments to service
the new debt at UPC Holding.  The notes rating could be notched
down relative to other ratings if:

(a) The amount of funds, which can be upstreamed from UPC
    Broadband's restricted payments basket falls below what
    would be needed to service the issuer's debt; or if

(b) Meaningful amounts of debt are layered between the notes and
    the operating assets; or if

(c) Proceeds from the notes or other debt raised at UPC Holding
    is used for purposes that are unproductive to noteholders
    (such as upstreaming cash to parent companies).

The rating outlook remains stable and incorporates UGC's recent
merger with its 52% owner, Liberty Media International, which
occurred through an exchange of each company's stock for stock
of a new holding company, Liberty Global.  In addition,
shareholders were offered a cash election alternative up to a
maximum of 20% of the total consideration paid to unaffiliated
UGC shareholders.  The rating levels reflect the expectation
that UGC's financial profile will not be immediately affected by
the merger, while recognizing that changes in strategic goals
following the combination could affect UGC's credit ratings in
the future.

The ratings continue to reflect UGC's standalone financial and
business profile, and anticipate that UGC will not enter into
direct guarantee or financial support arrangements with
affiliates.  Management has previously indicated that UGC and
Liberty would each operate as separate subsidiaries under this
newly created public parent company.

Moody's believes the combined company could be financially
stronger than UGC alone.  The majority of the combined company's
operating assets, liabilities and operating cash flow will be
contributed by UGC, but Liberty Media will add about $1 billion
of any additional cash and the value of investments in other
companies.

Management has raised the prospect of using the combined
companies' liquidity, in terms of both cash and stock, to
explore new growth opportunities and to use the strength of the
combined balance sheet to finance share purchases.  Liberty
Global announced that the board had authorized a US$200 million
stock repurchase program in June.  If UGC's leverage rises as a
result of higher debt balances or the need to guarantee
affiliates' debt, ratings could fall.  Ratings could rise if
UGC's bondholders receive direct benefits by being part of a
larger organization, which could include growth of UGC fueled by
stock or cash of its parent or affiliates.

UnitedGlobalCom Inc., headquartered in Denver, Colorado, is a
leading provider of broadband communication services with over
11.7 million revenue generating units in 16 countries.
Consolidated revenues for the year ended December 2004 were
US$2.5 billion.

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

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


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


POLSKIE LINIE: Treasury Revives Fleet Acquisition Program
---------------------------------------------------------
The Treasury Ministry has taken an active part in the fleet
renewal program of troubled national carrier Polskie Linie
Lotnicze LOT, Warsaw Business Journal says.

The ministry recently suggested that Polskie Linie employ a
consultant to help smoothen the procedure.  The process of
acquiring new long-distance airplanes for the airline has
stalled for several months now due to procedural uncertainties.
There are at least two suppliers negotiating with the carrier --
Airbus and Boeing.  The ministry reportedly favors Airbus.

"It was a good idea that the Ministry asked LOT to verify the
procedures and to consider the possibility of employing a person
from outside the firm to analyze the whole process," Andrzej
Mierzwa, a partner at Concordia Financial Consultants and an
Airbus consultant, told the Journal.

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


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


BRICKWORKS: Declared Insolvent
------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Brickworks after finding the limited
liability company insolvent.  The case is docketed as A65-
3801/2005-SG4-27.  Mr. I. Nurutdinov has been appointed
insolvency manager.  Creditors have until July 25, 2005 to
submit their proofs of claim to 420057, Russia, Tatarstan
republic, Kazan, Post User Box 55.

CONTACT:  BRICKWORKS
          Russia, Tatarstan republic,
          Novosheshminsk, Pridorozhnaya Str. 1

          Mr. I. Nurutdinov
          Insolvency Manager
          420057, Russia, Tatarstan republic,
          Kazan, Post User Box 55


KABBAL-MEAT: Proofs of Claim Deadline Expires August 25
-------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic commenced
bankruptcy proceedings against OJSC Kabbal-Meat after finding
the limited liability company insolvent.  The case is docketed
as A20-1659/01.  Mr. Kh. Tkhagalegov has been appointed
insolvency manager.  Creditors have until August 25, 2005 to
submit their proofs of claim to 360000, Russia, Kabardino
Balkariya republic, Nalchik, Elbrusskaya Str. 19.

CONTACT:  KABBAL-MEAT
          360000, Russia, Kabardino Balkariya republic,
          Nalchik, Elbrusskaya Str. 19

          Mr. Kh. Tkhagalegov
          Insolvency Manager
          360000, Russia, Kabardino Balkariya republic,
          Nalchik, Elbrusskaya Str. 19


KAMCHATSKAYA OIL-GAS-EXPLORING: Insolvency Manager Steps in
-----------------------------------------------------------
The Arbitration Court of Kamchatka region commenced external
management bankruptcy procedure on OJSC Kamchatskaya Oil-Gas-
Exploring Expedition (TIN 410500735).  The case is docketed as
A24-1144/04-14.  Mr. E. Khramenok has been appointed external
insolvency manager.  A hearing will take place on November 6,
2005 at the Arbitration Court of Kamchatka region.

CONTACT:  KAMCHATSKAYA OIL-GAS-EXPLORING EXPEDITION
          684005, Russia, Kamchatka region,
          Elizovskiy region, Elizovo,
          Vilyuyskaya Str. 6.

          Mr. E. Khramenok
          External Insolvency Manager
          683023, Russia, Petropavlovsk-Kamchatskiy, 23, GOS,
          Post User Box 113


NURLATSKIY ELEVATOR: Bankruptcy Hearing Resumes September
---------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
supervision procedure on OJSC Nurlatskiy Elevator.  The case is
docketed as A65-4546/2005-SG4-16.  Mr. V. Petlin has been
appointed temporary insolvency manager.  A hearing will take
place on September 6, 2005, 9:00 a.m. at the Arbitration Court
of Tatarstan republic, Russia, Kazan, Kremlin, Building 1,
Entrance 2, Room 16.

CONTACT:  OJSC NURLATSKIY ELEVATOR
          Russia, Tatarstan republic, Nurlat

          Mr. V. Petlin
          Temporary Insolvency Manager
          420066, Russia, Tatarstan republic,
          Kazan, Post User Box 89


OAO ROSNEFT: 'B-' Rating Off CreditWatch; Outlook Developing
------------------------------------------------------------
Standard & Poor's on July 21 removed from CreditWatch with
negative implications and affirmed its 'B-' corporate credit and
senior unsecured debt ratings on Russia-based state-owned oil
company OJSC Oil Company Rosneft, factoring in an agreement by
creditors to grant waivers on the company's breached covenants.
The outlook is developing.

The ratings were originally placed on CreditWatch on Dec. 24,
2004, following Rosneft's acquisition of Yuganskneftegas
(Yugansk).

"The resolution of the CreditWatch placement reflects Standard &
Poor's view that Rosneft has reduced its potential immediate
liquidity claims as a result of the willingness of international
banks that hold US$1.9 billion of the company's long-term loans
to provide waivers, and has achieved a temporary solution with
holders of a further US$1.1 billion of guarantees," said
Standard & Poor's credit analyst Tatiana Kordyukova. "Moreover,
US$2 billion from a new long-term loan is available to the
company to refinance the bulk of its scheduled short-term
maturities."

Standard & Poor's notes, however, the company's fundamentally
volatile financial position and will evaluate Rosneft's ongoing
financing, investments, and M&A activity.  The attitude of the
Russian government and government-related financial institutions
remains an important rating factor for Rosneft, as in the long-
term these may trigger further growth in various liabilities but
may also provide necessary liquidity.

The developing outlook on Rosneft reflects both the potential
upside, from its ownership, and downside, from its aggressive,
debt-financed growth.  If the company restrains its appetite for
acquisitions and sizeable investments and settles the remaining
Yugansk-related liabilities, the increased cash flow generated
by Yugansk could improve the company's credit quality in the
medium term.  At the same time, however, the company might
experience further pressure on its finances if it continues to
pursue its historically extremely ambitious growth strategy and
financial policies or if the Russian government's energy sector
strategy places a burden on Rosneft.  This includes the
government's plans to acquire an additional stake through
Rosneft's current parent, Rosneftegaz, to strengthen the
government's control of Gazprom.

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

CONTACT:  STANDARD & POOR'S RATING SERVICES
          GROUP E-MAIL ADDRESS
          CorporateFinanceEurope@standardandpoors.com

          OAO ROSNEFT OIL COMPANY
          26/1, Sofiyskaya embankment,
          1, GSP-8 115998, Moscow, Russia
          Tel: 777-44-22
          Fax: 777-44-44
          Telex: 114405 DISVO.RU
          E-mail: postman@rosneft.ru
          Web site: http://www.rosneft.ru/


OKLADNENSKIY: Volgograd Court to Hear Bankruptcy Petition August
----------------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on CJSC Agro Company
Okladnenskiy.  Mr. D. Bogdanov has been appointed temporary
insolvency manager.  A hearing will take place on August 11,
2005 at 8:15 a.m.

CONTACT:  Mr. D. Bogdanov
          Temporary Insolvency Manager
          400001, Russia, Volgograd,
          Klinskaya Str. 38-2


PALKINSKIY FLAX: Court Appoints S. Timoshkov Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kostroma region has commenced
bankruptcy supervision procedure on State Enterprise Palkinskiy
Flax Factory.  The case is docketed as A31-3454/2005-18.  Mr. S.
Timoshkov has been appointed temporary insolvency manager.  A
hearing will take place on September 15, 2005.

CONTACT:  STATE ENTERPRISE PALKINSKIY FLAX FACTORY
          Russia, Kostroma region,
          Antropovskiy region, Palkino

          Mr. S. Timoshkov
          Temporary Insolvency Manager
          Russia, Kostroma region,
          Antropovskiy region, Palkino


PROGRESSOVSKIIY BAKERY: Deadline for Proofs of Claim August 25
--------------------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Municipal Unitary Enterprise Progressovskiiy
Bakery (TIN 2806002399) after finding the state-owned enterprise
insolvent.  The case is docketed as A04-200/05-2/15 B.  Mr. M.
Miroshnichenko has been appointed insolvency manager.  Creditors
have until August 25, 2005 to submit their proofs of claim to
675011, Russia, Amur region, Blagoveshensk, Krasnoarmeyskaya
Str. 165-15.

CONTACT:  PROGRESSOVSKIIY BAKERY
          Russia, Amur region,
          Progress, Promyshlennaya Str. 10

          Mr. M. Miroshnichenko
          Insolvency Manager
          675011, Russia, Amur region,
          Blagoveshensk,
          Krasnoarmeyskaya Str. 165-15


STERLITAMAK-STROY: Claims Deadline Expires Today
------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Sterlitamak-Stroy (TIN
0268009134, OGRN 1020202081283) after finding the open joint
stock company insolvent.  The case is docketed as A-07/17128/02-
G-MOG.  Ms. I. Yusupova has been appointed insolvency manager.
Creditors have until July 25, 2005 to submit their proofs of
claim to 453107, Russia, Bashkortostan republic, Sterlitamak,
Lenina Pr. 2.

CONTACT:  STERLITAMAK-STROY
          453107, Russia, Bashkortostan republic,
          Sterlitamak, Lenina Pr. 2

          Ms. I. Yusupova
          Insolvency Manager
          453107, Russia, Bashkortostan republic,
          Sterlitamak, Lenina Pr. 2
          Fax: (3472) 43-68-93


SYUNDYUKOVSKIYI CARIER: Succumbs to Insolvency
----------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against OJSC Syundyukovskiyi Carier after finding
the limited liability company insolvent.  The case is docketed
as A65-23430/2004-SG4-21.  Mr. Kh. Khaliliov has been appointed
insolvency manager.  Creditors have until August 25, 2005 to
submit their proofs of claim to 422550, Russia, Tatarstan
republic, Zelenodolsk-10, Post User Box 326.

CONTACT:  OJSC SYUNDYUKOVSKIYI CARIER
          422420, Russia, Tatarstan republic,
          Tetyushskiy region,
          Bolshiye Tarkhany

          Mr. Kh. Khaliliov
          Insolvency Manager
          422550, Russia, Tatarstan republic,
          Zelenodolsk-10, Post User Box 326


UST-LABINSK-AGRO-TRANS: Court to Hear Bankruptcy Petition August
----------------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
supervision procedure on OJSC Ust-Labinsk-Agro-Trans (TIN
2356007080).  The case is docketed as A-32-6078/2005-2/86-B.
Mr. M. Bendikov has been appointed temporary insolvency manager.
Creditors have until July 25, 2005 to submit their proofs of
claim to the Arbitration Court of Krasnodar region.  A hearing
will take place on August 16, 2005, 2:15 p.m.

CONTACT:  UST-LABINSK-AGRO-TRANS
          Russia, Krasnodar region,
          Ust-Labinsk, Shaumyana Str. 1

          Mr. M. Bendikov
          Temporary Insolvency Manager
          Russia, Krasnodar, Post User Box 671


=====================
S W I T Z E R L A N D
=====================


BARRY CALLEBAUT: Ba2 Corporate Rating Affirmed; Outlook Positive
----------------------------------------------------------------
Moody's Investors Service affirmed on July 21, 2005 the Ba2
corporate family rating (previously known as senior implied
rating) of Barry Callebaut AG and changed the outlook for all
ratings to positive.

The ratings affirmation follows Barry Callebaut's proposed
refinancing of its capital structure through new EUR740 million
senior credit facilities (not rated by Moody's) which will be
used to refinance the existing EUR575 million senior credit
facilities and prepay in full the outstanding EUR165 million
senior subordinated notes callable starting from March 2007.
Concurrently, Moody's withdrew its B1 senior unsecured issuer
rating in line with Moody's announced policy to withdraw issuer
ratings for speculative-grade corporate issuers.

In Moody's opinion, the proposed new senior credit facilities
will:

(a) Improve the level of flexibility of the company's capital
    structure;

(b) Reduce its cost of funding especially in conjunction with
    the prepayment of the high-yield bond expected on or after
    March 2007; and

(c) Extend the maturity of current bank facilities.  The new
    facilities will be guaranteed by the company's operating
    subsidiaries representing at all times at least 70% of
    consolidated fixed assets and 80% of consolidated EBITDA and
    will rank contractually senior to the existing EUR165.0
    million senior subordinated notes until the expected
    prepayment has taken place.

Moody's also notes that the margin on the new senior debt
instrument will be adjusted according to the company's credit
rating and net senior debt/EBITDA ratio.  In addition, the bank
documentation will allow the company to carve out up to CHF60.0
million non-cash restructuring costs from the covenants
calculation for August 31, 2005 which will provide additional
headroom within the new set of covenants.

Since the initial rating in March 2003, Barry Callebaut has
significantly improved its financial profile by reducing the
portion of short-term debt on balance sheet and strengthening
its credit metrics.  In particular, the company has successfully
managed to reduce its Adjusted Total Debt/EBITDAR ratio to 3.7x
at the end of financial year 2004 from 5.1x for FY02 and
increase its Adjusted RCF/Net Adjusted ratio to 16.7% for
financial year 2004 compared to 5.7% at the end of financial
year 2002.

The Ba2 corporate family rating also positively reflects the
company's strong operating performance reported over the last
two years in the food manufacturing and gourmet and specialties
businesses which Moody's expects to continue to drive top line
growth through geographic and product offering expansion over
the near- to medium-term.  However, this has been so far largely
offset by poor operating results at the company's European
consumer product division, which still suffers from production
inefficiencies, unfavorable product mix changes and rising costs
of certain raw materials (i.e. hazelnut).

In response to its weak performance in consumer product Europe,
the company has recently announced the intention to book
additional CHF49 million cash restructuring costs during fourth
quarter 2005.  The restructuring initiatives will mainly focus
on the adoption of SAP, the optimization of the logistics
infrastructure and reduction of personnel in its European
consumer business, which should overall generate approximately
CHF40-50 million cost savings in year three.  Additional CHF45
million non-cash restructuring costs will be also booked in
financial year 04/05 in connection with stock and other fixed
assets impairment.

Moreover, the company has progressively reduced the risk of
sourcing cocoa beans from the Ivory Coast by increasing sourcing
from other countries (i.e. Ghana, Brazil and Indonesia) and
stocking higher levels of cocoa beans in its European
warehouses.

However, the company remains exposed to the volatility of the
cocoa bean price, which may affect its liquidity profile and
absolute amount of debt through increased working capital
requirements.  On the other hand, Moody's notes that the
company's conservative hedging policy and the large proportion
of revenues based on certain price mechanisms partially mitigate
the potential impact of large swings in cocoa bean price on the
company's operating performance.

More positively, the ratings continue to reflect:

(a) Barry Callebaut's leading market position in the industrial
    chocolate market; and

(b) Its successful track record in new product launches and
    geographic expansion; and

(c) The stable worldwide chocolate consumption and low
    elasticity of chocolate demand to cocoa prices.

The positive outlook reflects Moody's expectations that the
company's credit metrics and cash flow generation profile will
further improve mainly reflecting

(a) Profitable sales volume expansion following new production
    capacity investments in Far East and Russia;

(b) A recovery in operating performance from financial year
    05/06 as consequence of the recently announced restructuring
    initiatives; and

(c) A lower cost of funding following the proposed refinancing.

Therefore, a reduction in financial leverage and retained cash
flow levels steadily in the high teens combined with a visible
recovery in profitability in consumer product Europe are likely
to lead to a rating upgrade.

Conversely, any material increase in financial leverage above
existing levels or a deterioration in cash flow based credit
metrics (namely Retained Cash Flow/Adjusted Net Debt ratio) or a
material debt-funded acquisition are likely to place downward
pressure on the ratings.

The ratings affected by Thursday's rating action are as follows:

(a) Ba2 corporate family rating affirmed;

(b) B1 senior unsecured issuer rating withdrawn; and

(c) B1 rating on the EUR165.0 million senior subordinated notes
    due 2010 affirmed.

Headquartered in Zurich, Barry Callebaut is a leading worldwide
manufacturer of industrial chocolate and chocolate-based
consumer products.  For the last twelve months ended May 31,
2005, Barry Callebaut reported sales and EBITA of CHF3.97
billion and CHF259 million, respectively.  The company also
reported total debt of CHF1.14 billion as of May 31, 2005.

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

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


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


BAZIS-PLUS: Insolvency Manager to Temporarily Oversee Operations
----------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Bazis-Plus (code EDRPOU 31823043) on June 1,
2005 after finding the limited liability company insolvent.  Mr.
Sergij Bagmet (License Number AA 779159) has been appointed
liquidator/insolvency manager.

CONTACT:  BAZIS-PLUS
          71500, Ukraine, Zaporizhya region,
          Energodar, Yunosti Str. 7/12

          Mr. Sergij Bagmet
          Liquidator/Insolvency Manager
          69104, Ukraine, Zaporizhya region, a/b 1064
          Phone: (0612) 17-33-40

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


GIPERBOREJ: Kyiv Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Giperborej (code EDRPOU 23744039) on March
21, 2005 after finding the limited liability company insolvent.
The case is docketed as 23/208-b.  Mr. O. Sherban (License
Number AB 116282) has been appointed liquidator/insolvency
manager.  The company holds account number 2600001558 at JSB
Azhio, MFO 300175.

CONTACT:  GIPERBOREJ
          Ukraine, Kyiv region,
          Institutska Str. 25

          Mr. O. Sherban
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 157

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


IMPERIAL: Bankruptcy Supervision Starts
---------------------------------------
The Economic Court of Zakarpatska region has commenced
bankruptcy supervision procedure on LLC Imperial (code EDRPOU
32221271).  The case is docketed as 6/82.  Mr. Didich Mihajlo
(License Number AB 116176) has been appointed temporary
insolvency manager.  The company holds account number
26006024100056 at CB Koopinvestbank, Uzhgorod branch, MFO
312248.

CONTACT:  IMPERIAL
          89300, Ukraine, Zakarpatska region,
          Svalyava, Starolyubovnyanska Str. 21

          Mr. Didich Mihajlo
          Temporary Insolvency Manager
          88008, Ukraine, Zakarpatska region,
          Uzhgorod, 8 Bereznya Str. 25/8 a/b 82

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


INTERMIK-UKRAINE: Kyiv Court Appoints Insolvency Manager
--------------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on Investments Intermik-Ukraine (code
EDRPOU 25280511).  The case is docketed as 23-388-b.  Mr. Andrij
Koveza (License Number AA 250297) has been appointed temporary
insolvency manager.

CONTACT:  INVESTMENTS INTERMIK-UKRAINE
          01033, Ukraine, Kyiv region,
          Volodimirska Str. 97/37

          Mr. Andrij Koveza
          Temporary Insolvency Manager
          03150, Ukraine, Kyiv region,
          Antonovich Str. 47-B

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


MASKA: Under Bankruptcy Supervision
-----------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Maska (code EDRPOU 22139767) on
April 26, 2005.  The case is docketed as 19/96 (05).  Mr. P.
Chulakov (License Number AA 719815) has been appointed temporary
insolvency manager.

CONTACT:  Mr. P. Chulakov
          Temporary Insolvency Manager
          69050, Ukraine, Zaporizhya region, a/b 7683

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

MASTER-PLUS: Bankruptcy Proceedings Begin
-----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Master-Plus (code EDRPOU 32641232) on June
7, 2005 after finding the limited liability company insolvent.
The case is docketed as 192/2b-2005.  Mr. V. Anisimov (License
Number AA 783134) has been appointed liquidator/insolvency
manager.  The company holds account number 26005363931 at OJSC
Innovation-Industrial Bank, MFO 322863.

CONTACT:  MASTER-PLUS
          08700, Ukraine, Kyiv region,
          Obuhiv, Kyivska Str. 1

          Mr. V. Anisimov
          Liquidator/Insolvency Manager
          02222, Ukraine, Kyiv region,
          Saburov Str. 5/100

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


PRIBUZHYA: Temporary Insolvency Manager Takes over Helm
-------------------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
supervision procedure on Agricultural LLC Pribuzhya (code EDRPOU
03735512) on June 6, 2005.  The case is docketed as 7/70-B.  Mr.
Igor Homishin (License Number AA 116117) has been appointed
temporary insolvency manager.  The company holds account number
26006316021001 at CB Privatbank, Novovolinska branch, MFO
303440.

CONTACT:  PRIBUZHYA
          45400, Ukraine, Volinska region,
          Ivanichivskij district, Litovezh

          Mr. Igor Homishin
          Temporary Insolvency Manager
          79015, Ukraine, Lviv region,
          Polishuk Str. 87-A/17
          Phone: (067) 923-42-55

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


RISE-INVEST: Succumbs to Bankruptcy
-----------------------------------
The Economic Court of Rivne region has commenced bankruptcy
supervision procedure on Rise-Invest (code EDRPOU 21092963).
The case is docketed as 4/5.  Mr. Larisa Stepanenko (License
Number AA 315482) has been appointed temporary insolvency
manager.  The company holds account number 26003012712926 at
OJSC Ukreximbank, Kyiv region branch, MFO 322313.

CONTACT:  RISE-INVEST
          33013, Ukraine, Rivne region,
          Kavkazka Str. 9-a, Office 2

          Mr. Larisa Stepanenko
          Temporary Insolvency Manager
          33000, Ukraine, Rivne region,
          Ostapov Str. 26/5

          ECONOMIC COURT OF RIVNE REGION
          33001, Ukraine, Rivne region,
          Yavornitski Str. 59


STELSEN: Declared Insolvent
---------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Stelsen (code EDRPOU 21453674) on May 11,
2005 after finding the limited liability company insolvent.
The case is docketed as 23/357-b.  Mr. O. Sherban (License
Number AB 116282) has been appointed liquidator/insolvency
manager.  The company holds account number 2600200011469 at OJSC
CB Hreshatik, MFO 300670.

CONTACT:  STELSEN
          Ukraine, Kyiv region,
          Pririchna Str. 5/690

          Mr. O. Sherban
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 157

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


TEA HOUSE: Zaporizhya Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Tea House (code EDRPOU 32195797) on June 1,
2005 after finding the limited liability company insolvent.  The
case is docketed as 25/93.  Mr. Sergij Bagmet (License Number AA
779159) has been appointed liquidator/insolvency manager.

CONTACT:  TEA HOUSE
          69051, Ukraine, Zaporizhya region,
          Suha Str. 34

          Mr. Sergij Bagmet,
          Liquidator/Insolvency Manager
          69104, Ukraine, Zaporizhya region, a/b 1064
          Phone: (0612) 17-33-40

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


ACCLAIM ENTERTAINMENT: Game over for Video Game Maker
-----------------------------------------------------
Save for its name, Acclaim Entertainment Plc is literally dead.
The video game maker's U.S. trustee is now finalizing the
company's internment, according to Newsday.

Citing court filings in the Eastern District of New York where
Acclaim's Chapter 7 petition is pending, the paper said Central
Investment Holdings LLC has offered to buy the rights to the
Acclaim Entertainment name for US$100,000.  It is not clear what
it plans to do with the name.

Newsday says court filings list Howard Marks as the trustee's
contact at Central Investment Holdings.  It could not be
confirmed if he is the same Howard Marks who used to be
connected to video game maker Activision and now head of
California-based eMind, a software provider to financial
services companies.  Newsday's call to Mr. Marks at eMind was
not returned.

The trustee also has a "tentative deal" with California-based
game maker Crave Entertainment for the rights to the Dave Mirra
Freestyle BMX series and the ATV Quad Power Racing 2 game.  The
deal is reportedly worth US$120,000.  According to Newsday,
these deals "will stand if there are no higher bids for each
asset in the next few weeks."

After filing for Chapter 7 in the U.S., the company sold off a
bunch of its assets, including its US$8.75 million New York
headquarters, rights to four unfinished projects for US$250,000,
comic book characters for US$750,000 and lucrative Juiced
copyright in a deal with publisher THQ worth up to US$10.5
million, said the Inquirer in a separate report.  In its
petition, Acclaim listed GMAC Commercial Finance as its primary
creditor, owed US$18 million.

Headquartered in Glen Cove, New York, Acclaim Entertainment was
a worldwide developer, publisher and mass marketer of software
for use with interactive entertainment game consoles including
those manufactured by Nintendo, Sony Computer Entertainment and
Microsoft Corporation as well as personal computer hardware
systems.  The Company filed a chapter 7 petition on Sept. 1,
2004 (Bankr. E.D.N.Y. Case No. 04-85595).  Jeff J. Friedman,
Esq., at Katten Muchin Zavis Rosenman, represents the Debtor.
Allan B. Mendelsohn, Esq. serves as the chapter 7 Trustee.  When
the Company filed for bankruptcy, it listed US$47,338,000 in
total assets and US$145,321,000 in total debt.

CONTACT:  ACCLAIM ENTERTAINMENT PLC
          Moreau House
          112-120 Brompton Road
          Knightsbridge
          London SW3 1JJ
          Phone: 0207 3445000
          Fax: 0207 3445040
          Web site: http://www.acclaim.net

          BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Joint Administrators:
          Antony David Nygate
          Malcolm Cohen
          Phone: 020 7486 5888
          Fax:   020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.co.uk


ASHTEAD GROUP: New Senior Loan Notes Carry 8 5/8% Interest
----------------------------------------------------------
On 7 July, Ashtead Group plc, the international equipment rental
group serving the construction, industrial and homeowner
markets, disclosed a refinancing scheme.

This includes the underwritten Placing and Open Offer in respect
of 73.4 million New Ordinary Shares at 95.5 pence per share to
raise GBP70 million; and the raising of US$250 million
(approximately GBP142 million), before expenses, from the issue
of New Senior Loan Notes by Ashtead Holdings plc.

Ashtead has now completed the marketing of the New Senior Loan
Notes and confirmed that they have been priced at an interest
rate of 8 5/8%.  This compares to the indicative rate of 9% set
out in the announcement made on 7 July.

Application will be made to the U.K. Listing Authority for the
New Senior Loan Notes to be admitted to the official list of the
U.K. Listing Authority and to the London Stock Exchange for the
New Senior Loan Notes to be admitted to trading on the London
Stock Exchange's Professional Securities Market.  Completion of
the Placing and Open Offer and issuance of the New Senior Loan
Notes are inter-conditional.  Completion is currently expected
to take place on 3 August.

CONTACT:  ASHTEAD GROUP PLC
          King's Court, 41-51 Kingston Rd.
          Leatherhead
          Surrey KT22 7AP, United Kingdom
          Phone: +44-1372-362-300
          Fax: +44-1372-376-610
          Web site: http://www.ashtead-group.com

          Cob Stenham, Non-executive Chairman
          Phone: 020 7299 5562

          George Burnett, Chief Executive
          Ian Robson, Finance Director
          Phone: 01372 362300

          The Maitland Consultancy
          Brian Hudspith
          Phone: 020 7379 5151


ASTROAIR LTD.: Collapses into Liquidation
-----------------------------------------
Company Name: Astroair Ltd.

Company Registration Number: 03719821

Address of Registered Office: Image House, Green Farm Road,
Newport Pagnell, Buckinghamshire, MK16 0AF

Court: High Court of Justice

Date of Filing Petition: 15 April 2005

No. of Matter: 002500 of 2005

Date of Winding-up Order: 29 June 2005

Official Receiver's Address: Sol House, 29 St Katherines Street,
Northampton, NN1 2QZ


BAE SYSTEMS: Raising US$1.75 Bln to Repay Money Used to Buy UDI
---------------------------------------------------------------
BAE Systems plc has said it is raising US$1.75 billion through
issues of US$500 million Floating Rate notes due 2008, US$500
million 4.75% notes due 2010 and US$750 million 5.20% notes due
2015.

The borrower is BAE Systems Holdings, Inc. and the guarantor
will be BAE Systems plc.  The proceeds will be used to repay
drawings on the US$3 billion acquisition facility dated 11 April
2005, which were used to finance partially the UDI acquisition.
The issues are scheduled to close on 25 July 2005, subject to
customary conditions.

The notes have been offered only to qualified institutional
buyers in the United States under Rule 144A under the U.S.
Securities Act of 1933, as amended, and certain investors
outside of the United States in reliance on Regulation S under
the Securities Act.

The notes have not been registered under the Securities Act or
any state securities laws and may not be offered or sold in the
United States absent registration or an applicable exemption
from the registration requirements of the Securities Act and
applicable state securities law.

                            *   *   *

Fitch Ratings has downgraded BAE Systems Plc's Senior Unsecured
and Short-term ratings to 'BBB' and 'F3' from 'BBB+' and 'F2',
respectively and removed them from Rating Watch Negative
(RWN).  A Stable Outlook has been assigned.  Approximately
GBP3.8 billion of debt is affected by this rating action.

The downgrade reflects BAE's increased net leverage, as
anticipated in Fitch's rating action commentary dated 7 March
2005, following its US$4.2 billion (GBP2.2 billion) acquisition
of U.S.-based United Defense Industries (senior secured bank
facility rated at 'BB+', Outlook Positive), which closed on 24
June 2005.

CONTACT:  BAE SYSTEMS PLC
          Warwick House, Farnborough Aerospace Center
          Farnborough
          Hampshire GU14 6YU, United Kingdom
          Phone: +44-1252-373-232
          Fax: +44-1252-383-000
          Web site: http://www.baesystems.com


BASEBUILD CONTRACTORS: Bristol Court Okays Liquidation
------------------------------------------------------
Company Name: Basebuild Contractors Ltd.
              29 Tyntyla Road, Ystrad, Pentre
              Rhondda Cynon Taff, CF41 7SF

Company Registration Number: 04051459

Court: Bristol District Registry

Date of Filing Petition: 10 May 2005

No. of Matter: 2103 of 2005

Date of Winding-up Order: 6 July 2005

Official Receiver's Address: 3rd Floor, Companies House, Crown
Way, Cardiff, CF14 3ZA


BP2K LTD.: Official Receiver Oversees Liquidation
-------------------------------------------------
Company Name: BP2K LTD.
              2 Saffron Road, Higham Ferrers
              Northampton, NN10 8ED

Company Registration Number: 04435261

Court: Bristol District Registry

Date of Filing Petition: 13 May 2005

No. of Matter: 74 of 2005

Date of Winding-up Order: 7 July 2005

Official Receiver's Address: Sol House, 29 St Katherines Street,
Northampton, NN1 2QZ


COLD CURE: High Court Approves Winding-up
-----------------------------------------
Company Name: Cold Cure Foam Ltd.
              Unit 13, Heol Mostyn
              Village Farm Industrial Estate
              Pyle, Mid Glamorgan, CF33 6BJ

Company Registration Number: 04538805

Court: High Court of Justice

Date of Filing Petition: 12 May 2005

No. of Matter: 003139 of 2005

Date of Winding-up Order: 29 June 2005

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


COMPASS GROUP: Personnel Chief Leaving at Month's end
-----------------------------------------------------
Compass Group plc said Friday that after twenty years, Clive
Grundy, Group Human Resources Director, will be leaving the
company at the end of July.

The position will not be replaced at board level.  The HR
function will now be managed directly by the divisional HR
directors with a small central team reporting to the Group Chief
Executive.

Sir Francis Mackay, Chairman of Compass Group and Michael J.
Bailey, Chief Executive, said: "We would like to thank Clive for
his valuable contribution over the past twenty years, especially
since 2002 when he joined the Board.  We wish him well in the
future."

                            *   *   *

In May, Mr. Bailey said: "I am not happy with our recent
performance.  We need to respond more rapidly than we have to
the changes taking place in our market."

Half-year turnover was GBP6,191 million (2004: GBP5,844 million)
with like for like growth of 6%, in line with expectations.
However, net debt at 31 March 2005 rose to GBP2,494 million (30
September 2004: GBP2,373 million), while profit before taxation
and goodwill amortization decreased by 8% from GBP283 million to
GBP260 million.

CONTACT:  COMPASS GROUP PLC
          Compass House
          Guildford Street
          Chertsey
          Surrey
          United Kingdom
          KT16 9BQ
          Phone: +44 1932 573 000
          Fax: +44 1932 569 956
          Web site: http://www.compass-group.com


DENISLA PLC: Appoints Liquidator from Ritson Smith
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF Denisla Plc

Notice is hereby given that on July 1, 2005, I, Ewen R.
Alexander CA, Ritson Smith, 16 Carden Place, Aberdeen AB10 1FX,
was appointed liquidator of Denisla Plc, which trades from
Investment House, 6 Union Row, Aberdeen AB10 1DQ, by resolution
of a meeting of members, pursuant to section 109 of the
Insolvency Act 1986.

Ewen R. Alexander CA, Liquidator

CONTACT:  RITSON SMITH
          16 Carden Place
          Aberdeen AB10 1FX

          Ewen Ross Alexander
          E-mail: era@ritson-smith.com
          Phone: 01224 643311
          Fax: 01224 624359


DRIFTWOOD TREE: Files for Liquidation
-------------------------------------
Company Name: Driftwood Tree Surgery Limited
              Ground Floor, Elizabeth House
              Edgware, Middlesex, HA8 7EJ

Company Registration Number: 04670841

Court: Bristol District Registry

Date of Filing Petition: 12 April 2005

No. of Matter: 1755 of 2005

Date of Winding-up Order: 6 July 2005

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


DUNEDIN ENTERPRISE: Hires KPMG to Liquidate Assets
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Dunedin Enterprise Limited

Notice is hereby given that on June 30, 2005, we, Blair Carnegie
Nimmo of Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EG and
Jeremy Simon Spratt of 8 Salisbury Square, London EC4Y 8BB, were
appointed liquidators of Dunedin Enterprise Limited, which
trades from Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES,
by resolution of a meeting of creditors, pursuant to section 109
of the Insolvency Act 1986.

Blair Carnegie Nimmo, Liquidator

CONTACT:  KPMG LLP
          8 Salisbury Square
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311

          Saltire Court
          20 Castle Terrace
          Edinburgh EH1 2EG
          Phone: (0131) 222 2000
          Fax: (0131) 527 6666
          Web site: http://www.kpmg.co.uk


E-KNOWLEDGE SOLUTIONS: Goes into Liquidation
--------------------------------------------
Company Name: E-Knowledge Solutions Limited
              Weald Edge, Little London Road
              Horam, Heathfield, TN21 0BL

Company Registration Number: 03919003

Court: Bristol District Registry

Date of Filing Petition: 29 April 2005

No. of Matter: 2016 of 2005

Date of Winding-up Order: 6 July 2005

Official Receiver's Address: 69 Middle Street, Brighton, East
Sussex, BN1 1BE


EQUITABLE LIFE: No Further Cuts to Claims Against E&Y
-----------------------------------------------------
Equitable Life denies mulling a further cut to its claim against
former auditor Ernst & Young, The Guardian said Friday.

Last week the insurer dropped its claim for "lost sale" against
the auditing firm, reducing its GBP2 billion damage suit to
GBP700 million.  Equitable Life has maintained that had E&Y
advised it properly, the board would have sold the company,
earning over GBP1 billion in the process.

E&Y's counsel Mark Hapgood recently said Equitable's claim has
been reduced to GBP608 million, prompting the insurer to accuse
E&Y of "playing to the gallery."

"We said in round terms GBP700 million, and that is (still) the
case.  (E&Y is) trying to create and concoct that it is yet
another new development," Equitable said.

Equitable Life is suing E&Y and 15 former directors for alleged
negligence and breach of fiduciary duty, which resulted in huge
losses.  The highly technical trial, which started in April, was
adjourned until September 19.  It will likely run till Christmas
and even beyond if there are postponements.  It is also expected
to cost over GBP80 million.

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


FIRST CHOICE: Bristol Court Accepts Liquidation Petition
--------------------------------------------------------
Company Name: First Choice Communications Limited
              36 Peartree Lane, Hempstead, Gillingham
              Kent, ME7 3PS

Company Registration Number: 03867356

Court: Bristol District Registry

Date of Filing Petition: 25 April 2005

No. of Matter: 1976 of 2005

Date of Winding-up Order: 22 June 2005

Official Receiver's Address: Ground Floor, Victory House,
Quayside, Chatham Maritime, Kent, ME4 4QU


GIBBONS COACHES: Owners Decide to Liquidate Company
---------------------------------------------------
Company Name: Gibbons Coaches Limited
              17 Upper High Street, Bedlinog
              Treharris, Rhondda Cynon Taff,  CF46 6RY

Company Registration Number: 04908965

Court: Bristol District Registry

Date of Filing Petition: 5 May 2005

No. of Matter: 2039 of 2005

Date of Winding-up Order: 6 July 2005

Official Receiver's Address: 3rd Floor, Companies House, Crown
Way, Cardiff, CF14 3ZA


HALAL WORLD: High Court Sanctions Liquidation
---------------------------------------------
Company Name: Halal World plc
              Rumbow House, Rumbow
              Halesowen, B63 3HU

Company Registration Number: 03660470

Court: High Court of Justice

Date of Filing Petition: 4 March 2005

No. of Matter: 001428 of 2005

Date of Winding-up Order: 29 June 2005

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


HUNSBURY PUB: Files for Liquidation
-----------------------------------
Company Name: Hunsbury Pub Management Ltd.
              Adam House, 14 New Burlington Street
              London, W1S 3BQ

Company Registration Number: 04253753

Court: High Court of Justice

Date of Filing Petition: 5 May 2005

No. of Matter: 002932 of 2005

Date of Winding-up Order: 29 June 2005

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


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

                               and

            IN THE MATTER OF Ice Hockey Services Ltd.
                       (In Liquidation)

I, Derek Forsyth of Campbell Dallas, Sherwood House, 7 Glasgow
Road, Paisley PA1 3QS give notice that on June 23, 2005 I was
appointed Liquidator by resolutions of members.

Notice is hereby given that creditors of Ice Hockey Services
Ltd., which is being voluntarily wound up, are required, on or
before September 23, 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 Derek Forsyth of Sherwood House, 7 Glasgow
Road, Paisley PA1 3QS, 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 and 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.

Derek Forsyth, Liquidator
June 28, 2005

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com


J J GLASS: High Court Accepts Winding-up Petition
-------------------------------------------------
Company Name: J J Glass Ltd.
              298A Devonshire Road, Honor Oak
              London, SE23 3TW

Company Registration Number: 04259898

Court: High Court of Justice

Date of Filing Petition: 12 May 2005

No. of Matter: 003123 of 2005

Date of Winding-up Order: 6 July 2005

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


JOHN LETTERS: Joint Receivers Take over Operations
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF John Letters of Scotland Limited
                       (In Receivership)

I, Fraser J. Gray and David J. Whitehouse, Chartered Accountants
of Kroll Limited, Afton House, 26 West Nile Street, Glasgow G1
2PF, hereby give notice that we were appointed Joint Receivers
on July 31, 2005 of the whole property and assets of John
Letters of Scotland Limited in terms of Section 51 of the
Insolvency Act 1986.

In terms of Section 59 of the said Act, preferential creditors
are required to lodge their formal claims with us within six
months from the date of this notice.

Fraser J. Gray, Joint Receiver
July 5, 2005

CONTACT:  KROLL GLASGOW
          Afton House
          26 West Nile Street
          Glasgow G1 2PF
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com

          Fraser J. Gray
          E-mail: fgray@krollworldwide.com


KITCHEN PLACE: Applies for Administration
-----------------------------------------
Company Name: The Kitchen Place Ltd.
              9 Panfield Road, Abbeywood, London, SE2 9DW

Company Registration Number: 04814081

Court: Birmingham District Registry

Date of Filing Petition: 31 March 2005

No. of Matter: 2305 of 2005

Date of Winding-up Order: 4 July 2005

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


K & R BUILDING: Opts for Liquidation
------------------------------------
Company Name: K & R Building Ltd.
              7 Gore Road, Burnham, Slough, SL1 8AA

Company Registration Number: 03218664

Court: High Court of Justice

Date of Filing Petition: 12 May 2005

No. of Matter: 003121 of 2005

Date of Winding-up Order: 29 June 2005

Official Receiver's Address: 2nd Floor, Kings Wharf, 20-30 Kings
Road, Reading, RG1 3ET


MERROC LIMITED: Appoints Joint Receivers from Campbell Dallas
-------------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Merroc Limited
                         (In Receivership)

I, David K. Hunter, and Derek Forsyth, Chartered Accountants, of
Campbell Dallas, Sherwood House, 7 Glasgow Road, Paisley PA1 3QS
hereby give notice that we were appointed Joint Receivers on
June 30, 2005 of the whole property and assets of Merroc Limited
in terms of Section 51 of the Insolvency Act 1986.

In terms of Section 59 of the said Act, preferential Creditors
are required to lodge their formal claims with us within six
months from the date of this notice.

David K. Hunter, Joint Receiver
June 30, 2005

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com

          David Kelso Hunter
          E-mail: david@camdal.com


MG ROVER: Bad News for Bidders as Honda Enforces Rights
-------------------------------------------------------
Efforts to revive production at MG Rover's Longbridge site met
another obstacle Thursday.  Honda Motor Co., Ltd. retrieved
equipment from the factory and destroyed blueprints for Rover 45
and MG ZS models, said the Financial Times.

Rover administrator PricewaterhouseCoopers has confirmed the
Japanese firm owns many design rights to the models.  For
instance, the Rover 400, which inspired Rover 45, was reportedly
built after the Honda Civic.

Takeshi Sumita, director of public relations at Honda Europe,
revealed it was unlikely that rights would be sold to any new
owner of MG Rover.  This somehow gives Chinese bidders Nanjing
Auto and Shanghai Automotive Industry Corporation a reason or
two to shift production to China if any of their offers
materialize.

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


MG ROVER: David James Returns with Two More Offers
--------------------------------------------------
The leader of an all-British consortium Project Kimber has
submitted dual offers for the assets of MG Rover Group Limited,
the Times Online said Thursday.

Though late, the bid will still be considered by PwC's lead
administrator Tony Lomas.  As MG Rover's expected sale nears,
David James presented PwC an offer for the sports car business
worth GBP15 million, and a joint bid of GBP45 million for MG and
Powertrain.  Mr. James also valued parts of the collapsed
carmaker, which include equipment and facilities, at GBP20
million, but he did not bid for these.

It took Mr. James more than ten days to gather enough backing
for the bid.  The process has already seen him plea for
government support, and complain against alleged favoritism in
the bidding process.  He earlier offered to pay GBP40 million to
restart production of the MG two-seater roadster and the Rover
25 and 75 models at the Longbridge site.  The deal would have
saved 500 of the 6,000 jobs at the plant.  Now, Project Kimber
is competing with SAIC's offer.

SAIC is in a joint bid with Magma Holdings, the consortium led
by former Ford Europe head Martin Leach.  PwC was said to have
been unimpressed with the GBP60 million offer that SAIC lodged
earlier.  The Chinese firm has bounced back, brushing aside
claims that its bid consisted of funds that were not readily
available.  A spokesman for SAIC said Chinese regulations allow
for a delay in releasing money as contracts should be signed
first.

Meanwhile, another Chinese bidder Nanjing Auto has reportedly
designed a new range of sports cars to be built at Longbridge if
its GBP50 million offer materializes.  Nanjing also mulls
manufacturing small cars in China by moving some of Rover's
production equipment there.  Its plan includes working with U.K.
engineering group Arup in developing a road map for new vehicles
to be designed, engineered and produced both in the U.K. and in
China.

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


NMT GROUP: Minority Shareholder Hints of Board Shakeup
------------------------------------------------------
Activist investment company Volvere plc is expected to call for
a board reshuffle at NMT Group plc, which had recently put
itself for sale.

According to The Telegraph, Volvere last week increased its 7.5%
stake in NMT to 18.6%, while its chief executive has dropped
hints he wants a change in the boardroom.

"Volvere is in a position to make something happen and we hope
the other shareholders will think with their heads and not with
their hearts," Volvere CEO Jonathan Lander told The Telegraph on
Friday.

Mr. Lander rapped the company for employing only eight staff,
spending GBP70 million to find customers for its retractable
syringes, and paying its CEO more than GBP100,000 last year even
if turnover was zero.

"I would not support the current management. In my opinion, the
management [is] over-paid and they have under-delivered.  We
have built the stake for a reason and we will take appropriate
action at the appropriate time to maximize shareholder value,"
Mr. Lander said.

NMT put itself on the auction block on July 11, citing failure
to bag a deal to make and distribute its safety syringes, which
prevent "needle-stick" injuries, to doctors and nurses in the
Far East.  The company, according to The Telegraph, is an
attractive acquisition target because of it GBP6.5 million cash
on its balance sheet at the end of last month.

NMT Chairman Tony Shepherd admitted meeting with Mr. Lander
three times, but the latter did not reveal his intentions for
NMT.  "I put the question to him and he would not tell me," he
told The Telegraph in a separate interview.

He conceded that Volvere's plans are its "prerogative," but
added: "It is a distraction, let's put it that way.  We are not
sitting on our backsides doing nothing about it.  I am concerned
about maximizing value for shareholders."

He said there are two options for the company: "turning the
lights out" and returning cash to shareholders, or selling the
business and the intellectual property rights to a large medical
devices company.

NMT, which floated on the London Stock Exchange in 1997, closed
at 61p on July 22, valuing the company at GBP5.3 million.  It
manufactures syringes that, according to its Web sites, prevent
diseases like HIV, Hepatitis C and Hepatitis B from being
transmitted via a contaminated needle.  NMT boasts of its
automatic needle retraction technology and NMT automatic needle
resheathing technology, which accordingly reduce, and in many
instances, eliminate the risks of contamination.

NMT designed, developed and manufactured in high volume one of
the world's first automatically retracting syringes, and has
emerged as a global leader in safe needle technology.  Its
products are recognized by many authorities, including the well-
respected ECRI group.  NMT has built a strong intellectual
property platform, both through its in-house product development
and acquisition, across several safe needle technologies.

CONTACT:  NMT GROUP PLC
          Unit C2,
          Fairways Office Park,
          Deer Park Avenue,
          Livingston,
          EH54 8AF
          Scotland
          Tel: +44 (0) 1506 445000
          Fax: +44 (0) 1506 430444
          Web site: http://www.newmedicaltechnology.com/

          VOLVERE PLC
          9-11 Grosvenor Gardens
          London
          SW1W 0BD
          UNITED KINGDOM
          Tel: +44 (0) 20 7979 7596
          Fax: +44 (0) 20 7979 7585
          E-mail: info@volvere.co.uk
          Web site: http://www.volvere.co.uk/


NORTHERN FOODS: Chairman Stepping Down
--------------------------------------
At the Annual General Meeting of Northern Foods plc, Chairman
Peter Blackburn said: "Trading in the first quarter was in line
with our expectations, with underlying sales* for the 13 weeks
to 2 July 2005, up by 3.2%.  This compared to 1.4% for the same
period last year.

"We continue to operate in very competitive market conditions.
As indicated in June, we are focusing our efforts in two key
areas: driving sales growth and reducing costs in the supply
chain, to ensure that we can perform successfully in this
environment.

"David Nish joined the Northern Foods board on 1 July as a Non-
executive Director and Chairman of the Audit Committee and Jez
Maiden will take up the role of Group Finance Director with
Northern Foods on 5 September 2005.

"I am stepping down as the Chairman of Northern Foods and I hand
over this responsibility to Tony Hobson who has been my deputy
for the past three years.  We have worked very closely together
during this period on the transformation of the business, and I
have every confidence in the ability of Tony, Pat O'Driscoll and
the management team to achieve our plans and ambitions for
Northern Foods, our customers, shareholders and employees."

[*] excluding the impact of currency, acquisitions and
divestments.

                            *   *   *

Leeds-based Northern Foods plc is one of U.K.'s leading food
producers with a turnover of GBP1.5 billion and over 22,000
employees based in sites across the U.K. and Ireland.

Northern Foods began restructuring and refocusing its business
in Autumn 2003.  It appointed Chief Executive, Pat O'Driscoll,
at the end of March 2004.  It has also launched a comprehensive
strategic review of the business, established a new management
team, and simplified its business structure and  factory
reorganization.

CONTACT:  NORTHERN FOODS PLC
          2180 Century Way, Thorpe Park
          Leeds
          LS15 8ZB, United Kingdom
          Phone: +44-113-390-0110
          Fax: +44-113-390-0211
          Web site: http://www.northern-foods.co.uk


PORTSLADE LTD.: In Liquidation
------------------------------
Company Name: Portslade Ltd.
              8 Arnside Street, London, SE17 2AP

Company Registration Number: 04225091

Court: High Court of Justice

Date of Filing Petition: 12 May 2005

No. of Matter: 003120 of 2005

Date of Winding-up Order: 6 July 2005

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


PROCESS PIPEWORK: Files Winding-up Petition
-------------------------------------------
Company Name: Process Pipework Services Ltd.
              Elson House, Anglesey Road, Burton On Trent
              Staffordshire, DE14 3NX

Company Registration Number: 03622969

Court: Bristol District Registry

Date of Filing Petition: 10 May 2005

No. of Matter: 2101 of 2005

Date of Winding-up Order: 6 July 2005

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


READCO 300: Factory Fire Sends Firm into Administration
-------------------------------------------------------
Derek Howell, Edward Klempka and Nick Reed of
PricewaterhouseCoopers were appointed joint administrators of
Readco 300 Limited (trading as Hilliers of Plymouth) on 20 July
2005, following a major fire at its factory last Friday.

Hilliers is based in Plympton and was a major baker of quiche
and other bakery products for the retail market.  It employs
around 350 people.

Derek Howell, joint administrator and partner at
PricewaterhouseCoopers, said: "Commercially this is a tragic
situation but fortunately nobody was injured in the fire.
However the fire damage is significant and the business cannot
operate in the short term.

"As a result, we have had to make the majority of the workforce
redundant with immediate effect.  We have retained a small
number of staff to assist us while we explore the options for
the company."

CONTACT:  READCO 300 LIMITED
          Nook House Farm
          Longsight Road Clayton Le Dale
          Blackburn
          Lancashire
          BB1 9EX

          PRICEWATERHOUSECOOPERS
          Jenny Britton, PR Manager
          Business Recovery Services
          Phone: 020 7212 2970
          Mobile: 07855 522485

          Derek Howell
          Partner
          Phone: 0117 929 1500


RIVERSIDE INNS: Bristol Court Approves Winding-up Petition
----------------------------------------------------------
Company Name: Riverside Inns (Ross) Limited
              Kings Buildings, Lydney, Gloucestershire, GL15 5HE

Company Registration Number: 03669172

Court: Bristol District Registry

Date of Filing Petition: 5 May 2005

No. of Matter: 2053 of 2005

Date of Winding-up Order: 6 July 2005

Official Receiver's Address: 3rd Floor, Companies House, Crown
Way, Cardiff, CF14 3ZA


R.J. SITE: High Court Orders Liquidation
----------------------------------------
Company Name: R.J. Site Facilities Ltd.
              Gellideg Ind Est, Gellideg Lane, Maesycwmmer,
              Hengoed, Caerphilly, CF82 7SH

Company Registration Number: 04640743

Court: High Court of Justice

Date of Filing Petition: 1 April 2005

No. of Matter: 002157 of 2005

Date of Winding-up Order: 29 June 2005

Official Receiver's Address: 3rd Floor, Companies House, Crown
Way, Cardiff, CF14 3ZA


S.C.K. HAULAGE: Files for Liquidation
-------------------------------------
Company Name: S.C.K. Haulage Ltd.
              Unit 4B, Ewenny Ind Estate, Bridgend, CF31 3EX
Company Registration Number: 04371406

Court: High Court of Justice

Date of Filing Petition: 15 March 2005

No. of Matter: 001727 of 2005

Date of Winding-up Order: 29 June 2005

Official Receiver's Address: 3rd Floor, Companies House, Crown
Way, Cardiff, CF14 3ZA


S GUYMER: High Court Orders Liquidation
---------------------------------------
Name of Partnership: S GUYMER
                     St Giles on the Heath, Launceston,
                     Cornwall

Court: High Court of Justice

No. of Matter: 00347 of 2005

Date of Filing Petition: 19 January 2005

Date of Winding-up Order: 29 June 2005


STANDARD METROPOLITAN: Collapses into Liquidation
-------------------------------------------------
Company Name: Standard Metropolitan Consulting Ltd.
              James House, 153 Grosvenor Road, Aldershot
              Hampshire, GU11 3EF

Company Registration Number: 03826854

Court: High Court of Justice

Date of Filing Petition: 18 March 2005

No. of Matter: 001834 of 2005

Date of Winding-up Order: 29 June 2005

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


TWO JAYS: High Court Okays Liquidation
--------------------------------------
Company Name: Two Jays (Builders) Ltd.
              9B The Cathedral Green, Llandaff, Cardiff, CF5 2EB

Company Registration Number: 01129902

Court: High Court of Justice

Date of Filing Petition: 16 May 2005

No. of Matter: 003188 of 2005

Date of Winding-up Order: 29 June 2005

Official Receiver's Address: 3rd Floor, Companies House, Crown
Way, Cardiff, CF14 3ZA


USG TURBO: Official Receiver to Oversee Liquidation
---------------------------------------------------
Company Name: USG Turbo Ltd.
              49A Mill Road, Sharnbrook, Bedford, Bedfordshire,
              MK44 1NX

Company Registration Number: 04816049

Court: Birmingham District Registry

Date of Filing Petition: 11 March 2005

No. of Matter: 2246 of 2005

Date of Winding-up Order: 20 June 2005

Official Receiver's Address: Sol House, 29 St Katherines Street,
Northampton, NN1 2QZ


WADE SMITH: Files for Administrative Receivership
-------------------------------------------------
Wade Smith receiver, John Newell, is optimistic he can sell the
designer retailer as a going concern even if the odds are
currently stacked against it.

Mr. Newell, who took over the company more than a week ago as
administrator from accountancy firm PKF, said he has received
several expressions of interest since advertising the sale of
the business on July 15.

"We'll talk to anyone but we don't want to allow people to
cherry pick bits of the stock out.  We won't be encouraging
that," he told the Liverpool Daily Post last week.

He expects some of the interest in Wade Smith to come from
'voyeurs' and not necessarily from serious buyers: "You will
always get that but we have to listen to all expressions of
interest because if someone walks up to you, you can't tell if
they've got any money or not."

Founder-owner Robert Wade-Smith placed the business in
administrative receivership after its bank refused to provide
any more financial backing.  He blamed the current difficult
retail climate and the Big Dig roadworks for the downturn in
business.  He said the diggings in the main arterial streets
have discouraged people from shopping in the area.

But Mr. Newell remains optimistic: "We remain hopeful, but it's
not a business for someone who thinks they can just step in and
start trading."

Established more than 20 years ago, Wade Smith is recognized as
one of the leading independent retailers in the city.  Employing
35, the company is continuing its normal operations pending a
sale to a new owner.

CONTACT:  WADE SMITH
          Mathew Street
          Liverpool
          L2 6RA
          Phone: 0151 255 1077

          JOHN NEWELL
          PKF
          52 Mount Pleasant
          LIVERPOOL
          MERSEYSIDE
          L3 5UN
          Tel: 0151 708 8232
          Fax: 0151 708 3416
          E-mail: jon.newell@uk.pkf.com


WATERFORD WEDGWOOD: Rights Issue Receives 31% Acceptance
--------------------------------------------------------
Waterford Wedgwood announces that the 7 for 11 Rights Issue of
1,691,857,115 Rights Issue Units at EUR0.06 per unit to raise
approximately EUR101 million gross of expenses, closed at 11.00
a.m. on 18 July, 2005.  Details of the Rights Issue were
contained in the Listing Particulars dated 27 June, 2005.

The Company received valid acceptances in respect of 528,540,678
Rights Issue Units from Qualifying Stockholders, representing an
aggregate take-up of approximately 31.24% of the total number of
Rights Issue Units offered.  Birchfield Holdings Limited (a
company owned and controlled by Sir Anthony O'Reilly and Mr.
Peter John Goulandris, the Chairman and Deputy Chairman
respectively) which underwrote 100% of the Rights Issue is
subscribing for the balance of 1,163,316,437 Rights Issue Units
in accordance with the terms of the Underwriting Agreement.

Therefore, following the Rights Issue the aggregate holdings of
Stock Units by entities beneficially owned and controlled by Sir
Anthony O'Reilly and/or Mr. Peter John Goulandris stand at
51.35%.  The number of Stock Units in issue following the
completion of the Rights Issue will be 4,350,489,725.

Redmond O'Donoghue, Chief Executive of Waterford Wedgwood said:
"We are pleased to have the resources to fund the important
restructuring program which we detailed on 4 May.  Our Chairman
and Deputy Chairman have once again demonstrated their
commitment to this Company."

This announcement should be read in conjunction with the Listing
Particulars dated 27 June, 2005.  Terms defined in the Listing
Particulars have the same meaning in this announcement.

                            *   *   *

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA OR JAPAN.

CONTACT:  DAVY
          Phone: + 353 1 679 6363
          Hugh McCutcheon
          Stephen Barry

          POWERSCOURT (UK/International media)
          Phone: +44 207 236 5615
          Rory Godson
          Phone: +44 7909 926 020

          DENNEHY ASSOCIATES (Ireland)
          Phone: +353 1 676 4733
          Michael Dennehy
          Phone: +353 87 2556923


WM MORRISON: To Reveal Latest Sales Figures this Week
-----------------------------------------------------
Wm Morrison Supermarkets plc will be providing a pre-close Sales
Update on 27 July 2005, as previously announced at the Annual
General Meeting on 26 May.

                            *   *   *

In the trading statement released in conjunction with WM
Morrison Supermarket plc's Annual General Meeting on 26 May
2005, the Board stated clearly that it was not currently in a
position to provide reliable guidance on the level of
profitability for the year as a whole.

Since that time, the market has produced a wide range of profit
estimates for the year 2005/6.  While detailed forecasting work
is underway, the Board believes the guidance for profit before
tax, exceptionals and goodwill for the current year, following
completion of the review process announced at the AGM, will fall
within the range GBP50 million to GBP150 million.

KPMG is currently working with the Board to provide greater
clarity and the Company will comment further with its sales
update at the end of July 2005.

The Board reiterates that in 2006/7 there remains every
indication that financial performance will improve significantly
following completion of the conversion process and as the
benefits of the actions taken to normalize the cost structure of
the business are reflected in improving margins.

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


XTERIOR LTD.: Birmingham Court Orders Liquidation
-------------------------------------------------
Company Name: Xterior Ltd.

Company Registration Number: 04586137

Address of Registered Office: Breeders House, 50 Hazelwood Road,
Northampton, NN1 1LN

Court: Birmingham District Registry

Date of Filing Petition: 24 March 2005

No. of Matter: 2290 of 2005

Date of Winding-up Order: 4 July 2005

Official Receiver's Address: Sol House, 29 St Katherines Street,
Northampton, NN1 2QZ


                            *********


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-
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Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, Liv
Arcipe, Julybien Atadero and Jay Malaga, Editors.

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

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