TCREUR_Public/050801.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, August 1, 2005, Vol. 6, No. 150

                            Headlines

F R A N C E

WAVECOM SA: Books Second Consecutive Quarterly Profit


G E R M A N Y

DAIMLERCHRYSLER AG: Q2 Operating Profit Tops Market Estimates
DAIMLERCHRYSLER AG: Chairman Schrempp Leaving at Year's end
EIGENTUM + FREIZEIT: Creditors Meeting Set September
GMD GESELLSCHAFT: Court to Verify Claims November
GRUBE-GELLER: Bonn Court Appoints Administrator

HUMAN MANAGEMENT: Creditors' Claims Due Later this Month
INFINEON TECHNOLOGIES: Bribery Probe Done Well, Declares Chair
INFINEON TECHNOLOGIES: Shakes up Management Board
KMM OBERFLACHENBEARBEITUNG: Falls into Bankruptcy
SERVICE CENTER: Court Appoints Haro Helms Administrator

S&J CONTROLS: Proofs of Claim Deadline Expires August 22
TORSTEN TAUBE: Under Bankruptcy Administration
VOLKSWAGEN AG: Eyes 30% Stake in Proton


I R E L A N D

ELAN CORPORATION: Q2 Loss Swells 21% to US$142.6 Million
VALENTIA TELECOMMUNICATIONS: S&P Affirms 'BB-' Credit Rating
SHAMROCK ROVERS: Fans Save Football Club from Liquidation


I T A L Y

FIAT SPA: Closes Syndication for EUR1 Bln Committed Credit line
IT HOLDING: Rating Downgraded on News of Future D&G License Loss
IT HOLDING: Moody's Downgrades Corporate Family Rating to B3


N E T H E R L A N D S

ROYAL SHELL: Declares Interim Dividend of EUR0.23 a share
ROYAL SHELL: To Invest US$1.8 Billion on Exploration


R O M A N I A

ROMPETROL GROUP: Files Notice of Dispute with Romania
ROMPETROL GROUP: Rompetrol Rafinare Exceeds H1 Profit Estimate


R U S S I A

ARSKAYA SEL-KHOZ-TEKHIKA: Insolvency Manager Takes over Company
DAVLEKANOVSKIY FACTORY: Pubic Auction Set Tomorrow
INDIGIRKA: Insolvency Manager Takes over Operation
KURYINSKIY: Undergoes Bankruptcy Supervision Procedure
NORTH-EAST TIMBER: Creditors Have Until Tomorrow to File Claims

NOVOROSSIYSKIY FACTORY: Succumbs to Bankruptcy
OLONGRINSKIY RAZREZ: Under Bankruptcy Supervision
SERNURSKIY MEAT: Declared Insolvent
UNIVERSAL-LIFT: Hires Insolvency Manager from Tatarstan
ZHEMS: Names I. Ponomarev Insolvency Manager


S W I T Z E R L A N D

FLIGHTLEASE AG: Posts Schedule of Claims


T U R K E Y

ANADOLUBANK A.S.: Moody's Rates Foreign Currency Deposit B2/NP


U K R A I N E

AUTO KAMAZ: Applies for Bankruptcy Proceedings
EKSELSIOR: Bankruptcy Supervision Begins
ENERGOBUD: Proofs of Claim Deadline Expires Today
KOBELYAKI' AGROHIM: Gives Creditors Until Today to File Claims
KOSTYANTINIVKA' FURNITURE: Declared Insolvent

SCORPION-K: Insolvency Manager Takes over Helm
SELTORG: Creditors' Claims Due Today
TEOLIN: Cherkassy Court Opens Bankruptcy Proceedings
VOZDVIZHENSKA: Succumbs to Bankruptcy
VUGLEEKOLOGIYA: Court Appoints Liquidator


U N I T E D   K I N G D O M

ADVANCED TECHNOLOGIES: Crashes into Administration
ALFAFORCE LIMITED: In Voluntary Liquidation
ARKITEC LIMITED: Members Opt for Liquidation
AYRESOME MILLENIUM: Passes Winding-up Resolution
BINNIE THAMES: Names Grant Thornton Liquidator

CHESTERTON LIMITED: Court Awards Former Execs GBP5 Million
COLESHILL MUNICIPAL: Calls in Liquidator
DANKA BUSINESS: To Announce First-quarter Results Wednesday
D & B SERVICES: Court Orders Group to Wind-up
DRAX GROUP: Seeks Shareholders' Approval of Rehab Plan

DRAX HOLDINGS: Creditors Asked to Approve Restructuring
DWS CONSTRUCTION: Appoints HLW as Solicitors
ELEGANZA DESIGNS: Members Decide to Liquidate Firm
ENKO PRODUCTS: EGM Passes Winding-up Resolutions
ESKIN LIMITED: Calls in Liquidator

FINESSE DESIGNS: Appoints Liquidator from Begbies
FRANKLIN, WILLIAMS: Joint Liquidators Move in
FWF GROUP: In Voluntary Winding-up
G T SYSTEMS: Names Tenon Recovery Liquidator
HENRY ELLARD: Calls in Liquidator from BDO Stoy Hayward

JOINERY SHOPPE: Members Opt for Liquidation
LAKESIDE CONSTRUCTION: Appoints Liquidator
LINTEC (LAMINATIONS): Passes Winding-up Resolutions
MULTI DISC: Liquidators from PwC Move in
NTL INC.: Fitch Rates Senior Notes 'B+'

PICKWELL CONSTRUCTION: Appoints Begbies Traynor Liquidator
PROTOCOL (GLOUCESTER): In Voluntary Liquidation
RICHARD ROSS: Court Winds up Group
RODNEY HOWE: Hires Liquidator from Leonard Curtis
ROYAL & SUNALLIANCE: New Scheme to Cut Pension Deficit

SABIS UK: Appoints Liquidator
SUPERB SEWING: High Court Orders Liquidation
TOPAZ LEISURE: Members Resolve to Wind up Firm
WELSH COAST: Receives Winding-up Order
WOOD BROTHERS: Winding-up Hearing Set September
W S CLADDING: Falls into Insolvency


                            *********


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


WAVECOM SA: Books Second Consecutive Quarterly Profit
-----------------------------------------------------
Wavecom S.A. recently announced financial results for its second
quarter ended June 30, 2005.

Chief Executive Ron Black commented: "We are pleased to report
our second consecutive quarter of profitability, ahead of our
previously stated expectations.  We are also proud of the recent
announcements, particularly the introduction of our newest
operating system, and the customer wins over the past several
months.  The combination of our improved financial performance,
new design wins, and new products indicates that we are building
momentum.  We continue to be optimistic about the long-term
growth opportunities for Wavecom and the industrial wireless
communication sector."

Second Quarter 2005 Financial Highlights

All figures are unaudited and reported in accordance with U.S.
generally accepted accounting principles (U.S. GAAP).  Condensed
consolidated financial tables are provided at the end of this
release.

Revenues: Second quarter 2005 revenues were EUR30.7 million,
which is a decline of 20% from the previous quarter.  This
decrease in revenue was related to one significant customer who
continues to have technical difficulties unrelated to Wavecom,
as well as no further revenue from software and technology
licensing, which was a new revenue source last quarter and
something that management explained would be irregular for some
time.  Revenues for vertical applications were EUR26.6 million,
or 87% of total, while that from handsets was EUR4.1 million or
13%.  Excluding the customer issue and licensing, revenues
increased marginally quarter over quarter.

Sales by region were as follows: EMEA (Europe, Middle-east and
Africa), 57%; APAC (Asia-Pacific), 32%; and The Americas, 11%.

Backlog: Backlog as of June 30, 2005 stood at EUR30.8 million,
compared to EUR29.9 million at the end of the previous quarter,
and was made up of 77% vertical applications, compared to 78% at
March 31, 2005.  As noted previously by management, backlog is
not necessarily predictive of revenue in the quarter as we have
significantly reduced our manufacturing cycle time and can,
therefore, deliver product much more quickly than in the past.
As such, customers continue to place orders later in the quarter
so that we now see more "turns" business, meaning orders are
placed and fulfilled within the quarter.

Gross Margin: Total gross margin was 47% compared to 45% in the
previous quarter.  The gross margin once again exceeded our
previously estimated range of 33% to 35%.  This continued
improvement in gross margin is the result of the Company
refining its product management process, eliminating low-margin
products from the portfolio, improving manufacturing yields on a
specific product, and the sale of some previously considered
obsolete products.

Profit: Operating profit for the second quarter was EUR1.6
million compared to EUR1.8 million of operating profit in the
first quarter.  Net profit for the second quarter was EUR3.8
million, or EUR0.25 per share, up 23% as compared to EUR3.1
million, or EUR0.20 per share, in the first quarter 2005.
Wavecom recorded a net foreign exchange gain of EUR2.0 million
for the second quarter 2005 compared to EUR1.4 million in
previous quarter.

Cash: Wavecom's cash position was EUR57.4 million at June 30,
2005, increasing from EUR54.4 million at March 31, 2005.  This
increase was a result of continued excellent performance on
inventory reduction and accounts receivable.

(a) Introduction of operating system O.S. 6.55 with download-
    over-the-air capabilities for updating both the operating
    system and application software, as well as Bluetooth
    functionality;

(b) Download over-the-air was successfully demonstrated by DTC
    fleet management in Thailand using Wavecom Open AT(TM)
    software;

(c) Internet plug-in (TCP/IP) was made a standard feature on all
    Wavecom solutions;

(d) Wavecom was chosen by Iskraemeco for their automatic
    electricity meter reading devices;

(e) Chinese software developers at the Petroleum University of
    China chose Wavecom Open AT(TM) software for developing
    their solutions;

(f) Guidepoint announced use of Wavecom solutions in its anti-
    theft device; and

(g) Delta Mobile was chosen as the first North American-based,
    Wavecom-certified design house.

Outlook: With the stable backlog, increasing "turns" business
within the quarter, and new designs beginning to ramp at
customers, we remain cautiously optimistic that revenue will
grow in the second half.  However, as the third quarter is
traditionally slow in Europe, revenue this quarter will likely
be flat to a modest increase, while we expect fourth quarter
top-line growth to be stronger.  We expect the gross margin for
the second half of 2005 to exceed 35% of revenues, continuing to
be above the model range of 33% to 35%.  With virtually all
restructuring-related expenses now accounted for, the steady-
state total operating expenses should be on the order of EUR13.5
million to EUR14.0 million, although there may be periodic one-
time expenses for product qualifications of up to EUR1 million.

Wavecom will announce its third quarter 2005 results on October
27, 2005 at 7:00 a.m.  Paris time to be followed in the
afternoon by a conference call hosted by management commenting
on the results.

Financial tables are available free of charge at
http://bankrupt.com/misc/Wavecom(Q22005).pdf

About Wavecom

Wavecom (NASDAQ: WVCM; Euronext Eurolist compartment C: AVM;
ISIN: FR0000073066) is a leading provider of integrated
technology solutions for wireless voice and data applications to
the vertical markets of automotive, machine-to-machine, wireless
local loop, mobile computing and wireless PDAs.  Wavecom's
offering includes all the software and hardware elements that
are necessary to develop truly innovative wireless devices, as
well as the development tools and services needed to bring them
to market quickly and easily.

Founded in 1993 and headquartered near Paris in Issy-les-
Moulineaux, Wavecom has subsidiaries in Hong Kong (PRC), Seoul
(South Korea), San Diego (U.S.A.) and Darmstadt (Germany).
Wavecom is publicly traded on Euronext Paris, France and on the
NASDAQ New York.  Visit http://www.wavecom.comfor more
information.

CONTACT:  WAVECOM S.A.
          3, Esplanade du Foncet
          442 Issy-les-Moulineaux Cedex
          Lisa Ann Sanders
          Investor Relations
          Phone: +33 1 46 29 41 81
          Fax: +33 1 46 29 41 87
          E-mail: investors@wavecom.com
          Web site: http://www.wavecom.com


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


DAIMLERCHRYSLER AG: Q2 Operating Profit Tops Market Estimates
-------------------------------------------------------------
DaimlerChrysler AG has recorded an operating profit of US$2.0
billion (EUR1.65 billion) in the second quarter of 2005,
compared with US$2.5 billion in the same period last year.

This result is significantly above analysts' estimates.  As
previously announced, the realignment of the smart business
model caused additional expenses during the second quarter.
Excluding these charges, the Group's second-quarter operating
profit amounted to US$2.4 billion, which was close to the level
recorded in Q2 2004.

However, Group operating profit increased significantly from
US$760 million in the first quarter of this year to US$2.0
billion in the quarter under review.

Net income of US$892 million (EUR735.21 million) is reported for
the second quarter of 2005, which is US$194 million higher than
in the same period of last year (+28%).  The decrease in
operating profit was more than offset by the improved financial
income (expense), net, and lower income taxes.  Earnings per
share amounted to US$0.88, compared with US$0.69 in the second
quarter of 2004.

The net liquidity of the industrial business increased from
US$4.4 billion at the end of the first quarter of 2005 to US$6.7
billion at the end of the second quarter.

Increases in Unit Sales and Revenues

In the second quarter of this year, DaimlerChrysler increased
its worldwide unit sales by 4% to 1.3 million vehicles compared
with the same period of last year.

DaimlerChrysler's second-quarter revenues also increased by 4%
to US$46.5 billion.  Adjusted for currency-translation effects
and changes in the consolidated Group, revenues grew by 6%.

At the end of the second quarter of 2005, DaimlerChrysler
employed a workforce of 388,758 people worldwide (+1%).
Adjusted for changes in the consolidated Group, the number of
employees increased by 2%.

Outlook for Full-year 2005

Demand in the automotive industry is likely to remain rather
moderate in the second half of the year.  Whereas demand for
passenger cars will go on rising in most of the emerging
markets, DaimlerChrysler expects unit sales at last year's
levels in the world's three major markets of North America, the
European Union and Japan, although there may be very strong
seasonal fluctuations from one quarter to the next.

Demand for commercial vehicles should remain at its present high
level.  In view of further reductions in model lifecycles and
ongoing over-capacity, the company expects a continuation of the
intensely competitive pressure in the automobile industry.

DaimlerChrysler anticipates a slight increase in unit sales in
full-year 2005 compared with 2004.

At the Mercedes Car Group, the general availability of numerous
new models and engines should stimulate unit sales in the second
half of the year.  This will be boosted by the extremely
positive response to the new S-Class, with the first cars being
delivered to customers in September.

In addition, the new R-Class will be launched in the United
States this fall.  With these new vehicles, the Mercedes-Benz
brand will have its broadest and youngest ever product range.
For the full year, the division expects a slight increase in
unit sales compared with 2004.  The Mercedes Car Group
anticipates continuous earnings improvements following the
turning point in the second quarter.

The Chrysler Group anticipates a continuation of the tough
competition in the North American market during the rest of this
year.  Total market volume in the United States is likely to be
around 17.2 million vehicles.  In particular, the success of the
new models should help the division to increase its unit sales
compared with the year 2004.

In the second half of 2005, the Commercial Vehicles Division
expects unit sales to continue the pleasing development shown in
the first half, so that a significant increase should be
achieved for the full year.  There will be a positive impetus in
particular from the strong demand (evident since last year) for
Freightliner's heavy-duty trucks in the NAFTA region, as well as
for Mercedes-Benz trucks.

The Financial Services division assumes that levels of new
business and contract volume will be stable during the rest of
the year.

EADS expects the recovery of the market for civil aircraft to
continue in the second half of the year.  In full-year 2005,
EADS plans to deliver more than 360 Airbus aircraft (2004: 320).

The DaimlerChrysler Group continues to expect higher revenues in
2005 than in 2004.  The development of revenues remains highly
dependent on changes in the exchange rate between the euro and
the U.S. dollar.

The size of the workforce is expected to increase slightly.

Despite the recent rise of the U.S. dollar against the euro,
operating profit for full-year 2005 will be impacted by the less
favorable dollar-euro exchange rate compared to the prior year.
In addition, the development of earnings will continue to be
impacted by increases in raw material prices during the rest of
this year.

After increasing Group earnings in the second quarter by more
than originally anticipated and achieving the turning point at
the Mercedes Car Group, for full-year 2005 DaimlerChrysler
continues to expect a slight increase in operating profit
compared with the prior year, excluding the charges related to
the realignment of the smart business model.

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

CONTACT:  DAIMLERCHRYSLER AG
          70546 Stuttgart, Germany
          Phone: +49 711 17 0
          Fax: +49 711 17 22244
          Web site: http://www.daimlerchrysler.com


DAIMLERCHRYSLER AG: Chairman Schrempp Leaving at Year's end
-----------------------------------------------------------
Prof. Jurgen E. Schrempp, Chairman of the Board of Management of
DaimlerChrysler AG, will leave the company after 44 years of
service at the end of 2005.

These years were distinguished by his leadership of major group
interests in South Africa, the United States, and Germany as
well as 17 consecutive years in chairmanship positions at both
Daimler-Benz Aerospace (DASA) from 1988 to 1995, and Daimler-
Benz AG, which later became DaimlerChrysler AG, from 1995 to the
present.

Dr. Zetsche, head of the Chrysler group, will become Chairman of
the Board of Management of DaimlerChrysler AG, effective January
1, 2006, for a period of five years.

As successor to Dr. Zetsche, Tom LaSorda, the present Chief
Operating Officer of Chrysler Group, will lead that division
from January 1, 2006.  He has also been appointed a full member
of DaimlerChrysler's Board of Management with immediate effect.

Eric Ridenour is promoted to the position of Chief Operating
Officer of the Chrysler Group that will be vacated by Tom
LaSorda, effective January 1, 2006.  His appointment, which also
carries membership of the Board of Management, is for a period
of three years.

Hilmar Kopper, Chairman of the Supervisory Board of
DaimlerChrysler, said: "The Supervisory Board and Prof. Schrempp
are in full agreement that the end of the year 2005 is the
optimal time for a change in the leadership of the company.  The
decisions of the Supervisory Board have been made unanimously
after a thorough process."

DaimlerChrysler's concentration on its global automotive
business is now firmly established.  The company's strategy is
clearly defined.  Its product and brand range, combined with its
corporate presence in some 200 countries, have created the
company's unique position in the markets.

EADS/Airbus has developed into an operation that sets the
standard for successful European businesses.  Moreover, the
financial results of the second quarter of 2005 indicate that
DaimlerChrysler continues to develop positively.

The Chrysler Group has, through its entire value chain,
registered a substantial improvement.  The Commercial Vehicle
Division now operates at historic record levels.  In addition,
Financial Services is developing positively at a high level.

The Mercedes Car Group reached its targeted turning point in
profitability on schedule during the second quarter of this
year.  As a consequence of the new models and the efficiency
improving actions taken as part of the CORE efficiency program
the, Group anticipates continuous earnings improvements.

"The balance sheet is sound and cash-flow development is stable.
The 2005 profit forecast for the DaimlerChrysler group remains
unchanged, and significant earnings improvements are to be
expected as of the year 2006," Mr. Kopper said.

CONTACT:  DAIMLERCHRYSLER AG
          70546 Stuttgart, Germany
          Phone: +49 711 17 0
          Fax: +49 711 17 22244
          Web site: http://www.daimlerchrysler.com


EIGENTUM + FREIZEIT: Creditors Meeting Set September
----------------------------------------------------
The district court of Aurich opened bankruptcy proceedings
against Eigentum + Freizeit GmbH & Co. Sachwertfonds KG on June
30.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until August 15,
2005 to register their claims with court-appointed provisional
administrator Heiko Janssen.

Creditors and other interested parties are encouraged to attend
the meeting on September 15, 2005, 10:15 a.m. at the district
court of Aurich, Saal 115, Schlossplatz 2, 26603 Aurich, 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:  EIGENTUM + FREIZEIT GmbH & Co. SACHWERTFONDS KG
          Friedrich-Ebert-Str. 69-71, 26725 Emden
          Contact:
          Werner H. Janssen, Manager

          Heiko Janssen, Administrator
          Julianenburger Str. 19, D-26603 Aurich
          Phone: 04941/97440
          Fax: 04941/974420


GMD GESELLSCHAFT: Court to Verify Claims November
-------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against GMD Gesellschaft fuer Mehrwertdienste mbH on
July 5, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
September 17, 2005 to register their claims with court-appointed
provisional administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on August 25, 2005, 9:20 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 3, 2005, 9:35 a.m. at the same venue.

CONTACT:  GMD GESELLSCHAFT FUER MEHRWERTDIENSTE mbH
          Europa-Center,10789 Berlin

          Rolf Nacke, Administrator
          Gross-Berliner Damm 73 c, 12487 Berlin


GRUBE-GELLER: Bonn Court Appoints Administrator
-----------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Grube-Geller Projekt GmbH on July 8.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 22, 2005 to register their claims
with court-appointed provisional administrator Ingrid Trompertz.

Creditors and other interested parties are encouraged to attend
the meeting on September 30, 2005, 9:30 a.m. at the district
court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn,
2. Stock, Saal S 2.22, 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:  GRUBE-GELLER PROJEKT GmbH
          Waldkauzweg 21, 53757 Sankt Augustin
          Contact:
          Walter Geller, Manager

          Ingrid Trompertz, Administrator
          Sternstr. 79, 53111 Bonn
          Phone: 94 59 820
          Fax: 94 59 729


HUMAN MANAGEMENT: Creditors' Claims Due Later this Month
--------------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against human management consulting GmbH on July 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 22, 2005
to register their claims with court-appointed provisional
administrator Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on September 12, 2005, 9:15 a.m. at the district
court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3.OG Altbau, A 388, 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:  HUMAN MANAGEMENT CONSULTING GmbH
          Hermannstr. 39, 41460 Neuss
          Contact:
          Uwe Herbord, Manager
          Stormstr. 19, 41516 Grevenbroich
          Juergen Frido Meinhardt, Manager
          Hatzper Str. 227, 45149 Essen

          Horst Piepenburg, Administrator
          Heinrich-Heine-Allee 20, 40213 Duesseldorf


INFINEON TECHNOLOGIES: Bribery Probe Done Well, Declares Chair
--------------------------------------------------------------
Following the report by the Chairman of the Supervisory Board of
Infineon Technologies AG (FSE/NYSE: IFX), Max Dietrich Kley, the
Supervisory Board has found that the Executive Committee dealt
with the case of Andreas von Zitzewitz in depth and correctly
along the lines of good corporate governance.  The Executive
Committee was said to have immediately made the necessary
investigations and to have arranged for the internal and
external audit required.  The Supervisory Board thereby endorses
the resolution passed by the Investment, Financial and Audit
Committee that the matter was duly attended to and the Executive
Committee responsible for the matter cannot be reproached.

The Supervisory Board also supports the additional resolution to
have the internal control system at Infineon reviewed by the
external CPA firm Ernst & Young.  The review is intended to
establish whether Infineon's internal control systems have any
weak points which prevented the facts from coming to light any
earlier.  The Supervisory Board also agreed to the decision of
the Management Board to have the accounting questions in
connection with the Campeon building complex reviewed again by
Ernst & Young, following repeated confirmation by the KPMG CPA
firm responsible.

About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for automotive, industrial and multimarket
sectors, for applications in communication, as well as memory
products.  With a global presence, Infineon operates through its
subsidiaries in the U.S. from San Jose, CA, in the Asia-Pacific
region from Singapore and in Japan from Tokyo.  In fiscal year
2004 (ending September), the company achieved sales of Euro 7.19
billion with about 35,600 employees worldwide.  Infineon is
listed on the DAX index of the Frankfurt Stock Exchange and on
the New York Stock Exchange (ticker symbol: IFX).

CONTACT:  INFINEON TECHNOLOGIES AG
          P.O.  Box 80 09 49
          D-81609 Muenchen
          Phone: +49-89-234-0
          Fax: +49-89-234-2-84-82
          Web site: http://www.infineon.com

          Gunter Gaugler
          Media Relations Contact
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com

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

          Kaye Lim, Asia
          Phone: +65-6876 -3070
          Fax: +65-6876-3074
          E-mail: kaye.lim@infineon.com

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

          Investors Relations, Europe
          Phone: +49-89-234 26655
          Phone: investor.relations@infineon.com

          Investors Relations, North America
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com


INFINEON TECHNOLOGIES: Shakes up Management Board
-------------------------------------------------
Infineon Technologies AG (FSE/NYSE: IFX) announced that the
Supervisory Board has approved a reorganization of the
responsibilities within the Management Board and the appointment
of Prof. Dr. Hermann Eul. Kin Wah Loh, Management Board Member
and until present responsible for the Communications Business
Group, will assume responsibility for the Memory Products
Business Group.  Professor Eul, until present Group Vice
President and General Manager of the Communications Business
Group, is appointed Deputy Management Board Member and in this
capacity he will take over the responsibilities of Kin Wah Loh.

"Kin Wah Loh not only has long-standing knowledge of the company
and the challenges posed by the semiconductor market, since
entering the Management Board he has persistently and forcefully
driven ahead the successful restructuring of the Communications
Business Group.  He has got all it takes to further strengthen
the memory products segment," said Dr. Wolfgang Ziebart, Chief
Executive Officer of Infineon Technologies AG.

"Professor Eul will continue the work of Kin Wah Loh.  With the
successful turnaround in wireline business, he has proved his
expertise for the new task."

In 1997 Kin Wah Loh was the first member of staff from Asia to
be appointed a Managing Director of Siemens Microelectronics. In
this position he changed to Infineon where he soon assumed the
responsibility for the Asia Pacific region.  From 1993 to 1996
he was in charge of the production of Siemens Components
Singapore. During this time Siemens built production facilities
in Batam, Indonesia and Wuxi, China.  In 1995 he received the
Siemens Semiconductor Total Quality Management Award, the
highest accolade worldwide conferred by the Siemens
Semiconductor Group.

In the course of his successful career at Siemens and Infineon,
Professor Hermann Eul has worked in almost all the sectors of
communications technology.  Professor Eul was General Manager of
the Digital TeleCom and Data Com ICs operations until the
Semiconductor Group was separated from Siemens in 1999. When
Infineon was formed as a spin-off, he took on the Wireless
Baseband and Systems Business Group as Vice President and
General Manager.  From 2001 to 2002 he was responsible for
Security & Chip Card ICs operations as CEO.  In 2003 he was
appointed C4 professor at the University of Hanover as the Head
of the Institute for High Frequency Technology and Radio
Systems.  In 2004 he returned to Infineon where he first co-
managed the Wireline Communications Business Group as Senior
Vice President and then, following the reorganization, the
Communications Business Group as a member of the management.
Professor Eul studied Electrical Engineering (Communications
Engineering and High-Frequency Engineering) and has a doctorate
in engineering.

About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for automotive, industrial and multi-market
sectors, for applications in communication, as well as memory
products. With a global presence, Infineon operates through its
subsidiaries in the U.S. from San Jose, CA, in the Asia-Pacific
region from Singapore and in Japan from Tokyo.  In fiscal year
2004 (ending September), the company achieved sales of EUR7.19
billion with about 35,600 employees worldwide.  Infineon is
listed on the DAX index of the Frankfurt Stock Exchange and on
the New York Stock Exchange (ticker symbol: IFX).

CONTACT:  INFINEON TECHNOLOGIES AG
          P.O.  Box 80 09 49
          D-81609 Muenchen
          Phone: +49-89-234-0
          Fax: +49-89-234-2-84-82
          Web site: http://www.infineon.com

          Gunter Gaugler
          Media Relations Contact
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com

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

          Kaye Lim, Asia
          Phone: +65-6876 -3070
          Fax: +65-6876-3074
          E-mail: kaye.lim@infineon.com

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

          Investors Relations, Europe
          Phone: +49-89-234 26655
          Phone: investor.relations@infineon.com

          Investors Relations, North America
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com


KMM OBERFLACHENBEARBEITUNG: Falls into Bankruptcy
-------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against KMM Oberflachenbearbeitung GmbH on July 5.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 25,
2005 to register their claims with court-appointed provisional
administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on August 22, 2005, 9:25 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 14, 2005, 9:10 a.m. at the same venue.

CONTACT:  KMM OBERFLACHENBEARBEITUNG GmbH
          Pankstrasse 8-10 (Aufgang B), 13127 Berlin

          Rolf Nacke, Administrator
          Gross-Berliner Damm 73 c, 12487 Berlin


SERVICE CENTER: Court Appoints Haro Helms Administrator
-------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Service Center HOLMATIC GmbH on July 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until September 6, 2005 to
register their claims with court-appointed provisional
administrator Haro Helms.

Creditors and other interested parties are encouraged to attend
the meeting on August 25, 2005, 12:00 p.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, 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
September 29, 2005, 11:30 a.m. at the same venue.

CONTACT:  SERVICE CENTER HOLMATIC GmbH
          Julius-Bamberger-Str. 11, 28279 Bremen
          Contact:
          Gerd de Haan, Manager
          Wilfried Hinderks, Manager

          Haro Helms, Administrator
          Schillerstr. 10, 28195 Bremen
          Phone: 0421/337790
          Fax: 0421/3377933


S&J CONTROLS: Proofs of Claim Deadline Expires August 22
--------------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against S&J Controls Limited on June 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 22, 2005 to register their
claims with court-appointed provisional administrator Henning
Bosse.

Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2005, 11:25 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:  S&J CONTROLS LIMITED
          Hansestr. 47, 38112 Braunschweig
          Contact:
          Daniel Steinke, Manager
          Kastanienallee 2, 38102 Braunschweig
          Stefan Joos, Manager

          Henning Bosse, Administrator
          Am Hafen 2, 38112 Braunschweig
          Phone: 0531/8891942
          Fax: 0531/8891944


TORSTEN TAUBE: Under Bankruptcy Administration
----------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against Torsten Taube GmbH on July 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 19, 2005 to register their
claims with court-appointed provisional administrator Axel
Schwentker.

Creditors and other interested parties are encouraged to attend
the meeting on September 19, 2005, 9:00 a.m. at the district
court of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130,
47058 Duisburg, IV. Etage, Saal 407, 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:  TORSTEN TAUBE GmbH
          Langensiepenstr. 1, 45478 Muelheim
          Contact:
          Torsten Tau, Manager
          Olaf Taube, Manager
          Am Rehbaum 35, 46282 Dorsten

          Axel Schwentker, Administrator
          Lindnerstrasse 165, 46149 Oberhausen


VOLKSWAGEN AG: Eyes 30% Stake in Proton
---------------------------------------
Volkswagen AG is reportedly in deep talks to acquire a 30% stake
in Malaysian national carmaker Proton Holdings Bhd.

According to the Associated Press, officials from both Khazanah
Nasional Bhd, which owns 42.7% of Proton, and Volkswagen have
met at Proton's headquarters.  A deal could reportedly reach
US$440 million.

The German company is said to be eyeing control over Proton,
which comes following reports of a planned joint venture between
the two car companies.  Details of a possible tie-up have
already been discussed, said The Sun without naming its sources.

The alliance would see Proton assemble Volkswagen cars and
distribute them in the Malaysian market.  It would also involve
joint product design and development.  Khazanah and Volkswagen
officials weren't immediately available for comment, while the
structure of the deal remains unclear.

The speculations came after Volkswagen AG set out plans to save
EUR10 billion and lift earnings by EUR4 billion in three
years.

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


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


ELAN CORPORATION: Q2 Loss Swells 21% to US$142.6 Million
--------------------------------------------------------
Elan Corporation plc has reported its second quarter 2005
financial results.

Kelly Martin, Elan's president and chief executive officer,
said: "We remain focused on executing our plans and realizing
our goals of delivering benefits to all of our constituencies
including patients, physicians and shareholders.  This includes
working with all regulatory agencies to determine the regulatory
path forward for Tysabri, advancing our research and development
pipeline, and in particular, our progress in Alzheimer's.

"We are advancing on multiple fronts, committed to pursuing a
disciplined approach to managing costs and realizing revenue in
our business.  We will continue to balance the challenges of the
short term against the significant growth and value creation
opportunities for the long term."

Shane Cooke, executive vice president and chief financial
officer, said: "The loss for the quarter at US$142.6 million
(EUR117.502 million) increased by 21% over 2004 principally
because of the costs associated with Tysabri, a charge
associated with retiring debt early and the disposal of products
during 2004, compensated for by the strong growth in the rest of
the business and reduced investment losses.  The core business,
excluding Tysabri, performed strongly with product revenues
growing by 47% over last year.

"We are cautiously optimistic that with continued strong revenue
growth and careful and disciplined cost management, this
business, excluding Tysabri, will get to our target of break-
even on an EBITDA basis, by the end of 2005.  While we await the
outcome of the ongoing Tysabri safety evaluation, we continue to
prudently invest in Tysabri and remain capable and committed to
re-introducing it as a therapeutic option for patients should it
be appropriate.

"We also made progress with our capital structure during the
quarter, retiring over US$240 million (EUR197.755 million) in
2008 debt while retaining over US$1.15 billion (EUR0.948
billion) in cash."

Net Loss and Adjusted EBITDA

The net loss for the second quarter of 2005 amounted to US$142.6
million (EUR117.502 million), an increase of 21% over the
US$117.6 million reported in the same quarter of 2004,
principally because of the costs associated with Tysabri(TM), a
charge associated with retiring debt early and the disposal of
products during 2004, compensated for by the strong growth in
the rest of the business and reduced investment losses.

Negative Adjusted EBITDA was US$58.7 million in the second
quarter of 2005, compared to US$45.7 million in the second
quarter of 2004, and included negative Adjusted EBITDA of
US$38.2 million related to Tysabri.  Adjusted EBITDA for the
rest of the business, excluding costs related to Tysabri, is
targeted to get to breakeven by the end of 2005 and was negative
US$20.5 million in the second quarter of 2005 after including
US$8.0 million in litigation settlement costs.

As previously announced on February 28, 2005, Elan and Biogen
Idec, Inc. voluntarily suspended Tysabri from the U.S. market
and all ongoing clinical trials based on reports of progressive
multifocal leukoencephalopathy (PML), a rare and potentially
fatal, demyelinating disease of the central nervous system.

Elan and Biogen Idec's comprehensive safety evaluation
concerning Tysabri is ongoing.  The results of this safety
evaluation, which is expected to be completed by the end of the
summer, will then be discussed with regulatory agencies to
determine the appropriate risk benefit profile and the path
forward for Tysabri.

Revenue

Total revenue increased 9% to US$118.6 million (EUR97.73
million) in the second quarter of 2005 from US$108.4 million in
the second quarter of 2004, principally due to an increase of
47% in product revenue from the core business, offset by reduced
revenue from divested products and contract revenue.

Revenue is analyzed below between product revenue generated from
the core business, revenue arising from products that have been
divested and contract revenue.

2005 Outlook Update

Elan reiterates previous guidance of negative Adjusted EBITDA
for 2005, including Tysabri related costs and first half of 2005
Tysabri revenues, in the range of US$240.0 million to US$260.0
million.

Elan expects total revenue for 2005 to be in the range of
US$460.0 million to US$500.0 million, which is made up of
product revenue in the range of US$430.0 million to US$460.0
million and contract revenue in the range of US$30.0 million to
US$40.0 million.

Elan had previously expected total revenue to exceed US$500.0
million, including US$50.0 million to US$60.0 million in
contract revenue.

Adjusted EBITDA, excluding Tysabri, is targeted to get to break-
even by the end of 2005 and, not withstanding the US$8.0 million
in litigation settlement costs incurred during the second
quarter of 2005, to be in the range of negative US$50.0 million
to negative US$70.0 million for the full year.

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

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


VALENTIA TELECOMMUNICATIONS: S&P Affirms 'BB-' Credit Rating
------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB+' long-term
corporate credit rating on Valentia Telecommunications upc --
the 100% owner of former incumbent Irish fixed-line
telecommunications operator eircom Ltd. -- following the group's
recent announcement that it intends to purchase Meteor Mobile
Communication Ltd., the third player in the Irish mobile market
with a 10% subscriber market share.  The outlook is stable.

At the same time, the 'BB-' debt ratings on the senior unsecured
and senior subordinated notes issued by Valentia and Eircom
Funding upc, respectively, were affirmed.

"The acquisition of Meteor through a EUR420 million rights issue
makes strategic sense, as it will provide eircom with a platform
to protect and grow its revenue base and an opportunity to widen
its product portfolio, without the burden of additional debt,"
said Standard & Poor's credit analyst Michael O' Brien.

Meteor is expected to provide EBITDA growth in the short-to-
medium term, assisting covenant headroom, while future
performance at the unit should result in improved incremental
free operating cash flow (FOCF) generation.  This implies,
however, careful and sufficient network spending and the
successful application of resources to marketing and customer
acquisition.

"Although competition is likely to increase in the highly
penetrated Irish mobile market, Meteor, with eircom's backing,
has the opportunity to carve out an improved and sustainable
market position," added Mr. O'Brien.

The ratings primarily reflect the group's high leverage relative
to its moderate FOCF generation profile and the priority given
to large dividend payments in the group's financial policy.

The ratings continue to benefit from Valentia's investment-grade
business profile, enhanced by its strong market position in the
fixed-line segment and consequent sustained profitability.

"We expect Valentia to carefully balance shareholder returns
against free cash flow generation, maintain good liquidity and a
capital structure that will at least provide comfortable
headroom on senior-debt covenants, and ensure sufficient
financial flexibility for necessary investments," said Mr.
O'Brien.

The acquisition of Meteor is expected to strengthen the market
position of eircom and improve the sustainability of FOCF in the
future.  Nevertheless, any significant pronounced free cash flow
deterioration indicating a trend due to difficulty in gaining
traction in the mobile segment could put pressure on the
ratings.

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

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


SHAMROCK ROVERS: Fans Save Football Club from Liquidation
---------------------------------------------------------
Fans have reportedly rescued Shamrock Rovers Football Club from
liquidation.

This came after Justice Frank Clarke approved the proposals
lodged by the 400 Club and Australian-based investor Ray Wilson.
The two are now equal owners of the club, which will officially
be taken out of examinership on Tuesday.

The 400 Club is a fund where supporters of the Rovers contribute
an agreed annual amount to help progress the football club on
and off the pitch.  The association has reportedly gathered over
EUR250,000 to cover the club's running costs and vowed to put in
EUR750,000 by the end of 2005.

In April, court-approved examiner Neil Hughes started working
with The 400 Club, as SRFC struggled to pay its EUR2.3 million
debt.  An independent probe on SRFC's accounts has reportedly
proved it was financially insolvent.

400 Club chair Jonathan Roche said: "This is a great day, not
just for Shamrock Rovers and the 400 Club, but for every single
supporter.

"The fans simply refused to let the club die.  Our primary aim
was to save the club from liquidation.  That has been achieved,
so we must immediately move on to the next phase: rebuilding
Shamrock Rovers."

Mr. Wilson said: "My only interest is to work with the fans to
ensure the long-term survival of Shamrock Rovers.  Although I've
made a new life on the other side of the world, Rovers means so
much to me as it does to every Rovers fan.  This is a great day
for us all."

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

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


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


FIAT SPA: Closes Syndication for EUR1 Bln Committed Credit line
---------------------------------------------------------------
Fiat S.p.A. signed a EUR1 billion Credit Facility agreement with
11 leading international and 5 Italian banks.  The three-year
EUR1 billion Multicurrency Revolving Credit Facility is undrawn
and intended for general corporate purposes.

Acting as Mandated Lead Arrangers were Banca Intesa, Barclays,
BNP Paribas, Calyon, Citigroup (bookrunner), Societe Generale,
UBS and Unicredito.  Joining as Co-Arrangers were ABN AMRO,
Banca Nazionale del Lavoro, Capitalia, Credit Suisse, Deutsche
Bank, Goldman Sachs, Merrill Lynch and Sanpaolo IMI.

The facility was oversubscribed in excess of EUR1.5 billion,
clearly demonstrating the solid support that Fiat enjoys from
its core relationship banks, both Italian and international.

                            *   *   *

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR34.2 billion
generated for the 9-month period as at 30 September 2004.The
founding Agnelli family owns about 30% of the Company.

The company is planning to convert into equity EUR3 billion of
mandatory convertible loan, due in September 2005.  S&P says the
conversion is very favorable for Fiat's credit quality.  It will
wipe out EUR3 billion of financial debt at the industrial level
and materially decreases the group's interest burden.  It
retains its BB-/Negative/B ratings and outlook on Fiat.  The
outlook remained negative on lingering uncertainties regarding
the turnaround of the group's automotive activities (it recently
completed the restructuring of Fiat Auto).  The division has
reported 12 straight quarterly losses.

Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di
Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and
UniCredito Italiano.

CONTACT:  FIAT SPA
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


IT HOLDING: Rating Downgraded on News of Future D&G License Loss
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Italian fashion company IT Holding
S.p.A. to 'B-' from 'B'.  At the same time, the rating on the
senior secured debt issued by IT Holding Finance S.A. and
guaranteed by ITH was lowered to 'B-' from 'B'.  All ratings
were placed on CreditWatch with negative implications.

"The rating actions follow the announcement that ITH will lose
its D&G license from 2007, and reflect the material impact this
will have on the company's business and financial profile," said
Standard & Poor's credit analyst Benedetta Rospigliosi.

The CreditWatch placement reflects the company's reliance on
uncommitted short-term credit lines, making near-term liquidity
dependent on the continued support of banks.

Standard & Poor's will seek to clarify the company's liquidity
position with management as the situation evolves.  If
uncertainties over the company's support from banks are
resolved, for instance by obtaining committed credit lines to
fund its peak working-capital requirements, which typically
occur in the third quarter of the year, the rating could be
affirmed at 'B-'.

Although we acknowledge the one-off positive cash flow effects
of the working-capital release tied to this license in both 2006
and 2007 (estimated at EUR20 million and EUR40 million,
respectively), D&G currently represents 35% of sales and the
vast majority of the company's profitability.

"The loss of the license significantly increases the execution
risk of ITH's deleveraging strategy beyond 2007," added Ms.
Rospigliosi.  "This strategy is now crucially dependent on the
maintenance and continued success of the company's remaining
portfolio of existing licenses, as well as on the turnaround in
profitability of its own brands, Ferre and Malo."

Free operating cash flow growth is needed to meet future debt
maturities.  Forthcoming debt maturities include about EUR10
million in the remainder of 2005 and EUR19 million in 2006.

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

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


IT HOLDING: Moody's Downgrades Corporate Family Rating to B3
------------------------------------------------------------
Moody's Investors Service lowered on July 28, 2005 the corporate
family rating (previously known as senior implied rating) of IT
Holding S.p.A. (ITH) to B3 from B2 and changed the outlook for
all ratings to negative.

The ratings downgrade follows ITH's announcement that the
company will not renew its license agreements with Dolce&Gabbana
for the production and distribution of its young lines for
apparel and accessories under the D&G brand starting from the
2007 spring/summer collection.

Moody's also downgraded the company's senior notes due 2012
(issued at IT Holding Finance S.A.) to Caa1.  Concurrently,
Moody's withdrew its senior unsecured issuer rating in line with
Moody's announced policy to withdraw issuer ratings for
speculative-grade corporate issuers.

The ratings affected by the rating action are:

(a) IT Holding's corporate family rating (previously known as
    senior implied) downgraded from B2 to B3;

(b) EUR185.0 million senior notes due 2012 lowered from B3 to
    Caa1;

(c) Senior unsecured issuer rating withdrawn

The rating downgrade reflects Moody's view that the unexpected
intention of D&G and the company not to renew the license
agreements which expire upon completion of the fall/winter 06/07
season will heavily affect the company's top line and operating
performance from 2007 onwards and significantly reduce ITH's
ability to service its financial liabilities.  As anticipated at
the time of the initial rating in October 2004, D&G represents a
large portion of the ITH's license business as well as of its
consolidated sales and EBITDA.  For financial year 2004, D&G
apparel and accessories accounted for just less than one third
of the consolidated sales and, according to Moody's
calculations, approximately 40% of the company's EBITDA.

Moody's recognizes that ITH's cash flow may benefit from
positive working capital movements in 2006 and 2007 as a result
of a net current asset reduction associated with the termination
of the production and distribution of D&G apparel and
accessories.  However the agency cautions that the company's
cash flow generation will continue to be affected by the
unpredictability of its working capital movements.

Moody's expects that the company is likely to recover a portion
of the D&G revenues by:

(a) Leveraging on its distribution capability, especially in
    Europe and Italy;

(b) Increasing sales from existing licensed brands (i.e. Just
    Cavalli, Versus, Versace Jeans Couture and C'N'C Costume
    National) previously constrained by the company's focus on
    its major license; and

(c) Dedicating additional resources to Ferre' young lines.
    However, the agency notes that these actions may not be
    sufficient to restore previous profitability levels
    reinforcing Moody's concerns on the company's ability to
    absorb volatility in working capital movements and meet
    scheduled debt amortization requirements.

In Moody's view, IT Holding would need to

(a) replace the D&G revenue stream through new licenses;

(b) Significantly reduce its operating costs mainly at the SG&A
    level and

(c) Tighten its control on working capital.  In addition,
    Moody's believes that the company needs to address the heavy
    senior debt amortization scheduled from October 2005 onwards
    in order to reduce pressure on its weak cash flow generation
    profile.

Moody's also notes that the company's main shareholder, PA
Investments, which controls approximately two thirds of the
company's ordinary shares faces a material refinancing in
September 2005 when its leveraged capital structure comes due.
Moody's understands that the claim of the creditors at PA
Investments on ITH is solely by virtue of its equity holding,
however notes this adds an element of complexity and uncertainty
over the ability of the shareholders to support the company from
an equity perspective.

The negative outlook reflects Moody's expectations that the
recovery of revenues and operating margins following the
termination of the D&G licenses may be more difficult than
anticipated by the company's management in light of a difficult
retail environment in Europe and weak economic conditions in
certain of the company's core geographic markets, in particular
in Italy.  In addition, other licenses (Versace Jeans Couture
and Versus) are currently under negotiation as they will expire
at the end of 2007.  While the company's management remains
confident on the renewal of those agreements, the need to renew
these over the short term adds an element of further uncertainty
around the stability of the license business.

Therefore, should the company prove unsuccessful in restoring
revenues and profitability levels sufficient to support the
company's predictable cash outflows, or lose other license
agreements, or should negative working capital dynamics heavily
impact IT Holding's cash flow generation from operating
activities, there is likelihood of a further rating downgrade.

Conversely, Moody's may stabilize the ratings outlook should the
company prove successful in recovering profitability and
improving its cash flow profile (mainly through better working
capital management) in line with its future financial
obligations, or should ITH use the proceeds from equity issuance
to reduce its financial indebtedness.

For further discussion on the rating rationale, please refer to
Moody's press release dated October 14, 2004 and Analysis dated
December 17, 2004.

Based in Italy, IT Holding S.p.A. is a European leading operator
in the branded apparel and accessories market mainly focused on
the young lines segment.  For financial year ended December
2004, IT Holding reported EUR709.9 million consolidated net
revenues and EUR7.5 million operating profit.

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


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


ROYAL SHELL: Declares Interim Dividend of EUR0.23 a share
---------------------------------------------------------
The Board of Royal Dutch Shell plc has disclosed an interim
dividend in respect of the second quarter of 2005 of EUR0.23 per
'A' and 'B' share.

This dividend will be payable on 15 September 2005 to those
members whose names are on the Register on 5 August 2005*.  The
shares become ex-dividend on 3 August 2005.

It is expected that the dividends on the 'B' shares will be paid
via the Dividend Access Mechanism from U.K. sourced income of
the Royal Dutch Shell Group.

[*] The record date for shares held in Euroclear Nederland is 2
August 2005.

Currency of Payment

Dividends on 'A' shares will be paid, by default, in euros.
Holders of  'A' shares who have validly submitted pounds
sterling currency elections by 27 July will be entitled to a
dividend of 15.89 pence per share.

Dividends on 'B' shares will be paid, by default, in pounds
sterling at the rate of 15.89 pence per share.  Holders of  'B'
shares who have validly submitted euro currency elections by 27
July will be entitled to a dividend of EUR0.23 per share.

Holders of 'A' or 'B' shares in ADR form will be entitled to a
dividend of US$0.5538 per ADR.

Taxation

Dividends on 'A' shares will be subject to the deduction of
Netherlands dividend withholding tax at the rate of 25%, which
may be reduced if double tax arrangements between the
Netherlands and their country of residence so provide.

Shareholders resident in the United Kingdom, receiving dividends
on 'B' shares through the Dividend Access Mechanism, are
entitled to a tax credit.  This tax credit is not repayable.
Non-residents may also be entitled to a tax credit, if double
tax arrangements between the United Kingdom and their country of
residence so provide, or if they are eligible for relief given
to non-residents with certain special connections with the
United Kingdom or to nationals of states in the European
Economic Area.

From April 6, 1999 the amount of tax credit is 10/90ths of the
cash dividend, the tax credit referable to the interim dividend
of EUR0.23 (15.89p) is EUR0.0256 (1.766p) per share and the
dividend and tax credit together amount to EUR0.2556 (17.656p).

Dividend Reinvestment Plan

Royal Dutch Shell also announces that ABN AMRO Bank N.V. and
Lloyds TSB Registrars will each establish a dividend
reinvestment facility, which will enable shareholders to elect
to have their dividend payments used to purchase Royal Dutch
Shell shares of the same class as those already held by them.
The dividend reinvestment plans will be provided by ABN AMRO
Bank N.V. in respect of shares held through Euroclear Nederland
and by Lloyds TSB Registrars in respect of all other shares (but
not ADRs).  DRIPs for the ADRs traded on the NYSE are available
through JP Morgan (for Royal Dutch Shell plc Class A ADRs) and
The Bank of New York (for Royal Dutch Shell plc Class B ADRs).

Inquiries about the DRIPs, including how to elect to participate
and information about the reinvestment mechanisms under the
respective plans should, in the case of shareholders holding
through Euroclear Nederland, be directed to their bank or broker
and in the case of all other shareholders (other than holders of
ADRs) to Lloyds TSB Registrars.

Inquiries relating to the DRIPs for ADRs should be made to
either JP Morgan (for Royal Dutch Shell plc Class A ADRs) or
Bank of New York (for Royal Dutch Shell plc Class B ADRs).

                            *   *   *

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: To Invest US$1.8 Billion on Exploration
----------------------------------------------------
Second-quarter Highlights:

(a) income of US$5.2 billion (EUR4.29 billion);

(b) US$6.3 billion cash from operations and US$0.7 billion from
    divestments;

(c) upstream earnings increased with oil price increases;

(d) strong Downstream Oil Products earnings and asset
    utilization;

(e) 3,526 thousand barrels of oil equivalent (boe) per day
    production;

(f) successful exploration drilling and acreage access; decision
    to increase exploration expenditure to US$1.8 billion
    annually for the years 2005 and 2006; and

(g) second quarterly dividend declared equivalent to some US$2
    billion (subject to exchange rates).

Chief Executive Jeroen van der Veer said: "Our good earnings and
cash generation can be used for dividends, investments and share
buybacks.  The company continues with its strategy of 'more
upstream and profitable downstream.' We focus on project
management, operations, customers and technology.

Upstream production was slightly above our expectations.  We can
confirm exploration success and are further increasing our
exploration spending and activity levels. Downstream operational
performance was again excellent."

Outlook 2005

Royal Dutch Shell reaffirms the commitment previously made by
Royal Dutch and Shell Transport to return surplus cash for the
year 2005 in the range of US$3 billion to US$5 billion through
market purchases of shares.  Buy backs are expected to
recommence after the end of the subsequent offer acceptance
period for Royal Dutch shares, 9 August 2005.

The production outlook for 2005 and 2006 is unchanged at 3.5 to
3.8 million boe per day.  The outlook for 2009 of 3.8 to 4.0
million boe per day is unchanged.

Building on the successful exploration program for the first
half 2005, Royal Dutch Shell will increase the exploration
expenditure for the years 2005 and 2006 to US$1.8 billion
annually.

Shell's overall capital investment program will reflect its
recently announced new project opportunities such as LNG
projects in Qatar, Nigeria and Libya, as well as market
inflation specific to large construction projects and foreign
exchange rate movements.  The overall Shell investment program
for 2006 and beyond, including these projects and Sakhalin II,
will be subject to review, consideration and approval by its
Board later in 2005.  The latest estimate for Shell's 2005 total
capital investment, across all its business activities, remains
some US$15 billion (excluding the investment by the 45% minority
partners of Sakhalin II).

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

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


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


ROMPETROL GROUP: Files Notice of Dispute with Romania
-----------------------------------------------------
The Rompetrol Group N.V. (TRG), through its international law
firm Salans, filed on July 19, 2005 a Notice of Dispute (NOD)
with the State of Romania under the terms of the Bilateral
Investment Treaty between the Netherlands and Romania.  This NOD
notifies the Romanian State that fundamental rights and
protections owed to TRG, as a Netherlands corporation, have been
violated, that TRG has suffered economic harm, and therefore the
company is entitled to receive just compensation.

The NOD triggers a 90-day negotiation period between the
Romanian State and TRG to amicably resolve the dispute.  TRG
hopes that the State of Romania will settle this claim amicably
and thereby avoid an arbitration proceeding, which could be
initiated at the World Bank's International Center for the
Settlement of Investment Disputes (ICSID) in Washington DC.

TRG will exercise its best efforts to reach a negotiated
settlement with the Romanian State and will respect the
confidentiality requirements of the procedure.  Therefore,
neither TRG nor its legal counsel may provide further comment at
this stage.

Corporate Communications and Public Affairs Department
The Rompetrol Group

                            *   *   *

In June, Standard & Poor's Ratings Services affirmed its 'B-'
long-term credit ratings on Romania-based oil refining and
marketing company Rompetrol Group N.V.  At the same time,
Standard & Poor's removed the ratings from CreditWatch, where
they had been placed with negative implications on May 27, 2005.
The outlook is negative.

The CreditWatch resolution follows the Romanian court decision
to deny the general prosecutor's request that Rompetrol CEO Dinu
Patriciu be held in custody for 30 days.  The dispute, however,
has not been resolved, and the prosecutor is continuing to
investigate Rompetrol.  Standard & Poor's does not expect the
dispute to be solved within 90 days.

Mr. Patriciu was taken into custody for questioning over alleged
money laundering and fraud on May 26.

CONTACT:  ROMPETROL GROUP
          Rompetrol Building
          222 Calea Victoriei
          010099 Bucharest
          Romania
          Phone: +40 21 30 30 800
          Phone: +40 21 30 30 801
          Fax: +40 21 31 22 490
          E-mail: office@rompetrol.com


ROMPETROL GROUP: Rompetrol Rafinare Exceeds H1 Profit Estimate
--------------------------------------------------------------
Rompetrol Rafinare (RRC), the main subsidiary of The Rompetrol
Group (TRG), reported consolidated financial results exceeding
forecasts for the first six months of the year.  Net profit for
the first half of 2005 surpassed a record US$71 million, on 65%
growth in consolidated gross revenues of US$989 million.

Operating profit before interest, taxes, depreciation and
amortization (EBITDA) rose 313% to US$97 million.  These results
are the best in the company's history, and while hard to
replicate in the future, the company is confident it will
continue to grow at a healthy pace.

"Our straightforward business approach enabled us to achieve
record results at Rompetrol Rafinare for the third consecutive
quarter.  These results enable us to continue our development
and take Rompetrol one step closer to becoming the first
Romanian multinational company," said Dinu Patriciu, TRG
Chairman.  "This objective would benefit Rompetrol stakeholders
as well as the Romanian economy, and it could be accomplished
only by following the international legal and financial
standards that Rompetrol strictly observes," added Dinu
Patriciu.

In 2005, Rompetrol Rafinare will continue its investment program
in order to preserve its competitive advantage and exceed
national and international quality and environmental protection
standards.

Rompetrol is a pillar of the Romanian economy and a major
contributor to the state budget.  In 2004 the company paid a tax
bill of US$635 million on gross revenues of more than US$1.6
billion.  For the first half of 2005 the tax bill exceeded
US$342 million on gross revenues slightly above US$989 million.


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


ARSKAYA SEL-KHOZ-TEKHIKA: Insolvency Manager Takes over Company
---------------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Arskaya Sel-Khoz-Tekhika after finding the
open joint stock company insolvent.  The case is docketed as
A65-27503/2004-SG4-27.  Mr. S. Gus'kov has been appointed
insolvency manager.  Creditors have until Sept. 2, 2005 to
submit their proofs of claim to 420100, Russia, Tatarstan
republic, Kazan, Post User Box 197.

CONTACT:  ARSKAYA SEL-KHOZ-TEKHIKA
          Russia, Tatarstan republic, Arsk

          Mr. S. Gus'kov
          Insolvency Manager
          420100, Russia, Tatarstan republic,
          Kazan, Post User Box 197


DAVLEKANOVSKIY FACTORY: Pubic Auction Set Tomorrow
--------------------------------------------------
The insolvency manager and bidding organizer of open joint stock
company Davlekanovskiy Factory of Building Materials will sell
its property on Aug. 2, 2005, 11:30 a.m. (local time).  The
public auction will take place at Russia, Bashkortostan
republic, Davlekanovo, Rabochaya Str. 25.

For sale are:

Lot 1: a piece of property for a stating price of RUB7,692,793;

Lot 2: another piece of property for a starting price of
       RUB5,453,431;

Lot 3: a piece of property for a starting price of RUB1,853,775.

The list of documentary requirements is available at 453406,
Russia, Bashkortostan republic, Davlekanovo, Rabochaya Str. 25.
To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the settlement account
40702810506060110068 at Davlekanovskoye OSB 4600, BIC 048073601,
correspondent account 30101810300000000601.

CONTACT:  DAVLEKANOVSKIY FACTORY OF BUILDING MATERIALS
          453406, Russia, Bashkortostan republic,
          Davlekanovo, Rabochaya Str. 25

          Ms. Z. Isanbekova
          Insolvency Manager/Bidding Organizer
          453406, Russia, Bashkortostan republic,
          Davlekanovo, Rabochaya Str. 25
          Phone/Fax: (34768) 3-18-58/3-18-51/3-04-32


INDIGIRKA: Insolvency Manager Takes over Operation
--------------------------------------------------
The Arbitration Court of Sakha republic (Yakutiya) has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Indigirka.  The case is docketed as A58-1981/2005.  Mr. V. Popov
has been appointed temporary insolvency manager.  Creditors have
until Aug. 2, 2005 to send their proofs of claim to 677000,
Russia, Sakha republic (Yakutiya), Yakutsk, Kurashova Str. 28,
Room 216

CONTACT:  Mr. V. Popov
          Temporary Insolvency Manager
          677000, Russia, Sakha republic (Yakutiya),
          Yakutsk, Kurashova Str. 28, Room 216
          Phone: (4112) 34-16-84


KURYINSKIY: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on open joint stock company Kuryinskiy
Oil-Cheese Dairy.  The case is docketed as A03-1940/05-B.  Mr.
M. Polyakov has been appointed temporary insolvency manager.
Creditors have until Aug. 2, 2005 to submit their proofs of
claim to 656002, Russia, Altay region, Barnaul, Vorovskogo Str.
140, Post User Box 130.

CONTACT:  KURYINSKIY OIL-CHEESE DAIRY
          658320, Russia, Altay region,
          Kuryinskiy region, Kurya

          Mr. M. Polyakov
          Temporary Insolvency Manager
          656002, Russia, Altay region, Barnaul,
          Vorovskogo Str. 140, Post User Box 130


NORTH-EAST TIMBER: Creditors Have Until Tomorrow to File Claims
---------------------------------------------------------------
The Arbitration Court of Sakha republic (Yakutiya) has commenced
bankruptcy supervision procedure on limited liability company
North-East Timber.  The case is docketed as A58-2120/05.  Mr. N.
Postnikov has been appointed temporary insolvency manager.
Creditors have until Aug. 2, 2005 to send their proofs of claim
to 680013, Russia, Khabarovsk, Leningradskaya Str. 28, ABK #8,
Office 318.

CONTACT:  NORTH-EAST TIMBER
          Russia, Sakha republic (Yakutiya),
          Yakutsk, Lenina Str. 6/1

          Mr. N. Postnikov
          Temporary Insolvency Manager
          680013, Russia, Khabarovsk, Leningradskaya Str. 28,
          ABK#8, Office 318
          Phone/Fax: 38-18-50


NOVOROSSIYSKIY FACTORY: Succumbs to Bankruptcy
----------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Novorossiyskiy Factory Red Engine (TIN
2315017587) after finding the close joint stock company
insolvent.  The case is docketed as A-32-9128/2004-1/67-B.  Mr.
A. Reshetov has been appointed insolvency manager.

Creditors have until Sept. 2, 2005 to submit their proofs of
claim to 353901, Russia, Krasnodar region, Novorossiysk,
Revelskaya Str. 2.  A hearing will take place on June 21, 2006,
11:00 a.m.

CONTACT:  NOVOROSSIYSKIY FACTORY RED ENGINE
          353901, Russia, Krasnodar region,
          Novorossiysk, Revelskaya Str. 2

          Mr. A. Reshetov
          Insolvency Manager
          353901, Russia, Krasnodar region,
          Novorossiysk, Revelskaya Str. 2


OLONGRINSKIY RAZREZ: Under Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Sakha republic (Yakutiya) has commenced
bankruptcy supervision procedure on close joint stock company
Olongrinskiy Razrez (TIN 1434007272).  The case is docketed as
A58-2291/04.  Mr. N. Postnikov has been appointed temporary
insolvency manager.  Creditors have until Aug. 2, 2005 to submit
their proofs of claim to 680013, Russia, Khabarovsk,
Leningradskaya Str. 28, ABK #8, Office 318

CONTACT:  OLONGRINSKIY RAZREZ
          678995, Russia, Sakha republic (Yakutiya),
          Neryungri, Serebryanyj Bor.

          Mr. N. Postnikov
          Temporary Insolvency Manager
          680013, Russia, Khabarovsk,
          Leningradskaya Str. 28, ABK #8, Office 318
          Phone/Fax: 38-18-50


SERNURSKIY MEAT: Declared Insolvent
-----------------------------------
The Arbitration Court of Mariy El republic commenced bankruptcy
proceedings against Sernurskiy Meat Combine (OGRN 1021201449653)
after finding the open joint stock company insolvent.  The case
is docketed as A-38-15-11/11-05.  Mr. A. Tanerov has been
appointed insolvency manager.  Creditors have until Sept. 2,
2005 to submit their proofs of claim to 424004, Russia, Mariy El
republic, Yoshkar-Ola, Volkova Str. 60, Office 304.

CONTACT:  SERNURSKIY MEAT COMBINE
          Russia, Mariy El republic, Sernurskiy region,
          Sernur, Zavodskaya Str. 10

          Mr. A. Tanerov
          Insolvency Manager
          424004, Russia, Mariy El republic,
          Yoshkar-Ola, Volkova Str. 60, Office 304


UNIVERSAL-LIFT: Hires Insolvency Manager from Tatarstan
-------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Universal-Lift (TIN 1660062527, KPP
166001001) after finding the limited liability company
insolvent.  The case is docketed as A65-23341/04-SG4-27.  Mr. I.
Sytdykov has been appointed insolvency manager.  Creditors have
until Sept. 2, 2005 to submit their proofs of claim to 420104,
Russia, Tatarstan republic, Kazan, Post User Box 553.

CONTACT:  UNIVERSAL-LIFT
          Russia, Tatarstan republic,
          Kazan, Rodiny Str. 8

          Mr. I. Sytdykov
          Insolvency Manager
          420104, Russia, Tatarstan republic,
          Kazan, Post User Box 553


ZHEMS: Names I. Ponomarev Insolvency Manager
--------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on limited liability company Zhems.  The
case is docketed as A67-2421/05.  Mr. I. Ponomarev has been
appointed temporary insolvency manager.

Creditors have until Aug. 2, 2005 to submit their proofs of
claim to:

(a) ZHEMS
    636037, Russia, Tomsk region,
    Seversk, Kommunisticheskaya Str. 151-309

(b) Temporary Insolvency Manager
    636037, Russia, Seversk-376,
    Post User Box 34
    Phone: (382-2) 43-00-90
    Fax: 43-00-89

(c) The Arbitration Court of Tomsk region
    636041, Russia, Tomsk region,
    Kirova Pr. 10


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


FLIGHTLEASE AG: Posts Schedule of Claims
----------------------------------------
The liquidator of Flightlease AG, Karl Wuethrich of Wenger
Plattner, sent his Circular No. 5 to creditors of the company
July 12.  The circular is now available at
http://www.liquidator-swissair.ch

In the Circular, the Liquidator announces that the schedule of
claims for Flightlease AG is now available for inspection by
creditors at Wenger Plattner's offices.

The liquidation bodies recognize CHF976,099.26 of the total
CHF97,885,400.05 in registered first-class claims.  The CHF
2,653.90 registered as second-class claims is recognized in
full.  Creditors also registered third-class claims totaling
some CHF18,776,586,367.25.  Of this figure, claims worth
CHF1,829,466,467.92 are recognized.  No decision will be made on
the priority to be given to other claims, amounting to
CHF513,896,242.11, until the precise circumstances of these
claims have been clarified.

Estimated dividend: 0.4% - 9%

On the basis of the disposable assets given in the Flightlease
AG liquidation status as of 31 May 2005, the maximum dividend on
third-class claims will be 9%, providing any appeals against the
rejection of registered claims are themselves rejected in full.
The minimum dividend will be 0.4%, however, if all of the
creditors' appeals that are lodged against the Liquidator's
decision to reject their claims are successful.

CONTACT:  WENGER PLATTNER
          Filippo Th. Beck
          Phone: 043 222 38 00
          Fax: 043 222 38 01
          Web site: http://www.liquidator-swissair.ch


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


ANADOLUBANK A.S.: Moody's Rates Foreign Currency Deposit B2/NP
--------------------------------------------------------------
Moody's Investors Service has assigned first-time B2/Not-Prime
(NP) foreign currency deposit ratings and a D- Financial
Strength Rating (FSR) to Turkey's Anadolubank A.S.  The outlook
on the FSR is stable, while the outlook on the bank's long-term
foreign-currency deposit rating is positive, in line with the
positive outlook for the country ceiling for such deposits in
Turkey.

According to Moody's, Anadolubank's D- FSR reflects the bank's
sound overall financial fundamentals, underscored by its solid
earnings power, adequate liquidity profile, strong asset quality
and efficiency ratios that indicate careful cost control and
more efficient use of human and branch resources relative to
other Turkish banks of a similar size.  The FSR also reflects
the bank's developing niche franchise in the Turkish SME market
that focuses management's attention and leverages knowledge of
and expertise in the SME market.  Finally, the bank's FSR
incorporates Anadolubank's relatively limited exposure, both on-
and off-balance sheet, to its controlling shareholder and
related companies.

At the same time, Moody's notes that the bank's FSR also
incorporates Anadolubank's limited scale, which will challenge
bank's ability to compete with larger players and to further
develop both its SME and retail franchises in a highly
competitive market.  The FSR also takes into account the bank's
relatively low levels of equity capital, given the sizeable
risks and potential volatility inherent in the market.  Somewhat
mitigating the risk associated with the bank's low level of
overall equity is the fact that 89% of the bank's equity base is
in the form of free capital.  The bank's large concentration to
Turkish government risk through its sizeable portfolio of
securities, and its relatively high reliance on funding from
repurchase agreements represent additional risks currently
weighing on its FSR, although Moody's notes that the bank's
concentration to the Turkish government has been on the decline.

Anadolubank's long- and short-term foreign deposit ratings, B2
and NP, respectively, are at the country ceiling for such
deposits in Turkey.  In an unconstrained operating environment,
the bank's B2 deposit rating would be somewhat higher.

Headquartered in Istanbul, Turkey, Anadolubank A.S. reported
total assets of TRL2,046.6 trillion (US$1.528 billion) at
December 31, 2004.

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

          Boyd Anderson, Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


AUTO KAMAZ: Applies for Bankruptcy Proceedings
----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Auto Centre Kamaz (code EDRPOU 19330065) on
June 3, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/389-7/314.  Mr. Sergij
Romanchuk (License Number AA 116060) has been appointed
liquidator/insolvency manager.  The company holds account number
98092301411319 at Prominvestbank, Lviv central branch, MFO
325633.

Creditors have until today to submit their proofs of claim to:

(a) AUTO CENTRE KAMAZ
    Ukraine, Lviv region,
    Pustomiti district, Rudno, Piskova str.

(b) Mr. Sergij Romanchuk,
    Liquidator/Insolvency Manager
    79040, Ukraine, Lviv region,
    ZhiravlinaStr. 9/1

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


EKSELSIOR: Bankruptcy Supervision Begins
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Private Enterprise Publicity Agency
Ekselsior (code EDRPOU 20617091).  The case is docketed as
84/14b-05.  Mr. O. Levkovich (License Number AA 047750) has been
appointed temporary insolvency manager.  The company holds
account number 2600004350890001 at CB Privatbank, Bila Tserkva
branch, MFO 321842.

Creditors have until today to submit their proofs of claim to:

(a) EKSELSIOR
    09113, Ukraine, Kyiv region,
    Bila Tserkva, 50 Rokiv Peremogi Boulevard, 106

(b) Mr. O. Levkovich
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Brovari, Gagarin Str. 11/32

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


ENERGOBUD: Proofs of Claim Deadline Expires Today
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on OJSC State Joint-Stock Holding Company
Energobud (code EDRPOU 23510755) on April 14, 2005.  The case is
docketed as 15/243-b.  Mr. O. Gritsaj (License Number AA 719865)
has been appointed temporary insolvency manager.  The company
holds account number 2600833710 at JSCB Energobank, Kyiv region
branch, MFO 321615.

Creditors have until today to submit their proofs of claim to:

(a) ENERGOBUD
    01032, Ukraine, Kyiv region,
    Komintern Str. 27

(b) Mr. O. Gritsaj
    Temporary Insolvency Manager
    01030, Ukraine,
    Kyiv region, a/b 38
    Phone: (044) 236-11-17

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


KOBELYAKI' AGROHIM: Gives Creditors Until Today to File Claims
--------------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Kobelyaki' Agrohim (code EDRPOU 05487047) on
May 12, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 8/127.  Mr. O. Dubovskij
(License Number AA 485238) has been appointed
liquidator/insolvency manager.  The company holds account number
26002178570001 at CB Privatbank, Kremenchuk branch, MFO 331531.

Creditors have until today to submit their proofs of claim to:

(a) KOBELYAKI' AGROHIM
    39200, Ukraine, Poltava region,
    Kobelyaki,

(b) Mr. O. Dubovskij
    Liquidator/Insolvency Manager
    36039, Ukraine, Poltava region,
    Shevchenko Str. 52
    Phone: (0532) 50-95-52

(c) ECONOMIC COURT OF POLTAVA REGION
    36000, Ukraine, Poltava region,
    Zigina Str. 1


KOSTYANTINIVKA' FURNITURE: Declared Insolvent
---------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Kostyantinivka' Furniture Factory (code
EDRPOU 05516197) on April 20, 2005 after finding the close joint
stock company insolvent.  The case is docketed as 42 1 B.  Mr.
V. Paterilov (License Number AA 783055) has been appointed
liquidator/insolvency manager.  The company holds account number
26003304550019 at Prominvestbank, Kostyantinivka branch, MFO
334550.

Creditors have until today to submit their proofs of claim to:

(a) KOSTYANTINIVKA' FURNITURE FACTORY
    85114, Ukraine, Donetsk region,
    Kostyantinivka, P. Angelinoj Str. 3

(b) Mr. V. Paterilov
    Liquidator/Insolvency Manager
    83050, Ukraine, Donetsk region, a/b 6915
    Phone: (050) 473-77-40

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


SCORPION-K: Insolvency Manager Takes over Helm
----------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Scorpion-K (code EDRPOU 32040505) on June
13, 2005 after finding the limited liability company insolvent.
The case is docketed as #19/102 (05).  Mr. Oleksij Zabrodin
(License Number AA 630146) has been appointed
liquidator/insolvency manager.  The company holds account number
26004012380980 at Finances and Credit, MFO 313731.

Creditors have until today to submit their proofs of claim to:

(a) SCORPION-K
    69032, Ukraine, Zaporizhya region,
    Medvedev Str. 10/9

(b) Mr. Oleksij Zabrodin
    Liquidator/Insolvency Manager
    69121, Ukraine, Zaporizhya region a/b 6335
    Phone: 8 (067) 780-39-60

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


SELTORG: Creditors' Claims Due Today
------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Seltorg (code EDRPOU 32608635) on
June 15, 2005.  The case is docketed as B 40/74/05.  Mr. Sergij
Ryabchij (License Number AB 116178) has been appointed temporary
insolvency manager.  The company holds account number
26001050400221 at CB Privatbank, Dnipropetrovsk branch, MFO
305299.

Creditors have until today to submit their proofs of claim to:

(a) SELTORG
    49000, Ukraine, Dnipropetrovsk region,
    Bogdan Hmelnitskij Str. 24

(b) Mr. Sergij Ryabchij
    Temporary Insolvency Manager
    49700, Ukraine, Dnipropetrovsk region,
    Panikahi Str. 2

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


TEOLIN: Cherkassy Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Teolin (code EDRPOU 04365038) on May 24,
2005 after finding the limited liability company insolvent.  The
case is docketed as 14/3157.  Mr. Volodimir Shimanskij (License
Number AA 630040) has been appointed liquidator/insolvency
manager.  The company holds account number 26003301666 at
Oshadbank, branch 2972, MFO 354648.

Creditors have until today to submit their proofs of claim to:

(a) TEOLIN
    19141, Ukraine, Cherkassy region,
    Monastirishenskij district, Teolin

(b) Mr. Volodimir Shimanskij
    Liquidator/Insolvency Manager
    03038, Ukraine, Kyiv region,
    Konduktorska Str. 33/2

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


VOZDVIZHENSKA: Succumbs to Bankruptcy
-------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Agrofirm Vozdvizhenska (code EDRPOU
05503485) on May 18, 2005.  The case is docketed as 7/38-05.
Mr. Volovik Sergij (License Number AA 779353) has been appointed
temporary insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) VOZDVIZHENSKA
    41029, Ukraine, Sumi region,
    Yampilskij district, Vozdvizhenska,
    Komunistichna Str. 1

(b) Mr. Volovik Sergij
    Temporary Insolvency Manager
    40030, Ukraine, Sumi region, Proletarska Str. 69, 2nd floor

(c) ECONOMIC COURT OF SUMI REGION
    40477, Ukraine, Sumi region,
    Shevchenko Avenue, 18/1


VUGLEEKOLOGIYA: Court Appoints Liquidator
-----------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Vugleekologiya (code EDRPOU 32396862) on
June 14, 2005 after finding the limited liability company
insolvent.  The case is docketed as B 52/61/05.  Mr. Lenger
Vasil has been appointed liquidator/insolvency manager.  The
company holds account number 2600630266801 at JSB Credit-Dnipro,
Dnipropetrovsk branch, MFO 305749.

Creditors have until today to submit their proofs of claim to:

(a) VUGLEEKOLOGIYA
    Ukraine, Dnipropetrovsk region,
    Pavlograd, Lenin Str. 103/1

(b) Mr. Lenger Vasil
    Liquidator/Insolvency Manager
    Ukraine, Dnipropetrovsk region,
    Pisarzhevskij Str. 1a
    Phone: (0562) 38-38-75
    Phone: (067) 563-96-29

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


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


ADVANCED TECHNOLOGIES: Crashes into Administration
--------------------------------------------------
Advanced Technologies Group has fallen into administration with
debt of at least GBP8 million, said The Evening Standard.

Most of its 50 employees at its head office, design center and
manufacturing and flight-testing facilities at Cardington,
Bedford, have reportedly been laid off.

Tim Dolder of administrators Begbies Traynor said: "Over the
last nine years, private investors and institutions have
invested GBP30 million in ATG, which was on the brink of being
able to provide a return on that substantial investment.  Sadly
it just ran out of money."

ATG, which has designed airships that can carry 20 Challenger
tanks or hundreds of armed troops, is said to be facing
liabilities of between GBP8 million - GBP9 million, although no
bank debt is involved.

Founded in 1996 by Airship Industries designer and engineer
Roger Munk, ATG has been working for the Ministry of Defense.

Mr. Dolder said he is positive about finding buyers for the
company with "a number of parties already expressing an
interest.  There are some very strong intellectual property
rights available."

CONTACT:  ADVANCED TECHNOLOGIES GROUP
          No. 2 Hangar,
          Cardington Field,
          Shortstown,
          Bedford MK42 0TJ
          United Kingdom
          Phone: +44 (0)1234 744900
          Fax: +44 (0)1234 743582
          E-mail: Info@atg-airships.com
          Web site: http://www.atg-airships.com

          BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
     United Kingdom
     Phone: 0161 839 0900
          Fax: 0161 832 7436
          Web site: http://www.begbies-traynor.com


ALFAFORCE LIMITED: In Voluntary Liquidation
-------------------------------------------
At an Extraordinary General Meeting of Alfaforce Limited, duly
convened, and held at Rifsons House, 63-64 Charles Lane, St
John's Wood, London NW8 7SB, on 20 July 2005, the subjoined
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that Arif Anwar, Rifsons, Rifsons House, 63-64
Charles Lane, St John's Wood, London NW8 7SB, be and is hereby
appointed Liquidator for the purpose of such winding-up." S
Khan, Chairman

CONTACT:  RIFSONS
          Rifsons House
          63-64 Charles Lane
          St Johns Wood
          London NW8 7SB
          Phone: 020 7586 9831
          Fax: 020 7586 9834
          E-mail: arif@rifsons.com


ARKITEC LIMITED: Members Opt for Liquidation
--------------------------------------------
At an Extraordinary General Meeting of the Members of Arkitec
Limited, duly convened, and held at Fernwood House, Fernwood
Road, Jesmond, Newcastle upon Tyne NE2 1TJ, on 18 July 2005, the
following Resolutions were duly passed, as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
William Paxton, of Robson Laidler LLP, Fernwood House, Fernwood
Road, Jesmond, Newcastle upon Tyne NE2 1TJ, be and is hereby
appointed Liquidator of the Company."

D Aiken, Chairman

CONTACT:  ROBSON LAIDLER
          Fernwood House, Fernwood Road
          Jesmond, Newcastle upon Tyne NE2 1TJ
          Contact:
          Phone: 0191 281 8191
          Fax: 0191 281 6279
          Web site: http://www.robson-laidler.co.uk/


AYRESOME MILLENIUM: Passes Winding-up Resolution
------------------------------------------------
At an Extraordinary General Meeting of Ayresome Millennium
Partnership, duly convened, and held at Taylor Rowlands, 8 High
Street, Yarm, Stockton-on-Tees TS15 9AE, on Tuesday 19 July
2005, the following subjoined Extraordinary Resolution was duly
passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
John Harvey Madden of Taylor Rowlands be appointed Liquidator
for the purpose of such winding-up."

D Jago, Chairman

CONTACT:  TAYLOR ROWLANDS
          8 High Street
          Yarm
          Cleveland TS15 9AE
          Phone: 01642 790790
          Fax: 01642 785588
          E-mail: harvey@taylorrowlands.co.uk


BINNIE THAMES: Names Grant Thornton Liquidator
----------------------------------------------
We, the undersigned, being all the Members of Binnie Thames
Water Limited, at the date of these Resolutions would be
entitled to attend and vote at General Meetings of the Company,
hereby pass the following Resolutions and agree that the said
Resolution shall, for all purposes be valid and effective as if
the same had been passed at a General Meeting of the Company
duly convened and held:

"That the Company be wound up voluntarily and that Andrew
Conquest, of Grant Thornton UK LLP, Grant Thornton House, Melton
Street, Euston Square, London NW1 2EP, be appointed Liquidator
of the Company for the purposes of the voluntary winding-up."

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


CHESTERTON LIMITED: Court Awards Former Execs GBP5 Million
----------------------------------------------------------
An employment tribunal has granted over GBP5 million in
compensation to two former executives of Chesterton Limited,
said the Evening Standard.

In 2003, Neil List and Mike Backs, who had served as
Chesterton's chief executive and chief operating officer,
respectively, were fired for alleged disobedience.

The two reportedly went against Chairman Peter Brooks' order not
to inform shareholders of a takeover offer, which according to
Mr. Brooks, was too tentative.  The business was eventually sold
to investor Mohammed Jafari-Fini.

Last year, the court ruled that the two were wrongly dismissed.
Mr. List was awarded GBP3.8 million and Backs GBP1.5 million.

However, Chesterton has already gone into receivership, which
makes it unlikely for the payment to materialize.

Mr. List, who is currently working at corporate finance firm
Vcatalysts, said: "The size of these awards is a vindication for
us.  Unfortunately, we take our place in the queue of creditors
so I'm not counting on seeing a penny of it."

Mr. Backs, who now partly owns a transport company, was
unavailable for comment.

In March, National Westminster Bank Plc filed a petition to put
the Chesterton Group in administrative receivership, which
included Chesterton Ltd.  Nigel Morrison and Martin Ellis of
Grant Thornton are currently managing the business.

CONTACT:  CHESTERTON GROUP
          84 Colmore Row, Birmingham B3 2HG
          Tel: 0121 200 3111
          Fax: 0121 200 2425
          E-mail: carole.taylor@chesterton.co.uk
          Web site: http://www.chesterton.co.uk

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


COLESHILL MUNICIPAL: Calls in Liquidator
----------------------------------------
At an Extraordinary General Meeting of Coleshill Municipal Sales
& Services Limited, duly convened, and held at 79 Caroline
Street, Birmingham B3 1UP, on 14 July 2005, the following
Resolutions were passed, as an Extraordinary Resolution and as
an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Roderick Graham Butcher, of Butcher Woods, 79 Caroline Street,
Birmingham B3 1UP, be and is hereby appointed Liquidator of the
Company for the purpose of the voluntary winding-up."

At a Meeting of Creditors held on 14 July 2005 the Creditors
confirmed the appointment of Roderick Graham Butcher as
Liquidator and that anything required or authorized to be done
by the Liquidator be done by him.

A Barclay, Chairman

CONTACT:  BUTCHER WOODS
          79 Caroline Street
          Birmingham
          West Midlands
          E-mail: rod.butcher@butcher-woods.co.uk
          Phone: 0121 236 6001
          Fax: 0121 236 5702


DANKA BUSINESS: To Announce First-quarter Results Wednesday
-----------------------------------------------------------
Danka Business Systems PLC will release its first quarter
results at 1:30 p.m. on Wednesday, 3 August 2005 and will have a
conference call at 3:00 p.m. U.K. time (10:00 a.m. EST) that
day.

To participate in the conference call, please dial in 5-10
minutes before the start of the call and follow the operator's
instructions.  U.S. and Canada callers please dial (800) 309-
1555 and U.K. and International callers please dial +1 (706)
643-7754 and reference Danka when prompted.  The live audio
broadcast of the call also can be accessed at
http://www.danka.com.

If you are unable to join the call, a replay will be available
at Danka's Web site approximately two hours after the call ends.
To listen, please go to http://www.danka.comand click on
Investor Relations.  A replay of the call also may be accessed
via telephone; U.S. and Canada callers may dial (800) 642-1687
and U.K. and International callers may dial +1 (706) 645-9291.

The conference ID number required for replay is 8169953.  This
playback will be available until 10:00 p.m. U.K. time (5:00 p.m.
EST) on 10 August, 2005.

                            *   *   *

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

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

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

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

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


D & B SERVICES: Court Orders Group to Wind-up
---------------------------------------------
Company name: D & B Services
              Tattershall, Lincolnshire LN 4LD

Court: High Court of Justice.

No. of Matter: 003526 of 2005

Date of Filing Petition: May 31, 2005

Date of Winding-up Order: July 13, 2005


DRAX GROUP: Seeks Shareholders' Approval of Rehab Plan
------------------------------------------------------

                      Drax Group Limited
              (Incorporated in the Cayman Islands
                with registered number WK-129356)

                      Registered office:
                     Walkers SPV Limited
                         Walker House
                         PO Box 908GT
                          Mary Street
                          George Town
                          Grand Cayman
                         Cayman Islands
                      British West Indies

To: All Shareholders
14 July 2005

Dear Shareholder

                 Shareholder Consent Request

1.1 On 11 February 2005, the board of directors of Drax Group
Limited wrote to you requesting your consent to the
capitalization of Drax Power Limited.  In that letter the
Directors referred to proposals to reorganize the Group as part
of a capital losses tax planning exercise, the principal effects
of which are to simplify the Group's cash flows and to make
available losses to shelter the TXU Proceeds from tax.  The
Directors also stated that these proposals were likely to
require various consents from the Company's shareholders
pursuant to the Company's Articles of Association and the
shareholders agreement of the Company dated 22 December 2003 and
that further information concerning the proposed reorganization
would be circulated in due course.

1.2 The Directors are now writing to request your consent to the
Company and other Group Members taking the steps detailed below.

1.3 This letter is available at http://www.draxpower.com. Drax
will also host a conference call on Thursday 4 August 2005 at
2:30 p.m. (London time) to discuss the matters outlined in this
letter in further detail.  The U.K. and international dial-in
telephone number is +44
(0)20 7162 0084. The U.S. dial-in telephone number is +1 334 323
6201.  Any information or presentations for this conference
call, additional to that set out in this letter, will be placed
on the Drax Web site on the morning of the conference call.

1.4 This letter requests certain consents in connection with:

     1.4.1 Group reorganization and capital losses tax planning
           -- a reorganization of the Group and associated
           capital loss planning, the principal effects of which
           are to simplify the Group's cash flows and to realize
           latent Group losses to shelter the TXU Proceeds from
           corporation tax; and

     1.4.2 FRS 25 planning -- amendments to the Preference Share
           Subscription Agreement so as to ensure continuity of
           accounting treatment of that agreement and the
           related original Eurobonds and so as to avoid
           potential adverse tax consequences arising as a
           result of the introduction of FRS 25, which are
           otherwise likely to occur if no action is taken.

1.5 Each of the above matters is dealt with in detail below.

1.6 Capitalized terms used but not defined in this letter will
have the meaning given to them in the InPower 2 Facility
Agreement dated 22 December 2003 between, amongst others,
InPower 2 Limited as the Borrower and Deutsche Bank AG London as
the Agent (the InPower 2 Facility Agreement) or the Drax Inter-
creditor and Security Trust Deed, as the context requires.

      Group Reorganization and Capital Losses Tax Planning

2.1 The directors have been considering ways to simplify the
Group structure with a view to streamlining cash flows up to
Drax Holdings and (ultimately in the case of debt repayments)
InPower 2 Limited and to the Lenders and to mitigate to the
extent legally possible the tax impact on Group Members of
receipt of the TXU Proceeds.  Lenders will be aware of this as a
consequence of various statements made and consents sought in
connection with this stated aim.  Indeed, consent of the Bond
Trustee has already been granted to certain initial steps in
this regard (comprising the incorporation of Drax Investments
Limited (consent for which was granted on 30 December 2004) and
the GBP200 million capitalization of Drax Power (consent for
which was granted on 16 March 2005)), and approval is now being
sought for further steps to be undertaken.

2.2 The steps outlined below involve reorganizing the inter-
company balances owed between Drax Holdings and/or its
Subsidiaries, the creation of distributable reserves through
reductions of capital and carrying out certain corporate
actions, in order to enable latent capital losses inherent in
the Group to be realized, and to utilize these losses against
any capital gains arising in respect of the TXU Proceeds.

2.3 A detailed description of each of the Reorganization Steps
is set out in Schedule 1 (Group reorganization and capital
losses planning) to this letter.

Summary

2.4 The Reorganization Steps are:

     2.4.1 reorganizing the inter-company balances owed between
           Drax Holdings and/or its Subsidiaries;

     2.4.2 conversion of Drax Ouse into an unlimited company ;
     2.4.3 effecting a reduction of share capital of Drax Ouse
           following its re-registering as an unlimited
           company;

     2.4.4 effecting a reduction of share capital of Drax
           Electric.  This would be a Court-sanctioned reduction
           of share capital requiring the approval of the Cayman
           Court;

     2.4.5 creating (by reductions of share capital in the case
           of Drax Ouse and Drax Electric) the necessary
           distributable reserves in Drax Ouse, Drax Limited and
           Drax Electric to allow the distribution to Drax
           Holdings by Drax Ouse (via Drax Limited and Drax
           Electric) of certain intra-group receivables.  These
           receivables will be transferred to Drax Holdings by
           way of distributions in specie (i.e. dividends of
           non-cash assets) and the repayment of the remaining
           debt due from Drax Electric to Drax Holdings; and

     2.4.6 transferring to Drax Holdings, Drax Electric's right
           to receive the "Excess Proceeds" (being such gross
           sums as Drax Power would otherwise have received
           pursuant to the TXU Claim in aggregate from TXU
           Europe Energy Trading Limited (in administration and
           subject to company voluntary arrangement) (TXU EET)
           and/or TXU Europe Group plc (in administration and
           subject to company voluntary arrangement) (TXU EG) in
           excess of GBP253,500,000).  For the purposes of
           calculating the Excess Proceeds, no account is taken
           of the GBP25 million Sum referred to in paragraph
           2.5.1 since this represents a receipt by Drax
           Holdings and therefore does not fall within the
           Excess Proceeds.

           Following a previous consent from the Majority B
           Lenders, Drax Power assigned to Drax Electric the
           right to receive the Excess Proceeds on 30 December
           2004.  As a consequence, the B Facility Bond Trustee
           is being asked to consent to the assignment of the
           Excess Proceeds to Drax Holdings.

           The directors consider that such Assignment of the
           Excess Proceeds will not adversely affect the
           interests of the B Facility Bond Trustee or the B
           Lenders since:

          (1) the Excess Proceeds will not be transferred
              outside the Group;

          (2) the Excess Proceeds will be transferred subject to
              the existing security package and will continue to
              be "ring-fenced" for the benefit of the B Lenders;

          (3) it will result in the right to receive the Excess
              Proceeds being held by Drax Holdings, the issuer
              of the B Facility Bonds; and

          (4) the company voluntary arrangements for TXU EET and
              TXU EG and the compromise agreement dated 30
              December 2004 entered into by Drax with, inter
              alios, TXU EET and TXU EG provide mechanisms by
              which the Excess Proceeds can be paid to Drax
              Holdings, in accordance with the terms of the
              Group Account Agreement.  The consent of the B
              Facility Bond Trustee granted on 30 December 2004
              to the assignment of the Excess Proceeds to Drax
              Electric, which does not trade, gave the
              opportunity and flexibility for further planning
              in 2005 to utilize the latent capital losses in
              the Group and offset these losses against any
              capital gains arising in respect of the TXU
              Proceeds.  The Group now considers therefore, as
              an integral part of the Reorganization Steps
              (which are in the best interests of all
              shareholders), that the Excess Proceeds should be
              assigned to Drax Holdings and this requires the
              consent of the B Facility Bond Trustee, acting on
              the instruction of the Majority B Lenders;

     2.4.7 incorporating a newly formed Subsidiary of Drax
           Holdings, Newco (being a company limited by shares),
           to assist in retaining control of Drax Ouse if Drax
           Electric and its Subsidiaries were subsequently to
           leave the Group, as further referred to in Step 3 of
           Schedule 1 (Group reorganization and capital losses
           planning) to this letter; and

     2.4.8 incorporating a newly formed Subsidiary of Drax
           Holdings, GCo (being a company limited by guarantee),
           to hold shares in Drax Investments in order to leave
           the ownership of Drax Investments split 50:50 between
           Drax Holdings and GCo.  This is to de-group Drax
           Investments from Drax Holdings and thereby
           crystallize a capital loss, as further set out in
           Step 4 of Schedule 1 (Group reorganization and
           capital losses planning) to this letter.

The steps set out in paragraphs 2.4.7 and 2.4.8 above will not
occur until on or after 28 December 2005 (but must occur on or
before 30 December 2005).  The directors consider it prudent to
seek consent for these steps now since they comprise part of the
Reorganization Steps and this avoids the need for having to seek
further consents for these steps later in the year.

The Rationale

2.5 These benefits are expected to result from the
Reorganization Steps:

     2.5.1 Drax Holdings has already received GBP25 million of
           TXU Proceeds (in addition, Drax Holdings received
           payment of VAT thereon, albeit this VAT is not taken
           into account for the purposes of this definition) in
           consideration of Drax Holdings procuring the
           compromise of the non-compete claims in respect of
           the Primary Hedge Guarantee and certain other claims.
           This amount should constitute a capital receipt in
           the hands of Drax Holdings.

           In addition following Drax Power's agreement to
           assign the Excess Proceeds to Drax Electric on 25
           November 2004 and following consent to such
           assignment being obtained on 30 December 2004, Drax
           Electric acquired the rights to the Excess Proceeds
           from Drax Power for GBP8 million which sum is left
           outstanding on an intercompany account.  To the
           extent that they exceed this sum, the gain will be
           subject to corporation tax on chargeable gains
           (whether in the hands of Drax Electric or, following
           the transfer at 2.4.6 above, Drax Holdings).

           In terms of the likely quantum of the Excess Proceeds
           this remains uncertain.  However, on 30 March 2005,
           the supervisors of the company voluntary arrangements
           for TXU EET and TXU EG paid GBP189,234,904 to Drax
           Power and the GBP25 million Sum to Drax Holdings.  In
           the financial statements for Drax Holdings for the
           period ended 30 December 2004, the directors'
           expectations were that further distributions totaling
           approximately GBP134 million would be received from
           TXU EET and/or TXU EG by around April 2006, although
           this is not certain.

           The result of the Reorganization Steps is that
           uncrystallized capital losses inherent within the
           Group will become available to Drax Holdings to the
           extent necessary to shelter from corporation tax on
           chargeable gains any gain arising in respect of
           either the Excess Proceeds or the GBP25 million Sum;

     2.5.2 The intra-group balances will be consolidated within
           Drax Holdings and the up-streaming of cash to the
           debt holders will be facilitated.  The consolidation
           of the Group balances will simplify the Group's U.K.
           to U.K. transfer pricing position;

     2.5.3 It will provide the ongoing benefit of having current
           and future cash receipts closer to the current Drax
           Bondholders and will simplify the Group structure;
           and

     2.5.4 It will streamline the Group corporate structure to a
           "core" set of companies, while leaving the
           opportunity in the future to crystallize a proportion
           of the inherent capital losses with respect to
           shareholdings in Drax Electric, Drax Ouse and Drax
           Limited in excess of the amounts needed to shield the
           Excess Proceeds and the GBP25 million Sum from
           corporation tax.

2.6 The Company does not consider that the proposed steps will
have any adverse impact on the ability of Drax Holdings to pay
amounts due on the Drax Eurobonds as the intra-group
distributions will be subject to the existing security package
as set out in the Drax Intercreditor and Security Trust Deed and
no payments will be made outside the Group.  Indeed the proposed
steps will improve the Group's Available Cash position from what
it would be were the steps not to be taken .

2.7 As part of the arrangements, it is proposed that Drax Ouse
re-registers as an unlimited company.  Drax Ouse will continue
to be solely held by Drax Limited (a limited company with no
material assets and liabilities following these transactions)
until the step set out in paragraph 2.4.7 occurs.

Drax Ouse has not traded since December 2003 when the agreement
to transfer its assets and liabilities to Drax Power was
completed.

2.8 Although there may be certain obligations for which Drax
Ouse remains liable, Drax Power has provided Drax Ouse with a
full indemnity under the terms of the Drax Sale and Purchase
Agreement in respect of any remaining liabilities relative to
the business, assets and employees of the Power Station.  The
directors are satisfied that any liabilities for which Drax Ouse
may remain liable are liabilities which will be capable of being
funded by the indemnity provided by Drax Power.  Accordingly, if
Drax Ouse does become an unlimited company, the directors are
satisfied that the full amount of the distributable reserve will
be available for distribution.

2.9 The directors anticipate that a similar result could be
achieved if Drax Ouse was not re-registered as an unlimited
company and an application was instead made to the Court for the
share capital of Drax Ouse to be reduced.  The Court does have
discretion, in Court-sanctioned reductions of share capital, as
to what to award and in certain cases can require either bank
guarantees in respect of certain obligations or restrict the
payment of distributions until certain liabilities have been
met.  As it is important that the full amount of the
distributable reserve is available for distribution, the
directors therefore believe it is in the Group's interests to
proceed with the re-registration of Drax Ouse as an unlimited
company since it provides greater certainty that the necessary
distributions can be made.

2.10 The Company does not believe that there will be any
material adverse impact on the security arrangements of any Drax
Eurobond Finance Party.  Newco and GCo will accede to the Drax
Third English Debenture and the Drax Intercreditor and Security
Trust Deed and the shares of these companies will be subject to
the existing security arrangements, with the shares in Gco being
subject to a fixed charge rather than a legal mortgage.

2.11 Drax Ouse was formerly the operating company, which owned
the Power Station.  On 22 December 2003, the business and assets
of Drax Ouse (including the Power Station and TXU Claim) were
transferred to Drax Power.  It is possible that certain
contractual and other rights associated with the Power Station
may not have been capable of being transferred by this sale and
these would remain with Drax Ouse (which makes them available to
Drax Power).

2.12 The Drax Security Trustee (or its nominee) cannot remain as
legal mortgagee (and therefore registered owner of the shares in
Drax Ouse) if Drax Ouse becomes an unlimited liability company
(as the registered shareholders and certain past shareholders
would be liable for the debt of such a company in the event of
its insolvent winding-up).

Accordingly, in order to avoid this unlimited liability, the
legal ownership of the shares in Drax Ouse will be transferred
by Chase Nominees Limited, as the nominee of the Drax Security
Trustee, back to Drax Limited prior to Drax Ouse's re-
registration as an unlimited company (accordingly, the shares in
Drax Ouse will no longer be subject to a legal mortgage although
fixed charge security will be retained over such shares).

Once Drax Ouse becomes an unlimited company, any sale of this
company on an enforcement of the security (which may be
desirable if Drax Power was being sold, for the reasons set out
in paragraph 2.11 above (albeit that with the passage of time it
becomes less likely that such rights remain vested in Drax
Ouse)) would have to be conducted other than by the Drax
Security Trustee, or its nominee, as legal owner of the shares.
However, such a sale could still occur and the directors
consider that any prejudice to the rights of Lenders or their
Security Interests is very much theoretical rather than
practical.  Absent a breach of the terms of the Security
Documents, the priority of the security could not be affected.

2.13 In respect of Drax Electric, it is not possible to re-
register a Cayman Islands company as an unlimited company and so
the Court-sanctioned route is unavoidable.  Since Drax Electric
has never traded, this is likely to be a relatively
straightforward process.

Consents

2.14 The Company therefore requests your consent to the
implementation of the Reorganization Steps, as summarized in
Schedule 1 (Group reorganization and capital losses planning) to
this letter.

                         FRS 25 Planning

3.1 In 1999, InPower and Drax Holdings entered into the
Preference Share Subscription Agreement (which InPower
subsequently novated to BondPower Limited) pursuant to which
preference shares are to be issued by Drax Holdings.

3.2 It is proposed that, as a result of the compulsory
implementation of FRS 25, the rights attaching to the preference
shares be amended to provide for redemption of the preference
shares at par, or at more than par, in accordance with the terms
of the Preference Share Subscription Agreement (as amended).

The Rationale

3.3 If the Preference Share Rights Amendment is not implemented,
changes to U.K. GAAP resulting from the adoption of FRS 25
(which has to be adopted by Drax Holdings in its accounting
period commencing 31 December 2005) are likely to result in
certain changes to the accounting treatment of the original
Eurobonds and Preference Share Subscription Agreement which
could potentially result in a very material and unexpected
adverse tax impact on the Group.

3.4 The Company expects that, following the implementation of
the proposed Preference Share Rights Amendment, there will be no
change to the Group's current tax treatment resulting from the
issue of the original Eurobonds.  However, your attention is
drawn to the information set out in Schedule 2 (Preference Share
Rights Amendment) to this letter.  You should also be aware of
the fact that future changes to accounting practice and
standards and legislation could result in adverse and unexpected
consequences.

3.5 Further details regarding the Preference Share Rights
Amendment are set out in Schedule 2 (Preference Share Rights
Amendment) to this letter.  Deloitte & Touche LLP, the Group's
Auditors, have confirmed that the accounting treatment under FRS
25 following the proposed amendments will be as set out in
Schedule 2 (Preference Share Rights Amendment) to this letter
Consents

3.6 The Company therefore requests your consent to the
Preference Share Rights Amendment.

                   Drax Shareholder Documents

4.1 The Reorganization Steps and the Preference Share Rights
Amendment will result in, or may give rise to, events which, if
they occur, will require consent or waiver under, or amendment
to, the Shareholders Agreement (clauses 9 .1(a), 9 .1(c), 9
.1(e) and 9 .1(h)) and the Articles (Articles 69(1)(a),
69(1)(c), 69(1)(e) and 69(1)(h)).

                      Request for Consent

5.1 We hereby request your consent to each Proposal.

5.2 If you are in favor of a Proposal, it is important that you
vote in favor of the Proposal as failure actively to give your
approval will register as a vote against the Proposal.  This is
because the approval level needed requires the positive approval
of more than 50% of the shares in issue and not simply more than
50% of the votes cast.

                      Action to be Taken

6.1 You will find a form headed "Shareholder Consent" provided
with this letter (also the "Consent Form").  Please complete,
sign and return the enclosed Consent Form provided to you as
soon as possible to the address and/or fax number indicated on
the Consent Form.

See http://bankrupt.com/misc/Drax_Consent_Letter.pdf

6.2 Shareholders who are also holders of A2 Loans or A2 Notes
will be receiving separate consent requests in the usual way
requesting their consent to the Group taking certain actions
related to the subject matter of this consent request.
Shareholders may also have holdings of Al Loans or
Al Notes and B Loans and B Notes.  Holders of these securities
are also being asked for related consents.  It is important that
you respond to each consent request you receive relating to your
holdings of these securities in the form requested of you
pertinent to that security .

6.3 Please note that the consent of the shareholders to the
Proposals is required by not later than 5.00 p.m. (London Time)
on Friday 12 August 2005.

6.4 You are also reminded that if you are in favor of a Proposal
yet fail to submit a Consent Form giving your approval your vote
will effectively be registered as a vote against the Proposal.

                        Recommendation

Your Directors unanimously believe that the Proposals described
in this letter are in the best interests of the Company and its
shareholders as a whole.  They therefore recommend shareholders
to approve and give their consent to all the matters proposed
herein.

Yours faithfully,

Gordon Horsfield
Chairman
Drax Group Limited

CONTACT:  DRAX GROUP LIMITED
          Melanie Wedgbury
          Phone: 01757 618381
          Kelly-Ann French/ Eric Burns


DRAX HOLDINGS: Creditors Asked to Approve Restructuring
-------------------------------------------------------
                    Drax Holdings Limited
            c/o Citco Trustees (Cayman) Limited,
            Corporate Centre, PO Box 31106 SMB,
        West Bay Road, Grand Cayman, Cayman Islands

To:        JPMorgan Chase Bank, N.A.
           (in its capacity as bond trustee under each of the
           Drax
           Eurobond Trust Deeds)
           Trinity Tower
           9 Thomas More Street
           London E1W 1YT
Attention: Corporate Trust Operations

Fax No:    0207 777 5410/5420/5440

To:        Deutsche Bank AG London
           (in its capacity as the Senior Agent under the Drax
           Intercreditor and Security Trust Deed)
           Winchester House
           1 Great Winchester Street
           London EC2N 2DB

Attention: Corporate Trust and Agency Section, Loan
           Syndication

Fax No:    0207 933 3419/4703

To:        InPower 2 Limited
           St Helier
           Jersey
           JE4 8PX
           Channel Islands

Attention: The Company Secretary (MIFA Corporate 2)

Fax No:    01534 609 333

14 July 2005

Dear Sirs:

(a) Group Reorganization and Capital Losses Tax Planning,

(b) FRS 25 Planning,

(c) Provision of Half-yearly Financial Information

-- Bond Trust Deed dated 30 November 1999 between, amongst
   others, Drax Holdings Limited as the Issuer and JPMorgan
   Chase Bank, N.A. as the Bond Trustee and constituting the
   GBP1,725,000,000 8.86%.  Guaranteed Secured Bonds due 2015,
   as amended and restated from time to time;

-- Further Bond Trust Deed dated 22 December 2003 between,
   amongst others, Drax Holdings

-- Limited as the Issuer and JPMorgan Chase Bank, N.A. as the
   Further Bond Trustee and constituting the GBP86,472,000
   Floating Rate Guaranteed Secured Bonds due 2020; and

-- B Facility Bond Trust Deed dated 22 December 2003 between,
   amongst others, Drax Holdings Limited as the Issuer and
   JPMorgan Chase Bank, N.A. as the B Facility Bond Trustee and
   constituting the GBP338,291,000 Floating Rate Guaranteed
   Secured Bonds due 2025, (together the Drax Eurobond Trust
   Deeds);

-- Drax Intercreditor and Security Trust Deed dated 22 December
   2003 between, amongst others, Drax Holdings Limited as an
   Obligor and Deutsche Bank AG London as the Senior Agent (the
   "Drax Intercreditor and Security Trust Deed"); and

-- InPower 2 Facility Agreement dated 22 December 2003 between,
   amongst others, InPower 2 Limited as the Borrower and
   Deutsche Bank AG London as the Agent (the "InPower 2 Facility
   Agreement").

We write to JPMorgan Chase Bank, N.A in its capacity as the bond
trustee under each of the Drax Eurobond Trust Deeds (the "Bond
Trustee").

We write to Deutsche Bank AG London in its capacity as the
Senior Agent under the Drax Intercreditor and Security Trust
Deed.

We write to InPower 2 Limited in its capacity as the borrower
under the InPower 2 Facility Agreement.

This letter is being placed at http://www.draxpower.com

(Also see: http://bankrupt.com/misc/Drax_Creditors_Consent.pdf)

Drax will host a conference call on Thursday 4 August 2005 at
2.30 p.m. (London time) to discuss the matters outlined in this
letter in further detail.  The U.K. and international dial-in
telephone number is +44 (0)20 7162 0084.  The U.S. dial-in
telephone number is +1 334 323 6201.  Any information or
presentations for this conference call, additional to that set
out in this letter, will be placed on the Drax Web site on the
morning of the conference call.

Capitalized terms used but not defined in this letter will have
the meaning given to them in the Drax Intercreditor and Security
Trust Deed or the InPower 2 Facility Agreement, as the context
requires.

                         Introduction

1.1 The purpose of this letter is to request your consent to
Drax Group and the other Group Members taking the various steps
detailed below.

1.2 Whilst the items set out below are largely independent of
one another, they principally comprise steps that the Group
needs to take in order to improve the Group's tax position in
respect of the compulsory implementation of FRS 25 and the
receipt of the TXU Proceeds and also to streamline the Group's
cash flows and corporate structure.

1.3 This letter requests certain consents in connection with:

     1.3.1 Group reorganization and capital losses tax planning
           -- a reorganization of the Group and associated
           capital loss planning, the principal effects of which
           are to simplify the Group's cash flows and to realize
           latent Group losses to shelter the TXU Proceeds from
           corporation tax;

     1.3.2 FRS 25 planning -- amendments to the Preference Share
           Subscription Agreement so as to ensure continuity of
           accounting treatment of that agreement and the
           related original Eurobonds and so as to avoid
           potential adverse tax consequences arising as a
           result of the introduction of FRS 25, which are
           otherwise likely to occur if no action is taken; and

     1.3.3 provision of half-yearly financial information -- a
           variation of the requirement for the delivery of
           unaudited half-yearly accounts to accommodate
           additional work required for the potential listing of
           the Group on the London Stock Exchange, with the
           Group producing a trading statement, which shall be
           made available on 11 August 2005 (see paragraph 4.4
           of this letter for further details).

1.4 Each of the above matters is dealt with in detail below.


      Group Reorganization and Capital Losses Tax Planning

2.1 The directors have been considering ways to simplify the
Group structure with a view to streamlining cash flows up to
Drax Holdings and (ultimately in the case of debt repayments)
InPower 2 Limited and to the Lenders and to mitigate to the
extent legally possible the tax impact on Group Members of
receipt of the TXU Proceeds.  Lenders will be aware of this as a
consequence of various statements made and consents sought in
connection with this stated aim.  Indeed, consent of the Bond
Trustee has already been granted to certain initial steps in
this regard (comprising the incorporation of Drax Investments
Limited (consent for which was granted on 30 December 2004) and
the GBP200 million capitalization of Drax Power (consent for
which was granted on 16 March 2005)), and approval is now being
sought for further steps to be undertaken.

2.2 The steps outlined below (the "Reorganization Steps")
involve reorganizing the inter-company balances owed between
Drax Holdings and/or its Subsidiaries, the creation of
distributable reserves through reductions of capital and
carrying out certain corporate actions, in order to enable
latent capital losses inherent in the Group to be realized, and
to utilize these losses against any capital gains arising in
respect of the TXU Proceeds.

2.3 A detailed description of each of the Reorganization Steps
is set out in Schedule 2 (Group reorganization and capital
losses planning) to this letter.

                          Summary

2.4 The Reorganization Steps are:

     2.4.1 reorganizing the inter-company balances owed between
           Drax Holdings and/or its Subsidiaries;

     2.4.2 conversion of Drax Ouse into an unlimited company;

     2.4.3 effecting a reduction of share capital of Drax Ouse
           following its re-registering as an unlimited
           company;

     2.4.4 effecting a reduction of share capital of Drax
           Electric.  This would be a Court-sanctioned
           reduction of share capital requiring the approval of
           the Cayman Court;

     2.4.5 creating (by reductions of share capital in the case
           of Drax Ouse and Drax Electric) the necessary
           distributable reserves in Drax Ouse, Drax Limited and
           Drax Electric to allow the distribution to Drax
           Holdings by Drax Ouse (via Drax Limited and Drax
           Electric) of certain intra-group receivables.  These
           receivables will be transferred to Drax Holdings by
           way of distributions in specie (i.e. dividends of
           non-cash assets) and the repayment of the remaining
           debt due from Drax Electric to Drax Holdings;

     2.4.6 transferring to Drax Holdings, Drax Electric's right
           to receive the "Excess Proceeds" (being such gross
           sums as Drax Power would otherwise have received
           pursuant to the TXU Claim in aggregate from TXU
           Europe Energy Trading Limited (in administration and
           subject to company voluntary arrangement) (TXU EET)
           and/or TXU Europe Group plc (in administration and
           subject to company voluntary arrangement) (TXU EG) in
           excess of GBP253,500,000).  For the purposes of
           calculating the Excess Proceeds, no account is taken
           of the GBP25 million Sum referred to in paragraph
           2.5.1 since this represents a receipt by Drax
           Holdings and therefore does not fall within the
           Excess Proceeds.  Following a previous consent from
           the Majority B Lenders, Drax Power assigned to Drax
           Electric the right to receive the Excess Proceeds on
           30 December 2004.  As a consequence, the B Facility
           Bond Trustee is being asked to consent to the
           assignment of the Excess Proceeds to Drax Holdings.

           The directors consider that such Assignment of the
           Excess Proceeds will not adversely affect the
           interests of the B Facility Bond Trustee or the B
           Lenders since:

           -- the Excess Proceeds will not be transferred
              outside the Group,

           -- the Excess Proceeds will be transferred subject to
              the existing security package and will continue to
              be "ring-fenced" for the benefit of the B Lenders,

           -- it will result in the right to receive the Excess
              Proceeds being held by Drax Holdings, the issuer
              of the B Facility Bonds,

           -- the company voluntary arrangements for TXU EET and
              TXU EG and the compromise agreement dated 30
              December 2004 Entered into by Drax with, inter
              alios, TXU EET and TXU EG provide mechanisms by
              which the Excess Proceeds can be paid to Drax
              Holdings, in accordance with the terms of the
              Group Account Agreement.  The consent of the B
              Facility Bond Trustee granted on 30 December 2004
              to the assignment of the Excess Proceeds to Drax
              Electric, which does not trade, gave the
              opportunity and flexibility for further planning
              in 2005 to utilize the latent capital losses in
              the Group and offset these losses against any
              capital gains arising in respect of the TXU
              Proceeds.  The Group now considers therefore, as
              an integral part of the Reorganization Steps
              (which are in the best interests of all Lenders),
              that the Excess Proceeds should be assigned to
              Drax Holdings and this requires the consent of the
              B Facility Bond Trustee, acting on the instruction
              of the Majority B Lenders;

     2.4.7 incorporating a newly formed Subsidiary of Drax
           Holdings, Newco (being a company limited by shares),
           to assist in retaining control of Drax Ouse if Drax
           Electric and its Subsidiaries were subsequently to
           leave the Group, as further referred to in Step 3 of
           Schedule 2 (Group reorganization and capital losses
           planning) to this letter; and 2.4.8 incorporating a
           newly formed Subsidiary of Drax Holdings, GCo (being
           a company limited by guarantee) to hold shares in
           Drax Investments in order to leave the ownership of
           Drax Investments split 50:50 between Drax Holdings
           and GCo.  This is to de-group Drax Investments from
           Drax Holdings and thereby crystallize a capital loss,
           as further set out in Step 4 of Schedule 2 (Group
           reorganization and capital losses planning) to this
           letter.  The steps set out in paragraphs 2.4.7 and

     2.4.8 above will not occur until on or after 28 December
           2005 (but must occur on or before 30 December 2005).
           The directors consider it prudent to seek consent for
           these steps now since they comprise part of the
           Reorganization Steps and this avoids the need for
           having to seek further consents for these steps later
           in the year.

                        The Rationale

2.5 These benefits are expected to result from the
Reorganization Steps:

     2.5.1 Drax Holdings has already received GBP25 million of
           TXU Proceeds (in addition, Drax Holdings received
           payment of VAT thereon, albeit this VAT is not taken
           into account for the purposes of this definition) in
           consideration of Drax Holdings procuring the
           compromise of the non-compete claims in respect of
           the Primary Hedge Guarantee and certain other claims.
           This amount should constitute a capital receipt in
           the hands of Drax Holdings.

           In addition following Drax Power's agreement to
           assign the Excess Proceeds to Drax Electric on 25
           November 2004 and following consent to such
           assignment being obtained on 30 December 2004, Drax
           Electric acquired the rights to the Excess Proceeds
           from Drax Power for GBP8 million which sum is left
           outstanding on an inter-company account.  To the
           extent that they exceed this sum, the gain will be
           subject to corporation tax on chargeable gains
           (whether in the hands of Drax Electric or, following
           the transfer at 2.4.6 above, Drax Holdings).

           In terms of the likely quantum of the Excess Proceeds
           this remains uncertain.  However, on 30 March 2005,
           the supervisors of the company voluntary arrangements
           for TXU EET and TXU EG paid GBP189,234,904 to Drax
           Power and the GBP25 million Sum to Drax Holdings.  In
           the financial statements for Drax Holdings for the
           period ended 30 December 2004, the directors'
           expectations were that further distributions totaling
           approximately GBP134 million would be received from
           TXU EET and/or TXU EG by around April 2006, although
           this is not certain.

           The result of the Reorganization Steps is that
           uncrystallized capital losses inherent within the
           Group will become available to Drax Holdings to the
           extent necessary to shelter from corporation tax on
           chargeable gains any gain arising in respect of
           either the Excess Proceeds or the GBP25 million Sum.

     2.5.2 The intra-group balances will be consolidated within
           Drax Holdings and the up-streaming of cash to the
           debt holders will be facilitated.  The consolidation
           of the Group balances will simplify the Group's U.K.
           to U.K. transfer pricing position.

     2.5.3 It will provide the ongoing benefit of having current
           and future cash receipts closer to the current Drax
           Bondholders and will simplify the Group structure.

     2.5.4 It will streamline the Group corporate structure to a
           "core" set of companies, while leaving the
           opportunity in the future to crystallize a proportion
           of the inherent capital losses with respect to
           shareholdings in Drax Electric, Drax Ouse and Drax
           Limited in excess of the amounts needed to shield the
           Excess Proceeds and the GBP25 million Sum from
           corporation tax.

2.6 Drax Holdings does not consider that the proposed steps will
have any adverse impact on the ability of Drax Holdings to pay
amounts due on the Drax Eurobonds as the intra-group
distributions will be subject to the existing security package
as set out in the Drax Intercreditor and Security Trust Deed and
no payments will be made outside the Group.  Indeed the proposed
steps will improve the Group's Available Cash position from what
it would be were the steps not to be taken.

2.7 As part of the arrangements, it is proposed that Drax Ouse
re-registers as an unlimited company.

Drax Ouse will continue to be solely held by Drax Limited (a
limited company with no material assets and liabilities
following these transactions) until the step set out in
paragraph 2.4.7 occurs.

Drax Ouse has not traded since December 2003 when the agreement
to transfer its assets and liabilities to Drax Power was
completed.

2.8 Although there may be certain obligations for which Drax
Ouse remains liable, Drax Power has provided Drax Ouse with a
full indemnity under the terms of the Drax Sale and Purchase
Agreement in respect of any remaining liabilities relative to
the business, assets and employees of the Power Station.  The
directors are satisfied that any liabilities for which Drax Ouse
may remain liable are liabilities which will be capable of being
funded by the indemnity provided by Drax Power.  Accordingly, if
Drax Ouse does become an unlimited company, the directors are
satisfied that the full amount of the distributable reserve will
be available for distribution.

2.9 The directors anticipate that a similar result could be
achieved if Drax Ouse was not re-registered as an unlimited
company and an application was instead made to the Court for the
share capital of Drax Ouse to be reduced.  The Court does have a
discretion, in Court-sanctioned reductions of share capital, as
to what to award and in certain cases can require either bank
guarantees in respect of certain obligations or restrict the
payment of distributions until certain liabilities have been
met.  As it is important that the full amount of the
distributable reserve is available for distribution, the
directors therefore believe it is in the Group's interests to
proceed with the re-registration of Drax Ouse as an unlimited
company since it provides greater certainty that the necessary
distributions can be made.

2.10 Drax Holdings does not believe that there will be any
material adverse impact on the security arrangements of any Drax
Eurobond Finance Party.  Newco and GCo will accede to the Drax
Third English Debenture and the Drax Intercreditor and Security
Trust Deed and the shares of these companies will be subject to
the existing security arrangements, with the shares in GCo being
subject to a fixed charge rather than a legal mortgage.

2.11 Drax Ouse was formerly the operating company, which owned
the Power Station.  On 22 December 2003, the business and assets
of Drax Ouse (including the Power Station and TXU Claim) were
transferred to Drax Power.  It is possible that certain
contractual and other rights associated with the Power Station
may not have been capable of being transferred by this sale and
these would remain with Drax Ouse (which makes them available to
Drax Power).

2.12 The Drax Security Trustee (or its nominee) cannot remain as
legal mortgagee (and therefore registered owner of the shares in
Drax Ouse) if Drax Ouse becomes an unlimited liability company
(as the registered shareholders and certain past shareholders
would be liable for the debt of such a company in the event of
its insolvent winding-up).

Accordingly, in order to avoid this unlimited liability, the
legal ownership of the shares in Drax Ouse will be transferred
by Chase Nominees Limited, as the nominee of the Drax Security
Trustee, back to Drax Limited prior to Drax Ouse's re-
registration as an unlimited company (accordingly, the shares in
Drax Ouse will no longer be subject to a legal mortgage although
fixed charge security will be retained over such shares).

Once Drax Ouse becomes an unlimited company, any sale of this
company on an enforcement of the security (which may be
desirable if Drax Power was being sold, for the reasons set out
in paragraph 2.11 above (albeit that with the passage of time it
becomes less likely that such rights remain vested in Drax
Ouse)) would have to be conducted other than by the Drax
Security Trustee, or its nominee, as legal owner of the shares.
However, such a sale could still occur and the directors
consider that any prejudice to the rights of Lenders or their
Security Interests is very much theoretical rather than
practical.  Absent a breach of the terms of the Security
Documents, the priority of the security could not be affected.

2.13 In respect of Drax Electric, it is not possible to re-
register a Cayman Islands company as an unlimited company and so
the Court-sanctioned route is unavoidable.  Since Drax Electric
has never traded, this is likely to be a relatively
straightforward process.

                         Consents

2.14 Drax Holdings therefore requests your consent to the
implementation of the Reorganization Steps, as summarized in
Schedule 2 (Group reorganization and capital losses planning) to
this letter.

                      FRS 25 Planning

3.1 In 1999, InPower and Drax Holdings entered into the
Preference Share Subscription Agreement (which InPower
subsequently novated to BondPower Limited) pursuant to which
preference shares are to be issued by Drax Holdings.

3.2 It is proposed that, as a result of the compulsory
implementation of FRS 25, the rights attaching to the preference
shares be amended to provide for redemption of the preference
shares at par, or at more than par, in accordance with the terms
of the Preference Share Subscription Agreement (as amended).

                      The Rationale

3.3 If the Preference Share Rights Amendment is not implemented,
changes to U.K. GAAP resulting from the adoption of FRS 25
(which has to be adopted by Drax Holdings in its accounting
period commencing 31 December 2005) are likely to result in
certain changes to the accounting treatment of the original
Eurobonds and Preference Share Subscription Agreement which
could potentially result in a very material and unexpected
adverse tax impact on the Group.

3.4 Drax Holdings expects that, following the implementation of
the proposed Preference Share Rights Amendment, there will be no
change to the Group's current tax treatment resulting from the
issue of the original Eurobonds.  However, your attention is
drawn to the information set out in Schedule 3 (Preference Share
Rights Amendment) to this letter.  You should also be aware of
the fact that future changes to accounting practice and
standards and legislation could result in adverse and unexpected
consequences.

3.5 Further details regarding the Preference Share Rights
Amendment are set out in Schedule 3 (Preference Share Rights
Amendment) to this letter.  Deloitte & Touche LLP, the Group's
Auditors, have confirmed that the accounting treatment under FRS
25 following the proposed amendments will be as set out in
Schedule 3 (Preference Share Rights Amendment) to this letter.

                          Consents

3.6 Drax Holdings therefore requests your consent to the
Preference Share Rights Amendment.

         Provision of Half-Yearly Financial Information

4.1 Each Relevant Company is obliged as soon as the same are
available (and in any event within 45 days after the end of the
first half-year of each of its financial years) to supply to the
Bond Trustee:

     4.1.1 the unaudited accounts of each Relevant Company for
           such half-year;

     4.1.2 a statement of sources and uses of funds for each
           Relevant Company for such half-year;

     4.1.3 a cash flow statement for Drax Power for such half-
           year in a form reasonably acceptable to the Bond
           Trustee and showing performance against budget; and

     4.1.4 such additional information as the Bond Trustee may
           reasonably require for the purposes of the
           calculations contemplated by the CALFA.

4.2 Drax Holdings believes it is necessary to extend the 45-day
period to 75 days in respect of each Relevant Company.  This
extension would only apply in respect of the first half-year of
the current financial year of each Relevant Company.

                      The Rationale

4.3 As part of the proposed listing process it will be necessary
to have prepared half-yearly audited accounts for Drax Group
that are audited.  As a consequence of the Group embarking on
this exercise and in order not to produce accounts for each
Relevant Company prior to the finalization of the Drax Group
audited accounts, it is considered appropriate to seek an
extension of time from 45 days to 75 days for each Relevant
Company from the end of the first half of the current financial
year to produce the Accounts and other information referred to
at paragraph 4.1 above.

4.4 In view of this extension sought, Drax Holdings will issue a
trading statement on 11 August 2005 (being within the 45 days of
the end of the first half of the financial year) and will also
be holding a presentation on Thursday 11 August 2005 at 2:30
p.m. (London time) at the offices of Norton Rose, Kempson House,
Camomile Street, London, EC3A 7AN to provide Lenders with
details of this half-yearly trading statement for the Group.
Lenders will also be able to participate in the meeting by way
of dial-in telephone conference.  The U.K. and international
dial-in telephone number is +44 (0)20 7162 0083 and the U.S.
dial-in telephone number is +1 334 323 6201.

                         Consents

4.5 Drax Holdings therefore requests your consent to the
Accounts Extension.

                 Drax Finance Documents

5.1 The Reorganization Steps, the Preference Share Rights
Amendment, the Accounts Extension and the Assignment of the
Excess Proceeds will result in, or may give rise to, events
which, if they occur, will require consent or, waiver under, or
amendment to, these documents:

     5.1.1 the Drax Eurobond Trust Deeds (Conditions 6.1(b)
           (Financial Information), 8.5.1 (Transaction
           Documents), 8.5.2 (Transaction Documents), 8.10.2
           (Investments), 8.14 (TXU Claim and TXU Proceeds), 9.2
           (Transactions similar to security), 9.3 (Borrowings),
           9.4 (Loans, Credit and Third Party Guarantees), 9.6.1
           (Disposals), 9.6.3 (Disposals), 9.7.2 (Change of
           business), 9.7.3 (Change of Business), 9.7.4 (Change
           of business), 9.10.1 (Material Contracts), 9.10.3
           (Material Contracts), 9.11.1 (Share Capital), 9.12.1
           (Distributions), 10.2 (Status) and 11.18 (Change of
           Ownership); and

     5.1.2 the Drax Intercreditor and Security Trust Deed
           (Clauses 3(a)(i), (ii), (iii) or (v) (Undertakings)
           and 4.3 (Changes to Intercompany Documents)).

5.2 The accession by Drax Investments, Newco and GCo to the
applicable Drax Eurobond Documents (as detailed at paragraphs
6.2 (e), (f) and (g) below) will require amendments to the
applicable Drax Eurobond Documents, which will require the
consent of the Bond Trustee.

5.3 The accession by Drax Investments, Newco and GCo to the B
Facility Eurobond Trust Deed, the B Facility Eurobond
Subscription Agreement and the B Facility Eurobond Paying Agency
Agreement (as detailed at paragraphs 6.2 (e), (f) and (g) below)
will require amendments to the applicable Drax Eurobond
Documents (the "B Facility Eurobond Amendments"), which will
require the consent of the B Facility Bond Trustee.

5.4 Certain of the Proposals will also result in, or may give
rise to, events which, if they occur, will require consent, or
waiver under, or amendment to, the Drax Group Shareholders
Agreement (clauses 9.1(a), 9.1(c), 9.1(e) and 9.1(h)) and the
articles of association of Drax Group (Articles 69(1)(a),
69(1)(c), 69(1)(e) and 69(1)(h)) ("Shareholder Approval").

5.5 The matters, which require Shareholder Approval, have been
outlined in a separate letter to Drax Group shareholders, which
will be sent at the same time as this letter.

                   Request for Consent

6.1 We request the consent of:

(a) the Bond Trustee to each of the following Proposals, each as
    a separate and individual consent:

     (i) the implementation of the Reorganization Steps, as set
         out at paragraph 2 (Group Reorganization and Capital
         Losses Tax Planning) of this letter, together with the
         Eurobond Amendments;

    (ii) the Preference Share Rights Amendment, as set out at
         paragraph 3 (FRS 25 Planning) of this letter; and

   (iii) the Accounts Extension, as set out at paragraph 4
         (Provision of half-yearly financial information) of
         this letter, and

(b) the B Facility Bond Trustee to the Assignment of the Excess
Proceeds, as set out at paragraph 2.4.6 of this letter, and to
the B Facility Eurobond Amendments; and

(c) the Senior Agent to the implementation of the Reorganization
Steps, as set out at paragraph 2 (Group Reorganization and
Capital Losses Tax Planning) of this letter.

Subject to such consents being granted, we also request that the
Bond Trustee and the Senior Agent direct the Senior Agent and
the Drax Security Trustee respectively (in each case in
accordance with the provisions of the Drax Intercreditor and
Security Trust Deed) in order that the steps and amendments
referred to above are effected.

6.2 The Consent of the Bond Trustee, the B Facility Bond Trustee
and the Senior Agent (as applicable) shall be conditional on:

(a) insofar as is necessary, the required Shareholder Approval
in relation to the Reorganization Steps and the Preference Share
Rights Amendment being obtained.

(b) the documents necessary (as agreed between the Agent and
Drax Holdings) to implement the Reorganization Steps and the
Preference Share Rights Amendment being in a form approved by
the Agent (certain drafts of which have already been supplied
to, or by, the Agent's Legal Adviser).

(c) in respect of the Reorganization Steps set out in Step 3
(incorporation of a new company limited by shares and transfer
of shares in Drax Ouse) of Schedule 2 (Group reorganization and
capital losses planning) to this letter, Drax Holdings procuring
that:

     (i) on the date that Newco becomes a Group Member it
         accedes to (A) the Drax Intercreditor and Security
         Trust Deed as an Obligor, (B) the Group Account
         Agreement and (C) the Drax Third English Debenture as a
         Chargor (as defined therein); and

    (ii) Newco and Drax Holdings enter into an undertaking
         agreement substantially in the form of the undertaking
         agreement entered into on 30 December 2004 by Drax
         Investments in the event that Newco does not enter into
         the applicable Eurobond Documents on the date it
         becomes a Group Member, with such undertaking agreement
         being released upon Newco acceding to the applicable
         Eurobond Documents in accordance with paragraph (e)
         below.

(d) in respect of the Reorganization Steps set out in Step 4
(incorporation of a new company limited by guarantee) of
Schedule 2 (Group reorganization and capital losses planning) to
this letter, Drax Holdings procuring that:

     (i) on the date that GCo becomes a Group Member it accedes
         to (A) the Drax Intercreditor and Security Trust Deed
         as an Obligor, (B) the Group Account Agreement and (C)
         the Drax Third English Debenture as a Chargor (as
         defined therein);

    (ii) GCo and Drax Holdings enter into an undertaking
         agreement substantially in the form of the undertaking
         agreement entered into on 30 December 2004 by Drax
         Investments in the event that Newco does not enter into
         the applicable Eurobond Documents on the date it
         becomes a Group Member, with such undertaking
         agreement being released upon GCo acceding to the
         applicable Eurobond Documents in accordance with
         paragraph (f) below.

(e) in respect of the Reorganization Steps set out in Step 3
(incorporation of a new company limited by shares and transfer
of shares in Drax Ouse) of Schedule 2 (Group reorganization and
capital losses planning) to this letter, Drax Holdings procuring
that, on or prior to items 2 and 3 of the process steps under
Step 3 of Schedule 2 being taken, Newco has acceded (to the
satisfaction of the Bond Trustee) to the applicable Drax
Eurobond Documents and taken all steps or actions required in
connection therewith.

(f) Drax Holdings procuring that, on or prior to item 2 of the
process steps under Step 4 (incorporation of a new company
limited by guarantee) of Schedule 2 (Group reorganization and
capital losses planning) being taken, GCo has acceded (to the
satisfaction of the Bond Trustee) to the applicable Drax
Eurobond Documents and taken all steps or actions required in
connection therewith.

(g) Drax Holdings procuring that, on or prior to items 2 and 3
of the process steps under Schedule 3 (Preference Share Rights
Amendment) to this letter having been taken, Drax Investments
has acceded (to the satisfaction of the Bond Trustee) to the
applicable Drax Eurobond Documents and taken all steps or
actions required in connection therewith, whereupon Drax
Investments and Drax Holdings shall be released from the
undertaking agreement dated 30 December 2004.

We further request that the Bond Trustee, the B Facility Bond
Trustee and the Senior Agent deliver written notice of their
respective consents to each of the consents requested at
paragraph 6.1 above as soon as possible, but in any event by not
later than 5:00 p.m. (London time) on Friday 12 August 2005.

               Request for Delivery of Letter

We request that InPower 2 Limited deliver to the Agent a letter
(in the form set out in Schedule 1 to this letter) requesting
the Instructing Groups' consent to the Proposals and the
Eurobond Amendments and Majority B Lenders' consent to the
Assignment of the Excess Proceeds and the B Facility Eurobond
Amendments in accordance with the terms of the InPower 2
Facility Agreement.

We request that InPower 2 Limited deliver such requested letter
to the Agent as soon as possible.

Please note that the Agent's consent to each Proposal, the
Eurobond Amendments and the B Facility Eurobond Amendments (and,
consequently, the instructions of the Instructing Group and the
Majority B Lenders (as appropriate) as to whether such consent
is to be granted) is required by not later than 5:00 p.m.
(London time) on Friday 12 August 2005.

Yours faithfully,
For and on behalf of
Drax Holdings Limited

Gordon Horsfield

CONTACT:  DRAX GROUP LIMITED
          Melanie Wedgbury
          Phone: 01757 618381
          Kelly-Ann French/ Eric Burns


DWS CONSTRUCTION: Appoints HLW as Solicitors
--------------------------------------------
Minutes of a Meeting of Creditors of DWS Construction Services
Limited held at Sheffield Marriott, Kenwood Road, Sheffield S7
1NQ, on 30 June 2005, under section 98 of the Insolvency Act
1986:

Mr. Holland reported that John Maher, a Director of the Company,
was the Chairman of the Meeting which had been convened under
section 98 of the Insolvency Act 1986 for the purposes of
sections 100 and 101 of that Act.  He informed the Meeting that
a statement of affairs issued to Creditors had been verified by
an Affidavit sworn by the Directors.

Nominations were then invited for appointment to the Liquidation
Committee and after voting it was agreed not to form a
Liquidation Committee; and it was resolved:

     (i) That the Liquidator's remuneration be on a time/cost
         basis plus liquidation expenses to be paid out of
         realizations; and

    (ii) Disbursements will be recovered at cost.

The following further information was provided:

(a) That the Liquidator be authorized to draw fees and
    disbursements generally on account at his discretion in
    accordance with the above Resolutions.

    The above fees were approved subject to the explanatory
    note issued with the section 98 Meetings notice and the
    Liquidator confirmed that he would inform Creditors in
    subsequent reports of any remuneration drawn in accordance
    with the Resolutions or any material rate changes in his
    time charge rates since the Resolution was first passed.
    If the fee is to be charged on a percentage basis, the
    office holder would also provide details in connection with
    any relevant sub-contract work carried out in connection
    with the administration.

    These specific investigations be carried out by the office
    of the Liquidator and a report thereon be given to the
    Creditors as soon as practicable:

    -- Creditors specifically requested the Liquidator to
    consider the Company's position following the presentation
    of the petition and in particular section 127 concerning
    the disposition of assets and any preferences that may have
    been paid.

(b) It was also approved that:

     (i) the Liquidator may compromise debt as appropriate,

    (ii) pay Dividends when funds become available,

   (iii) appoint HLW as Solicitors to the Joint Liquidators,

    (iv) destroy the Company's books and records 12 months after
         the Final Creditors Meeting.

J Maher, Chairman


ELEGANZA DESIGNS: Members Decide to Liquidate Firm
--------------------------------------------------
At an Extraordinary General Meeting of the Members of Eleganza
Designs Limited, duly convened, and held at Risborough House,
38-40 Sycamore Road, Amersham, Buckinghamshire HP6 5DZ, on 18
July 2005, at 10:30 a.m., the following Resolutions were passed,
as an Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Stephen Paul Grant, of Wilkins Kennedy, Gladstone House, 77-79
High Street, Egham, Surrey TW20 9HY, be appointed Liquidator of
the Company for the purposes of the voluntary winding-up."

M Frey, Chairman

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


ENKO PRODUCTS: EGM Passes Winding-up Resolutions
------------------------------------------------
At an Extraordinary General Meeting of Enko Products Limited,
convened, and held at the offices of Enko Products, North Road,
Newbridge, Newport, South Wales NP11 4AD, on 18 July 2005, at
11:00 a.m., the following Resolutions were passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Gordon Johnston, of hjs Recovery, 12-14 Carlton Place,
Southampton, Hampshire SO15 2EA, be appointed Liquidator of the
Company for the purpose of the voluntary winding-up."

W O'Donoghue, Chairman

CONTACT:  HJS
          12-14 Carlton Place
          Southampton
          Hampshire SO15 2EA
          Phone: 023 8023 4222
          Fax: 023 8023 4888
          E-mail: gordon.johnston@hjsaccountants.co.uk


ESKIN LIMITED: Calls in Liquidator
----------------------------------
At an Extraordinary General Meeting of the Members of Eskin
Limited (trading as 247 Staff), duly convened, and held at St
Marks House, 3 Gold Tops, Newport, South Wales NP20 4PG, on 19
July 2005, the following Extraordinary Resolution was duly
passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Ray Purnell, of Purnells, St Marks House, 3 Gold Tops, Newport,
South Wales NP20 4PG, be and he is hereby nominated Liquidator
for the purpose of the winding-up."

R Williams, Director

CONTACT:  PURNELLS
          St Marks House
          3 Gold Tops
          Newport
          Gwent NP 20 4PG
          Phone: 01633 214712
          Fax: 01633 246599
          E-mail: ray@purnells.co.uk


FINESSE DESIGNS: Appoints Liquidator from Begbies
-------------------------------------------------
At an Extraordinary General Meeting of the Members of Finesse
Designs Limited, duly convened, and held at the offices of
Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF, on
Tuesday 19 July 2005, the following Extraordinary Resolution was
duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
that David Moore and Donald Bailey, of Begbies Traynor, No 1 Old
Hall Street, Liverpool L3 9HF, be and are hereby appointed Joint
Liquidators for the purpose of such winding-up."

P Mudd, Director
CONTACT:  BEGBIES TRAYNOR LTD.
          1 Old Hall Street
          Liverpool
          L3 9HF
          Phone: 01512274010


FRANKLIN, WILLIAMS: Joint Liquidators Move in
---------------------------------------------
At an Extraordinary General Meeting of Franklin, Williams & Foy
Limited, duly convened, and held at the offices of Rothman
Pantall & Co, Clareville House, 26-27 Oxendon Street, London
SW1Y 4EP, on 28 June 2005, the following Resolutions were
passed, as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
that accordingly the Company be wound up voluntarily, and that
Robert Derek Smailes and Stephen Blandford Ryman, of Rothman
Pantall & Co, Clareville House, 26-27 Oxendon Street, London
SW1Y 4EP, be and are hereby appointed Joint Liquidators of the
Company for the purposes of such winding-up.  Any act required
to be taken by the Joint Liquidators can be undertaken by either
one of them acting independently."

P M Button, Chairman

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


FWF GROUP: In Voluntary Winding-up
----------------------------------
At an Extraordinary General Meeting of FWF Group Limited, duly
convened, and held at the offices of Rothman Pantall & Co,
Clareville House, 26-27 Oxendon Street, London SW1Y 4EP, on 28
June 2005, the following Resolutions were passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
that accordingly the Company be wound up voluntarily, and that
Robert Derek Smailes and Stephen Blandford Ryman, of Rothman
Pantall & Co, Clareville House, 26-27 Oxendon Street, London
SW1Y 4EP, be and are hereby appointed Joint Liquidators of the
Company for the purposes of such winding-up.

Any act required to be taken by the Joint Liquidators can be
undertaken by either one of them acting independently." P M
Button, Chairman


CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


G T SYSTEMS: Names Tenon Recovery Liquidator
--------------------------------------------
At an Extraordinary General Meeting of G T Systems UK Limited,
duly convened, and held at Moriston House, 75 Springfield Road,
Chelmsford, Essex CM2 6JB, on 11 July 2005, the subjoined
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Dilip Dattani and Patrick Ellward, of Tenon Recovery, 1 Bede
Island Road, Bede Island Business Park, Leicester LE2 7EA, be
and are hereby appointed Joint Liquidators for the purposes of
such winding-up, and are to act jointly and severally."

At a subsequent Meeting of Creditors, duly convened pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of Dilip Dattani and Patrick Ellward was
confirmed.

C A Scott, Chairman

CONTACT:  TENON RECOVERY
          1 Bede Island Road
          Bede Island Business Park
          Leicester LE2 7EA
          Phone: 0116 222 1101
          Fax: 0116 222 1102
          E-mail: leicester@tenongroup.com
          Web site: http://www.tenongroup.com


HENRY ELLARD: Calls in Liquidator from BDO Stoy Hayward
-------------------------------------------------------
At an Extraordinary General Meeting of Henry Ellard & Sons
Limited, duly convened, and held at BDO Stoy Hayward LLP, Mander
House, Wolverhampton WV1 3NF, on 15 July 2005, the subjoined
Special Resolution was duly passed:

"That the Company be wound up voluntarily and C K Rayment, of
BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD, be and
is hereby appointed Liquidator for the purposes of such winding-
up."

P M Freeman, Chairman

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham, B3 3SD
          Phone: 0121 200 4600
          Fax: 0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


JOINERY SHOPPE: Members Opt for Liquidation
-------------------------------------------
At an Extraordinary General Meeting of the Members of The
Joinery Shoppe Ltd., duly convened, and held at Emerald House,
20-22 Anchor Road, Aldridge, Walsall, West Midlands WS9 8PH, on
14 July 2005, the following Resolutions were duly passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

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

T G Wootton, Director


LAKESIDE CONSTRUCTION: Appoints Liquidator
------------------------------------------
At an Extraordinary General Meeting of Lakeside Construction
Limited, duly convened, and held at 3 Chapel Court, 42 Holly
Walk, Leamington Spa, Warwickshire CV32 4YS, on 14 July 2005,
the following Resolutions were duly passed, as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
David Halstead Bottomley, of Bottomley & Co, 3 Chapel Court, 42
Holly Walk, Leamington Spa, Warwickshire CV32 4YS, be and he is
hereby appointed Liquidator for the purposes of such winding-
up."

P Miller, Chairman

CONTACT:  BOTTOMLEY & CO
          3 Chapel Court
          42 Holly Walk
          Leamington Spa
          Warwickshire CV32 4YS
          Phone: 08700 676767
          Fax: 08700 676768
          E-mail: david@3chapelcourt.com


LINTEC (LAMINATIONS): Passes Winding-up Resolutions
---------------------------------------------------
At an Extraordinary General Meeting of Lintec (Laminations)
Limited, duly convened, and held at Ramada Jarvis Hotel, Grange
Park Hotel, Willerby HU10 6EA, on 15 July 2005, the following
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Timothy Calverley, of Haines Watts, First Floor, Park House,
Park Square West, Leeds LS1 2PS, be and is hereby appointed
Liquidator of the Company for the purposes of such winding-up."

M A Kaveney, Director

CONTACT:  HAINES WATTS
          First Floor, Park House,
          Park Square West, Leeds LS1 2PS
          Phone: 0113 398 1100
          Fax:   0113 398 1101
          Web site: http://www.hwca.com


MULTI DISC: Liquidators from PwC Move in
----------------------------------------
At an Extraordinary General Meeting of Multi Disc Entertainment
Limited held at Crown Plaza Hotel, Wellington Street, Leeds LS1
4DL, on 15 July 2005, the following Resolutions were passed, as
an Extraordinary Resolution and as Ordinary Resolutions
respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, that David
Malcolm Walker and Ian David Green, of PricewaterhouseCoopers
LLP be and are hereby appointed Joint Liquidators of the Company
for the purpose of its voluntary winding-up, and that anything
required or authorized to be done by the Joint Liquidators be
done by both or either of them."

At a Meeting of Creditors held on 15 July 2005, the Creditors
confirmed the appointment of David Malcolm Walker and Ian David
Green as Joint Liquidators and that anything required or
authorized to be done by the Joint Liquidators be done by both
or either of them. D Horne, Chairman

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          E-mails: edward.klempka@uk.pwcglobal.com
                   steve.a.ellis@uk.pwcglobal.com
          Web site: http://www.pwcglobal.com


NTL INC.: Fitch Rates Senior Notes 'B+'
---------------------------------------
Fitch Ratings has assigned U.K.-based NTL Inc. ratings of Senior
Unsecured 'BB-' (BB minus) and Short-term 'B'.  The Outlook is
Stable.  At the same time, the agency has assigned NTL's senior
secured bank facilities a 'BBB-' (BBB minus) rating.  The agency
has also assigned a 'B+' (B plus) rating to the following Senior
Notes issued by NTL Cable PLC:

(a) GBP275 million 9.75% Senior Notes due 2014 'B+';

(b) US$425 million 8.75% Senior Notes due 2014 'B+';

(c) EUR225 million 8.75% Senior Notes due 2014 'B+'; and

(d) US$100 million Floating Rate Senior Notes due 2012 'B+'.

NTL's Senior Unsecured rating reflects the company's position as
the leading cable operator in the U.K. market and the success of
its multi-service strategy.  The rating is also supported by
NTL's high EBITDA margin (34% in Q105), limited maintenance
capital expenditure and the reduction in pro-forma financial
leverage to 3.3x Total Debt/Annualized EBITDA as at end Q105
from 4.5x at end Q104.

The agency recognizes the stability of the company's
subscription revenue base while noting that each of NTL's
services -- television, Internet and telephony -- faces
intensifying competition.

Roger Coyle, a Director in Fitch's Leveraged Finance Group,
said: "New technologies such as digital terrestrial television,
TV over DSL and Voice over IP telephony, combined with ongoing
price pressure in broadband Internet services, result in an
increasingly competitive operating environment for the UK cable
operators."

NTL's senior secured credit facilities are rated three notches
above the senior unsecured rating.  This reflects Fitch's
expectation that senior secured lenders would likely achieve
full recovery of their principal in a distress situation by
realising the value of NTL's extensive upgraded network and
established customer base.  The Senior Notes issued by NTL Cable
Plc are rated one notch below the senior unsecured rating,
reflecting the agency's assessment that recoveries for
noteholders would be weak due to the notes' structural
subordination and the ability of NTL to significantly increase
its level of senior secured debt.

Since May 2005, press reports have indicated that the long-
awaited and much-rumored merger between NTL and Telewest may be
imminent.  While Fitch believes that such a combination could
generate significant synergies and enhance NTL's competitive
position, the agency also notes the possibility that such a
transaction may involve NTL making a cash payment to Telewest
shareholders.

Under the terms of its Senior Notes, NTL may merge with Telewest
and incur additional debt subject to a maximum Total
Debt/Annualized EBITDA ratio to 5.5x.  Fitch will review NTL's
ratings if and when such a transaction is announced.  While any
rating change would depend on the structure of the transaction
and the terms of any financing involved, NTL's ratings could be
downgraded by up to one notch if more than half of the
consideration paid for Telewest were in the form of cash.

NTL is the leading U.K. cable operator with 3.1 million
subscribers to its television, broadband Internet and telephony
services.  NTL's network passes 7.9 million homes in the U.K.
and has 40% customer penetration.  As at end Q105, 66% of U.K.
customers subscribed to two or more services, while 23%
subscribed to all three services.  In 2004, NTL generated GBP2.1
billion revenues and GBP695m EBITDA from continuing operations.

CONTACT:  FITCH RATINGS
          Roger Coyle, London
          Phone: +44 (0)20 7862 4105
          Stuart Reid
          Phone: +44 (0)20 7417 4323
          Web site: http://www.fitchratings.com

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


PICKWELL CONSTRUCTION: Appoints Begbies Traynor Liquidator
----------------------------------------------------------
At an Extraordinary General Meeting of the Members of Pickwell
Construction Limited, duly convened, and held at 4th Floor
Office Suite, General Buildings, 11-15 Brayford Wharf East,
Lincoln LN5 7BQ, on 20 July 2005, the following Resolutions were
duly passed, as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Richard Albert Brock Saville and Peter Andrew Blair, of Begbies
Traynor, Regency House, 21 The Ropewalk, Nottingham NG1 5DU, be
and hereby are appointed Joint Liquidators of the Company for
the purpose of the voluntary winding-up, and any act required or
authorised under any enactment to be done may be done by any one
or more persons holding the office of Liquidator from time to
time."

R I Wilson, Chairman

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


PROTOCOL (GLOUCESTER): In Voluntary Liquidation
-----------------------------------------------
At an Extraordinary General Meeting of the Members of Protocol
(Gloucester) Limited, duly convened, and held at Windsor House,
Barnett Way, Barnwood, Gloucester GL4 3RT, on 18 July 2005, the
following Resolutions were duly passed, as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Philip John Gorman, of Hazlewoods LLP, Windsor House, Barnett
Way, Barnwood, Gloucester GL4 3RT, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

S Merrick, Chairman

CONTACT:  HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


RICHARD ROSS: Court Winds up Group
----------------------------------
Company name: Richard Ross and John Raymond Adams (A
    Partnership).

Address of Registered Office: Main Street, Stapenhill, Burton
    Upon Trent, Staffordshire, DE15 9AP

Court: High Court of Justice

No. of Matter: 007949 of 2004

Date of Filing Petition: December 29, 2004

Date of Winding-up Order: May 25, 2005


RODNEY HOWE: Hires Liquidator from Leonard Curtis
-------------------------------------------------
At an Extraordinary General Meeting of Rodney Howe Limited, duly
convened, and held at Leonard Curtis & Co, One Great Cumberland
Place, Marble Arch, London W1H 7LW, on 18 July 2005, the
following Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of the Meeting that
this Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that N
A Bennett, of Leonard Curtis & Co, One Great Cumberland Place,
Marble Arch, London W1H 7LW, be and is hereby appointed the
Liquidator of the Company for the purposes of such winding-up."

M Elgie, Director

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


ROYAL & SUNALLIANCE: New Scheme to Cut Pension Deficit
------------------------------------------------------
Royal & SunAlliance has decided to transfer its employees from
pensions based on final salaries to packages based on average
career earnings, said The Guardian.

This is said to be aimed at cutting about GBP180 million from
the company's GBP500 million pension fund deficit.  The savings
will be accounted under exceptional profit in the income
statement.  Royal & SunAlliance, in return, will inject to the
fund an annual amount of GBP60 million net of tax until 2008.

The insurer revealed the decision came following talks with
workers and labor unions.  Amicus has reportedly recommended to
its members the changes, which will take effect from January 1,
2006.

The measure is part of the company's ongoing restructuring,
which comes amid mounting claims and weak investments.  The
company is said to have improved its risk profile, but it has
not yet totally eliminated the threat of potentially large
claims in the U.S.  The latter could dampen interest of
prospective buyers, according to analysts.

In June, Royal & SunAlliance sold a 20% stake in investment bank
Rothschild and fought off a potential takeover by Andrew Regan.

CONTACT:  ROYAL & SUNALLIANCE INSURANCE GROUP PLC
          30 Berkeley Sq.
          London
          W1J 6EW, United Kingdom
          Phone: +44-20-7636-3450
          Fax: +44-20-7636-3451
          Web site: http://www.royalsunalliance.com


SABIS UK: Appoints Liquidator
-----------------------------
At an Extraordinary General Meeting of Sabis UK Limited, duly
convened, and held at 3 Chapel Court, 42 Holly Walk, Leamington
Spa, Warwickshire CV32 4YS, on 11 July 2005, the following
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly the Company be wound up voluntarily, and that David
Halstead Bottomley, of Bottomley & Co, 3 Chapel Court, 42 Holly
Walk, Leamington Spa, Warwickshire CV32 4YS, be and he is hereby
appointed Liquidator for the purposes of such winding-up."

G Omole, Chairman

CONTACT:  BOTTOMLEY & CO
          3 Chapel Court
          42 Holly Walk
          Leamington Spa
          Warwickshire CV32 4YS
          Phone: 08700 676767
          Fax: 08700 676768
          E-mail: david@3chapelcourt.com


SUPERB SEWING: High Court Orders Liquidation
--------------------------------------------
Company name: Superb Sewing Limited

Company Registration Number: 04721959

Address of Registered Office: 1 Common Lane, Culcheth, Cheshire,
    WA3 4EH

Court: Bristol District Registry

Date of Filing Petition: April 28, 2005

No. of Matter: 2007 of 2005

Date of Winding-up Order: July 13, 2005

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


TOPAZ LEISURE: Members Resolve to Wind up Firm
----------------------------------------------
At an Extraordinary General Meeting of the Members of Topaz
Leisure Limited, duly convened, and held at Fernwood House,
Fernwood Road, Jesmond, Newcastle upon Tyne NE2 1TJ, on 18 July
2005, the following Resolutions were duly passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
William Paxton, of Robson Laidler LLP, Fernwood House, Fernwood
Road, Jesmond, Newcastle upon Tyne NE2 1TJ, be and is hereby
appointed Liquidator of the Company."

R D Parker, Chairman

CONTACT:  ROBSON LAIDLER
          Fernwood House, Fernwood Road
          Jesmond, Newcastle upon Tyne NE2 1TJ
          Contact:
          Phone: 0191 281 8191
          Fax: 0191 281 6279
          Web site: http://www.robson-laidler.co.uk/


WELSH COAST: Receives Winding-up Order
--------------------------------------
Company name: Welsh Coast Windows Ltd.

Company Registration Number: 04393683

Address of Registered Office: 87 Whitchurch Road, Cardiff, CF14
    3JP

Court: Birmingham District Registry

Date of Filing Petition: April 21, 2005

No. of Matter: 2391 of 2005

Date of Winding-up Order: July 18, 2005

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


WOOD BROTHERS: Winding-up Hearing Set September
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Wood Brothers Builders Limited

A Petition to wind up Wood Brothers Builders Limited having its
registered office at The Counting House, Saint Johns Road,
Wivenhoe, Colchester, Essex CO7 9DR, presented on July 7, 2005
by the Commissioners for Her Majesty's Revenue and Customs
(formerly HM Customs and Excise), of Civil Recovery Unit, 3rd
Floor NW, Queens Dock, Liverpool L74 4BJ, claiming to be a
Creditor of the Company, will be heard by the Bristol District
Registry, at The Guildhall, Small Street, Bristol, on September
7, 2005, at 10:00 a.m., or as soon thereafter as the Petition
can be heard.

Any person intending to appear on the hearing of the Petition,
whether to support or oppose it, must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 4:00 p.m. on September 6, 2005.

CONTACT:  Clarke Willmott
          Solicitor to the Petitioning Creditor
          Blackbrook Gate,
          Blackbrook Park Avenue,
          Taunton TA1 2PG
          Phone: 01823 445242
          Fax: 01823 445805


W S CLADDING: Falls into Insolvency
-----------------------------------
Company name: W S Cladding Limited

Company Registration Number: 4631165

Address of Registered Office: 50 Lynmouth Drive, Minster,
    Sheerness, Kent, ME12 2HT

Court: Leeds District Registry

Date of Filing Petition: May 17, 2005

No. of Matter: 520 of 2005

Date of Winding-up Order: July 12, 2005

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


                            *********


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.

This material is copyrighted and any commercial use, resale or
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