TCREUR_Public/050802.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, August 2, 2005, Vol. 6, No. 151

                            Headlines


C R O A T I A

BINA-ISTRA: Debt Rating Affirmed at 'BB+'; Outlook Stable


C Z E C H   R E P U B L I C

ALLIONA A.S.: Falls into Bankruptcy
CZECH AIRLINES: To Fall Deep in the Red this Year, Says Report
EBANKA A.S.: Finally in Black


F R A N C E

INTERNATIONAL COMPRESSOR: Closure Imminent, Says Owner
REXEL SA: Second-quarter Sales Grow 5.7%


G E R M A N Y

DIMED SCHONWALDE: Court to Verify Claims October
GUENTER WAGENER: Creditors Meeting Set September
LANDWIRTSCHAFTLICHE HAUPTGENOSSENSCHAFT: In Administration
LICUTHERM METALLTECHNIK: Falls into Bankruptcy
MARK FASSADENTECHNIK: Creditors to Meet Thursday

OSMEKA SONDERMASCHINEN: Creditors' Claims Due this Month
RIE-MO: Court Appoints Dr. Schulte-Kaubruegger Administrator
TSH TRANSPORT: Proofs of Claim Due September
VOLKSWAGEN AG: Auto Unit's Liquidity Improves, But Remains Red


H U N G A R Y

NABI RT: Sells Optare Holdings to Local Management Team


I R E L A N D

AN POST: Labor Court Sends Recommendations on Labor Deal


I T A L Y

ALITALIA SPA: Shareholders Okay all Rehab Measures
FIAT SPA: Reports Strong Improvement in Q2 Operating Performance
IMPREGILO SPA: Accepts US$300 Mln Offer for Chilean Unit
IT HOLDING: Terminates Licensing Agreement with Dolce&Gabbana


N O R W A Y

PETROLEUM GEO-SERVICES: Reports Net Income of US$23.7 Mln in Q2


P O L A N D

POLSKIE LINIE: Prepares to Float on Warsaw Bourse


R U S S I A

CERAMIC: Public Auction Set Tomorrow
DAIRY ZEYA: Succumbs to Bankruptcy
KRASNOCHETAYSKIY DAIRY: Declared Insolvent
NEVELSKIY SHIPYARD: Undergoes Bankruptcy Supervision Procedure
NIVA: Insolvency Manager Takes over Operations

PARANGISKH-AGRO-SEL-KHOZ-KHIMIYA: Declared Insolvent
SEL-KHOZ-SNAB: Bankruptcy Hearing Set December
SIB-EXPRESS: Calls in Liquidator from Novosibirsk
SVIRSKIY FACTORY: Creditors Have Until September to File Claims
TOPAZ: Deadline for Proofs of Claim Expires Today


U K R A I N E

UKRAINA BANK: Receiver Collects UAH1.375 Mln in June


U N I T E D   K I N G D O M

A B C FACILITIES: Receiver Takes over Helm
ALEAF WINDOWS: Court Orders Wind-up
ALLIED DOMECQ: S&P Lowers Rating to 'BB/B'; Outlook Positive
A R CORPORATE: Contributories' Meeting Set Next Week
ASHTEAD GROUP: Share Offering Receives 72.6% Uptake

BOOTS GROUP: Concludes Sale-and-leaseback Deal with REIT Asset
BP LUBRICANTS: Calls in Liquidator from PricewaterhouseCoopers
BPS INSURE: Creditors Meeting Set Friday
B REALISATIONS: High Court Orders Liquidation
BRETT TECHNOLOGIES: Hires Administrators from Milner Boardman

BRIDGE OF ALLAN: Award-winning Brewery Goes into Liquidation
BRITISH ENERGY: Posts GBP54 Mln Profit on Ordinary Activities
BROWN ROCK: Crashes into Receivership
CORPORATE MERCHANDISING: Goes into Liquidation
COSTAIN GROUP: Wins Two Major Projects Worth GBP116 Million

CROFTACRE HOLDINGS: In Voluntary Liquidation
DALE FABRICATIONS: Administrators Take over Operation
DANIEL PLATT: Ceramic Tiles Manufacturer Calls in Administrator
DELTA SPECIALIST: Names Poppleton & Appleby Liquidator
DIAMOND INTERNATIONAL: In Administrative Receivership

DIRK WATER: Calls in Liquidator from Grant Thornton
DISTINCTIVE YACHTS: Calls in Joint Liquidators
DOWNLEAF LIMITED: Appoints Begbies Traynor Administrator
EASYNET GROUP: Inks 3-year Service Deal with Onetel
ECCLESDON CONSULTING: High Court Approves Winding-up

FANLING TEA: Gets Court Approval to Wind-up
F & C INCOME: Liquidators from PwC Move in
FUTURTEC LIMITED: Bristol Court Okays Liquidation
GAS FLAIR: Wholesaler Hires Administrators from Geoffrey Martin
GERBY PRODUCTS: Winding-up Petition Gets Court Approval

GF TRADE: Administrators from Geoffrey Martin Move on
GO FLY: Liquidator from KPMG Moves in
GOODMAN LANDSCAPING: Court Approves Winding-up
HAMMOND MEDIA: In Liquidation
INMARSAT PLC: To Meet Financial Analysts Wednesday

INVENSYS PLC: Closes Sale of ABS Business to Schneider Electric
JOHN SPENCER: Names Begbies Traynor Liquidator
KERAX HOLDINGS: Appoints PwC Liquidator
MEERKAT MARKETING: Hires Administrators from Middleton Partners
M G ROVER: Unsecured Creditors to Meet Wednesday

PAPERMARC HOLDINGS: In Voluntary Winding-up
PAPERMARC SALES: Calls in Liquidator
PATIENTLINE PLC: Concludes Acquisition of Dutch Rival HTS
PICKWELL REAL: Calls Begbies to Liquidate Business
PLUMBSTORE LIMITED: In Liquidation

RDT CHAMBER: Hires Administrators from DTE Leonard Curtis
RED LETTER: Faces Administration as Suppliers See Red
REVERSIONARY ASSET: Falls into Liquidation
ROUTE 2: Financial Consultant Files for Administration
ROYAL & SUNALLIANCE: To Reveal Interim Results Next Week

SCHRODER HOLDINGS: Appoints Liquidators from PKF
SOUNDFORCE LIMITED: Liquidator from Tenon Moves in
STRADA COMMUNICATIONS: Appoints Baker Tilly Administrator
SUREFIRE ENTERTAINMENTS: Collapse Could Leave Artists Nothing
TRUNKHAUL LIMITED: Names Administrators from X L Business

VISSAP CLEANING: Joint Liquidators from Begbies Move in
W & J PYE: Appoints KPMG Administrator
WOODFURN UK: Administrators Take over Operation

* Large Companies with Insolvent Balance Sheets


                            *********


=============
C R O A T I A
=============


BINA-ISTRA: Debt Rating Affirmed at 'BB+'; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' debt
rating on the EUR210 million senior secured bonds due 2022
issued by Croatia-based road company Bina-Istra, d.d.  The
outlook is stable.

Bina-Istra is the concession company that is financing,
designing, constructing, and operating Phase 1B of the Istrian
Motorway Project, a 145-kilometer tolled motorway on the Istrian
Peninsula in the Republic of Croatia. Phase 1B comprises three
subphases and will stretch 55 kilometers.  Subphases 1B1 and
1B2-1 were opened to traffic on June 3, 2005, in line with the
revised schedule, and the company has excess cash of about
EUR5.8 million.

The construction of subphase 1B3, expected to start on Jan. 1,
2005, in the original work schedule, has not yet begun. This
delay should not, however, lead to a breach of the concession
and turnkey contracts because it has resulted from the
government's delay rather than underperformance by the
contractor.

The 'BB+' rating on Bina-Istra is constrained by potential
pressure on political support in times of national budget
constraint or government policy changes.  The project also has:
an aggressive financial structure; a high concentration of
principal toward the back end of the amortization schedule;
exposure to the very limited track record regarding the security
enforcement in Croatia; and low liquidated damages and
performance security.  Furthermore, tolls are concentrated on
the Mirna Viaduct and the Ucka Tunnel.

These risks are offset by the project's reliance on a relatively
straightforward, tested financial contribution mechanism.
Furthermore, the contractual framework minimizes traffic and
foreign exchange risk.  The project is key to the development of
the Istrian Peninsula and political support under different
administrations has been maintained.  The first phase and
subphases 1B1 and 1B2-1 of phase 1B were successfully completed
on time and within budget.  There is strong project management
and sponsorship through indirect majority shareholder Bouygues
S.A. (A-/Stable/A-2).  The project has an adequate liquidity
cushion, including a DSRA of 12 months until 2009 and of 15
months from 2010.

A postsale report, "Postsale: Bina-Istra, d.d.," dated May 17,
2004, providing full details of the transaction, is available on
RatingsDirect, Standard & Poor's Web-based credit analysis
system.  A transaction update, "Transaction Update: Bina Istra,
d.d.," was published on RatingsDirect.

"We expect ongoing political support and receipt of timely
payments from the Croatian government," said Standard & Poor's
credit analyst Maria Lemos.  "The prospect of an upgrade in the
medium term will depend on continued strong project execution,
strong traffic growth at the Mirna Viaduct, and a formal
resolution on Bina Istra's tax exemption status. A downgrade
could occur if Croatia's foreign currency rating deteriorates or
government support changes."

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
          InfrastructureEurope@standardandpoors.com


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


ALLIONA A.S.: Falls into Bankruptcy
-----------------------------------
Plans to set up a CZK500 million diamond polishing plant in
Jicin is no longer viable because the company, which envisioned
the project, has fallen into bankruptcy.

Diamond processing firm Alliona A.S. declared bankruptcy at the
beginning of July, a report from Europe Intelligence Wire says.
In December, TCR-Europe reported that a regional court has
placed the group in liquidation and its creditors were given
until March 22, 2005 to submit their proofs of claim.  Court-
appointed liquidator, Leos Materna, said the plant for grinding
and shining of diamonds employed more than 500 people.


CZECH AIRLINES: To Fall Deep in the Red this Year, Says Report
--------------------------------------------------------------
Czech Airlines (CSA) is expected to end the year with a loss
amounting to hundreds of millions of crowns.  Deputy Finance
Minister and CSA supervisory board chairman Eduard Janota and
three other independent sources close to the management believe
so, according to daily Hospodarske noviny.

The company did not issue an official forecast.  Spokeswoman
Jitka Novotna said CSA, like its peers, does not make public
estimates.  Last year, CSA made a profit of CZK324 million.

The loss is being blamed on competition from low-cost airlines,
high oil prices and hefty investment.  Movements in oil costs
have great impact on CSA's profitability.  For instance, a
growth in oil costs of 20-30% could alter CSA's bottom line by
hundreds of millions of crowns, according to the daily.
Hospodarske noviny softens the forecast, saying on the positive
side, CSA has been collecting a fuel surcharge that has been
growing gradually.

CSA is battling tough competition from low-cost airlines
particularly on its London routes.  The share of passengers
using low-cost airlines has grown by about three percentage
points year-on-year to 20% by now, according to the report.  CSA
plans to buy 100% of charter airline Travel Service to win over
clients who now travel with charter or low-cost airlines.  The
anti-trust regulator is expected to decide on the takeover by
the end of August, Hospodarske noviny says.

CONTACT:  CESKE AEROLINIE A.S.
          Prague Ruzyni Airport
          160 08 Prague, 6, Czech Republic
          Phone: +42 220 104 310
          Fax:   +42 224 81 04 26
          Web site: http://www.csa.cz


EBANKA A.S.: Finally in Black
-----------------------------
EBanka has finally posted a profit.  According to Czech
Happenings, the bank booked a CZK32.6 million (EUR1.08 million)
profit in the first half, a complete reversal of last year's
CZK148 million loss.

Profit from banking activities during the period soared by
CZK56.2 million to CZK714.3 million, while deposits grew 31.5%
to CZK14.2 billion from only CZK10.8 billion last year.  Total
assets increased by nearly 30 percent to CZK16.5 billion.  The
bank extended loans worth CZK7.8 billion during the period, up
53%.  CZK4.9 billion of these loans were booked as corporate
loans; CZK1.7 billion, as mortgage loans; and CZK0.9 billion, as
consumer loans.

EBanka currently serves 460,000 clients, 113,000 of whom hold
regular accounts.  Capital adequacy ratio as of the first-half
was 11.15%.

The bank booked a CZK271 million (EUR8.99 million) net loss in
2004.  Shareholders covered the loss via a CZK252 million
(EUR8.35 million) capital hike.  A member of the Ceska
pojistovna financial group, eBanka offers a wide range of
banking services through its 145 outlets.  It is considered the
first Czech bank to offer online and other forms of direct
banking.

CONTACT:  EBANKA a.s.
          Na Prikope 19
          117 19 Prague 1
          Phone: +420 222 115 222
          Fax: +420 222 115 500
          Web site: http://www.ebanka.com


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


INTERNATIONAL COMPRESSOR: Closure Imminent, Says Owner
------------------------------------------------------
International Compressor Technologies (ICT) will likely file for
liquidation as business continues to underachieve, Les Echos
reported July 29, citing one of its owners.

A 50:50 joint venture of Snecma Services and Praxair Surface
Technologies, the aircraft engine component maintenance
specialist has accumulated losses of EUR13 million, according to
the report.  Turnover last year amounted to EUR4 million, way
off target.

Snecma, which revealed the impending liquidation, blames ICT's
woes to its inability to perform certain maintenance activities
sans authorization from engine maker General Electric.  This is
the primary reason why ICT has failed to maximize its capacity.

Snecma Services is a unit of Safran group, while Praxair Surface
Technologies is part of the U.S.-based Praxair group.  ICT is
the only local company that handles blading repairs on high-
pressure compressors installed in CFM56 and GE90 aircraft
engines.

CONTACT:  SNECMA SERVICES S.A.
          Phone: 33 1 30 96 57 09
          Fax: 33 1 30 96 57 03
          E-mail: magali.hermet@snecma.fr
          Web site: http://www.snecma-services.com

          PRAXAIR SURFACE TECHNOLOGIES, INC.
          9200 Telephone Road
          Houston, TX 77075
          Phone: 713-991-8705
          Fax: 713-991-8707
          Web site: http://www.praxair.com/surfacetechnologies


REXEL SA: Second-quarter Sales Grow 5.7%
----------------------------------------
Rexel S.A. consolidated sales for the second quarter of 2005
amounted to EUR1,852 million, up 5.7%* on a comparable
structural, exchange rate and trading day basis.  Sales were up
8.3% over the same period in 2004 after taking into account
favorable changes in the Group's scope of consolidation for
EUR21 million and the unfavorable impact of exchange rate
fluctuations for EUR4 million.

For the first six months of 2005, sales amounted to EUR3,535
million, up 6.3% on a comparable structure, exchange rate and
trading day basis over the first six months of 2004.  Sales were
up 6.9% compared to the same period last year after taking into
account favorable changes in the Group's scope of consolidation
for EUR40 million and the unfavorable impact of exchange rate
fluctuations for EUR19 million.  These reflect principally the
U.S. dollar depreciation against the Euro.

The sales trend by geographic area, on a constant structural,
exchange rate and trading day basis:

         Q2 2005    Q2 2005/Q2 H1 2005    H1 2005/H1
            Sales in EURm   2004       Sales in EURm    2004
Europe    1,021       +3.6%        1,965   +3.8%
Americas      679       +8.8%        1,296  +10.5%
Asia-Pacific    152     +6.8%          274   +4.9%
TOTAL    1,852     +5.7%        3,535   +6.3%

Europe had a steady growth rate over the first six months of
2005, although the 2004 comparison basis was significantly
higher during the second quarter than in the first quarter.
Sales growth continued in this geographical zone, particularly
in France, Sweden and Austria.

Activity is buoyant in the Americas.  The U.S. continues to post
significant sales developments in the industry whilst Canada
does it in non-residential construction and in the oil sector.
The difference in growth rates between the first and the second
quarters of 2005 is due to the 2004 base effect.

Sales growth in Asia-Pacific has more than doubled between the
first and the second quarters of 2005 thanks to a high growth
profile in Australia during the second quarter, fueled by
industrial projects and commercial initiatives in lighting.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* on a comparable structural, exchange rate and trading day
basis
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

With a worldwide network in distribution of low-voltage
electrical parts and supplies, Rexel is present in 29 countries
with a network of 1,700 sales outlets.  The Group employs 21,300
employees and posted sales of EUR6.805 billion in 2004.

                            *   *   *

As reported by TCR-Europe in March, Standard & Poor's Ratings
Services assigned its 'B' long-term corporate credit rating to
Rexel S.A. and to Ray Acquisition SCA, the acquisition vehicle
that is owned by Rexel's financial investors.  The outlook is
stable.

In addition, Standard & Poor's assigned its 'CCC+' senior
subordinated debt rating to the proposed EUR600 million senior
subordinated notes, maturing in 2015, to be issued by Ray
Acquisition.

Standard & Poor's also assigned its 'B-' long-term senior
secured bank loan, with a recovery rating of '3', to the
proposed EUR2,427 million senior secured facilities also issued
by Ray Acquisition.  The ratings are subject to final
documentation.

The ratings on the loan and the notes reflected the expected
credit quality of Rexel upon the successful signing of about
EUR1 billion of shareholder loans.

The rating on Rexel primarily reflected the group's weak
financial profile, resulting from a heavy debt burden and thin
cash flow protection measures.  The rating benefited from an
average business profile, based on Rexel's leading position in
the low- and ultra-low voltage electrical distribution market,
as well as its diverse customer base and strong relationship
with suppliers

CONTACT:  REXEL S.A.
          Press: Laetitia Olivier
          Phone: (33 1) 42 85 59 89
          E-mail: lolivier@rexel.fr

          Financial analysts:
          Frederic de Castro
          Phone: (33 1) 42 85 76 12
          E-mail: fdecastro@rexel.fr


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


DIMED SCHONWALDE: Court to Verify Claims October
------------------------------------------------
The district court of Frankfurt opened bankruptcy proceedings
against Dimed Schonwalde GmbH on July 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 5, 2005 to register
their claims with court-appointed provisional administrator Undo
Feser.

Creditors and other interested parties are encouraged to attend
the meeting on October 10, 2005, 11:00 a.m. at the district
court of Frankfurt (Oder), Muellroser Chaussee 55, 15236
Frankfurt (Oder), Saal 401, 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:  DIMED SCHONWALDE GmbH
          Hauptstrasse 62, 16352 Schonwalde

          Undo Feser, Administrator
          Uhlandstrasse 165/166, 10719 Berlin


GUENTER WAGENER: Creditors Meeting Set September
------------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against Guenter Wagener GmbH & Co. KG on July 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until August 18, 2005 to
register their claims with court-appointed provisional
administrator Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting on September 8, 2005, 9:40 a.m. at the district
court of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130,
47058 Duisburg, III. Etage, Raum 315, 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:  GUENTER WAGENER GmbH & Co. KG
          Heizungsbau, Flockenweg 21, 45479 Muelheim

          Rainer Wagener, Administrator
          Duisburger Strasse 172, 45478 Muelheim/Ruhr


LANDWIRTSCHAFTLICHE HAUPTGENOSSENSCHAFT: In Administration
----------------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Landwirtschaftliche Hauptgenossenschaft Thueringen eG
i.L. on July 6.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until September 9, 2005 to register their claims with court-
appointed provisional administrator Dr. Thomas Dithmar.

Creditors and other interested parties are encouraged to attend
the meeting on October 10, 2005, 12:30 p.m. at the district
court of Erfurt, Saal 12, Amtsgericht Erfurt, Rudolfstr. 46,
99092 Erfurt, 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:  LANDWIRTSCHAFTLICHE HAUPTGENOSSENSCHAFT
          THUERINGEN eG i.L.
          c/o GenoRecht GmbH
          Thalmannstrasse 58, 99085 Erfurt

          Dr. Thomas Dithmar, Administrator
          Barbarossahof 3, 99092 Erfurt


LICUTHERM METALLTECHNIK: Falls into Bankruptcy
----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Licutherm Metalltechnik GmbH on July 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 26,
2005 to register their claims with court-appointed provisional
administrator Dr. Bjorn Gehde.

Creditors and other interested parties are encouraged to attend
the meeting on August 15, 2005, 9:05 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 28, 2005, 9:10 a.m. at the same venue.

CONTACT:  LICUTHERM METALLTECHNIK GmbH
          Kurfuerstenstr. 2, 12249 Berlin

          Dr. Bjorn Gehde, Administrator
          Goethestr. 85, 10623 Berlin


MARK FASSADENTECHNIK: Creditors to Meet Thursday
------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Mark Fassadentechnik GmbH on May 31.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors had until June 23, 2005 to
register their claims with court-appointed provisional
administrator Christian Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting on August 4, 2005, 10:10 a.m. at the district court
of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt
(Oder), Saal 401, 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:  MARK FASSADENTECHNIK GmbH
          Uetzdorfer Strasse 10, Haus 2, 16348 Prenden

          Christian Graf Brockdorff, Administrator
          Breite Strasse 9 A, 14467 Potsdam


OSMEKA SONDERMASCHINEN: Creditors' Claims Due this Month
--------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against OSMEKA Sondermaschinen GmbH & Co. KG on July 12.
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 Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend
the meeting on September 9, 2005, 10:10 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  OSMEKA SONDERMASCHINEN GmbH & Co. KG
          Klocknerstr. 3, 32257 Buende
          Contact:
          Hartmut Gawron, Manager

          Hans-Achim Ernst, Administrator
          Bunsenstr. 3, 32052 Herford


RIE-MO: Court Appoints Dr. Schulte-Kaubruegger Administrator
------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Rie-mo Bau GmbH on .  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 11, 2005 to register their
claims with court-appointed provisional administrator Dr.
Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on August 30, 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 29, 2005, 9:15 a.m. at the same venue.

CONTACT:  RIE-MO BAU GmbH
          Lychener Str. 28,10437 Berlin

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


TSH TRANSPORT: Proofs of Claim Due September
--------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against TSH Transport Spedition Handel GmbH on July 1.
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 Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting on August 25, 2005, 8:50 a.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, 9:00 a.m. at the same venue.

CONTACT:  TSH TRANSPORT SPEDITION HANDEL GmbH
          Breitenweg 32, 28195 Bremen
          Contact:
          Jorg Rolf Voigt, Manager
          Rosenblumweg 33, 28279 Bremen

          Uwe Kuhmann, Administrator
          Schuesselkorb 3, 28195 Bremen
          Phone: 0421/33061-0
          Fax: 0421/33061-10


VOLKSWAGEN AG: Auto Unit's Liquidity Improves, But Remains Red
--------------------------------------------------------------
Highlights

(a) increase in Volkswagen Group operating profit for the period
    January to June 2005 of 61.6% year-on-year to EUR1.4 billion
    (previous year: EUR851 million);

(b) Automotive Division operating profit of EUR871 million in
    the first six months of 2005 more than doubled year-on-year
    (previous year: EUR 341 million); Financial Services
    Division operating profit of EUR504 million remains at high
    prior year level (EUR510 million);

(c) Automotive Division cash flows from operating activities of
    EUR3.3 billion (previous year: EUR 3.8 billion) in first six
    months still negatively affected by the introduction of new
    models; 9.9% rise year-on-year in second quarter of 2005;

(d) at 4.5%, ratio of investments in property, plant and
    equipment (capex) to sales revenue in the Automotive
    Division significantly lower in the first six months of 2005
    than in 2004 (6.0%), lifting net cash flow to EUR658 million
    (previous year: EUR 270 million);

(e) further improvement in net liquidity in the Automotive
    Division to -EUR1.1 billion; and

(f) new Group products successful.

January-June                           2005     2004    +/- (%)
------------                           ----     ----   --------
Volkswagen Group:

Deliveries to customers   '000 units   2,559    2,516    +   1.7

- excluding China         '000 units   2,293    2,206    +   4.0

Vehicle sales             '000 units   2,543    2,646    -   3.9

- excluding China         '000 units   2,337    2,313    +   1.0

Production                '000 units   2,634    2,670    -   1.3

- excluding China         '000 units   2,418    2,330    +   3.8

Sales revenue            EUR million  46,016   45,158*   +   1.9

Operating profit         EUR million   1,375      851    +  61.6

Profit before tax        EUR million     672      639    +   5.2

Profit after tax         EUR million     403      383    +   5.2


Automotive Division:

Cash flows from
operating activities     EUR million   3,334    3,765    -  11.4

Cash flows from
Investing activities     EUR million   2,676    3,495    -  23.5

Net liquidity at June 30 EUR million - 1,125  - 2,184    +  48.5

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Restated to reflect the reclassification of the income
statement in the 2004 consolidated financial statements.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

As expected, there was no significant improvement in the
economic environment in the first six months of 2005.  Although
the German passenger car market developed better in the second
quarter of 2005 than in the first three months, the overall
situation in the most important automotive markets remained
difficult.  Despite the slight improvement in exchange rates for
eurozone exporters in recent months, the global situation
remains unfavorable for Volkswagen AG.

In addition, the company expects that competitive pressures will
tend to increase and that the cost of raw materials --
especially steel and plastics -- will remain at high levels.
Moreover, it believes that the high oil price and the consequent
jump in fuel prices to new record highs will further dampen
automotive consumer confidence.

Volkswagen is expecting an improvement in delivery figures for
the U.S. passenger car market on the back of the model changes
for the Jetta and the Passat and the full availability of the
Audi A4 and Audi A6 in the second half of the year.  In Western
Europe, it believes that with its updated model program
featuring the new Passat, Golf Plus, Polo and Fox, it will build
on the good sales development in recent months and further
extend market share.

The market launches of the Passat Variant, Audi RS 4 and SEAT
Leon in the second half of the year will also make a significant
contribution to this growth.  For the year as a whole,
Volkswagen is therefore confident that deliveries to customers
will exceed the previous year's volume.

It is systematically continuing the Group-wide ForMotion program
and will achieve its goal of a EUR3.1 billion earnings
contribution in 2005.  In this context, Volkswagen has initiated
measures to restore its competitive position and return to
profitability in the U.S.A.  In addition, it will restructure
its business in China.

For this reason, it continues to expect a year-on-year
improvement in both 2005 operating profit after special items
and profit before tax.

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


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


NABI RT: Sells Optare Holdings to Local Management Team
-------------------------------------------------------
On July 28, 2005, NABI completed an agreement to sell its U.K.
subsidiary Optare Holdings, Ltd. to the Management Team lead by
Robert Coombes, Managing Director and Roger Fossey, Finance
Director for a total consideration of GBP11.8 million.  The
proceeds will be used to reduce the group's debt.

The sale follows considerable interest in Optare from a number
of organizations both in the U.K. and elsewhere; however, the
MBO team was able to mount the most attractive bid.

NABI acquired Optare in early 2000 as part of a strategy of
expansion beyond its core North American bus market.  Sales of
the Optare Solo (30-LFN) approached 170 units covering major
operators, Miami-Dade Transit, American Eagle Airlines and
Thrifty Car Rental, and with the Optare Excel being sold to
operators in Hungary. However, insufficient synergies have been
developed between the Hungarian, U.S. and U.K. operations to
justify retaining Optare as part of the NABI Group.

Under the terms of the sale, NABI has secured a license for the
manufacture and sale of the recently launched Optare Tempo
single deck bus for the Central and Eastern European markets,
and entered into agreements with Optare to provide spare parts
and technical services for the buses NABI supplied to customers
in Hungary and the US which were originally manufactured by
Optare.

Andy Racz, President and CEO of NABI said, "The sale of Optare
Holdings is a further step in the Group's strategy to reduce its
debt and is consistent with the Agreement we reached with our
lenders in May this year."

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

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


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


AN POST: Labor Court Sends Recommendations on Labor Deal
--------------------------------------------------------
An Post received the Labour Court recommendations on the An Post
Collection and Delivery Change Programme, including the
recommendations of the Technical Group on Terms for a Work
Practice Change Agreement, as proposed by the Court in February
2005.  The Labour Court has also issued its adjudication on the
payment of the remaining terms of Sustaining Progress, referred
to the Court by the An Post Group of Unions on June 7 last.

The An Post Executive Management and Board will now consider the
detail of both these Recommendations and their wider
implications for the An Post business and staff.

                            *   *   *

As reported in TCR-Europe earlier, the company closed last year
with an after-tax profit of EUR6.5 million, ending three
successive years of escalating losses that threatened its
future.

In April, An Post revealed an operating profit of EUR1.8
million, with exceptional income of EUR5.3 million from property
disposals and other items reflecting the success of its crisis
control measures.

Turnover in the year at EUR750.2 million was up by EUR41 million
-- an increase of 5.8% on 2003.  Staff and postmasters' costs at
EUR502.4 million were marginally up on the previous year while
other costs decreased.

The financial turnaround was reportedly achieved by carrying out
a recovery strategy that involved cutting non-pay costs,
curtailing pay costs through stringent control of overtime and
recruitment, and the non-payment of Sustaining Progress.

However, future prospects for the Company remain uncertain as
mail volumes declined by 1.3% since 2003 - the second successive
year -- despite national economic growth of 5% a year and an
additional 80,000 new delivery points.

CONTACT:  AN POST
          E-mail: pressoffice@anpost.ie
          Web site: http://www.anpost.ie


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


ALITALIA SPA: Shareholders Okay all Rehab Measures
--------------------------------------------------
Shareholders of Alitalia approved Friday several measures
necessary to revive the ailing airline.

Approved were the proposed EUR1.2 billion capital increase,
according to Reuters, and the reverse share split, in which
shareholders will receive 1 new share for every 30 held.
Shareholders also approved the write-down of accumulated losses
ending March 31, 2005 against the company's value, thus cutting
equity to EUR291 million from EUR1.43 billion.  Management was
also authorized to seek a three-year extension of the 2002-07
bonds.

Alitalia plans to become the leading carrier in the
Mediterranean region after its restructuring.

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


FIAT SPA: Reports Strong Improvement in Q2 Operating Performance
----------------------------------------------------------------
The board of Directors of Fiat S.p.A. met on July 28 under the
Chairmanship of Luca Cordero di Montezemolo, to review the
consolidated results of the Group for the quarter ended June
30 and the first half of FY 2005.

Highlights:

(a) Group revenues stable at EUR12.1 billion,

(b) Trading profit doubled to EUR360 million from EUR181 million
    a year ago,

(c) Sharply lower trading loss in auto at EUR88 million (EUR238
    Million in Q2 2004),

(d) All businesses improved over prior year, except for
    components,

(e) Net income of EUR217 million, up EUR463 million from a loss
    of EUR246 million, helped by EUR254 million net after-tax
    unusual items,

(f) Net industrial debt down EUR0.9 billion to EUR9.2 billion,

(g) Group confirms financial objectives for 2005

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Effective January 1, 2005, the Fiat Group adopted the
International Financial Reporting Standards (IAS/IFRS).  In this
Quarterly Report, the comparative data for the corresponding
period of 2004 have thus been restated and illustrated in
accordance with the new accounting standards.  For more
information on the content of these standards, as well as the
impact of their adoption on the 2004 figures that have already
been published, reference is made to the specific Appendix of
this report and to the same for the first quarter 2005.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Fiat Group Financial Highlights

The Group
(in millions of EUR)        Q2 2005   Q2 2004
Net Revenues                 12,052    12,009
% change                       0.4
Group Trading Profit            360       181
change                         179
Operating Result                716        54
change                         662
Result Before Taxes             473      (128)
change                         601
Group net result                217      (246)
change                         463

In the second quarter of 2005, Fiat Group has made rapid
progress toward its operational and financial objectives
notwithstanding a top line, which held constant at EUR12.1
billion.

Group trading profit doubled to EUR360 million from EUR181
million, due to sharply lower losses at Fiat Auto and improved
performance at Iveco and CNH, partly offset by a slight
deterioration in the Components businesses.

Fiat Auto is well on track to achieve a EUR500 million operating
loss reduction targeted for this year, and the EUR150 million
improvement in second quarter trading profit is evidence that
the industrial turnaround plan is beginning to bear fruit.  This
business is now focusing on the significant new product
launches, which are scheduled for the remainder of the year:
Fiat Punto, Alfa 159 and Brera.  On the commercial and
industrial vehicles side, Iveco posted trading profit margin of
4.5% in the quarter, and continues to perform well in a market
showing some signs of fatigue.  In the area of agricultural and
construction equipment, CNH posted a trading profit margin of
10% in the quarter, notwithstanding a top line growth which was
below industry norm.

Unusual items, totaling EUR356 million, include the last portion
of the GM settlement which was signed in February 2005 (EUR419
million) and other one off items reflecting the restructuring
and realignment of Group operations.

Financial charges of EUR237 million were in line with the prior
year, but investment income from participations were sharply
lower, mainly in relation to our joint ventures in China.  The
Group earned consolidated net income before minority interests
of EUR217 million compared with a loss of EUR246 million in the
prior year.

On a pro-forma basis, assuming the conversion of the mandatory
Convertible Loan and the exercise of the Italenergia BIS put,
net income of the Group without unusual items for the second
quarter would be positive for EUR35 million.

In the second quarter of 2005, Fiat Group recorded a net
industrial debt down EUR0.9 billion to EUR9.2 billion and a
solid cash position at EUR7.3 billion after repayment of EUR0.5
billion maturing debt.  The Group has committed significant
resources to the improvement of the structural efficiency and
competitiveness of all its businesses.  Now that all pressing
financial matters have been successfully resolved, these efforts
can and will intensify in the months to come.

On the basis of its first-half performance and prospects for the
balance of the year, Fiat's management confirms its commitment
to the achievement of its 2005 financial objectives.

Net Debt

(in millions of euros)        Q2 2005 Q1 2005 FY 2004
Financial payables            (31,445)  (32,121)  (32,191)
- Asset-backed financing       (9,589)   (9,947)  (10,174)
- Other financial payables    (21,856)  (22,174)  (22,017)
Other financial liabilities (1)  (244)    (169)      (203)
Other financial assets (1)        617      629        851
Current securities                552      588        353
Cash and cash equivalents       6,796    5,148      5,767
Net debt                      (23,724) (25,925)   (25,423)
Industrial activities          (9,163) (10,061)    (9,447)
Financial Services            (14,561) (15,864)   (15,976)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(1) including derivatives' positive and negative fair value
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Automobiles - Revenues
(in millions of euros)            Q2 2005 Q2 2004
Total Automobiles                  5,628   5,287
% change                             6.5
Fiat Auto                          5,007   4,889
% change                             2.4
Powertrain (*)                       483      -
% change ns
Ferrari (**)                         356     317
% change                            12.3
Maserati                             167      97
% change                            72.2

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(*) Including revenues for EUR365 million from Fiat Auto
(**) including revenues for EUR20 million in 2005 and EUR16 in
2004 from Maserati
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Automobiles

In the second quarter of 2005, Fiat Auto revenues were up
2.4% to EUR5.0 billion, despite a 4.8% drop in unit sales to
433,000.  The impact of the volume loss, which resulted from a
distribution strategy, which favors retail channels, was offset
by a shift in product mix toward higher-content vehicles and a
favorable currency impact from the consolidation of the
Brazilian and Polish operations.

Notwithstanding the reduction in volumes, Fiat Auto was able to
slash its losses by nearly two-thirds to EUR88 million thanks to
a clear focus on margin protection and cost containments across
all functions, especially governance, purchasing and
manufacturing.

Automobiles - Trading profit/(Loss)

(in millions of euros)          Q2 2005  Q2 2004
Total Automobiles                 (59)    (240)
change                            181
Fiat Auto                         (88)    (238)
change                            150
Powertrain                         13
change                             --
Ferrari                            40       30
change                             10
Maserati                          (24)     (32)
change                              8

The Fiat brand launched Croma in May 2005, its first new product
in the D segment since a number of years.  Early reactions from
the market are encouraging, and it is fully expected that peak
sales of 60,000 vehicles will be reached in 2006.  The Alfa 159
was also presented to the press in the second quarter and will
be commercially launched in the latter part of the third
quarter, followed in the fourth quarter by the new Alfa Romeo
coupe, Brera.

The successor to the current Fiat Punto (the highest volume
seller in the current portfolio of products) will be presented
in Turin in September 2005, with the commercial launch of the
product in Italy to follow immediately thereafter.  Investments
have been sized to yield peak sales of 360,000, and test
marketing activities indicate that the product will have a solid
reception in the marketplace.

Light commercial vehicles continue their strong performance,
both in Europe and in Brazil, with the Fiat Ducato continuing to
dominate the market.

Brazilian activities continue to improve over prior periods, in
terms of both volumes and profits.  Fiasa, our Brazilian auto
business, achieved a market share of 25.2% in the second quarter
of 2005 (up from 24.4% in 2004) allowing it to claim leadership
of the Brazilian passenger car market.

Ferrari revenues were up 12.3% over the second quarter of 2004.
This increase reflects higher unit sales of the new model F430
and strong demand for 612 Scaglietti.  Ferrari's trading profit
was up EUR10 million to EUR40 million in the second quarter of
2005.  The improvement is mainly due to increased volume and
significant progress made in achieving efficiencies, offset in
part by adverse effects of exchange rate movements.

The dramatic increase by 72.2% over the second quarter of last
year of Maserati's revenues reflects the continuous, strong
success of the Quattroporte and sales of the limited edition of
the MC 12 stradale.  The trading loss of EUR24 million, recorded
by Maserati, improved EUR8 million from the second quarter of
2004.  The improvement reflects sales increase and a better
product/mix, offset in part by an unfavorable currency impact.
Upon dissolution of the joint venture agreement with GM, Fiat
consolidated on a line by line basis its share of the Powertrain
activities.  In the two months since this became effective, the
unit posted revenues of EUR483 million and trading profit of
EUR13 million.  Sales to other than Fiat Auto were approximately
EUR118 million.

Agricultural and Construction Equipment

(in millions of euros)         Q2 2005   Q2 2004
Revenues                         2,839    2,868
% change                         (1.0)
Trading Profit                     281      248
change                              33

Agricultural and Construction Equipment

In the second quarter of 2005, CNH had revenues of EUR2.8
billion substantially flat.  Sales in the agricultural equipment
business declined 3% in dollar terms, partially offset by an
increase of revenues in construction equipment (+ 10%).

Overall and continuing weak environment in Latin America was
reflected in the decline of CNH agricultural equipment's sales,
including combines. Sales in Europe were down, while volume was
up in North America and the rest of the world.

In the construction equipment field, three of four regions
contributed to revenue growth in the second quarter of 2005:
North America was up 15% and Latin America was up over 50%, but
on a smaller base. Sales in Europe decreased 2%, as the Company
continued to adjust its sales and marketing activities as a
result of its previously announced brand rationalization.  Sales
in the rest of the world markets were up 1%.

In the second quarter of 2005, CNH earned a trading profit of
EUR281, up EUR33 million from the same period a year ago.
Higher sales prices in both agricultural and construction
equipment more than recovered increased materials and components
cost in most markets.

Trading profit in the quarter benefited from a permanent
reduction in the ongoing healthcare cost in the U.S., which has
yielded a one-time adjustment of EUR67 million.

Notwithstanding a trading profit margin of 10% in the second
quarter of 2005, we believe there is still ample room and need
to intensify our efforts in order to bring CNH profitability to
its full potential and at par with best in-class competitors.

Commercial Vehicles

The 2.6% improvement of Iveco revenues posted in the second
quarter of 2005 reflects an overall 7% increase of unit sold to
46,100 units worldwide of which 33,800 units in Western Europe,
representing a 13% increase.  In Europe, market demand grew
10.4% and Iveco's share was substantially unchanged at 10.8%,
reflecting a decline in the medium segment and a milder drop in
light commercial vehicles, while sales of heavy trucks were
stable.

Commercial Vehicles

(in millions of euros)         Q2 2005      Q2 2004
Revenues                        2,439        2,378
% change                          2.6
Trading Profit                    110           89
change                             21

Trading profit of EUR110 million which represents 4.5% of sales,
was 23.6% up compared with the second quarter of 2004.  The
improvement reflects higher unit sales, offset in part by a rise
in raw material prices and selling expenses.

Components and Production Systems

The drop in aggregate revenues of the Components and Production
Systems business area reflects lower sales of Magneti Marelli
and Comau, in part offset by Teksid's positive performance.

Lower Magneti Marelli revenues were mainly due to the treatment
of the consolidation of the Electronic Systems Division.
Restated on a comparable consolidation and currency basis,
revenue would be stable as the drop of shipments to Fiat Group
subsidiaries were offset by the sales of Telematics product to
third parties.  Magneti Marelli Brazilian operations increased
their revenues.  Changes in the scope of consolidation resulted
in a decline of EUR4 million of Magneti Marelli trading profit
in the second quarter of 2005. Efficiency gains that helped
reduce production costs were more than offset by the increased
raw material costs.

Components and Production Systems -
Revenues

(in millions of euros)       Q2 2005   Q2 2004
Components (MM)               1,030     1,113
% change                       (7.5)
Metallurgical Products          284       242
% change                       17.4
Production Systems              353       425
% change                      (16.9)
Total                         1,667     1,780
% change                       (6.3)

Comau revenues totaled EUR353 million in the second quarter of
2005.  The decrease of 16.9% compared with the same period of
the prior year reflects the transfer to Iveco, Magneti Marelli,
and CNH of the respective Service businesses in Europe. Restated
on a comparable consolidation basis, revenues show a decline of
5% due to a decrease in business volume in North America.
Comau's trading loss was EUR6 million from a positive result of
EUR8 million in the second quarter of last year.  The result
reflects changes in the scope of consolidation, negative pricing
caused by intense competitive pressure, and reduced
profitability of a bodywork business line contract.  Trading
conditions are expected to improve significantly in the latter
part of the year.

Components and Production Systems -
Trading Profit/(Loss)

(in millions of euros)         Q2 2005     Q2 2004
Components (MM)                  42           50
change                           (8)
Metallurgical Products           14           14
change -
Production Systems               (6)           8
change                          (14)
Total                            50           72
change                          (22)

The increase by 17.4% of Teksid revenues recorded in the second
quarter of 2005 was primarily due to increased raw material
costs and higher prices in the Cast Iron business, while the
Magnesium area recorded decreased volume.  Trading profit was
stable reflecting an improvement in the Cast Iron part of the
business.

Other Businesses
(in millions of euros)       Q2 2005      Q2 2004
Services                       182          271
% change                     (32.8)
Publishing and Communications  110          119
% change                      (7.6)
Holdings and Others            109          141
% change                     (22.7)
Total                          401          531
% change                     (24.5)

Other Businesses - Revenues

The change of scope of consolidation within Business
Solutions' areas of business and Itedi's lower advertising
billings and a decline in La Stampa daily broadsheet newsstand
sales were the main drivers in the drop in revenues.
Notwithstanding this drop, trading profit of the two businesses
held at acceptable level.

The trading loss recorded by Holdings & Miscellanea is mainly
due to reduced volumes of the contract related to Italy's High-
Speed Railway Project.

Other Businesses - Trading Profit

(in millions of euros)       Q2 2005  Q2 2004
Services                          6      9
change                           (3)
Publishing and Communications     7      8
change (1)
Holdings, Others & Eliminations (35)    (5)
change                          (30)
Total                           (22)    12
change                          (34)


H1 results
(in millions of euros)     Q2 2005   Q2 2004
Net Revenues                22,807   23,033
Trading profit                 407      205
Operatine result             1,445      125
Result before taxes          1,034     (395)
Net result before minority
interest                       510     (638)

Fiat Group Financial Highlights

In the first half of 2005, Fiat Group revenues totaled EUR22.8
billion, down 1% from the prior year.  The decline is mainly
attributable to Fiat Auto operations, partly compensated by
increased revenues at Iveco.

The Group's trading profit doubled to EUR407 million mainly as a
result of improvement at Fiat Auto, CNH and Iveco.

The Group earned consolidated net income of EUR510 million from
a loss of EUR638 million.

Main factors other than improved trading performance were the
reduction in financial charges, largely due to non-recurring
positive items, and the gain of the GM settlement of EUR857
million net of taxes.

Net industrial debt decreased from EUR9.4 billion to EUR9.2
billion.  Amongst other factors, the negative seasonal working
capital patterns were largely offset by the settlement payment
received from GM.

Full-year outlook

Second-quarter results provide a satisfactory indication that
efforts aimed at achieving turnaround are bearing fruit.  Though
we are cautiously optimistic about the future, Fiat Auto is by
far not yet out of the wood and all the efforts to improve its
structural efficiency will further intensify.  At the same time,
other businesses have yet to reach fully satisfactory operating
performances.

In the second half of the year, most of Fiat's business sectors
expect to continue operating in a competitive economic climate.
Nonetheless, the Group confirms its commitment to the
achievement of its stated 2005 financial objectives.

Fiat Auto, while it continues to focus on improving its
operating efficiencies through realignment of its cost
structure, expects higher revenues and substantially improved
margins from new models recently introduced or about to be
launched.  As a result, Fiat Auto confirms its target of an
approximately EUR500 million reduction in full-year trading
losses from EUR820 million in 2004.

CNH aims at fully benefiting from the growth of the Construction
Equipment business, particularly in the higher-margin North
American market, in order to compensate for weaker demand for
Agricultural Equipment, especially in Latin America.  For 2005
as a whole, CNH expects its revenues to increase by
approximately 5% in USD compared with the 2004 level, while its
operating margin should increase to approximately 6-6.5 % of
revenues.

Iveco expects its revenues to increase by about 2-3% while its
operating margin should comfortably exceed the 4% mark.  As far
as the Components Sectors are concerned, revenues are expected
to grow by 5 to 6% over the 2004 level with trading profit at
about the same level as the prior year.

The conversion of the mandatory Convertible Loan and the
exercise of the Italenergia BIS put will strengthen our capital
structure by approximately EUR4.8 billion, significantly
improving our financial ratios.  Moreover, in July, syndication
for a EUR1 billion 3-year committed credit line was closed.  The
new facility, that replaces a similar EUR1.7 billion one,
currently undrawn, provide us with adequate financial
flexibility.

The Board of Directors of Fiat S.p.A. decided to call its next
meeting, previously scheduled for September 9th, for September
15th in order to deliberate, at the same time, on the capital
increase related to the conversion of the mandatory Convertible
Loan.

Turin, July 28th, 205

Fiat is Italy's largest industrial group, active in the main
segments of the automotive industry, with more than one hundred
years' experience and a market presence in more than 190
countries.

In 2004, Fiat Group revenues amounted to EUR46.7 billion.  The
Group's principal Sectors are Automobiles (Fiat, Alfa Romeo,
Lancia, Fiat Light Commercial Vehicles, Ferrari and Maserati),
Agricultural and Construction Equipment (CNH), Commercial
Vehicles (Iveco), Components (Magneti Marelli), Production
Systems (Comau), Metallurgical Products (Teksid), Services
(Business Solutions), and Publishing and Communications (Itedi).

At the beginning of 2005, Fiat announced the creation of Fiat
Powertrain Technologies, an industrial unit that integrates the
Groups' innovation capabilities and expertise in engines and
transmissions.

Fiat S.p.A., the parent company of the Fiat Group, is a public
company whose capital stock is listed on the Milan, Frankfurt,
Paris Stock Exchanges, and Fiat shares are quoted in London on
SEAQ.  Fiat's ADRs are listed on the New York Stock Exchange
(NYSE).

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

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


IMPREGILO SPA: Accepts US$300 Mln Offer for Chilean Unit
--------------------------------------------------------
Two shareholders of troubled construction group Impregilo S.p.A.
want to buy out Sociedad Concessionaria Costanera Norte (SCCN),
the group's Chilean unit, La Stampa says.

Impregilo has already accepted the offer, although due diligence
is still being undertaken, the report states.  The two
shareholders reportedly offered US$308.9 million for SCCN, which
holds a concession to a 43-kilometer motorway in the Chilean
capital Santiago.  About 33 km of this six-lane motorway is
already opened to traffic; the rest is due for completion in
2007.

Societa Italiana Apparecchi Scientifici is a unit of Gavio,
which together with Autostrade, control a minority stake in
Impregilo.

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

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

          AUTOSTRADE S.p.A.
          Via A. Bergamini, 50
          00159 Rome
          Phone: +39-06-4363-1
          Fax: +39-06-4363-4090
          Web site: http://www.autostrade.it

          SIAS S.p.A.
          Via Minghetti, 9
          40057 Cadriano di Granarolo - Bologna
          Phone: +39 051 60 20 211
          Fax: +39 051 60 20 218
          E-mail: comm@sias-spa.it
          Web site: http://www.sias-spa.it


IT HOLDING: Terminates Licensing Agreement with Dolce&Gabbana
-------------------------------------------------------------
IT Holding S.p.A., in agreement with Dolce&Gabbana S.p.A.,
informs that the parties have agreed not to renew the license
agreement whereby Ittierre S.p.A., the young lines division of
the IT Holding Group, produces and distributes the D&G
collections.  The license will expire upon completion of the
Fall/Winter 2006/2007 season.

For IT Holding, a group that operates in the luxury goods sector
and is listed on the Italian Stock Exchange, the decision will
have no impact on the consolidated financial results for the
years 2005 and 2006 and will contribute to generating free
operating cash flows of approximately EUR90 million in the next
three years.

With regard to its financial performance and on the basis of the
business plan revised to take account of the decision, the Group
estimates to record net revenues in the order of EUR570 million
in 2007 (the current year estimate is EUR680 million) and an
EBITDA margin of around 18% (ca. 16% estimated for 2005).  These
results derive from increases in net revenues of owned brands
Ferre, Malo and Exte; of licensed brands Versace Jeans Couture,
Versus, Just Cavalli and C'N'C Costume National; and in
particular, of the accessories division.  For 2009 the plan
estimates net revenues in the order of EUR670 million and an
EBITDA margin of approximately 20%.

Tonino Perna, Chairman and Chief Executive Officer of IT Holding
said, "working together with Dolce&Gabbana has been a unique
experience and we are proud of having contributed to adding
value to the creativity and the genius of Domenico Dolce and
Stefano Gabbana in the young lines sector."

Mr. Perna added, "with regard to Ittierre S.p.A. the plans to
expand our licensed brands continue and we do not exclude the
possibility of being able to take advantage of new market
opportunities to enrich our portfolio of licenses."

CONTACT:  IT HOLDING S.p.A.
          Corso Monforte, 30
          20122 Milan
          Phone: +39 02763039.1
          Fax: +39 02780016
          Web site: http://www.itholding.it

          Press Office
          Via Serbelloni, 2
          20122 Milan
          Phone: +39 02763033.1
          Fax: +39 02763033.63
          E-mail: itholding_comunicazione@itholding.it


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


PETROLEUM GEO-SERVICES: Reports Net Income of US$23.7 Mln in Q2
---------------------------------------------------------------
Petroleum Geo-Services A.S.A. on Thursday announced its
unaudited second quarter 2005 results under U.S. GAAP.

Operating profit improved substantially: Operating profit of
$50.2 million, up $51.0 million compared to Q2 2004 (pro forma
excluding Pertra).  Pertra was sold March 1, 2005

Further improved Marine contract margins, strong multi-client
late sales: Contract margins increased further from Q1, despite
marginal North Sea weather conditions.  Q2 multi-client data
sales were strong offshore West Africa, in the North Sea and
Gulf of Mexico.  Order backlog and current bidding levels form
the basis for expectations of improved contract performance
throughout the year and a continued strong market into 2006.
Full year 2005 multi-client late sales are now expected to be at
approximately 2004 levels

FPSO performance impacted by previously announced matters:
Production operating profits were negatively impacted by
production disturbances caused by water separation issues on
Petrojarl Foinaven/Foinaven field and high expenditures relating
to maintenance projects which are typically performed in Q2 and
Q3

Debt repayment of $205 million: In April 2005, the Company
repaid $175 million of the $250 million 8% Senior Notes, due
2006, at 102% of par value.  In addition various capital leases
were repaid throughout the quarter

Key figures as reported
                 Quarter ended   Six months ended   Year ended
                   June 30,          June 30,      December  31,

(In millions
of dollars)       2005    2004    2005    2004         2004
                   Unaudited        Unaudited         Audited
Revenues         $292.8  $271.5   $577.8  $519.2     $1,129.5
Operating profit
(loss)             49.7    10.8    239.3    46.3         35.7
Net income (loss)  23.7   (33.9)   179.2   (45.9)      (134.7)
Earnings (loss)
per share
($ per share)       0.40   (0.56)    2.99   (0.76)       (2.25)
Adjusted EBITDA
(as defined)       99.8    96.0    191.4   195.2        412.2
Net cash provided
by operating
activities         23.2    54.8     96.8   107.3        282.4
Cash investment
in multi-client   (21.0)   (9.6)   (30.8)  (24.8)       (41.1)
Capital
Expenditures      (21.9)  (38.8)   (37.1)  (62.4)      (148.4)
Total assets
(period end)    1,716.4 1,906.9  1,716.4 1,906.9      1,852.2
Cash and cash
equivalents
(period end)     107.6     77.2      107.6    77.2     132.9
Net interest
bearing debt
(period end)    $820.0 $1,066.4     $820.0 $1,066.4   $995.3

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Pro forma key figures[1] excluding Pertra
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Key figures as reported
                 Quarter ended   Six months ended   Year ended
                   June 30,          June 30,      December  31,

(In millions
of dollars)       2005    2004    2005    2004         2004
                   Unaudited        Unaudited         Audited

Revenues         $292.8  $241.7   $551.5  $468.8      $1,017.5
Operating profit
(loss)             50.2    (0.8)    89.6    23.9           9.5
Adjusted EBITDA
(as defined)      $99.8   $77.5   $184.8   $161.3     $347.0

Svein Rennemo, PGS Chief Executive Officer, commented, "The
second quarter results confirm that the Marine Geophysical
markets are steadily improving.  Demand for multi-client data in
the second quarter resulted in late sales significantly
exceeding our previous expectations.  Contract performance
improved, in line with our previous guidance of a 15-25
percentage point improvement in towed streamer margins in 2005
over 2004, despite marginal North Sea weather conditions during
the second quarter.  Order backlog, current bidding levels, and
customer inquiries indicate further improvements in second half
of 2005, and into 2006.

We have decided to accelerate our streamer upgrade program to
include three of our vessels this year to further improve
operational efficiency and capture more of the market upturn.

Our Onshore operations reported a weak second quarter as we
previously have warned.  Our expectations that 2005 will be
better than 2004 in terms of revenues and operating profit
remain unchanged.

Periodic maintenance costs, beyond the expected levels going
forward, on our FPSOs significantly affected the Q2 operating
profit in our Production segment.  These expenses are a part of
our strict maintenance philosophy for the FPSO vessels, which
seeks to maximize the useful life and performance of these
assets as well as their attractiveness and value for
redeployment.

Our emphasis on strengthening the financial flexibility of the
Group is underlined by $205 million of debt payment during the
quarter."

                          Q2 Highlights

PGS group

(a) Revenues of $292.8 million, up $51.1 million (21%) from Q2
    2004 (pro forma excluding Pertra), driven by strong contract
    revenues and multi-client sales in Marine Geophysical

(b) Operating profit of $50.2 million, up $51.0 million from Q2
    2004 (pro forma excluding Pertra)

(c) Net income of $23.7 million compared to net loss of $33.9
    million in Q2 2004 (including Pertra)

(d) Interest-bearing debt reduced by 17% by repayment of $205
    million of interest-bearing debt and capital  leases,
    including repayment of $175 million of the $250 million 8%
    Senior Notes in April 2005 at 102% of par

(e) Q2 cash flow from operations of $23.2 million, affected by
    approximately $50 million of interest payments, as most of
    the interest on long-term debt is payable semi-annually, and
    temporary increases in working capital.  Future interest
    payments will decline due to the $175 million repayment of
    the 8% Senior Notes

Marine Geophysical

(a) Strong multi-client late sales totaling $73.3 million, up
    $16.0 million (28%) from Q2 2004.  Sales were stronger than
    anticipated at the beginning of the year, driven by demand
    for West Africa and North Sea data

(b) Contract acquisition revenues totaling $94.2 million, up
    $37.3 million (66%) from Q2 2004, despite reduction in
    contract revenues from the seafloor 4C crew

(c) Operating profit of $58.2 million, up $72.9 million from Q2
    2004

(d) Operating expenses, excluding depreciation and amortization,
    were relatively high,  primarily driven by maintenance and
    upgrade work on American Explorer, bonus accruals, variable
    cost relating to multi-client sales and other variable costs

(e) Strong contract visibility with June 30, 2005 contract
    acquisition order backlog of $160 million compared to $170
    million at the end of 2004.  In addition, PGS is in an
    advanced stage of exclusive negotiation for two substantial
    projects in Brazil, amounting to approximately $70 million

Onshore

(a) Weak results due to the previously announced slow down in
    activity level and timing of multi-client late sales.
    Operating loss of $6.3 million

(b) Order backlog at June 30, 2005 of $93 million compared to
    $66 million at the end of 2004

Production

(a) Revenues of $69.9 million, down $2.1 million from Q2 2004
    mainly due to reduced production volume on Petrojarl
    Foinaven

(b) Operating profit of $5.6 million, down $13.3 million from Q2
    2004 mainly due to lower revenues and peak activity on
    maintenance projects, which as previously reported typically
    are performed in Q2 and Q3:

    (i) Revenues on Petrojarl Foinaven reduced by water/oil
        separation issues as previously announced

   (ii) Ongoing maintenance projects, including a project to
        change Petrojarl Foinaven mooring lines and equipment
        generated a total maintenance expenditure of $15.5
        million, which is approximately $5 million above the
        expected quarterly average for the year

(c) Q2 production volumes on Petrojarl Varg were lower than
    expected due to down hole sediment and valve related issues.
    Production plans indicate that the reduction is temporary
    and that production levels will increase in the second half
    of 2005

                     Outlook Full Year 2005

Marine Geophysical

(a) Marine 3D industry seismic fleet at full capacity
    utilization and streamer contract profitability expected to
    further improve in second half of 2005

(b) Due to strong performance to date in 2005, full year 2005
    multi-client late sales are now expected  to be at
    approximately 2004 levels despite low sales from Brazilian
    library and limited investment levels in recent years.
    Visibility of late sales by quarter is generally low by
    Nature.

(c) Increased multi-client amortization in second half of 2005
    compared to first half as sales related amortization is
    expected to increase and an additional minimum amortization
    charge will be recorded in Q4

(d) Cost levels impacted by general cost increases, including
    fuel costs, as well as activity related costs and
    depreciation of U.S.  dollar compared to 2004

(e) Accelerated upgrade of Nordic Explorer and Orient Explorer
    to solid 24 bit streamers increases forecasted capex in 2005
    to around $60-65 million

Onshore

(a) Full year revenues and operating profit expected above 2004
    levels

(b) Preparations for September 2005 start up of transition zone
    project in Nigeria on schedule

(c) Continued strong activity in continental U.S.

(d) Significant bidding activity expected in North Africa

Production

(a) Total oil production from the Company's four FPSOs for 2005
    is expected to be slightly lower than 2004, with second half
    production on par with the first half

(b) Foinaven oil/water separation issues will continue to affect
    volumes in Q3.   A two week shut down in August for
    installation of a system to re-inject produced water and a
    subsequent three week slow down period are scheduled.

(c) Planned Q3 maintenance shut downs for the three other FPSOs
    for one-two weeks each, but limited financial impact

(d) Increased full year operating cost compared to 2004 due to
    increased maintenance costs (predominantly affecting Q2 and
    Q3) on the FPSOs as the time since deployment on their
    respective fields is increasing and due to the depreciation
    of the US dollar compared to 2004.  Operating cost in second
    half of 2005 expected slightly lower than first half.

Operations

The Company, after the sale of Pertra in Q1 2005, manages its
business in three segments as follows:

(a) Marine Geophysical, which consists of both streamer and
    seafloor seismic data acquisition, marine multi-client
    library and data processing;

(b) Onshore, which consists of all seismic operations on land
    and in shallow water and transition zones, including onshore
    multi-client library; and

(c) Production, which owns and operates four harsh environment
    FPSOs in the North Sea.

Pertra was sold March 1, 2005 and revenues and expenses of
Pertra are included in consolidated revenues and expenses
through February 2005 and in comparative numbers for 2004.  Pro
forma revenues and operating profit, which are not U.S.  GAAP
measures, are provided to illustrate the effect on these income
statement lines had Pertra been excluded from the consolidation
effective January 1, 2004.

Consolidated revenues in Q2 2005 were $292.8 million, an
increase of $21.3 million or 8% compared to Q2 2004 ($271.5
million).  Pertra revenues of $46.0 million were included in
consolidated revenues for Q2 2004, and had, after the
elimination of inter-segment revenues (primarily related to
Petrojarl Varg), a net effect of $29.8 million on consolidated
revenues for Q2 2004.  On a pro forma basis, excluding Pertra,
revenues increased $51.1 million or 21% compared to Q2 2004.

The increase in pro forma consolidated revenues is primarily
attributable to Marine Geophysical, where revenues increased
$62.9 million reflecting significant increases of both contract
revenues and multi-client sales.  Onshore revenues decreased
$11.3 million, while Production revenues decreased $2.1 million
compared to Q2 2004.

Consolidated operating profit showed strong improvement totaling
at $49.7 million for Q2 2005 compared to $10.8 million in Q2
2004, as reported.  On a pro forma basis (excluding Pertra)
operating profit for Q2 2005 was $50.2 million compared to an
operating loss of $0.8 million in Q2 2004.  The increase is
caused by a strong, $72.9 million, improvement in Marine
Geophysical operating profit, partly offset by decreased
operating profit for Production and an operating loss in
Onshore.

In Q2 2005 the Company accrued $7.8 million in estimated expense
related to the 2005 employee bonus program, of which $4.2
million relating to Marine Geophysical.  The bonus program is
performance based and the accrued amounts reflect 50% of the
full year bonus as estimated based on information available at
the end of Q2.  Operating profit for Q2 2005 further includes a
gain of $2.2 million from the release of liabilities related to
the Company's UK leases reported as other operating (income)
expense, and an expense of $0.5 million relating to an
adjustment of the gain on the Q1 2005 sale of Pertra.

                       Marine Geophysical

Total revenues increased $62.9 million, or 49%, from $127.6
million in Q2 2004 to $190.5 million in Q2 2005.

Multi-client late sales increased $16.0 million, or 28% from
$57.3 million in Q2 2004 to $73.3 million in Q2 2005.  The
strong market for multi-client data continued, and the increase
from Q2 2004 related primarily to certain library components
offshore West Africa, which sold significantly beyond
expectations, partly offset by a reduction in sales from the
Gulf of Mexico library, which were at high levels in Q2 2004.

Multi-client pre-funding revenues increased $6.9 million, or
141%, from $4.9 million in Q2 2004 to $11.8 million in Q2 2005.
This increase relates to several factors, including high pre-
funding levels for certain streamer projects in the North Sea
and increased multi-client investments.  Capitalized cash
investments in multi-client library were $17.5 million in Q2
2005 compared to $7.4 million in Q2 2004.  The increase relates
primarily to seafloor 4C, rented 2D capacity and reprocessing of
existing library, whereas towed streamer multi-client activity
declined slightly with approximately 8% of total streamer
capacity used in multi-client acquisition compared to 10% in Q2
2004.  Pre-funding revenues as a percentage of cash investment
were 67% in Q2 2005 compared to 66% in Q2 2004.

Contract revenues increased $37.3 million, or 66%, from $56.9
million in Q2 2004 to $94.2 million in Q2 2005, primarily as a
result of improved pricing and performance and deploying a
larger portion of the streamer vessel capacity in contract
acquisition, partly offset by reduced contract revenues for the
seafloor 4C crew that acquired multi-client for most of Q2 2005.
Approximately 76% of total streamer capacity was used for
contract work in Q2 2005 compared to 69% in Q2 2004.  Q2 2004
was negatively affected by weather and other operating
disturbances in the completion phase of a large project offshore
India.

Prices and margins for streamer contract work continue to show
positive development, but Q2 performance did not fully capture
the improvement partly due to the natural delay in "working off"
the older order backlog and partly due to marginal Q2 weather
conditions in the North Sea.

Marine Geophysical reported an operating profit of $58.2 million
in Q2 2005 compared to a loss of $14.7 million in Q2 2004.  This
improvement was driven by a significant increase in both
contract revenues and multi-client sales combined with
significantly lower amortization rates on multi-client sales due
to the low book value of several surveys.  Operating expenses
(before depreciation and amortization) increased $12.3 million
compared to Q2 2004 due primarily to costs related to scheduled
repair and maintenance work on American Explorer, charter of
third party 2D vessel capacity, accrual of 50% of estimated full
year personnel bonus costs, variable costs relating to multi-
client sales and general cost level increase for fuel and
personnel costs, partly offset by an increase of cost
capitalized as multi-client investment.  In Q2 2005, American
Explorer was significantly refurbished and equipped with solid
streamers, resulting in a strong improvement in performance
potential.

                             Onshore

Total revenues decreased $11.3 million, or 28%, from $39.7
million in Q2 2004 to $28.4 million in Q2 2005.  Contract
revenues decreased $10.0 million (30%) to $23.4 million in Q2
2005, while multi-client revenues (including pre-funding)
decreased $1.3 million to $5.0 million in Q2 2005.  The weak
quarter relates primarily to the previously disclosed slow down
in activity due to crew scheduling, with start-up of new
projects, including a Nigeria transition zone project, in Q3.
In addition, the timing of expected multi-client late sales
revenues caused low sales levels in Q2.

Onshore recorded an operating loss of $6.3 million in Q2 2005,
down from a $0.9 million operating profit in Q2 2004.

                           Production

Total revenues decreased $2.1 million, or 3%, from 72.0 million
in Q2 2004 to $69.9 million in Q2 2005.  Total average produced
volume on the Company's four FPSOs was 110,735 barrels per day
in Q2 2005, compared to 119,111 barrels per day in Q2 2004, with
the reduction primarily caused by reduced production on
Petrojarl Foinaven.

Revenues from Petrojarl Foinaven decreased by $3.1 million in Q2
2005 compared to Q2 2004 as a result of lower production.
Production volumes were, as previously disclosed, impacted by
problems related to oil/water separation.  A two week production
shut down is planned in the latter part of August to install a
system for re-injection of produced water.  Subsequent to the
shut down, a three week production slow down is planned to allow
for cleaning of the separators.  Production will receive a
reduced day rate during the shut down period; the shut down and
slow down periods are expected to cause a revenue reduction of
approximately $2 million compared to normal production levels.

Petrojarl I revenues decreased by $0.2 million in Q2 2005
compared to Q2 2004 with production levels slightly increased.

Revenues from Petrojarl Varg increased $1.2 million in Q2 2005
compared to Q2 2004, with production volumes in line with Q2
2004.  Production in Q2 was somewhat negatively affected by
ongoing drilling activities on the Varg field.  In addition,
some of the wells had reduced production as a result of down
hole sediment and valve related issues.  Current production
plans indicate continued production at current levels through
most of Q3 and an increase in production in the latter part of
the year.

Ramform Banff revenues decreased $0.2 million in Q2 2005
compared to Q2 2004.  Revenues are recorded based on the minimum
day rate provision in the contract.  Production levels increased
slightly from Q2 2004.

Production recorded an operating profit of $5.6 million Q2 2005
compared to $18.9 million in Q2 2004.  The reduction was partly
caused by decreased revenues for Petrojarl Foinaven as described
above, but primarily relates to increased operating expenses
relating to maintenance expenditures as previously communicated
and accrued bonus expenses of $1.6 million.  Operating expenses
(before depreciation and amortization) were $53.2 million in Q2
2005 compared to $42.0 million in Q2 2004.  Maintenance projects
are ongoing on all the FPSOs during the 2005 summer season, and
expenditures increased $6.6 million compared to Q2 2004 mainly
due to a project on Petrojarl Foinaven to change mooring lines.

                  Depreciation and Amortization

Gross depreciation (before capitalization to multi-client
library) was $29.5 million in Q2 2005 compared to $37.2 million
in Q2 2004.  Pertra was consolidated in Q2 2004 with
depreciation of $6.9 million; adjusted for Pertra, depreciation
on a pro forma basis decreased $0.7 million.

Amortization of the multi-client library totaled $24.1 million
(27% of sales) in Q2 2005 compared to $46.6 million (67% of
sales) in Q2 2004.  Sales related amortization declined partly
due to significant minimum amortization recorded in 2004, which
reduced the carrying value of certain surveys and partly due to
high sales in 2005 of surveys with a zero net book value.  Late
sales of surveys with zero net book value amounted to $55.4
million in Q2 2005 compared to $18.4 million in Q2 2004.

The Company amortizes its multi-client library primarily based
on the ratio between the cost of surveys and the total
forecasted sales for such surveys.  In applying this method,
surveys are categorized into three amortization categories with
amortization rates of 90%, 75% or 60% of sales amounts.  Each
category includes surveys where the remaining unamortized cost
as a percentage of remaining forecasted sales is less than or
equal to the amortization rate applicable to each category.  The
Company also applies minimum amortization criteria for the
library projects based generally on a five-year life, but with
individual profiles established when PGS adopted fresh-start
reporting in 2003.  Furthermore, the Company records as
amortization expense write-downs of individual multi-client
surveys that are based on changes in project specific
expectations and that are not individually material.

The Company calculates and records minimum amortization
individually for each multi-client survey or pool of surveys at
year-end.  At June 30, 2005 the Company estimates that in Q4
2005 it will record such minimum amortization for 2005 in an
amount of approximately $30.0 million in addition to normal
sales related amortization, predominantly related to the Brazil
library.  This estimate is based on the Company's expectations
for normal sales related amortization for the remainder of 2005
and is uncertain and subject to change.

              Other Operating (Income) Expense, Net

Other operating (income) expense, net, was income of $2.2
million in Q2 2005 compared to expense of $3.1 million in Q2
2004 and constitutes a release of previously recognized
liabilities related to tax indemnifications on UK leases (see
paragraph on UK Leases below).

                     Interest Expense

Interest expense for Q2 2005 was $23.0 million compared to $27.4
million for Q2 2004, a reduction of $4.4 million which
corresponds to a reduction interest-bearing debt and capital
leases.

Capitalized interest for multi-client surveys in progress was
$0.5 million in both Q2 2005 and Q2 2004.

Other Financial Items, Net

Other financial items, net, for Q2 2005 was income of $1.2
million compared to expense of $3.8 million in Q2 2004.  Other
financial items, net, for the quarter included:

(a) Interest income of $2.3 million in Q2 2005 compared to $1.2
    million in Q2 2004

(b) Foreign exchange gain of $6.1 million in Q2 2005 compared to
    a loss of $1.2 million in Q2 2004

(c) $3.5 million of redemption premium charged to expense
    relating to redemption of $175 million of the 8% Senior
    Notes at 102% of par in Q2 2005

(d) Other financial expense including interest rate variation
    expense for UK leases, net of amortization of deferred gain,
    of $3.7 million in Q2 2005 compared to $3.8 million in Q2
    2004

                  Income Tax Expense (Benefit)

Income tax expense (benefit) was $2.4 million for Q2 2005
compared to $14.4 million in Q2 2004.  Deferred taxes
represented $1.8 million for Q2 2005.  The relatively low
deferred tax charge primarily results from a favorable effect on
tax positions in countries with statutory currencies other than
US dollar due to exchange rate movements and includes a reversal
of $3.1 million of the estimated realization of pre fresh start
operating loss carry forwards.  Under fresh start accounting,
deferred tax assets associated with operating loss carry
forwards are charged to tax expense as those carry forwards are
realized.  Valuation allowances against such deferred tax assets
are recorded as a reduction of intangible assets until such
intangibles are exhausted and then recorded directly to
shareholders' equity.  Current tax expense of $0.6 million
relates primarily to foreign taxes in regions where the Company
is subject to withholding taxes or deemed to have a permanent
establishment and where it has no carryover losses.

As a multi-national organization, the Company is subject to
taxation in many jurisdictions around the world with
increasingly complex tax laws.  As previously disclosed, the
Company has an issue pending with the Norwegian Central Tax
Office ("CTO") for 2002 relating to two of its subsidiaries that
withdrew from the Norwegian tonnage tax regime.  If the CTO
position is upheld, the Company estimates that taxes payable for
2002, without considering mitigating actions, could increase by
up to $24 million.  The Company also has tax issues in several
other jurisdictions that could eventually result in material
amounts of taxes relating to prior years.  The Company has
established accruals for identified tax contingencies based on
its best estimate relating to each contingency.

                       Capital Investments

Cash investments in multi-client library (Marine Geophysical,
Onshore and Reservoir) totaled $21.0 million in Q2 2005 compared
to $9.6 million in Q2 2004.

Capital expenditures totaled $21.9 million in Q2 2005 compared
to $38.8 million in Q2 2004.  Capital expenditures for Marine
Geophysical were $16.7 million in Q2 2005 compared to $11.1
million in Q2 2004.  Onshore expenditures were $4.0 million in
Q2 2005 compared to zero in Q2 2004.  In Q2 2004 Pertra was
consolidated with capital expenditures of $27.5 million.

                             Shares

PGS' Annual General Meeting on June 8, 2005, approved the split
of the PGS shares in the ratio of three for one.  Following the
share split, the Company has 60,000,000 ordinary shares, all one
class and with equal rights, issued and outstanding.  The
ordinary shares are listed on the Oslo Stock Exchange.  The
Company's American Depository Shares ("ADS") are listed on the
New York Stock Exchange and were split in the same ratio as the
ordinary shares.

                     Liquidity and Financing

At June 30, 2005 cash and cash equivalents amounted to $107.6
million compared to $332.1 million at March 31, 2005 and $132.9
million at December 31, 2004.  The reduction in Q2 2004 relates
mainly to repayment of debt.

Net cash provided by operating activities was $23.2 million in
Q2 2005 compared to $54.8 million in Q2 2004.  The reduction
relates primarily to an increase in working capital, which is
expected to reverse in Q3 2005.  Interest on PGS' 10% and 8%
Senior Notes is payable semi-annually, at the end of Q2 and Q4.
Consequently, high interest payments, totaling approximately $50
million in Q2 2005 had a negative effect on cash provided by
operating activities in Q2 2005.

Restricted cash amounted to $30.8 million at June 30, 2005
compared to $35.4 million at March 31, 2005 and $35.5 million at
December 31, 2004.

The Company has a $110 million two-year secured working capital
facility (maturing March 2006), $70 million of which can be used
for general corporate purposes.   The remaining $40 million is
available for issuance of letters of credit to support bid and
performance bonds associated with PGS' day-to-day operations.
At June 30, 2005, no amounts were outstanding under the
revolving credit portion of the facility.

Interest bearing debt was approximately $958 million as of June
30, 2005 compared to $1,159 million as of March 31, 2005 and
$1,164 million as of December 31, 2004.   Net interest bearing
debt (interest bearing debt less cash and cash equivalents and
restricted cash) was approximately $820 million at June 30, 2005
compared to $792 million at March 31, 2005 and $995 million as
of December 31, 2004.

In April 2005, the Company repaid $175 million of its $250
million 8% Senior Notes, due 2006, at 102% of par value.  In
addition, various capital leases were repaid in accordance with
their lease terms bringing total debt repayment to approximately
$205 million in Q2 2005.

PGS conducts business in various currencies and is subject to
foreign currency exchange rate risk on cash flows related to
revenues, expenses and financing and investing transactions in
currencies other than the U.S.  dollar.  The Company's cash
flows from operations are primarily denominated in U.S.
dollars, British pounds ("GBP") and Norwegian kroner ("NOK").
Revenues are predominantly denominated in U.S.  dollars while a
portion of operating expenses is incurred in GBP and NOK.  In Q1
2005, the Company started hedging a portion of its foreign
currency exposure related to operating expenses in NOK by
entering into contracts to buy NOK forward.  While the Company
enters into these contracts with the purpose of reducing its
exposure to changes in exchange rates, it does not account for
the contracts as hedges.  Consequently, all outstanding forward
currency contracts are recorded at estimated fair value and
gains or losses are included in other financial items, net.  At
June 30, 2005 the Company had open forward contracts to buy NOK
amounting to approximately $8 million with an estimated fair
value of $(0.3) million.

                            UK Leases

The Company entered into capital leases from 1996 to 1998
relating to Ramform Challenger, Valiant, Viking, Victory and
Vanguard; the FPSO Petrojarl Foinaven; and the production
equipment of the Ramform Banff for terms ranging from 20-25
years.  These leases are described more fully in PGS' Annual
Report on Form 20-F for the year ended December 31, 2004.

The Company has indemnified the lessors for the tax consequences
resulting from changes in tax laws or interpretations thereof or
adverse rulings by the tax authorities ("Tax Indemnities") and
for variations in actual interest rates from those assumed in
the leases ("Interest Rate Differential").   There are no limits
on either of these indemnities.

The Company has been informed that the UK Inland Revenue
generally deferred agreeing to the capital allowances claimed
under such leases pending the outcome of a case that was
appealed to the UK House of Lords, the highest UK court of
appeal.  In November 2004, the House of Lords ruled in favor of
the taxpayer and rejected the position of the UK Inland Revenue.
As a result of the November 2004 decision by the UK House of
Lords, the Company believes it is unlikely that its U.K. leases
will be successfully challenged by the Inland Revenue.

In connection with the adoption of fresh start reporting in
November 2003 and before the House of Lords' ruling, the Company
recorded a liability of $28.3 million.  The Company releases
applicable portions of this liability if and when the UK Inland
Revenue accepts the lessors' claims for capital allowances under
each lease.  The Company has been informed that in the first
half of 2005, the Inland Revenue accepted the lessors' claims to
capital allowances for four of the Company's UK leases, and
consequently the Company released $6.4 million of the liability
in Q1 2005 and $2.2 million in Q2 2005.  The amounts were
included in other (income) expense.  The remaining accrued
liability as at June 30, 2005 is $22.0 million and relates to
the Petrojarl Foinaven, Ramform Banff and Ramform Challenger
leases.

With respect to the Interest Rate Differential, the defeased
rental payments are based on assumed Sterling LIBOR rates
between 8% and 9% (the "Assumed Interest Rates").  If actual
interest rates are greater than the Assumed Interest Rates, the
Company receives rental rebates.  Conversely, if actual interest
rates are less than the Assumed Interest Rates, the Company is
required to pay additional rentals.

Over the last several years, the actual interest rates have been
below the Assumed Interest Rates.  When the Company adopted
fresh start reporting in November 2003 it recorded a liability
of 30.5 million British pounds (approximately $51.6 million),
equal to the estimated fair value of the future additional
rental payments.  This liability was amortized to 23.3 million
British pounds (approximately $42.3 million) and 24.6 million
British pounds (approximately $47.2 million) as of June 30, 2005
and December 31, 2004, respectively.

             Basis of Unaudited Financial Statements

The unaudited consolidated financial statements for Q2 2005 are
prepared in accordance with U.S.  GAAP, using the same
accounting principles as were used for the 2004 U.S.  GAAP
audited financial statements in the Company's Annual Report on
Form 20-F for the year ended December 31, 2004.  Consolidated
statement of operations, balance sheets and statements of cash
flows based on Norwegian GAAP are included in the attached
supporting tables.  The Company's financial statements prepared
in accordance with Norwegian GAAP are, as previously reported,
different from those prepared in accordance with U.S.  GAAP in
certain material respects.

      International Financial Reporting Standards ("IFRS")

PGS' primary financial reporting is in accordance with U.S.
GAAP.  Effective January 1, 2005 publicly traded companies in EU
and EEA countries are required to report financial statements
based on International Financial Reporting Standards ("IFRS").
Several EU/EEA countries, including Norway, have established
transition rules allowing companies that are listed for public
trading in the U.S., and therefore, have prepared complete
financial statements under U.S.  GAAP, at least from and
including 2002, to defer adopting IFRS reporting until January
1, 2007.  PGS has concluded that the transition rules apply to
the Company and intends to defer its IFRS reporting until
January 1, 2007.

                       Material Weaknesses

PGS has previously disclosed material weaknesses in its internal
controls over financial reporting.  PGS has taken extensive
actions to address these material weaknesses and has developed
and is continuing to implement a plan to remediate these
weaknesses.  While the actions the Company has taken have
significantly improved the quality of its internal controls over
financial reporting, the Company still had material weaknesses
in certain areas for the period relevant for the preparation of
its 2004 financial statements.   PGS is committed to remediating
the material weaknesses and deficiencies in internal controls
over financial reporting as expeditiously as possible and
believes that those actions already implemented and those
ongoing will achieve this result.

For additional support to the unaudited, second quarter 2005
results under U.S. GAAP and related news release and
presentation, visit http://www.pgs.com.

PGS expects to announce its unaudited third quarter 2005 results
under U.S.  GAAP on October 28, 2005.

- - - - - - - - - -
[1] Pro forma key figures as presented in the table show
revenues, operating profit (loss) and Adjusted EBITDA as if
Pertra had not been part of the consolidated PGS group of
companies for any of the periods presented.  Pertra was sold
March 1, 2005.

                            *   *   *

PGS operates on a worldwide basis with headquarters at Lysaker,
Norway.  It is a technologically focused oilfield service
company principally involved in geophysical and floating
production services.  It provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  It owns and operates four
floating production, storage and offloading units (FPSOs).

The company filed for chapter 11 protection on July 29, 2003
(Bankr. S.D.N.Y. Case No. 03-14786).  When the Company filed for
bankruptcy, it disclosed assets amounting to $3,686,621,000 and
debt amounting to $2,444,341,000.  The case was closed in May 2,
2005, but the firm remains in Bloomberg's list of companies with
insolvent balance sheets.  In May, Standard & Poor's Ratings
Services assigned its 'B+' rating and its 'B+' senior unsecured
rating to the company.  The outlook is stable.

CONTACT:  PETROLEUM GEO-SERVICES ASA
          Ola Bosterud
          Sam R. Morrow
          Christopher Mollerlokken
          Phone: +47 6752 6400

          U.S. Investor Services
          Renee Sixkiller
          Phone: +1 281 509 8548


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


POLSKIE LINIE: Prepares to Float on Warsaw Bourse
-------------------------------------------------
National airline Polskie Linie Lotnicze LOT will sign agreement
next week with either JP Morgan or INB bank in relation to its
flotation in 2006.

President Marek Grabarek said the firm -- better known as LOT
Polish Airlines -- will debut on the Warsaw Stock at the turn of
the first and second quarter.

Under the plan, bankrupt firm Swissair, which holds a 25.1%
stake in the airline, will sell shares in a public offer.  LOT
will issue new shares just enough to make the Treasury, which
owns 67.8% of the company, to remain in control.

LOT beat its net loss forecast for the first five months of the
year.  The company had predicted losses for the period to reach
PLZ77 million, but the final figure only amounted to PLZ28
million, according to Piotr Dubno, a management board member.
For the year the carrier expects a net profit of PLZ246.3
million, up from PLZ17.1 million in 2004.  The extraordinary
gain will come from the sale of Polskie's 2% stake in Bank Pekao
S.A.  Core operation is expected to return a profit of PLZ101.7
million, Mr. Dubno said.  He considers the effect of fuel prices
one of the most important factors that influence results.

The airline serves eight cities in Poland and nearly 50
international destinations across Europe and North America. Most
of those flights are through codeshare relationships with fellow
STAR Alliance members. It also operates a low-cost and charter
carrier under the brand name Central Wings.  It maintains a
fleet of about 55 aircraft, consisting mostly of Boeing 737s and
Embraer regional jets, and it flies 4 million passengers a year.

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

          BANK PEKAO S.A.
          Web site: http://www.pekao.com.pl/


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


CERAMIC: Public Auction Set Tomorrow
------------------------------------
The insolvency manager and bidding organizer of close joint
stock company Ceramic will sell its property on Aug. 3, 2005,
1:00 p.m.   The public auction will take place at Russia,
Khabarovsk region, Vyazemskiy, Shevchenko Str. 4.

The assets for sale are:

Lot 1: a property complex for a starting price of RUB1,890,000;

Lot 2: a Toyota Prado Land Cruiser for a starting price of
RUB198,000.

The list of documentary requirements is available at Russia,
Khabarovsk, Kalinina Str. 45.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price.

CONTACT:  CERAMIC
          Russia, Khabarovsk region,
          Vyazemskiy, Shevchenko Str. 4

          Insolvency Manager/Bidding Organizer
          Russia, Khabarovsk region,
          Kalinina Str. 45


DAIRY ZEYA: Succumbs to Bankruptcy
----------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Dairy Zeya City (TIN 2805001089) after
finding the open joint stock company insolvent.  The case is
docketed as A04-531/05-6/64 B.  Ms. A. Shilova has been
appointed insolvency manager.  Creditors have until Sept. 2,
2005 to submit their proofs of claim to 675000, Russia, Amur
region, Blagoveshensk, Pervomayskaya Str. 1, Office 204.

CONTACT:  DAIRY ZEYA CITY
          Russia, Amur region,
          Zeya, Lenina Str. 233A

          Ms. A. Shilova
          Insolvency Manager
          675000, Russia, Amur region, Blagoveshensk,
          Pervomayskaya Str. 1, 204


KRASNOCHETAYSKIY DAIRY: Declared Insolvent
------------------------------------------
The Arbitration Court of Chuvashiya republic commenced
bankruptcy proceedings against Krasnochetayskiy Dairy after
finding the open joint stock company insolvent.  The case is
docketed as A79-564/2003-SK1-575.  Mr. S. Guryev has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 429122, Russia, Chuvashiya republic, Shumerlya,
Kalininskoye Shosse, 7.

CONTACT:  KRASNOCHETAYSKIY DAIRY
          Russia, Chuvashiya republic

          Mr. S. Guryev
          Insolvency Manager
          429122, Russia, Chuvashiya republic,
          Shumerlya, Kalininskoye Shosse, 7


NEVELSKIY SHIPYARD: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Sakhalin region has commenced
bankruptcy supervision procedure on open joint stock company
Nevelskiy Shipyard (TIN 6505000476).  The case is docketed as
A59-1235/05-S12.  Mr. G. Dolin has been appointed temporary
insolvency manager.

CONTACT:  NEVELSKIY SHIPYARD
          694740, Russia, Sakhalin region,
          Nevelsk, Sovetskaya Str. 28

          Mr. G. Dolin
          Temporary Insolvency Manager
          693013, Russia, Yuzhno-Sakhalinsk,
          Komsomolskaya Str. 280


NIVA: Insolvency Manager Takes over Operations
----------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Niva after finding the close joint stock
company insolvent.  The case is docketed as A19-29838/04-38.
Mr. N. Bogoslovskiy has been appointed insolvency manager.
Creditors have until Sept. 2, 2005 to submit their proofs of
claim to 664025, Russia, Irkutsk, Marata Str. 15/2-50.

CONTACT:  NIVA
          Russia, Irkutsk region, Panfenovo

          Mr. N. Bogoslovskiy
          Insolvency Manager
          664025, Russia, Irkutsk region,
          Marata Str. 15/2-50


PARANGISKH-AGRO-SEL-KHOZ-KHIMIYA: Declared Insolvent
----------------------------------------------------
The Arbitration Court of Mariy El republic commenced bankruptcy
proceedings against Parangiskh-Agro-Sel-Khoz-Khimiya after
finding the open joint stock company insolvent.  The case is
docketed as A-38-9/4-03.  Mr. V. Mikhaylov has been appointed
insolvency manager.

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

(a) PARANGISKH-AGRO-SEL-KHOZ-KHIMIYA
    425570, Russia, Mariy El republic,
    Paranginskiy region, Paranga, Mira Str. 2a

(b) Insolvency Manager
    425205, Russia, Mariy El republic,
    Medvedevskiy region, Lyulpany, Ukhtomskogo Str. 21
    Phone: (8362) 57-42-09
    Mobile: 98-63-44

(c) The Arbitration Court of Mariy El republic
    424002, Russia, Mariy El republic,
    Yoshkar-Ola, Lenina Pr. 40
    Phone: (8362) 45-43-38
    Fax: 45-46-48


SEL-KHOZ-SNAB: Bankruptcy Hearing Set December
----------------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Sel-Khoz-Snab after finding the open joint
stock company insolvent.  The case is docketed as A03-839/05-B.
Mr. S. Pupkov has been appointed insolvency manager.

Creditors have until Sept. 2, 2005 to submit their proofs of
claim to 656002, Russia, Altay region, Barnaul, Vorovskogo Str.
140, Post User Box 130.  A hearing will take place on Dec. 14,
2005.

CONTACT:  SEL-KHOZ-SNAB
          656037, Russia, Altay region,
          Barnaul, Lenina Pr. 156a

          Mr. S. Pupkov
          Insolvency Manager
          656002, Russia, Altay region, Barnaul,
          Vorovskogo Str. 140, Post User Box 130


SIB-EXPRESS: Calls in Liquidator from Novosibirsk
-------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Sib-Express after finding the close joint
stock company insolvent.  The case is docketed as A45-15922/04-
SB/154.  Mr. D. Skorospeshev has been appointed insolvency
manager.  Creditors have until Sept. 2, 2005 to submit their
proofs of claim to 630075, Russia, Novosibirsk, Post User Box
77.

CONTACT:  SIB-EXPRESS
          630091, Russia, Novosibirsk region,
          Kranyj Prospekt Str. 82

          Mr. D. Skorospeshev
          Insolvency Manager
          630075, Russia, Novosibirsk region,
          Post User Box 77


SVIRSKIY FACTORY: Creditors Have Until September to File Claims
---------------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Svirskiy Factory after finding the auto-
spets-equipment insolvent.  The case is docketed as A19-1588/05-
29.  Mr. O. Fominykh has been appointed insolvency manager.
Creditors have until Sept. 2, 2005 to submit their proofs of
claim to Russia, Irkutsk region, Proletarskaya Str. 8, Office
34.

CONTACT:  SVIRSKIY FACTORY
          665420, Russia, Irkutsk region,
          Cheremkhovskiy region, Svirsk, Kievskaya Str. 16

          Mr. O. Fominykh
          Insolvency Manager
          Russia, Irkutsk region,
          Proletarskaya Str. 8, Office 34


TOPAZ: Deadline for Proofs of Claim Expires Today
-------------------------------------------------
The Arbitration Court of Tomsk region commenced bankruptcy
proceedings against Topaz after finding the limited liability
company insolvent.  The case is docketed as A67-8387/04.  Mr. S.
Lizunov has been appointed insolvency manager.  Creditors have
until Aug. 2, 2005 to submit their proofs of claim to 634057,
Russia, Tomsk region, Govorova Str. 1A.

CONTACT:  TOPAZ
          634040, Russia, Tomsk region,
          Vysotskogo Str. 28

          Mr. S. Lizunov
          Insolvency Manager
          634057, Russia, Tomsk region,
          Govorova Str. 1A


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


UKRAINA BANK: Receiver Collects UAH1.375 Mln in June
----------------------------------------------------
Ukraina Bank's receiver in bankruptcy has reportedly amassed a
total of UAH1.375 million in June, said Interfax.

Kostiantyn Rayevsky, the receiver appointed by the National Bank
of Ukraine, disclosed the collection includes UAH70,000 obtained
from the repayment of the loans granted by the bank, UAH422,000
from the sale of assets, and UAH3,000 from the leasing of
property.

The figure, which was endorsed to the accumulation account of
the bank's receiver, is smaller compared to the UAH2.117
gathered in May.

Last month, the bank's first three groups of creditors were paid
a total of UAH791.015 million, of which, UAH200.216 million went
to individuals, and UAH590.799 million was given to legal
entities.

Ukraina Bank's crisis started in 1998, which led to NBU's
cancellation of its banking license and initiation of
liquidation proceedings three years after.

In April, Ukrainian President Viktor Yuschenko revealed plans to
look into the bank's bankruptcy.  He cited his four-year work
experience in the bank as he vowed to pioneer its bankruptcy
case.

He said the bank, which was among Ukraine's largest banks, leads
others in terms of assets, capital, and dividend when he left it
in 1992.  This was in response to Interior Minister Yuriy
Lutsenko's statement that the President may be held accountable
if proven guilty of his role in the bank's collapse.

CONTACT:  UKRAINA BANK
          10 Rulskoho prov.
          Phone: (044) 244-1616


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


A B C FACILITIES: Receiver Takes over Helm
------------------------------------------
Company Name: A B C Facilities Management Limited

Registration Number:04259947

Address: Marlowe House, 109 Station Road, Sidcup, Kent, DA15 7ET

Court: Bristol District Registry

Date of Filing Petition: May 18, 2005

No. of Matter: 2190 of 2005

Date of Winding-up Order: July 13, 2005

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


ALEAF WINDOWS: Court Orders Wind-up
-----------------------------------
Company Name: Aleaf Windows Limited

Registration Number: 04025283

Address: Kingswood House, 7 Hampstead Gate 1A Frognal, London,
NW3 6AL

Court: Bristol District Registry

Date of Filing Petition: May 13, 2005

No. of Matter: 2148 of 2005

Date of Winding-up Order: July 13, 2005

Address of Official Receiver: 21 Bloomsbury Street, London, WC1B
3SS.


ALLIED DOMECQ: S&P Lowers Rating to 'BB/B'; Outlook Positive
------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
negative implications and lowered its corporate credit ratings
on U.K.-based wines and spirits group Allied Domecq PLC to
'BB/B' from 'BBB+/A-2' following completion of the group's
takeover by Pernod Ricard S.A. (BB/Positive/B).  The outlook is
positive.

At the same time, Standard & Poor's lowered its senior unsecured
debt ratings on Allied to 'BB' from 'BBB+' but kept the ratings
on CreditWatch with negative implications, pending the possible
resolution of subordination issues.  All ratings were originally
placed on CreditWatch on April 21, 2005.

"Following the acquisition by Pernod, the ratings on Allied
reflect the highly leveraged capital structure of the combined
group in addition to potential integration issues," said
Standard & Poor's credit analyst Vincent Allilaire.  "The
ratings benefit, however, from the combined group's superior
business profile and the expected immediate focus on
deleveraging."

Some outstanding bonds at the Allied level, which are not
expected to be refinanced through the group's acquisition
facility, create structural subordination issues in the enlarged
group, as all lenders do not have equal access to the group's
assets.  Standard & Poor's expects Pernod's management to decide
over the coming months on a possible remedy that could provide
broadly equivalent access to the group's assets for all lenders.
Allied's senior unsecured ratings could be affirmed at the
current 'BB' level or lowered, depending on whether a successful
remedy is implemented by the group.  Following completion of the
acquisition, the group's unadjusted gross debt is expected to
amount to about EUR9.5 billion.

The positive outlook reflects Standard & Poor's expectation that
Pernod's management will initially put strong emphasis on
deleveraging following the integration of Allied.

"The ratings might be raised if the group were to maintain its
sales momentum, complete expected disposals, and achieve some of
the planned economies of scale within the expected associated
cash costs," said Mr. Allilaire.

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


A R CORPORATE: Contributories' Meeting Set Next Week
----------------------------------------------------
Notice is hereby given that the first Meeting of the
Contributories of A R Corporate Services Limited will be held at
Burleigh Manor, Peel Road, Douglas IM1 5EP, on August 11, 2005
at 10:30 a.m.  Proxies to be used must be lodged at the above
address before 5:00 p.m. on 9 August 2005.

D. P. Craine, B. D. Bielich and M. Singer, Joint Provisional
Liquidators

                            *   *   *

At the first Meeting of Creditors and Contributories they may
amongst other things:

(a) By Resolution determine whether or not an application shall
    be made to the Court to appoint a Liquidator in place of the
    Provisional Liquidator; and

(b) By Resolution determine whether or not an application shall
    be made to the Court for the appointment of a committee of
    inspection to act with the Liquidator, and who are to be the
    Members of the committee of appointed.

                            *   *   *

AR Corporate Services Limited is licensed by the Isle of Man
Financial Supervision Commission as a Corporate Service
Provider.  Visit http://www.arcorporateservices.com/for more
information.

CONTACT:  AR CORPORATE SERVICES LIMITED
          P.O. Box 384
          10 St George's Street,
          Douglas, Isle of Man IM99 2XD
          Phone: 0845 331 3141
          Fax: 0845 331 3151
          E-mail: info@arcorporateservices.com


ASHTEAD GROUP: Share Offering Receives 72.6% Uptake
---------------------------------------------------
On 7 July 2005, Ashtead Group plc revealed the conditional
placing of 73,350,352 New Ordinary Shares at an issue price of
95.5 pence each, of which 54,350,352 New Ordinary Shares were
subject to clawback by way of the Open Offer to existing
Shareholders on the basis of one New Ordinary Share for every
six Existing Ordinary Shares.

Of the 54,350,352 New Ordinary Shares available for take up
under the Open Offer, valid applications had been received by
the close of the Open Offer at 3:00 p.m. on 28 July 2005 for
39,457,054 New Ordinary Shares.  This represents approximately
72.6% of the New Ordinary Shares offered under the Open Offer.

The 14,893,298 New Ordinary Shares not being taken up under the
Open Offer and the 19,000,000 New Ordinary Shares not subject to
clawback by Shareholders under the Open Offer will be taken up
in accordance with the terms of the Placing and Open Offer
Agreement.

The Placing and the Open Offer remain conditional upon, among
other things: (a) the passing of certain Resolutions at the
Extraordinary General Meeting; (b) the concurrent Debt Issue
becoming unconditional; and (c) Admission.  It is expected that
Admission will take place, and that dealings in the New Ordinary
Shares will commence, on 3 August 2005 (immediately following
the completion of the Debt Issue).

Terms used in this Announcement shall have the same meanings as
set out in the Prospectus dated 7 July 2005.

                            *   *   *

Registered in the U.K., Ashtead is a leading provider of rental
equipment in the U.K. and the U.S., through it's a-Plant and
Sunbelt subsidiaries.  As at financial year ending April 30,
2005, the group generated annual revenues of GBP523.7 million
and EBITDA of GBP169.7 million.  As at 30 April 2005, net debt
was GBP493.2 million.

JPMorgan Cazenove Limited, which is regulated in the U.K. by the
Financial Services Authority, is acting as sponsor, financial
adviser, joint broker and joint bookrunner for Ashtead and no
one else in connection with the Placing and the Open Offer and
will not be responsible to anyone other than Ashtead for
providing the protections afforded to its customers or for
providing advice in relation to the Placing and the Open Offer.

J.P. Morgan Securities (acting through JPMorgan Cazenove) is
acting as joint underwriter of the Placing and the Open Offer.

Evolution Securities Limited, which is regulated in the U.K. by
the Financial Services Authority, is acting as joint broker,
joint bookrunner and joint underwriter for Ashtead and no one
else in connection with the Placing and the Open Offer and will
not be responsible to anyone other than Ashtead for providing
the protections afforded to its customers or for providing
advice in relation to the Placing and the Open Offer.

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

          George Burnett, Chief Executive Officer
          Ian Robson, Chief Finance Officer
          Phone: +44 (0)1372 362300

          JPMORGAN CAZENOVE LIMITED
          Julian Oakley
          Dermot McKechnie
          Phone: +44 (0)20 7588 2828

          EVOLUTION SECURITIES LIMITED
          Steve Roberts
          Stuart Andrew
          Phone: +44 (0)20 7071 4300

          THE MAITLAND CONSULTANCY
          Brian Hudspith
          Phone: +44 (0)20 7379 5151


BOOTS GROUP: Concludes Sale-and-leaseback Deal with REIT Asset
--------------------------------------------------------------
Boots Group plc has completed a GBP298 million 15-year sale and
leaseback deal with REIT Asset Management on 312 high street
shops.

The stores involved are mainly freehold stores in small towns
throughout the country.

The sale attracted considerable interest and the proceeds are at
a significantly higher level than initially expected and
represent an initial yield of 5.3% to the purchaser.  Boots will
lease back the properties at an initial rental of GBP16 million
per annum, with fixed annual uplifts of 1.5%.  Under IAS17 the
annual P+L rental will be GBP18 million over the full 15 years.
The book value of the properties involved was GBP128 million and
it is not anticipated that the deal will attract any tax.

Boots has negotiated a degree of flexibility to exit properties
early and may vacate any property, up to 3% per annum of the
initial rental, with 12-months notice without penalty.

The proceeds of the sale and leaseback will be used to pay down
short-term debt.

                            *   *   *

In July, Chief Executive Richard Baker described current trading
as "a reasonable performance in a tough market, against our
strongest trading period last year.  Conditions on the high
street are difficult, competition is intense and there is
nothing to suggest this will change in the coming months.

"Our priority remains to reinvest in the business to build a
better Boots.  Good growth in our core markets demonstrates
progress in re-establishing our position as the health and
beauty expert.  Volume growth of 5% in Dispensing continues to
reflect our focus on healthcare although regulatory price
changes are deflating headline sales growth.  We are encouraged
by the customer response to our investment in new beauty halls
and own brand products with sales in Beauty up 6%."

The company has opened its doors to bidders for the GBP1.2
billion sale of its healthcare products venture, Boots
Healthcare International.  Boots put the unit on the block in
March to concentrate on its U.K. operations.  Goldman Sachs,
which is handling the sale, aims to conclude a deal by first
quarter of 2006.

CONTACT:  BOOTS GROUP PLC
          1 Thane Road
          Nottingham NG2 3AA
          Phone: 0115 950 6111
          Customer Service: 0845 070 80 90
          Web site: http://www.boots-plc.com


BP LUBRICANTS: Calls in Liquidator from PricewaterhouseCoopers
--------------------------------------------------------------
At Extraordinary General Meetings of BP Lubricants Trading
Limited, duly convened, held on 13 July 2005, the following
Resolutions were passed, as a Special Resolution, as Ordinary
Resolutions and as Extraordinary Resolutions respectively:

"That the Company be wound up voluntarily.  That Jonathan Sisson
and Richard Setchim, of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT, be and are hereby appointed Joint
Liquidators of the Companies for the purposes of such winding-
up, and any act required or authorized under any enactment to be
done by the Joint Liquidators is to be done by all or any one or
more of the persons for the time being holding office, and that
the Joint Liquidators' fees be fixed by reference to the time
properly given by the Joint Liquidators and their staff in
attending to matters arising in the winding-up, including those
falling outside of statutory duties undertaken at the request of
the sole Member, such remuneration to be drawn monthly, or at
such longer intervals as they may determine, that the Companies
books and records be held to the order of the Joint Liquidators,
and may not be destroyed until two years after the dissolution
of the Companies.

That, in accordance with the provisions of the articles of
association, the Joint Liquidators be and are hereby authorized
to distribute to the sole Member of the Company in specie the
whole or any part of the assets of the Company, value any assets
and determine how the distribution shall be carried out to the
sole Member, vest the whole or any part of the assets in
Trustees upon such trust for the benefit of the sole Member as
the Joint Liquidators so determine, but the sole Member shall
not be compelled to accept any assets upon which there is a
liability, and that, pursuant to section 165(2)(a) of the
Insolvency Act 1986, the Joint Liquidators be authorized to
exercise any of the powers specified in Part I of Schedule 4 to
the said Act."

J G Nemeth, Chairman

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


BPS INSURE: Creditors Meeting Set Friday
----------------------------------------
The creditors of BPS Insure Limited (Company No 04127039) will
meet on Aug. 5, 2005 at 11:00 a.m.  It will be held at Regus, 68
Lombard Street, London EC3V 9LJ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Neil John Mather and Lloyd Christopher Biscoe, of
Begbies Traynor, 32 Cornhill, London EC3V 3BT not later than
12:00 noon on Aug. 4, 2005.

                            *   *   *

On May 27, 2005 BPS Insure Ltd. was sold to Towergate Risk
Solutions, part of Towergate Partnership Ltd., which is the
largest independently owned insurance intermediary in the United
Kingdom.

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


B REALISATIONS: High Court Orders Liquidation
---------------------------------------------
Company: B Realisations (Sheffield) Ltd.

Registration Number: 01073492

Address: Begbies Traynor, 1 Winckley Court, Chapel Street,
Preston, PR1 8BU

Court: High Court of Justice

Date of Filing Petition: April 14, 2005

No. of Matter: 002434 of 2005

Date of Winding-up Order: June 15, 2005

Address of Official Receiver: 5th Floor, South Block, City
Plaza, Pinfold Street, Sheffield, S1 2GU


BRETT TECHNOLOGIES: Hires Administrators from Milner Boardman
-------------------------------------------------------------
Name of company: BRETT TECHNOLOGIES LIMITED
                 (Company No 04072992)

Nature of Business: Software Consultancy and Supply, Hardware
Consultancy

Address of Registered Office: 17 Saint Peters Place, Fleetwood,
Lancashire FY7 6EB

Trade Classification: 7220, 7210

Date of Appointment: July 20, 2005

Administrators' Names and Address: Colin Burke and Gary J.
Corbett, (IP Nos 8803 and 9018), both of Milner Boardman &
Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG

                            *   *   *

Brett Technologies is a leading Microsoft Partner providing
application solutions for mid sized companies throughout the
United Kingdom.  As a Microsoft Gold Partner for Enterprise
Systems, it provides high level design, consultancy,
implementation and support services for client's IT
infrastructure within the middle and corporate markets.  Visit
http://www.brett-tech.com/for more information.

CONTACT:  BRETT TECHNOLOGIES LIMITED
          Unit D
          Astra Business Centre
          Roman Way
          Preston PR2 5AP
          Phone: 0870 2414970
          Fax: 01772 652991
          E-mail: enquiries@Brett-Tech.com

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


BRIDGE OF ALLAN: Award-winning Brewery Goes into Liquidation
------------------------------------------------------------
Bridge of Allan Brewery Ltd. has gone into liquidation after its
expansion strategy fell through, said The Scotsman Sunday.

Liquidator PKF (U.K.) LLP disclosed that the brewery's crisis
started as it tried to carry out its own bottling.

In 2003, Bridge of Allan won the Beer of the Year award from
supermarket chain Tesco.  Since then, the brewery has supplied
every Tesco branch with its City of Stirling ale.

The contract saw production at Bridge of Allan increased four
times to about GBP1 million, which led to the construction of
new buildings for brewing and storage.

The brewery was established in August 1997 by the proprietor
Douglas Ross in the Victorian Spa town of Bridge of Allan as an
offshoot of Bridge of Allan's Queens Hotel.

It features a visitor center, which has become a regular tourist
spot, offering the public a chance to see what's behind a
working micro-brewery, and discover the ingredients and
craftsmanship that go into making real ale.

CONTACT:  BRIDGE OF ALLAN BREWERY LTD.
          The Brewhouse, Queens Lane,
          Bridge of Allan, Scotland
          FK9 4NY
          Phone: 01786 834 555
                 or 01786 833 426
          E-mail: brewery@bridgeofallan.co.uk
          Web site: http://www.bridgeofallan.co.uk

          PKF (U.K.) LLP
          17 Rothesay Place
          Edinburgh
          EH3 7SQ
          Phone: 0131 2253688
          Fax: 0131 2256017
          E-mail: info.edinburgh@uk.pkf.com
          Web site: http://www.pkf.co.uk


BRITISH ENERGY: Posts GBP54 Mln Profit on Ordinary Activities
-------------------------------------------------------------
                         British Energy      British Energy
                         Group plc (BEG)    Limited (BE Ltd.)
                         2.5 months to       9.5 months to
                         31 March 2005     14 January 2005*
Turnover (GBPm)                482               1,222
Operating costs before
exceptional items (GBPm)
                               400               1,305
Operating profit/(loss)
before exceptional items (GBPm)
                                82                (83)
Operating profit/(loss)
after exceptional items (GBPm)
                                63               (143)
Group profit/(loss)
on ordinary activities
before tax (GBPm)              54               (357)
EBITDA - continuing activities (GBPm)
                               129                (24)
Cash and liquid funds (GBPm)
                               456                 398
Net Debt (GBPm)                220                 489

Realised price (GBP/MWh)      24.0                19.2
Operating unit cost (GBP/MWh) 19.5                21.3
Operating margin (GBP/MWh)     4.5               (2.1)
Earnings per share (p)         6.2                 N/A


Output (TWh)                   16.8                50.6
Nuclear                        14.3                45.5
Coal                            2.5                 5.1

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* BE Ltd. results are presented on a pre-Restructured accounting
basis and cannot be compared with the results of BEG.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Highlights

(a) Restructuring completed and shares in new parent company,
    British Energy Group plc, listed on the London Stock
    Exchange on 17 January 2005;

(b) 2.5 month results for the new British Energy Group plc after
    relisting show the Company returning to profitability;

(c) Trading Development Programme completed and foundations for
    our Performance Improvement Programme (PiP) also completed.
    Investment phase of the improvement program commenced and
    is expected to complete in the year ending March 2008;

(d) New management team in place and 415 new members of staff
    (net increase of 181) as part of a program to increase
    skills and train our workforce.  Marked improvement in
    certain safety and quality performance indicators over the
    year;

(e) Nuclear output was 59.8 TWh down from 65.0 TWh in the prior
    year.  This was adversely affected by a number of
    significant unplanned outages principally at our Heysham 1
    and Hartlepool stations resulting in lost output
    totaling 7.4 TWh;

(f) Results benefited from increasing electricity prices during
    the year;

(g) Total output was 17.4 TWh for the quarter ended 30 June 2005
    (Nuclear 15.7 TWh, Coal 1.7 TWh);

(h) As at 30 June 2005, approximately three quarters of planned
    output for the year ending 31 March 2006 fixed at an average
    contracted price of GBP29.8/MWh;

(i) No dividend is proposed in respect of this period.  The
    Board does not expect to propose a dividend before the year
    ending March 2007.  No cash sweep was paid or payable in
    respect of the 2.5 months to 31 March 2005.  The cash sweep
    percentage was 64.99% at 31 March 2005; and

(j) The Company intends to de-register from the U.S. Securities
    and Exchange Commission.

Bill Coley, Chief Executive Officer said: "We are focused on
investment to improve the output and reliability of our plant
and so improve our ability to capture the benefit of increased
power prices.  We have a lot to achieve and we will not pursue
short term gain at the expense of our long term objective.  I am
determined that British Energy will become a world class nuclear
operator."

Explanatory notes

These results include the Financial Statements and Notes for
British Energy Group plc (the Company) for the period from its
incorporation on 2 July 2004 until 31 March 2005 (the Financial
Period).  However, the Company did not trade until the
acquisition of British Energy Limited (formerly British Energy
plc) and its subsidiaries (the Acquired Group) on 14 January
2005 (the Restructuring Effective Date or RED).  Therefore, the
results reflect the turnover and costs of the Acquired Group
from the Restructuring Effective Date to 31 March 2005 (the
post-RED period).

Where appropriate, we have given information relating to the 12-
month period to 31 March 2005 (the year).  However, due to the
different basis of preparation of the Financial Statements of
the Company and the Acquired Group, it is not generally possible
to provide directly comparable financial information relating to
the year for both companies.  The addition of these results for
the pre-RED period and the post-RED period will not result in an
accurate or meaningful result for either the Company or the
Acquired Group for the year.

However, to assist readers we have provided an annual equivalent
in certain of the tables below.  The annual equivalent comprises
of an adjusted 2.5-month result for British Energy Group plc
which includes certain adjustments to reverse the impact of
accounting policies and the impact of the fair valuation
exercise, and the 9.5 months results for British Energy Limited
adjusted for a one-off charge related to AmerGen.  The annual
equivalent is unaudited and has not been prepared on the basis
of U.K. GAAP.  The preliminary announcement does not constitute
statutory financial statements in accordance with the Companies
Act 1985.  Statutory financial statements for the period ended
31 March 2005 have not been filed with the Registrar of
Companies.

Due to the seasonality of our business, the results for the
post-RED period should not be taken as giving an accurate
indication of what the Company's results for future years might
be.  In reviewing these results, it is important to note that,
in general, output and prices tend to be higher in the third and
fourth quarters of the financial year.

The 'prior year' or 'prior period' refers to the consolidated
results of British Energy Ltd. for the year ended 31 March 2004.

Annual Equivalent                          Annual        BE Ltd.
                                           Equivalent
                                           FY 04    Total Output
                                                        (TWh)
                                            67.4           72.6
     Nuclear                                59.8           65.0
     Coal                                   7.6            7.6
Realised Price (GBP/MWh)                    20.4           16.9
Operating Unit Costs (GBP/MWh)
before exceptional items                   20.5           16.5
Operating Unit Margin (GBP/MWh)
before exceptional items                   (0.1)            0.4
EBITDA Continuing activities (GBPm)
before exceptional items                     94            107

Further details of annual equivalent results are given in the
financial review.

The Company expects the impact of accounting changes and the
fair valuation exercise completed at RED, excluding the NLF cash
sweep and the impact of other commercial arrangements due to the
Restructuring, to increase EBITDA by around GBP250 million,
increase EBIT by around GBP100 million, cash flow GBPnil in the
year to 31 March 2006.

                        Statutory Reporting

A summary of the statutory results is set out:


Profit & Loss Summary       BEG         BE Ltd.      BE Ltd.
                           2.5 Months   9.5 Months   FY 04
                            GBPm        GBPm         GBPm

Turnover - continuing activities
                            482          1,222        1,516
Operating costs before exceptional items
                           (400)        (1,305)      (1,459)
Operating profit/(loss) before exceptional items
                             82           (83)           57
Net exceptional operating (charges)/credit
                            (19)          (60)          283
Operating profit/(loss) after exceptional items - Continuing
activities
                             63          (143)          340

Profit/(loss) on ordinary activities before tax
                             54          (357)          232

The BEG operating result after exceptional operating charges of
GBP19 million was an operating profit of GBP63 million for the
post-RED period.  The BE Ltd. operating results after
exceptional operating charges of GBP60 million was an operating
loss of GBP143 million for the pre-RED period and an operating
profit of GBP340 million for the prior year, after exceptional
operating credits of GBP283 million.  Exceptional items for BEG
were severance costs of GBP19 million, while for the prior
period they include a non-cash accounting adjustment for the
partial reversal of GBP295 million of the write-down of fixed
assets following a further review of fixed assets carrying
values.

EBITDA (notes 1, 2) Summary     BEG         BE Ltd.      BE Ltd.
                              2.5 Months   9.5 Months     FY 04
                                GBPm         GBPm         GBPm
Operating profit/(loss) before exceptional items
                                 82           (83)           57
Add: Depreciation                41            59            50
Add: Amortization                6              0             0
EBITDA - continuing activities 129            (24)          107

EBITDA was positive GBP129 million in the post-RED period and
negative GBP24 million in the pre-RED period.

Details of cash and net debt are summarized in the table below.
                                   31 Mar 05       31 Mar 04
Cash Balances                      GBPm              GBPm
Cash not used for collateral       240             276
Cash used for collateral           216             297
Total Cash                         456             573
Total Debt                         (676)           (883)
Net Debt                           220             310

At RED, under the terms of the Restructuring, GBP700 million of
debt replaced the historic debt of GBP883 million, Power
Purchase Agreements of GBP316 million, the Eggborough related
interest rate swaps and the RBS letter of credit.


Output and Unit Costs        BEG         BE Ltd.    BE Ltd.
                          2.5 Months   9.5 Months   FY 04
Output (TWh)
Nuclear                     14.3         45.5         65.0
Coal                         2.5          5.1          7.6
Total Output                16.8           50.6         72.6
Realised price (GBP/MWh)    24.0           19.2         16.9

Total operating unit cost (GBP/MWh) - as reported
                            19.5           21.3         16.5
Margin(GBP/MWh)              4.5          (2.1)          0.4

Total operating unit cost excluding depreciation and
amortization of goodwill (GBP/MWh)

                            16.7           20.1         15.8
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(All numbers rounded)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Output for the year ended 31 March 2005 was 67.4 TWh and
comprised output of 59.8 TWh from nuclear operations and 7.6 TWh
from Eggborough.  In the post-RED period, output was 16.8 TWh in
total with 14.3 TWh from nuclear operations and 2.5 TWh from
Eggborough while the pre-RED period output was 50.6 TWh in total
and 45.5 TWh from nuclear operations and 5.1 TWh from
Eggborough.  In the prior year output was 72.6 TWh comprising of
65.0 TWh from nuclear operations and 7.6 TWh from Eggborough.
Output for the post-RED period was adversely affected by an
outage at Heysham 1 due to a turbine rotor failure totaling 0.8
TWh.  Output for the year was adversely affected by significant
unplanned outages including outages at Heysham 1 and Hartlepool
stations totaling 7.4 TWh.

The realized price (which is calculated by dividing turnover,
net of energy supply costs, miscellaneous and exceptional
income, by total output) for the period was GBP24.0/MWh in the
post-RED period and GBP19.2/MWh in the pre-RED period compared
with GBP16.9/MWh in the prior year reflecting the benefit of
increased power prices over the year.

Total operating unit costs excluding re-valorization (which is
calculated by dividing the total U.K. operating cost, net of the
exceptional items and energy supply costs, by total output), was
GBP19.5/MWh for the post-RED period, GBP21.3/MWh for the pre-RED
period.  This compares to GBP16.5/MWh for the prior year, an
increase of 18% for the post-RED period and an increase of 29%
for the pre-RED period.  The increases are mainly due to the
lower volumes on the largely fixed cost base as well as the
impact of certain cost increases for fuel, pensions and
depreciation.

A copy of this release and a copy of the presentation in pdf
file format can be found at http://www.british-energy.com.

CONTACT:  BRITISH ENERGY
          John Searles, Investor Relations
          Phone: 01506 408 715

          Andrew Dowler, Media:
          Phone: 020 7831 3113


BROWN ROCK: Crashes into Receivership
-------------------------------------
Company Name: Brown Rock Ltd.

Registration Number: 02850016

Address: C/o Mbi Equity Ltd., 1st Floor, Suite 5, Tunsgate
Square, Guildford, Surrey, GU1 3HE

Court: High Court of Justice

Date of Filing Petition: May 12, 2005

No. of Matter: 003125 of 2005

Date of Winding-up Order: June 29, 2005

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


CORPORATE MERCHANDISING: Goes into Liquidation
----------------------------------------------
Company Name: Corporate Merchandising Solutions Ltd.

Registration Number: 03735118

Address: 259A High Road, Willesden, London, NW10 2RX

Court: Birmingham District Registry

Date of Filing Petition: April 12, 2005

No. of Matter: 2364 of 2005

Date of Winding-up Order: July 18, 2005

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


COSTAIN GROUP: Wins Two Major Projects Worth GBP116 Million
-----------------------------------------------------------
Costain Group plc has reached key milestones on two major
PFI (Private Finance Initiative) schemes in the health and
education sectors worth at least GBP116 million.

For the London Borough of Ealing, Costain has reached financial
close on a GBP51 million project to design, build and operate
the new Featherstone primary school and two secondary schools
and sports facilities at Acton High and Greenford High Schools,
as part of the Seafort consortium with King Sturge and NIB
Capital Bank.

Costain's design and build team have started on site, and
completion of the primary school is anticipated in 2006 with the
two secondary schools to be completed in 2007.

Costain, as part of the Arden Partnership with Alfred McAlpine,
has also been awarded Batch Partner status (preferred partner)
for the Shires3 PFI Batch, which consists of Derbyshire Mental
Health NHS Trust, East Lincolnshire Primary Care Trust and
Leicestershire Partnership Trust.

Costain will work with each of the Batch Trusts to bring the
design, build and operate PFI projects to their separate
financial closes by the Autumn of next year.  The schemes have a
capital value of GBP65 million and a number of additional
schemes, which are subject to approval, could bring the capital
value up to GBP150 million.

Costain will undertake the design and build and Alfred McAlpine
will provide the facilities management.  This is the first NHS
batched PFI scheme to reach Batch Partner status.

Charles McCole, Costain Finance Director, said: "We are
delighted to have been awarded these PFI projects in two of our
key strategic sectors.  Costain is becoming a major player in
the PFI market in areas in which we have significant expertise
and experience.  We have now enjoyed recent contract successes
across all of our divisions which demonstrates the strength of
our partnering approach to winning new work."

                            *   *   *

Costain collapsed under heavy debt in the mid 1990s after
venturing into U.S. mining.  It is still trying to recover, with
its first dividend in years expected this year or next.  Its
core U.K. business reported a GBP10.5 million profit last year
after plunging into a EUR5 million loss in 2000.

The company has moved into asset management of water utilities
from civil engineering.  In May, the special resolution
approving the reduction of share capital and cancellation of
share premium account in the Company was approved by the
Companies Court and was registered at Companies House.

CONTACT:  COSTAIN GROUP PLC
          Costain House, Nicholsons Walk
          Maidenhead
          SL6 1LN, United Kingdom
          Phone: +44-1628-842-444
          Fax: +44-1628-674-477
          Web site: http://www.costain.com

          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842 444

          COLLEGE HILL
          Mark Garraway
          Matthew Gregorowski
          Phone: 020 7457 2020


CROFTACRE HOLDINGS: In Voluntary Liquidation
--------------------------------------------
At an Extraordinary General Meeting of the Members of Croftacre
Holdings Limited, convened, and held at New House, Suite 24, 67-
68 Hatton Garden, London EC1N 8JY, on 14 July 2005, at 11:20
a.m., the following Extraordinary Resolution was passed:

"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
William Antony Batty, of Antony Batty & Company, New House,
Suite 24, 67-68 Hatton Garden, London EC1N 8JY, be appointed
Liquidator of the Company for the purposes of the voluntary
winding-up."

C Francis, Chairman

CONTACT:  ANTONY BATTY & COMPANY
          New House
          Suite 24
          67-68 Hatton Garden
          London EC1N 8JY
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


DALE FABRICATIONS: Administrators Take over Operation
-----------------------------------------------------
Name of company: DALE FABRICATIONS (NORTH EAST) LTD.
                 (Company No 04265444)

Nature of Business: Manufacture of Metal Structures

Trade Classification: 28110

Date of Appointment: July 18, 2005

Administrators' Names and Address: Gordon S. Goldie and Allan
David Kelly (IP Nos 5799 and 9156), both of Tait Walker, Bulman
House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS

CONTACT:  DALE FABRICATIONS
          10-12 Phoenix Road
          Washington NE38 0AD
          Tyne and Wear
          Phone: 0191 417 4288

          TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


DANIEL PLATT: Ceramic Tiles Manufacturer Calls in Administrator
---------------------------------------------------------------
Name of company: DANIEL PLATT LIMITED
                 (Company No 4554895)

Nature of Business: Manufacture of Ceramic Tiles & Flags

Trade Classification: 11

Date of Appointment: July 20, 2005

Joint Administrators' Names and Address: Dermot J. Power and
Matthew Dunham (IP Nos 6006/01 and 8376/01), BDO Stoy Hayward
LLP, Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD

                            *   *   *

For over 175 years, the company has been expertly molding and
manipulating the rich clay to create the purest floor tiles.
Visit http://www.danielplatt.co.ukfor more information.

CONTACT:  DANIEL PLATT LIMITED
          Brownhills Tileries,
          Tunstall,
          Stoke-on-Trent,
          Staffs, ST6 4NY
          England
          Phone: +44 (0) 1782 577187
          Fax: +44 (0) 1782 577877

          BDO STOY HAYWARD LLP
          Commercial Buildings,
          11-15 Cross Street, Manchester M2 1BD
          Phone: 0161 817 3700
          Fax: 0161 817 3711
          E-mail: manchester@bdo.co.uk
          Web site: http://www.bdo.co.uk


DELTA SPECIALIST: Names Poppleton & Appleby Liquidator
------------------------------------------------------
At an Extraordinary General Meeting of Delta Specialist
Equipment Limited, duly convened, and held at 35 Ludgate Hill,
Birmingham B3 1EH, on 19 July 2005, at 11:00 a.m., the following
Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that A
Turpin, of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3
1EH, be and is hereby appointed Liquidator for the purposes of
such winding-up."

J Allen

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


DIAMOND INTERNATIONAL: In Administrative Receivership
-----------------------------------------------------
Name of company: DIAMOND INTERNATIONAL CONSOLIDATORS LIMITED
                 (Reg No 02567338)

Nature of Business: Other Transport Agencies

Trade Classification: 6340

Date of Appointment of Joint Administrative Receivers: 20 July
2005

Name of Person Appointing the Joint Administrative Receivers:
Venture Finance Plc

Joint Administrative Receivers: G. N. Lee and D. Bailey, both of
Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP

CONTACT:  DIAMOND INTERNATIONAL CONSOLIDATORS LIMITED
          Containerbase College Road,
          Birmingham, West Midlands B44 8DR
          Phone: 01213567787

          BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


DIRK WATER: Calls in Liquidator from Grant Thornton
---------------------------------------------------
At an Extraordinary General Meeting of Dirk Water Technology
Limited, duly convened, and held at Grant Thornton UK LLP, Heron
House, Albert Square, Manchester M60 8GT, on Tuesday 19 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
Leslie Ross, of Grant Thornton UK LLP, Heron House, Albert
Square, Manchester M60 8GT, be appointed Liquidator of the
Company for the purposes of the voluntary winding-up."

R Sniezyk, Chairman

CONTACT:  GRANT THORNTON
          Heron House, Albert Square
          MANCHESTER M60 8GT
          Phone: 0161 834 5414
          Fax: 0161 832 6042
          Web site: http://www.grant-thornton.co.uk


DISTINCTIVE YACHTS: Calls in Joint Liquidators
----------------------------------------------
At an Extraordinary General Meeting of Distinctive Yachts Ltd.,
duly convened, and held at 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire PO15 7AH, on 19 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
Peter Robin Bacon and Carl Derek Faulds, of Portland Business &
Financial Solutions Ltd., 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire PO15 7AH, be and they are hereby
appointed Joint Liquidators of the Company and that any act
required or authorized to be done by the Liquidators is to be
done by both or either of them for the time being holding
office."

D A Clarke, Director

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley
          Fareham
          Hampshire PO15 7AH
          Phone: 01489 550 440
          E-mails: carl.faulds@portland-solutions.co.uk


DOWNLEAF LIMITED: Appoints Begbies Traynor Administrator
--------------------------------------------------------
Name of company: DOWNLEAF LIMITED
                 (Company No 04227762)

Nature of Business: Property Developers & Real Estate

Address of Registered Office: c/o Begbies Traynor, Elliot House,
151 Deansgate, Manchester M3 3BP

Date of Appointment: July 20, 2005

Administrators' Names and Address: Paul Stanley and Stephen L.
Conn (IP Nos 008123 and 001762), both of Begbies Traynor, Elliot
House, 151 Deansgate, Manchester M3 3BP

                            *   *   *

Visit http://www.downleaf.co.uk/for more information.

CONTACT:  DOWNLEAF LIMITED
          Phone: 01204 676560
          Fax: 01204 676565
          E-mail: infor@downleaf.co.uk

          BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


EASYNET GROUP: Inks 3-year Service Deal with Onetel
---------------------------------------------------
Easynet Group Plc, the pan-European broadband networking
company, has signed a 3-year contract to provide wholesale
broadband services to Onetel, Centrica's telecommunications arm.

Onetel will utilize Easynet's local loop infrastructure to
provide cost-effective next generation broadband services to its
customer base.

David Rowe, Chief Executive Officer, said: "This is an important
milestone for the company.  Onetel is a key player in the U.K.
telecommunications market and the selection of Easynet is an
endorsement of our local loop strategy."

Ian El-Mokadem, Managing Director, Onetel, said: "The
partnership with Easynet will allow us to deploy next generation
broadband services and benefit from local loop unbundling
economics.  The market is set to evolve rapidly and we wanted a
partner that could demonstrate experience in the local loop, and
a willingness to work in a true partnership."

About Easynet

Easynet is a pan-European Broadband Network provider with
operations in ten European countries.  Established in 1994,
Easynet operates one of Europe's most advanced broadband network
infrastructures.

Easynet's network is entirely IP with no legacy ATM
technologies.  The U.K. network is built around British
Waterways' canal system and is one of the largest fiber networks
in the U.K.

Easynet has pioneered the Local Loop Unbundling program in the
U.K. and currently has 240 exchanges "unbundled" covering 4.4
million homes and 700,000 businesses.  In July, it announced
plans to extend this program to an extra 100 exchanges across
the U.K.

About Onetel

Onetel is the U.K.'s largest communications service provider,
supplying over 1.7 million fixed, mobile and Internet services
to residential and business customers.

Onetel has been a vocal player in the telecommunications
industry, helping to bring key changes to the market to enable
greater choice for customers through innovation and regulatory
change.

In the second half of 2004, Onetel acquired Telco Global, an
indirect fixed line and mobile provider and in December the same
year assumed responsibility for all British Gas' telecoms
customers.  Onetel acquired Rednet, a B2B data solutions
provider, in April 2005.
Onetel is part of the Centrica Group, which also operates under
the British Gas, Scottish Gas and Dyno brands in the U.K.

CONTACT:  EASYNET GROUP PLC
          44-46 Whitfield St.
          London
          W1P 5RF, United Kingdom
          Phone: +44-20-7900-4700
          Fax: +44-20-7900-4701
          Web site: http://www.easynet.com

          David Rowe, Chief Executive Officer
          Will Gardiner, Chief Financial Officer
          Anne Perry, Press Office
          Phone: 0800 053 4004

          ONETEL
          Carol Barnes
          Phone: 07766 707059
          Charlotte Hammond
          Phone: 07769 847460


ECCLESDON CONSULTING: High Court Approves Winding-up
----------------------------------------------------
Company Name: Ecclesdon Consulting Ltd.

Registration Number: 03008376

Address: Omega Court, 368 Cemetery Road, Sheffield, S11 8FT

Court: High Court of Justice

Date of Filing Petition: April 8, 2005

No. of Matter: 002323 of 2005

Date of Winding-up Order: July 13, 2005

Address of Official Receiver: 3rd Floor, 1 City Walk, Leeds,
LS11 9DA


FANLING TEA: Gets Court Approval to Wind-up
-------------------------------------------
Company Name: Fanling Tea Limited

Registration Number: 04742840

Address: 58-60 Piccadilly, Stoke on Trent, ST1 1EG

Court: Stoke-On-Trent

Date of Filing Petition: March 29, 2005

No. of Matter: 20 of 2005

Date of Winding-up Order: July 20, 2005

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


F & C INCOME: Liquidators from PwC Move in
------------------------------------------
At an Extraordinary General Meeting of F & C Income Growth
Investment Trust Plc, duly convened, and held on 20 July 2005,
the following Resolutions were passed, as a Special Resolution
and as an Ordinary Resolution respectively:

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

J Emly, Chairman

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


FUTURTEC LIMITED: Bristol Court Okays Liquidation
-------------------------------------------------
Company Name: Futurtec Limited

Registration Number: 04064054

Address: 2 Wensleydale Drive, Camberley, Surrey, GU15 1SP

Court: Bristol District Registry

Date of Filing Petition: May 9, 2005

No. of Matter: 2081 of 2005

Date of Winding-up Order: July 6, 2005

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


GAS FLAIR: Wholesaler Hires Administrators from Geoffrey Martin
---------------------------------------------------------------
Name of company: GAS FLAIR LIMITED
                 (Company No 01721798)

Nature of Business: Other Wholesale

Address of Registered Office: St James's House, 28 Park Place,
Leeds LS1 2SP

Trade Classification: 5190

Date of Appointment: July 18, 2005

Administrators' Names and Address: John Twizell and Stephen Hull
(IP Nos 0/007822/01 and 0/008321/01), both of Geoffrey Martin &
Co, St James's House, 28 Park Place, Leeds LS1 2SP

                            *   *   *

Visit http://www.gasflair.co.uk/for more information.

CONTACT:  GASFLAIR LTD.
          Millfield Works
          Millfield Lane
          Nether Poppleton
          York YO26 6PB
          North Yorkshire
          Phone: 0845 226 2189
          E-mail: contact@gasflair.co.uk

          GEOFFREY MARTIN & CO.
          St. James's House
          28 Park Place
          Leeds
          West Yorkshire LS1 2SP
          Phone: 0113 244 5141
          Fax: 0113 242 3851
          E-mail: geoffrey.martin@geoffreymartin.co.uk


GERBY PRODUCTS: Winding-up Petition Gets Court Approval
-------------------------------------------------------
Company Name: Gerby Products (U.K.) Limited

Registration Number: 04399912

Address: The Post House Mill Street, Congleton, Cheshire, CW12
1AB

Court: Leeds District Registry

Date of Filing Petition: May 11, 2005

No. of Matter: 490 of 2005

Date of Winding-up Order: July 12, 2005

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


GF TRADE: Administrators from Geoffrey Martin Move on
-----------------------------------------------------
Name of company: GF TRADE LIMITED
                 (Company No 01073497)

Nature of Business: Other Retail Non-Specialised Stores

Address of Registered Office: St James's House, 28 Park Place,
Leeds LS1 2SP

Trade Classification: 5212

Date of Appointment: July 18, 2005

Administrators' Names and Address: John Twizell and Stephen Hull
(IP Nos 0/007822/01 and 0/008321/01), both of Geoffrey Martin &
Co, St James's House, 28 Park Place, Leeds LS1 2SP

CONTACT:  GF TRADE LIMITED
          Millfield Lane
          Nether Poppleton
          York YO26 6PB
          United Kingdom

          GEOFFREY MARTIN & CO.
          St. James's House
          28 Park Place
          Leeds
          West Yorkshire LS1 2SP
          Phone: 0113 244 5141
          Fax: 0113 242 3851
          E-mail: geoffrey.martin@geoffreymartin.co.uk


GO FLY: Liquidator from KPMG Moves in
-------------------------------------
In accordance with section 381A Companies Act 1985, the
following Resolutions were agreed to and were duly passed, on 8
July 2005, as Special Resolutions:

"That the Company [Go Fly] be wound up voluntarily, and that
Jeremy Simon Spratt and Finbarr Thomas O'Connell, of KPMG LLP, 8
Salisbury Square, London EC4Y 8BB, be and are hereby appointed
Joint Liquidators for the purpose of such winding-up, and that
any power conferred on them by the Company, or by law, be
exercisable by them jointly or by either of them alone."

J Carr, Secretary

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


GOODMAN LANDSCAPING: Court Approves Winding-up
----------------------------------------------
Company Name: Goodman Landscaping & Home Maintenance Ltd.

Registration Number: 05118825

Address: 27 Laytonia Avenue, Gabalfa, Cardiff, CF14 3BQ

Court: Birmingham District Registry

Date of Filing Petition: April 15, 2005

No. of Matter: 2371 of 2005

Date of Winding-up Order: July 18, 2005

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


HAMMOND MEDIA: In Liquidation
-----------------------------
Name of company: HAMMOND MEDIA LIMITED
                 (Company No 04337490)

Nature of Business: Business and Management Consultancy

Address of Registered Office: Top Floor, Westbrook House, 18-20
Albion House, Maidstone, Kent ME14 5DZ

Date of Appointment: July 14, 2005

Administrators' Names and Address: Brian N. Johnson and Stephen
M. Katz (IP Nos 9288 and 8681), both of Fisher Partners, Acre
House, 11-15 William Road, London NW1 3ER.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


INMARSAT PLC: To Meet Financial Analysts Wednesday
--------------------------------------------------
Inmarsat plc will report interim results for the six months
ended 30 June 2005 on Tuesday, 23 August 2005.  Investors in
Inmarsat's debt securities should note that Inmarsat Holdings
Limited and Inmarsat Group Limited will also report results for
the three months ended 30 June 2005 on Tuesday 23 August 2005.

Inmarsat plc is hosting a Financial Analyst Day for sell-side
analysts only in London on Wednesday 3 August.  Company
executives will make a series of presentations on the company's
services, network infrastructure, strategy and historical
financial performance.  There will be no new trading information
disclosed in the presentations.  Participation at the meeting is
by invitation only.

                            *   *   *

Inmarsat plc has more than 25 years of experience in designing,
launching and operating its satellite-based network.  With a
fleet of ten owned and operated geostationary satellites, which
are controlled from its headquarters in London, Inmarsat
provides a wide range of voice and high-speed data services to
users worldwide, including telephony, fax, video, e-mail and
broadband intranet and Internet access.

Inmarsat's revenues, operating profit and EBITDA for the full
year 2004 were US$480.7 million (EUR399.36 million), US$159.1
million (EUR132.18 million) and US$303.6 million (EUR252.22
million), respectively.

CONTACT:  INMARSAT PLC
          99 City Rd.
          London EC1Y 1AX
          Phone: +44-20-7728-1256
          Fax: +44-20-7728-1179
          Web site: http://www.inmarsat.com/

          Media Inquiries
          Chris McLaughlin
          Phone: +44 20 7728 1015
                 or +44 779 627 6033

          Investor Inquiries
          Simon Ailes
          Phone: +44 20 7728 1518


INVENSYS PLC: Closes Sale of ABS Business to Schneider Electric
---------------------------------------------------------------
Further to the announcement made on 8 June 2005, Invensys plc
confirmed Friday that the sale of the majority of its Advanced
Business Systems operations in Europe and the Middle East to
Schneider Electric S.A. of France for a gross cash consideration
of US$150 million (EUR123.145 million) has been completed.

                            *   *   *

The disposal follows the Group's previously stated intention of
exiting the contracting and services part of its building
management systems (BMS) operations within its Controls business
and focusing instead on becoming a key supplier of products and
systems to the BMS industry.

ABS EMEA is the leading provider of BMS in the U.K. under the
Satchwell brand name and has a strong presence across the rest
of Europe and the Middle East.  The transaction includes
Satchwell in the U.K., Atmostech in Finland, Controlli in Italy,
Messner in Germany and a number of other businesses
operating under the Satchwell name across Europe and Middle
East.

In the year ended 31 March 2005, the ABS EMEA businesses being
disposed of reported sales of GBP94 million and operating profit
of GBP5 million.  The net operating assets of these businesses
at 31 March 2005 were GBP25 million.  Of the GBP94 million of
divested revenue, GBP68 million was contracting & services and
GBP26 million related to products.  The ABS operations in the
rest of the world had sales of GBP130 million.

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

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

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

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

          SCHNEIDER ELECTRIC S.A.
          43-45 boulevard Franklin-Roosevelt
          F-92500 Rueil-Malmaison, France
          Phone: +33-1-41-29-70-00
          Fax: +33-1-41-29-71-00
          Web site: http://www.schneider-electric.com


JOHN SPENCER: Names Begbies Traynor Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Members of John
Spencer (Hazelhurst) Limited, duly convened, and held on 19 July
2005, at 10:30 a.m., the following Resolutions were duly passed,
as an Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that G
N Lee, of Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP, be and hereby is appointed Liquidator of the
Company for the purpose of the voluntary winding-up."

J Forshaw, Chairman

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


KERAX HOLDINGS: Appoints PwC Liquidator
---------------------------------------
At Extraordinary General Meetings of Kerax Holdings Limited,
duly convened, held on 13 July 2005, the following Resolutions
were passed, as a Special Resolution, as Ordinary Resolutions
and as Extraordinary Resolutions respectively:

"That the Company be wound up voluntarily.  That Jonathan Sisson
and Richard Setchim, of PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT, be and are hereby appointed Joint
Liquidators of the Companies for the purposes of such winding-
up, and any act required or authorized under any enactment to be
done by the Joint Liquidators is to be done by all or any one or
more of the persons for the time being holding office, and that
the Joint Liquidators' fees be fixed by reference to the time
properly given by the Joint Liquidators and their staff in
attending to matters arising in the winding-up, including those
falling outside of statutory duties undertaken at the request of
the sole Member, such remuneration to be drawn monthly, or at
such longer intervals as they may determine, that the Companies
books and records be held to the order of the Joint Liquidators,
and may not be destroyed until two years after the dissolution
of the Companies.

That, in accordance with the provisions of the articles of
association, the Joint Liquidators be and are hereby authorized
to distribute to the sole Member of the Company in specie the
whole or any part of the assets of the Company, value any assets
and determine how the distribution shall be carried out to the
sole Member, vest the whole or any part of the assets in
Trustees upon such trust for the benefit of the sole Member as
the Joint Liquidators so determine, but the sole Member shall
not be compelled to accept any assets upon which there is a
liability, and that, pursuant to section 165(2)(a) of the
Insolvency Act 1986, the Joint Liquidators be authorized to
exercise any of the powers specified in Part I of Schedule 4 to
the said Act."

J G Nemeth, Chairman


MEERKAT MARKETING: Hires Administrators from Middleton Partners
---------------------------------------------------------------
Name of company: MEERKAT MARKETING COMMUNICATIONS LIMITED
                 (Company No 03171738)

Nature of Business: Business and Management Consultancy

Address of Registered Office: 33 Tottenham Street, London W1T
4RS

Date of Appointment: July 20, 2005

Administrator's Name and Address: Peter James Yeldon (IP No
007253), 48 Langham Street, London W1W 7AY

                            *   *   *

Meerkat Marketing provides cutting edge marketing solutions as a
multidiscipline agency.  It works for companies across the
United Kingdom, including Cointreau and Epson.  Visit
http://www.marketingcommunications.co.ukfor more information.

CONTACT:  MEERKAT MARKETING LTD.
          33 Tottenham Street
          London W1T 4RS
          UNITED KINGDOM
          Phone: 020 7323 6666
          E-mail: info@marketingcommunications.co.uk

          MIDDLETON PARTNERS
          48 Langham Street
          London W1W 7AY
          Phone:  0845 061 6000
                  020 7908 6190
          Fax: 020 7908 6111
          E-mail: enquiries@middletonpartners.co.uk
          Web site: http://www.middletonpartners.co.uk


M G ROVER: Unsecured Creditors to Meet Wednesday
------------------------------------------------
Name of companies: M G ROVER (LEASE PLAN) LIMITED
                   (formerly 115CR (133) Limited)

                   M G ROVER (OUV) LIMITED
                   (formerly 115CR (134) Limited)

Notice is hereby given, pursuant to section 48 of the Insolvency
Act 1986, that a Meeting of the unsecured Creditors of the these
companies will be held at PricewaterhouseCoopers LLP, Cornwall
Court, 19 Cornwall Street, Birmingham B3 2DT, on 3 August 2005,
at 11.30 am, for the purposes mentioned in sections 48 and 49 of
the said Act.  Creditors whose claims are wholly secured are not
entitled to attend or be represented at the Meeting.  Other
Creditors are only entitled to vote if they have given to the
Joint Administrative Receivers, not later than 12:00 noon on the
business day before the day on which the Meeting I to be held,
details in writing of the debt that they claim to be due to them
from the Company, and the claim has been duly admitted under the
provisions of Rule 3.11 of the Insolvency Rules 1986; and there
has been lodged with the Joint Administrative Receivers any
proxy which the Creditor intends to be used on their behalf.

NOTE. Creditors of the Company requiring copies of the Joint
Administrative Receivers' report may obtain it free of charge,
on written application to the Joint Administrative Receivers at
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP, and PricewaterhouseCoopers LLP, Donington Court,
Pegasus Business Park, Castle Donington, East Midlands DE74 2UZ.

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

          PRICEWATERHOUSECOOPERS LLP
          Donington Court
          Pegasus Business Park,
          Castle Donington, East Midlands DE74 2UZ
          Phone: [44] (1509) 604 000
          Fax:   [44] (1509) 604 010
          Web site: http://www.pwc.com


PAPERMARC HOLDINGS: In Voluntary Winding-up
-------------------------------------------
At an Extraordinary General Meeting of the Members of Papermarc
Holdings Limited, duly convened, and held at New House, Suite
24, 67-68 Hatton Garden, London EC1N 8JY, on 14 July 2005, at
11:10 a.m., the following Extraordinary Resolution was passed:

"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
William Antony Batty, of Antony Batty & Company, New House,
Suite 24, 67-68 Hatton Garden, London EC1N 8JY, be appointed
Liquidator of the Company for the purposes of the voluntary
winding-up."

C Francis, Chairman

CONTACT:  ANTONY BATTY & COMPANY
          New House
          Suite 24
          67-68 Hatton Garden
          London EC1N 8JY
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


PAPERMARC SALES: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of Papermarc
Sales Limited, convened, and held at New House, Suite 24, 67-68
Hatton Garden, London EC1N 8JY, on 14 July 2005, at 11:00 a.m.,
the following Extraordinary Resolution was passed:

"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
William Antony Batty, of Antony Batty & Company, of New House,
Suite 24, 67-68 Hatton Garden, London EC1N 8JY, be appointed
Liquidator of the Company for the purposes of the voluntary
winding-up."

C Francis, Chairman

CONTACT:  ANTONY BATTY & COMPANY
          New House
          Suite 24
          67-68 Hatton Garden
          London EC1N 8JY
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


PATIENTLINE PLC: Concludes Acquisition of Dutch Rival HTS
---------------------------------------------------------
At the Annual General Meeting of Patientline plc, the company
said: "The year to March 2005 was particularly busy for
Patientline, with significant developments in the U.K., on the
continent and in the U.S.

"At the beginning of last week, we announced that Ofcom had
decided to initiate a fact-finding investigation into the
agreements established by the Government for the provision of
bedside services in NHS hospitals and the level of incoming call
charges.  Shareholders will be aware that Patientline services
are provided and charges are set under contractual criteria set
by the NHS.

"The investigation will place an unwelcome administrative burden
on the company, but we are confident of a positive outcome and
will work closely with Ofcom to achieve an early resolution.
The same announcement referred to the effect on trading in
recent weeks of occupancy and related issues in NHS hospitals.
We will report further to shareholders as and when this picture
becomes clearer.

"Since the year end there has been continued progress in each of
our markets.

In the U.K.:

(a) the number of operational hospitals has risen to 155 and the
    number of operational terminals to 75,000;

(b) Internet and e-mail service has been rolled out to a total
    of about 37 hospitals;

(c) Patientline is working with the Healthcare Commission to
    develop the use of Patientline systems to ensure that the
    patient voice is heard more clearly on key issues, starting
    with a pilot survey into hospital cleanliness;

(d) the benefits of using the Patientline systems for food
    ordering are attracting widespread interest, following the
    successful launch at North Tees.  The second hospital is now
    live and the third will go live later in the autumn; and

(e) The Patientline system is now in use throughout the Chelsea
    and Westminster Hospital for access to clinical IT systems.

Outside the U.K.:

(a) Patientline has concluded the acquisition of its principal
    Dutch competitor, HTS, which has television and telephone
    contracts at seven hospitals, of which three are major
    university teaching hospitals.  The consideration is
    GBP160,000 initially, with up to a further GBP390,000
    payable under an earn out arrangement;

(b) the third Terminal 2 hospital in Holland is fully
    operational, with payment already agreed for access to the
    system for hospital applications;

(c) Patientline has recently participated in hospital management
    conferences across France, eliciting a high level of
    interest; and

(d) Patientline's third U.S. hospital is now operational, with
    an encouraging pipeline of further prospective customers.
    We have now invoiced our first GBP500,000 of business in the
    U.S.

"Although it is now the international leader in the provision of
hospital bedside systems, Patientline is still a young company.
The progress that has been achieved to date is the result of
dedicated work by our employees.  The board pays tribute to
their accomplishments."

CONTACT:  PATIENTLINE PLC
          Thames Valley Court
          183/187 Bath Road
          Slough
          Berkshire
          SL1 4AA
          Phone: 0845 414 6000
          Fax: 0845 414 6153
          Web site: http://www.patientline.co.uk/


PICKWELL REAL: Calls Begbies to Liquidate Business
--------------------------------------------------
At an Extraordinary General Meeting of the Members of Pickwell
Real Estate 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
authorized under any enactment to be done may be done by any one
or more persons holding the office of Liquidator from time to
time."

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


PLUMBSTORE LIMITED: In Liquidation
----------------------------------
At an Extraordinary General Meeting of Plumbstore Limited, duly
convened, and held at 70 Conduit Street, London W1S 2GF, 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 the Company be wound up voluntarily, and that
Lloyd Biscoe, of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, be and he is
hereby appointed Liquidator for the purposes of such winding-
up."

J Hall

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


RDT CHAMBER: Hires Administrators from DTE Leonard Curtis
---------------------------------------------------------
Name of company: RDT CHAMBER SOLUTIONS LIMITED
                 (Company No 04265707)

Nature of Business: Electrical and Plumbing

Address of Registered Office: Lasyard House, Underhill Street,
Bridgnorth, Shropshire WV16 4BB

Date of Appointment: July 15, 2005

Administrators' Names and Address: A. Poxon and J. J. Schapira
(IP Nos 8620 and 5784), both of DTE Leonard Curtis, DTE House,
Hollins Mount, Bury BL9 8AT

                            *   *   *

RDT desigs, manufactures and supplies a range of manhole
chambers, fixed height telecom chambers, manhole covers and
frames and gratings plus all ancillary products to the Utility,
Telecommunication and Construction Sectors.  Andy Young and
Dominic Bone run the company as directors assisted by Richard
Bone the managing director.  Visit
http://www.rdtchambersolutions.com/for more information.

CONTACT:  RDT CHAMBER SOLUTIONS LTD.
          Lasyard House
          Underhill Street
          Bridgnorth WV16 4BB
          Shropshire
          Phone: 01746 767260
          Fax: 01746 768205

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


RED LETTER: Faces Administration as Suppliers See Red
-----------------------------------------------------
Red Letter Days is reportedly on the verge of administration
after top suppliers have stopped doing business with the gift
company.

The firm is said to have called in restructuring experts, and
held an emergency meeting, but its financial situation remains
unclear.

The Sunday Times said administration is the most likely option
as some of Red Letter Days' partners have already lost their
patience.

Created in 1989 by television personality Rachel Elnaugh, the
company sells vouchers for "experiences" as gifts, ranging from
adventure trips to sports activities.  Its vouchers are
available online, and are sold at department stores such as
Harrods, Selfridges and House of Fraser.

On its Web site, the company boasted that more than 90% of FTSE
100 Index companies use Red Letter Days to "incentivize" their
staff and customers.

Ms. Elnaugh is said to have spent last week denying claims that
suppliers had not been paid.

According to the Manchester Evening News, both Thruxton
Motorsport Centre and Everyman Motor Racing Activities said the
firm owed them a "substantial" amount of money, prompting them
to disregard vouchers for driving days.

The Telegraph reported Marine Connections, a marine charity that
organizes boat trips for whale and dolphin watching in Wales and
Cornwall, said it had asked solicitors to take up legal action
to recover about GBP15,000 allegedly due from Red Letter Days.

Paintballing firm Go Ballistic has also reportedly cancelled
planned events for Red Letter Days as it was owed thousand of
pounds.

Ms. Elnaugh earlier said: "We have GBP3.3 million in the bank,
which we are waiting to be released."

A spokesman for Red Letter Days said it was still trading, with
thousands of events happening over the weekend and thousands
more planned for the weeks to come.

The company has axed 17 staff, which is equal to 10% of its
workforce.  Its accounts should have been submitted to the
Companies House more than six months ago.

The last published figures show Red Letter Days made a pre-tax
loss in 2003 of GBP4.7 million, while its spokesman admitted the
company is having accounting problems.

Press relations adviser Ian Haworth, of Haworth Associates, said
he had been told the delay in payments was due to changes in
their accounting procedures.  He admitted that he has no idea on
the situation, as company directors declined to respond to his
queries.

Mr. Haworth said: "I've put in the calls to find out more
information but I haven't received a reply."

Ms. Elnaugh is famous for her appearance as panelist at the BBC
show Dragon's Den, which gives advices on budding entrepreneurs.
The Telegraph said fellow adviser Peter Jones, who was quoted as
saying Red Letter Days was "in a bad way" but not bust, may
rescue the firm.

Meanwhile, the BBC has said scheduling arrangements remained as
is even though Ms. Elnaugh is caught amid concerns over the
financial status of her company.

BBC's Web site still called the firm as "a model business for a
new wave of British entrepreneurs [that is worth an estimated]
GBP25 million."

CONTACT:  RED LETTER DAYS
          77 Muswell Hill
          Muswell Hill
          London N10 3RE
          Phone: 0870 444 4004
          Fax: 0870 444 9004
          Web site: http://www.redletterdays.co.uk


REVERSIONARY ASSET: Falls into Liquidation
------------------------------------------
At an Extraordinary Meeting of the Members of Reversionary Asset
Management Group Limited and Reversionary Asset Management
Limited, duly convened, and held at the offices of David Rubin &
Partners, Pearl Assurance House, 319 Ballards Lane, London N12
8LY, on 13 July 2005, the following Extraordinary Resolution was
duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
David Rubin, David Rubin & Partners, Pearl Assurance House, 319
Ballards Lane, London N12 8LY, be and he is hereby nominated
Liquidator for the purposes of such winding-up."

A Leslau, Chairman

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


ROUTE 2: Financial Consultant Files for Administration
------------------------------------------------------
Name of company: ROUTE 2 SOLUTIONS LIMITED
                 (Company No 5167972)

Nature of Business: Financial Consultants

Address of Registered Office: The Old Chapel, Chapel Brow,
Rainow, Macclesfield SK10 5XF

Trade Classification: Division 7-38-Other Business Services

Date of Appointment: July 18, 2005

Administrator's Name and Address: Vincent A. Simmons (IP No
8898), Bennett Verby, 7 St Petersgate, Stockport, Cheshire SK1
1EB.

                            *   *   *

Route 2 was established specifically for small-medium
enterprises.  It offers wide range of sales and marketing
issues, in international corporations or small businesses, in
the UK and overseas, in forging successful partnerships.  Visit
http://www.synergy-associates.com/Route2/for more information.

CONTACT:  ROUTE 2 SOLUTIONS
          Phone:  +44 (0) 20 8755 5824
          Fax:  070 9237 0950

          BENNETT VERBY
          7 St Petersgate
          Stockport
          Cheshire SK1 1EB
          Phone: 0161 477 9345
          Fax: 0161 429 7224
          E-mail: v.simmons@bennettverby.co.uk


ROYAL & SUNALLIANCE: To Reveal Interim Results Next Week
--------------------------------------------------------
Royal & SunAlliance Insurance Group plc will be releasing its
interim results 2005 on Thursday, 11 August 2005, at 7:00 a.m.
(U.K. time).  A briefing to investors and analysts will take
place at 10:30 a.m. (U.K. time) on 11 August and will be
accessible at http://www.royalsunalliance.com.

An indexed version of the presentation will be available on the
Web site following the meeting.

                            *   *   *

In July, Fitch Ratings upgraded the Insurer Financial Strength
rating of Royal & SunAlliance to 'BBB+' from 'BBB' and the Long-
term rating to 'BBB' from 'BB+'.  The rating Outlook was Stable.

In addition, Fitch has upgraded the Long-term ratings for Royal
& SunAlliance to 'BB+' from 'BB-' (BB minus) and existing
subordinated issues (GBP450 million, US$500 million and EUR500
million) to 'BBB-' (BBB minus) from 'BB'.  The ratings on the
subordinated debt issues are based principally on a limited and
subordinated guarantee provided by RSAIP.  The Outlook on RSAIG
was Stable.

The upgrades reflect the progress made by the company, which has
exceeded Fitch's expectations, in reducing business risks,
enhancing the capital base and improving performance.  Partly
offsetting these improvements are continued risks associated
with the run-off of U.S. operations including litigation and
reserving risks, and the agency's belief that capitalization is
currently not supportive of the rating level.  Nonetheless, the
ratings are underpinned by Fitch's expectations that management
will continue to deliver on stated objectives and that capital
will become supportive, in our view, of the rating level over
the next 18 months.

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


SCHRODER HOLDINGS: Appoints Liquidators from PKF
------------------------------------------------
At an Extraordinary General Meeting of the Members of Schroder
Holdings Plc, duly convened, and held at 31 Gresham Street,
London EC2V 7QA, on 19 July 2005, the following Special
Resolutions were duly passed:

"That the Company be wound up voluntarily, and that David S
Merrygold and Brian J Hamblin, of PKF (UK) LLP, be and they are
hereby appointed as Joint Liquidators of the Company for the
purpose of the voluntary winding-up."

J Asquith, Director

CONTACT:  PKF
          16 The Havens
          Ransomes Europark
          Ipswich
          Suffolk
          E-mail david.merrygold@uk.pkf.com
          Phone: 01473 320700
          Fax: 01473 320800


SOUNDFORCE LIMITED: Liquidator from Tenon Moves in
--------------------------------------------------
At an Extraordinary General Meeting of Soundforce Limited, duly
convened, and held at Tenon House, Ferryboat Lane, Sunderland
SR5 3JN, on 19 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
Ian William Kings, of Tenon Recovery, Tenon House, Ferryboat
Lane, Sunderland SR5 3JN, be and is hereby appointed Liquidator
for the purposes of such winding-up."

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 Ian W Kings was confirmed.

K Chisman, Chairman

CONTACT:  TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


STRADA COMMUNICATIONS: Appoints Baker Tilly Administrator
---------------------------------------------------------
Name of company: STRADA COMMUNICATIONS LIMITED
                 (Company No 3978460)

Nature of Business: Telephone Cable Installation

Trade Classification: 6420

Date of Appointment: July 14, 2005

Administrators' Names and Address: Andrew John Tate and John
David Ariel (IP Nos 008960 and 007838), both of Baker Tilly, 12
Gleneagles Court, Brighton Road, Crawley, West Sussex RH10 6AD

CONTACT:  STRADA COMMUNICATIONS LIMITED
          Symmonds Drive,
          Eurolink Commercial Pk
          Sittingbourne ME10 3SY
          Phone: 01795 437999
          Fax: 01795 43944

          BAKER TILLY
          12 Gleneagles Court
          Brighton Road
          Crawley
          Sussex RH19 6AD
          Phone: 01403 251666
          Fax: 01403 251466


SUREFIRE ENTERTAINMENTS: Collapse Could Leave Artists Nothing
-------------------------------------------------------------
Surefire Entertainments Ltd. has gone into voluntary
liquidation, said the Stage.

A creditors' meeting has been called with artists, agents and
fellow promoters awaiting how much money, if any, they can
claim.

Co-founder Julia England has reportedly formed a new company,
bringing with her many of the same employees, which will now
trade as Surefire International.

In 2004, England bought a controlling interest in the production
company from her late husband's former business partner David
Dennison.

Ms. England said: "I have enjoyed good working relations with
David Dennison who was my late husbands partner, but now is the
time to stride out and take the company forward.  Bob built up a
reputable agency dealing mostly in one-night shows.  My dream
for the future, is to develop the company taking on more of the
quality acts, which we are reknowned for and also expand our
business portfolio into week-long productions."

The move saw Surefire Entertainments expand particularly in
producing touring shows, with artists like Chas and Dave, Mike
Reid, Bobby Davro and Marty Wilde.

Its collapse came as fellow production outfit Complete
Management has also ceased trading.  They co-produced the
touring music show Complete Madness.

Prior to the meeting, creditor Alan Leightell, who manages Queen
tribute act Magic, said: "I am extremely worried about this
(liquidation) as I have a long association with Magic and we
will not know what is available and what can be recovered, if
anything, until the meeting."

Meanwhile, Agents' Association vice-president Tony Sherwood,
warned members: "I have been approached to deal with members'
problems that have arisen directly from the Surefire situation.
It should be pointed out that Julia England's new company is not
a member of the association, in which case we would be powerless
to help members who choose to trade with it."

CONTACT:  SUREFIRE ENTERTAINMENTS LTD.
          The Stansted Centre
          Parsonage Road
          Takeley
          Essex
          CM22 6PU
          Phone: 01279 874252
          Fax No: 01279 874253
          E-mail: enquiries@surefire.uk.com
          Web site: http://www.surefire.uk.com


TRUNKHAUL LIMITED: Names Administrators from X L Business
---------------------------------------------------------
Name of company: TRUNKHAUL LIMITED
                 (Company No 04045599)

Nature of Business: Haulage

Trade Classification: 28

Date of Appointment: July 19, 2005

Administrator's Name and Address: Jeremy Nicholas Bleazard (IP
No 009354), XL Business Solutions, 46 Moorlands Business Centre,
Blame Road, Cleckheaton BD19 4EW

CONTACT:  TRUNKHAUL LIMITED
          Grange Rd. Business Pk.
          Grange Rd., Batley WF17 6LL
          Phone: 01924 422988

          X L BUSINESS SOLUTIONS LTD.
          46 Moorlands Business Centre
          Balme Road
          Cleckheaton BD19 4EW
          West Yorkshire
          Phone: 01274 870 101
          Fax: 01274 870 606
          E-mail: jbleazard@XLBS.co.uk


VISSAP CLEANING: Joint Liquidators from Begbies Move in
-------------------------------------------------------
At an Extraordinary General Meeting of the Members of Vissap
Cleaning Company Limited, duly convened, and held at Unit 6
Green Park Business Centre, Sutton on the Forest, York YO61 1ET,
on 8 July 2005, the following Resolutions were duly passed, as
an Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Rob Sadler and Mike E G Saville, of Begbies Traynor, 30 Park
Cross Street, Leeds LS1 2QH, be and hereby are appointed Joint
Liquidators of the Company for the purpose of the voluntary
winding-up, and any act required or authorized under any
enactment to be done may be done by any one or more persons
holding the office of Liquidator from time to time."

S Pavis, Chairman

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


W & J PYE: Appoints KPMG Administrator
--------------------------------------
Name of company: W & J PYE LIMITED
                 (Company No 00438240)

Nature of Business: Manufacture of Prepared Animal Feeds

Trade Classification: 11 Other Manufacture

Date of Appointment: July 15, 2005

Administrators' Names and Address: Richard Dixon Fleming and
Brian Green (IP Nos 8370 and 8709), both of KPMG LLP, St James'
Square, Manchester M2 6DS

CONTACT:  KPMG LLP
          St James' Square
          Manchester
          Greater Manchester M2 6DS
          Phone: 0161 838 4000
          Fax: 0161 838 4040


WOODFURN UK: Administrators Take over Operation
-----------------------------------------------
Name of company: WOODFURN UK LIMITED
                 (Company No 5220518)

Nature of Business: Manufacturers of Garden Furniture

Trade Classification: Division 2, 09

Date of Appointment: July 13, 2005

Joint Administrators' Names and Address: Timothy Colin Hamilton
Ball and Lucinda Ann Field (IP Nos 8018 and 9295), both of
Mazars LLP, Clifton Down House, Beaufort Buildings, Clifton
Down, Clifton, Bristol BS8 4AN

CONTACT:  WOODFURN UK LIMITED
          6 Easter Court
          30 Woodward Av, Yate, Bristol
          Phone: 01454 313684

          MAZARS LLP
          Clifton Down House
          Beaufort Buildings
          Clifton Down, Clifton
          Bristol, Avon BS8 4AN
          Phone: 0117 973 4481
          Fax: 0117 974 5203
          E-mail: tim.ball@mazars.co.uk


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (252)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Invensys PLC                        (963)       4,861      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L      (14)         321        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (334)         934       44
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Partygaming Plc           PRTY      (405)         263     (161)
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

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


                            *********


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

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

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

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

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

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


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