TCREUR_Public/050804.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, August 4, 2005, Vol. 6, No. 153

                            Headlines

C Z E C H   R E P U B L I C

CZECH AIRLINES: Names Financiers of Airbus Purchase
CZECH AIRLINES: Regulator Clears Travel Service Takeover


F I N L A N D

BENEFON OYJ: Reaffirms Sales, Profit Forecasts


F R A N C E

ALSTOM SA: Shares Consolidation Takes Effect
CAPGEMINI: Business Soars in Second Quarter


G E R M A N Y

AGIV REAL: Dreag Sale Awaits Creditors' Nod
ANTARES AIRTRANSPORT: Appoints Administrator from Kuebler
ARCHETON VERLAG: Court to Verify Claims December
DAIMLERCHRYSLER AG: Chrysler, Mercedes July Sales Up
EUGEN GOLLER: Creditors Meeting Set October

HEIDELBERGCEMENT AG: Spohn Cement Raises Stake to 52%
HILGERS GMBH: Last Day for Filing Claims August 12
HPSR BAUGESELLSCHAFT: Calls in Administrator from PKL
INFINEON TECHNOLOGIES: 400 Dresden Jobs on the Block
KARSTADTQUELLE AG: Nears Deal with Prinovis on Maul-Belser Stake

KARSTADTQUELLE AG: Denies Handelsblatt Report on Maul-Belser
KILIC SYSTEMBAU: Proofs of Claim Due September
MWG BIOTECH: First-half Loss Eats up Half of Equity
NEW IESY: S&P Puts Rating on CreditWatch Positive
PCC BY FEVICO: Creditors to Meet Later this Month

PFLEIDERER AG: Sells Track Systems to Vossloh
PHOENIX KAPITALDIENST: Under Bankruptcy Administration
PRIMACOM AG: Case vs. Lenders Poised to Test Cross-border Laws
SG WALLAU: Court to Verify Claims November
ZAPF CREATION: To End 2005 in Red


G R E E C E

DRYSHIPS INC.: Half-year Net Income Swells to US$62.44 Million


H U N G A R Y

MALEV HUNGARIAN: Two Bidders Remain; Winner Known in 30 Days


I R E L A N D

CNG TRAVEL: Keeps Mum on Source of Takeover Approach


K A Z A K H S T A N

KAZTRANSOIL: Ratings Upped to 'BB+'; Outlook Stable
PETROKAZAKHSTAN: Outlook Changed to Stable; 'B+' Rating Affirmed


L U X E M B O U R G

ORIFLAME COSMETICS: Six-month Profit Drops 12% to EUR42.5 Mln


N E T H E R L A N D S

ROYAL SHELL: Obtains Beaufort Sea Leases
ROYAL SHELL: Closes Sale of Basell to Nell Acquisition
ROYAL SHELL: Acquires 95.04% of Royal Dutch Shares


R U S S I A

BAKALINSKIY SEL-STROY-SERVICE: Under Bankruptcy Supervision
KASHIRA-MILK: Bankruptcy Hearing Resumes September
NEW WINDOWS: Declared Insolvent
NIVA: Insolvency Manager Takes over Operations
NOVO-KURILOVSKOYE: Deadline for Proofs of Claim September 2

POCHINKI-SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Set November
PODDUBENSKOYE: Appoints Temporary Insolvency Manager
SEL-KHOZ-KHIMIYA: Court Names D. Myzalin Insolvency Manager
VOS-SIB-TRANS-STROY: Undergoes Bankruptcy Supervision Procedure
YUKOS OIL: Banks Demand Payment for US$482 Million Loan
YUKOS OIL: New Probe Opened, this Time on Employee Remuneration
ZDVINSKOYE: Bankruptcy Hearing Set October


S P A I N

CABLEUROPA: On Rating Watch Evolving After Auna TLC Deal


S W E D E N

CONCORDIA BUS: Third Party Tender Offer for Senior Notes Begins
ESSELTE GROUP: Moody's to Review Rating After Unit's Sale


U K R A I N E

ARTSIZ' MEAT: Court Names Ivanov Vladislav Insolvency Manager
INTER-STYLE: Under Bankruptcy Supervision
MAKIVKA: Deadline for Proofs of Claim Expires Tomorrow
MEZHIRICH: Temporary Insolvency Manager Takes over Helm
NAFTA-CENTRE: Bankruptcy Supervision Begins

SINTEK: Lviv Court Opens Bankruptcy Proceedings
UKRAINA: Gives Creditors Until Tomorrow to File Claims
UROZHAJ: Succumbs to Bankruptcy
ZHIKLER: Applies for Bankruptcy Supervision
ZMIYIVSKE REPAIR-TRANSPORT: Creditors' Claims Due Tomorrow


U N I T E D   K I N G D O M

1102 PARTNERS: Liquidators from Valentine & Co. Move in
ABLE PRECISION: In Voluntary Liquidation
ALFA SECURITIES: Names Liquidator from Citroen Wells
ALI BROTHERS: Court Orders Liquidation
ALMSHOUSE LTD: Calls in Liquidator from B & C Associates

ARNOS CAFE: Liquidation Gets Court's Go Signal
ATLAS REFRIGERATED: Liquidator from Mazars Takes over Company
AUTOMATIC VENDING: Manchester Court Okays Liquidation
BEAMREGARD: Members Opt for Liquidation
CLARENDON HOMES: Gets Court Approval to Wind up

CLARKE & BARTLETT: Owners Decide to Wind up Firm
CLYDESDALE BANK: Faces GBP80 Mln Notes Bill with Five Banks
COMPLETE SAFETY: Calls in Liquidators
DAVINA CHOCOLATES: Appoints Vantis Liquidator
DELICIOUS CATERING: In Liquidation

DELTACOMM ELECTRONIC: Members Opt to Wind up Firm
D & G ONTRAC: Names Administrators from Begbies Traynor
DRAX GROUP: Has New Chief Executive Officer
E-400 LIMITED: EGM Passes Winding-up Resolution
ELLY'S WINE: Calls in Liquidator from B & C Associates

EURODIS ELECTRON: Seven Subsidiaries in Administration
EZ CEILINGS: Appoints Baker Tilly Liquidator
FOREMAN INTERIORS: Court Okays Winding-up
F STENTON: Meeting of Creditors Set Next Week
GOLFVIEW TRADING: In Liquidation

GRAFTON'S BAKERY: Appoints KPMG Liquidator
HERBIE FROGG: Joint Administrators Enter Firm
HIGHSOFT LIMITED: Falls Hard into Receivership
HILALL LIMITED: Hires Administrators from Bishop Fleming
HOARE HOLDINGS: District Registry Orders Winding-up

HOME LOANS: Members Pass Special Resolution
H P OAK: Goes into Liquidation
IDI-UK EVENTS: Liquidators from Baker Tilly Move in
ISA COMPONENTS: Passes Winding-up Resolutions
IT TRADERS: Members Opt for Liquidation

J KIRKALDY: Members Resolve to Wind up Firm
KIESER UK: Names Menzies Corporate Liquidator
LAN COMMUNICATIONS: In Liquidation
MG ROVER: Nanjing to Work with GB Sports in Longbridge Revival
NETWORK RAIL: Advertising Deal Brings GBP200 Mln to the Railway

NETWORK RAIL: Directors Reject Proposal to Cut Bonuses
NETWORK VACATIONS: Winds up as DTI Unveils Corrupt Practices
O J REWINDS: Liquidator from Begbies Moves in
OXFORD ELECTRICAL: Names DTE Leonard Liquidator
PREMIER RACK: Creditors Meeting Set Next Week

PUBLIC SECTOR: Calls in Administrators from Baker Tilly
RED LETTER: 'Dragon' Rescues Firm out of Administration
RITZ DEVELOPMENTS: Property Developer Calls in Administrator
RIVER TEES: Meeting of Creditors Set Friday Next Week
S.D.C. LOGISTICS: Calls Liquidator from CBA

SECURITY TRAINING: Names Poppleton & Appleby Liquidator
SMART & BRIDGMAN: Calls in Administrators from Tenon Recovery
SOUTH CLEVELAND: In Voluntary Liquidation
ST ELPHINS: High Court Appoints Official Receiver
STILLVIEW LIMITED: Brighton Court Winds up Group

T R A CREATIVE: In Voluntary Liquidation
V.T.I LIMITED: In Liquidation
YOUR HOME: Calls in Liquidator

* U.K. Insolvency Cases Up 10.7% in Second Quarter


                            *********


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


CZECH AIRLINES: Names Financiers of Airbus Purchase
---------------------------------------------------
At its meeting on July 27, the Supervisory Board unanimously
approved the decision of Czech Airlines Board of Directors
regarding the winner of the tender for financing the purchase of
12 Airbus A320 and A319 aircraft.

The banks of the winning consortium, CSOB a.s., BNP Paribas and
Natexis Banques Populaires, whose offer was assessed as
economically best by Czech Airlines in cooperation with legal and
economic advisers (Weil, Gotshal & Manges, Deloitte), belong to
leading finance institutions specializing in aircraft financing.
Czech Airlines will finance its new airplanes valued at CZK10
billion to CZK12 billion through a 12-year financial leasing
guaranteed by European Export agencies.

The airplanes will be delivered within 2006 to 2008, first 3 new
airplanes will arrive in March 2006, 5 airplanes in 2007 and 4
airplanes in 2008.

Czech Airlines announced the tender for financing 12 new
medium-haul Airbus A320 and A319 airplanes at the beginning of
April 2005.  Renowned local and foreign banks and finance
institutions showed interest in the tender, among others
Citibank, CSOB, BNP Paribas and Natexis consortium, ING Bank &
Calyon consortium and Komercni banka & Societe Generale.

The suppliers of individual components, so called optional
components of Airbus 6 A320's and 6 Airbus A319's were also
selected in a tender.  Out of more than 70 suppliers, Czech
Airlines selected the following companies: B/E (passenger seats
supplier), Panasonic and Rockwell (in-flight entertainment
systems supplier), Bucher (supplier of closets on board) and
Rockwell-Collins and Honeywell (key avionic systems suppliers).

Czech Airlines experienced a remarkable interest in tender
participation from financial institutions and consortiums,
indicated also by high quality proposals and a large number of
applicants.  The winning proposal from CSOB a.s., BNP Paribas and
Natexis Banques Populaires consortium will secure Czech Airlines
a saving of more than 1 billion CZK if compared with the
financial plan for 2005 to 2015.

Also the negotiations with the suppliers of optional components
brought Czech Airlines remarkable discounts and benefits.  The
airline saved several hundred million CZK if compared with the
financial plan for 2005 to 2008 and acquired for example free
deliveries of spare parts and tools and provision of training for
employees.

Czech Airlines has successfully completed another phase of its
project of the introduction of new medium-haul airplanes in its
fleet.  Following step will be the conclusion of a mandate
contract with the CSOB, a.s., BNP Paribas and Natexis Banques
Populaires consortium and beginning of talks with export
agencies.

Jitka Novotna
CSA Spokesperson

                            *   *   *

Czech Airlines is expected to end the year with a loss amounting
to hundreds of millions of crowns.  The loss is being blamed on
competition from low-cost airlines, high oil prices and hefty
investment.

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


CZECH AIRLINES: Regulator Clears Travel Service Takeover
--------------------------------------------------------
State-owned Czech Airlines is to renew takeover negotiations with
privately held charter airline Travel Service after receiving
clearance from the country's anti-trust regulator.

Talks between the companies were halted last year while the
anti-trust office reviews the effect of the acquisition to
competition.  CSA did not say how much it is willing to pay for
the acquisition.  It said due diligence must precede negotiations
on the financial side of the merger.

The acquisition will help Czech Airlines win over clients who now
travel with charter or low-cost airlines.  CSA is battling tough
competition against them particularly on its London routes.
This, as well as high oil prices and hefty investment are
expected to drive the company into a significant loss this year,
a report from daily Hospodarske noviny said.

Travel Service has a fleet of 10 Boeing 737 planes.  It carried
1.7 million passengers last year.  In May 2004, the company also
started operating the country's first low-cost airline, Smart
Wings.

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

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


BENEFON OYJ: Reaffirms Sales, Profit Forecasts
----------------------------------------------
Benefon Oyj's evaluation of various strategic funding
alternatives as referred to in the bulletin dated 26 of May 2005
is still ongoing and further information will be available
towards the end of August 2005.

The projected sales and profit figures as reported in the
bulletin referred to above for 2005 and beyond are still valid
and the company still expects to reasonably achieve such
forecasts.

                            *   *   *

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

CONTACT:  BENEFON OYJ
          P.O. Box 84 Meriniitynkatu
          11 FIN-24101 Salo, Finland
          Phone: +358-2-77 400
          Fax: +358-2-733 2633
          Web site: http://www.benefon.com


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


ALSTOM SA: Shares Consolidation Takes Effect
--------------------------------------------
Alstom's consolidation of shares became effective Wednesday,
August 3, at the opening of Euronext Paris.  The consolidation of
shares took place through the exchange of 40 shares for one new
share.  As an example, the closing price of August 2, 2005, at
EUR0.84, would correspond to a new price of EUR33.6.  The number
of ALSTOM shares was consequently reduced from 5,498 million
shares to 137 million shares.

CONTACT:  ALSTOM S.A.
          25 Avenue Kleber
          75795 Paris Cedex 16
          Phone: +33-1-47-55-20-00
          Fax: +33-1-47-55-25-99
          Web site: http://www.alstom.com

          Press relations
          S. Gagneraud
          Phone: +33 1 41 49 27 40
          E-mail: internet.press@chq.alstom.com

          Investor relations
          E. Chatelain
          Phone: +33 1 41 49 37 38)
          E-mail: Investor.relations@chq.alstom.com


CAPGEMINI: Business Soars in Second Quarter
-------------------------------------------
Consultancy group Capgemini is well on its way to recovery as
sales grew for the fourth consecutive quarter, Le Figaro reported
last week.

For three months to June 30, 2005, Capgemini posted an 18.2% hike
on year-on-year turnover to EUR1.76 billion.  The group
attributed its encouraging results to good performances in Europe
and North America (sales up 25.7% and 9% respectively).  The
group's facilities management service now accounts for 36% of its
European turnover, compared to just 28% a year ago; and half of
turnover in North America.

Capgemini now expects to return to profitability in the first
half.  The group posted EUR359 million in net losses last year,
after taking on an exceptional tax charge of EUR125 million,
restructuring costs of EUR220 million and a goodwill depreciation
charge of EUR51 million.

                            *   *   *

Capgemini is one of the world's foremost providers of consulting,
technology and outsourcing services, employing 60,000 people in
more than 30 countries.  Global revenues in 2003 reached EUR5.7
billion.  It specializes in developing and implementing
enterprise systems for customer relationship management (CRM),
enterprise resource planning (ERP), and wireless networking
systems.

CONTACT:  CAPGEMINI
          6-8, rue Duret
          75017 Paris, France
          Phone: +33-1-53-644444
          Fax: +33-1-53-644445
          Web site: http://www.capgemini.com


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


AGIV REAL: Dreag Sale Awaits Creditors' Nod
-------------------------------------------
Whitehall, a U.S. investment bank owned by Goldman Sachs, is
expected to takeover the only remaining attractive asset of Agiv
Real, reports Financial Times Deutschland.

Whitehall will buy the 66% stake of Agiv in Deutsche Real Estate
(Dreag) and the 5% held by German banks BayernLB and HSH Nordbank
for EUR306 million.  Dreag's shares are currently valued EUR0.50
apiece, which brings the actual purchase price of the
shareholding to only EUR7 million.  The rest of the money will be
used to pay down Dreag's debt.

Dreag, according to FT Deutschland, is in need of restructuring
but has not been affected by the insolvency of its parent.  The
sale needs the approval of creditors, who are scheduled to meet
mid-August.  This early some creditors have already expressed
apprehension about a quick sale because a big portion of Dreag's
debt is unsecured.

CONTACT:  AGIV REAL ESTATE AG
          Warburgstrasse 50
          D-20354 Hamburg
          Phone: +49-40 4 15 26-0
          Fax: +49-40 4 15 26-199
          Web site: http://www.agiv.de


ANTARES AIRTRANSPORT: Appoints Administrator from Kuebler
---------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Antares Airtransport Maintenance und Service
Aktiengesellschaft on July 4.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 22, 2005 to register their claims
with court-appointed provisional administrator Dr. Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting on September 12, 2005, 12:45 p.m. at the district
court of Dresden, Olbrichtplatz 1, 01099 Dresden, 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:  ANTARES AIRTRANSPORT MAINTENANCE
          UND SERVICE AKTIENGESELLSCHAFT
          Friedensstrasse 113 in 02929 Rothenburg/OL

          Dr. Bruno Kuebler, Administrator
          Loschwitzer Strasse 3, 01309 Dresden
          Web site: http://www.kuebler-gbr.de


ARCHETON VERLAG: Court to Verify Claims December
------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against ARCHETON Verlag GmbH on July 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 12, 2005
to register their claims with court-appointed provisional
administrator Wolfgang Kuehnel.

Creditors and other interested parties are encouraged to attend
the meeting on August 31, 2005, 11:05 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 December 7,
2005, 10:30 a.m. at the same venue.

CONTACT:  ARCHETON VERLAG GmbH
          Hubertusallee 14,14193 Berlin

          Wolfgang Kuehnel, Administrator
          Berliner Str. 117, 10713 Berlin


DAIMLERCHRYSLER AG: Chrysler, Mercedes July Sales Up
----------------------------------------------------
DaimlerChrysler AG has reported total group sales of 260,937
passenger vehicles in the U.S. for July 2005, a 25% increase
compared to July 2004.  All sales figures in this release are on
an unadjusted basis unless otherwise noted.

Chrysler Group, which consists of the Chrysler, Jeep(R) and Dodge
brands, posted sales of 240,146 vehicles in the U.S., an increase
of 27%.  Adjusted for one fewer selling day in July 2005 compared
to July 2004, sales actually rose 32%.

After launching a record nine new models in 2004, the Chrysler
Group is launching several new models in 2005, including the
all-new 2006 Jeep Commander.  In June, the company started
shipping to dealers the all-new 2006 Dodge Charger, which has
received enthusiastic feedback from the media and great
anticipation among consumers.

Mercedes-Benz USA (MBUSA) posted sales of 20,791, a 10% increase
compared to the same month last year and the best July sales in
its history.  In July, the all-new 2006 M-Class, built in Vance,
Alabama, continued its strong momentum in the market.  Later this
year, the R-Class, which represents Mercedes' new Sports Tourer
segment, will be available at dealerships.  These models will
further expand MBUSA's position as offering the widest product
portfolio in the luxury vehicle market, and the company expects
to set yet another record year.

                            *   *   *

DaimlerChrysler AG recorded an operating profit of US$2.0
billion (EUR1.65 billion) in the second quarter of 2005,
compared with US$2.5 billion in the same period last year.  This
result is significantly above analysts' estimates.

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

In June, Focus-Money reported that by 2008 DaimlerChrysler AG
would be looking at profits of EUR11.2 billion.  According to
the German magazine, the company projects last year's operating
profit of EUR5.75 billion to double in four years.

DaimlerChrysler has predicted operating profit to increase
slightly this year despite a EUR1.2 billion charge to account
for the restructuring of its Smart venture.  This venture has
already cost the group EUR512 million and Daimler said it could
miss annual sales goal of 80,000 units, as sales in the first
quarter only came to 14,500.

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


EUGEN GOLLER: Creditors Meeting Set October
-------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Eugen Goller & Co. GmbH on July 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 7,
2005 to register their claims with court-appointed provisional
administrator Andre K. Gabel.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 10:00 a.m. at the district court
of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, 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:  EUGEN GOLLER & Co. GmbH
          Nassaustrasse 31, 65719 Hofheim am Taunus

          Andre K. Gabel, Administrator
          Bockenheimer Anlage 7, D-60322 Frankfurt am Main
          Phone: 069/1505963
          Fax: 069/15059647


HEIDELBERGCEMENT AG: Spohn Cement Raises Stake to 52%
-----------------------------------------------------
The Adolf Merckle-owned Spohn Cement has gained the majority
stake in HeidelbergCement, Suddeutsche Zeitung says.

Spohn revealed recently it now holds a 52% stake and voting
rights in HeidelbergCement, the country's largest cement group.
The shareholder has said it only wants a majority stake, not
total control of the group.

TCR Europe reported on July 14, 2005 that the management and
supervisory boards of troubled HeidelbergCement have approved
Spohn Cement's bid to acquire it for EUR6 billion at EUR60 per
share.  Shareholders were given until July 26 to accept Spohn
Cement's offer, during which 40.79 million shares were
transferred to Spohn Cement.

Based in Heidelberg, Germany, HeildelbergCement booked EUR333
million in net loss in 2004.  The group attributed the loss to
impairment of goodwill for the Western Europe and Northern Europe
regions and Indocement.

CONTACT:  HEIDELBERGCEMENT AG
          Berliner Strasse 6
          69120 Heidelberg
          Phone: +49-6221-481-227
          Fax: +49-6221-481-217
          Web site: http://www.heidelbergcement.com


HILGERS GMBH: Last Day for Filing Claims August 12
--------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Hilgers GmbH on July 15.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 12, 2005 to register their claims
with court-appointed provisional administrator Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on August 19, 2005, 8:30 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
on September 2, 2005, 8:25 a.m. at the same venue.

CONTACT:  HILGERS GmbH
          Am Zollhafen 1, 41460 Neuss
          Contact:
          Otto Hilgers, Manager
          Bongertweg 9, 41468 Neuss

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


HPSR BAUGESELLSCHAFT: Calls in Administrator from PKL
-----------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against HPSR Baugesellschaft mbH on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 17, 2005 to register their
claims with court-appointed provisional administrator Dr. Ralf
Goethner.

Creditors and other interested parties are encouraged to attend
the meeting on September 28, 2005, 10:00 a.m. at the district
court of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, 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:  HPSR BAUGESELLSCHAFT mbH
          Frauenmarkt 26/28 in 01558 Grossenhain

          Dr. Ralf Goethner, Administrator
          Lockwitzer Strasse 17, 01219 Dresden
          Web site: http://www.pkl.com


INFINEON TECHNOLOGIES: 400 Dresden Jobs on the Block
----------------------------------------------------
Semiconductor maker Infineon Technologies is reportedly planning
to cut 470 of 5,500 jobs at a site in Dresden, Suddeutsche
Zeitung says.

An Infineon spokesman revealed management and staff
representatives will hold talks late September, with the decision
likely to come by November or December.  He added any plan
arising from the talks will be implemented at the start of 2006.

The group is currently converting its production technology from
110 nanometers to 90 nanometers, which means a 300mm silicon
wafer would yield 30% more chips.  Infineon has also implemented
a four-shift workday, instead of the usual five.

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

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

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

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

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

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

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


KARSTADTQUELLE AG: Nears Deal with Prinovis on Maul-Belser Stake
----------------------------------------------------------------
Troubled retail giant KarstadtQuelle is reportedly close to
selling its 25% stake in local printing group Maul-Belser to
co-owner Prinovis, local daily Handelsblatt reported recently.

A source privy to the matter told the paper KarstadtQuelle has
already transferred its voting rights in Maul-Belser to Prinovis.
The deal, reportedly worth between EUR90 million and EUR110
million, will give Prinovis 100% control of Maul-Belser.

Both Prinovis and KarstadtQuelle have confirmed the talks, but
declined to give additional information.  Prinovis had said talks
might last more than 12 months, since it is currently focusing on
its U.K. operations.

Maul-Belser prints the catalogue for Quelle, KarstadtQuelle's
mail-order division.  Maul-Belser, which employs around 1,450
people, posted EUR500 million in turnover in 2004.
KarstadtQuelle is currently selling its stake in non-core
businesses to focus on retail and mail order activities.

Prinovis was formed out of the printing arms of media companies
Gruner + Jahr, Axel Springer and Bertelsmann.  Prinovis currently
has five existing plants located in Ahrensburg, Darmstadt,
Dresden, Itzehoe and Nuremberg.

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

          PRINOVIS NURNBERG
          Breslauer Strasse 300
          90471 Nurnberg
          Phone: +49 (0911) 8003-0
          Fax: +49 (0911) 8003-277
          Web site: http://www.prinovis.com

          MAUL-BELSER TIEFDRUCK
          Breslauer Strasse 300
          90471 Nuremberg
          Phone: +49 (0)911 - 8003-694
          Fax: +49 (0)911 - 8003-241
          Web site: http://www.maul-belser.de


KARSTADTQUELLE AG: Denies Handelsblatt Report on Maul-Belser
------------------------------------------------------------
The KarstadtQuelle Group has rejected key parts of a Handelsblatt
article dated August 1, 2005.  Among other things, the article
claims that KarstadtQuelle is making slow progress in selling off
its participations, that this sluggish disposal process could
negatively impact the Group's liquidity situation and that the
credit covenants with the banks could be breached.

"The Handelsblatt article presents what has unfortunately become
its normal mixture of invention and truth," stated Jorg Howe,
Head of Corporate Communications.

"Let us stick to the facts: (a) The participation in Maul-Belser
was never part of our EUR1.1 billion divestment program; (b) The
participations that have been announced are completely on
schedule, as has been repeatedly stated.  As planned, we will
conclude our participation disposals of the specialty store
chains by the end of the third quarter; and (c) The credit
covenants with the banks are not being breached."

Mr. Howe said Handelsblatt has quite obviously left the path of
fair, critical reporting.  Rather, it obviously is quite happy to
accept that it could impede the restructuring process at
KarstadtQuelle with improper reporting.

"There are two recent examples of this," stated Mr. Howe.  "On
July 29, under the headline 'Post tricks KarstadtQuelle',
Handelsblatt reported on the alleged ebbing interest of Deutsche
Post AG in parts of KarstadtQuelle logistics.  It is true that no
negotiations are being conducted with Deutsche Post AG.  This is
exactly what Zumwinkel, the Chairman of the Post Management
Board, who is also a member of the KarstadtQuelle Supervisory
Board, stated when the quarterly figures were presented."

"On July 27, 2005, under the title 'Prinovis negotiating with
KarstadtQuelle,' Handelsblatt stated that KarstadtQuelle had
confirmed negotiations between Prinovis and Maul-Belser.  This is
simply untrue," Mr. Howe said.  "We made no comment on this
matter.  On our enquiry, since this has been confirmed by the
responsible editor."

"Only on July 12, 2005 did KarstadtQuelle deny parts of the
Handelsblatt report, at the same time criticizing the newspaper's
actions," he added.  "It is regrettable that there is still no
response to our offer of a meeting with the chief editor on this
mater."

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

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


KILIC SYSTEMBAU: Proofs of Claim Due September
----------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Kilic Systembau GmbH on July 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 20,
2005 to register their claims with court-appointed provisional
administrator Hildegard A. Hovel.

Creditors and other interested parties are encouraged to attend
the meeting on October 20, 2005, 9:00 a.m. at the district court
of Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, 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:  KILIC SYSTEMBAU GmbH
          Beethovenstrasse 8-10, 60325 Frankfurt am Main
          Contact:
          Ferencak Goran, Manager

          Hildegard A. Hovel, Administrator
          Raimundstr. 98, D-60320 Frankfurt/Main
          Phone: 069/569731
          Fax: 069/565351


MWG BIOTECH: First-half Loss Eats up Half of Equity
---------------------------------------------------
In the first six months of the year 2005, MWG Biotech AG,
Ebersberg (ISIN: DE0007300105) achieved a turnover for the Group
as a whole of EUR11.4 million as compared with EUR17.6 million in
the same period of the previous year.  The two business units
DNA/RNA Synthesis and DNA Sequencing accounted for sales of
EUR11.4 million as compared with EUR11.8 million in the same
period of the previous year.  The EBITDA (result before interest,
taxes and depreciation) was -EUR0.7 million as compared
with -EUR3.3 million in the first half of 2004 and the net loss
for the Group as a whole was -EUR6.7 million as compared
with -EUR6.6 million in the same period of the previous year.

The deficit of MWG Biotech AG (the parent company) amounted in
the first half of 2005 to EUR17.4 million.  This was due in
particular to extraordinary depreciation on buildings, to
adjustments of value on accounts receivable especially from the
U.S. subsidiary, and to the setting up of reserves for further
restructuring measures.  Owing to this deficit - as reported on
30th June 2005 - half of the Company's equity capital has been
used up.  At June 30, 2005, MWG Biotech's equity capital amounted
to EUR2.1 million.

At the end of the year 2004, the MWG Group had at its disposal
financial resources in the amount of EUR 9.2 million.  At 30th
June 2005 its liquid funds amounted to EUR6.6 million.  The
decrease is attributable largely to the need to finance further
restructuring.

MWG Biotech is still undergoing a process of reorganization.
This process must be carried through to the end in order to
ensure a profitable and lasting future for the Group as a whole.

An extraordinary general meeting of MWG Biotech's shareholders is
scheduled to take place on 7th September 2005 in Hamburg.


                            *   *   *

MWG Biotech AG finished the 2004 business year with a total group
turnover of EUR33.0 million (2003 EUR43.0 million).  This
reduction by 23.2% resulted in large part from the two business
lines Genomic Diagnosis (microarrays) and Genomic Technology (lab
automation).

The EBITDA (earnings before interest, tax and depreciation)
before restructuring was -EUR8.9 million in 2004 (2003: -EUR3.8
million).  On December 31, 2004, the Company had EUR9.2 million
cash after EUR11.5 million at year-end 2003.

CONTACT:  MWG-BIOTECH AG
          Anzinger Strasse 7a
          85560 Edersberg, Germany
          Phone: +49 8092 82890
          Fax:   +49 8092 21084
          Web site: http://www.mwgbiotech.com

          Investor Relations
          Phone: +49-(0)8092-8289-985
          Fax: +49-(0)8092-8289-514
          E-mail: ir@mwgdna.com


NEW IESY: S&P Puts Rating on CreditWatch Positive
-------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on New iesy GmbH, a subsidiary of German
cable TV operator iesy Repository GmbH, on CreditWatch with
positive implications.  In a related action, Standard & Poor's
placed its 'B+' long-term corporate credit rating on German
cable-TV operator Tele Columbus AG & Co. KG on CreditWatch with
negative implications.

The rating actions follow the announcement of a business
combination between the two groups.

The CreditWatch with positive implications indicates that we
expect either to affirm the ratings on iesy or raise them to
'B+'.

The CreditWatch with negative implications indicates that the
ratings on Tele Columbus could either be lowered to 'B' or
affirmed at 'B+', depending on the credit quality of the combined
entity.

"The lack of substantial additional external debt or calls on
liquidity results in limited downside risk," said Standard &
Poor's credit analyst Simon Redmond.  "On the contrary, the
long-term benefits of an integrated TV content reception,
transport, and delivery business model, especially in the wealthy
and populous North Rhine-Westphalia region, could be sufficient
to justify a 'B+' rating, although leverage would be very high."

"To resolve the CreditWatch placements, Standard & Poor's will
review the possible benefits and likely extent of the
combination, particularly the degree to which the significant
consolidated financial leverage might be offset by a potentially
more integrated business model and stronger market position," he
added.

Consolidation of iesy's and Tele Columbus' operations and funding
structures is not expected in the near term. Nevertheless, we
will consider the longer-term benefits of strategic alignment and
reduced competition.

The proposed transaction is subject to conditions and approvals
including regulatory clearance, and is expected to complete in
the fourth quarter.  As the funding structures are currently
expected to remain in place, Standard & Poor's does not expect
the respective notching of issue ratings to change.

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


PCC BY FEVICO: Creditors to Meet Later this Month
-------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against PCC by FeViCo Damelang OHG on July 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 6, 2005
to register their claims with court-appointed provisional
administrator Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting on August 25, 2005, 10:15 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on December 1,
2005, 10:00 a.m. at the same venue.

CONTACT:  PCC BY FEVICO DAMELANG OHG
          Brandenburgische Str. 32,10707 Berlin

          Sebastian Laboga, Administrator
          Einemstr. 24, 10785 Berlin


PFLEIDERER AG: Sells Track Systems to Vossloh
---------------------------------------------
Pfleiderer AG had signed an agreement on Tuesday for the sale of
Pfleiderer track systems to Vossloh AG.  The transaction is
subject to the authorization of the supervisory boards of both
companies and must also be approved by the anti-trust authorities
for the relevant markets.  The parties have agreed to keep
details of the purchase price confidential.

The sale of Pfleiderer track systems marks the end of Pfleiderer
AG's strategic realignment of the Pfleiderer Group.  Pfleiderer
can now concentrate solely on the international expansion of its
Business Segment Engineered Wood.

Pfleiderer AG
Ingolstadter Strasse 51
93218 Neumarkt
Deutschland

                            *   *   *

On July 21, Fitch Ratings affirmed Germany-based Pfleiderer AG's
Senior Unsecured 'BB' rating and removed it from Rating Watch
Negative (RWN).  A Stable Outlook has been assigned.  The
Short-term 'B' rating is also affirmed.

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

CONTACT:  PFLEIDERER AG
          Corporate Communication
          Ulrich Korner
          Phone: + 49 (0) 91 81 / 28 - 84 91
          Fax: + 49 (0) 91 81 / 28 - 606
          E-mail: ulrich.koerner@pfleiderer.com


PHOENIX KAPITALDIENST: Under Bankruptcy Administration
------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Phoenix Kapitaldienst GmbH Gesellschaft fuer
die Durchfuehrung und Vermittlung von Vermogensanlagen on July 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 15,
2005 to register their claims with court-appointed provisional
administrator Frank Schmitt.

Creditors and other interested parties are encouraged to attend
the meeting on October 5, 2005, 10:30 a.m. at the district court
of Frankfurt am Main, Saal Harmonie des Congress Centrums der
Messe Frankfurt, Ludwig-Erhard-Anlage 1, 60327 Frankfurt/M., 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 24, 2005, 10:00
a.m. at Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am
Main.

CONTACT:  PHOENIX KAPITALDIENST GmbH GESELLSCHAFT FUER DIE
          DURCHFUEHRUNG UND VERMITTLUNG VON VERMOGENSANLAGEN,
          Vilbeler Str. 29, 60313 Frankfurt am Main
          Contact:
          Elvira Ruhrauf, Manager
          Detlef Juergen Amonath, Manager
          Hunsrueckstr. 2, 65719 Hofheim am Taunus
          Norbert Przibilla, Manager
          Ludwigstrasse 139, 63456 Hanau

          Frank Schmitt, Administrator
          Olof-Palme-Strasse 13, 60439 Frankfurt/Main
          Phone: 069/50986-0
          Fax: 069/50986110


PRIMACOM AG: Case vs. Lenders Poised to Test Cross-border Laws
--------------------------------------------------------------
A German court will hear in September the controversial case
filed by Straub & Kollegen against the second secured lenders of
Primacom AG in behalf of the telecoms company.

Straub & Kollegen filed a suit in December 2004 claiming that the
interest rate on the EUR375 million (GBP258.7 million) loan to
the creditors led by Apollo Management, is too high.  The court
will hear the case on September 13.

PrimaCom is servicing the debt as well as a EUR500 million
(GBP345 million) loan financed by Barclays Capital and Fortis
Bank.  It is now failing to meet payments on the EUR375 million
loan.

The banks last summer refused to support a plan for a
debt-for-equity swap, which has been agreed by the company with m
ajority of its shareholders.  They withdrew their offer after
Primacom chief executive Wolfgang Preuss replaced the firm's
existing board with his chosen set of people.

The case is "playing havoc with exclusive jurisdiction clauses
and is threatening to derail cross-border restructurings in
Europe," according to The Lawyer.com.  Straub & Kollegen filed
the suit in Germany, instead of the U.K. as provided by the
exclusivity clause.

Freshfields Bruckhaus Deringer, Apollo's adviser, has launched
countersuits in England but is being thwarted by article 21 of
the Brussels Convention that forces them to wait for the decision
of the German court.  In theory, the German judge will have to
refer the case to the English courts, according to the report.
The actions are being defended by Primacom's U.K. lawyers Baker &
McKenzie (B&M).  Ian Jack, a partner in B&M, is leading the
defense.

In January, Freshfields secured an injunction stopping Primacom's
board from selling the company's Dutch subsidiary Multikabel.

Freshfields Bruckhaus is represented by finance partner David
Ereira.  Apollo is also being advised by JPMorgan.  The latter is
being advised by Linklaters partner Richard Bussell.

Primacom's senior lenders BarCap and Fortis Bank are advised by
Clifford Chance.

CONTACT:  PRIMACOM AG
          An der Ochsenwiese 3
          D-55124 Mainz
          Phone: +49(0)6131 944 522
          Fax: +49(0)6131 944 508
          E-mail: investor@primacom.de
          Web site: http://www.primacom.de
          Investor Relations
          Phone:: +49(0)6131 944 522
          E-mail: investor@primacom.de
          FRESHFIELDS BRUCKHAUS DERINGER
          Frankfurt am Main
          Taunusanlage 11
          60329 Frankfurt am Main
          Phone: +49 69 27 30 80
          Fax: +49 69 23 26 64

          BAKER & MCKENZIE
          European Coordination Centre
          100 New Bridge Street
          London EC4V 6JA
          United Kingdom
          Phone: +44 (0)20 7919 1000
          Fax: +44 (0)20 7919 1999


SG WALLAU: Court to Verify Claims November
------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against SG Wallau-Massenheim Spielbetriebs- und
Vermarktungs-GmbH on July 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 7, 2005 to register their claims
with court-appointed provisional administrator Claudia Jansen.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 9:30 a.m. at the district court
of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, 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 23, 2005, 9:30 a.m. at the same venue.

CONTACT:  SG WALLAU-MASSENHEIM SPIELBETRIEBS-
          UND VERMARKTUNGS-GmbH
          Ruedesheimer Strasse 2 a, 65708 Hofheim am Taunus

          Claudia Jansen, Administrator
          Bockenheimer Landstrasse 20, D-60323 Frankfurt/Main
          Phone: 069/4272686-5270
          Fax: 069/42726865555


ZAPF CREATION: To End 2005 in Red
---------------------------------
Troubled doll-maker Zapf Creation expects to end 2005 in the red,
after posting bleak figures for the first half of the year.

Zapf would post EUR4.7 million in net losses from EUR160 million
in turnover, its first loss since floating six years ago.  For
the first half alone, Zapf booked EUR15.7 million in operating
losses.  The bulk of this were posted in the second quarter, when
the group booked EUR10.5 million in operating loss, which is a
far cry from EUR2.5 million in operating profits for the same
period last year.  The group attributed it losses to
restructuring costs and a 39% dip in turnover to EUR18.5 million.

Zapf Creation is currently implementing an extensive
restructuring program to protect its fast-fading profit.  Zapf
plans to make cheaper dolls targeting the U.S. market as well as
restructure its sales structure in the area.  The group also
plans to cut 135 of its 435 jobs and convert its Italian and
Czech units into pure sales companies.  The group's problem in
sales has been traced to internal management problem.

                            *   *   *

Headquartered in Roedental, Germany, Zapf Creation AG markets
branded play concepts including dolls and a wide range of
accessories that are developed with great attention to quality,
design and play value.  The company's most popular brands are
Baby Born, Baby Annabell and Chou Chou.  The company has 493
employees at 9 locations worldwide and reported sales of EUR173.8
million in 2004.  For the first quarter of 2005, Zapf booked a
net loss of around EUR5.9 million, more than three times its
deficit for the same period in 2004.  The group was expected to
post its first-half results on July 27, 2005.

CONTACT:  ZAPF CREATION AG
          Monchrodener Strasse 13
          96472 Rodental
          Phone: +49-95-63-725-0
          Fax: +49-95-63-725-116
          Web site: http://www.zapf-creation.com


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


DRYSHIPS INC.: Half-year Net Income Swells to US$62.44 Million
--------------------------------------------------------------
DryShips Inc. has reported results (unaudited) for the
three-month and six-month periods ended June 30, 2005.

Net revenues for the second quarter of 2005 were US$71.47 million
(EUR58.76 million) compared to US$17.46 million for the second
quarter of 2004.  Operating Income for the second quarter of 2005
was US$49.52 million (EUR40.71 million) compared to US$12.97
million for the second quarter of 2005.  Net income for the
second quarter 2005 was US$43.33 million (EUR35.62 million)
compared to US$12.78 million for the second quarter of 2004.
Basic earnings per share, based on average number shares
outstanding, was US$1.43 for the second quarter 2005.

Net revenues for the six-month period ended June 30, 2005 were
US$99.61 million (EUR81.89 million) compared to US$33.43 million
for the six-month period ended June 30, 2004.  Operating income
was US$69.19 million (EUR56.89 million) compared to US$23.87
million for the six-month period ended June 30, 2004.  Net income
for the six-month period ended June 30, 2005 was US$62.44 million
(EUR51.33 million) compared to US$23.23 million for the six-month
period ended June 30, 2004.  Basic earnings per share, based on
average number shares outstanding, was US$2.30 for the six-month
period ended June 30,2005.

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

                            *   *   *

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

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

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

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

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


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


MALEV HUNGARIAN: Two Bidders Remain; Winner Known in 30 Days
------------------------------------------------------------
Two bidders are left in the battle for troubled national carrier
Malev Hungarian Airlines, Reuters says.

According to state privatization agency APV, Russian carriers
Airbridge Cargo and KrasAir will go head-to-head after surviving
the latest round of tender, where another bidder, Transatlantic
Aviation, dropped out of contention for failure to meet
expectations.

APV said, "Out of the two bidders still in competition,
negotiations will first start with Airbridge, which made the more
favorable bid."

APV will announce Malev's new owner within 30 days.  The latest
bidding opened in April.  Around 14 investors expressed interest
in the carrier, but only six were considered serious bidders.

                            *   *   *

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

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

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

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

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

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

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


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


CNG TRAVEL: Keeps Mum on Source of Takeover Approach
----------------------------------------------------
CNG Travel Group plc has reportedly admitted having received a
takeover offer for the company.

However, according to Siliconrepublic.com, the online travel
company said it is treating the approach tentatively because of
its preliminary nature.

In a statement to the Irish Stock Exchange, CNG said that the
approach may or may not lead to an acquisition.  It did not name
the interested party, which was believed to be a competing or
larger technology firm.

The offer is not thought to have come from founder Finbarr Power,
said the Irish Examiner.  Mr. Power stepped down as chief
executive and a director of CNG in June, following a boardroom
row regarding the firm's direction.

He was earlier said to have considered taking over the losing
leisure division of CNG, after the firm decided to focus on its
online booking venture and corporate end of the market.

Mr. Power led CNG into a flotation on the Alternative Investments
Market in London last year.  CNG has since faced poor results,
resulting to a profits warning in June.  In 2004, losses widened
to around EUR6 million from over EUR2 million a year earlier.

With headquarters in Kenmare, Ireland, CNG was founded in 1999.
It currently employs over 350 people in Europe and U.S.  CNG
Travel Group plc was formed in May 2004, following a capital
reorganization whereby it acquired the entire issued share
capital of CNG Hotels Limited.

Its Initial Public Offering raised GBP22.12 million through the
issue of 21,475,026 new ordinary shares at 103 pence each.  The
company said the funds would be used to strengthen its financial
base, finance product development, eliminate debt and make
acquisitions.

CONTACT:  CNG TRAVEL GROUP PLC
          2nd Floor, Heritage House
          Dundrum Office Park
          Dublin 14
          Ireland
          Phone: +353-1-296-3399
          Fax: +353-1-296-3526
          E-mail: info@cngtravel.com
          Web site: http://www.cngtravel.com


===================
K A Z A K H S T A N
===================


KAZTRANSOIL: Ratings Upped to 'BB+'; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit and senior unsecured debt ratings on Kazakhstan-based oil
transport company KazTransOil to 'BB+' from 'BB'.  The outlook is
stable.

"The upgrade reflects the growing strategic importance of KTO to
the Kazakh government and the stronger implicit and explicit
governmental support to KTO and its parent, the 100%
government-owned KazMunaiGas oil-and-gas group," said Standard &
Poor's credit analyst Eugene Korovin.  "The upgrade also
recognizes the gradual improvement of KTO's market position and
positive regulatory changes."

The ratings on KTO continue to remain constrained, however, by
the company's lack of transparent regulation, the relatively poor
state of the company's assets by international standards, and the
operational demands of expanding the pipeline network to allow
exports to China.  These weaknesses are offset by KTO's monopoly
operations, with limited competition from rail and other
pipelines; the company's strategic importance to Kazakhstan's
growing oil industry; and the increasing support of the Kazakh
government.

The stable outlook reflects Standard & Poor's expectations that
KTO will continue to expand its operations on the back of
continued oil production growth in Kazakhstan, and successfully
manage its exposure to volume risk on new export pipelines.
Recent favorable changes in tariff regulation will improve KTO's
prospects of full cost recovery for new pipeline projects,
offsetting the increased financial risk in the medium term and
mitigating new pipeline-project-related risks.

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 on:
media_europe@standardandpoors.com.

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


PETROKAZAKHSTAN: Outlook Changed to Stable; 'B+' Rating Affirmed
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
PetroKazakhstan Inc., an integrated oil company operating solely
in the Republic of Kazakhstan, to stable from positive.  At the
same time, Standard & Poor's affirmed its 'B+' long-term
corporate credit rating on PKZ.

"The rating action follows a decline in production in the second
quarter of 2005 and reflects reduced expectations for the full
year," said Standard & Poor's credit analyst Elena Anankina.

"Standard & Poor's believes that production cuts caused by Kazakh
gas-flaring regulation and ongoing litigation regarding PKZ's
50:50 joint venture with LUKoil OAO, together with tax and
antitrust litigation, limit the upside potential on the rating,"
she added.

In the second of quarter 2005, PKZ had to reduce production to
105,900 barrels per day (30% below 2004), and production for the
remainder of the year is likely to fall short of expectations.
Further, PKZ's access to the production and cash flows of its
joint venture Turgai Petroleum might be limited by corporate
governance uncertainties and numerous litigations.

"Nevertheless, Standard & Poor's expects that Petrokazakhstan's
comfortable liquidity position and limited net debt, as well as
the favorable oil price environment, will help to absorb the
negative effects of production cuts and ongoing litigation at the
current rating level," said Ms. Anankina.

Although PKZ has been approached by a number of parties
concerning a possible merger or acquisition, the company has not
taken a decision and no change of control is factored into the
current rating or outlook.

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 on:
media_europe@standardandpoors.com.

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



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


ORIFLAME COSMETICS: Six-month Profit Drops 12% to EUR42.5 Mln
-------------------------------------------------------------
Three-month Highlights:

(a) local currency sales increased by 7% and Euro sales grew by
    8% to EUR168.5 million (EUR155.9 million);

(b) average size of the Sales Force increased by 6% to 1,604,800
    Consultants and productivity in local currency increased by
    2%.  Closing Sales Force was up by 7%;

(c) operating profit decreased to EUR19.7 million (EUR26.5
    million).  Margins were lower as a result of measures taken
    to increase sales growth; and

(d) profit after tax decreased to EUR18.2 million (EUR20.3
    million).


Six-month Highlights:

(a) sales increased by 6% both in local currency and in Euro to
    EUR350.1 million (EUR331.0 million);

(b) adjusted profit after tax decreased by 12% to EUR42.5
    million (EUR48.3 million);

(c) adjusted EPS after dilution decreased by 13% to EUR0.72
    (EUR0.82); and

(d) cash flow from operating activities amounted to EUR30.7
    million (EUR38.9 million).

Financial Position

Net interest-bearing debt amounted to EUR81.1 million compared to
EUR95.5 million at the end of the second quarter 2004 and EUR57.5
million at year-end 2004.  Interest-bearing debt increased mainly
as a result of EUR44.1 million in dividend paid in May.  The
Company's shareholders' equity increased by EUR1.2 million during
the six-month period and the debt to equity ratio amounted to 0.7
(1.4).  Interest cover excluding exceptional items amounted to
9.9 (5.1) in the six-month period.

Outlook

The outlook for the full year communicated in the interim report
for the first quarter 2005 remains.  In order to increase sales
growth, measures within the areas of marketing, product
development, catalogue development and Sales Force effectiveness
will continue during the remainder of the year.

These measures, together with the operational investments in
Russia and China, are expected to have a negative effect of 2-3
percentage points on operating margins for the full year 2005,
significantly weighted towards the first half of the year.

A number of factors impact sales and margins in-between quarters:

(a) the effectiveness of individual catalogues and product
    introductions;

(b) effectiveness of recruitment programs;

(c) timing of sales and marketing activities;

(d) the number of effective sales days per quarter; and

(e) currency effect on sales and results.

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

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

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

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


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


ROYAL SHELL: Obtains Beaufort Sea Leases
----------------------------------------
Shell Exploration & Production Company said Monday that the
Minerals Management Service has awarded Shell Offshore Inc. 84
leases in the Beaufort Sea, offshore Alaska.  Shell bid on the
leases in the March 2005 Outer Continental Shelf Lease Sale 195.

Annell Bay, Regional Vice President for Exploration in the
Americas, said: "Shell is committed to growing globally through
exploration for new material oil and more integrated gas and we
believe North America continues to hold promising opportunities.
Alaska, because of its large resource potential, is one such
area.  We see the Beaufort Sea as a significant basin.  It offers
a wide diversity of geology and is largely untested."

Chandler Wilhelm, Alaska Exploration Manager, said: "Based on our
geological analysis and our experience with offshore developments
in Arctic conditions, plus our history of safe and successful
exploration in Alaska, we believe that we can build a significant
position in Alaska, starting in the Beaufort.  We also plan to
make additional investments in Alaska.  For Shell to be
successful, and to achieve our vision for Alaska, we need to work
in partnership with key stakeholders for our mutual benefit.  We
are committed to doing our part."

Shell's renewed activity in Alaska has been applauded by many
stakeholders, including Gov. Frank Murkowski.

Murkowski said: "I welcome Shell back to Alaska.  Shell's
interest again demonstrates Alaska's competitiveness in a global
business environment.  My administration is working hard to
ensure that Alaska is an attractive place to do business.  With
numerous oil prospects and a gasline on the horizon, Alaska will
continue to contribute to the nation's energy supply and energy
security for decades to come."

In addition to Gov. Murkowski, Shell has begun meeting with other
stakeholders regarding the Beaufort Sea leases.  Shell looks
forward to continuing stakeholder engagements as it considers
other business opportunities in Alaska where Shell can best use
its technological expertise to responsibly develop vital oil and
natural gas resources.

To help support its new Alaska business, Shell has opened an
office in Anchorage, located in The Frontier Building, at 3601 C
Street.  Tom Homza, a long-time Alaska geologist, will serve as
Shell's Office Manager.  In addition, Edna Beuhler, a long-time
Alaska resident, will serve as the Anchorage Office Coordinator.
Shell's primary U.S. Exploration team will remain based in
Houston.

                            *   *   *

Royal Dutch Shell plc is incorporated in England and Wales, has
its headquarters in The Hague and is listed on the London,
Amsterdam, and New York stock exchanges.  Shell companies have
operations in more than 145 countries with businesses including
oil and gas exploration and production; production and marketing
of Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.

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

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

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


ROYAL SHELL: Closes Sale of Basell to Nell Acquisition
------------------------------------------------------
BASF and Shell Chemicals have completed the sale of their 50-50
joint venture Basell, one of the world's leading manufacturers of
polyolefins, to Nell Acquisition S.a.r.l., an affiliate of New
York-based Access Industries.

The sale price totals EUR4.4 billion, including debt.  The
relevant merger control approvals had already been granted.  For
Royal Dutch Shell, proceeds are expected to be reported as part
of the Royal Dutch Shell 3rd quarter results.  The divestment
contributes to Royal Dutch Shell's US$12-US$15-billon dollar
divestment program for the period 2004-2006.

Shell Chemicals collectively refers to the companies of the Shell
Group engaged in the chemicals business.  With a multibillion
dollar turnover and major manufacturing facilities around the
world, Shell Chemicals focuses on the production of bulk
petrochemicals and their delivery to large industrial customers.
These products are widely used in plastics, coatings and
detergents.
                            *   *   *

Royal Dutch Shell plc is incorporated in England and Wales, has
its headquarters in The Hague and is listed on the London,
Amsterdam, and New York stock exchanges.  Shell companies have
operations in more than 145 countries with businesses including
oil and gas exploration and production; production and marketing
of Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.

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

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

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


ROYAL SHELL: Acquires 95.04% of Royal Dutch Shares
--------------------------------------------------
Royal Dutch Shell has acquired 1,966,867,638 ordinary shares in
the share capital of Royal Dutch, representing 95.04% of all
issued and outstanding Royal Dutch Shares.  This includes those
shares accepted for exchange in the initial offer period and
those shares accepted for exchange to date in the subsequent
offer acceptance period.

This level exceeds the 95% level at which Royal Dutch Shell may
elect to initiate squeeze out procedures.  An acceptance level of
at least 95% is also required by applicable Euronext rules in
order to de-list from Euronext Amsterdam.  Accordingly, Royal
Dutch Shell has requested that Royal Dutch seek delisting from
Euronext Amsterdam.  Royal Dutch Shell has also requested that
Royal Dutch seek delisting from the New York Stock Exchange.

The subsequent offer acceptance period remains open and will
expire at 3:00 p.m. Amsterdam time on 9 August 2005.  During this
period, holders of Royal Dutch Shares continue to be able --
subject to the terms of the Royal Dutch Offer documents -- to
tender any remaining Royal Dutch Shares.

The subsequent offer acceptance period is not an extension of the
offer by Royal Dutch Shell to acquire all ordinary shares of
Royal Dutch that expired on 18 July 2005.  During the subsequent
offer acceptance period there will be no withdrawal rights for
Royal Dutch Shares tendered for exchange.  Royal Dutch Shell will
promptly accept for exchange any Royal Dutch Shares tendered
during the subsequent offer acceptance period at the same
exchange ratio as in the Royal Dutch Offer period [that is, two
Royal Dutch Shell Class A ordinary shares for every Royal Dutch
Share held in bearer or Hague registry form tendered and one
Royal Dutch Shell Class A ADR (representing two Royal Dutch Shell
Class A Shares) for every Royal Dutch Share
held in New York registry form tendered].

Remaining Royal Dutch Shares

As previously announced, if by the end of the subsequent offer
acceptance period, Royal Dutch Shell does not hold 100% of Royal
Dutch Shares, Royal Dutch Shell reserves the right to use any
legally permitted method to obtain 100% of the Royal Dutch
Shares.  This could include a squeeze out procedure, engaging in
one or more corporate restructuring transactions, such as a
merger, liquidation, transfer of assets or conversion of Royal
Dutch into another form or corporate entity, or changing the
Royal Dutch articles of association to alter the corporate or
capital structure in a manner beneficial to Royal Dutch
Shell.  Further, Royal Dutch Shell could engage in one or more
transactions with minority holders of Royal Dutch Shares which
may include public or private exchanges, tender offers or
purchases for consideration consisting of Royal Dutch Shell
Shares, other securities or cash.

                            *   *   *

Royal Dutch Shell plc is incorporated in England and Wales, has
its headquarters in The Hague and is listed on the London,
Amsterdam, and New York stock exchanges.  Shell companies have
operations in more than 145 countries with businesses including
oil and gas exploration and production; production and marketing
of Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.

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

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

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


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


BAKALINSKIY SEL-STROY-SERVICE: Under Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on limited liability company
Bakalinskiy Sel-Stroy-Service.  The case is docketed as
A07-11894.  Mr. V. Salikaev has been appointed temporary
insolvency manager.  Creditors have until Sept. 2, 2005 to submit
their proofs of claim to 452681, Russia, Bashkortostan republic,
Neftekamsk, Vostochnaya Location-1, Zodchikh Str. 35.

CONTACT:  BAKALINSKIY SEL-STROY-SERVICE
          452650, Russia, Bashkortostan republic,
          Bakalinskiy region, Bakaly

          Mr. V. Salikaev
          Temporary Insolvency Manager
          452681, Russia, Bashkortostan republic, Neftekamsk,
          Vostochnaya Location-1, Zodchikh Str. 35


KASHIRA-MILK: Bankruptcy Hearing Resumes September
--------------------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on limited liability company Kashira-Milk.
The case is docketed as A14-3636-2005/28/16b.  Ms. N. Mironova
has been appointed temporary insolvency manager.  A hearing will
take place on Sept. 7, 2005.

CONTACT:  KASHIRA-MILK
          Russia, Voronezh region,
          Kashirskoye, Mira Str. 15

          Ms. N. Mironova
          Temporary Insolvency Manager
          394036, Russia, Voronezh region,
          Post User Box 542


NEW WINDOWS: Declared Insolvent
-------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against New Windows (TIN 02750026123, OGRN
2050204119370) after finding the close joint stock company
insolvent.  The case is docketed as A07-13640/05-G-FLE.  Mr. K.
Katkov has been appointed insolvency manager.

CONTACT:  NEW WINDOWS
          450019, Russia, Bashkortostan republic,
          Ufa, Blagovarskaya Str. 4

          Mr. K. Katkov
          Insolvency Manager
          450019, Russia, Bashkortostan republic,
          Ufa, Blagovarskaya Str. 4


NIVA: Insolvency Manager Takes over Operations
----------------------------------------------
The Arbitration Court of Vladimir region has commenced bankruptcy
supervision procedure on close joint stock company Niva.  The
case is docketed as A11-1551/2005-K1-33B.  Ms. L. Studneva has
been appointed temporary insolvency manager.

Creditors have until Sept. 2, 2005 to submit their proofs of
claim to 602209, Russia, Murom, Mekhanizatorov, 50-24.  A hearing
will take place on Sept. 27, 2005, 2:30 p.m. located at Russia,
Vladimir region, Oktyabrskiy Pr. 14.

CONTACT:  NIVA
          Russia, Vladimir region,
          Suzdalskiy region, Lyuhkovitsy

          Ms. L. Studneva
          Temporary Insolvency Manager
          602209, Russia, Murom,
          Mekhanizatorov, 50-24


NOVO-KURILOVSKOYE: Deadline for Proofs of Claim September 2
-----------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on open joint stock company
Novo-Kurilovskoye.  The case is docketed as A45-20485/04-SB/171.
Mr. P. Akinshin has been appointed temporary insolvency manager.
Creditors have until Sept. 2, 2005 to submit their proofs of
claim to 633556, Russia, Novosibirsk region, Cherepanovskiy
region, Kurilovka.

CONTACT:  NOVO-KURILOVSKOYE
          633556, Russia, Novosibirsk region,
          Cherepanovskiy region, Kurilovka

          Mr. P. Akinshin
          Temporary Insolvency Manager
          633556, Russia, Novosibirsk region,
          Cherepanovskiy region, Kurilovka


POCHINKI-SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Set November
-----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Pochinki-Sel-Khoz-Tekhnika.  The case is docketed as
A43-10708/2005, 33-233.  Mr. L. Tanklevskiy has been appointed
temporary insolvency manager.  A hearing will take place on Nov.
11, 2005, 2:30 p.m.

CONTACT:  POCHINKI-SEL-KHOZ-TEKHNIKA
          Russia, Nizhniy Novgorod region,
          Pochinki, Kommucisticheskaya Str. 16a


PODDUBENSKOYE: Appoints Temporary Insolvency Manager
----------------------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on close joint stock company Poddubenskoye
(TIN 3627015555).  The case is docketed as #A14-6860-2005/56/20b.
Mr. V. Linnik has been appointed temporary insolvency manager.  A
hearing will take place on Oct. 13, 2005, 10:00 a.m. at the
Arbitration Court of Voronezh region located at Russia, Voronezh,
Srednemoskovskaya Str. 77, Room 302.

CONTACT:  PODDUBENSKOYE
          Russia, Voronezh region,
          Rossoshanskiy region, Poddubnoye

          Mr. V. Linnik
          Temporary Insolvency Manager
          Russia, Voronezh region,
          Olkhovatka, Novatorov Str. 14

          The Arbitration Court of Voronezh
          Russia, Voronezh region,
          Srednemoskovskaya Str. 77, Room 302


SEL-KHOZ-KHIMIYA: Court Names D. Myzalin Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Sel-Khoz-Khimiya.  The case is docketed as A43-6286/2005-24-169.
Mr. D. Myzalin has been appointed temporary insolvency manager.
A hearing will take place on Sept. 20, 2005, 10:00 a.m.

CONTACT:  SEL-KHOZ-KHIMIYA
          Russia, Nizhniy Novgorod region,
          Lukoyanov, Zagorodnaya Str. 64

          Mr. D. Myzalin
          Temporary Insolvency Manager
          603000, Russia, Nizhniy Novgorod region,
          Post User Box 588

          The Arbitration Court of Nizhniy Novgorod
          603082, Russia, N. Novgorod region,
          Kremlin, Room 9


VOS-SIB-TRANS-STROY: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on open joint stock company
Vos-Sib-Trans-Stroy.  The case is docketed as A19-10512/05-37.
Mr. N. Kuzakov has been appointed temporary insolvency manager.
A hearing will take place on Oct. 26, 2005, 10:30 a.m.

CONTACT:  VOS-SIB-TRANS-STROY
          664011, Russia, Irkutsk region,
          K. Marksa Str. 30

          Mr. N. Kuzakov
          Temporary Insolvency Manager
          664025, Russia, Irkutsk region,
          Post User Box 3262


YUKOS OIL: Banks Demand Payment for US$482 Million Loan
-------------------------------------------------------
A syndicate of western banks led by France's Societe Generale has
asked a U.S. court to order Yukos Oil to repay an outstanding
US$482 million loan, Associated Press reports.

In June, Britain's High Court found that Yukos had defaulted on a
US$1 billion loan at the time of its initial issue in 2003.
Yukos was able to pay only half of the original amount.  Societe
Generale is joined by 13 other creditors of Yukos Oil in seeking
access to funds held in the company's name by Yukos' U.S. unit,
Yukos USA Inc., and a Houston-based bank.  Societe Generale is
also seeking an injunction blocking Yukos from getting back
around US$18 million paid into a U.S. bankruptcy court.

The creditors include Citigroup's Citibank unit, Deutsche Bank AG
and BNP Paribas S.A.  A spokesperson for the company said Yukos
is prepared to liquidate assets to raise funds.

Yukos' main unit was sold by the government in December to a
little-known firm OOO Baikalfinansgroup for US$9.35 billion
(RUR260.75 billion).  The disposal was aimed at extracting
payment for the firm's US$27.5 billion tax bill for 2000-2003.
Its assets remain frozen until now in relation to tax probes
against the company.

                            *   *   *

Yukos, once Russia's largest oil producer, is an oil-and-gas
company headquartered in Moscow, Russia.  It filed for chapter 11
protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).
But the case was dismissed in February 24, 2005.  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection from
its creditors, it listed $12,276,000,000 in total assets and
$30,790,000,000 in total debt.

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

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


YUKOS OIL: New Probe Opened, this Time on Employee Remuneration
---------------------------------------------------------------
Yukos Oil Company says the General Prosecutor has begun an
investigation into the remuneration of 1,600 individual members
of staff during the years 2001, 2002 and 2003.  The Company
understands that the General Prosecutor's Office is of the
opinion that the methods used by the Company to pay its staff
were unlawful.

The Company's position is that the General Prosecutor's request
for information on the remuneration for staff at Yukos' Moscow
offices is inappropriate and the Company refutes such
allegations.  The investigations suggest that Yukos and its
employees are once again subject to potentially selective and
retrospective legal claims as part of an on-going campaign to
discredit the Company and damage employee morale.

Yukos Oil Company confirms that during that period staff
benefited from widely marketed life insurance products offered by
Russian insurance companies as part of a standard remuneration
package.  This is a widespread practice in Russia and is made
available to hundreds of thousands of the country's employees.
Yukos strongly believes that other beneficiaries of such
insurance products included the General Prosecutor's Office,
government officials, the Russian Tax Service, local and regional
tax inspectors and a range of Russian corporations.  Independent
investigation will confirm this and will show that once again
Yukos has been singled-out for special treatment by the Russian
authorities.

Commenting on the latest investigations, a Yukos Oil Company
spokesperson said: "There is no doubt that Yukos takes its
employee remuneration very seriously, this was also the case in
2001, 2002, and 2003.  The Company is sure that the life
insurance products offered by insurance companies to its
employees met with the widespread business customs and the
exacting standards of the Russian Tax Service, which along with
the General Prosecutor's Office, used identical remuneration
mechanisms for its own staff.  Once again the Company is
suffering from the General Prosecutor's double standards as it
elects to ignore the actions of many other companies and
government ministries and pin-point its investigations on Yukos.

"We can only speculate on their motives as they apparently seek
to undermine the Company's reputation and create confusion and
concern amongst staff.  The Company will provide support to
present and former employees who may become victims of selective
claims by the General Prosecutor's Office."

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

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


ZDVINSKOYE: Bankruptcy Hearing Set October
------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on close joint stock company
Zdvinskoye.  The case is docketed as A45-9711/05-27/147.  Mr. O.
Khvorostin has been appointed temporary insolvency manager.
Creditors may send their proofs of claim to 630128, Russia,
Novosibirsk region, Kutateladze Str. 4a, Office 409.  A hearing
will take place on Oct. 10, 2005.

CONTACT:  ZDVINSKOYE
          632959, Russia, Novosibirsk region,
          Zdvinskiy region, Tsvetniki

          Mr. O. Khvorostin
          Temporary Insolvency Manager
          630128, Russia, Novosibirsk region,
          Kutateladze Str. 4a, Office 409


=========
S P A I N
=========


CABLEUROPA: On Rating Watch Evolving After Auna TLC Deal
--------------------------------------------------------
Fitch Ratings has placed Spain-based Cableuropa on Rating Watch
Evolving, following the company's announcement that it has
reached an agreement to acquire 100% of AUNA TLC, the fixed-line
and cable business of the AUNA Group, for approximately EUR2.250
billion.  Ratings and issues that are affected include
Cableuropa's Senior Unsecured and Short-term 'B' ratings, the
'BB-'-rated EUR1.250 billion senior secured bank facility and the
'B-' (B minus)-rated ONO Finance Plc's senior unsecured notes.

Fitch will resolve the RWE status upon completion of a thorough
review (as and when information becomes available), of the
proposed transaction, its implications for the business and
financial risk profile of the ONO group and the proposed
structure of any related financing.

Cableuropa is a Spanish broadband service provider and the
intermediate holding company for the ONO group.  Its core
business consists of the offering of integrated
telecommunications, cable television and broadband internet
services to residential and business customers.  In the year to
December 2004, revenues amounted to EUR502 million with 783,765
residential and 21,169 business customers.

CONTACT:  FITCH RATINGS
          Stuart Reid, London
          Phone: +44 207 417 4323
          Mike Dunning
          Phone: +44 207 417 6343
          Web site: http://www.fitchratings.com

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


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


CONCORDIA BUS: Third Party Tender Offer for Senior Notes Begins
--------------------------------------------- -----------------
As announced on 22 July 2005, an agreement in principle on the
terms of a restructuring has been reached between:

(a) Concordia Bus AB (Bus);

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

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

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

(e) the principal ultimate equity holders in the Concordia
    Group.

Documentation for the Restructuring, including a restructuring
agreement has now been executed.

Pursuant to this Restructuring, commencing July 28, certain
members (the Offerors) of the Subordinated Ad Hoc Committee are
causing Nimbus Limited (BidCo), a company financed by them, to
make a cash tender offer (the 'Third Party Tender Offer') to
purchase at a price equivalent to the principal face amount of
the Senior Notes validly tendered and not withdrawn, plus all
accrued but unpaid interest thereon, all the outstanding Senior
Notes (except the 40.9% of the Senior Notes held by members of
the Subordinated Ad Hoc Committee).

The Third Party Tender Offer is scheduled to expire on 24 August
2005 and is conditional upon the successful completion of the
Consent Solicitation referred to below.  Senior Group Members
have agreed, on the terms and subject to the conditions of the
Restructuring Agreement, to tender all their Senior Notes in the
Third Party Tender Offer.

Nordic recommends acceptance of the Third Party Tender Offer.  As
consideration for conducting the Third Party Tender Offer, Nordic
will pay the Offerors a fee of 3% of the aggregate cash amount
spent to acquire Senior Notes tendered into the Third Party
Tender Offer.  Nordic will make the regularly scheduled interest
payment on 1 August 2005.

Simultaneously with the Third Party Tender Offer, Nordic is
commencing a revised consent solicitation, amending and restating
its pending consent solicitation, seeking, in exchange for a
consent fee of EUR40 for each EUR1,000 principal amount of Senior
Notes:

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

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

The proposed amendments will not take effect unless and until
both the consent fee and the tender offer payments have been
made.  Senior Group Members and members of the Subordinated Ad
Hoc Committee who hold Senior Notes have agreed, on the terms and
subject to the conditions of the Restructuring Agreement, to
deliver their consents to Nordic pursuant to the terms of the
Consent Solicitation.  The proposed amendments to the Indenture
will not be made unless a majority of the aggregate principal
amount of Senior Notes outstanding give their consent.  The
consents to be provided by the Senior Group Members will be
sufficient to permit the amendments to the Indenture that are
being requested in the Consent Solicitation.  The Consent
Solicitation is to be completed on the same day as the Third
Party Tender Offer (24 August 2005).

This announcement is not a solicitation of tenders or consents
with respect to any securities.  The solicitation is being made
solely by the Amended and Restated Consent Solicitation Statement
dated 28 July 2005, as amended from time to time, and the offer
to purchase by which the Third Party Tender Offer is being made.

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

                            *   *   *

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

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

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

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


ESSELTE GROUP: Moody's to Review Rating After Unit's Sale
---------------------------------------------------------
Moody's placed the ratings of Esselte Group Holdings AB on review
for possible upgrade following the announcement that the company
has agreed to sell its DYMO division to Newell Rubbermaid for
around US$730 million in cash, and will use the sale proceeds to
substantially repay its outstanding indebtedness.

These ratings were placed on review for possible upgrade:

(a) Corporate family rating (formerly senior implied rating),
    B2; and

(b) EUR150 million 7 5/8% senior notes due 2011, Caa1.

Moody's review will focus on the success of the pending DYMO
divestiture and debt reduction (expected to close by year-end),
and on Esselte's long-term financial profile.  Although the terms
of Esselte's Senior Credit Agreement and Bond Indenture permit
reinvestment of the sale proceeds, the company has indicated its
intention to repay substantially all of its debt, including
calling its senior notes as per the indenture at 100% plus
accrued interest including on the closing date calling for
redemption the senior notes (in accordance with article 3 of the
note indenture).  Contemplated proceeds of approximately US$730
million in cash are more than sufficient to cover Esselte's
outstanding debt of US$414 million at quarter end April 2005.

Moody's views the debt repayment as a materially positive credit
event, given Esselte's overall operating challenges due to
pressures in the office products industry stemming from raw
material price increases, weak brand and innovation relevance in
certain categories, customer consolidation, heavy private label
and branded competition, and soft European economic conditions.
These factors have contributed to recent profit and cash flow
declines and heightened the risks associated with Esselte's
higher leverage, under-funded pension plans, and required
acquisition payments.  Moody's notes that the prospective sale
will remove Esselte's primary earnings generator, as DYMO
represented approximately US$33 million of the company's US$43
million in gross operating income (before corporate expense
allocations of US$27 million) in fiscal 2004.

Requisite ratings will be withdrawn upon full repayment of the
notes.

Esselte, incorporated in Sweden (with executive offices in
Stamford, Connecticut), is a leading manufacturer of office and
other products in four primary categories, filing, labeling,
workspace and creative.  The company's brands include DYMO,
Esselte, Leitz, Pendaflex and Xyron.  Net sales for the
twelve-month period ended April 2005 were approximately US$1.2
billion.

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

          Kevin L.  Ziets, CFA, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


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


ARTSIZ' MEAT: Court Names Ivanov Vladislav Insolvency Manager
-------------------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Artsiz' Meat Combine (code EDRPOU 00443915)
on May 26, 2005 after finding the limited liability company
insolvent.  The case is docketed as 2/138-04-5099.  Mr. Ivanov
Vladislav (License Number AB 216729) has been appointed
liquidator/insolvency manager.  The company holds account number
2600502200 at Ukrgazbank, Odessa branch, MFO 328759.

Creditors have until August 5, 2005 to submit their proofs of
claim to:

(a) ARTSIZ' MEAT COMBINE
    Ukraine, Odessa region,
    Artsiz, Bondarev Str. 33

(b) Mr. Ivanov Vladislav
    Liquidator/Insolvency Manager
    65011, Ukraine, Odessa region, a/b 46

(c) ECONOMIC COURT OF ODESSA REGION
    65032, Ukraine, Odessa region,
    Shevchenko Avenue, 4


INTER-STYLE: Under Bankruptcy Supervision
-----------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on LLC Inter-Style (code EDRPOU 20412800)
on April 28, 2005.  The case is docketed as 3/60 B.  Mr. Sergij
Yegorenkov has been appointed temporary insolvency manager.

Creditors have until August 5, 2005 to submit their proofs of
claim to:

(a) INTER-STYLE
    12420, Ukraine, Zhitomir region,
    Teterivka, Shkilna Str. 74

(b) Mr. Sergij Yegorenkov
    Temporary Insolvency Manager
    01133, Ukraine, Kyiv region,
    Lesya Ukrainka Boulevard, 19/138

(c) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir region,
    Putyatinski Square, 3/65


MAKIVKA: Deadline for Proofs of Claim Expires Tomorrow
------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Makivka (code EDRPOU 01529411) on
June 13, 2005.  The case is docketed as 19/100 (04).  Mr. O.
Osipenko (License Number AA 783079) has been appointed temporary
insolvency manager.  The company holds account number 2606180048
at JSPPB Aval, Zaporizhya regional branch, MFO 013827.

Creditors have until August 5, 2005 to submit their proofs of
claim to:

(a) MAKIVKA
    72431, Ukraine, Zaporizhya region,
    Priazovskij district, Makivka,
    Kalinin Str. 19

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


MEZHIRICH: Temporary Insolvency Manager Takes over Helm
-------------------------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on Agricultural LLC Mezhirich (code EDRPOU
03776971).  The case is docketed as 12/54-05.  Mr. Sergij
Vasilets (License Number AB 216824) has been appointed temporary
insolvency manager.  The company holds account number
260044319625002 at CB Privatbank, Sumi branch, MFO 337546.

Creditors have until August 5, 2005 to submit their proofs of
claim to:

(a) MEZHIRICH
    42230, Ukraine, Sumi region,
    Lebedin district, Mezhurich

(b) Mr. Sergij Vasilets
    Temporary Insolvency Manager
    42200, Ukraine, Sumi region,
    Lebedin, Petrenko Str. 44

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


NAFTA-CENTRE: Bankruptcy Supervision Begins
-------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Nafta-Centre (code EDRPOU 30729257).
The case is docketed as 15/444-b.  Mr. Ivan Gusar (License Number
AA 719858) has been appointed temporary insolvency manager.  The
company holds account number 26004000186 at CB Dnister, Kyiv
region branch.

Creditors have until August 5, 2005 to submit their proofs of
claim to:

(a) NAFTA-CENTRE
    Ukraine, Kyiv region,
    Malinovskij Str. 27-B/70

(b) Mr. Ivan Gusar
    Temporary Insolvency Manager
    01030, Ukraine, Kyiv region, a/b 29
    Phone/Fax: (044) 236-11-17

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


SINTEK: Lviv Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Sintek (code EDRPOU 30343337) after finding
the limited liability company insolvent.  The case is docketed as
6/145-29/139.  Mr. Andrij Sibal (License Number AA 485266) has
been appointed liquidator/insolvency manager.

Creditors have until August 5, 2005 to submit their proofs of
claim to:

(a) SINTEK
    79035, Lviv region,
    Krimska Str. 28

(b) Mr. Andrij Sibal
    Liquidator/Insolvency Manager
    79000, Ukraine, Lviv region,
    P. Doroshenko Str. 61/5

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


UKRAINA: Gives Creditors Until Tomorrow to File Claims
------------------------------------------------------
The Economic Court of Herson region has commenced bankruptcy
supervision procedure on Agricultural LLC Ukraina (code EDRPOU
05396638).  The case is docketed as 12/84-B-05.  Mr. Negrov Maxim
(License Number AA 719843) has been appointed temporary
insolvency manager.  Creditors have until August 5, 2005 to
submit their proofs of claim to

(a) UKRAINA
    75210, Ukraine, Herson region,
    Chaplinskij district, Magdalinivka

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


UROZHAJ: Succumbs to Bankruptcy
-------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on LLC Urozhaj (code EDRPOU 30880630).  The
case is docketed as 12/42-05.  Mr. Sergij Vasilets (License
Number AB 216824) has been appointed temporary insolvency
manager.  The company holds account number 260089627 at JSPPB
Aval, Sumi branch, MFO 337483.

Creditors have until August 5, 2005 to submit their proofs of
claim to:

(a) UROZHAJ
    42220, Ukraine, Sumi region,
    Lebedin district, Shtepivka

(b) Mr. Sergij Vasilets
    Temporary Insolvency Manager
    42200, Ukraine, Sumi region,
    Lebedin, Petrenko Str. 44

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


ZHIKLER: Applies for Bankruptcy Supervision
-------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on LLC Zhikler (code EDRPOU 22735506) on
June 15, 2005.  The case is docketed as 12/88-B-05.  Ms. Ulyana
Siromyatnikova (License Number AA 719768) has been appointed
temporary insolvency manager.

Creditors have until August 5, 2005 to submit their proofs of
claim to:

(a) ZHIKLER
    75700, Ukraine, Herson region,
    Skadovsk, Komsomolska Str. 163-A

(b) Ms. Ulyana Siromyatnikova
    Temporary Insolvency Manager
    75700, Ukraine, Herson region,
    Skadovsk, Radyanska Str. 32/9
    Phone: 8 (0237) 5-51-55

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


ZMIYIVSKE REPAIR-TRANSPORT: Creditors' Claims Due Tomorrow
----------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Zmiyivske Repair-Transport
Enterprise (code EDRPOU 0376163) on June 23, 2005.  The case is
docketed as 24/52-05.  Mr. Ivan Radik (License Number AB 176041)
has been appointed temporary insolvency manager.  The company
holds account number 2609405163001 at CB Privatbank, Harkiv
regional branch, MFO 351533.

Creditors have until August 5, 2005 to submit their proofs of
claim to:

(a) ZMIYIVSKE REPAIR-TRANSPORT ENTERPRISE
    Ukraine, Harkiv region,
    Zmiyivskij district, Liman, Zmiyivska Str. 36

(b) Mr. Ivan Radik
    Temporary Insolvency Manager
    61170, Ukraine, Harkiv region,
    Gv. Shironintsiv Str. 43-A/157
    Phone: (050) 301-29-21

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square, 5, Derzhprom, 8th Entrance


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


1102 PARTNERS: Liquidators from Valentine & Co. Move in
-------------------------------------------------------
At the extraordinary general meeting of 1102 Partners One
Limited, duly convened, and held at 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS, on Thursday 14 July 2005, the subjoined
Resolutions were duly passed, as a Special Resolution and as an
Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company be wound up, and that Mark S Reynolds, of 4 Dancastle
Court, 14 Arcadia Avenue, London N3 2HS, be and is hereby
appointed as Liquidator of the Company for the purpose of such
winding-up."

M Shah

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


ABLE PRECISION: In Voluntary Liquidation
----------------------------------------
At an Extraordinary General Meeting of Able Precision Ltd., duly
convened, and held at 3rd Floor, Regent House, Bath Avenue,
Wolverhampton WV1 4EG, on 20 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
Mark Jonathan Botwood, of Muras Baker Jones, Regent House, Bath
Avenue, Wolverhampton WV1 4EG, be and is hereby appointed
Liquidator for the purposes of such winding-up."

P L Owen, Chairman

CONTACT:  MURAS BAKER JONES & COMPANY
          Regent House
          3rd Floor
          Bath Avenue
          Wolverhampton
          West Midlands WV1 4EG
          Phone: 01902 393007
          Fax: 01902 393010
          E-mail: mjb@muras.co.uk


ALFA SECURITIES: Names Liquidator from Citroen Wells
----------------------------------------------------
The following Written Resolutions of the sole Member of the Alfa
Securities Limited, were duly passed on Wednesday 20 July 2005,
as a Special Resolution and as an Ordinary Resolution
respectively:

"That the Company be wound up voluntarily, and that Mr. M. K.
Mehta and Mr. M. R. Philips, of Citroen Wells, 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 Liquidator is to be done by all or
any one or more of the persons for the time being holding
office."

For and on behalf of Open Joint Stock Company "Alfa Bank"

                            *   *   *

Alfa Securities Ltd. is a London-based subsidiary of leading
commercial bank Alfa Bank.  The bank has license on Britain's
Securities and Futures Authority Ltd. to deal in the securities
and corporate finance transactions throughout the European Union.

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


ALI BROTHERS: Court Orders Liquidation
--------------------------------------
Company Name: ALI BROTHERS LTD.
              18 Walsworth Road,
              Hitchin,
              Hertfordshire, SG4 9SP

Registration Number: 05069964

Court: Luton

Date of Filing Petition: May 25, 2005

No. of Matter: 22 of 2005

Date of Winding-up Order: July 19, 2005

CONTACT:  Official Receiver
          1st Floor, Trident House,
          42-48 Victoria Street,
          St Albans AL1 3HR
          Phone: 01727 832233
          Fax: 01727 732400


ALMSHOUSE LTD: Calls in Liquidator from B & C Associates
--------------------------------------------------------
At an Extraordinary General Meeting of the Members of Almshouse
Ltd, duly convened, and held at 5 Hendon Street, Sheffield, South
Yorkshire S13 9AX, on 14 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
Filippa Connor, of B & C Associates, Trafalgar House, Grenville
Place, Mill Hill, London NW7 3SA, is hereby appointed Liquidator
for the purposes of such winding-up."

J C Hindle, Director

CONTACT:  B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


ARNOS CAFE: Liquidation Gets Court's Go Signal
----------------------------------------------
Company Name: ARNOS CAFE LTD.
              c/o Freemans Solar House,
              282 Chase Road,
              London, N14 6NZ

Registration Number: 04370180

Court: Bristol District Registry

Date of Filing Petition: May 25, 2005

No. of Matter: 2217 of 2005

Date of Winding-up Order: July 20, 2005

CONTACT:  Official Receiver
          21 Bloomsbury Street,
          London, WC1B 3SS
          Phone: 020 7637 1110
          Fax: 020 7637 6390


ATLAS REFRIGERATED: Liquidator from Mazars Takes over Company
-------------------------------------------------------------
At the extraordinary general meeting of Atlas Refrigerated
Vehicles Limited, duly convened, and held at the offices of
Mazars LLP, Cartwright House, Tottle Road, Nottingham NG2 1RT, on
22 July 2005, the following Resolutions were duly passed, as a
Special Resolution and as Ordinary Resolutions respectively:

"That the Company be wound up voluntarily, and that Philip
Michael Lyon, of Mazars LLP, Cartwright House, Tottle Road,
Nottingham NG2 1RT, be appointed Liquidator for the purpose of
such winding-up, and that the Liquidator's remuneration be fixed
at GBP5,000 plus disbursements plus VAT."

D Walker, Chairman

CONTACT:  MAZARS LLP
          Cartwright House,
          Tottle Road,
          Nottingham NG2 1RT
          Web site: http://www.mazars.co.uk


AUTOMATIC VENDING: Manchester Court Okays Liquidation
-----------------------------------------------------
Company Name: AUTOMATIC VENDING SOLUTIONS LIMITED
              2 College Street,
              Higham Ferrers,
              Northamptonshire, NN10 8DZ

Registration Number: 04831632

Court: Manchester District Registry

Date of Filing Petition: May 26, 2005

No. of Matter: 1469 of 2005

Date of Winding-up Order: July 18, 2005.

CONTACT:  Official Receiver
          Sol House, 29
          St. Katherines Street,
          Northampton, NN1 2QZ
          Phone: 01604 542400
          Fax: 0104 542450


BEAMREGARD: Members Opt for Liquidation
---------------------------------------
At the extraordinary general meeting of Beamregard, duly
convened, and held at Valiant House, 12 Knoll Rise, Orpington,
Kent BR6 0PG, on 22 July 2005, the subjoined Special Resolutions
were duly passed:

"That the Company be wound up voluntarily, and that Mark Newman,
of Vantis Business Recovery, Judd House, 16 East Street,
Tonbridge, Kent TN9 1HG, be and is hereby appointed Liquidator
for the purposes of such winding-up, and that without prejudice
to any other Resolutions, the Liquidator be authorised pursuant
to section 110 of the Insolvency Act 1986 to receive, in
compensation or part compensation for the transfer or sale of all
or any part of the Company's business to any other Company for
distribution among the Members of the Company."

P Thompson, Chairman

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


CLARENDON HOMES: Gets Court Approval to Wind up
-----------------------------------------------
Company Name: CLARENDON HOMES LTD.
              21 King Street,
              Frome,
              Somerset, BA11 1BJ

Registration Number: 03606074

Court: Birmingham District Registry

Date of Filing Petition: April 21, 2005

No. of Matter: 2390 of 2005

Date of Winding-up Order: July 18, 2005

CONTACT:  Official Receiver
          4th Floor, 100 Victoria Street,
          Bristol, BS1 6BD
          Phone: 01179 279515
          Fax: 01179 275299


CLARKE & BARTLETT: Owners Decide to Wind up Firm
------------------------------------------------
At the extraordinary general meeting of Clarke & Bartlett Asset
Management Limited, duly convened, and held at 7-8 Conduit
Street, London W1S 2XF, on 22 July 2005, at 10:30 a.m., the
following Special Resolutions were passed:

"That the Company be wound up voluntarily, and that Stephen
Goderski of Geoffrey Martin & Co, 7-8 Conduit Street, London W1S
2XF, be appointed Liquidator of the Company for the purposes of
the voluntary winding-up."

A A J Bartlett, Director

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


CLYDESDALE BANK: Faces GBP80 Mln Notes Bill with Five Banks
-----------------------------------------------------------
Troubled Clydesdale Bank and five other financial firms are
facing a GBP80 million bill to cover their notes in circulation,
The Scotsman says.

The Treasury recently published a consultation document on
proposals, which it claims would "strengthen and modernize" the
current scheme under which banks are permitted to issue their own
notes.  After the consultation, the Government would initiate a
bill to require greater note-covering assets to be held at all
times, thereby "creating a level playing field."

The notes shake-up affects those issued by Clydesdale Bank, the
Royal Bank of Scotland, Bank of Scotland and three Northern
Ireland-based banks.  Currently, around GBP1.5 billion in
banknotes are circulating "on any given day north of the Border."

A BoS spokesman said, "We will be working closely with the
Treasury going forward."

Clydesdale Bank plans to close 60 of its 217 branches in Scotland
as part of a U.K.-wide shakeup.  Clydesdale has seen profits
tumble, and business banking managers fleeing to Royal Bank of
Scotland for the past 18 months.

In December, the bank announced a 44% drop in profits to GBP90
million.  It slashed interim dividend to NAB and scrapped final
dividend.  Clydesdale's profit has been in decline for the past
three years.  It was performing poorly at a time when rival HBOS
and Royal Bank of Scotland are flourishing.

CONTACT:  CLYDESDALE BANK
          Banking Hall
          30 St. Vincent Place
          Glasgow G1 2HL
          Phone: 0141 951 7000
          Web site: http://www.cbonline.co.uk

          THE ROYAL BANK OF SCOTLAND GROUP PLC
          42 St Andrew Square
          Edinburgh EH2 2YE
          Phone: +44-131-556-8555
          Fax: +44-131-557-6140
          Web site: http://www.rbs.com

          BANK OF SCOTLAND
          3rd Floor
          Citymark
          150 Fountainbridge
          Edinburgh EH3 9PE
          Web site: http://www.bankofscotland.co.uk


COMPLETE SAFETY: Calls in Liquidators
-------------------------------------
At an Extraordinary General Meeting of the Members of Complete
Safety Services Limited, duly convened, and held at Meridian
House, 62 Station Road, North Chingford, London E4 7BA, 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 A
J Clark, of Carter Clark, Meridian House, 62 Station Road, North
Chingford, London E4 7BA, and P Byatt, of Lake Bushells, 129 New
London Road, Chelmsford CM2 0QT, be and they are hereby appointed
Liquidators for the purposes of the voluntary winding-up."

A Barnett, Director

CONTACT:  LAKE BUSHELLS
          129 New London Road
          Chelmsford
          Essex CM2 0QT
          Phone: 01245 254 780
          Fax: 01245 254 799
          E-mail: info@lakebushells.co.uk


DAVINA CHOCOLATES: Appoints Vantis Liquidator
---------------------------------------------
At an Extraordinary General Meeting of Davina Chocolates Limited,
duly convened, and held at The White Cottage, 19 West Street,
Epsom KT18 7BS, on 20 July 2005, the following subjoined
Extraordinary Resolution was passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that R
L H Knight, of Vantis Business Recovery, The White Cottage, 19
West Street, Epsom KT18 7BS, be and is hereby appointed
Liquidator for the purposes of such winding-up." G

Martin, Chairman

CONTACT:  VANTIS BUSINESS RECOVERY
          The White Cottage,
          19 West Street,
          Epsom, Surrey, KT18 7BS
          Phone: 01372 743816
          Fax: 01372 720940
          E-mail: epsom@vantisplc.com
          Web site: http://www.vantisplc.com


DELICIOUS CATERING: In Liquidation
----------------------------------
At an Extraordinary General Meeting of Delicious Catering (UK)
Limited, duly convened, and held at The Ibis Hotel, Moorhead Way,
Bramley, Rotherham S66 1YY, on 20 July 2005, at 10.45 am, 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 the Company be wound up voluntarily, and that
Philip Malachy Daly, of Daly & Co, The Portergate, Ecclesall
Road, Sheffield S11 8NX, be and hereby is appointed Liquidator."

J W Tinkler, Chairman

CONTACT:  DALY & CO.
          The Portergate
          Ecclesall Road
          Sheffield
          South Yorkshire S11 8NX
          Phone: 0114 209 6262
          Fax: 0114 200 6001
          E-mail: dalyco@btconnect.com


DELTACOMM ELECTRONIC: Members Opt to Wind up Firm
-------------------------------------------------
At an Extraordinary General Meeting of the Members Deltacomm
Electronic Solutions Limited, duly convened, and held at the
offices of Piper Thompson, Mulberry House, 53 Church Street,
Weybridge, Surrey KT13 8DJ, 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
Tony James Thompson, of Piper Thompson, Mulberry House, 53 Church
Street, Weybridge, Surrey KT13 8DJ, be and he is hereby nominated
Liquidator for the purpose of the winding-up."

G D Anderson, Director

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


D & G ONTRAC: Names Administrators from Begbies Traynor
-------------------------------------------------------
Name: D & G ONTRAC VEHICLE SERVICES PLC
      (Company No 04986993)

Nature of Business: Maintenance and Repair of Motors

Address of Registered Office: Beaconsfield Road, Hayes, Middlesex
UB4 0SL

Date of Appointment: July 19, 2005

Joint Administrators' Names and Address: Jamie Taylor and David
Paul Hudson (IP Nos 002748 and 008977), both of Begbies Traynor,
The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex
SS1 2EG

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


DRAX GROUP: Has New Chief Executive Officer
-------------------------------------------
Drax Group Limited has appointed Dorothy Thompson as Chief
Executive Officer and Executive Director of Drax Group.  Ms.
Thompson will take up the appointment in September.

She has spent substantially the whole of the last 12 years in the
power industry.  Joining InterGen in 1998, Ms. Thompson rose to
become head of the company's European business, where she had
responsibility for the management and operation of four gas-fired
power plants, totaling some 3,160MW of capacity across the U.K.
and the Netherlands.

Ms. Thompson graduated from the London School of Economics in
1983 and started her career in banking before joining Powergen in
1993.

Gordon Horsfield, Chairman of Drax Group, said: "I am delighted
to announce Dorothy's appointment.  I believe she has the
ambition and drive to take the business forward, as well as the
leadership qualities and skills, which align with the open
culture at Drax.  Additionally, she brings detailed sector
knowledge to complement the strengths of the existing Drax team.
This is a critical appointment at a key stage in the development
of the business and the Board has been very mindful of this in
its choice of Dorothy for the CEO role."

Dorothy Thompson said: "I am extremely pleased to be joining Drax
Group at such an important time in its development and I am
looking forward to leading the Company through the challenging
months ahead and beyond.  I believe the Company has a great
future and I am delighted to become a part of it."

                            *   *   *

Headquartered in Selby, North Yorkshire, United Kingdom, Drax
Group operates the largest coal-fired power plant in Europe.
Its primary subsidiary, Drax Power, operates the Drax Power
Station in North Yorkshire England.

Drax Group underwent a financial restructuring in 2003 after its
largest customer, TXU Europe, filed for administrative protection
(its former project creditors took control of the firm from owner
U.S. energy generator AES).  In December, it secured an agreement
for a GBP348 million claim from TXU.  It received a first
distribution of some GBP214 million at the end of March.
Succeeding payments are expected in 2005 and 2006. The company is
using its cash to discharge B debt.

Drax Group Limited has appointed Deutsche Bank AG London as lead
adviser and sponsor for the proposed refinancing and listing of
Drax.  It has retained Dresdner Kleinwort Wasserstein Limited as
financial adviser.

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

          BUCHANAN COMMUNICATIONS
          Phone: 01943 883990
          Charles Ryland/Ben Willey
          Phone: 020 7466 5000


E-400 LIMITED: EGM Passes Winding-up Resolution
-----------------------------------------------
At an Extraordinary General Meeting of the Members of E-400
Limited, duly convened, and held at The Old Bridge Hotel,
Holmfirth, Huddersfield HD9 1DA, on 22 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
William Clive Swindell, of Yorkshire House, 7 South Lane,
Holmfirth, Huddersfield HD9 1HN, be and he is hereby nominated
Liquidator for the purpose of the winding-up."

J Tyler

CONTACT:  William Clive Swindell, Liquidator
          Yorkshire House, 7 South Lane,
          Holmfirth, Huddersfield HD9 1HN
          Phone: 01484 688344


ELLY'S WINE: Calls in Liquidator from B & C Associates
------------------------------------------------------
At an Extraordinary General Meeting of the Members of Elly's Wine
Stores Sourcing Limited, duly convened, and held at Trafalgar
House, Grenville Place, London NW7 3SA, on Thursday 21 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
Filippa Connor, of B & C Associates, Trafalgar House, Grenville
Place, Mill Hill, London NW7 3SA, is hereby appointed Liquidator
for the purposes of such winding-up."

P R Elly, Director

CONTACT:  B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


EURODIS ELECTRON: Seven Subsidiaries in Administration
------------------------------------------------------
On 15 July 2005, Neville Barry Kahn and Nicholas Guy Edwards (of
Deloitte & Touche LLP) were appointed as joint administrators of
Eurodis Electron PLC.

Subsidiaries in the Eurodis Electron group have also been placed
into administration:

Subsidiary                    Administrators         Appointment

Eurodis Electronics plc       Neville Barry Kahn         July 15
                              Nicholas Guy Edwards

Eurodis Information
Systems Limited               Neville Barry Kahn         July 26
                              Nicholas Guy Edwards
                              Nicholas James Dargan

Eurodis Electronics
UK Limited                    Neville Barry Kahn         July 26
                              Nicholas Guy Edwards
                              Nicholas James Dargan

Eurodis Electron Holding BV   Neville Barry Kahn         July 26
                              Nicholas Guy Edwards
                              Nicholas James Dargan

Eurodis Distribution
Services BV                   Neville Barry Kahn         July 26
                              Nicholas Guy Edwards
                              Nicholas James Dargan

Eurodis Texim Electronics BV  Neville Barry Kahn         July 26
                              Nicholas Guy Edwards
                              Nicholas James Dargan

Eurodis Texim Electronics SA  Neville Barry Kahn         July 26
                              Nicholas Guy Edwards
                              Nicholas James Dargan

Since the date of their appointment the Administrators have been
seeking to achieve either sales of the companies in the Eurodis
Electron group or sales of the businesses and assets under their
control.

The Administrators are hopeful that the disposals of either the
companies or the businesses and assets will be concluded
satisfactorily in due course.  However, given the level of debt
across the Eurodis Electron group, the Administrators do not
anticipate, at present, that there will be a return to Eurodis
Electron shareholders.

In light of this situation, there is no current intention to
request that the suspension of shares of Eurodis Electron plc
from listing on the Official List and trading on The London Stock
Exchange be lifted.
A company profile is available free of charge at
http://bankrupt.com/misc/EurodisElectron.htm

CONTACT:  EURODIS ELECTRON PLC
          43 London Road Reigate,
          Surrey RH2 9PW
          Phone: +44 (0) 1737 242464
          Fax: +44 (0) 1737 229600

          DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


EZ CEILINGS: Appoints Baker Tilly Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the Members of EZ Ceilings
Limited, duly convened, and held at Baker Tilly, International
House, Queens Road, Brighton, East Sussex BN1 3XE, 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
Susan Agnes Maund and Andrew White, both of Baker Tilly,
International House, Queens Road, Brighton, East Sussex BN1 3XE,
be and they are hereby appointed Joint Liquidators for the
purposes of such winding-up."

D R Holmes, Director and Chairman

CONTACT:  BAKER TILLY
          International House
          Queens Road, Brighton BN1 3XE
          Phone: 01273 223400
          Fax: 01273 223401
          E-mail: jonathan.ericson@bakertilly.co.uk
          Web site: http://www.bakertilly.co.uk


FOREMAN INTERIORS: Court Okays Winding-up
-----------------------------------------
Company Name: FOREMAN INTERIORS LIMITED
              116 Totteridge Lane,
              London, N20 8JH

Registration Number: 04505849

Court: Bristol District Registry

Date of Filing Petition: June 1, 2005

No. of Matter: 2278 of 2005

Date of Winding-up Order: July 20, 2005

CONTACT:  Official Receiver
          21 Bloomsbury Street,
          London, WC1B 3SS
          Phone: 020 7637 1110
          Fax: 020 7637 6390


F STENTON: Meeting of Creditors Set Next Week
---------------------------------------------
The creditors of F Stenton Limited will meet on Aug. 9, 2005 at
10:30 a.m.  It will be held at Maidment Judd, 60-62 High Street,
Harpenden, Hertfordshire AL5 2SP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Maidment Judd, 60-62 High Street, Harpenden,
Hertfordshire AL5 2SP not later than 12:00 noon, Aug. 8, 2005.

                            *   *   *

The company sells cars.

CONTACT:  F STENTON LTD
          4-8 White Lion Road, Amersham,
          Buckinghamshire HP7 9JD
          Phone: 01494-546000

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


GOLFVIEW TRADING: In Liquidation
--------------------------------
At an Extraordinary General Meeting of Golfview Trading Limited
(trading as Sprintfinish), duly convened, and held at Burley
House, 12 Clarendon Road, Leeds LS2 9NF, on 22 July 2005, the
following Extraordinary Resolutions were duly 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 it is advisable that the same should be wound
up, and that the Company be wound up accordingly, and that Gerald
Maurice Krasner, of Bartfields (UK) Limited, Burley House, 12
Clarendon Road, Leeds LS2 9NF, an Insolvency Practitioner duly
qualified under the Insolvency Act 1986, be and is hereby
appointed the Liquidator of the Company for the purpose of such
winding-up."

P Round, Chairman

CONTACT:  BARTFIELDS (UK) LIMITED
          Burley House
          12 Clarendon Road
          Leeds
          West Yorkshire LS2 9NF
          Phone: 0113 244 9051
          Fax: 0113 234 3208
          E-mail: gerald.krasner@bartfield.co.uk


GRAFTON'S BAKERY: Appoints KPMG Liquidator
------------------------------------------
At an Extraordinary General Meeting of Grafton's Bakery Ltd.,
duly convened, and held at KPMG, 1 The Embankment, Neville
Street, Leeds LS1 4DW, on 19 July 2005, the following Resolutions
were passed as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Howard Smith and Richard Dixon Fleming, of KPMG, be and are
hereby appointed Joint Liquidators for the purpose of such
winding-up. Any act required or authorized under any enactment to
be done by the Liquidator may be done by one of them."

S J French, Director


HERBIE FROGG: Joint Administrators Enter Firm
---------------------------------------------
Name: HERBIE FROGG (KNIGHTSBRIDGE) LIMITED
      (Company No 03011352)

      THE HERBIE FROGG GROUP LIMITED
      (Company No 03012774)

Nature of Business: 'Group' Holding Company and Retail Sale of
                     Quality Menswear.

Trade Classification: 9305 (Other Business Activities), 5242

Date of Appointment: July 21, 2005

Joint Administrators' Names and Address: John Alfred George
Alexander and Melvyn Julian Carter (IP Nos 5053 and 5773), both
of Carter Backer Winter, Enterprise House, 21 Buckle Street,
London E1 8NN

CONTACT:  HERBIE FROGG (KNIGHTSBRIDGE) LIMITED
          28 Lowndes Street SW1X 9HX
          Phone: 020 78232882

          CARTER BACKER WINTER
          Enterprise House, 21 Buckle Street,
          London E1 8NN
          Phone: + 44 (0) 20 7309 3800
          Fax:   + 44 (0) 20 7309 3801
          E-mail: info@cbw.co.uk
          Web site: http://www.cbw.co.uk


HIGHSOFT LIMITED: Falls Hard into Receivership
----------------------------------------------
Company Name: HIGHSOFT LIMITED
              48 High Town Road,
              Luton,
              Bedfordshire, LU2 0DE

Registration Number: 03001815

Court: Bristol District Registry

Date of Filing Petition: May 25, 2005

No. of Matter: 2224 of 2005

Date of Winding-up Order: July 20, 2005

CONTACT:  Official Receiver
          1st Floor, Trident House,
          42-48 Victoria Street,
          St Albans AL1 3HR
          Phone: 01727 832233
          Fax: 01727 732400


HILALL LIMITED: Hires Administrators from Bishop Fleming
--------------------------------------------------------
Name: HILALL LIMITED
      (Company No 05005144)

Nature of Business: Scaffolding Contractors

Trade Classification: Division 5

Date of Appointment: July 30, 2005

Administrator's Name and Address: Stephen Anthony John Ramsbottom
(IP No 8890), of Bishop Fleming, 19 Portland Square, Bristol BS2
8SJ

CONTACT:  BISHOP FLEMING
          19 Portland Square
          Bristol BS2 8SJ
          Avon
          Phone: 0117 924 8077
          Fax: 0117 924 8081
          E-mail: sramsbottom@bishopfleming.co.uk


HOARE HOLDINGS: District Registry Orders Winding-up
---------------------------------------------------
Company Name: HOARE HOLDINGS GROUP LIMITED
              Unit C4 Premier Business Centre
              Speedfields Industrial Estate
              Newgate Lane, Fareham,
              Hampshire PO14 1TY

Registration Number: 01110730

Court: Manchester District Registry

Date of Filing Petition: May 25, 2005

No. of Matter: 1465 of 2005

Date of Winding-up Order: July 18, 2005

CONTACT:  Official Receiver
          The Quay,
          30 Channel Way,
          Southampton, SO14 3QQ
          Phone: 023 8030 3100
          Fax: 023 8030 3177


HOME LOANS: Members Pass Special Resolution
-------------------------------------------
At the extraordinary general meeting of the members of Home Loans
& Finance Limited, duly convened, and held at 4333 Edgewood Road
NE, Cedar Rapids, IA 52499, U.S.A., on 11 July 2005, the
following Special Resolution was duly passed:

"That the Company be wound up voluntarily, and that Vivian Murray
Bairstow and Paul Michael Davis, of Begbies Traynor, 32 Cornhill,
London EC3V 3BT, be and they are hereby appointed Liquidators for
the purposes of such winding-up."

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


H P OAK: Goes into Liquidation
------------------------------
Company Name: H P OAK MASONS LIMITED
              31 Cricketers Field,
              Staplecross,
              Robertsbridge, TN32 5QQ

Registration Number: 04691334

Court: Bristol District Registry

Date of Filing Petition: June 1, 2005

No. of Matter: 2283 of 2005

Date of Winding-up Order: July 20, 2005

CONTACT:  Official Receiver
          69 Middle Street,
          Brighton, BN1 1BE
          Phone: 01273 861300
          Fax: 01273 861301


IDI-UK EVENTS: Liquidators from Baker Tilly Move in
---------------------------------------------------
At an Extraordinary General Meeting of the Members of IDI-UK
Events Limited, duly convened, and held at Baker Tilly, City
Plaza, Temple Row, Birmingham B2 5AF, on 20 July 2005, the
following Extraordinary Resolution was duly passed:

"That the Company cannot by reason of its liabilities continue
its business, and that it is advisable to wind up the Company and
accordingly that the Company be wound up voluntarily, and that
Richard Paul Rendle and Phillip Hartland Allen, of Baker Tilly,
City Plaza, Temple Row, Birmingham B2 5AF, be appointed as Joint
Liquidators for the purposes of such winding-up."

C J Humphrey Walker, Chairman

CONTACT:  BAKER TILLY
          3rd & 4th Floors
          Temple Plaza
          Temple Row
          Birmingham
          West Midlands B2 5AF
          Phone: 0121 214 3100
          Fax: 0121 214 3101
          E-mail: hedleybrunt@hotmail.com


ISA COMPONENTS: Passes Winding-up Resolutions
---------------------------------------------
At an Extraordinary General Meeting of the Members of ISA
Components Limited, duly convened, and held at Quality Hotel
Royal, Ferensway, Hull HU1 3UF, on 18 July 2005, at 10:15 a.m.,
the following Resolutions were duly passed as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Matthew Colin Bowker and David Antony Willis, of Jacksons
Jolliffe Cork, Lowgate House, Lowgate, Hull HU1 1EL, are hereby
appointed Joint Liquidators of the Company for the purposes of
such winding-up, and that the Joint Liquidators in carrying out
their functions and exercising their powers may act on their own
or jointly and as such their functions and powers may be
exercised by either one of them acting joint or on their own
account."

A Newton, Chairman

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


IT TRADERS: Members Opt for Liquidation
---------------------------------------
At an Extraordinary General Meeting of the Members of IT Traders
International Limited, duly convened, and held at New House,
Suite 24, 67-68 Hatton Garden, London EC1N 8JY, on 19 July 2005,
at 11:00 a.m., the following Resolutions were duly passed as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of 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."

G P Biggs, 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


J KIRKALDY: Members Resolve to Wind up Firm
-------------------------------------------
At an Extraordinary General Meeting of J Kirkaldy (Southampton)
Limited, duly convened, and held at The Dolphin Hotel, 35 High
Street, Southampton, on 21 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
Gregory Andrew Palfrey and Kevin James Wilson Weir, of Smith &
Williamson Limited, Notebeme House, 84 High Street, Southampton
SO14 2NT, be and are hereby appointed Joint Liquidators of the
Company with the power to act jointly or by each alone."

At a subsequent Meeting of Creditors, duly convened pursuant to
section 98 of the Insolvency Act 1986, and held on 21 July 2005,
the appointment of Gregory Andrew Palfrey and Kevin James Wilson
Weir as Joint Liquidators was confirmed.

D Figgins, Chairman

CONTACT:  SMITH & WILLIAMSON LIMITED
          Notebeme House
          84 High Street
          Southampton
          Hampshire SO14 2NT
          Phone: 02380 831 050
          Fax: 02380 831 051
          E-mail: KW2@smith.williamson.co.uk


KIESER UK: Names Menzies Corporate Liquidator
---------------------------------------------
At an Extraordinary General Meeting of Kieser UK Limited, duly
convened, and held at 17-19 Foley Street, London W1W 6DW, 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
Simon James Underwood and Jason James Godefroy, of Menzies
Corporate Restructuring, 17-19 Foley Street, London W1W 6DW, be
and are hereby appointed Joint Liquidators of the Company for the
purposes of such winding-up."

At the subsequent Meeting of Creditors held at the same place on
the same date, the Resolutions were ratified confirming the
appointment of Simon James Underwood and Jason James Godefroy as
Joint Liquidators.

D Rose, Chairman

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


LAN COMMUNICATIONS: In Liquidation
----------------------------------
At an Extraordinary General Meeting of Lan Communications
Limited, duly convened, and held at Best Western Grove Hotel,
Knutsford Old Road, Grappenhall, Warrington WA4 2LD, on 19 July
2005, the following Resolutions were duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same be wound up
voluntarily, and that the Company be wound up accordingly, and
that Alan H Tomlinson, of Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL, is hereby appointed as
Liquidator for the purposes of such winding-up."

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

J Finegan, Chairman

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


MG ROVER: Nanjing to Work with GB Sports in Longbridge Revival
--------------------------------------------------------------
MG Rover's new owner Nanjing Automobile (Group) Corporation has
teamed up with GB Sports Car Company in plans to revive the
Longbridge operations, said The Guardian.

GB Sports is led by Fraser Welford-Winton, the former managing
director of Rover's sister company Powertrain, which also fell
into administration in April.  It has revealed plans of working
with Nanjing's advisers Arup and China Ventures to design and
develop a range of MG cars for production at Longbridge.

Mr. Welford-Winton said: "I am delighted I will be at the heart
of the development and the implementation of a business plan that
will produce long-term skilled jobs at Longbridge and create a
center of excellence for sports car activities, for which the
U.K. is world renowned."

Nanjing, which has been open about creating a range of MG cars in
the U.K., also disclosed that its combined research and
manufacturing facilities would generate about 2,000 jobs.  It
earlier considered moving some production equipment to China.
Meanwhile, a spokesman for GB Sports said it was too early to
discuss details of employment or production.

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

          NANJING AUTOMOBILE (GROUP) CORPORATION
          General Management Division
          Phone: 86-25-3432671
          Fax: 86-25-3111295 3417873
          E-mail: bnj3111037@jlonline.com
          Web site: http://www.nanqi.com.cn


NETWORK RAIL: Advertising Deal Brings GBP200 Mln to the Railway
---------------------------------------------------------------
Network Rail has announced the signing of a major contract with
Maiden Outdoor Advertising Ltd., which will generate more than
GBP200 million that will be invested in the rail network over the
next decade.

The contract covers advertising rights on Network Rail's
'roadside estate'.  This consists of more than of 3,000
structures, mainly located alongside roads, railway tracks and on
bridges and viaducts.  The winning contractor will also have the
opportunity, subject to approvals, to install additional
structures for advertising hoardings across the estate.

The 10-year exclusive concession -- representing almost 10% of
the roadside market -- was won by Maiden after a competitive
tendering process under OJEU rules.  Advertising rights at
Network Rail's 2,500 stations are covered by separate agreements
and do not form part of this concession.

John Pike, Head of Commercial Property at Network Rail said:
"This deal secures an important revenue stream for Network Rail.
Working closely with Maiden we can ensure that we make the most
of our property portfolio and direct the funds into rebuilding
Britain's railways."

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com
          Media contact:  020 7557 8292


NETWORK RAIL: Directors Reject Proposal to Cut Bonuses
------------------------------------------------------
Network Rail's Members met recently at the company's third annual
general meeting, which was held in Birmingham (20 July).

The meeting heard about the performance improvements the company
had made in the past 12 months, which included a reduction in
delay minutes of 2.3 million minutes and an increase in the
number of 'on time' trains to 84.3%.

Members also heard about the significant structural changes the
company had made in the past 12 months, which contributed to the
company's successful year.  These included bringing maintenance
in-house and shifting to a functional structure.

The Members took full advantage of the opportunity to hold the
Network Rail Board to account and to debate the performance of
the company in the past year.  Among the other issues discussed
were the ability of passengers to make advance ticket bookings
and Directors' remuneration.

The resolutions passed by members included:

(a) To appoint/re-appoint as Directors Ron Henderson and Charles
    Hoppe, David Bailey, Yvonne Constance, Mike Firth and Chris
    Green;

(b) To approve the Directors' remuneration report; and

(c) To note the company's progress.

Two proposed resolutions submitted by individual Members to
establish a Members' Council and to ask the Directors to make a
voluntary reduction in their bonus payment were firmly rejected.

After the meeting, Ian McAllister said: "It was a robust and
productive meeting.  The Members quite rightly debated the
decisions we have made in the past 12 months.  The Board and I
are immensely grateful to the Members for the contribution they
make, not just at our annual general meeting, but throughout the
year.  They perform a hugely important function in holding us to
account as we work towards delivering a safe, reliable and
efficient railway."

                            *   *   *

The results of the voting for the resolutions above were:

Resolution            For

  Re-election of Ron Henderson                      99%
  Re-election of Charles Hoppe           92%
Election of David Bailey           96%
Election of Yvonne Constance           95%
Election of Michael Firth           95%
Election of Chris Green            99%
Approve Director's remuneration report         86%
To note progress of the Board and the Company  100%
Establishment of a Member's Council          17%
Voluntary reduction of bonus payments    21%

Network Rail is the 'not for dividend' owner and operator of
Britain's railway infrastructure, which includes the tracks,
signals, tunnels, bridges, viaducts, level crossings and
stations -- the largest of which it also manages.

It is working to rebuild Britain's railway and provide a safe,
reliable and efficient rail infrastructure for freight and
passenger trains to use.

As a company limited by guarantee, Network Rail is a private
organization operating as a commercial business.

                            *   *   *

London-based Network Rail, through subsidiary Network Rail
Infrastructure, owns, manages, and maintains 21,000 miles of
track and 40,000 bridges and tunnels in the U.K.  The
not-for-profit company, was formed with backing from the U.K.
government in 2002 to acquire the former Railtrack PLC from
insolvent parent company Railtrack Group.  Railtrack went into
administration in 2001 after the government withdrew funding for
the company whose reputation was wrecked by a fatal crash in 2000
at Hatfield.

                          Ongoing Case

Its shareholders are suing the government for "misfeasance of
justice" and a breach of human rights to recover GBP157 million.

The case ("Geoffrey Rutherford Weir and ors. v. The Secretary of
State for Transport HC03CO4185") is being held at the high court
of Mr. Justice Lindsay.  Jonathan Sumption is spearheading the
government's defense.  Geoffrey Weir is the shareholders' lead
claimant.  Keith Rowley QC is the shareholders' barrister.  The
investors are acting together as The Railtrack Private
Shareholders Action Group (RPSAG).

In April, Network Rail reported an operating profit of GBP455
million compared to a loss of GBP710 million last year.

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com


NETWORK VACATIONS: Winds up as DTI Unveils Corrupt Practices
------------------------------------------------------------
Network Vacations Ltd has been put into liquidation following the
winding-up order issued by the Department of Trade and Industry.

The Kilmarnock-based online holiday firm offered members
exclusive access to luxurious accommodation in various
destinations at cheaper prices for a one-off payment.

It has been inactive since DTI revealed a probe into the firm's
unscrupulous selling practices in 2003, said The Scotsman.
Network Vacations had also reportedly faced possible legal action
from big travel companies, including Disney.

According to BBC News, Network Vacations had attracted clients by
calling to inform them that they have won a free holiday.  They
were then instructed to attend a presentation to claim their
prize.

However, the firm was found to have had used misleading sales
tactics to squeeze up to GBP3,000 out of customers.  A salesman
was quoted as saying that Network Vacations had connections with
several respected companies.

Network Vacations head Tony MacDonald had said: "I see no reason
why these clients would not be fulfilled.  We have 7,500 clients
and if 36 of our clients are not happy that is an unfortunate
situation."

He added that more than 99% of their clients were happy with
their services.

On July 8, 2005, David K Hunter was appointed interim liquidator
of the company.  The first meeting of creditors will be on August
17, 2005.

CONTACT:  NETWORK VACATIONS LTD
          Carleton Suites-Upper Floor
          Grange House, 11 Grange Place
          Kilmarnock, Ayrshire
          KA1 2AB

          David K. Hunter, Liquidator
          Campbell Dallas, Sherwood House
          7 Glasgow Road, Paisley
          PA1 3QS


O J REWINDS: Liquidator from Begbies Moves in
---------------------------------------------
At an Extraordinary General Meeting of O J Rewinds Limited, duly
convened, and held at The Bridgewood Manor, Bridgewood
Roundabout, Chatham, Kent ME5 9AX, on 20 July 2005, the following
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of the Meeting that
this Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that G
W Rhodes, of Begbies Traynor, 2-3 Pavilion Buildings, Brighton,
East Sussex BN1 1EE, be and is hereby appointed Liquidator of the
Company for the purposes of such winding-up."

S Pellett, Director

CONTACT:  BEGBIES TRAYNOR
          2-3 Pavilion Buildings
          Brighton
          Sussex BN1 1EE
          Phone: 01273 747847
          Fax: 01273 747743
          E-mail: geoff.rhodes@begbies-traynor.com


OXFORD ELECTRICAL: Names DTE Leonard Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of Oxford Electrical Limited,
duly convened, and held at Workspace, Moto Service Area,
Northampon Road, Ardley, Cherwell Valley OX6 9RD, on 22 July
2005, the following Extraordinary Resolution was passed:

"That it has been proved to the satisfaction of the Meeting that
this Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that A
Clifton, of DTE Leonard Curtis, 85-89 Colmore Row, Birmingham B3
2BB, be and is hereby appointed the Liquidator of the Company for
the purposes of such winding-up."

D A Davies, Director


PREMIER RACK: Creditors Meeting Set Next Week
---------------------------------------------
The creditors of Premier Rack Solutions Limited will meet on Aug.
8, 2005 at 2:00 p.m.  It will be held at Maidment Judd, 60-62
High Street, Harpenden, Hertfordshire AL5 2SP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Maidment Judd, 60-62 High Street, Harpenden,
Hertfordshire AL5 2SP not later than 12:00 noon, Aug. 5, 2005.

                            *   *   *

The company manufactures furniture.

CONTACT:  PREMIER RACK SOLUTIONS LTD
          Unit 25 Mitchell Point,
          Hamble Lane Hamble,
          Southampton, Hampshire SO31 4RF
          Phone: 02380457301

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


PUBLIC SECTOR: Calls in Administrators from Baker Tilly
-------------------------------------------------------
Name: PUBLIC SECTOR COLLABORATIONS RECRUITMENT LIMITED
      (Company No 5157401)

Nature of Business: Recruitment

Trade Classification: 7/37

Date of Appointment: July 18, 2005

Joint Administrators' Names and Address: Guy Edward Brooke Mander
and Graham Paul Bushby (IP Nos 8845 and 8736), both of Baker
Tilly, City Plaza, Temple Row, Birmingham B2 5AF

CONTACT:  BAKER TILLY
          City Plaza
          Temple Row
          Birmingham
          West Midlands B2 5AF
          Phone: 0121 214 3100
          Fax: 0121 214 3101


RED LETTER: 'Dragon' Rescues Firm out of Administration
-------------------------------------------------------
Red Letter Days has reportedly been bought out of administration
by founder Rachel Elnaugh's fellow "dragon" on the BBC show
Dragons' Den.

According to The Guardian, telecommunications entrepreneur Peter
Jones has teamed up with lingerie retailer Theo Paphitis to save
the gift company.  Mr. Jones was earlier quoted as saying Red
Letter Days was "in a bad way" but not bust.

The company, which sells vouchers for "experiences" as gifts,
ranging from adventure trips to sports activities, fell into
administration on Monday with undisclosed debt.

The new owners have expressed uncertainty regarding customers who
would have their vouchers honored following the takeover.  It is
said that millions of pounds' worth of vouchers are in
circulation.

A spokesman for the company said those bought directly from the
company on Mastercard or Visa credit cards would be fully honored
as well as those purchased on Tuesday and after as trading
returns to normal.  However, vouchers bought through retailers
remained dependent on ongoing negotiations with suppliers.

Meanwhile, administrators from Kroll are reportedly in separate
discussions with suppliers about recovering some of the cash owed
by Ms. Elnaugh and her management team.

Ms. Elnaugh earlier presented the company's prospects were strong
enough to merit flotation on the stock market, which had
convinced Sir Rodney Walker to sign up as chairman of Red Letter
Days.

However, upon checking the company's accounts, Sir Rodney noted
that "there certainly were some fundamental mistakes in the way
aspects of the business were overseen."

He said that the firm needed to cut at least GBP2 million from
its overhead cost, as it was growing at almost the same rate with
turnover.

The new owners of Red Letter Days have stressed Ms. Elnaugh would
no longer be involved in running the company.  She earlier
disclosed that she did not know the company was in
administration, even after Kroll confirmed the appointment of
Andrew Pepper and Alastair Beveridge as joint administrators.

She has also reportedly denied claims that suppliers had not been
paid, while insisting that they "have GBP3.3 million in the bank,
which we are waiting to be released."

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

          KROLL
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001


RITZ DEVELOPMENTS: Property Developer Calls in Administrator
------------------------------------------------------------
Name: RITZ DEVELOPMENTS LIMITED
      (Company No 43378823)

Nature of Business: Property Development

Address of Registered Office: Suite 31, Marylebone High Street,
London W1U 5AP

Date of Appointment: July 25, 2005

Administrators' Names and Addresses: S. J. Parker (IP No 8989),
of Tenon Recovery, Sherlock House, 73 Baker Street, London W1U
6RD, and N. Money (IP No 8900), of CBA, 435 Lichfield Road,
Aston, Birmingham B6 7SS.

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

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


RIVER TEES: Meeting of Creditors Set Friday Next Week
-----------------------------------------------------
The creditors of River Tees Engineering & Welding Limited
(Company No 01872026) will meet on Aug. 12, 2005 at 11:00 a.m.
It will be held at Tenon House, Ferryboat Lane, Sunderland SR5
3JN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Ian William Kings, administrator of Tenon
Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN not
later than 12:00 noon, Aug. 11, 2005.

                            *   *   *

River Tees Engineering is a United Kingdom based company that
offers quality ship repairs and fabrication of all types of
steelwork.  Visit http://www.river-tees-engineering.com/for more
information.

CONTACT:  RIVER TEES ENGINEERING AND WELDING LTD
          The Slipways
          Normanby Wharf, Dockside Road
          Middlesbrough TS3 8AT
          Cleveland
          Phone: 01642 226226
          Fax: 01642 245544
          E-mail: river-tees@the-slipways.fsnet.co.uk

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


S.D.C. LOGISTICS: Calls Liquidator from CBA
-------------------------------------------
At an Extraordinary General Meeting of S.D.C. Logistics Limited,
held at St Giles Hotel, Hounslow Road, Feltham, Middlesex TW14
9AD, on 21 July 2005, the following Resolutions were duly passed
as an Extraordinary Resolution and as Ordinary Resolutions
respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same be wound up
voluntarily, and that the Company be wound up accordingly, and
that Mark Grahame Tailby and Neil Richard Gibson, of CBA, 39
Castle Street, Leicester LE1 5WN, be and are hereby appointed
Joint Liquidators for the purpose of such winding-up, and that
the Joint Liquidators be and are hereby empowered to act jointly
and severally."

P D'Cruz, Chairman

CONTACT:  CBA
          39 Castle Street
          Leicester LE1 5WN
          Phone: (0116) 262 6804
          Fax: (0116) 217 1404
          E-mail: leics@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


SECURITY TRAINING: Names Poppleton & Appleby Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of Security Training &
Recruitment Limited, duly convened, and held at 35 Ludgate Hill,
Birmingham B3 1EH, on 19 July 2005, at 2:30 p.m., the following
Extraordinary Resolution was duly passed:

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

D Kane

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


SMART & BRIDGMAN: Calls in Administrators from Tenon Recovery
-------------------------------------------------------------
Name: SMART & BRIDGMAN LIMITED
      (Company No 742711)

Nature of Business: Printing

Address of Registered Office: Sherlock House, 73 Baker Street,
London W1U 6RD

Date of Appointment: July 13, 2005

Joint Administrators' Names and Address: Steven John Parker and
Duncan Robert Beat (IP Nos 8989 and 8161), both of Tenon
Recovery, Sherlock House, 73 Baker Street, London W1U 6RD

CONTACT:  SMART & BRIDGMAN LIMITED
          16-17 Copperfields Shopping
          Centre Spital Street
          Dartford
          Kent

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


SOUTH CLEVELAND: In Voluntary Liquidation
-----------------------------------------
At an Extraordinary General Meeting of the Members of South
Cleveland Garages Limited, duly convened, and held at The
Highfield Hotel, Marton Road, Middlesbrough TS4 2PR, on 18 July
2005, the following Resolutions were duly passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Malcolm Edward Fergusson, of Fergusson & Co Ltd, Shackleton
House, Falcon Court, Preston Farm Industrial Estate,
Stockton-on-Tees TS18 3TS, be and is hereby appointed Liquidator
for the purposes of such winding-up."

W Robson, Director

CONTACT:  FERGUSSON & CO LIMITED
          Shackleton House
          Falcon Court
          Preston Farm
          Stockton On Tees
          North Yorkshire TS18 3TS
          Phone: 01642 669 155
          Fax: 01642 613 535


ST ELPHINS: High Court Appoints Official Receiver
-------------------------------------------------
Company Name: ST ELPHINS 2000 LTD
              Gable House,
              239 Regents Park Road,
              Finchley,
              London, N3 3LF

Registration Number: 05186296

Court: High Court Of Justice

Date of Filing Petition: May 23, 2005

No. of Matter: 003375 of 2005

Date of Winding-up Order: July 13, 2005

CONTACT:  Official Receiver
          5th Floor, South Block,
          City Plaza, Pinfold Street,
          Sheffield, S1 2GU
          Phone: 0114 221 2700
          Fax: 0114 221 2750


STILLVIEW LIMITED: Brighton Court Winds up Group
------------------------------------------------
Company Name: STILLVIEW LIMITED
              Unit 2, English Close,
              Hove, BN3 7EE

Registration Number: 02817872

Court: Brighton

Date of Filing Petition: April 8, 2005

No. of Matter: 34 of 2005

Date of Winding-up Order: July 18, 2005

CONTACT:  Official Receiver
          69 Middle Street,
          Brighton, BN1 1BE
          Phone: 01273 861300
          Fax: 01273 861301


T R A CREATIVE: In Voluntary Liquidation
----------------------------------------
At an Extraordinary General Meeting of the Members of T R A
Creative Limited, duly convened, and held at 20 Winmarleigh
Street, Warrington, Cheshire WA1 1JY, on 22 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
Robert W Keating, of R W Keating & Co, 20 Winmarleigh Street,
Warrington, Cheshire WA1 1JY, be and he is hereby nominated
Liquidator for the purpose of the winding-up."

T Reddy, Director

CONTACT:  R. W. KEATING & CO.
          2nd Floor
          20 Winmarleigh Street
          Warrington
          Cheshire WA1 1JY
          Phone: 01925 245004
          Fax: 01925 245357
          E-mail: robert@rwkeating.fsnet.co.uk


V.T.I LIMITED: In Liquidation
-----------------------------
At an Extraordinary General Meeting of V.T.I Limited, duly
convened, and held at The Croydon Park Hotel, 7 Altyre Road,
Croydon, Surrey, on 21 July 2005, at 10:15 a.m., the following
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business and, accordingly, that the Company be wound up
voluntarily, and that Stephen John Tancock, of Smith & Williamson
Ltd, First Floor, Holbrook House, 72 Bank Street, Maidstone, Kent
ME14 1SN, be and he is hereby appointed Liquidator for the
purposes of such winding-up."

H Mavadia, Chairman

CONTACT:  SMITH & WILLIAMSON LTD.
          First Floor,
          Holbrook House, 72 Bank Street,
          Maidstone, Kent ME14 1SN
          Web site: http://www.smith.williamson.co.uk


YOUR HOME: Calls in Liquidator
------------------------------
At an Extraordinary General Meeting of the Members of Your Home
Stores Limited, duly convened, and held at Lewis Alexander &
Collins, 103 Portland Street, Manchester M1 6DF, on 22 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
Stephen Hoffman, of Lewis Alexander & Collins, 103 Portland
Street, Manchester M1 6DF, be and he is hereby nominated
Liquidator for the purpose of the winding-up."
A D Kaye, Chairman

CONTACT:  LEWIS ALEXANDER & COLLINS
          103 Portland Street
          Manchester
          Greater Manchester
          M1 6DF
          Phone: 0161 236 5175
          Fax: 0161 228 6297


* U.K. Insolvency Cases Up 10.7% in Second Quarter
--------------------------------------------------
During the second quarter of 2005, a total of 4,574 firms in the
U.K. went bust, said The Creditman.

This is based on the latest insolvency report from global
information solutions company Experian.

Results showed a 10.7% increase in the number of insolvency
cases, following two years of falling insolvency levels.  A total
of 4,132 companies went out of business in the same period last
year.

Voluntary liquidations rose 10.5% to 2,346, while compulsory
liquidations hiked 6.3% to 1,348.  Administration orders were up
44.9% to 568, while voluntary arrangements increased 26.1% to
179.  Receiverships, however, dropped 35.7% to 133.

Richard Lloyd, Managing Director of Experian's Business
Information division, said: "We haven't seen this level of
increase in business insolvencies since the third quarter of 2002
when we recorded an increase of 16% over the third quarter of
2001.

"In both 2003 and 2004, business failures were on the decline and
only picked up again in the last three months of 2004, when there
was an increase of 0.2%.  Business failures increased by 1.9%
during the first three months of this year, so the rate of
increase has leapt by more than five times to the 10.7% recorded
in the last three months."

Mr. Lloyd added by checking on customers, prospects and
suppliers, businesses can be advised about whether any of them
are having troubles with their cash flow, and are facing possible
failure.

Experian revealed that 23 out of the 34 industries it surveyed
reported a rise in business failures in the second quarter of
2005.  These included Hiring & Leasing (up 35%), Transport (up
35%) and Food Manufacturing (up 46.7%).

The highest number of failures in the three months from April to
June was recorded in Business Services (793, up from 745) and
Construction (407, up from 400).   Experian explained that
Business Services are always among the first to suffer due to
clients' cost-cutting measures.

Mr. Lloyd said: "There is no doubt that economic conditions have
become much tougher in the last nine months or so, with the
dangers from customers failing as high as they were in the
recession of the early 1990s.  By carrying out regular business
information checks on both new and existing customers, as well as
suppliers, businesses can help ensure that the risks of exposure
to business failures and bad debt are significantly reduced."


                            *********


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

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

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

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Information contained herein is obtained from sources believed to
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