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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, August 9, 2005, Vol. 6, No. 156

                            Headlines

C Z E C H   R E P U B L I C

VITKOVICE HOLDING: First-half Profit Doubles


F R A N C E

EUROTUNNEL SA: Ends EurotunnelPlus Deal with TransFerry
RHODIA SA: Second-quarter Losses Swell to EUR197 Million


G E R M A N Y

AKDEMIR MONTAGEBAU: Creditors' Claims Due Next Week
AUTOHAUS ROVER: Proofs of Claim Due September
BAUGESCHAFT ELLUNDER: Flensburg Court Appoints Administrator
BRESTO GMBH: Court to Verify Claims October
ER ESTRICHBAU: Sets Creditors Meeting Next Month

FRANK OBENAUS: Court to Verify Claims December
INFOSYS GESELLSCHAFT: Proofs of Claim Due Wednesday
K&K SPORTEQUIPMENT: Appoints Klaus Siemon Administrator
KOTLEWSKI CHEMIE: Under Bankruptcy Administration
MANFRED KOHLER: Falls into Bankruptcy
VOLKSWAGEN AG: Chairman to act as Interim Labor Director


G R E E C E

OLYMPIC AIRLINES: Operational Problems Loom Ahead


H U N G A R Y

PANNONPLAST RT: Willing to Sell Foam Unit for Right Price


I T A L Y

BANCA POPOLARE: Financial Strength Rating Lowered to D+
FIAT SPA: To Invest EUR18 Billion in the Next Three Years
PARMALAT FINANZIARIA: Hits on J.P Morgan Chase, UniCredito


N E T H E R L A N D S

BUHRMANN N.V.: Improves Second-quarter Performance
KONINKLIJKE AHOLD: Sales Down on Weak Dollar
KONINKLIJKE AHOLD: Rating Upped to 'BB+' After Debt Reduction
KONINKLIJKE AHOLD: Pass Through Trusts Upgraded to 'BB+/Stable'
NUMICO N.V.: Majority Shareholding in Sari Husada Up to 94.8%
ROYAL SHELL: Completes Sale of Intergen


R U S S I A

BAKALSKIY FACTORY: Proofs of Claim Deadline Set Next Week
GLAZOVSKAYA: Hires A. Belykh Insolvency Manager
MECH-SERVICE-1: Undergoes Bankruptcy Supervision Procedure
OJSC STIROL: Eurobond Gets 'B' Final Long-term Rating
OPTIMA: Insolvency Manager Takes over Firm

PASSENGER AUTO-TRANSPORT: Bankruptcy Hearing Set September
PIT GRAVEL-GRAND: Declared Insolvent
PUGACHEVSKIY STONE-PIT: Claims Filing Period Ends Next Week
STEPPE GEOLOGICAL: Insolvency Manger Takes over Company
VASYUGAN-OIL-GAS-DOR-STROY: Under Bankruptcy Supervision
VOSTOK-ENERGO-CHER-MET: Bankruptcy Hearing Resumes Next Month


U K R A I N E

BLAGOVIST: Temporary Insolvency Manager Takes over Helm
CHERKASSY-ZALIZOBETON: Under Bankruptcy Supervision
CITY CONSTRUCTION: Declared Insolvent
HIMPROMINVEST: Succumbs to Bankruptcy
IZMAILSKIJ HOLODILNIK: Liquidator Takes over Operations

PERVOMAJSK' HIMPROM: Interim Insolvency Manager Takes over Helm
RADGOSP MAJDANIVSKIJ: Goes Bust
SKIF: Court Freezes Debt Payments
STAROGOROZHENSKE: Undergoes Bankruptcy Supervision Procedure
UKRTEHNOPROEKT: Lviv Court Names Temporary Insolvency Manager


U N I T E D   K I N G D O M

1ST LEGAL: Winding-up Gets Go Signal
ACHTERBAHN UK: Appoints Administrator from Sargent & Co.
ADVANCED TECHNOLOGIES: Appoints Begbies Traynor Administrator
AINTREE UNDERPINNING: Files for Liquidation
ANGELZ: In Voluntary Liquidation

ASSURED ENTERPRISES: Calls in Liquidator
AT & T CONSTRUCTION: Official Receiver to Oversee Liquidation
B DAVY: EGM Passes Winding-up Resolutions
BRAUER COLEY: Engineering Group Opt for Administration
CAPITAL BUILDING: Crumbles into Liquidation

C.C.B. CONTRACTS: Birmingham Court Approves Liquidation
CIRO CITTERIO: Back in Administration
CRAMARRS LIMITED: Goes into Liquidation
DRAX GROUP: To Discuss Drax Holdings' Half-year Results Thursday
DURDLE DAVIES: Appoints Joint Liquidators

DURHAM PINE: Names Tenon Recovery Liquidator
EASYPRINT MEDIA: Signmaker Hires Administrators
EXPOLOG LIMITED: Calls in Liquidator from PKF
FANCY URBAN: Advertising Slump Claims Another Victim
F STENTON: Creditors Meeting Set Today

FURNITURELAND LTD.: Escapes Administration
GLOBAL GRAPHICS: Warwick Court Okays Liquidation
GREG EDMUNDS: Names Purnells Administrator
HOTEL CHOICES: Opts for Liquidation
INDTECH LIMITED: Names David Rubin Liquidator

INTERGRAPHIC SALES: Files Winding-up Petition
INTERIOR-EXTERIOR: Court Okays Liquidation
JARVIS PLC: Disposes of Techspan Systems for GBP890,000
KLAUSSNER FURNITURE: 10% of Furniture Firms in Liquidation
LADY DIRECT: Goes into Liquidation

LASER ACCIDENT: Liquidator from Vantis Moves in
LEOMINSTER SKIP: Winding-up Petition Gets Court Approval
LINDEN CONSULTING: EGM Passes Winding-up Resolution
MARCONI CORPORATION: Chinese Partner Could Take over Biz
MOLE VALLEY: In Voluntary Winding-up

NOODLE TIME: Files for Liquidation
ONE 2 ONE: Names P&A Partnership Liquidator
OSBORNES (DRINKS): Appoints Moore Stephens Liquidator
P & H THERMAL: Names Administrators from Stephen M. Rout & Co.
PRESIDENT TAVERNS: Names Andrew Michaels & Co. Administrator

RAVEN LEISURE: In Administrative Receivership
ROY TOWNSEND: Creditors Meeting Set Next Week
RUDOLPH CARNE: Administrators Take over Operation
SCI-NET GROUP: Names Administrators from Hurst Morrison Thomson
SKYEPHARMA PLC: IFRS Affects Profit, Loss Account

SPEEDSAWS LIMITED: Tool Manufacturer Calls in Administrator
SPEEDY CONTRACTS: In Voluntary Liquidation
THE ACCOUNTS: Liquidator from Mazars Moves in
UNICAM REHABILITATION: Manufacturer Calls in Administrator
VELOCITY ADVERTISING: Members Decide to Wind up Firm

WALKER BRICK: Calls in Joint Liquidators
WHITE WATER: Members Decide to Wind up Firm
WOOLWORTHS GROUP: Modifies Incentive Scheme
W TODD: Wholesaler Calls in Administrators from Tait Walker

* U.K. Company Liquidations Up 12.5% in Second Quarter

* Large Companies with Insolvent Balance Sheets


                            *********


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


VITKOVICE HOLDING: First-half Profit Doubles
--------------------------------------------
Engineering group Vitkovice Holding saw gross profit increase
twofold in the first half partly due to restructuring, according
to Interfax.

Sales reached CZK527 million in the first half, while revenues
improved CZK2.4 billion year-on-year to CZK10.7 billion,
spokeswoman Eva Kijonkova told Interfax.  Owner Jan Svetlik said
this is the result of austerity and restructuring measures
adopted after the takeover of Vitkovice and also due to multi-
billion-crown investments.  Mr. Svetlik owns 45% of the company.
David Beran holds another 45%.

The company's largest subsidiary, Heavy Machinery, had revenues
increase 54% to CZK4.4 billion.  Gross profit tripled to CZK255
million.  Its Vitkovice Lahvarna unit had sales of CZK681
million, up 25%; while Polish FBT Milmet, raised sales by 13%.
Vitkovice ozubarna's sales were up 60%, while that of Vitkovice
Hard leapt 29%.  Sales of the ETS Ostrava, Ogniochron and KZWM
subsidiaries grew by around 20% year-on-year.  Vitkovice a.s.
posted sales worth CZK1.3 billion, an increase year-on-year of
CZK300 million.  Gross profit increased eightfold to CZK38.6
million.

Vitkovice holding is composed of 26 companies, including
production units and firms that provide various services to the
group, like Vitkovice a.s.  It operates in the Czech Republic,
Slovakia, Poland and Croatia, employing 6,000 people.

CONTACT:  VITKOVICE, A.S.
          Ruska 2887/101
          706 02 Ostrava-Vitkovice
          Ceska republika
          Phone: +420 595 951 111
          Fax: +420 596 633 213


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F R A N C E
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EUROTUNNEL SA: Ends EurotunnelPlus Deal with TransFerry
-------------------------------------------------------
Eurotunnel S.A. has terminated, with effect from 16 August 2005,
the contract with TransFerry for the commercial operation,
across the whole of Europe, of the brand and services of
EurotunnelPlus.

In this context, Eurotunnel has put in place systems to allow it
to organize the service in response to customer needs.  A
network of Eurotunnel subsidiaries has been established to
enable the Group, via locally based teams and, in the case of
Germany and Italy, through new partnerships, to provide the
personalized service customers demand.

Jacques Gounon, Chief Executive, said: "Bringing the commercial
activity of EurotunnelPlus back in-house gives us the
opportunity to bring an even better quality of service to our
customers across the whole of Europe."

EurotunnelPlus is the registered name, owned by Eurotunnel, used
for the commercialization of its Freight Shuttle Services to
transporters across the whole of Europe, with the exception only
of Key Accounts, which have always been handled in-house.

TransFerry is the company that had been contracted to
commercialize the EurotunnelPlus brand since 1 July 2002.

                            *   *   *

Despite posting a 2% earnings growth in the first half of 2005,
Eurotunnel S.A.'s debt of GBP6.4 billion proved to be of greater
concern to both shareholders and creditors.  Investors were more
interested on how the company will refinance its debt, as its
interest bill reached GBP298 million in 2004.

Eurotunnel earlier warned that failure to conclude an agreement
with creditors by October could spell bankruptcy.  It is said to
be facing financial adjustments in the next few years, which
could only aggravate its troubles.

In July, the company said this year started well and that it
was on track to meet or even beat expectations.  It registered
revenues of GBP286 million for the six months to June, up from
GBP263 million in 2004, benefiting from the collapse of a berth
at the Calais ferry port and the timing of the Easter break.

CONTACT:  EUROTUNNEL S.A.
          Cheriton Park
          Cheriton High Street
          Folkestone
          Kent CT19 4QS
          United Kingdom
          Phone: +44-1303-288-750
          Fax: +44-1303-850-360
          Web site: http://www.eurotunnel.co.uk

          Press Office
          Phone: + 44 (0) 1303 288728
                 or + 44 (0) 1303 288737
          E-mail: press.uk@eurotunnel.com

          Investor Inquiries
          Xavier Clement
          Phone: + 331 55 27 36 27
          E-mail: xavier.clement@eurotunnel.com


RHODIA SA: Second-quarter Losses Swell to EUR197 Million
--------------------------------------------------------
Following the meeting of the Board of Directors on August 3,
Rhodia S.A. has reported its financial results for the second
quarter of 2005, prepared in accordance with IFRS accounting
standards.

Net sales (excluding services and other revenues) amounted to
EUR1,393 million compared with EUR1,296 million in the second
quarter of 2004.  At same perimeter and constant exchange rates,
net sales were up 7.4% (compared with the second quarter 2004)
for the period, reflecting the very significant impact of price
increases (9.3%), offset by a negative 2.1% transactional
exchange rate effect.

With the exception of Rhodia Pharma Solutions, phosphorus
derivatives and adipic acid, the Group has delivered a solid
volume performance across its portfolio.  Volumes were also
impacted by the major maintenance shutdown at the Pont-de-Claix
plant (which occurs every three years) and the ongoing
refocusing of the Organics enterprise.  Overall markets served
by the Group volumes remained stable compared with the second
quarter 2004.

In the second quarter, price increases offset significantly the
increase in raw materials costs.

The Group continued to implement the fixed cost reduction
program, generating savings of EUR32 million (before inflation),
in line with the targeted EUR114 million reduction over the full
year 2005.  In the last 12 months, the Group's headcount in
France has been reduced by more than 1,000 people (-12%).

At same perimeter and constant exchange rates, recurring EBITDA
rose by 16% (compared with the second quarter 2004) and
recurring EBITDA margin widened to 11.2% from 10.4% a year
earlier.

The operating loss amounted to EUR69 million, versus a loss of
EUR33 million in the second quarter 2004, reflecting the EUR101
-million full impairment of Rhodia Pharma Solutions assets.
Excluding this exceptional charge, the Group would have reported
operating income of EUR32 million, representing a EUR65 million
improvement compared to the second quarter 2004.

Financial result, which was unchanged at a negative EUR95
million, included principally EUR58 million in interest expense,
EUR27 million in unrealized foreign exchange losses on the
conversion of U.S. dollar-denominated debt and EUR3 million in
non-recurring refinancing costs.

The Group's overall net loss for the period came to EUR197
million, compared with a net loss of EUR132 million in the
second quarter 2004 (before the taking into account EUR187
million of results from discontinued operations).

The merger of Nylstar and Radici, which will reduce the
company's exposure to the European textile market, is proceeding
as planned.  The Pont-de-Claix TDI unit is running reliably and
the business is continuing to restore its margins, while the
Silicones business is sharply improving its operating
performance.

Organics is continuing to refocus on a limited number of
technologies, driving a clear improvement in operating
performance.  On the other hand, Rhodia Pharma Solutions has not
demonstrated the expected signs of improvement, strong focus is
now on delivering a sustainable long-term solution.

Capital expenditure totaled EUR63 million in the second quarter
2005.  The ratio of working capital requirement to net sales
improved over the period, to 14.6% of net sales from 15.4% at
June 30, 2004.

Consolidated net debt at June 30, 2005 remained stable at
EUR2,646 million on a constant exchange rates basis, from March
31, 2005.

Liquidity (cash + marketable securities + unused syndicated bank
line) totaled around EUR550 million as of June 30, 2005.

Outlook

In the first half of 2005, the Group's overall operating
performance was in line with its objectives.

In the second half, the business environment should continue to
be shaped by satisfactory demand, particularly in North America
and Asia, and by high volatility in the price of raw materials.
Operating performance over the period should reflect these
market conditions, as well as the seasonal effect observed in
previous years, and EBITDA is expected to be slightly lower than
in the first half.

For the full year, Rhodia's operating performance (EBITDA)
should be significantly better than in 2004.  Nonetheless, the
Group will post a net loss reflecting the asset write-offs
reported in the first half and full year restructuring costs.

Rhodia confirms its 2006 objectives, under IFRS:

(a) a recurring EBITDA margin of at least 13%;

(b) a return to positive net income in 2006; and

(c) a ratio of consolidated net debt to EBITDA of less than 3.5.

CONTACT:  RHODIA S.A.
          26, quai Alphonse Le Gallo
          92512 Boulogne-Billancourt Cedex, France
          Phone: +33-1-55-38-40-00
          Fax: +33-1-55-38-44-71
          Web site: http://www.rhodia.com

          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25


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


AKDEMIR MONTAGEBAU: Creditors' Claims Due Next Week
---------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Akdemir Montagebau GmbH on July 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 16, 2005 to register their
claims with court-appointed provisional administrator Harry
Kressl.

Creditors and other interested parties are encouraged to attend
the meeting on September 27, 2005, 9:00 a.m. at the district
court of Heilbronn, 74072 Heilbronn, Rollwagstrasse 10 a, Saal
4, 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:  AKDEMIR MONTAGEBAU GmbH
          Contact:
          Muhammet Akdemir, Manager
          Weidachstr. 52, 74189 Weinsberg

          Harry Kressl, Administrator
          Uhlandstr. 57-61, 74072 Heilbronn


AUTOHAUS ROVER: Proofs of Claim Due September
---------------------------------------------
The district court of Friedberg opened bankruptcy proceedings
against Autohaus Rover GmbH on July 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 5, 2005 to register
their claims with court-appointed provisional administrator
Adolf Sirrenberg.

Creditors and other interested parties are encouraged to attend
the meeting on September 19, 2005, 11:00 a.m. at the district
court of Friedberg, Saal 18, Homburger Strasse 18, 61169
Friedberg, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  AUTOHAUS ROVER GmbH
          Am Helgenhaus 12, 35510 Butzbach
          Contact:
          Klaus Kohlhas, Manager
          Am Wernerskreuz 5, 61440 Oberursel
          Gunther Kohlhas, Manager
          Dollesweg 12, 61350 Bad Homburg

          Adolf Sirrenberg, Administrator
          Landgraf-Philipp-Strasse 9, 60431 Frankfurt
          Phone: 069/520176
          Fax: 069/520151


BAUGESCHAFT ELLUNDER: Flensburg Court Appoints Administrator
------------------------------------------------------------
The district court of Flensburg opened bankruptcy proceedings
against Baugeschaft Ellunder Hoch- und Tiefbau GmbH on July 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 31, 2005
to register their claims with court-appointed provisional
administrator Wolfgang Folger.

Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2005, 8:50 a.m. at the district
court of Flensburg, Saal A 220, 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:  BAUGESCHAFT ELLUNDER HOCH- UND TIEFBAU GmbH
          Contact:
          Annegret Andresen, Manager
          Waldstrasse 3 b, 24983 Handewitt

          Wolfgang Folger, Administrator
          Wrangelstrasse 17 - 19, 24937 Flensburg


BRESTO GMBH: Court to Verify Claims October
-------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against BRESTO GmbH on July 20.  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
Steffi Radack - Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on October 12, 2005, 10:00 a.m. at the district
court of Frankfurt (Oder), Muellroser Chaussee 55, 15236
Frankfurt (Oder), Saal 401, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  BRESTO GmbH
          Albertshofer Chaussee 20, 16321 Bernau

          Steffi Radack - Mueller, Administrator
          Franzosische Strasse 9 - 12, 10117 Berlin


ER ESTRICHBAU: Sets Creditors Meeting Next Month
------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against ER ESTRICHBAU GmbH on July 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 24, 2005 to register their
claims with court-appointed provisional administrator Henning
Kempermann.

Creditors and other interested parties are encouraged to attend
the meeting on September 28, 2005, 10:15 a.m. at the district
court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude,
Hamburger Allee 26, 30161 Hannover, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  ER ESTRICHBAU GmbH
          Schlehenweg 1A, 30855 Langenhagen
          Contact:
          Ilhan Er, Manager

          Henning Kempermann, Administrator
          Hindenburgstrasse 5, 31224 Peine
          Phone: 05171/7748-0
          Fax: 05171/7748-77


FRANK OBENAUS: Court to Verify Claims December
----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Frank Obenaus GmbH Gas-Wasserinstallationen
on July 15.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 15, 2005 to register their claims with court-appointed
provisional administrator Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting on August 16, 2005, 9:10 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
December 6, 2005, 9:20 a.m. at the same venue.

CONTACT:  FRANK OBENAUS GmbH GAS-WASSERINSTALLATIONEN
          Schaffhausener Strasse 55,12099 Berlin

          Stephan Mitlehner, Administrator
          Walter-Benjamin-Platz 6, 10629 Berlin


INFOSYS GESELLSCHAFT: Proofs of Claim Due Wednesday
---------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against infosys Gesellschaft fuer Informationssysteme mbH on
July 13.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
August 10, 2005 to register their claims with court-appointed
provisional administrator Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting on September 30, 2005, 11:35 a.m. at the district
court of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083
Hamburg, Saal 1, 2. Ebene (Zi. 2.18), at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  INFOSYS GESELLSCHAFT FUER INFORMATIONSSYSTEME mbH
          Harderweg 1, 22549 Hamburg
          Contact:
          Rainer Mahnke, Manager
          Fliederweg 8, 22880 Wedel

          Heiko Fialski, Administrator
          Raboisen 38, 20095 Hamburg, Tel. 33446-0


K&K SPORTEQUIPMENT: Appoints Klaus Siemon Administrator
-------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against k & k Sportequipment GmbH on July 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 19, 2005 to register their
claims with court-appointed provisional administrator Klaus
Siemon.

Creditors and other interested parties are encouraged to attend
the meeting on September 13, 2005, 11:00 a.m. at the district
court of Chemnitz, Saal 27, im Gerichtsgebaude, Fuerstenstrasse
21, Chemnitz, 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:  K & K SPORTEQUIPMENT GmbH
          Contact:
          Matthias Kroh, Manager
          Aussere Annaberger Strasse 12, 09496 Marienberg

          Klaus Siemon, Administrator
          Strasse der Nationen 51, 09111 Chemnitz
          Web site: http://www.kanzlei-siemon.de


KOTLEWSKI CHEMIE: Under Bankruptcy Administration
-------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Kotlewski Chemie GmbH on July 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 27, 2005 to register
their claims with court-appointed provisional administrator
Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on October 10, 2005, 9:30 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  KOTLEWSKI CHEMIE GmbH
          Buessingstr. 48 - 50, 32257 Buende
          Contact:
          Renate Kotlewski, Manager
          Vossbruchweg 5, 32257 Buende

          Stefan Meyer, Administrator
          Ostertorstr. 7, 32312 Luebbecke


MANFRED KOHLER: Falls into Bankruptcy
-------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Manfred Kohler Bau-GmbH on July 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 14,
2005 to register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on August 29, 2005, 9:20 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report December
12, 2005, 9:05 a.m. at the same venue.

CONTACT:  MANFRED KOHLER BAU-GmbH
          Goldregenstr. 24,12623 Berlin

          Dr. Dirk Wittkowski, Administrator
          Kirchblick 11, 14129 Berlin


VOLKSWAGEN AG: Chairman to act as Interim Labor Director
--------------------------------------------------------
Dr. Peter Hartz, Labor Director and Member of the Board of
Management of Volkswagen AG, retired effective 4 August 2005.

Dr. Bernd Pischetsrieder, Chairman of the Board of Management of
Volkswagen AG, has assumed the function of Labor Director and
will conduct the business of the Human Resources Department in a
temporary capacity until further notice.

                            *   *   *

Before his exit, Mr. Hartz got mired in the criminal
investigation of Helmuth Schuster, the head of personnel at
Volkswagen's Skoda Auto AS division until June 15; and Klaus-
Joachim Gebauer, a former human resources employee.  The two are
being probed on suspicion of breach of trust and possible fraud.

He also faced rumors that trade union members of the carmaker's
works council enjoyed incentives such as trips to Brazil.  These
"luxurious" tours reportedly included wives of senior staff who
were housed in five-star hotels and given a considerable amount
of shopping money.  Amid all these, Mr. Hartz only said it was
natural for him to face the consequences of any slip-ups
committed by the people in his department.

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


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G R E E C E
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OLYMPIC AIRLINES: Operational Problems Loom Ahead
-------------------------------------------------
Loss-making carrier Olympic Airlines is facing an operational
crisis in the coming months, Kathimerini Greece says.

Citing a confidential document Olympic Airlines' management sent
to the ministries of Transport and Economy, the carrier is
facing shortage of planes and is unable to plan for its winter
and 2006 summer schedules.

Olympic Airlines' business plan entails operating a fleet of 45
planes by October.  The carrier, however, currently has 40
planes, which means it needs five more Boeing 737s to complete
its fleet.  If Greece decides not to add more planes, the
carrier will be forced to reduce its number of pilots.  On top
of that, the carrier's leasing contract for Boeing 717 planes
will expire on March 31, 2006.  The lessor remains uninformed
whether the contracts will be terminated or renewed.

Last month, Olympic Airlines signed a costly so-called wet lease
agreement, which entails paying for craft at hourly rates, a big
blow to the carrier's reputation, according to Kathimerini
Greece, especially after passengers discovered they were flying
with virtually unknown operators.  To make matters worse, it
remains unclear whether it will convert the term contracts of
260 flight attendants into open-ended ones, the carrier's
management added in its letter.

According to the daily, the management's warning is mainly
linked to the latest attempt to privatize the carrier.  It said,
"The recent attempt at privatizing the company, which began in
October 2004, has exceeded the originally planned deadline for
completion, which was the end of the first half of 2005.

"Within the framework of this privatization process, the company
has adjusted its policy to the requirements of the privatization
consultants and has done everything possible to ease their task.

"The fact that the process is still under way is exhausting the
company's time limits beyond which it cannot put off making
serious decisions."

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


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


PANNONPLAST RT: Willing to Sell Foam Unit for Right Price
---------------------------------------------------------
Loss-making plastic manufacturer Pannonplast Rt plans to pull
out from another subsidiary, Budapest Business Journal says.

Pannonplast President Balazs Bokorovics revealed that given the
right price, it would dispose of its 51% stake in its plastic
foam unit Polifoam.  German foam maker Trocellen, which is also
up for sale, holds the remaining 49% in Polifoam.

Pannonplast Rt recently sold its 50% stake in Pannonpipe Kft to
co-owner Pipelife International GmbH to focus on its consumer
packaging business and slash its debt by HUF2.8 billion.
Pannonplast and Pipelife have jointly owned Pannonpipe since
1990, splitting their stakes equally.  Pannonpipe manufactures
pipes for plumbing and construction works.

Pannonplast, which manufactures a wide range of plastic finished
products, reported its third straight losses in 2004 due to
dropping demand for its products in the sluggish western
European market.  Although 2004 revenues amounted to HUF26.5
billion, the company still booked losses of HUF1.8 billion.

CONTACT:  PANNONPLAST MUANYAGIPARI RT.
          Nagytetenyi ut 216-218
          1225 Budapest,
          Phone: +36 1 207 1936
          Fax: +36 1 207 1525
          Web site: http://www.pannonplast.hu


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


BANCA POPOLARE: Financial Strength Rating Lowered to D+
-------------------------------------------------------
Moody's Investors Service downgraded on August 5, 2005 the
Financial Strength Rating (FSR) of Banca Popolare Italiana (BPI,
formerly Banca Popolare di Lodi) to D+ from C-.  The rating
agency has also downgraded the rating of the bank's non-
cumulative guaranteed trust preferred securities to Ba1 from
Baa3, the bank's Tier III rating to Ba1 from Baa3 and the bank's
junior subordinated debt rating to Baa3 from Baa2.  In addition,
Moody's has at the same time downgraded the FSR of Efibanca, the
investment-banking subsidiary of BPI, to D+ from C-.  All
ratings of BPI and Efibanca, including their revised FSR
ratings, remain on review for possible downgrade.

Moody's downgrade of BPI's FSR reflects a number of adverse
developments and indications at BPI since the rating review
process was initiated on 13 May 2005.  Most recently, the bank
faces significant operational disruption through the court-
ordered suspension of its CEO and CFO for a period of two
months.

In addition, Moody's views recent developments arising from the
pursuit of the takeover of AntonVeneta as likely to increase
BPI's funding and operational costs (including legal costs and
investment banking relationship-related costs) and possible
reputational implications to the franchise and standing of the
bank, particularly in non-retail markets.

Furthermore, since placing the ratings on review for possible
downgrade, Moody's has also noted that, despite some significant
actions taken by the bank with the objective of reinforcing its
regulatory capitalization, economic capitalization remains weak
considering the increased risk profile and appetite of the bank.
In addition, in the event that BPI is successful in its bid to
acquire AntonVeneta, capital ratios would likely remain under
pressure.

As regards BPI's long- and short-term deposit ratings, Moody's
said that the decision to affirm these ratings whilst
maintaining them on review for possible downgrade is based on
the rating agency's recognition that the bank could be likely to
benefit from systemic support or regulatory forbearance in an
event of distress, as well as reflecting BPI's considerable
multi-regional retail franchise.

As regards the rating on the non-cumulative trust preferred
securities, in assigning this at the level of Baa3 (on review
for possible downgrade) on July 1, 2005, Moody's had
specifically explained that, in accordance with its methodology,
if BPI's FSR were to fall into the D range, the current notching
differential between the rating of its preferred securities and
the bank's senior debt rating could widen to three notches.
Based on the same rationale, i.e. the FSR falling into the D
range, as outlined in our rating methodology, the notching for
junior subordinated debt and Tier III instruments has also
widened.

With respect to the downgrade of Efibanca's BFSR, Moody's added
that this rating action reflects the substantial strategic and
operational integration of the subsidiary with its parent bank,
BPI, resulting in a substantial degree of financial correlation
between the two entities.

The rating review process initiated on May 13, 2005 initially
focused on the impact on the risk profile and capitalization of
BPI (known at that stage as Banca Popolare di Lodi) of its bid
attempt for AntonVeneta and a possible successful outcome.
Moody's now anticipates that the review is unlikely to be
concluded before the various legal and regulatory actions and
investigations are finalized and the final outcome of the bid or
the status and extent of BPI's direct and indirect holdings in
AntonVeneta are clarified.

Nevertheless, further rating action by Moody's could take place
prior to these matters coming to a conclusion in the event that
significant elements that could materially impact the bank's
financial and business profile emerge or become evident.

These ratings were downgraded:

(a) Banca Popolare Italiana: financial strength rating to D+
    (under review for possible downgrade) from C- (under review
    for possible downgrade);

(b) Banca Popolare di Lodi Investor Trust III: non-cumulative
    guaranteed Trust Preferred Securities to Ba1 (on review for
    possible downgrade) from Baa3 (on review for possible
    downgrade);

(c) Banca Popolare Italiana: junior subordinated debt to Baa3
    (on review for possible downgrade) from Baa2 (on review for
    possible downgrade);

(d) Banca Popolare Italiana: Tier III debt to Ba1 (on review for
    possible downgrade) from Baa3 (on review for possible
    downgrade); and

(e) Efibanca: financial strength rating to D+ (on review for
    possible downgrade) from C- (on review for possible
    downgrade).

Headquartered in Lodi, Italy, Banca Popolare Italiana Soc.
Coop. has consolidated total assets of EUR43 billion as at
December 31, 2004.

Headquartered in Rome, Italy, Efibanca S.p.A.  had consolidated
total assets of EUR6.3 billion as at 31 December 2004.

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

          MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Antonella Pisani, Vice President - Senior Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


FIAT SPA: To Invest EUR18 Billion in the Next Three Years
---------------------------------------------------------
During the meeting with Government, Local Authorities and Trade
Unions, Fiat S.p.A.'s Chief Executive Officer, Sergio
Marchionne, illustrated the current situation of the Group,
particularly as it relates to the financial performance of
Fiat Auto and its Development Plan.

The turnaround at Fiat Auto remains management's priority.
The second quarter results provide clear indication that all
Group Sectors are improving their financial performance.  At the
Group level, trading profit doubled to EUR360 million while net
income reached EUR217 million from a loss of EUR246 million in
the second quarter of 2004.  Fiat Auto recorded a sharply lower
trading loss, which stood at EUR88 million from a loss of EUR238
million in the corresponding period last year while revenues
increased by 2.4% to EUR5 billion.

All financial targets are confirmed: positive Group net income
after unusual items in 2005, and a net Group profit of over
EUR700 million in 2006; for Fiat Auto, a reduction of its full
year trading loss of approximately EUR500 million in 2005, from
the EUR820 million loss reported in 2004, and a positive
operating margin between 2 and 4% in 2007.

Mr. Marchionne then described the 2005-2008 Plan for Fiat Auto,
including the product range plan, production allocation for
2005-2006, the investment program and the conditions for its
realization.

Plants

Marchionne reaffirmed the Group commitment not to shut down any
plant in Italy and discussed in detail the product mission
assigned to each plant in the 2005-2006 period.  These missions
take into account the agreement that was recently reached with
the Piedmontese Local Authorities, which will have to be
finalized once the relevant resolutions are adopted.

Mirafiori: production of the Fiat Grande Punto, current Punto,
MPVs and high-end of the range models,

Melfi: production of Fiat Grande Punto,

Cassino: production of Fiat Croma and Fiat Stilo continuing,
production of future medium-segment vehicle,

Pomigliano: production of Alfa 147, Alfa 159 (sedan and SW) and
Alfa GT confirmed,

Termini Imerese: production of Lancia Ypsilon confirmed
Sevel: production of future version of Ducato confirmed

Any decision regarding production allocation for 2007 and 2008
will be made on the basis of a number of factors: capacity
utilization, competitiveness, platform convergence, optimization
of plant investments and more efficient utilization of manpower.

It was announced that one of the models will be allocated to the
Mirafiori plant in 2008 and that a future segment Fiat city car
(500) will be manufactured in the Polish plant of Tychy.

Fiat Auto will invest approximately EUR150 million for its
painting systems to comply with new regulations on emissions.
This will also result in a natural reduction in overall
production capacity, which nevertheless will remain at a level
sufficient to satisfy market demand.

Product Range Plan

The aggressive renewal of the product range that began two years
ago is continuing under the 2005-2008 product range plan, which
calls for the launch of 20 new models and 23 re-stylings of
existing models of the Fiat, Lancia, Alfa Romeo and Fiat
Commercial Vehicles brands.

More specifically, 5 new models, not included in the preceding
plan, were announced for the first time.

Investments

In order to support the turnaround efforts, Fiat Auto expects to
invest approximately EUR10 billion in 4 years, 4 billion of
which will be earmarked for research and development.

For the Fiat Group as a whole, investments for the 2005-2008
period are expected to amount to approximately EUR18 billion.

Fiat Powertrain Technologies

The Development Plan of Fiat Auto goes alongside the product
development plan of Fiat Powertrain Technologies, the new
business unit that integrates all the Fiat Group expertise in
the design and manufacturing of engines and transmissions.

This will enable Fiat Auto to exploit the wealth of know how
that created successful products such as the Fire gasoline
engines and the Multijet diesel engines and make use of the
achievements made by research in the field of alternative fuel
powertrains.

More specifically, the Company announced for the first time the
development of: a Fire1.4 16 v Turbo engine to be manufactured
at the Termoli plant starting in 2007; a 1.6 4 cylinder diesel
engine to be manufactured in Pratola Serra starting in 2007; and
a 6-speed transmission for commercial vehicles to be produced at
the Termoli plant from 2006.

Studies are also underway to develop a small two or three
cylinder engine with low environmental impact and applications
of the Multiair technology with electronic valve control to
optimize consumption and emissions.

Social Shock Absorbers

The Company reiterated the need to find organizational solutions
that enable it to optimize use of personnel and plants and at
the same time face the issue of over-sized business governance
costs.

The Company will manage capacity under-utilization at its plants
through temporary layoffs, avoiding severe measures with a
strong social impact.

Conditions for Realization of the Plan

The realization of the Development Plan is predicated upon the
concurrence of a number of financial and operating factors, and
the participation of several subjects.

From financial standpoint, fulfillment of the Plan is based on
the Group's overall ability to generate the necessary
profitability, access financing and state grants under available
regulations for research, development and innovation activities
and realize specific programs such as that for the Mirafiori
site.

In order to be competitive it is also necessary to implement
operational solutions that will allow for an improvement in
terms of cost efficiency, flexibility in the use of the plants
and productivity.  This objective must necessarily be shared and
supported by the Trade Unions.

The documentation presented during the meeting is posted at
http://www.fiatgroup.com.

View new product range and expected production startup dates at
http://bankrupt.com/misc/Fiat_production_sked.pdf

                            *   *   *

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

Creditors have accepted the conversion of Fiat's EUR3 billion
convertible loan maturing in September 2005.  S&P said the
conversion is very favorable for Fiat's credit quality.  It will
wipe out EUR3 billion of financial debt at the industrial level
and materially decreases the group's interest burden.  In
August, it revised its outlook on Italy-based automaker
Fiat S.p.A. to stable from negative.  At the same time, Standard
& Poor's affirmed its 'BB-' long-term and 'B' short-term
corporate credit ratings on the group.  "The change in outlook
reflects Fiat's much-improved financial flexibility and our
expectation that its automotive activities will gradually
recover -- although they will remain loss-making in 2005,"
Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di
Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and
UniCredito Italiano.

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


PARMALAT FINANZIARIA: Hits on J.P Morgan Chase, UniCredito
----------------------------------------------------------
Parmalat Finanziaria has filed another multi-billion-dollar
damage suit against two new banks for allegedly abetting the
food group's collapse in 2003, Dow Jones Newswires says.

According to a source privy to the matter, Parmalat is asking
for EUR4.4 billion in damages from J.P. Morgan Chase & Co. and
UniCredito Italiano S.p.A. for their role as co-lead managers of
Parmalat bond issuance from 1994 to 2001.  The source said the
banks ignored the signs of Parmalat's unhealthy financial
situation, thus deepening its insolvency while extending its
life.

A J.P. Morgan spokeswoman, however, said the bank at all times
"believed that it was dealing with an ethical client."  She
stressed it was wrong and irresponsible to suggest that J.P.
Morgan "contributed to or knew of Parmalat's deceptions."

UniCredito, meanwhile, said the Parmalat's allegations were
groundless, adding it will act legally to defend its reputation
and recover damages.  UniCredito is the first local bank that
Parmalat sued for damages.

Enrico Bondi, Parmalat's administrator and CEO, also has a
pending US$10 billion damage suit against Citigroup Inc. and
Bank of America Corp. and auditors Deloitte Touche Tohmatsu and
Grant Thornton International.  Mr. Bondi also has pending EUR7
billion suits in Italy against a number of local and foreign
banks, arising from management's pre-collapse deals.  He claims
these financial firms were aware of the group's dire situation
long before it collapsed.

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

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


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


BUHRMANN N.V.: Improves Second-quarter Performance
--------------------------------------------------
Commenting on the second quarter 2005 figures, Frans Koffrie,
Buhrmann President and CEO, said: "Our focus on generating
profitable sales growth is paying off, with significant organic
sales growth across all our businesses.  Corporate Express North
America enjoyed a particularly good quarter with strong sales
performance, reflecting our competitive position and the success
of our single-source supplier strategy.

"Having made investments in growth opportunities, it is
encouraging to see that our mid-market initiative also
contributed positively.  Sales development at Office Products
Europe has turned positive despite challenging market conditions
in most European markets.  Corporate Express Australia resumed
its double-digit growth rate.  Graphic Systems' improved sales
performance was underpinned by a healthy order portfolio.  As
indicated previously, Group gross contribution developed in line
with sales growth, which we expect to continue for the second
half of this year."

"We remain positive about prospects for ongoing sales growth in
2005, based on our expectations of continued, steady improvement
of market conditions in North America and further positive
effects of our measures to enhance European performance.  Growth
is forecast to continue in the Australian economy."

Second Quarter 2005 Financial Performance

Organic sales growth for global office products was 6%, compared
with 3% in the first quarter of 2005.  Total Group gross
contribution developed in line with sales, improving 6.6% at
constant rates to EUR432.7 million.  Operating result (EBIT)
improved to EUR54.8 million, a 6.5% increase at constant rates.
Excluding a EUR7.0 million exceptional charge at Office Products
Europe, operating result (EBITE) grew 19.8% at constant rates.

Taxes were EUR16.5 million higher than last year.  The effective
tax rate was 22% in the second quarter excluding fair value
effects, exceptional and dividend on Preference Shares A.  Net
profit increased 17% to EUR26.6 million excluding exceptional
items and fair value changes.  Various exceptional items
totaling EUR2.3 million negative and unfavorable fair value
changes amounting to EUR7.0 million impacted net result at
EUR17.3 million, up 32%.

Cash flow available for financing activities, excluding interest
paid and dividend on preference shares was EUR87.5 million in
the second quarter.  Working capital as a percentage of sales on
a four-quarter rolling average remained stable at 8.3%.
Buhrmann realized a return on capital employed before goodwill
and exceptional of 30.3% and 9.8% when including goodwill and
exceptional items.

Second Quarter 2005 Operational Performance
The second quarter of 2005 showed a continuation of the
encouraging performance in the previous quarters.  Corporate
Express North America saw improvement across almost all aspects
of its business.  It was able to build on favorable market
conditions by further market share wins in the large account
segment, strong growth in furniture and double-digit growth in
facility supplies.  The mid-market segment contributed modestly
to sales growth, turning positive.  Despite challenging market
conditions in most European markets, Office Products Europe
continued its momentum and posted positive sales growth, driven
mainly by new customer wins resulting in market share gains in
the large account segment, notably in Germany and the UK.
Corporate Express Australia resumed its growth pattern, with
organic sales up strongly for the quarter benefiting from
increased sales through its single-source supplier model.
Graphic Systems sales were up slightly, reflecting the gradually
improving market conditions.

Additional Financial Information

For the second half of 2005 we expect cash interest expenses
(i.e. including dividends on Preference Shares A) of
approximately EUR40 million (first half 2005: EUR40.8 million).
For the third and fourth quarter 2005 the effective tax rate is
expected to be between 20-25%.  For the full year 2005, cash tax
payments are estimated between EUR20-25 million.  Capital
expenditure is expected to be about EUR70 million and
depreciation to be EUR87 million.  The full year outflow
reported under 'Other operational payments' (from current
provisions for restructuring) is expected to be between EUR20-25
million.

Buhrmann's second-quarter result is available free-of-charge at
http://bankrupt.com/misc/buhrmann_2q2005.pdf

CONTACT:  BUHRMANN N.V.
          P.O. Box 23456
          1100 DZ Amsterdam
          Phone: +31 20 651 11 11
          Fax: +31 20 651 10 05
          Web site: http://www.buhrmann.com


KONINKLIJKE AHOLD: Sales Down on Weak Dollar
--------------------------------------------
Koninklijke Ahold on Thursday announced consolidated net sales
(excluding VAT) of EUR10.4 billion for the second quarter of
2005 (12 weeks: April 25, 2005 - July 17, 2005), a decline of
0.9% compared to the same period last year (Q2 2004: EUR10.5
billion).  Net sales were impacted by the lower U.S. dollar
exchange rate.  Net sales excluding currency impact increased by
0.6% in the second quarter of 2005.

The figures presented in this trading statement include net
sales accounted for in accordance with International Financial
Reporting Standards, which is Ahold's primary GAAP.
Under IFRS, net sales figures are adjusted to exclude
discontinued operations.  The impact from the adoption of IFRS
is discussed under "Adoption of IFRS" below.

The net sales figures presented in this press release are
preliminary and unaudited.

Stop & Shop/Giant-Landover Arena

(a) Net sales at our Stop & Shop/Giant-Landover Arena in the
    second quarter of 2005 increased by 4.0% to US$3.8 billion
    (Q2 2004: US$3.7 billion).  Net sales in the second quarter
    of 2005 included US$23.5 million of net sales from the
    American Sales Company to BI-LO and Bruno's which, prior to
    their divestment in the first quarter of 2005, were
    eliminated as intercompany sales. Excluding this US$23.5
    million, net sales would have increased by 3.4% versus Q2
    2004.

(b) Identical sales at Stop & Shop increased by 0.8%, an
    increase of 1.0% over the previous quarter.  The average
    basket size increased while the identical customer count
    decreased versus the same period last year.

(c) Identical sales at Giant-Landover declined by 4.7%. Both
    identical customer count and average basket size remained
    unfavorable versus the same period last year primarily
    because of competitive pressure.

(d) Comparable sales at Stop & Shop increased by 1.3%, while
    comparable sales at Giant-Landover declined by 4.1%.

(e) Peapod continued to show strong net sales growth.


Giant-Carlisle/Tops Arena

(a) Net sales at our Giant-Carlisle/Tops Arena in the second
    quarter of 2005 decreased by 1.6% to US$1.5 billion (Q2
    2004: US$1.5 billion).  Excluding the 198 convenience stores
    which were divested during the second quarter, the net sales
    would have been at the same level as last year.

(b) Identical sales at Giant-Carlisle increased by 3.6% mainly
    due to consistent growth in net sales per customer, driven
    by our successful customer loyalty programs and effective
    pricing within a very competitive market. Identical sales at
    Tops declined by 4.1%, mostly impacted by a lower identical
    customer count, especially in the Northeast Ohio region.

(c) Comparable sales at Giant-Carlisle increased by 4.6%, while
    comparable sales at Tops declined by 2.9%.

Albert Heijn Arena

(a) Net sales at our Albert Heijn Arena in the second quarter of
    2005 increased by 4.9% to EUR1.5 billion (Q2 2004: EUR1.5
    billion).

(b) Albert Heijn net sales increased by 5.5% to EUR1.4 billion
    (Q2 2004: EUR1.3 billion) driven by strong identical sales,
    as a result of the price repositioning program.

(c) Identical sales at Albert Heijn increased by 4.8% as a
    result of substantially higher volumes in a deflationary
    market. The growth in identical customer count remained
    strong and favorable.

Central Europe Arena

(a) Net sales at our Central Europe Arena in the second quarter
    of 2005 increased by 2.0% to EUR412 million (Q2 2004: EUR404
    million).  Net sales excluding currency impact decreased by
    5.6%.  Excluding the divested Polish hypermarkets the net
    sales growth, excluding currency impact, would have been
    4.0%.

(b) Identical sales for the Central Europe Arena declined by
    5.1% due to a substantially lower average basket size, which
    was partly offset by more customers.  The lower average
    basket size is a result of fierce price competition and a
    strong customer focus on discounted articles.

Schuitema

(a) Net sales at Schuitema in the second quarter of 2005
    increased by 1.0% to EUR737 million (Q2 2004: EUR730
    million).

(b) In a deflationary market, Schuitema was able to increase net
    sales, mainly driven by higher volumes.

U.S. Foodservice

(a) In the second quarter of 2005 U.S. Foodservice net sales
    decreased by 2.7% to US$4.3 billion (Q2 2004: US$4.4
    billion).

(b) Net sales for the quarter were negatively impacted by
    approximately 3% as a result of the company's decision to
    exit certain business.

(c) Food inflation during the second quarter had only a minimal
    impact on net sales.

Unconsolidated joint ventures and equity investees

(a) Net sales at our unconsolidated joint ventures and equity
    investees in the second quarter of 2005 decreased by 0.2% to
    EUR2.8 billion (Q2 2004: EUR2.8 billion).

(b) At ICA, net sales in the second quarter of 2005 decreased by
    1.3% to SEK17.9 billion (Q2 2004: SEK18.1 billion).
    Excluding the impact of the deconsolidation of the joint
    venture in the Baltics and the divestment of the Danish
    operations, net sales would have increased by 5.3%.

(c) Net sales grew strongly at ICA Sweden, driven by increased
    volumes.  Net sales development in Norway remained
    unfavorable due to a reduced number of stores, strong
    competition and a store conversion program.

The result, including reconciliation with IFRS, is available
free of charge at
http://bankrupt.com/misc/KoninklijkeAhold(TradingStatement).pdf

CONTACT:  KONINKLIJKE AHOLD
          Corporate Communications
          Phone: +31 (0)75 659 5720


KONINKLIJKE AHOLD: Rating Upped to 'BB+' After Debt Reduction
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit ratings on the Netherlands-based food retailer
and food service distributor Ahold Koninklijke N.V. to 'BB+'
from 'BB'.  The outlook is stable.

At the same time, Standard & Poor's raised the ratings on the
group's senior unsecured notes to 'BB' from 'BB-'.

"The upgrade reflects the substantial improvement of the group's
financial profile in the past 18 months," said Standard & Poor's
credit analyst Nicolas Baudouin.  This follows the completion of
a significant disposal program, to date exceeding the stated
EUR2.5 billion ($3.1 billion) target.

The disposals carried out by Ahold since the beginning of 2004
have enabled the group to markedly reduce its debt level, not
only thanks to the cash proceeds, but also because exposure to
financial and operating lease commitments has been cut.  In
addition, dividends distribution was limited to the mandatory
remuneration of the preferred shares, and free cash flows
generated in 2004--about EUR500 million, according to Standard &
Poor's estimates--were dedicated to net debt reduction. As a
result, FFO to net debt fully adjusted for leases and pensions
liabilities significantly improved to 20% at year-end 2004, from
about 14% one year earlier.  The divested businesses were either
loss-making, non-core, or marginally profitable. Consequently,
the disposals did not significantly constrain cash flow
generation, and will help to restore better operating margins.

The outlook is stable. Standard & Poor's would consider an
upgrade to investment grade level only if:

(a) The challenging environment currently prevailing in the
    group's core U.S. and Dutch retail markets improves; and

(b) The ratio of FFO to fully adjusted net debt and the EBITDAR
    coverage of net fixed charges improve beyond 25% and 2.5x,
    respectively.

Despite the group's deleveraging target and the completion of
remaining disposals in 2005, these conditions might not be
achieved in the near term, given the very challenging trading
conditions that are prevailing in the group's core markets.

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

          ROYAL AHOLD
          Albert Heijnweg 1
          1507 EH Zaandam, The Netherlands
          Phone: +31 (0)75 659 9111
          Web site: http://www.ahold.com

          Investor Relations:
          E-mail: investor.relations@ahold.com
          Phone: +31 (0)75 659 58 28


KONINKLIJKE AHOLD: Pass Through Trusts Upgraded to 'BB+/Stable'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the
class A-1 and A-2 issued by Ahold Lease 2001-A Pass Through
Trusts to BB+/Stable from BB/Positive.

The rating actions follow the raised corporate credit rating on
Ahold Koninklijke N.V. to BB+/Stable/B on Aug. 5, 2005.  The
ratings on Ahold Lease 2001-A Pass Through Trusts are dependent
on the corporate credit rating on Ahold, which guarantees the
leases that serve as the source of payment on the rated
securities.

CONTACT:  ROYAL AHOLD
          Albert Heijnweg 1
          1507 EH Zaandam, The Netherlands
          Phone: +31 (0)75 659 9111
          Web site: http://www.ahold.com

          Investor Relations:
          E-mail: investor.relations@ahold.com
          Phone: +31 (0)75 659 58 28


NUMICO N.V.: Majority Shareholding in Sari Husada Up to 94.8%
-------------------------------------------------------------
Royal Numico N.V. has agreed to acquire a further 8.5% stake in
PT Sari Husada Tbk thereby increasing its shareholding to 94.8%.

The value of the transaction amounts to a price of IDR 3,500 per
share and will be acquired from individuals of the Widjaja
family.

Numico has also agreed to sell its 15.6% stake in PT Tigaraksa
Satria Tbk for the price of IDR 3,800 per share.  Tigaraksa is
an Indonesian distributor which is majority controlled by
members of the Widjaja family.

                            *   *   *

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

CONTACT:  ROYAL NUMICO
          Corporate Communications
          Phone: +31 20 456 9077

          Investor Relations
          Phone: +31 20 456 9003


ROYAL SHELL: Completes Sale of Intergen
---------------------------------------
Shell Generating (Holding) B.V., a subsidiary of Royal Dutch
Shell plc, together with Bechtel Enterprises Energy B.V., has
completed the previously announced sale of InterGen N.V. to a
partnership between AIG Highstar Capital II L.P. and Ontario
Teachers' Pension Plan for US$1.75 billion.  This follows
finalization of necessary regulatory approvals and other
conditions.

In addition and separate to this transaction, Shell had
previously advised that InterGen's assets in the United States,
Colombia, and Turkey would be retained pending further review.
Within the past week, an agreement has been reached to divest
the U.S. assets.  Agreement has also been reached to sell the
remaining interests in the Turkey assets, and progress has been
made in restructuring the power project in Colombia.  These
transactions, all of which are subject to obtaining necessary
consents, should result in Shell's exit from InterGen activities
by yearend 2005, and mark a significant step in Shell's
portfolio restructuring activities.

                            *   *   *

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
===========


BAKALSKIY FACTORY: Proofs of Claim Deadline Set Next Week
---------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on OJSC Bakalskiy Factory Of
Mining Equipment Repair.  The case is docketed as A76-18094/05-
34-105.  Mr. A. Umanskiy has been appointed temporary insolvency
manager.

Creditors have until Aug. 16, 2005 to submit their proofs of
claim to 454006, Russia, Chelyabinsk, Rossiyskaya Str. 67,
Office 304.  A hearing will take place on Oct. 11, 2005, 3:00
p.m. at the Arbitration Court of Chelyabinsk region.

CONTACT:  BAKALSKIY FACTORY OF MINING EQUIPMENT REPAIR
          456900, Russia, Chelyabinsk region, Satkinskiy region,
          Bakal, Komsomolskaya Str. 3A

          Mr. A. Umanskiy
          Insolvency Manager
          454006, Russia, Chelyabinsk region,
          Rossiyskaya Str. 67, Office 304
          Phone: (351) 266-97-23


GLAZOVSKAYA: Hires A. Belykh Insolvency Manager
-----------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on Udmurtiya Republic Machine-
Technological Station Glazovskaya.  The case is docketed #A71-
57/2005-G21.  Mr. A. Belykh has been appointed temporary
insolvency manager.  Creditors may send their proofs of claim to
400131, Russia, Volgograd, Kommunisticheskaya Str. 38.

CONTACT:  GLAZOVSKAYA
          427629, Russia, Udmurtiya republic,
          Glazov, Krasnogorskiy Trakt, 2

          Mr. A. Belykh
          Temporary Insolvency Manager
          426035, Russia, Udmurtiya republic,
          Izhevsk, Post User Box 4405


MECH-SERVICE-1: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on limited liability company
Mech-Service-1.  The case is docketed as A43-13293/2005,33-255.
Mr. V. Torgashev has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to Russia, Nizhniy
Novgorod region, Dzerzhinsk, Pobedy Avenue, 17B.  A hearing will
take place on Nov. 29, 2005, 11:00 a.m. at the Arbitration Court
of Belgorod region.

CONTACT:  MECH-SERVICE-1
          Russia, Nizhniy Novgorod region,
          Dzerzhinsk, Lenina Pr. 107B

          Mr. V. Torgashev
          Temporary Insolvency Manager
          Russia, Nizhniy Novgorod region,
          Dzerzhinsk, Pobedy Avenue, 17B
          Phone: (831) 902-41-48


OJSC STIROL: Eurobond Gets 'B' Final Long-term Rating
-----------------------------------------------------
Fitch Ratings has assigned UkrChem Capital B.V.'s issue of
US$125 million limited recourse loan participation notes a final
Long-term 'B' rating, following a review of the final documents.

The notes are issued solely to finance a loan from Moscow
Narodny Bank Limited (rated 'BBB-' (BBB minus)/Stable/'F3' and
majority controlled by the Central Bank of Russia) to OJSC
Stirol (rated 'B'/Stable/'B').

Fitch notes that the size of the notes represents a substantial
increase from the originally envisaged US$100 million.  This
will increase Stirol's total debt to approximately UAH770
million from the original estimate of UAH644 million.  Based on
its FY04 EBITDA, leverage would still be at a conservative 1.4x
compared to the previously envisaged 1.3x.

However, if based on its lower FY03 performance (EBITDA of
UAH342m), Stirol would breach its total debt/EBITDA covenant of
2.0x.  At the originally envisaged debt level of UAH644 million,
the group would still have complied, albeit marginally, with the
covenant, based on its FY03 performance.  However, Fitch takes
comfort from Stirol's reassurance that the proceeds would be
used to partly re-finance existing debt and to strengthen the
group's liquidity position.  Failure to do so is likely to put
downward pressure on ratings.

The structure of the notes is outlined in detail in Fitch's
Rating Action Commentary dated 14 July 2005, available to
subscribers at http://www.fitchratings.com

CONTACT:  FITCH RATINGS
          Karsten Frankfurth, Frankfurt
          Phone: +49-69-7680-76170
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9968

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


OPTIMA: Insolvency Manager Takes over Firm
------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on open joint stock company Optima (TIN
6911002772, KPP 691101001).  The case is docketed as A66-
5443/2005.  Mr. S. Volkov has been appointed temporary
insolvency manager.  Creditors have until Aug. 16, 2005 to send
their proofs of claim to 170001, Russia, Tver, 4th Per. Kranoy
Svobody, 9.

CONTACT:  OPTIMA
          171281, Russia, Tver region,
          Konakovskiy region, Ozerki, Leninskaya, 10

          Mr. S. Volkov
          Temporary Insolvency Manager
          170001, Russia, Tver region,
          4th Per. Kranoy Svobody, 9


PASSENGER AUTO-TRANSPORT: Bankruptcy Hearing Set September
----------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Passenger Auto-Transport #1 Mo Orenburg City.  The case is
docketed as A47-6510/2005-14GK.  Mr. A. Chirkizov has been
appointed temporary insolvency manager.

Creditors have until Aug. 16, 2005 to submit their proofs of
claim to 460001, Russia, Orenburg, Post User Box 3167.  A
hearing will take place on Sept. 27, 2005, 10:00 a.m. at the
Arbitration Court of Orenburg region located at Russia, Orenburg
region, 9th January Str. 64.

CONTACT:  PASSENGER AUTO-TRANSPORT #1 MO ORENBURG CITY
          460048, Russia, Orenburg region,
          Automatiki Proezd, 13

          Mr. A. Chirkizov
          Temporary Insolvency Manager
          460001, Russia, Orenburg region,
          Post User Box 3167


PIT GRAVEL-GRAND: Declared Insolvent
------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Pit Gravel-Grand after finding the close
joint stock company insolvent.  The case is docketed as A63-
167/2004-S5.  Mr. V. Shabunin has been appointed insolvency
manager.  Creditors have until Sept. 16, 2005 to submit their
proofs of claim to 355000, Russia, Stavropol, Zootekhnicheskiy
Per. 15, Office 75.

CONTACT:  PIT GRAVEL-GRAND
          Russia, Stavropol region,
          Zootekhnicheskiy Per. 15, Office 75

          Mr. V. Shabunin
          Insolvency Manager
          355000, Russia, Stavropol region,
          Zootekhnicheskiy Per. 15, Office 75


PUGACHEVSKIY STONE-PIT: Claims Filing Period Ends Next Week
-----------------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on open joint stock company Pugachevskiy
Stone-Pit.  The case is docketed as A57-270B/05-32.  Mr. V.
Tsuprikov has been appointed temporary insolvency manager.

Creditors have until Aug. 16, 2005 to submit their proofs of
claim to Russia, Saratov region, Pugachev, Svobody Str. 120/132,
Apartment 53.  A hearing will take place on Nov. 10, 2005, 10:10
a.m.

CONTACT:  PUGACHEVSKIY STONE-PIT
          Russia, Saratov region,
          Pugachev, Stone-Pit

          Mr. V. Tsuprikov
          Temporary Insolvency Manager
          Russia, Saratov region, Pugachev,
          Svobody Str. 120/132, Apartment 53
          Phone/Fax: 8(4574) 2-37-81


STEPPE GEOLOGICAL: Insolvency Manger Takes over Company
-------------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Steppe Geological Survey Expedition (TIN
5619004994, KPP 561001001) after finding the federal state
unitary enterprise insolvent.  The case is docketed as A47-
12081/04-14GK.  Ms. S. Akhmadeeva has been appointed insolvency
manager.  Creditors have until Sept. 16, 2005 to submit their
proofs of claim to 460000, Russia, Orenburg, Main Post Office,
Post User Box 3021.

CONTACT:  STEPPE GEOLOGICAL SURVEY EXPEDITION
          462825, Russia, Orenburg region,
          Adamovskiy region, Rechnoy

          Ms. S. Akhmadeeva
          Insolvency Manager
          460000, Russia, Orenburg region,
          Main Post Office, Post User Box 3021


VASYUGAN-OIL-GAS-DOR-STROY: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on limited liability company Vasyugan-Oil-
Gas-Dor-Stroy (TIN 7006005135).  The case is docketed as A67-
6799/05.  Mr. S. Ananin has been appointed temporary insolvency
manager.

Creditors have until Aug. 16, 2005 to submit their proofs of
claim to 634034, Russia, Tomsk, Post User Box 4790.  A hearing
will take place on Oct. 4, 2005.

CONTACT:  VASYUGAN-OIL-GAS-DOR-STROY
          636740, Russia, Tomsk region, Kargasokskiy region,
          Novyj Vasyugan, Sovetskaya Str. 7

          Mr. S. Ananin
          Temporary Insolvency Manager
          634034, Russia, Tomsk region,
          Post User Box 4790


VOSTOK-ENERGO-CHER-MET: Bankruptcy Hearing Resumes Next Month
-------------------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Vostok-Energo-Cher-Met after finding the
open joint stock company insolvent.  The case is docketed as
A76-13155/05-60-90.  Mr. E. Babanov has been appointed
insolvency manager.

Creditors have until Aug. 16, 2005 to submit their proofs of
claim to 454080, Russia, Chelyabinsk, Post User Box 12592.  A
hearing will take place on Sept. 15, 2005, 11:00 a.m.

CONTACT:  VOSTOK-ENERGO-CHER-MET
          454074, Russia, Chelyabinsk region,
          Mekhanizatorov Str. 55

          Mr. E. Babanov
          Insolvency Manager
          454080, Russia, Chelyabinsk region,
          Post User Box 12592


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


BLAGOVIST: Temporary Insolvency Manager Takes over Helm
-------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on Production-Trade Enterprise Blagovist
(code EDRPOU 22330815) on April 20, 2005.  The case is docketed
as 6/77-8/52.  Ms. Nadiya Slidzyona (License Number AA 630095)
has been appointed temporary insolvency manager.  The company
holds account number 260053011811 at Oshadbank, Zolochiv branch
6326, MFO 385178.

CONTACT:  BLAGOVIST
          80700, Ukraine, Lviv region,
          Zolochiv, Shashkevich Str. 8

          Ms. Nadiya Slidzyona
          Temporary Insolvency Manager
          79056, Ukraine, Lviv region,
          Novovoznesenska Str. 103

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


CHERKASSY-ZALIZOBETON: Under Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on CJSC Cherkassy-Zalizobeton on May 7,
2005.  The case is docketed as 14/2671.  Mr. Pavlo Kopilets
(License Number AB 216926) has been appointed temporary
insolvency manager.

CONTACT:  CHERKASSY-ZALIZOBETON
          18000, Ukraine, Cherkassy region,
          Himikiv Lane, 2

          Mr. Pavlo Kopilets,
          Temporary Insolvency Manager
          Ukraine, Cherkassy region,
          Konev Str. 3/132

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


CITY CONSTRUCTION: Declared Insolvent
-------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against City Construction (code EDRPOU 30312555) on
June 23, 2005 after finding the open private trade commercial
enterprise insolvent.  The case is docketed as 15/741-b.  Mr.
Dmitro Pehterev (License Number AA 779237) has been appointed
liquidator/insolvency manager.  The company holds account number
2600200001346 at JSCB Pravex-Bank, Kyiv region branch, MFO
321983.

CONTACT:  CITY CONSTRUCTION
          Ukraine, Kyiv region,
          Trostyanetska Str. 7-A/107

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


HIMPROMINVEST: Succumbs to Bankruptcy
-------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on LLC Himprominvest (code EDRPOU
31601953).  The case is docketed as 10/49-05.  Mr. V. Bolhovitin
(License Number AA 249800) has been appointed temporary
insolvency manager.  The company holds account number
26000301002902 at JSCB Mriya, MFO 321767.

CONTACT:  HIMPROMINVEST
          21100, Ukraine, Vinnitsya region,
          G. Uspenskij Str. 8

          Mr. V. Bolhovitin
          Temporary Insolvency Manager
          21000, Ukraine, Vinnitsya region,
          Hmelnitske Shose Str. 2-A/602

          ECONOMIC COURT OF VINNITSYA REGION
          21036, Ukraine, Vinnitsya region,
          Hmelnitske Shose, 7


IZMAILSKIJ HOLODILNIK: Liquidator Takes over Operations
-------------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Izmailskij Holodilnik Izmailprodkontrakt
(code EDRPOU 01553758) on June 21, 2005 after finding the open
joint stock company insolvent.  The case is docketed as 2/45-05-
1372.  Mr. Volodimir Shnyakin (License Number AA 783105) has
been appointed liquidator/insolvency manager.  The company holds
account number 2600330100905 at Oshadbank, Izmail branch 6708,
MFO 388120.

CONTACT:  IZMAILSKIJ HOLODILNIK IZMAILPRODKONTRAKT
          68600, Ukraine, Odessa region,
          Izmail, Gagarin Str. 64

          Mr. Volodimir Shnyakin
          Liquidator/Insolvency Manager
          65013, Ukraine, Odessa region,
          Chornomorskogo Kozatstva Str. 80

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


PERVOMAJSK' HIMPROM: Interim Insolvency Manager Takes over Helm
---------------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on Pervomajsk' State Enterprise Himprom
(code EDRPOU 00203341) on May 24, 2005.  The case is docketed as
B-39/57-05.  Mr. Andrij Fedorchenko (License Number AA 779212)
has been appointed temporary insolvency manager.   The company
holds account number 260060136130 at JSCB UBTS, Harkiv branch,
MFO 351878.

CONTACT:  PERVOMAJSK' STATE ENTERPRISE HIMPROM
          Ukraine, Harkiv region,
          Pervomajsk, Dorozhnya Str. 1

          Mr. Andrij Fedorchenko,
          Temporary Insolvency Manager
          Ukraine, Harkiv region,
          S. Gritsevtsya Str. 24/5

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


RADGOSP MAJDANIVSKIJ: Goes Bust
-------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on State Enterprise Radgosp Majdanivskij
(code EDRPOU 20583972) on April 5, 2005.  The case is docketed
as 35/14 b-04.  Mr. Oleg Agafonov (License Number AA 779171) has
been appointed temporary insolvency manager.  The company holds
account number 26002501018951 at JSPPB Aval, Kyiv region central
branch, MFO 322904.

CONTACT:  RADGOSP MAJDANIVSKIJ
          07824, Ukraine, Kyiv region,
          Borodyanskij district, Majdanivka,
          Lenin Str. 39

          Mr. Oleg Agafonov
          Temporary Insolvency Manager
          01024, Ukraine, Kyiv region,
          Chekistiv Lane, 4/17

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


SKIF: Court Freezes Debt Payments
---------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Agrofirm Skif (code EDRPOU
31037795) on May 27, 2005 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as 5/93
B.  Mr. N. Druk (License Number AA 779323) has been appointed
temporary insolvency manager.  The company holds account number
260079801698 at Ukrsocbank, Kramatorsk branch, MFO 334486.

CONTACT:  SKIF
          84330, Ukraine, Donetsk region,
          Kramatorsk, Illich Str. 153

          Mr. N. Druk
          Temporary Insolvency Manager
          84300, Ukraine, Donetsk region,
          Kramatorsk, Yuzhna Str. 21

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


STAROGOROZHENSKE: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure on Agricultural LLC Starogorozhenske (code
EDRPOU 31309323) on May 17, 2005.  The case is docketed as 5/77.
Ms. Inna Zhivotovska (License Number AA 419488) has been
appointed temporary insolvency manager.  The company holds
account number 26049000108001 at JSCB Nadra, MFO 326803.

CONTACT:  STAROGOROZHENSKE
          56135, Ukraine, Mikolaiv region,
          Starogorozheno, Privilna Str. 1

          Ms. Inna Zhivotovska,
          Temporary Insolvency Manager
          Ukraine, Mikolaiv region,
          Gromadyanska Str. 93

          ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


UKRTEHNOPROEKT: Lviv Court Names Temporary Insolvency Manager
-------------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on Private Enterprise Ukrtehnoproekt (code
EDRPOU 31658837) on April 19, 2005.  The case is docketed as
6/59-8/44.  Mr. Yaroslav Onushkanich (License Number AA 484203)
has been appointed temporary insolvency manager.  The company
holds account number 260080017984 at CJSC Ukrainian Credit Bank,
Lviv branch, MFO 325871.

CONTACT:  UKRTEHNOPROEKT
          Ukraine, Lviv region,
          George Washington Str. 8

          Mr. Yaroslav Onushkanich,
          Temporary Insolvency Manager
          Ukraine, Lviv region,
          Strijska Str. 71 b/3

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


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


1ST LEGAL: Winding-up Gets Go Signal
------------------------------------
Company Name: 1ST LEGAL LIMITED
              2 Nelson Street,
              Southend-on-Sea,
              Essex, SS1 1EF

Registration Number: 04798884

Court: Bristol District Registry

Date of Filing Petition: March 14, 2005

No. of Matter: 1340 of 2005

Date of Winding-up Order: May 4, 2005

CONTACT:  Official Receiver
          4th Floor, Central House,
          8 Clifftown Road,
          Southend-on-Sea,
          Essex, SS1 1AB
          Phone: 01702 602570
          Fax: 01702 602567


ACHTERBAHN UK: Appoints Administrator from Sargent & Co.
--------------------------------------------------------
Name: ACHTERBAHN UK LIMITED
      (Company No 04473140)

Trading Name: First Alert Security Services

Nature of Business: Security Services

Address of Registered Office: Manvers House, Pioneer Close, Wath
upon Dearne, Rotherham S63 7JX

Trade Classification: 46

Date of Appointment: July 27, 2005

Administrator's Name and Address: Peter Sargent (IP No 8636),
Sargent & Company Limited, 36 Clare Road, Halifax HX1 2HX

CONTACT:  SARGENT & CO.
          36 Clare Road
          Halifax
          West Yorkshire HX1 2HX
          Phone: 01422 348448
          Fax: 01422 360748
          E-mail: peter@sargentcompany.com


ADVANCED TECHNOLOGIES: Appoints Begbies Traynor Administrator
-------------------------------------------------------------
Name: ADVANCED TECHNOLOGIES GROUP LIMITED
      (Company No 3176068)

Nature of Business: Aeronautics

Address of Registered Office: Chiltern House, 24-30 King Street,
Watford WD18 0BP

Date of Appointment: July 26, 2005

Administrators' Names and Address: Timothy John Edward Dolder
and Paul Michael Davis (IP Nos 9008 and 7805), both of Begbies
Traynor, Exchange House, 494 Midsummer Boulevard, Milton Keynes
MK9 2EA

CONTACT:  BEGBIES TRAYNOR SOUTH LLP
          4th Floor, Exchange House,
          494 Midsummer Boulevard,
          Milton Keynes MK9 2EA
          Phone: 01908 687 800
          Fax: 01908 687 801
          Web site: http://www.bakertilly.co.uk


AINTREE UNDERPINNING: Files for Liquidation
-------------------------------------------
Company Name: AINTREE UNDERPINNING LIMITED
              11 Cavendish House,
              Brighton Road, Waterloo,
              Liverpool, L22 5NG

Registration Number: 04443410

Court: Bristol District Registry

Date of Filing Petition: June 1, 2005

No. of Matter: 2296 of 2005

Date of Winding-up Order: July 20, 2005

CONTACT:  OFFICIAL RECEIVER
          2nd Floor, Cunard Building,
          Pier Head,
          Liverpool, L3 1DS
          Phone: 0151 236 9131
          Fax: 0151 2437800


ANGELZ: In Voluntary Liquidation
--------------------------------
At an Extraordinary General Meeting of Angelz Limited, Angelz
Whitgift Limited, Angelz Romford Limited, and Angelz Lakeside
Limited, duly convened, and held at 2 Nelson Street, Southend-
on-Sea, Essex SS1 1EF, on 26 July 2005, the subjoined
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Companies cannot, by reason of their liabilities,
continue its businesses and that it is advisable to wind up the
same, and accordingly that the Companies be wound up
voluntarily, and that K B Stout, be and is hereby appointed
Liquidator for the purposes of such winding-ups."

K Y Low, Director

CONTACT:  Keith Barry Stout, Liquidator
          2 Nelson Street, Southend on Sea,
          Essex SS1 1EF


ASSURED ENTERPRISES: Calls in Liquidator
----------------------------------------
At an Extraordinary General Meeting of the Members of Assured
Enterprises Limited, duly convened, and held at Macilvin Moore
Reveres, 7 St Johns Road, Harrow, Middlesex HA1 2EY, on 27 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
Alisdair J Findlay, of Findlay James, Saxon House, Saxon Way,
Cheltenham GL52 6QX, be and he is hereby appointed Liquidator
for the purposes of such winding-up."

S Pala, Chairman

CONTACT:  FINDLAY JAMES
          Saxon House
          Saxon Way
          Cheltenham
          Gloucestershire GL52 6QX
          Phone: 01242 576555
          Fax: 01242 576999
          E-mail: ajf@finjam.com


AT & T CONSTRUCTION: Official Receiver to Oversee Liquidation
-------------------------------------------------------------
Company Name: AT & T CONSTRUCTION LTD.
              26 Felipe Road,
              Chafford Hundred,
              Grays, Ilford,
              Essex, RM16 6NE

Registration Number: 04191019

Court: Southend

Date of Filing Petition: April 20, 2005

No. of Matter: 30 of 2005

Date of Winding-up Order: June 29, 2005

CONTACT:  OFFICIAL RECEIVER
          4th Floor, Central House,
          8 Clifftown Road,
          Southend-on-Sea,
          Essex, SS1 1AB
          Phone: 01702 602570
          Fax: 01702 602567


B DAVY: EGM Passes Winding-up Resolutions
-----------------------------------------
At an Extraordinary General Meeting of B Davy Industrial &
Domestic Plumbing Limited convened, and held at 46 Moorlands
Business Centre, Balme Road, Cleckheaton BD19 4EW, on 28 July
2005, at 10:00 a.m., the following Resolutions were passed, as
an Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
J N Bleazard, of XL Business Solutions Ltd, 46 Moorlands
Business Centre, Balme Road, Cleckheaton BD19 4EW, be appointed
Liquidator of the Company for the purposes of the voluntary
winding-up."

B Davy, Chairman


BRAUER COLEY: Engineering Group Opt for Administration
------------------------------------------------------
Company Names: BRAUER COLEY LIMITED
               (Company No 03522278)

               BRAUER MEASURETEK LIMITED
               (Company No 04192443)

               BRAUER TECHNOLOGIES LIMITED
               (Company No 03141936)

               HMC BRAUER LIMITED
               (Company No 00211656)

Nature of Businesses: Engineering Group

Address of Registered Office: Dawson Road, Bletchley, Milton
Keynes MK1 1JP

Date of Appointment: July 7, 2005

Administrators' Names and Address: Mark Jeremy Orton and James
Douglas Ernle Money (IP Nos 8846 and 1317), both of KPMG LLP,
Aquis Court, 31 Fishpool Street, St Albans AL3 4RF

                            *   *   *

Brauer has been providing industry with superior engineered
tooling products since 1926.  Visit http://www.brauer.co.uk/for
more information.

CONTACT:  BRAUER-COLEY LIMITED
          Radway Road
          Shirley
          Solihull
          England
          Phone: +44 (0) 121-705 6431
          Fax: +44 (0) 121-711 1084

          BRAUER MEASURETEK LIMITED
          Unit 2, 21a High Street
          Leighton Buzzard
          Bedfordshire LU7 1DN
          England
          Phone: +44 (0) 1525 377988
          Fax: +44 (0) 1525 370769

          HMC-BRAUER LIMITED
          Dawson Road
          Mount Farm
          Milton Keynes MK1 1JP
          England
          Phone: +44 (0) 1908 374022
          Fax: +44 (0) 1908 641628

          KPMG
          Aquis Court,
          31 Fishpool Street,
          St Albans, AL3 4RF
          Phone: 0500 644665
          Web site: http://www.kpmg.co.uk


CAPITAL BUILDING: Crumbles into Liquidation
-------------------------------------------
Company Name: CAPITAL BUILDING AND JOINERY LIMITED
              29 Bretts Cottages,
              Romford Road, Aveley,
              Essex, RM15 4XH

Registration Number: 04152593

Court: Bristol District Registry

Date of Filing Petition: May 10, 2005

No. of Matter: 2096 of 2005

Date of Winding-up Order: July 6, 2005

CONTACT:  Official Receiver
          4th Floor, Central House,
          8 Clifftown Road,
          Southend-on-Sea,
          Essex, SS1 1AB
          Phone: 01702 602570
          Fax: 01702 602567


C.C.B. CONTRACTS: Birmingham Court Approves Liquidation
-------------------------------------------------------
Company Name: C.C.B. CONTRACTS LTD.
              Unit 1, Mintsfeet Road South,
              Kendal, Cumbria, LA9 6DU.

Registration Number: 03968153

Court: Birmingham District Registry

Date of Filing Petition: April 21, 2005

No. of Matter: 2392 of 2005

Date of Winding-up Order: July 18, 2005

CONTACT:  Official Receiver
          1st Floor, Newfield House,
          Vicarage Lane,
          Blackpool, FY4 4WB
          Phone: 01253 830700
          Fax: 01253 830711


CIRO CITTERIO: Back in Administration
-------------------------------------
Ciro Citterio has fallen into administration anew as trading on
the high street continues to be difficult, said the Sunday
Telegraph.  This is the fourth time in as many years that the
retailer has fallen into administration or liquidation since
2001.

Moss Bros is said to have offered for 9 of the retailer's
stores.  In June, Phoenix Menswear acquired 27 of the chain's 50
stores from the Official Receiver.  Owned by Trident Fashions
Limited, Ciro Citterio appointed Charles MacMillan and Dermot
Justin Power of BDO Stoy Hayward LLP joint administrators on
April 27, 2005.  The firm then went into compulsory liquidation
in May with the expected closure of its chain of stores.

In 2001, after around five years of acquisitions that brought
the firms' total number of menswear shops to 160, Ciro Citterio
collapsed into administration.  This put 2,000 jobs at risk,
according to the U.K. Activity Report.  Trident Fashions then
rescued it, saving 1,100 jobs at 130 stores.  The following
year, Ciro Citterio planned to invest GBP8 million for the
renovation of over half of its 125 remaining shops, and the
opening of seven new outlets plus 30 re-sites.  However, in
2003, after it was put up for sale, the retailer with only 100
stores and 1,000 workers left, went under administration again.
In December of that year, administrators inked a revival deal
with the company's directors, securing the future of over 60
stores.  Anar of Huddersfield bought it out of administration in
April 2004.

According to the British Retail Consortium-KPMG Retail Sales
Monitor, the London bombings affected like-for-like sales on the
high street in July, which further dropped around 1.3%,
following a 0.05% decrease in June.

BRC Director General Kevin Hawkins welcomed last week's 0.25
percentage point cut in interest rates, but he is looking
forward to "a couple more cuts" before the December holidays.
He said: "We have been saying for months that we need a cut
because we have always said the consumer downturn is not a blip.
There is no evidence of any significant upturn."

CONTACT:  TRIDENT FASHIONS LIMITED
          70 Plover Road, Lindley
          Huddersfield HD3 3HR
          Phone: 01484 656 161
          Fax: 01484 649 751
          E-mail: enquiry@cirocitterio.com
          Web site: http://www.cirocitterio.com


CRAMARRS LIMITED: Goes into Liquidation
---------------------------------------
At an Extraordinary General Meeting of Cramarrs Limited, duly
convened, and held at 60-62 High Street, Harpenden,
Hertfordshire AL5 2SP, on 26 July 2005, the following
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Anthony David Kent, of Maidment Judd, 60-62 High Street,
Harpenden, Hertfordshire AL5 2SP, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

A C Marr, Chairman

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


DRAX GROUP: To Discuss Drax Holdings' Half-year Results Thursday
----------------------------------------------------------------
Drax Group Limited will be presenting the consolidated half-year
results of its principal subsidiary, Drax Holdings Limited, at
2:30 p.m. (U.K. time) on Thursday, 11 August 2005 at the offices
of Norton Rose, Kempson House, Camomile Street, London EC3A 7AN,
United Kingdom.

Those wishing to attend the presentation should register their
intention to attend with Ann Gray at Drax Power Limited on +44
(0) 1757 612933 or ann.gray@draxpower.com

The meeting can also be accessed remotely, as detailed below,
via a dial-in conference call.  After the meeting, recordings of
the dial-in call will be made available and access details for
these recordings are also set out below.

A copy of the presentation will be made available from 11 a.m.
(U.K. time) on 11 August 2005 for download at
http://www.draxpower.com(Investors>>Recent Financial
Press Releases page).

Event Title: Drax Group Limited: Half Year Results
Event Date: 11 August 2005
Event Time: 2:30 p.m. (U.K. time)
U.K. Call In Number: 020 7162 0083
International Call In Number: + 44 20 7162 0083
U.S. Call In Number: + 1 334 323 6201
U.K. Instant Replay
Start Date: 11 August 2005
Delete Date: 16 September 2005
Dial In Number: + 44 (0) 20 7031 4064
Freephone number (UK only): 0800 358 1860
Passcode: 668375

U.S. Instant Replay
Start Date: 11 August 2005
Delete Date: 16 September 2005
Dial In Number: + 1 954 334 0342
Freephone number: + 1 888 365 0240
Passcode: 668375

                            *   *   *

At the Group level, trading profit doubled to EUR360 million
while net income reached EUR217 million from a loss of EUR246
million in the second quarter of 2004.

All financial targets are confirmed: positive Group net income
after unusual items in 2005, and a net Group profit of over
EUR700 million in 2006; for Fiat Auto, a reduction of its full
year trading loss of approximately EUR500 million in 2005, from
the EUR820 million loss reported in 2004, and a positive
operating margin between 2 and 4% in 2007.

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


DURDLE DAVIES: Appoints Joint Liquidators
-----------------------------------------
At an Extraordinary General Meeting of Durdle Davies Business
Research Limited, duly convened, and held at the offices of
Elwell Watchorn & Saxton LLP, Cumberland House, 35 Park Row,
Nottingham NG1 6EE, on 21 July 2005, the subjoined Extraordinary
Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Ronald Stanley Harding and David John Watchorn, of Elwell
Watchorn & Saxton LLP, Cumberland House, 35 Park Row, Nottingham
NG1 6EE, be and are hereby appointed Joint Liquidators for the
purposes of such winding-up."

I Craig, Director

CONTACT:  ELWELL WATCHORN & SAXTON
          Cumberland House,
          35 Park Row,
          Nottingham NG1 6EE
          Phone: (+44) 0115 988 6035
          Fax: (+44) 0115 988 6135 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


DURHAM PINE: Names Tenon Recovery Liquidator
--------------------------------------------
At an Extraordinary General Meeting of Durham Pine (Southend)
Limited, duly convened, and held at Moriston House, 75
Springfield Road, Chelmsford, Essex CM2 6JB, on 20 July 2005,
the subjoined Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Duncan Beat, of Tenon Recovery, 6th Floor, Salisbury House, 31
Finsbury Circus, London EC2M 5SQ, be and is hereby appointed
Liquidator for the purposes of such winding-up."
At a subsequent Meeting of Creditors, duly convened pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of Duncan Beat was confirmed.

I J McPherson, Chairman

CONTACT:  TENON RECOVERY
          Salisbury House
          31 Finsbury Circus
          London EC2M 5SQ
          Phone: 020 7628 2040
          Fax: 020 7638 0217
          Web site: http://www.tenongroup.com


EASYPRINT MEDIA: Signmaker Hires Administrators
-----------------------------------------------
Name: EASYPRINT MEDIA LIMITED
      (Company No 5107093)

Nature of Business: Sign-making

Address of Registered Office: 60-62 Old London Road, Kingston
upon Thames KT2 6QZ

Date of Appointment: July 22, 2005

Joint Administrator's Name and Address: Andrew John Whelan (IP
No 8726), Marks Bloom, 60-62 Old London Road, Kingston upon
Thames KT2 6QZ

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames, Surrey KT2 6QZ
          Phone: +44 (0) 20 85499951
          Fax:   +44 (0) 20 85496218
          Web site: http://www.marksbloom.co.uk


EXPOLOG LIMITED: Calls in Liquidator from PKF
---------------------------------------------
At an Extraordinary General Meeting of the Members of Expolog
Limited, duly convened, and held at Churchill House, Regent
Road, Hanley, Stoke-on-Trent ST1 3RQ, on 22 July 2005, the
following Resolutions were duly passed, as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Kerry Bailey and Jonathon D Newell of PKF (UK) LLP, Sovereign
House, Queen Street, Manchester M2 5HR, be and are hereby
appointed Joint Liquidators for the purposes of such winding-
up."

R W Vicary, Director

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


FANCY URBAN: Advertising Slump Claims Another Victim
----------------------------------------------------
Fancy Urban Ltd. has reportedly dissolved after around nine
years in the advertising business.

According to ICC Credit, the London-based company adds to the
recent casualties in the advertising industry.  It noted that 3%
of U.K. firms involved in planning, creation and placement of
advertising activities are currently in liquidation.

In 2003, Fancy Urban reported a turnover of over GBP52 million,
with earnings of GBP187,000.  This was the last time that the
agency filed their accounts since its creation in April 1996.

Matthew Debbage, Head of Product and Marketing, ICC Credit said:
"This is a concern for the advertising industry, already in
July, Heinz pulled its GBP25 million advertising budget.  If
this trend continues with other high profile brands, we could
see further casualties in the industry in the coming months."

CONTACT:  ICC INFORMATION LTD.
          Field House
          72 Oldfield Road
          Hampton
          Middlesex
          TW12 2HQ
          Phone: +44 020 8481 8800
          Fax: +44 020 8941 6014
          E-mail: creditmarketing@icc.co.uk
          Web site: http://www.icc-credit.co.uk


F STENTON: Creditors Meeting Set Today
--------------------------------------
The creditors of F Stenton Services Limited will meet in 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.

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


FURNITURELAND LTD.: Escapes Administration
------------------------------------------
The owners and banker of Furnitureland Ltd. agreed, after a
series of last-minute meetings this weekend, to refinance the
company, saving it from administration.

It warned suppliers last week of its dire situation.  The
Telegraph said it is understood to have stopped collecting cash
deposits from customers, and its trade insurer is believed to
have withdrawn cover.  The company suffered from the general
downturn in retail spending.

The company's 28 stores include a number bought from furniture
chain Courts, which went into administration last year.  Its
banker is Royal Bank of Scotland and shareholders include SB
Capital, American Signature and Mountgrange Capital.

CONTACT:  FURNITURELAND LTD
          9th Floor, Yeoman House
          57-63 Croydon Road, London SE20 7TP
          Web site: http://www.furnitureland.co.uk/


GLOBAL GRAPHICS: Warwick Court Okays Liquidation
------------------------------------------------
Company Name: GLOBAL GRAPHICS (GB) LIMITED
              1st Floor, 46 Park Road,
              Kenilworth,
              Warwickshire, CV8 2GF

Registration Number: 04427261

Court: Warwick

Date of Filing Petition: April 5, 2005

No. of Matter: 8 of 2005

Date of Winding-up Order: May 25, 2005

CONTACT:  Official Receiver
          3rd Floor East, Ladywood House,
          45/6 Stephenson Street
          Birmingham, B2 4UP
          Tel: 0121 698 4147
          Fax: 0121 698 4408


GREG EDMUNDS: Names Purnells Administrator
------------------------------------------
Name: GREG EDMUNDS LIMITED
      (Company No 03407763)

Nature of Business: Sale of Motor Parts

Address of Registered Office: Charter House, 46-48 Coity Road,
Bridgend, Mid Glamorgan CF31 1LR

Date of Appointment: July 4, 2005

Administrator's Name and Address: Raymond Henry Purnell (IP No
2745), Purnells, St Marks House, 3 Gold Tops, Newport, South
Wales NP20 4PG

CONTACT:  GREG EDMUNDS LTD
          Unit 12
          New Street
          Bridgend Industrial Estate
          Bridgend
          Mid Glamorgan CF31 3UD
          Phone: 01656 653300

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


HOTEL CHOICES: Opts for Liquidation
-----------------------------------
Company Name: HOTEL CHOICES LTD.
              55 Furness Road,
              Morden, SM4 6PS

Registration Number: 04657324

Court: Bristol District Registry

Date of Filing Petition: May 25, 2005

No. of Matter: 2232 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


INDTECH LIMITED: Names David Rubin Liquidator
---------------------------------------------
At an Extraordinary Meeting of the Members of Indtech Limited
(formerly Nashpalm Limited), duly convened, and held at the
offices of David Rubin & Partners, Pearl Assurance House, 319
Ballards Lane, London N12 8LY, on 27 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
Henry Lan, of David Rubin & Partners, Pearl Assurance House, 319
Ballards Lane, London N12 8LY, be and he is hereby nominated
Liquidator for the purposes of such winding-up."

D A Patel, Chairman

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


INTERGRAPHIC SALES: Files Winding-up Petition
---------------------------------------------
Company Name: INTERGRAPHIC SALES LTD.
              Suite 20, Kings Gate, Horsham,
              West Sussex, RH12 1AE

Registration Number: 04437992

Court: Birmingham District Registry

Date of Filing Petition: February 2, 2005

No. of Matter: 2100 of 2005

Date of Winding-up Order: July 4, 2005

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


INTERIOR-EXTERIOR: Court Okays Liquidation
------------------------------------------
Company Name: INTERIOR-EXTERIOR LIMITED
              The Studio, Watts Lane,
              Teddington, Middlesex, TW11 8HQ

Registration Number: 04688286

Court: Manchester District Registry

Date of Filing Petition: May 25, 2005

No. of Matter: 1466 of 2005

Date of Winding-up Order: July 18, 2005

CONTACT:  Official Receiver
          6th Floor, Sunley House,
          Bedford Park,
          Croydon, CR9 1TX
          Phone: 020 8681 5166
          Fax: 020 8667 8000


JARVIS PLC: Disposes of Techspan Systems for GBP890,000
-------------------------------------------------------
Jarvis plc has sold the business and assets of Techspan Systems
Limited to Hill & Smith Limited, a wholly owned subsidiary of
Hill & Smith Holdings plc, for cash consideration of GBP890,000.

This transaction is part of Jarvis' strategy of disposing of its
non-core businesses and will enable the group to focus on its
core rail, roads and plant businesses.

Techspan is a specialist supplier of variable message signs to
the U.K. roads market.  In the year ended 31 March 2005,
Techspan made a loss before taxation of GBP1,177,000.

The value of the gross assets being sold to Hill & Smith,
amounts to GBP1,006,000.  Hill & Smith have also assumed
liabilities valued at GBP240,000.  As part of this disposal, all
of the employees including Jim Smith, the general manager, and
Louise Martin, the finance director, have transferred with the
business and the lease of the property occupied by Techspan has
been assigned to the acquirer.

The sale proceeds will be applied towards general Jarvis group
purposes.

                            *   *   *

In July, the company reported turnover has fallen to GBP585.7
million (2004: GBP1076.1 million), principally due to the
transfer of rail maintenance to Network Rail with effect from 1
April 2004, a reduction in track renewals arising primarily from
the slowing of work on the West Coast Main Line and the decision
to withdraw from bidding for all construction and FM contracts.

The reported loss before tax is GBP353.8 million (2004: GBP256.0
million loss) of which GBP246.8 million is exceptional and
relates to provisions for construction losses, write off of
goodwill in the roads businesses, costs incurred in relation to
the restructuring of the Group and provisions in respect of aged
debtor balances and certain work in progress.

The Directors believe that the successful completion of the
restructuring announced on 12 July and the continuation of the
Group's strategy of focusing on the core businesses of Rail
Plant and Road, aligned with further cost saving measures and
exit from or stabilization of the non core activities of
construction and FM, will provide a much improved base from
which to develop the business.

CONTACT:  JARVIS PLC
          24 Britton St.
          London
          EC1M 5UA
          United Kingdom
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com

          Bridget Fury, Merlin
          Phone: 020 7653 6620


KLAUSSNER FURNITURE: 10% of Furniture Firms in Liquidation
----------------------------------------------------------
About 10% of U.K. firms within the furniture manufacturing
industry are in liquidation, said credit reference agency ICC
Credit.  This makes the recent collapse of Klaussner Furniture
Industries (UK) Limited no longer a shock to analysts.

Matthew Debbage, Head of Product and Marketing, ICC Credit,
said: "The decline in consumer spending is clearly having a
negative effect on furniture sales.  I don't wish to be the
harbinger of doom, but I expect to see further business failures
in 2005."

In July, Klaussner Furniture, which also trades as The Sofa
Company, called in administrators from BDO Stoy Hayward LLP.
Its downfall was reportedly due consumer caution and intense
competition from Asian rivals.

The company, which has reported a turnover of more than GBP52
million and a profit of GBP722,000 last year, is said to have
debt of about GBP20 million.  It has been trading at a loss for
quite a while, said the Manchester Evening News.

Joint administrators Dermot Power and David Swaden have already
put the business up for sale as a going concern.  This includes
assets such as the firms' freehold factory and head office at
St. Helens.

About 80 of the 250 factory workers and 120 out of 240 store
employees would reportedly be declared redundant, while half of
the shops will be shut down.

Mr. Power said: "We will carry on manufacturing for the time
being and the rest of the stores will continue to operate as we
try to find a buyer for the business."

He added that they have already arranged for the customers
awaiting delivery of ordered suites and other furniture to
receive them as scheduled.

CONTACT:  KLAUSSNER FURNITURE INDUSTRIES (UK) LIMITED
          Lea Green Industrial Estate
          St. Helens
          Lancashire WA9 4QA
          Phone: 01744 810110
          Fax: 01744 819969

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


LADY DIRECT: Goes into Liquidation
----------------------------------
At an Extraordinary General Meeting of Lady Direct Limited, duly
convened, and held at 2 Nelson Street, Southend-on-Sea, Essex
SS1 1EF, on 26 July 2005, the subjoined Extraordinary Resolution
was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Companies cannot, by reason of their liabilities,
continue its businesses and that it is advisable to wind up the
same, and accordingly that the Companies be wound up
voluntarily, and that K B Stout, be and is hereby appointed
Liquidator for the purposes of such winding-ups."

K Y Low, Director

CONTACT:  Keith Barry Stout, Liquidator
          2 Nelson Street, Southend on Sea,
          Essex SS1 1EF


LASER ACCIDENT: Liquidator from Vantis Moves in
-----------------------------------------------
At an Extraordinary General Meeting of Laser Accident Repair
Centre Limited, duly convened, and held at Torrington House, 47
Holywell Hill, St Albans, Hertfordshire AL1 1HD, on 22 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
Peter Wastell, of Vantis Business Recovery, Torrington House, 47
Holywell Hill, St Albans, Hertfordshire AL1 1HD, be and is
hereby appointed Liquidator for the purposes of such winding-
up."

R M Woodward, Chairman

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Phone: 01727 811111
          Fax: 01727 810057
          E-mail: nhamiltons@aol.com
          Web site: http://www.vantismt.com


LEOMINSTER SKIP: Winding-up Petition Gets Court Approval
--------------------------------------------------------
Company Name: LEOMINSTER SKIP HIRE LIMITED
              Western Close,
              Southern Avenue, Leominster,
              Herefordshire, HR6 0QF

Registration Number: 03149840

Court: Hereford

Date of Filing Petition: June 10, 2005

No. of Matter: 3 of 2005

Date of Winding-up Order: July 25, 2005

CONTACT:  Official Receiver
          21-23 London Road,
          Gloucester, GL1 3HB
          Phone: 01452 521658
          Fax: 01452 310910


LINDEN CONSULTING: EGM Passes Winding-up Resolution
---------------------------------------------------
At an Extraordinary Meeting of the Members of Linden Consulting
Limited, duly convened, and held at the offices of David Rubin &
Partners, 26-28 Bedford Row, London WC1R 4HE, 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
Asher Miller, of David Rubin & Partners, Pearl Assurance House,
319 Ballards Lane, London N12 8LY, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

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


MARCONI CORPORATION: Chinese Partner Could Take over Biz
--------------------------------------------------------
Marconi Corporation plc is reportedly in takeover talks with its
Chinese Partner Huawei Technologies Co., Ltd.  The Sunday Times
said the discussions with Huawei could lead to an acquisition,
valuing Marconi at more GBP600 million (EUR864 million).

Marconi refused to comment on the report, but it may issue a
statement this week to the London Stock Exchange confirming the
negotiations, according to the Sunday Telegraph.  A formal
proposal is reportedly yet to be tendered, while the takeover is
expected to take several months to be completed.  If successful,
it will be one of the most important acquisitions to date of a
foreign firm by a Chinese group.

With Marconi being one of the remaining major British companies
in the telecommunications industry, the possible takeover could
spark debates over the position of U.K.'s manufacturing sector,
the paper said.  It could also have political complications, as
thousands of jobs are likely to be lost to China.  This is a
very crucial issue since Marconi just axed 800 jobs in May, when
it lost its status as BT's preferred supplier, which included
Huawei.

At present, Marconi has 10,000 employees worldwide, with around
4,100 people based in the U.K.  In May, Marconi and Huawei
signed a mutual distribution agreement, in which Marconi
committed to resell Huawei's carrier-class data communications
products to telco services providers only under an OEM model or
other model as agreed by both companies.  In exchange, Huawei
will resell Marconi's microwave radio, including next-generation
microwave radio equipment, and associated network services for
Huawei's wireless network projects.

Currently, Huawei has around 24,000 employees and serves
over 300 telco operators, including 22 of the world's top 50
operators.  Huawei's products have been deployed in more than 90
countries worldwide.  Its contract sales in 2004 reached US$5.58
billion.

CONTACT:  MARCONI CORPORATION PLC
          4th Floor Regents Place
          338 Euston Rd
          London NW1 3BT
          Phone: +44-20-7493-8484
          Fax: +44-20-7493-1974
          Web site: http://www.marconi.com

          Press Enquiries
          David Beck
          Phone: 0207 306 1490
          E-mail: david.beck@marconi.com

          Investor Enquiries
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com

          Karen Keyes
          Phone: 0207 306 1345
          E-mail: karen.keyes@marconi.com

          HUAWEI TECHNOLOGIES CO., LTD.
          Web site: http://www.huawei.com
          Fu Jun
          Phone: +86-755-28787530
          Fax: +86-755-28787276
          E-mail: fujun@huawei.com


MOLE VALLEY: In Voluntary Winding-up
------------------------------------
At an Extraordinary General Meeting of Mole Valley Premier Taxis
Limited, duly convened, and held at The White Cottage, 19 West
Street, Epsom KT18 7BS, on 25 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 Young, 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."

N K Rollings, 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


NOODLE TIME: Files for Liquidation
----------------------------------
At an Extraordinary General Meeting of Noodle Time Limited,
Noodle Time Crystal Palace Limited, Noodle Time Bromley Limited,
Noodle Time Croydon Limited, and Noodle Time Bexleyheath
Limited, duly convened, and held at 2 Nelson Street, Southend-
on-Sea, Essex SS1 1EF, on 26 July 2005, the subjoined
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Companies cannot, by reason of their liabilities,
continue its businesses and that it is advisable to wind up the
same, and accordingly that the Companies be wound up
voluntarily, and that K B Stout, be and is hereby appointed
Liquidator for the purposes of such winding-ups."

K Y Low, Director

CONTACT:  Keith Barry Stout, Liquidator
          2 Nelson Street, Southend on Sea,
          Essex SS1 1EF


ONE 2 ONE: Names P&A Partnership Liquidator
-------------------------------------------
At an Extraordinary General Meeting of One 2 One Mortgages
Limited, duly convened, and held at 93 Queen Street, Sheffield
S1 1WF, on 20 July 2005, at 10:30 a.m., the following
Extraordinary Resolutions were 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 that the same should be wound
up, and that the Company be wound up accordingly, and that Allan
Cooper and John Russell, of The P&A Partnership, 93 Queen
Street, Sheffield S1 1WF, be and are hereby appointed the
Liquidators of the Company for the purposes of such winding-up,
and that any act required or authorized to be done by the
Liquidators is to be done by any one or more of the Liquidators
for the time being in office."

At a subsequent Meeting of Creditors, duly convened and held
pursuant to sections 98, 99, 100 and 101 of the Insolvency Act
1986, the Resolutions for voluntary liquidation and the
appointment of Allan Cooper and John Russell were confirmed.

P Naughton, Chairman

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


OSBORNES (DRINKS): Appoints Moore Stephens Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of Osbornes (Drinks)
Limited, duly convened, and held at Moore Stephens, The Old
Courthouse, 18-22 St Peter's Churchyard, Derby DE1 1NN, on 11
July 2005, the following Resolutions were duly passed as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
that accordingly the Company be wound up voluntarily, and that
Mark Bowen and Nigel Price, of Moore Stephens Corporate
Recovery, The Old Courthouse, 18-22 St Peter's Churchyard, Derby
DE1 1NN, be and are hereby appointed Joint Liquidators of the
Company for the purpose of the voluntary winding-up."

At a Meeting of Creditors held on 11 July 2005 the Creditors
confirmed the appointments of Mark Bowen and Nigel Price as
Joint Liquidators and that anything required or authorized to be
done by the Liquidators be done by them.

Mr. King, Chairman

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Web site: http://www.moorestephens.com


P & H THERMAL: Names Administrators from Stephen M. Rout & Co.
--------------------------------------------------------------
Name: P & H THERMAL CONTROL LIMITED
      (Company No 01928167)

Nature of Business: Heating and Ventilation

Address of Registered Office: 12 Signet Court, Swanns Road,
Cambridge CB5 8LA

Date of Appointment: July 22, 2005

Administrator's Name and Address: Stephen Mark Rout (IP No
6062), Stephen M. Rout & Company, 12 Signet Court, Swanns Road,
Cambridge CB5 8LA

CONTACT:  P & H THERMAL CONTROL LIMITED
          37 Hilton Street
          Over
          Cambridge CB4 5PU
          United Kingdom
          Phone: (01954) 206062

          STEPHEN M. ROUT & COMPANY
          12 Signet Court
          Swanns Road
          Cambridge
          Cambridgeshire CB5 8LA
          Phone: 01223 329392
          Fax: 01223 329123
          E-mail: smrout@aol.com


PRESIDENT TAVERNS: Names Andrew Michaels & Co. Administrator
------------------------------------------------------------
Name: PRESIDENT TAVERNS LIMITED
      (Company No 04001797)

Nature of Business: Licensed Premises

Address of Registered Office: 18 Hallfield Road, Bradford, West
Yorkshire BD1 3RQ

Date of Appointment: July 4, 2005

Administrator's Name and Address: Andrew T. Clay (IP No 9164),
Andrew Michaels & Co Ltd, Concept House, Brooke Street,
Cleckheaton, West Yorkshire BD19 3RY

CONTACT:  ANDREW MICHAELS & CO. LTD
          Concept House
          Brooke Street
          Cleckheaton
          Bradford BD19 3RY
          West Yorkshire
          Phone: 0870 750 5411
          Fax: 0870 750 5412
          E-mail: info@andrew-michaels.com


RAVEN LEISURE: In Administrative Receivership
---------------------------------------------
Name: RAVEN LEISURE HOTELS LIMITED
      (Reg No 04330163)

Trading Name: Rainbow International Hotel

Nature of Business: Hotel

Date of Appointment of Joint Administrative Receivers: July 26,
2005

Name of Person Appointing the Joint Administrative Receivers:
Bank of Scotland

Joint Administrative Receivers: David John Crawshaw and Myles
Antony Halley (Office Holder Nos 8814 and 6658), both of KPMG
LLP, 100 Temple Street, Bristol BS1 6AG

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


ROY TOWNSEND: Creditors Meeting Set Next Week
---------------------------------------------
The creditors of Roy Townsend (Nordis) Ltd (Company No 01159537)
will meet on Aug. 18, 2005 at 11:30 a.m.  It will be held at The
Crewe Arms Hotel, Nantwich Road, Crewe, Cheshire CW2 6DN.

Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Neil Henry and Michael Simister of Lines Henry,
27 The Downs, Altrincham, Cheshire WA14 2QD not later than 12:00
noon, Aug. 11, 2005.

                            *   *   *

Roy Townsend Nordis Ltd. has been repairing TV, Video and Audio
equipment since 1976.  It services all major manufacturers
including Alba, Aiwa, Bush, Daewoo, Denon, Goodmans, Grundig,
Hitachi, JVC, Kenwood, Mitsubishi, Orion, Panasonic, Sharp,
Sony, Technics, Tompson, Toshiba.  The company also supplies
accessories and general spare parts.  Visit
http://www.roytownsendnordis.co.uk/for more information.

CONTACT:  ROY TOWNESEND (NORDIS) LTD
          Service Department
          Eaton Court, Eaton Street
          Crewe
          Cheshire CW2 7EG
          Phone: 01270 588588
          Fax: 01270 585553
          E-mail: gary@roytownsendnordis.co.uk


RUDOLPH CARNE: Administrators Take over Operation
-------------------------------------------------
Name: RUDOLPH CARNE & COMPANY LIMITED
      (Company No 493767)

Nature of Business: Agents in Industrial Equipment

Registered Office of Company: Enterprise House, 21 Buckle
Street, London E1 8NN

Date of Appointment: July 27, 2005

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

                            *   *   *

Rudolph Carne & Co. Ltd supplies standard and customized
universal milling centers as turnkey operations as well as high-
speed spindles and high speed machining systems.  The company
has 50 employees.  Visit http://www.carne.co.ukfor more
information.

CONTACT:  RUDOLPH CARNE & CO. LTD
          Swan Works
          416-418 London Road
          Isleworth, Middlesex TW7 5AE
          Phone: 020 8560 1182
          Fax: 020 8568 6882
          E-mail: charlescarne@carne.co.uk

          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


SCI-NET GROUP: Names Administrators from Hurst Morrison Thomson
---------------------------------------------------------------
Name: SCI-NET GROUP UK LIMITED
      (Company No 00937393)

Nature of Business: Provision of IT Services

Trade Classification: 36

Date of Appointment: July 22, 2005

Joint Administrators' Names and Address: Gareth Wyn Roberts and
Paul William Ellison (IP Nos 1162 and 7254), Hurst Morrison
Thomson Corporate Recovery LLP, 5 Fairmile, Henley-on-Thames,
Oxfordshire RG9 2JR

                            *   *   *

The Sci-Net Group, based on Oxford, United Kingdom, comprises of
two distinct divisions, Sci-Net Business Solutions and Sci-Net
Network Solutions.  With over 12 years experience in designing,
deploying and maintaining secure networks and systems, Sci-Net
has access to the latest hardware and software from leading
manufacturers such as Citrix, Microsoft, Sage and Sophos.  Visit
http://www.sci-net.co.uk/for more information.

CONTACT:  SCI-NET GROUP LTD
          Hanborough Park
          Long Hanborough
          Witney, Oxon OX29 8SF
          Phone: 01993 883380
          Fax: 01993 883317
          Technical Support: 01993 883353
          E-mail: solutions@sci-net.co.uk

          HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley on Thames,
          Oxfordshire RG9 2JR
          Phone: +44 (0) 1491 579866
          Fax:   +44 (0) 1491 573397
          E-mail: hmt@hmtgroup.co.uk


SKYEPHARMA PLC: IFRS Affects Profit, Loss Account
-------------------------------------------------
SkyePharma PLC (Nasdaq: SKYE; LSE: SKP) has restated its results
for the year ending 31 December 2004, previously prepared under
U.K. Generally Accepted Accounting Principles (UK GAAP), under
International Financial Reporting Standards (IFRS).  From 1
January 2005 all of SkyePharma's consolidated financial
statements will be prepared under IFRS and the restatement of
the 2004 results is provided to assist in comparisons with the
prior year.

The table summarizes the principle changes arising from the
restatement of the Consolidated Profit and Loss account:


Year to 31 December 2004    UK GAAP Adjustment IFRS
(Unaudited)             '000   '000  '000
Revenue                      62,168    13,052 75,220

Gross Profit               31,014    16,029 47,043

Operating loss               (20,689)   16,944 (3,745)
Retained loss                  (24,296)      494 (23,802)
Loss per Ordinary Share           (3.9p)   -    (3.9p)
EBITDA                      (6,370)   12,808  6,438

Donald Nicholson, SkyePharma's Finance Director, said: "The
retrospective application of IFRS to our 2004 financial
statements has resulted in minimal net impact on our 2004
retained loss and loss per share.  However, IFRS materially
alters the composition of our reported Profit & Loss account,
particularly as regards the recognition of milestone payments
and the treatment of our transactions with Paul Capital Royalty
Acquisition Fund that have been used to fund part of our late-
stage clinical development program.  I would stress that these
are merely accounting changes and have no impact on the
company's cash flow."

SkyePharma intends to report its unaudited financial statements
for the six months ended 30 June 2005 in September.

About SkyePharma

SkyePharma PLC develops pharmaceutical products benefiting from
world-leading drug delivery technologies that provide easier-to-
use and more effective drug formulations. There are now eleven
approved products incorporating SkyePharma's technologies in the
areas of oral, injectable, inhaled and topical delivery,
supported by advanced solubilization capabilities. For more
information, visit http://www.skyepharma.com

The report is available free of charge at
http://bankrupt.com/misc/SkyePharma(2004)_IFRS.pdf

CONTACT:  SKYEPHARMA PLC
          Phone: +44 207 491 1777
          Donald Nicholson, Finance Director
          Peter Laing, Director of Corporate Communications
          Phone: +44 207 491 5124
          Sandra Haughton, U.S. Investor Relations
          Phone: +1 212 753 5780

          BUCHANAN COMMUNICATIONS
          Phone: +44 207 466 5000
          Tim Anderson/Mark Court/Rebecca Skye Dietrich


SPEEDSAWS LIMITED: Tool Manufacturer Calls in Administrator
-----------------------------------------------------------
Name: SPEEDSAWS LIMITED
      (Company No 04463682)

Nature of Business: Manufacture of Tools

Address of Registered Office: Bradmarsh Business Park, Bradmarsh
Way, Rotherham, South Yorkshire S60 1BW

Date of Appointment: 28 July 2005

Administrators' Names and Address: P. Stanley and G. N. Lee (IP
Nos 001762 and 009204), both of Begbies Traynor, Elliot House,
151 Deansgate, Manchester M3 3BP

                            *   *   *

Operating since 1836, the company today is the leading
manufacturer of handsaws for the DIY and Professional market;
Consumable Blades for hand tools and power tools; Martek Drill
and Tool Sharpeners and Bandsaw Blades for DIY and Industrial
users alike.  Visit http://www.speedsaws.co.uk/for more
information.

CONTACT:  SPEEDSAWS LTD
          Bradmarsh Way,
          Bradmarsh Business Park,
          Rotherham, South Yorkshire, S60 1BW
          Phone: +44 (0) 1709 788800
          Fax: +44 (0) 1709 788801

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


SPEEDY CONTRACTS: In Voluntary Liquidation
------------------------------------------
At an Extraordinary General Meeting of Speedy Contracts Limited,
held at 39 Castle Street, Leicester LE1 5WN, on 28 July 2005,
the following Resolutions were duly passed, as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has 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 Geoff Robbins and Neil Richard Gibson of CBA, Lichfield
Place, 435 Lichfield Road, Aston, Birmingham B6 7SS, 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."

S Young, Chairman

CONTACT:  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


THE ACCOUNTS: Liquidator from Mazars Moves in
---------------------------------------------
At an Extraordinary General Meeting of The Accounts Software
Centre Ltd convened and held at Cartwright House, Tottle Road,
Nottingham NG2 1RT, on 22 July 2005, at 10:30 a.m., the
following Resolutions were duly passed, as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Philip Michael Lyon, of Mazars LLP, of Cartwright House, Tottle
Road, Nottingham NG2 1RT, be appointed Liquidator of the Company
for the purposes of the voluntary winding-up."

C M Thompson, Chairman

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


UNICAM REHABILITATION: Manufacturer Calls in Administrator
----------------------------------------------------------
Name: UNICAM REHABILITATION SYSTEMS LTD
      (Company No 03860638)

Nature of Business: Manufacture Medical, Orthopedic

Registered Office of Company: Unit 1B, Furnham Close Industrial
Estate, Chard, Somerset TA20 1AX

Date of Appointment: July 26, 2005

Administrator's Name and Address: Laurence Russell (IP No 9199),
of Albert Goodman, Mary Street House, Mary Street, Taunton,
Somerset TA1 3NW

                            *   *   *

Established in 1994, UniCam designs, manufactures and sells
equipment used by a wide range of medical professionals to
rehabilitate, assess, and train in applications ranging from
professional sports, physical therapy, and long term care of the
elderly.  Visit http://www.uni-cam.com/for more information.

CONTACT:  UNICAM REHABILITATION SYSTEMS LTD
          Phone: 1-866-698-6422
          E-mail: info@uni-cam.com

          ALBERT GOODMAN
          Mary Street House
          Mary Street
          Taunton
          Somerset TA1 3NW
          Phone: 01823 286096
          Fax: 01823 257319


VELOCITY ADVERTISING: Members Decide to Wind up Firm
----------------------------------------------------
At an Extraordinary General Meeting of the Members of Velocity
Advertising Limited, duly convened, and held at Chiltern House,
24-30 King Street, Watford WD18 0BP, on 25 July 2005, the
following Resolutions were duly passed, as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Richard Andrew Segal and Paul Michael Davis, of Begbies Traynor
(South) LLP, 32 Cornhill, London EC3V 3BT, be and hereby are
appointed Joint Liquidators of the Company for the purpose of
the voluntary winding-up, and any act required or authorised
under any enactment to be done by any one or more persons
holding the office of Liquidator from time to time."

Chairman

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


WALKER BRICK: Calls in Joint Liquidators
----------------------------------------
At an Extraordinary General Meeting of Walker Brick Limited,
duly convened, and held at Poppleton & Appleby, The Old Barn,
Caverswall Park, Caverswall Lane, Stoke on Trent, Staffordshire
ST3 6HP, on 22 July 2005, at 12:00 noon, the following
Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Ian Michael Rose and Robert Michael Young, of Poppleton &
Appleby, The Old Barn, Caverswall Park, Caverswall Lane, Stoke
on Trent, Staffordshire ST3 6HP, be and are hereby appointed
Joint Liquidators for the purposes of such winding-up and that
the Joint Liquidators be authorized to act jointly and severally
in the liquidation."

CONTACT:  THE P&A PARTNERSHIP
          The Old Barn, Caverswall Park, Caverswall Lane
          Stoke on Trent ST3 6HP
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


WHITE WATER: Members Decide to Wind up Firm
-------------------------------------------
At an Extraordinary Meeting of the Members of White Water East
Limited, duly convened, and held at the offices of David Rubin &
Partners, Pearl Assurance House, 319 Ballards Lane, London N12
8LY, on 29 June 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
Asher Miller, of David Rubin & Partners, Pearl Assurance House,
319 Ballards Lane, London N12 8LY, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

C Bhattacharjee, Chairman

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


WOOLWORTHS GROUP: Modifies Incentive Scheme
-------------------------------------------
Following consultation with major shareholders, Woolworths Group
plc has revised employee incentive arrangements and new
incentive package for the Chief Executive.

The Board believes that Chief Executive Trevor Bish-Jones'
current package does not adequately reflect his value to the
Group.  Retaining Mr. Bish-Jones' skills and expertise for the
benefit of the Group in today's retail environment is
particularly important.  For this reason the Board has decided
to amend his existing incentive arrangements.

These will now include:

(a) an opportunity to earn a cash bonus for the current year of
    up to 120% of salary.  This reward will be dependent on
    meeting a number of targets.  These include delivering
    profits significantly higher than current consensus
    forecasts, and exceeding targets on performance metrics
    including like for like sales, margins, stock and cash; and

(b) a three-year share-based plan, which could deliver shares
    equal in value to three times current salary in June 2008.
    Two thirds of the total award will be linked to the
    Company's total shareholder return (TSR) performance vs. the
    General Retailer Index.  No payment will be made unless this
    performance is at least at the median with a maximum award
    if the Company performs in the top 20% of this peer group.
    The remaining third of the total award will vest provided
    that Mr. Bish-Jones is still employed by the company on 30
    June 2008 and conditional on him retaining his existing
    shareholding in the company until that date.  The number of
    shares awarded will be based on the price of 36.2 pence per
    share, the average of the share price over the one month
    period of June 2005.

A new management investment plan provides the directors of
subsidiary companies and selected members of senior management
(52 people) with the opportunity to invest their own money in
Woolworths Group shares.  The maximum individual investment for
most participants is GBP10,000 and over GBP0.5 million has been
invested.  Additional shares, matched on a one for one basis,
will be allocated each year for the next three years provided
that Group profit targets are met and the participant does not
dispose of any of the shares they have acquired before 30 June
2008.  All the share allocations will be released after three
years to those individuals who remain employed in the Group.


Employee Share Awards

Over 1.2 million share awards were made in June to more than
1,000 colleagues.  The minimum allocation is 1,000 shares per
employee and they will vest in two years time.  In this way all
store managers and other senior staff can benefit from an
improved Group performance.  No new shares will be issued for
any of these plans.

Andrew Beeson, Chairman of the Woolworths Group Remuneration
Committee, said: "These revised management incentives and
employee share schemes which will better align our employees'
interests with those of our shareholders, with whom we have had
discussions."

Gerald Corbett, Chairman, said: "Trevor Bish-Jones is a highly
regarded retailer and a valuable asset to the business.  We feel
that it is crucial to retain him and other executives who
continue to lead the Group through challenging trading
conditions."

                            *   *   *

Woolworths Group plc has sold MVC Entertainment Limited for
GBP5.5 million to a group of retail investors led by Chris
Steed, Managing Director of Argyll Partners.

The sale was completed on 30 July 2005 and the consideration was
paid in cash at completion.  In addition there will be a further
cash inflow during the year resulting from working capital
reductions estimated to be GBP5 million - GBP10 million at
Entertainment UK Ltd.

In July, Woolworths Group plc said that the retail climate has
remained difficult.  Woolworths Mainchain like-for-like sales
decreased by 4.4% in the 24 weeks to 16 July 2005.

Mr. Bish-Jones said: "The retail environment remains challenging
and against this background we continue to be disciplined about
controlling costs and stock while taking action to improve the
Group's businesses."

CONTACT:  WOOLWORTHS GROUP PLC
          Woolworth House, 242-246 Marylebone Rd.
          London
          NW1 6JL, United Kingdom
          Phone: +44-20-7262-1222
          Fax: +44-20-7706-5416
          Web site: http://www.woolworthsgroupplc.com

          TULCHAN GROUP
          Kate Inverarity
          Phone: 020 7353 4200
          Celia Gordon-Shute
          Phone: 020 7353 4200


W TODD: Wholesaler Calls in Administrators from Tait Walker
-----------------------------------------------------------
Name: W TODD (POTATOES) LIMITED
      (Company No 01574082)

Nature of Business: Wholesale of Fruit and Vegetables

Trade Classification: 51310

Date of Appointment: July 25, 2005

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

CONTACT:  W TODD (POTATOES) LTD 101-102
          North East Fruit & Vegetable M,
          Team Valley Trading Estate,
          Gateshead, Tyne And Wear NE11 0QY
          Phone: 01914879827

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


* U.K. Company Liquidations Up 12.5% in Second Quarter
------------------------------------------------------
Statistics showing insolvencies in the second quarter 2005 were
published on 5 August by the Department of Trade and Industry.
These can be found along with an electronic version of this
press release at http://www.dtistats.net/sd/insolv/

Company Liquidations

There were 3,342 liquidations in England and Wales in the second
quarter of 2005 on a seasonally adjusted basis.  This was an
increase of 12.5% on the previous quarter and an increase of 6%
on the same period a year ago.

This was made up of 1,286 compulsory liquidations, an increase
of 14.6% on the previous quarter and an increase of 11.6% on the
corresponding quarter of last year, and 2,056 creditors
voluntary liquidations, an increase of 11.2% on the previous
quarter and an increase of 2.8% on the corresponding quarter of
last year.

About 0.7% of active companies went into liquidation in the
twelve months ended Q2 2005, the same as the previous quarter
and a decrease on the corresponding quarter of 2004.

Individual Insolvencies

There were 15,394 individual insolvencies in England and Wales
in the second quarter of 2005 on a seasonally adjusted basis.
This was an increase of 11.7% on the previous quarter and an
increase of 36.8% on the same period a year ago.

This was made up of 11,195 bankruptcies, an increase of 7.8% on
the previous quarter and 27.5% on the corresponding quarter of
last year, and 4,199 Individual Voluntary Arrangements (IVA's),
an increase of 23.7% on the previous quarter and an increase of
69.6% on the corresponding quarter of the previous year.

Number of Insolvencies in England and Wales (seasonally
adjusted)

                                                   % change
                        2004 2004 2004 2005 2005  Q2 2005 on:
                         Q2   Q3   Q4  Q1r  Q2p     Q1   Q2
                                                   2005  2004


Company                3,154 2,969 2,938 2,972 3,342 12.5 6.0
Liquidations
of which: Compulsory 1,153  1,128  1,131  1,122  1,286 14.6 11.6
Creditors            2,001  1,841  1,807  1,850  2,056 11.2  2.8
Voluntary
Individuals         11,255 12,032 13,020 13,781 15,394 11.7 36.8
of which:
Bankruptcies         8,779  9,202  9,814 10,386 11,195  7.8 27.5
IVA's                2,476  2,830  3,206  3,395  4,199 23.7 69.6

p = provisional, r = revised

For more information, visit http://www.statistics.gov.uk

CONTACT:  DEPARTMENT OF TRADE AND INDUSTRY
          7th Floor
          1 Victoria Street
          London SW1H 0ET

          Non-media Enquiries
          Statistics and Analysis Directorate:
          Margaret Sims
          Phone: +44 (0)20 7215 3305
          Gary Mills
          Phone: +44 (0)20 7215 3286
          E-mail: margaret.sims@dti.gsi.gov.uk
                  gary.mills@dti.gsi.gov.uk
          Web site: http://www.dti.gov.uk/sd


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *