TCREUR_Public/050811.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, August 11, 2005, Vol. 6, No. 158

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Not Selling out Planes, Pilots


F I N L A N D

BENEFON OYJ: Issues Committed Option Rights to Investors


F R A N C E

CHAMATEX SA: On the way to Recovery


G E R M A N Y

ADVOKAT IMMOBILIEN: Succumbs to Bankruptcy
AVTH GMBH: Court to Verify Claims October
BAUCONCEPT MASSIVHAUS: Under Bankruptcy Administration
BELGATO VERMOGENSVERWALTUNGS: Falls into Bankruptcy
COSGUN BAU: Creditors Meeting Set Next Month

DAIMLERCHRYSLER AG: Faces Yet Another U.S. SEC Inquiry
FMK FINANZDIENSTLEISTUNG: Court Appoints Interim Administrator
GI-BETEILIGUNGS: Cottbus Court Calls in Administrator
HEIDELBERGCEMENT AG: Pre-tax Profit Doubles
INFINEON TECHNOLOGIES: IG Metall Vows to Block Closure

LEICA CAMERA: Shareholders Drop Suit Challenging Rehab Plan
PROSIEBENSAT.1 MEDIA: Moody's Hints of Possible Downgrade
SALBER HOLDING: Creditors' Claims Due Next Month
THYSSENKRUPP AG: Technology Unit Inks US$23 Mln Deal in Oman
VOLKSWAGEN AG: Manager Accused of Corruption Sues Carmaker
XPECTIT GMBH: Proofs of Claim Due Next Week
ZIPPL INNOVATION: Creditors to Meet October


H U N G A R Y

PARMALAT HUNGARIA: Sees Deal with Alfoldi Milk by September


I R E L A N D

ELAN CORPORATION: TYSABRI Test Returns No Fatal Side Effects
JSG FUNDING: EBITDA from Continuing Operations Drops


I T A L Y

ALITALIA SPA: Cabin Crew Union Calls for Another Strike
CIRIO RICERCHE: Receiver Wraps up Sale to Eureco
PARMALAT FINANZIARIA: BofA Scores Victory, but Lawsuit Stands
PARMALAT FINANZIARIA: U.S. Court Sets 2007 Trial
TISCALI SPA: Obtains EUR150 Mln Debt Financing from Silver Point
TISCALI SPA: Rating Affirmed at 'CCC+' After Refinancing News


M A C E D O N I A

MAT MACEDONIAN: Returns JAT Airways Plane


N E T H E R L A N D S

IMPRESS HOLDINGS: Outlook Stable on Improved Performance


N O R W A Y

PAN FISH: Vaccine Approval to Benefit Canadian Venture


R U S S I A

APSHERONSKIY EXPERIMENTAL: Under Bankruptcy Supervision
BUREAU: Hires S. Galyanov Insolvency Manager
KRASNOCHETAYSKAYA: Names Insolvency Manager from Chuvashiya
METIZ: Deadline for Proofs of Claim Next Week
MSO VOZNESENSKAYA: Undergoes Bankruptcy Supervision Procedure

NOVOMIKHAYLOVSKOYE: Bankruptcy Hearing Set October
OCTOBER: Declared Insolvent
TEMRYUKSKOYE: Insolvency Manager Takes over Operations
VMZ-SIB-OIL-GAS-MASH: Succumbs to Bankruptcy
VOLGOGRADSKIY: Creditors Opt for Liquidation
YUKOS OIL: Exec to Remain in Jail for Another Month
YUKOS OIL: Second-quarter Loss Down 13.5% to RUR4.204 Billion


S W E D E N

SKANDIA INSURANCE: Half-year Premiums, Deposits Up Over 20%
SKANDIA INSURANCE: Skandia Liv Q2 Sales Up 16%


S W I T Z E R L A N D

SWISSAIR: Memorabilia Auction Set September


U K R A I N E

AGROPROMTEHNIKA: Lugansk Court Hires Insolvency Manager
BUDDORMASH: Kyiv Court Opens Bankruptcy Proceedings
DAKS: Donetsk Court Freezes Debt Payments
DINAMIK: Court Appoints Insolvency Manager
DONETSK' AUTO 11422: Crashes into Insolvency

DUNAYIVTSI' SUKONNA: Under Bankruptcy Supervision
GLOBINE-AGRO: Succumbs to Insolvency
KERAMIK SERVICE: Declared Insolvent
TEMPINFORM: Falls into Liquidation
TEPLOMEREZHI: Insolvency Manager Takes over Helm


U N I T E D   K I N G D O M

24-7 SUPPORT SERVICE: Hires Administrators from Wilson Pitts
2 WIKID RECORDS: Calls in Joint Liquidators
ADVANCED TURNED: Administrators from Poppleton & Appleby Move in
ALESSANDRO PLC: Administrators Take over Operation
BLACK COUNTRY: Files for Liquidation

BRUT EUROPE: Liquidators from KPMG Step in
DRS RUGGED: Hires Liquidators from KPMG
EATRITE LIMITED: Hires Liquidator from Valentine & Co.
EURODIS DISTRIBUTION: Hires Deloitte & Touche as Administrator
EXPORTSPAS LIMITED: Administrators Enter Firm

FERNDALE AGGREGATES: In Voluntary Winding-up
FIGARO INTERIORS: EGM Passes Winding-up Resolutions
FLIGHTLEASE HOLDINGS: Foreign Reps. Want Dr. Corti's Testimony
GRAYCO LIMITED: Members Apply for Winding-up Order
HERBIE FROGG: Goes into Liquidation

HILALL LIMITED: Bishop Fleming Administrators Enter Firm
J. FITZGERALD: Appoints Begbies Liquidator
JOE'S BASEMENT: In Voluntary Winding-up
KESHAN LIMITED: Liquidators from Begbies Move in
LION CAPITAL: In Administrative Receivership

LUTTERWORTH KITCHENS: Succumbs to Liquidation
MARAWELL LIMITED: Liquidator Moves in
MARKS & SPENCER: Cuts Prices to Boost Sales
MG ROVER: Union Heads, Nanjing Officials Hold 'Positive' Talks
MICROEMISSIVE DISPLAYS: Japanese Client Goes Bust

M M P LOGISTICS: Members Opt for Liquidation
MODULAR FLOORING: Flooring Specialist Calls in Administrators
PIONEER BUILDING: Falls into Liquidation
ROBERT WISEMAN: To Buy Another Milk Business for GBP0.9 Mln
SHIPMANS ELECTRICAL: KPMG Administrators Enter Company

STARTEL LIMITED: Appoints Joint Liquidators
THOMAS HARDY: Hires Liquidator from Deloitte & Touche
TRAVELEX PLC: 'BB-' Ratings Withdrawn Following APAX Takeover
TUNED PROPERTY: HSBC Appoints Grant Thornton Receiver
UNICORN MAIL: Hires Begbies Traynor as Administrator
VINYL JAPAN: EGM Passes Winding-up Resolutions
WINDOW & DOOR: Hires Begbies to Liquidate Assets


                            *********


===========
C Y P R U S
===========


CYPRUS AIRWAYS: Not Selling out Planes, Pilots
----------------------------------------------
No pilot will lose his job or plane in the rescue plan being
prepared by Cyprus Airways (CAIR), Deputy Chairman Frixos
Savvides announced on Monday.

Mr. Savvides, in a press conference, denied claims by stewards
union SYPKA and pilots union PASIPY that management is violating
collective agreements and breaching promises.  He said union
leaders are just playing to crowd to win votes in the next union
elections.

"We have made it clear to the flying personnel that their jobs
are safe," he said, adding that while there will be job losses,

the "cuts will revolve around office staff and the catering
department.  There are so many other services where there is a
way to reduce staff."

The carrier has remained mum on its rescue plan.  It has until
September to outline recovery measures before submitting it to
the government, which controls 69.7% of the carrier, and to the
European Commission.  CAIR plans to finance its restructuring
through a state-backed EUR51 million loan, which the Commission
has already approved.

CAIR has been racking up losses for years and in 2004 it fell
CYP33.5 million in the red.  It attributed the loss to the
liberalization of air transport, high fuel prices and costly
fleet renewal.

CONTACT:  CYPRUS AIRWAYS LIMITED
          21 Alkeou Str.
          2404 Engomi
          P.O. Box 21903
          1514 Nicosia, Nicosia
          Phone: 22663054
          Fax: 22663167
          E-mail: webcentre@cyprusair.com.cy
          Web site: http://www.cyprusairways.com


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


BENEFON OYJ: Issues Committed Option Rights to Investors
--------------------------------------------------------
The Board of Benefon Oyj has decided to issue the option rights
it has committed to in its earlier three decisions, reported in
market bulletins of April 12, 2005, April 20, 2005 and July 6,
2005, to raise funding for the company in form of licensing and
leasing arrangement for R&D-deliverables and of two capital
loans.

The funding packages have been assembled by Benecap Limited, a
Jersey, U.K. company, and the actual funds have been provided by
25 investors engaged by Benecap, none of whom are close party to
the Company.  The total amount of the said committed option
rights is 7,000,000, distributed between the 25 investors in
proportion of their contributions.  The resulting amounts of
options received by investors range from 32,000 to 1,225,250.

As all of the said committed option rights have been agreed to
be exercisable at EUR0.14 per share with exercise period
expiring three years after the issuance of the options, the
Board decided to use for the purpose part of the 39,597,988
option rights decided by the extraordinary general meeting of
Feb. 26, 2004, registered in the Trade Register on Dec. 16, 2004
and which currently are parked at Octagon Capital Ltd.  All of
these options are exercisable at EUR0.14 per share until January
31, 2008.  After the now decided issuance of options, the number
of option rights parked at Octagon Capital will be 32,597,988.

Benefon Oyj
Tomi Raita
CEO

                            *   *   *

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

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


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


CHAMATEX SA: On the way to Recovery
-----------------------------------
Chairman Jean-Claude Montagnon of textile maker Chamatex S.A.
will present a continuation plan to the commercial court of
Annonay on September 6, Les Echos says.

The group has undergone significant restructuring and
transformation from an industrial firm into a service provider.
It now handles orders ten times smaller than in previous years
when it averaged 10,000 meters.  Since entering voluntary
liquidation, it has also cut workers to 125 from 445.

Chamatex expects to post a profit for the financial year ending
September 30, despite a deep cut in turnover from EUR76.5
million in 2003/2004 to EUR20 million in 2004/2005.  The group
filed for court-supervised administration on July 2, 2004.

CONTACT:  CHAMATEX S.A.
          B.P. 13
          07290 Ardoix
          Phone: 33 (0) 475 69 85 00
          Fax: 33 (0) 475 69 85 28
          Web site: http://www.chamatex.fr


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


ADVOKAT IMMOBILIEN: Succumbs to Bankruptcy
------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Advokat Immobilien GmbH i.L. on July 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 8,
2005 to register their claims with court-appointed provisional
administrator Ruediger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting on October 6, 2005, 9:30 a.m. at the district court
of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer Str.
16, 06112 Halle, 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:  ADVOKAT IMMOBILIEN GmbH i.L.
          Friedenstr. 1a, 06114 Halle

          Ruediger Bauch, Administrator
          Sternstrasse 13, D-06108 Halle
          Phone: 0345/5200111
          Fax: 0345/5200066


AVTH GMBH: Court to Verify Claims October
-----------------------------------------
The district court of Hannover opened bankruptcy proceedings
against AVTH GmbH on July 18.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 12, 2005 to register their claims
with court-appointed provisional administrator Knut Thomas
Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting on October 12, 2005, 10:30 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:  AVTH GmbH
          Am Pferdemarkt 36c, 30853 Langenhagen
          Contact:
          Rene Frank, Manager

          Knut Thomas Hofheinz, Administrator
          Am Markte 13, 30159 Hannover
          Phone: 0511/357721-0
          Fax: 0511/357721-40


BAUCONCEPT MASSIVHAUS: Under Bankruptcy Administration
------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against BAUCONCEPT MassivHaus GmbH on July 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until September 19, 2005
to register their claims with court-appointed provisional
administrator Peter Baumgarte.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 9:15 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:  BAUCONCEPT MASSIVHAUS GmbH
          Hans-Theismann-Weg 2, 30966 Hemmingen
          Contact:
          Roger Daum, Manager

          Peter Baumgarte, Administrator
          Lange-Hop-Strasse 158, 30539 Hannover
          Phone: 0511/954750
          Fax: 0511/9547599


BELGATO VERMOGENSVERWALTUNGS: Falls into Bankruptcy
---------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against BELGATO Vermogensverwaltungs GmbH on July 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 7,
2005 to register their claims with court-appointed provisional
administrator Reinhard Titz.

Creditors and other interested parties are encouraged to attend
the meeting on October 7, 2005, 9:50 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:  BELGATO VERMOGENSVERWALTUNGS GmbH
          Holzdamm 28-32, 20099 Hamburg
          Contact:
          Dr. Wilfried Dechant, Manager

          Reinhard Titz, Administrator
          Speersort 4/6, 20095 Hamburg
          Phone: 303010, Fax 30301226


COSGUN BAU: Creditors Meeting Set Next Month
--------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Cosgun Bau-GmbH on July 14.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 26, 2005 to register their claims
with court-appointed provisional administrator Herbert Duerkop.

Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2005, 11:25 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:  COSGUN BAU-GmbH
          Horner Landstrasse 358, 22111 Hamburg
          Contact:
          Norbert Fischer, Manager
          Am Gartenfeld 4, 29351 Eldingen

          Herbert Duerkop, Administrator
          Neuer Wall 86, 20354 Hamburg
          Phone: 040/361307-0


DAIMLERCHRYSLER AG: Faces Yet Another U.S. SEC Inquiry
------------------------------------------------------
The U.S. Securities and Exchange Commission has reportedly asked
DaimlerChrysler AG to clarify its involvement in the United
Nations' oil-for-food program.

According to the Associated Press, the carmaker was required to
submit a written statement and documents regarding its role in
the program launched to run the sale of Iraqi oil under Saddam
Hussein.  The U.S. SEC would like to check whether
DaimlerChrysler broke any provisions.

Daimler spokesman Toni Melfi refused to comment when reached by
AP, saying "it is an ongoing investigation."  He also did not
provide details as to the extent of the company's involvement in
the program.

Set up in 1996, the program was meant to buy humanitarian goods
and pay war damages out of the proceeds of oil sale.  Saddam was
said to have bribed former government officials and journalists,
among others, by giving them vouchers for oil that could then be
resold.  A final report on the investigation is expected to be
released in September by the Independent Inquiry Committee led
by former U.S. Federal Reserve Chairman Paul Volcker.

Meanwhile, DaimlerChrysler is reportedly cooperating with the
U.S. Justice Department's probe into claims of corruption at the
Mercedes Car Group.  The investigation involving a dozen
countries focuses on allegations of bribery.  It is said to be
related to the SEC's inquiry last year on claims by a former
Chrysler accountant that the company bribed foreign officials
through secret bank accounts.

Earlier, Berlin-based financial services regulator BaFin
launched an investigation into alleged insider trading at the
carmaker.

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


FMK FINANZDIENSTLEISTUNG: Court Appoints Interim Administrator
--------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against FMK Finanzdienstleistung GmbH on July 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until August 25, 2005 to
register their claims with court-appointed provisional
administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on October 6, 2005, 9:15 a.m. at the district court
of Chemnitz, Saal 28, im Gerichtsgebaude Fuerstenstrasse 21, in
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:  FMK FINANZDIENSTLEISTUNG GmbH
          Contact:
          Heinz Klotzner, Manager
          Dr. Guenter Eimermacher, Falk Bertram
          Webergasse 3, 09111 Chemnitz

          Ruediger Wienberg, Administrator
          Michaelstr. 71, 09116 Chemnitz
          Web site: http://www.hww-kanzlei.de


GI-BETEILIGUNGS: Cottbus Court Calls in Administrator
-----------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against GI-Beteiligungs GmbH & Co. Wendischer Ring KG on July
19.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until August 26,
2005 to register their claims with court-appointed provisional
administrator Rolf-Dieter Klein.

Creditors and other interested parties are encouraged to attend
the meeting on September 29, 2005, 10:15 a.m. at the district
court of Cottbus, Gerichtsplatz 2, 03046 Cottbus, Saal 313, 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:  GI-BETEILIGUNGS GmbH & Co. WENDISCHER RING KG
          Corona-Schroter-Str. 33, 03172 Guben
          Contact:
          Ulrich Herbert, Manager

          Rolf-Dieter Klein, Administrator
          Schillerstrasse 58, 03046 Cottbus


HEIDELBERGCEMENT AG: Pre-tax Profit Doubles
-------------------------------------------
The economic development in the western developed countries,
particularly in Europe, has weakened as a result of the dramatic
rise in oil prices.

In the U.S., the stable economic growth continued.  The upturn
continues to be strongest in the emerging countries of East and
South-East Asia.  In Germany, domestic demand is extremely weak
this year.  A decline is expected once again for the
construction industry.  While improvement is expected in
international economic development, there is no clear sign of a
trend reversal in Germany, despite the improvement in several
indicators.

In the first half of the year, Group turnover increased by 7.9%
to EUR3,498 million (previous year: 3,241).  Adjusted for
currency and consolidation effects, the increase amounts to
7.0%.  Once again, North America recorded the strongest growth,
but a welcome improvement in turnover was also achieved in
Northern Europe and Africa-Asia-Turkey; price increases
contributed to this to a varying extent in different regions.

At EUR534 million (previous year: 485), operating income before
depreciation (OIBD) was 10.2% above the previous year's level.
North America made the strongest contribution to growth in both
OIBD and operating income.  The U.S. dollar, which rose again
recently, supported this development.  However, the other
regions were also able to at least partially compensate for the
shortfalls of the first few months, which were due to adverse
weather conditions.

The additional ordinary result of EUR15.2 million (previous
year: -0.7) essentially results from the sale of parts of our
concrete products business in the U.S.  Our French participation
Vicat considerably influenced the results from participations,
which amounted to EUR41.7 million (previous year: 29.8) in the
second quarter.

The financial results increased by EUR35 million to -EUR115
million (previous year: -150).  This was primarily due to the
fact that no foreign exchange loss was incurred at Indocement,
as it was in the previous year.

Profit before tax amounts to EUR244 million (previous year:
121).  As a result of the welcome increase in results and
revised German tax laws, taxes on income rose in the first half
of 2005 by EUR84 million to EUR106 million (previous year: 22).
As a result of the positive development of Indocement's profit
for the financial year, the minority interests total EUR25
million (previous year: 3).  The Group share in profit amounts
to EUR113 million (previous year: 96).

Takeover bid by Spohn Cement GmbH

On June 28, 2005, Spohn Cement GmbH submitted a takeover bid to
the shareholders of HeidelbergCement AG.  In a detailed
statement published on 11 July 2005, the Managing Board welcomes
the takeover bid and indicates that the bid price of 60 EURper
share is adequate.  The Managing Board feels strengthened and
supported in its strategy by the aims of Spohn Cement as
expressed in the bid document.  In a separate statement, the
Supervisory Board agreed with this assessment of the takeover
bid.

Members of the Merckle family, who have held shares in
HeidelbergCement for decades and are also represented in our
Supervisory Board, own Spohn Cement GmbH.

As of the end of the acceptance period on 26 July, the offer had
been accepted for a total of 40,788,797 shares.  This brings the
total number of HeidelbergCement shares for which the offer has
been accepted, plus the shares already held by Spohn Cement
together with persons acting in concert with them and their
subsidiaries, according to the German Securities Acquisition and
Takeover Act, to 76,982,656 shares, which corresponds to 66.8%
of the share capital and voting rights of HeidelbergCement AG.
The additional respite for accepting the takeover bid began on
July 30, and ends on August 12, 2005.

Cement and Clinker Sales Volumes

The heavy losses of the first quarter, resulting from adverse
weather conditions, were not yet completely compensated by the
end of June.  Overall, cement and clinker sales volumes rose by
2.7% to 31.5 million tons (previous year: 30.7) in the first
half of the year, as a result of continuing increases in North
America, Northern Europe and Africa-Asia-Turkey.  Excluding
consolidation effects, the total sales volumes were still
slightly below the previous year's level after six months.

Employees

In the first half of the year, HeidelbergCement employed 42,055
people (previous year: 42,698) across the Group.  The decrease
of 650 employees results from restructuring measures in almost
all regions.

Investments

In the first half of the year, cash relevant investments
increased by EUR234 million in comparison with the previous year
to EUR421 million (previous year: 187).  Of this figure, EUR208
million (previous year: 169) was invested in tangible fixed
assets and EUR213 million (previous year: 18) in financial fixed
assets.  Net cash from disinvestments amounted to EUR100 million
(previous year: 65).

Prospects

Despite the weakening of the global economic environment, we
again anticipate a moderate increase in sales volumes and
turnover for the whole of 2005.  The construction industry in
the U.S., the new EU countries and Asia remains solid.  In
Germany, growth is expected to recover next year; on the other
hand, a decline is forecast once again for construction
activity.

Due to the positive international economic development, we
expect a noticeable increase in operating activities for the
full year.  However, heavily increasing energy costs are
affecting the level of improvement in results this year.  In
Europe and the U.S., electricity prices are significantly higher
than in the previous year.  We are striving to offset increased
fuel costs through the increased use of alternative raw
materials.

Our project "win" with the aim to reduce costs and increase
efficiency will not have a significant effect until next year.
Our objective is to become cost leader.  Therefore we work very
hard to markedly reduce complexity within the organization and
to standardize core processes worldwide.  These are
prerequisites for benchmarking and the Group-wide application of
best practices.  With these measures, we strengthen the
international competitiveness of HeidelbergCement and form the
basis for further profitable growth.

Heidelberg, August 9, 2005

A copy of HeidelbergCement's first-half results can be viewed at
http://bankrupt.com/misc/heidelbergcement_1h2005.pdf

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


INFINEON TECHNOLOGIES: IG Metall Vows to Block Closure
------------------------------------------------------
Trade union IG Metall promised to do everything it can to
prevent chipmaker Infineon Technologies from closing its Munich
Perlach plant, Suddeutsche Zeitung says.

IG Metall offered to participate in talks over a restructuring
deal, but did not rule out strikes as a last resort.  In
February, Infineon head Wolfgang Ziebart revealed plans to phase
out the site in 2007, citing falling demand for the plant's
special microchips and lagging production technology.

However, an external expert hired by IG Metall said the site's
costs and productivity were better than what Infineon had claim.
The management board reportedly told the site's 600 employees
Friday that the closure will proceed as planned.

Infineon is currently hounded by a bribery scandal involving the
former head of its memory chips division.  Founded in 1999,
Infineon Technologies employs around 36,000 employees worldwide,
7,200 of whom are involved in research and development.  In
fiscal year 2004, the group achieved EUR7.19 billion in sales
and EUR61 million in consolidated surplus.

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

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

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

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

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

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

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


LEICA CAMERA: Shareholders Drop Suit Challenging Rehab Plan
-----------------------------------------------------------
Troubled camera maker Leica Camera has reached an out-of-court
settlement on four of five actions seeking the nullification of
the rescue measures approved in May.

Passed during a general meeting on May 31, these measures entail
a capital reduction and a subsequent capital increase.  Leica
will first one new share for three old shares and then issue new
shares at EUR1.70 apiece, providing the group EUR23 million in
fresh capital.  Leica plans to use the money to develop new
digital cameras.

The four Leica shareholders, which agreed to the settlement, are
now willing to participate in the capital hike in proportion to
their current holdings.

                            *   *   *

In February, Leica's banks partially terminated their credit
lines after the firm said it expects a loss of half of its
registered share capital in March 2005.  The group closed the
first half of its fiscal year 2004/2005 (FY end March 31) with
sales of EUR45 million, 15% below the figure in the first half
last year.

CONTACT:  LEICA CAMERA AG
          Oskar-Barnack-Strasse 11
          35606 Solms
          Deutschland
          Web site: http://www.leica-camera.com


          HERMES INTERNATIONAL
          24, Faubourg Saint-Honore
          75008 Paris
          Phone: +33-1-40-17-49-20
          Fax: +33-1-40-17-49-21
          Web site: http://www.hermes.com


PROSIEBENSAT.1 MEDIA: Moody's Hints of Possible Downgrade
---------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade the Ba1 senior unsecured and corporate family ratings
of ProSiebenSat.1 Media AG.

The rating action follows the announcement that Axel Springer AG
(Axel Springer, not rated by Moody's) is to be the new majority
owner of ProSiebenSat.1 following its agreement to acquire all
the common and preferred stock in ProsiebenSat.1 held by P7S1
Holding, and that Axel Springer had in addition made a voluntary
cash tender offer to public shareholders.  Moody's noted that
both the share purchase agreement and the voluntary public
tender offer remain subject to obtaining necessary clearances
under cartel and media-supervision law in Germany.

Ratings placed on review for possible downgrade: ProSiebenSat.1
Media AG -- the Ba1 senior unsecured bond and corporate family
ratings

Moody's said the review for possible downgrade is prompted by
the high level of debt, which is to be used to finance the
planned transaction and tender offer.  In addition to the
EUR2,470 million consideration payable for the shares owned by
P7S1 Holding, an additional EUR1.1 billion could be payable in
the event that the holders of the remaining 82 million
preference shares were to accept the tender offer.

As a result, although Moody's acknowledges the positive
implications of the merger in terms of both scale (pro forma
combined 2004 revenues of EUR4.2 billion) and diversification,
the combined entity would be significantly more leveraged than
either ProSiebenSat.1 or Axel Springer is currently on a stand
alone basis.  On the basis of 2004 pro forma numbers, and
assuming no take-up of the cash tender offer, net debt/EBITDA
has been estimated at 4.6 times.

From the perspective of the leverage of the combined group in
the medium-term, the rating agency considers positive that Axel
Springer has signaled the possibility of a preference capital
increase depending on the take-up of its voluntary tender offer.

With regard of the ratings of the Senior Notes, Moody's added
that its review would take account of the potential benefits
from the make whole provisions contained in their indentures.
ProSiebenSat.1/Axel Springer has indicated that they intend to
exercise those provisions ahead of completion of any merger in
the course of the overall refinancing of the combined group.

In the meantime, and as clarification over the timing and
elements of the refinancing develops, Moody's said its review
would take account of the extent to which Note-holders continue
to benefit from the protections afforded by their position
within ProSiebenSat.1 as a separate corporate entity under
German commercial law, and Axel Springer's intended financial
policies with respect to ProSiebenSat.1 as a controlled
subsidiary.

Moody's said the rating review would consider the strategy of
the combined group in the event that the merger is completed,
including its plans and prospects for revenue growth and any
revenue and cost synergies which might be achievable from the
combination.

The review will also take account of the new group's likely
capital structure over the medium term, including the extent to
which Axel Springer might reduce the indebtedness associated
with the acquisition and take-up of the tender offer by a
successful capital increase, or any possible asset disposals.
In this connection Axel Springer has stated it is unlikely to
access the bond capital markets in the foreseeable future.

ProSiebenSat.1 Media AG is based in Munich, Germany.  The
company's main activity is the broadcasting and production of
television programs through four German language television
channels as well as a range of ancillary activities.  Axel
Springer AG, based in Berlin, is German market leader in terms
of combined newspaper and magazine advertising revenues and
circulation.

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

          Niel Bisset, Senior Vice-President
          European Corporates
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


SALBER HOLDING: Creditors' Claims Due Next Month
------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Salber Holding GmbH on July 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 8, 2005 to register
their claims with court-appointed provisional administrator Jens
Olinger.

Creditors and other interested parties are encouraged to attend
the meeting on October 4, 2005, 10:10 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21, 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:  SALBER HOLDING GmbH
          Oppenhoffallee 108, 52066 Aachen
          Contact:
          Armin Salber, Manager

          Jens Olinger, Administrator
          Eupener Strasse 181, 52066 Aachen
          Phone: 0241/6052800
          Fax: 0241/6052799


THYSSENKRUPP AG: Technology Unit Inks US$23 Mln Deal in Oman
------------------------------------------------------------
Thyssenkrupp AG, through its technology unit Uhde GmbH, has won
a US$23 million (EUR18.59 million) construction contract with
Oman firm Liwa Petrochemical Co. LLC.

Under the agreement, Thyssenkrupp will build a new ethylene
dichloride (EDC) complex in Sohar, Muscat.  The project, which
also involves the construction of a chlor-alkali electrolysis
plant, is expected to be finished by 2008.

Uhde will cover the license, basic engineering and supply of
equipment.  It will also train operating personnel and aid in
the commissioning activities.

Dr. Mohammed Al Rumhy, Chairman of Liwa Petrochemical and
Minister for Oil and Gas, said: "We hope this contract will form
the basis for a successful start to a long-term partnership
between our two companies and are convinced that Uhde will
supply us with the best technology."

Uhde, which employs more than 4,200 people worldwide, focuses on
the design and construction of chemical and industrial plants.
ThyssenKrupp is one of the world's biggest technology groups,
with a workforce of 190,100 in its main areas of steel, capital
goods and services.  It reported sales of more than EUR39
billion in fiscal 2003/2004.

The group has disposed of a large part of its real estate assets
for EUR2.1 billion.  The proceeds would be used to reduce net
debt of about EUR5.0 billion.

CONTACT:  THYSSENKRUPP AG
          August-Thyssen-Strasse 1
          D-40211 Duesseldorf
          P.O. Box 10 10 10
          Phone: +49 211 824 0
          Fax: +49 211 824 36000
          E-mail: info@thyssenkrupp.com
          Web site: http://www.thyssenkrupp.com


VOLKSWAGEN AG: Manager Accused of Corruption Sues Carmaker
----------------------------------------------------------
Former Volkswagen AG manager Klaus-Joachim Gebauer has brushed
aside the corruption claims by the carmaker against him and
former Skoda personnel head Helmut Schuster.

According to AFX news, Mr. Gebauer, whom Volkswagen fired in
June, also belied allegations that he had received bribes
involving millions of euros.  "I have nothing to reproach myself
for," he said.

Oral proceedings on his legal action regarding his dismissal are
set to open in November.  This came after an amicable settlement
with Volkswagen fell through.  Wolfgang Kubicki, the lawyer
representing Mr. Gebauer, rejected the claims, saying they were
"unbelievable" and would "dissolve into thin air."  He added if
they cannot be proven, he would file another lawsuit for damages
against Volkswagen on Mr. Gebauer's behalf.

Mr. Gebauer and Mr. Schuster are currently under investigation
for breach of trust and possible fraud.

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


XPECTIT GMBH: Proofs of Claim Due Next Week
-------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against XpectIT GmbH on July 6.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 15, 2005 to register their claims
with court-appointed provisional administrator Dr. Juergen
Wallner.

Creditors and other interested parties are encouraged to attend
the meeting on September 26, 2005, 10:00 a.m. at the district
court of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  XPECTIT GmbH
          Adolphstrasse 99 in 01900 Grossrohrsdorf

          Dr. Juergen Wallner, Administrator
          Unterer Kreuzweg 1, 01097 Dresden


ZIPPL INNOVATION: Creditors to Meet October
-------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against zippl innovation GmbH on July 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 8, 2005 to register
their claims with court-appointed provisional administrator Dr.
Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting on October 6, 2005, 10:05 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:  ZIPPL INNOVATION GmbH
          Stadthausbruecke 3, 20355 Hamburg
          Contact:
          Jesper Christiansen, Manager

          Dr. Achim Ahrendt, Administrator
          Albert-Einstein-Ring 11/15, 22761 Hamburg
          Phone: 899560
          Fax: 8995610


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


PARMALAT HUNGARIA: Sees Deal with Alfoldi Milk by September
-----------------------------------------------------------
Dairy group Alfoldi Milk Kft could take over the assets of
troubled local rival Parmalat Hungaria Dairy Rt. as early as
next month, Budapest Business Journal says.

Ferenc Somogyi, who represents liquidator TM-Line Kft, is
currently holding talks with Tibor Melykuti, chief executive of
Alfoldi.  A deal is expected by September 8, 2005, the report
states.

Alfoldi will probably retain the "Parmalat" brand, according to
the paper, adding the sale price could range between EUR6.85
million (HUF1.67 billion) and EUR7.38 million (HUF1.8 billion).
Alfoldi also plans to apply for job-retaining subsidies to keep
Parmalat's Szekesfehervar workers.

Last month, Parmalat's liquidator rejected the bid of A-Tej Kft
and called for a new tender.  The spurned bidder was backed by
dairy producers and the Italian Catone logistics company.

CONTACT:  PARMALAT HUNGARIA RT
          8000 Szekesfehervar,
          Seregelyesi ut 127
          Phone: (36-22) 540-100
          Fax: (36-22) 540-205
          Web site: http://www.parmalat.hu


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


ELAN CORPORATION: TYSABRI Test Returns No Fatal Side Effects
------------------------------------------------------------
Biogen Idec (NASDAQ: BIIB) and Elan Corporation, plc (NYSE: ELN)
said Wednesday that the findings from their safety evaluation of
TYSABRI(R) (natalizumab) in patients with multiple sclerosis
(MS) resulted in no new confirmed cases of progressive
multifocal leukoencephalopathy (PML).  The companies have
previously reported three confirmed cases of PML, two of which
were fatal.  The ongoing safety evaluation in Crohn's disease
and rheumatoid arthritis is on track to be completed by the end
of the summer.  The companies anticipate making submissions to
regulatory authorities in early fall of 2005.  The companies are
taking preliminary steps to restart clinical trials in MS.

More than 2,000 MS patients from clinical trials were eligible
for the safety evaluation.  To date, 91% of these MS patients
participated in the safety evaluation.  The remaining 9% of
patients did not participate in the safety review.  A total of
99% of patients participating in the evaluation visited their
treating physician and had a neurological exam.  In addition,
98% of participants had an MRI exam.  The safety evaluation also
included the review of any reports of potential PML in patients
receiving TYSABRI in the commercial setting.

"Our ongoing TYSABRI safety evaluation is a rigorous medical and
scientific undertaking that has been led by some of the world's
leading experts in neurology and neuroradiology," said Whaijen
Soo, MD, PhD, senior vice president, Medical Research, Biogen
Idec.  "Given the high unmet medical need in MS and the
therapeutic benefit we have seen with TYSABRI, we are encouraged
by these safety findings."

"The findings announced [Tues]day are an important milestone in
understanding the appropriate benefit-risk profile for TYSABRI.
Patient safety remains our top priority.  We are committed to
finalizing the safety evaluation for Crohn's disease and
rheumatoid arthritis, which is progressing well and on track to
be completed by the end of the summer.  We look forward to
working with regulatory authorities to determine the path
forward for TYSABRI," said Lars Ekman, MD, PhD, executive vice
president and president, Research and Development, Elan.

On February 28, 2005, Biogen Idec and Elan announced that they
voluntarily suspended TYSABRI from the U.S. market and all
ongoing clinical trials based on reports of PML, a rare and
potentially fatal, demyelinating disease of the central nervous
system.  Biogen Idec and Elan's comprehensive safety evaluation
concerning TYSABRI and any possible link to PML is ongoing.  The
results of this safety evaluation will be discussed with
regulatory agencies to determine the appropriate path forward
for TYSABRI.

About Biogen Idec

Biogen Idec creates new standards of care in oncology, neurology
and immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.  For product labeling, press releases and additional
information about the company, please visit
http://www.biogenidec.com.

About Elan

Elan Corporation, plc is a neuroscience-based biotechnology
company.  We are committed to making a difference in the lives
of patients and their families by dedicating ourselves to
bringing innovations in science to fill significant unmet
medical needs that continue to exist around the world.  Elan
shares trade on the New York, London and Dublin Stock Exchanges.
For additional information about the company, please visit
http://www.elan.com.

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


JSG FUNDING: EBITDA from Continuing Operations Drops
----------------------------------------------------
JSG Funding plc on Tuesday revealed results for the 3 months
ended June 30, 2005.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                       2Q'05  2Q'04  Change  2Q'05  1Q'05 Change
                        EURM   EURM      %     EURM  EURM    %
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Net sales - continuing  1,085  1,086   Unch.  1,085  1,038    5%

EBITDA* - continuing     128     133    (3%)    128    109   17%

EBITDA* Margin -
continuing            11.8%   12.2%    (3%)   11.8%  10.5%  12%



- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                          1H '05     1H '04   Change
                          EUR  M     EUR  M      %
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Net sales - continuing    2,123      2,152     (1%)

EBITDA* - continuing       238        256      (7%)

EBITDA* Margin -
continuing               11.2%      11.9%     (6%)


- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                   2Q '05  2Q '04  Change  2Q '05  1Q '05 Change
                     EUR  M  EUR  M     %    EUR  M  EUR  M    %
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Sales              1,097   1,226    (11%) 1,097  1,052    4%

EBITDA*                  129     158    (18%)   129    109   19%

EBITDA* Margin          11.8%    12.9%   (9%)  11.8%  10.3%  14%


- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                      1H '05     1H '04   Change
                      EUR  M     EUR  M      %
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Net Sales               2,148   2,426     (11%)

EBITDA*                  238     300      (21%)

EBITDA* Margin          11.1%   12.4%     (11%)


- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                   2Q '05  2Q '04  Change  2Q '05  1Q '05 Change
                     EUR  M  EUR  M     %    EUR  M  EUR  M    %
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


Free cash flow           13       70     (81%)   13    (33)   NM

Net debt at period end
(including capital
leases)                2,499   3,074    (19%) 2,499  2,621 (5%)


- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                      1H '05     1H '04   Change
                      EUR  M     EUR  M      %
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Free cash flow           (20)    83        NM

Net debt at period end
(including capital
leases)                2,499   3,074     (19%)


- - - - - - - - - - -
* Pre-exceptional EBITDA of subsidiaries only.  Continuing
operations exclude Munksjo's specialty operations and the KHCC.

* Pre-exceptional EBITDA of subsidiaries only

              Second Quarter, 2005: Summary

2005-second quarter results reflect continued generally
difficult market conditions in Europe while JSG's Latin American
operations continued to perform well and reported improved
performance on 2004 levels despite the negative translation
impact of a weaker U.S. dollar.  JSG completed the disposal of
Munksjo's speciality operations in May 2005 with the sale of the
tissue business.  The specialty paper and pulp operations had
previously been sold with effect from January 1, 2005.  The
disposal of Munksjo's specialty operations has a significant
impact on the comparison of our reported results with those of
2004.  Therefore, the focus of this release is JSG's continuing
operations, which exclude the disposed Munksjo operations as
well as The Kildare Hotel & Country Club (KHCC), which was sold
in June 2005.

Despite market conditions, JSG is reporting sales, from
continuing operations, for the second quarter, of EUR1,085
million, broadly unchanged from the comparable period in 2004.
The underlying performance is different year-on-year, however,
with higher sales in Latin America largely offset by lower sales
in Europe.  The decline in EBITDA, from continuing operations,
is a consequence of difficult market conditions in Europe and
primarily reflects lower average selling prices and, to a lesser
extent, lower sales volumes, in the second quarter of 2005.

         Second Quarter, 2005: Year-on-year Performance

Second-quarter continuing net sales of EUR1,085 million were
unchanged on the second quarter of 2004.  Second quarter
continuing EBITDA, before exceptional items, of EUR128 million
declined 3% against EUR133 million in the second quarter of 2004
representing a margin on net sales of 11.8% and 12.2%
respectively.  Pre-exceptional EBITDA in the second quarter of
2005 was enhanced by certain one-off gains, which arose
primarily in Europe.  These gains principally relate to a
successful energy supply claim, compensation for the termination
of an energy supply contract in Sweden and an adjustment to
JSG's labour costs in Norway.  Excluding these, the margin would
be approximately 10.8%.

      Second Quarter, 2005: Quarter-on-quarter Performance

Second quarter continuing net sales of EUR1,085 million
increased 5% against EUR1,038 million in the first quarter of
2005.  Improved volumes in both Europe and Latin America
resulted in second quarter continuing EBITDA, before exceptional
items, increasing 17% to EUR128 million against EUR109 million
in the first quarter of 2005 representing a margin on net sales
of 11.8% and 10.5% respectively.  Pre-exceptional EBITDA in the
second quarter of 2005, as outlined, was enhanced by certain
one-off gains, primarily in Europe.  Such items were modest in
the first quarter of 2005 as gains in Europe were offset by a
currency adjustment in Latin America, principally reflecting the
devaluation of the Venezuelan Bolivar.

Second Quarter, 2005: Summary Cash Flows & Capital Structure

Free cash flow in the second quarter of EUR13 million compares
to EUR70 million in the same period in 2004.  The decrease
reflects reduced pre-tax profits, lower add-backs in 2005 for
depreciation (reflecting mainly the absence of Munksjo's
specialty operations) and non-cash interest, lower fixed asset
sales and an increased working capital outflow year-on-year.

Net borrowing at June 30, 2005 was EUR2,499 million (including
EUR16 million capital leases), a reduction of EUR121 million
from March 2005 levels.  Debt reduction primarily reflects the
disposal of the KHCC during the second quarter.  The benefit of
this inflow was partly offset by a currency translation loss of
EUR32 million during the quarter.  This reflects an increase in
the value of non-euro denominated debt due to the relative
weakening of the euro against the U.S. dollar.  Net debt to
capitalization was 75.7% at June 30, 2005 compared to 76.9% and
77.0% at March 2005 and December 2004 respectively.

           First Half 2005: Year-on-year Performance

First half continuing net sales of EUR2,123 million declined 1%
against EUR2,152 million in the first half of 2004.  Continuing
EBITDA, before exceptional items, of EUR238 million, for the
first half, declined 7% against EUR256 million in the first half
of 2004 representing a margin on net sales of 11.2% and 11.9%
respectively.

              Corporate Activity: Sale of Assets

On June 1, 2005, JSG announced the disposal of assets comprising
The Kildare Hotel & Country Club and the site of the former
Clonskeagh paper mill.  The proceeds from the sale, of
approximately EUR115 million, before costs, were applied to debt
reduction during the quarter.  This asset sale continues JSG's
established strategy of monetizing non-core assets and
sharpening its strategic and operational focus.  The disposal
provides financial benefit to JSG in the form of reduced debt
levels and lower debt servicing costs.

On July 11, 2005, JSG finalized the agreement to sell the Pomona
Newsprint Mill.  Total proceeds, before costs, amounted to
approximately US$10.6 million (EUR9 million) and are payable
over a number of years.

                   Product Market Overview

Europe

European market conditions, in general, continued to be
difficult on both the supply and the demand side in the second
quarter.  There was some volume improvement in certain
corrugated markets towards the end of the second quarter, but
there was continuing pressure on containerboard prices, which in
turn put pressure on corrugated prices.

Kraftliner volumes declined 4% on the second quarter of 2004.
The decline in kraftliner volumes year-on-year reflects the
relative strength of the market in 2004 compared with the
current year.  On the supply side, pricing pressure reflects
increased imports of kraftliner into the European market.
European kraftliner imports include (increased) tonnage from the
U.S., which had, before 2005, been in decline. Kraftliner prices
remain under pressure.  Prices, at the end of the second
quarter, were EUR10 to EUR15 per ton below second quarter 2004
levels.  Prices continued under pressure into July.  The
performance of JSG's kraftliner mills was also negatively
impacted by increases in energy and other input costs during the
quarter.

Excluding the impact of the closure of JSG's Cordoba and
Clonskeagh mills and the sale of JSG's Voghera mill, recycled
containerboard volumes increased 1% in the second quarter of
2005 compared with the second quarter of 2004.  Growth of 1% is
in line with market growth; the absolute decline of 5% year-on-
year reflects the absence of the closed and disposed mills in
2005.  Recycled containerboard prices continued to decline
during the second quarter, reflecting new capacity growth, with
overall average prices down by approximately EUR10 per ton on
second quarter 2004 levels.  OCC prices have remained relatively
stable, during the same period, which has resulted in a margin
squeeze in recycled containerboard.

JSG's overall European corrugated volumes, in the second quarter
of 2005, increased 4% on the second quarter of 2004.  The growth
reflects the fact that Easter occurred in the first quarter of
2005 as opposed to the second quarter of 2004, with a consequent
impact of shipping days, and also specific customer issues in
particular countries -- specifically Germany and Spain.  While
there was some evidence of improved market conditions towards
the end of the quarter, we are not, as yet, seeing the emergence
of a broad-based sustained recovery.  Corrugated prices declined
marginally during the second quarter but JSG's corrugated
operations are benefiting from reduced containerboard prices,
which have helped protect margins despite difficult market
conditions.  Declining paper prices and the highly competitive
environment means that there is continued downward pressure on
corrugated pricing.

Latin America

JSG's Latin American operations continue to report improved
results reflecting strong performances in each of JSG's
countries of operation. During the second quarter, the strongest
financial performances year-on-year were in Colombia and Mexico.
Overall containerboard and corrugated volumes in the second
quarter increased 8% and 13% (corrugated increased 11% excluding
the new box plant in Chile) on the second quarter of 2004
respectively.

Colombian containerboard and corrugated volumes increased 11%
and 17% respectively in the second quarter of 2005 compared with
the second quarter of 2004.  This growth reflects the continued
strength of the Colombian economy and some export led growth. In
Mexico, following a difficult first quarter, containerboard and
corrugated volumes increased 8% and 2% respectively in the
second quarter of 2005 compared with the second quarter of 2004.
Containerboard volumes in the quarter benefited from increased
third party sales and higher integration levels, while the more
modest increase in corrugated volumes reflects underlying demand
growth in the country.

While JSG's Venezuelan containerboard volumes were broadly
unchanged, corrugated volumes were higher in the second quarter
of 2005 compared to the same period in 2004 reflecting improved
domestic demand.  JSG's results in 2005 were, however,
negatively impacted by the devaluation of the Bolivar and
significant price pressure from imports.  Reflecting the
continued recovery of the Argentinean economy, both
containerboard and corrugated volumes were higher than in the
second quarter of 2004.  JSG's investment in Chile is
progressing well although more slowly than anticipated.

      Second Quarter, 2005: Cash Flows & Capital Structure

Free cash flow in the second quarter of EUR13 million compares
to EUR70 million in 2004.  The decrease reflects lower pre-tax
profits, lower add-backs in 2005 for depreciation and non-cash
interest, lower fixed asset sales and an increased working
capital outflow year-on-year.

Without Munksjo's specialty operations in 2005, depreciation was
lower than in the second quarter of 2004 although capital
expenditure was broadly similar quarter-on-quarter.  Capital
expenditure during the second quarter was EUR45 million
representing approximately 81% of JSG's depreciation stream.
Working capital increased by EUR19 million in the quarter to
EUR349 million at June 30, 2005.  This represented 8% of
annualized net sales compared to 7.7% at March 2005 and 9.6% at
June 30, 2004.

In the second quarter of 2005, the net surplus from financing
and investment activity was EUR48 million.  This represents part
of the proceeds from the sales of Munksjo's tissue business and
the KHCC.  The total of EUR48 million comprises EUR25 million
and EUR23 million in respect of the tissue business and the KHCC
respectively, with the remaining EUR92 million of the total
proceeds for the KHCC of EUR115 million being shown as a
repayment of inter-company debt.

The net cash inflow for the second quarter of EUR61 million was
increased by EUR92 million of KHCC inter-company debt repaid and
offset by a negative currency adjustment of EUR32 million and by
accrued non-cash interest of EUR1 million.  With the redemption
of the PIK debt in early 2005, the interest add-back is
considerably lower than in 2004.

The euro weakened by 7% relative to the U.S. dollar during the
quarter.  As a consequence, the value of non-euro debt increased
by EUR32 million.  In total, net borrowing declined by EUR121
million from approximately EUR2,605 million (EUR2,621 million
including leases) at March 2005 to EUR2,483 million (EUR2,499
million including leases) at June 2005.

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

                            *   *   *

Paper-based packaging group JSG Funding is an intermediate
holding companies of Ireland-based Jefferson Smurfit group.  It
is currently disposing non-core assets to pay down debt and
lower debt servicing costs.  In May, Fitch Ratings affirmed its
senior notes at 'B' and subordinated notes at 'B-'.  It said the
ratings continue to be constrained by JSG's high financial
leverage and moderate cash flow coverage.  The firm's first
quarter 2005 free cash flow was a deficit of EUR33 million due
to lower operating profits year-on-year, and adverse market
conditions.  However, Fitch notes JSG's comfortable liquidity
position.  It expects that trading conditions in Europe will
remain challenging.

CONTACT:  JEFFERSON SMURFIT
          Gary McGann
          Phone: +353 1 202 7000
          or
          Tony Smurfit
          Phone: +353 1 202 7000
          or
          Ian Curley
          Phone: +353 1 202 7000

          WHPR
          Brian Bell
          Phone: +353 87 243 6130
                 +353 1 202 7000

          K CAPITAL SOURCE
          Mark Kenny
          Phone: +353 1 631 5500
          E-mail: smurfit@kcapitalsource.com


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


ALITALIA SPA: Cabin Crew Union Calls for Another Strike
-------------------------------------------------------
The Sindicato Unitario Lavoratori Transporti (SULT) union will
launch a series of strikes against troubled national carrier
Alitalia S.p.A., Agenzia Giornalistica Italia says.

SULT made the decision after Alitalia excluded it in current
labor talks.  "Following last Friday's disgraceful events, with
Alitalia unilaterally attempting to cancel SULT and not to
acknowledge its role as a counter-party, SULT and its workers
will not sit back," the union said in a statement.

The group described Alitalia's decision as "anti-democratic,
savage act" that aims "to obscure the only dissenting party."
SULT appealed to its members to "get together and protect the
union" from "another attempt to humble the workers and their
contracts."

Alitalia's employees have in recent months repeatedly staged
strikes to demand better contracts and working conditions, each
time crippling the carrier's international and domestic flights.

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


CIRIO RICERCHE: Receiver Wraps up Sale to Eureco
------------------------------------------------
Cirio official receiver Luigi Farenga on Monday signed an
agreement to transfer Cirio Ricerche S.C.p.A. to Eureco,
according to Agenzia Giornalista Italia.  The transaction saved
jobs and healthy parts of Cirio.  It was done with the help of
Avvisor Envent.

Cirio Ricerche is part of the Cirio Group.  It is administered
externally with another Cirio company Cirio Agricola S.p.A.
After the sale, Mr. Farenga will concentrate on selling Cirio
Agricola.

Eureco CEO Antonio De Falcon said: "[T]his is an important
transaction, not only have we saved employment, we actually
increased it.  The takeover is part of our plan to fit in the
agrifood research activities, along with energy and biofuel.
Activities will also focus on environment."

Cirio Ricerche is a shareholder of Tecnoalimenti, a non-profit
research consortium specialized in food research.

CONTACT:  CIRIO RICERCHE-RICERCA AGRO-ALIMENTARE DEL GRUPPO
          CIRIO S.C.P.A.
          Tenuta la Fagianeria
          I-81015 Piana di Monte Verna
          Phone: +39 082 361 12 95
          Fax: +39 082 386 17 82
          E-mail: cirioagr@tin.it


PARMALAT FINANZIARIA: BofA Scores Victory, but Lawsuit Stands
-------------------------------------------------------------
A U.S. judge has allowed Parmalat Finanziaria S.p.A. to proceed
with its lawsuit against Bank of America Corp. (BofA), The Wall
Street Journal says.

Although Judge Lewis A. Kaplan of the U.S. District Court for
the Southern District of New York dismissed 10 of 12 claims, he
backed Parmalat administrator Enrico Bondi's claim that the bank
aided and abetted Parmalat managers in abusing their
responsibilities.  The judge also allowed Mr. Bondi to pursue
his charges that BofA and former executives engaged in looting
the company.  Judge Kaplan gave Mr. Bondi until August 22 to
appeal the dismissal of the other claims.

In a statement, BofA spokeswoman Rhiannedd Brooke said the bank
was "delighted" with the ruling, adding the dismissal of most of
the contentions "significantly narrows the claims which Mr.
Bondi may pursue against Bank of America, as well as the
potential damages that could be claimed."

BofA likewise said the ruling means Parmalat can only claim
damages to itself, not on behalf of creditors.  Ms. Brooke said
the bank had no knowledge of Parmalat's fraud and will
"vigorously" defend itself from the remaining claims.

BofA had argued that Parmalat had no standing to sue because it
participated in the wrongdoings Mr. Bondi was complaining about.
Judge Kaplan, however, dismissed this argument, saying the
precedent cited was a New York law, while the lawsuit will be
tried in North Carolina, the home state of Bank of America.

BofA is one of Parmalat's former bank creditors named in the
US$10 billion suit filed by Mr. Bondi, who claims the banks
helped former managers hide its true financial situation.  Some
of the banks have already settled, the latest was Morgan
Stanley, which agreed to pay EUR155 million.  Mr. Bondi sued the
U.S. investment bank for its role in the EUR300 million bond
sale in June 2003.

Parmalat collapsed in December 2003 after revealing EUR14
billion in debt in its balance sheet.

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

          BANK OF AMERICA CORPORATION
          Bank of America Corporate Center,
          100 N. Tryon St.
          Charlotte, NC 28255
          Phone: 800-432-1000
          Fax: 704-386-6699
          Web site: http://www.bankofamerica.com


PARMALAT FINANZIARIA: U.S. Court Sets 2007 Trial
------------------------------------------------
The U.S. District Court for the Southern District of New York
will hear the class action filed by shareholders against
Parmalat on April 2, 2007, The Associated Press said Monday.

U.S. Judge Lewis A. Kaplan also scheduled on the same day the
trial of a separate lawsuit filed by Parmalat administrator
Enrico Bondi against the company's auditors.

Mr. Enrico Bondi also has pending actions against Swiss UBS,
German Deutsche Bank and U.S. groups Citigroup Inc. and Bank of
America Corp.  On top of that, he also has a EUR7 billion damage
suit against Italian banks in relation to pre-collapse deals.

Parmalat collapsed in December 2003 under more than EUR14
billion of debt.  Mr. Bondi claims Parmalat's creditor banks
abetted its demise by arranging financing deals despite
knowledge of its grave condition.  The group's fall is
considered Europe's largest financial scam.

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


TISCALI SPA: Obtains EUR150 Mln Debt Financing from Silver Point
----------------------------------------------------------------
The Tiscali Group said Monday has completed a EUR150 million
senior secured credit facility.  The facility was structured and
provided by Silver Point Finance and its affiliates.  Silver
Point Finance, structures and provides custom financing for
large and middle market companies across all industries.

The facility comprises two tranches, with a duration of 3 years
after the initial drawing, at a rate of EURIBOR + 600bps.  The
first EUR50 million tranche is expected to be advanced in August
2005.  The second EUR100 million tranche will be made available
in September 2006, subject to customary terms and conditions.

Proceeds of the first and second tranches will be used for
general corporate purposes and to refinance the 4.25% Equity
Linked Bonds due September 2006, respectively.

"This credit facility enables us to execute the business plan in
our core markets as announced to the market in April of this
year.  These plans are focused on profitable growth of our
customer base by investing in ULL networks and offering high
quality services at a fair price to our customers.  We are
pleased to have found a partner in Silver Point, who understands
the growth potential in our business," said Ruud Huisman, Chief
Executive Officer of Tiscali S.p.A.

"After repayment of the bonds due July 7 2005, we have achieved
our objective of financing our business plan.  This facility is
structured in such a way that it enables us to meet our
commitments while at the same time providing operating
flexibility," said Massimo Cristofori, Chief Financial Officer
of Tiscali S.p.A.

UBS Investment Bank acted as exclusive financial adviser to the
Company in this transaction.

                            *   *   *

Cagliari (Sardinia, Italy) Tiscali S.p.A., (Borsa Italiana,
Milan: TIS, Euronext, Paris: 005773), is the European Internet
Communication Company providing broadband and narrowband access
for consumer and business applications as well as innovative
communications services and contents.  As of 31 March 2005,
Tiscali had 5.2 million active users in Italy, Germany, the
Netherlands, the U.K. and the Czech Republic.  1.2 million were
broadband customers, of which 235,000 received unbundled
services.

CONTACT:  TISCALI S.P.A.
          S.S. 195 Km 2.300
          09122 Cagliari
          Phone: +39 070 46011
          Fax: +39 070 4601400
          E-mail: info@it.tiscali.com
          Web site: http://www.tiscali.it


TISCALI SPA: Rating Affirmed at 'CCC+' After Refinancing News
-------------------------------------------------------------
Fitch Ratings has affirmed Tiscali S.p.A.'s ratings at Senior
Unsecured 'CCC+' with Stable Outlook and Short-term 'B'
following the announcement that the company has obtained a
three-year EUR150 million senior secured financing from Silver
Point Finance.  The rating on Tiscali Finance S.A.'s EUR209.5
million guaranteed equity-linked bonds due in September 2006 has
also been affirmed at 'CCC+'.

Stefano Podesta, Director in Fitch's European Leveraged Finance
team, said:  "The announced senior secured financing is another
step towards securing sufficient resources to support Tiscali's
business plan.  Along with the additional money raised from the
recently announced disposals of 60,000 ADSL subscribers to KPN
and the sale of Tiscali International Networks to Telecom
Italia, this new financing is, on balance, good news for
Tiscali's bondholders.

"The focus is now on management's ability to execute their
strategy successfully.  However, financial flexibility remains
quite limited.  Tiscali will have to start generating a
substantial amount of cash flow to grow their business in line
with market trends.  This may prove challenging in the absence
of additional capital to support growth."

The facility comprises two tranches: a EUR50 million tranche
expected to be drawn in August 2005 for general corporate
purposes and a EUR100 million tranche available in September
2006, subject to customary terms and conditions.  This second
tranche will be used to partly refinance the 4.25% equity-linked
bonds due September 2006.  The final maturity is three years
from the initial drawdown.

Fitch notes that for the first time Tiscali has accessed capital
on a senior secured basis.  Although this is generally negative
for unsecured bondholders, the use of the second and largest
tranche to reimburse the unsecured convertible bonds should
limit the negative effects of security grant.  Therefore,
although no details of the security package were provided, Fitch
has not notched the guaranteed equity-linked bonds down from the
senior unsecured rating at this stage.

Tiscali's reported sales of approximately EUR178 million in Q205
were 9% up on Q204, while reported EBITDA of approximately EUR19
million (11% margin) was 5% up on Q204 but down by over 10% if
compared to the EUR21.3 million (12.5% margin) of Q105.  Tiscali
blamed increased marketing expenses for causing this decline.

CONTACT:  FITCH RATINGS
          Stefano Podesta, London
          Phone: +44 (0) 20 7417 4316
          Stuart Reid
          Phone: +44 (0) 20 7417 4323
          Web site: http://www.fitchratings.com

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


=================
M A C E D O N I A
=================


MAT MACEDONIAN: Returns JAT Airways Plane
-----------------------------------------
JAT Airways has received the Boeing 737 plane that Belgrade has
ordered MAT Macedonian Airlines to return, according to Beta
News Agency.

Belgrade Minister for Capital Investment Velimir Ilic requested
the return of the plane rented by MAT Airlines due to shortage
at JAT.  The returned plane has already been included in JAT's
regular flight schedule, the report said.

Belgrade also wants MAT to return another plane and discuss its
US$7.5 million debt.  Mr. Ilic denied the move is related to the
recent arrest of Archbishop Jovan by the Macedonian authorities,
which has strained diplomatic relationship between the
countries.  He said the request was made prior to the arrest.
The bishop is arch of the Serbian patriarch in Macedonia.  He
was arrested for inciting religious hatred during services last
year for loyalists of the Serbian Orthodox Church.

Mr. Ilic said he ordered the plane grounded because the
Macedonians owed JAT rental money.

CONTACT:  MAT MACEDONIAN AIRLINES
          Skopje - Head Office
          Vasil Glavinov 3
          1000 Skopje
          Phone: ++389 2 329 23 33, ++389 2 322 95 76
          Fax: ++389 2 32 29  576
          E-mail: mathq@mat.com.mk


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


IMPRESS HOLDINGS: Outlook Stable on Improved Performance
--------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on The
Netherlands-based metal packaging group Impress Holdings B.V. to
positive from stable, reflecting the group's continued
operational improvements.

At the same time, Standard & Poor's affirmed all its ratings on
Impress, including its 'B' long-term corporate credit rating.

"Provided that the group's operational improvements are
sustained and that Impress completes its necessary refinancing
well ahead of schedule, the ratings could be raised within the
next 12 months," said Standard & Poor's credit analyst Vanessa
Brathwaite.

As one of the oldest LBOs in the sector, Impress has amortized a
significant portion of its senior facilities. Furthermore,
Impress has been successful in agreeing selling prices that
should allow it to recover most of the cost inflation of 2004.
This will mean that the benefits from the group's operational
efficiency program (about EUR20 million-EUR30 million annually)
will boost EBITDA.

At March 31, 2005, Impress had net cash debt of EUR467.2
million.  This figure excludes the group's cumulative and
special preference shares but does include the EUR76 million of
unfunded pension liabilities that Impress had at Dec. 31, 2004.
The cumulative and special preference shares are excluded from
debt at present due to their deep subordination and the
deferability of dividends.  Nevertheless, in the longer term,
once the group has passed the approaching refinancing hurdles
and the financial profile is stronger both the cumulative and
the special preference shares could start to receive cash
payments.

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


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


PAN FISH: Vaccine Approval to Benefit Canadian Venture
------------------------------------------------------
Pan Fish A.S.A. has disclosed that the vaccine against IHN
(infectious hematopoietic necrosis) has been officially
approved.  This vaccine was the result of a two-year partnership
between by Aqua Health, Ltd., Canada and Pan Fish, with the
former as the owner of the vaccine.

Apex-IHN(R), which is the trademark for the vaccine, provides
protection against a very severe disease hitting salmon farming
in British Columbia, Canada.  Pan Fish has carried out extensive
testing of the vaccine and documented its safety and efficacy.

The approval of the vaccine is an important milestone in
preventing IHN and in general to increase the biological
security in the fish farming business in Canada.  To Pan Fish
Canada and other farmers this provides higher stability and
basis for profitable fish farming in a region located close to
one of the world's most attractive salmon markets; the U.S. west
coast market.

                            *   *   *

Headquartered in Stavanger, Pan Fish grows salmon and trout for
export.  It closed its two-year restructuring in May with a
NOK200 million share issue, and the conversion of NOK500 million
of the company's debt into shares.  It reported NOK10.4 Million
operating loss in the first-quarter.

CONTACT:  PAN FISH A.S.A.
          Maskinveien 32,
          P.O. Box 342 Forus
          N-4067 STAVANGER
          Phone: +47 70 11 61 00
          Fax: +47 70 11 61 34
          E-mail: post@panfish.no
          Web site: http://www.panfish.com

          CEO Atle Eide
          Phone: +47 911 52 977


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


APSHERONSKIY EXPERIMENTAL: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Apsheronskiy Experimental Factory.  The case is docketed as A-
32-15691/05-38/239-B.  Mr. F. Yanenko has been appointed
temporary insolvency manager.

Creditors have until Aug. 16, 2005 to submit their proofs of
claim to 353560, Russia, Krasnodar region, Slavyansk-na-Kubani,
Grinya Str. 212.  A hearing will take place on Dec. 5, 2005,
11:00 a.m.

CONTACT:  APSHERONSKIY EXPERIMENTAL FACTORY
          Russia, Krasnodar region, Apsheronsk

          Mr. F. Yanenko
          Insolvency Manager
          353560, Russia, Krasnodar region,
          Slavyansk-na-Kubani, Grinya Str. 212


BUREAU: Hires S. Galyanov Insolvency Manager
--------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on close joint stock company
Bureau.  The case is docketed as A43-13798/2005,33-257.  Mr. S.
Galyanov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia, Nizhniy
Novgorod region, Dzerzhinsk, Tsiolkovskogo Str. 55, Office 4.  A
hearing will take place on Nov. 29, 2005, 1:45 p.m.

CONTACT:  BUREAU
          Russia, Nizhniy Novgorod region,
          Perevoz, Tsentralnaya Str. 20

          Mr. S. Galyanov
          Temporary Insolvency Manager
          Russia, Nizhniy Novgorod region, Dzerzhinsk,
          Tsiolkovskogo Str. 55, Office 4


KRASNOCHETAYSKAYA: Names Insolvency Manager from Chuvashiya
-----------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on state unitary enterprise
Krasnochetayskaya Sel-Khoz-Tekhnika.  The case is docketed as
A79-4291/2005.  Mr. V. Alalykin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 611000, Russia,
Kirov, Moskovskaya Str. 25a.  A hearing will take place on Oct.
4, 2005, 1:15 p.m.

CONTACT:  KRASNOCHETAYSKAYA SEL-KHOZ-TEKHNIKA
          Russia, Chuvashiya republic,
          Krasnochetayskiy region, Kranyj Chetai

          Mr. V. Alalykin
          Insolvency Manager
          611000, Russia, Kirov region,
          Moskovskaya Str. 25a


METIZ: Deadline for Proofs of Claim Next Week
---------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Metiz.  The case is docketed as A43-14233/05-18-295.  Mr. A.
Kharitonov has been appointed temporary insolvency manager.

Creditors have until Aug. 16, 2005 to submit their proofs of
claim to 603016, Russia, Nizhniy Novgorod, Monastyrka Str. 21.
A hearing will take place on Nov. 15, 2005, 3:00 p.m. at Russia,
Nizhniy Novgorod, Kremlin, Building 9.

CONTACT:  METIZ
          603016, Russia, Nizhniy Novgorod region,
          Monastyrka Str. 21

          Mr. A. Kharitonov
          Insolvency Manager
          603016, Russia, Nizhniy Novgorod region,
          Monastyrka Str. 21


MSO VOZNESENSKAYA: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company Mso
Voznesenskaya.  The case is docketed as A43-8642/2005, 33-217.
Mr. L. Tanklevskiy has been appointed temporary insolvency
manager.

Creditors may send their proofs of claim to Russia, Nizhniy
Novgorod region, Voznesenskaya, Vostochnaya Str. 2b.  A hearing
will take place on Oct. 25, 2005.

CONTACT:  MSO VOZNESENSKAYA
          Russia, Nizhniy Novgorod region,
          Voznesenskaya, Vostochnaya Str. 2b

          Mr. L. Tanklevskiy
          Temporary Insolvency Manager
          Russia, Nizhniy Novgorod region,
          Voznesenskaya, Vostochnaya Str. 2b


NOVOMIKHAYLOVSKOYE: Bankruptcy Hearing Set October
--------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on limited liability company
Novomikhaylovskoye.  The case is docketed as A43-10280/05-24-
227.  Mr. V. Borodin has been appointed temporary insolvency
manager.

Creditors have until Aug. 16, 2005 to send their proofs of claim
to 603005, Russia, Nizhniy Novgorod, Oktyabrskaya Square, 1.  A
hearing will take place on Oct. 11, 2005, 10:45 a.m. at the
Arbitration Court of Nizhniy Novgorod region.

CONTACT:  NOVOMIKHAYLOVSKOYE
          Russia, Nizhniy Novgorod region,
          Lukoyanovskiy region, Novomikhaylovskoye

          Mr. V. Borodin
          Temporary Insolvency Manager
          603005, Russia, Nizhniy Novgorod region,
          Oktyabrskaya Square, 1


OCTOBER: Declared Insolvent
---------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against October after finding the close
joint stock company insolvent.  The case is docketed as A43-
2871/04-33-451.

CONTACT:  OCTOBER
          607121, Russia, Nizhniy Novgorod region,
          Pavlovksiy region, Grudtsion, Zavodskoy Per. 22


TEMRYUKSKOYE: Insolvency Manager Takes over Operations
------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Temryukskoye.  The case is docketed as A-32-18101/2005-1/255-B.
Ms. O. Rostovtseva has been appointed temporary insolvency
manager.

Creditors have until Aug. 16, 2005 to submit their proofs of
claim to:

(a) TEMRYUKSKOYE
    353503, Russia, Krasnodar region,
    Temryuk, Kubanskaya Str. 1a

(b) Temporary Insolvency Manager
    350040, Russia, Krasnodar region,
    Post User Box 176

(c) The Arbitration Court Of Krasnodar region
    350063, Russia, Krasnodar region,
    Krasnaya Str. 6

A hearing will take place on Sept. 21, 2005, 10:00 a.m.


VMZ-SIB-OIL-GAS-MASH: Succumbs to Bankruptcy
--------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Vmz-Sib-Oil-Gas-Mash after finding the close
joint stock company insolvent.  The case is docketed as A-70-
4557/3-2005.  Ms. V. Vorotnikova has been appointed insolvency
manager.  Creditors have until Aug. 16, 2005 to submit their
proofs of claim to Russia, Tyumen, Gazovikov Str. 19-81.

CONTACT:  VMZ-SIB-OIL-GAS-MASH
          Russia, Tyumen region,
          Yamskaya Str. 105

          Ms. V. Vorotnikova
          Insolvency Manager
          Russia, Tyumen region,
          Gazovikov Str. 19-81


VOLGOGRADSKIY: Creditors Opt for Liquidation
--------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Volgogradskiy (TIN 3443001256) after finding
the motor factory insolvent.  The case is docketed as A12-
8912/04-s55.  Mr. I. Zaytsev has been appointed insolvency
manager.  Creditors have until Sept. 16, 2005 to submit their
proofs of claim to 119607, Russia, Moscow, Post User Box 79.

CONTACT:  VOLGOGRADSKIY
          400048, Russia, Volgograd region,
          Aviatorov Shosse, 8

          Mr. I. Zaytsev
          Insolvency Manager
          119607, Russia, Moscow region,
          Post User Box 79


YUKOS OIL: Exec to Remain in Jail for Another Month
---------------------------------------------------
A Vilnius court has extended by one month the detention of Igor
Babenko, a Yukos executive arrested for embezzlement, according
to The Baltic Times.

Mr. Babenko, manager of Yukos bank Menatep Sankt Peterburg
Stavropol, was detained in Vilnius on July 1.  He will remain in
jail until at least Sept. 8, 2005.  The court extended his jail
term at the request of Lithuanian prosecutors who sought
additional documents from Russia to support a request for his
extradition.  Mr. Babenko is under suspicion of embezzling
EUR9.6 million between 2002 and 2005.  Lithuanian authorities,
however, think the accusations against him might be politically
motivated.

In June, Yukos Oil's founder Mikhail Khodorkovsky was sentenced
to nine years imprisonment for charges including tax evasion and
fraud.  He was found guilty by a three-judge panel of massive
fraud, tax evasion and embezzlement in relation to his business
activities in the 1990s.

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

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


YUKOS OIL: Second-quarter Loss Down 13.5% to RUR4.204 Billion
-------------------------------------------------------------
Yukos Oil trimmed down its quarterly loss due to higher
operating and extraordinary income in recent months, according
to RosBusinessConsulting.

The company reported second-quarter net loss of RUR4.204 billion
(US$147.8 million) calculated according to Russian business
accounting standards.  The result is 13.5% lower than figures
for the same period last year.  It is also a decrease from a net
loss of RUB4.863 billion (US$170.9 million) in the first
quarter.

In 2004, Yukos reported net loss of RUR417.5 billion (US$14.68
billion) due to taxes, penalties and fines related to tax claims
for 2000-2003.  This is in contrast with 2003 results when the
firm registered net profit of RUB37.4 billion (US$1.3 billion).

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It listed $12,276,000,000 in total assets and $30,790,000,000 in
total debt when it filed for chapter 11 protection in December.
The case was rejected in February.

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

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


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


SKANDIA INSURANCE: Half-year Premiums, Deposits Up Over 20%
-----------------------------------------------------------
Skandia Insurance Company Ltd.'s total premiums and deposits
rose during the second quarter to SEK32.8 billion, compared with
SEK23.4 billion during the same period in 2004.  The increase
corresponds to 40% in Swedish kronor and 39% in local currency.

Unit linked premiums written rose 44% in local currency, to
SEK22.6 billion (15.7).  New sales of unit linked assurance rose
25% in local currency, to SEK3.0 billion (2.3).  Mutual fund
deposits increased to SEK9.5 billion (7.2).

Skandia's total premiums and deposits rose during the first half
of the year to SEK59.9 billion (48.7).  The increase corresponds
to 23% in Swedish kronor and 24% in local currency.

Unit linked assurance premiums and deposits rose 29% in local
currency, to SEK41.5 billion (32.6).  New sales of unit linked
assurance rose 22% in local currency, to SEK5.7 billion (4.7).
Mutual fund deposits increased to SEK 17.1 billion (15.1).

UK, Asia Pacific & Offshore

Premiums and deposits in the U.K. (including Royal Skandia)
totaled SEK33.4 billion (27.1) during the first half of the
year, an increase of 25% in local currency.  Of this total, unit
linked assurance accounted for SEK28.0 billion (21.6), while
mutual funds accounted for SEK5.4 billion (5.4).  New sales of
unit linked assurance rose 27% in local currency during the
first half of the year, to SEK3.5 billion (2.8).

The trend from previous periods continues, with robust sales of
single premium unit linked bonds and pension products.  Royal
Skandia continues to note success in the area of new inheritance
tax solutions.

In Australia, mutual fund deposits decreased by 3% in local
currency during the first half of the year.  Deposits during the
second quarter reached were on a par with the same period a year
ago.

Europe & Latin America

Total premiums and deposits rose during the first half of the
year to SEK13.7 billion, an increase of 27% in local currency
compared with the same period a year ago.  Unit linked premiums
written totaled SEK6.3 billion, an increase of 16% in local
currency.  This is mainly attributable to a larger customer base
in Germany, which is generating a higher share of regular
premium business, and greater premium income derived from the
strong growth in France.

New sales of unit linked assurance rose 16% in local currency
during the first half of the year.  Demand, which affected sales
during the fourth quarter of 2004 and first quarter of 2005, was
exceptional in the German operation, in association with a
change in Germany's tax legislation.  As a natural result of
this, new sales were down sharply during the second quarter.
This entails that the German operation is moving into a
transitional period, initially with substantial overcapacity in
relation to the lower level of new sales.  France continues to
make a positive contribution to the increase in new sales.

Mutual fund deposits rose a full 39% in local currency during
the first half of the year, to SEK6.5 billion (4.5), mainly
attributable to Spain and Colombia.  In Spain, two major
distributors began selling Skandia's fund products, contributing
to strong growth during the second quarter.

Nordic

Combined premiums and deposits for the Nordic division
(excluding Skandia Liv) amounted to SEK7.7 billion (6.6) during
the first half of the year.  Unit linked premiums written rose
20% in local currency, to SEK5.7 billion (4.8).

New sales of unit linked assurance were up 7% in local currency
during the first half of the year as a result of strong new
sales in Sweden during the second quarter of 2005, which rose
27%.  The completed action program is beginning to yield
results.  Introduction of the new "kapitalpension" product also
made a strong contribution to the favorable sales trend.

Skandia's interim report for the first half of 2005 will be
released on 22 August 2005.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00


SKANDIA INSURANCE: Skandia Liv Q2 Sales Up 16%
----------------------------------------------
The second quarter of 2005 showed a strong upswing compared with
a year earlier both in terms of total premiums and new sales of
unit linked assurance in the Swedish market.

Total premiums and deposits (excluding Skandia Liv) rose 31%
compared with the same quarter a year ago, to SEK3.3 billion
(2.5).  During the first half of 2005 premiums and deposits
(excluding Skandia Liv) rose 15%, to SEK7.3 billion (6.4).

Unit linked assurance

Unit linked premiums written totaled SEK 2.8 billion (2.0)
during the second quarter of the year, which is 40% higher than
the same period a year ago.  Premiums written during the first
half of the year amounted to SEK5.4 billion (4.6).

New sales during the second quarter amounted to SEK 0.5 billion
(0.4), an increase of 27% compared with 2004.  New sales rose
for the third quarter in a row.  This is the first time in a
long time that new sales exceeded the corresponding year-earlier
period.  New sales to Private customers rose 75%, mainly
attributable to the new "kapitalpension" product.  In the most
important segment, Commercial customers, new sales rose 13%,
which is a sign that the completed action program is yielding
results.

New sales during the first half of the year amounted to SEK1.0
billion, compared with SEK0.9 billion for the first half of
2004, an increase of 7%.

Surrenders exceeded underlying assumptions, mainly due to
changed inheritance and gift tax legislation; and the
introduction of the new "kapitalpension" savings form.  The
effect of these market changes is expected to taper off during
the rest of 2005.  Conversion of policies to paid-up status
decreased compared with the first quarter, but is still higher
than underlying assumptions.

Mutual Fund Savings Products

Mutual fund deposits during the second quarter were level with
the preceding year, at SEK0.4 billion (0.4).  Deposits during
the first half amounted to SEK1.6 billion (1.5).

Private Healthcare and Group Insurance

Premiums written for Private Healthcare and Group business
amounted to SEK0.3 billion during the first half, an increase of
5% compared with the same period in 2004.

Market Shares

The Swedish Insurance Federation will be publishing quarterly
statistics, including market share data, for the traditional
life market in late August /early September 2005.  In connection
with this, Skandia will publish comments on its market positions
in Sweden.

Skandia Liv

Premiums written for Skandia Liv in Sweden amounted to SEK3.3
billion during the second quarter of the year, compared with SEK
2.9 billion during the corresponding period in 2004.  New sales
during the second quarter amounted to SEK0.5 billion, which is
16% higher than in 2004.  As with unit linked assurance, the
increase is mainly attributable to the new "kapitalpension"
product.

Premiums written during the first half of the year amounted to
SEK6.3 billion (6.0).  New sales during the first half of the
year totaled SEK1.1 billion, compared with SEK 1.0 billion
during the first half of 2004.

The recent strong rise in the stock markets has led to an
increase in the company's collective funding ratio, to 105% as
per 30 June 2005. For this reason, the yield on policyholders'
savings -- the so-called bonus rate -- was raised to 4.5% with
effect from 1 August 2005.

Skandia Liv's solvency as per 30 June 2005 was 153%, compared
with 145% for the corresponding period a year ago.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00


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


SWISSAIR: Memorabilia Auction Set September
-------------------------------------------
Zurich-based Troostwijk AG has been engaged by the Liquidator of
Swissair Swiss Air Transport Company Ltd., Karl Wuethrich of
Wenger Plattner, to hold an auction of Swissair memorabilia on
24 and 25 September 2005.  The sale will begin on both days at
11:00 a.m. and is taking place as part of the series of public
events being organized by Unique at Zurich Airport's Event Dock
(formerly Terminal B).  Bids can be made both in the auction
room and online at http://www.troostwijkauctions.com

The auction will include some 50 model aircraft, 400 original
posters, historical documents, navigation and other maps,
promotional and training films, flight manuals, instruction
books and checklists, books, calendars, awards and oil paintings
from the airline's executive offices.

A range of specially selected items (posters, books and
individual magazines) will be auctioned on the Internet between
17 and 23 September 2005 (http://www.troostwijkauctions.com)

From 12 August 2005, items such as T-shirts, bags, pins,
calendars, magazines, posters, postcards, brooches, advertising
brochures, menus, etc., can be purchased from the Swissair shop
at the Event Dock as long as stocks last.

The lots to be auctioned can also be viewed at the Event Dock
between 10:00 a.m. and 9:00 p.m. every day from 12 August 2005.
Further information is available at
http://www.troostwijkauctions.com

An enquiries hotline has been set up on these numbers:

+41 (0)43 222 38 66 (German), +41 (0)43 222 38 67 (French) and
+41 (0)43 222 38 68 (English).  Lines are open Monday to Friday
from 9:00 a.m. to 12:00 noon and from 2:00 p.m. to 5:00 p.m.

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


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


AGROPROMTEHNIKA: Lugansk Court Hires Insolvency Manager
-------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Agropromtehnika (code EDRPOU 03569350) on
June 16, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 11/47 b.  Mr. Dmitro
Litsoyev (License Number AA 520122) has been appointed
liquidator/insolvency manager.  The company holds account number
26001301100401 at JSCIB Prominvestbank, Kreminna branch, MFO
304643.

CONTACT:  AGROPROMTEHNIKA
          92913, Ukraine, Lugansk region,
          Kreminna district,

          Mr. Dmitro Litsoyev
          Liquidator/Insolvency Manager
          91025, Ukraine, Lugansk region,
          Serov Str. 111

          ECONOMIC COURT OF LUGANSK REGION
          91000, Ukraine, Lugansk region,
          Geroiv VVV Square, 3a


BUDDORMASH: Kyiv Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Buddormash (code EDRPOU 30371851) on June 9,
2005 after finding the limited liability company insolvent.  The
case is docketed as 43/388.  Mr. Oleksij Shestyuk has been
appointed liquidator/insolvency manager.

CONTACT:  BUDDORMASH
          01021, Ukraine, Kyiv region,
          Klovskij Uzviz, 20/147

          Mr. Oleksij Shestyuk
          Liquidator/Insolvency Manager
          39631, Ukraine, Kyiv region,
          Kremenchuk, Kyivska Str. 8

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


DAKS: Donetsk Court Freezes Debt Payments
-----------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Daks (code EDRPOU 25097986) on May
23, 2005 and ordered a moratorium on satisfaction of creditors'
claims.  The case is docketed as 27/62 B.  Mr. Oleksij Davidenko
(License Number AA 216801) has been appointed temporary
insolvency manager.  The company holds account number
26006301581297 at Prominvestbank, Kirovske branch, MFO 334734.

CONTACT:  DAKS
          86300, Ukraine, Donetsk region,
          Kirovske, Molodizhnij quarter, 9-B

          Mr. Oleksij Davidenko
          Temporary Insolvency Manager
          86211, Ukraine, Donetsk region,
          Shahtarsk, Lenin Str. 24-118

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


DINAMIK: Court Appoints Insolvency Manager
------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against LLC Dinamik (code EDRPOU 20201462) on June
23, 2005 after finding the limited liability company insolvent.
The case is docketed as B 40/92/05.  Mrs. Ludmila Zaikina
(License Number AA 719775) has been appointed
liquidator/insolvency manager.  The company holds account number
26008001760100 at JSPPB Aval, Dnipropetrovsk branch, MFO 305653.

CONTACT:  DINAMIK
          Ukraine, Dnipropetrovsk region,
          Suvorov Str. 15/12

          Mrs. Ludmila Zaikina,
          Liquidator/Insolvency Manager
          04050, Ukraine, Kyiv region,
          Melnikov Str. 2/10

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


DONETSK' AUTO 11422: Crashes into Insolvency
--------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Donetsk' Auto Transport Enterprise-11422
(code EDRPOU 03113868) on June 14, 2005 after finding the open
joint stock company insolvent.  The case is docketed as 15/351
B.  Mr. Vorona Dmitro (License Number AA 779182) has been
appointed liquidator/insolvency manager.

CONTACT:  DONETSK' AUTO TRANSPORT ENTERPRISE-11422
          Ukraine, Donetsk region,
          Petrovskij str.

          Mr. Vorona Dmitro
          Liquidator/Insolvency Manager
          Phone: 334-97-09

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


DUNAYIVTSI' SUKONNA: Under Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on OJSC Dunayivtsi' Sukonna Factory (code
EDRPOU 00307098) on May 30, 2005.  The case is docketed as
4/169-B.  Mr. Viktor Matushak (License Number AA 485213) has
been appointed temporary insolvency manager.  The company holds
account number 26003641 at JSPPB Aval, MFO 315966.

CONTACT:  DUNAYIVTSI' SUKONNA FACTORY
          32400, Ukraine, Hmelnitskij region,
          Dunayivtsi, Shevchenko Str. 59

          Mr. Viktor Matushak
          Temporary Insolvency Manager
          Ukraine, Hmelnitskij region,
          Skovoroda Str. 14/151

          ECONOMIC COURT OF HMELNITSKIJ REGION
          29000, Ukraine, Hmelnitskij region,
          Nezalezhnosti Square, 1


GLOBINE-AGRO: Succumbs to Insolvency
------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Globine-Agro (code EDRPOU 30280969) on June
2, 2005 after finding the close joint stock company insolvent.
The case is docketed as 10/280.  Mr. M. Sklyarenko (License
Number AA 668325) has been appointed liquidator/insolvency
manager.  The company holds account number 26006273471001 at CB
Privatbank, Kremenchuk branch, MFO 331531.

CONTACT:  GLOBINE-AGRO
          39001, Ukraine, Poltava region,
          Globine, Karl Marks Str. 206

          Mr. M. Sklyarenko
          Liquidator/Insolvency Manager
          38201, Ukraine, Poltava region,
          Semenivka, Popovich Str. 9/2

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


KERAMIK SERVICE: Declared Insolvent
-----------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Keramik Service (code EDRPOU 23869216) on
June 23, 2005 after finding the company insolvent.  The case is
docketed as 21/145-05-4724.  Mr. Sergij Gusakov has been
appointed liquidator/insolvency manager.

CONTACT:  KERAMIK SERVICE
          Ukraine, Odessa region,
          Bunin Str. 28

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


TEMPINFORM: Falls into Liquidation
----------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Tempinform (code EDRPOU 32113358) on July 6,
2005 after finding the limited liability company insolvent.  The
case is docketed as 24/195-b.  Mr. A. Ganenko has been appointed
liquidator/insolvency manager.  The company holds account number
26009301908 at JSCB National Credit, MFO 320702.

CONTACT:  TEMPINFORM
          Ukraine, Kyiv region,
          Pushkinska Str. 31-V

          Mr. A. Ganenko
          Liquidator/Insolvency Manager
          Phone: (044) 244-44-89

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


TEPLOMEREZHI: Insolvency Manager Takes over Helm
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Teplomerezhi (code EDRPOU 32670614) on July
6, 2005 after finding the limited liability company insolvent.
The case is docketed as 24/193-b.  Mr. A. Ganenko has been
appointed liquidator/insolvency manager.  The company holds
account number 26009301910 at JSCB National Credit, MFO 320702.

CONTACT:  TEPLOMEREZHI
          Ukraine, Kyiv region,
          Bruher Str. 11

          Mr. A. Ganenko
          Liquidator/Insolvency Manager
          Phone: (044) 244-44-89

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


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


24-7 SUPPORT SERVICE: Hires Administrators from Wilson Pitts
------------------------------------------------------------
Name: 24-7 SUPPORT SERVICE LIMITED
      (Company No 03968885)

Nature of Business: Labor Recruitment

Address of Registered Office: c/o Wilson Pitts, Glendevon House,
Hawthorn Park, Coal Road, Leeds LS14 1PQ

Trade Classification: 7450

Date of Appointment: July 27, 2005

Administrators' Names and Address: D. F. Wilson and J. N. R.
Pitts (IP Nos 703 and 7851), both of Wilson Pitts, Glendevon
House, Hawthorn Park, Coal Road, Leeds LS14 1PQ

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Phone: 0113 237 5560
          Fax: 0113 237 5561


2 WIKID RECORDS: Calls in Joint Liquidators
-------------------------------------------
At an Extraordinary General Meeting of 2 Wikid Records Limited,
duly convened, and held at the offices of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, on Wednesday
27 July 2005, the following Resolutions were duly passed, as an
Extraordinary Resolution and as Ordinary Resolutions
respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, that
Robert Valentine and Mark Reynolds, of Valentine & Co, 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, be appointed
Joint Liquidators of the Company for the purposes of the
voluntary winding-up and that the Joint Liquidators be
authorised to act jointly and severally in the liquidation."

K Campbell, Chairman

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


ADVANCED TURNED: Administrators from Poppleton & Appleby Move in
----------------------------------------------------------------
Name: ADVANCED TURNED PARTS LIMITED
      (Company No 04337390)

Nature of Business: Manufacturing

Address of Registered Office: 21 Woden Road, Wolverhampton, West
Midlands WV10 0AV

Date of Appointment: July 25, 2005

Administrators' Names and Address: M. D. Hardy and A. Turpin (IP
Nos 1453 and 1452), both of Poppleton & Appleby, 35 Ludgate
Hill, Birmingham B3 1EH.

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


ALESSANDRO PLC: Administrators Take over Operation
--------------------------------------------------
Name: ALESSANDRO PLC
      (Company No 03283723)

Nature of Business: Wholesale of Perfume and Cosmetics

Address of Registered Office: 116 Duke Street, Liverpool L1 5JW

Trade Classification: 5145

Date of Appointment: July 29, 2005

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

CONTACT:  ALESSANDRO PLC
          Suite 2, L'institute,
          33 Rodick Street,
          Liverpool L25 7SL
          Phone: 0151 421 1234
          Fax: 0151 421 0500

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


BLACK COUNTRY: Files for Liquidation
------------------------------------
At the extraordinary general meeting of Black Country Wasteland
Developments Limited, duly convened, and held at BDO Stoy
Hayward LLP, Mander House, Mander Centre, Wolverhampton WV1 3NF,
on 28 July 2005, the subjoined Special Resolution was duly
passed:

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

J L J Hurst, Chairman

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


BRUT EUROPE: Liquidators from KPMG Step in
------------------------------------------
At the extraordinary general meeting of Brut Europe Limited,
duly convened, and held at One Liberty Plaza, New York, NY
10006, on 27 July 2005, the following Resolutions were duly
passed, as a Special Resolution and as an Ordinary Resolution
respectively:

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

C Concannon, Chairman

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


DRS RUGGED: Hires Liquidators from KPMG
---------------------------------------
In accordance with section 381A of the Companies Act 1985, the
following Written Resolutions are passed as a Special Resolution
and as an Ordinary Resolution respectively, as if they had been
proposed at a General Meeting of DRS Rugged Systems (Europe)
Products Limited:

"That the Company be wound up voluntarily, and that David John
Crawshaw and Richard John Hill, of KPMG LLP, Arlington Business
Park, Theale, Reading RG7 4SD, United Kingdom, be and are hereby
appointed Joint Liquidators for the purpose of such winding-up,
and that any power conferred on them by the Company, or by law,
be exercisable by them jointly, or by either of them alone."

P H Hurst and P R Stanford, Directors

CONTACT:  KPMG
          Corporate Recovery, Arlington Business Park,
          Theale, Reading RG7 4SD
          Phone: (0118) 9642000
          Fax:   (0118) 9642222
          Web site: http://www.kpmg.co.uk


EATRITE LIMITED: Hires Liquidator from Valentine & Co.
------------------------------------------------------
At an Extraordinary General Meeting of Eatrite Limited, duly
convened, and held at the offices of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, on Friday 22
July 2005, the following Resolutions were duly passed, as an
Extraordinary Resolution and as Ordinary Resolutions
respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Robert Valentine and Mark Reynolds, of Valentine & Co, 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, be appointed
Joint Liquidators of the Company for the purposes of the
voluntary winding-up, and that the Joint Liquidators be
authorized to act jointly and severally in the liquidation."

W Helman, Chairman

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


EURODIS DISTRIBUTION: Hires Deloitte & Touche as Administrator
--------------------------------------------------------------
Company Names: EURODIS DISTRIBUTION SERVICES BV
               (Company No 06036148)

               EURODIS ELECTRON HOLDINGS BV
               (Company No 06083403)

               EURODIS ELECTRONICS UK LIMITED
               (Company No 00907125)

               EURODIS INFORMATION SYSTEMS LTD
               (Company No 01939200)

               EURODIS TEXIM ELECTRONICS BV
               (Company No 06049419)

               EURODIS TEXIM ELECTRONICS SA/NV
               (Company No 438268863)

Nature of Businesses: Distribution of Electronic Components

Address of Registered Office: Electron House, 43 London Road,
Reigate, Surrey RH2 9PW

Date of Appointment: July 26, 2005

Administrators' Names and Address: Neville Barry Kahn, Nicholas
Guy Edwards and Nicholas James Dargan, all of Deloitte & Touche,
PO Box 810, 66 Shoe Lane, London EC4A 3WA

                            *   *   *

Eurodis Electron Plc Group is a leading technical broadline
distributor, which provides high performance electronic
components and a range of technical and logistical services in
Europe.  Eurodis services with 16 companies over 18.000
electronic equipment manufacturers and commercial customers in
the European and World Wide market.  Visit
http://www.eurodis.com/for more information.

CONTACT:  EURODIS DISTRIBUTION SERVICES BV
          Elektrostraat 17
          NL-7483 PG Haaksbergen
          Netherlands
          Phone: +31 (0) 53 850 5050
          Fax: +31 (0) 53 850 5555
          E-mail: info@edis.eurodis.com

          EURODIS ELECTRONICS UK
          Dunscar House, Deakins Business Park,
          Blackburn Road, Egerton
          Bolton, Lancashire BL7 9RP
          United Kingdom
          Phone: +44 (0) 8707 550260
          Fax: +44 (0) 8707 550261
          E-mail: info@uk.eurodis.com

          EURODIS ELECTRON PLC
          Electron House
          43 London Road
          Reigate RH2 9PW
          Surrey, England
          Phone: +44 (0) 1737 242464
          Fax: +44 (0) 1737 229600
          E-mail: info@eurodis.com

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


EXPORTSPAS LIMITED: Administrators Enter Firm
---------------------------------------------
Name: EXPORTSPAS LIMITED
      (Company No 5117818)

Nature of Business: Import and Sale of Spas

Address of Registered Office: c/o Chantrey Vellacott DFK LLP,
Russell Square House, 10-12 Russell Square, London WC1B 5LF

Date of Appointment: July 22, 2005

Administrators' Names and Address: Kevin Anthony Murphy and
William John Turner (IP Nos 8349 and 9049), both of Chantrey
Vellacott DFK LLP, Russell Square House, 10-12 Russell Square,
London WC1B 5LF

CONTACT:  CHANTREY VELLACOTT DFK
          Russell Square House,
          10-12 Russell Square,
          London WC1B 5LF
          Phone: 020 7509 9000
          Fax: 020 7436 8884
          Web site: http://www.cvdfk.com


FERNDALE AGGREGATES: In Voluntary Winding-up
--------------------------------------------
At an Extraordinary General Meeting of Ferndale Aggregates, duly
convened, and held at the offices of Elwell Watchorn & Saxton
LLP, Cumberland House, 35 Park Row, Nottingham NG1 6EE, on 27
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, of Elwell Watchorn & Saxton LLP,
Cumberland House, 35 Park Row, Nottingham NG1 6EE, and
Christopher James Farrington, of Deloitte & Touche LLP, 1
Woodborough Road, Nottingham NG1 3FG, be and are hereby
appointed Joint Liquidators for the purposes of such winding-
up."

P J Tompkin, Director
CONTACT:  ELWELL WATCHORN & SAXTON
          Web site: http://www.ews-insolvency.co.uk


FIGARO INTERIORS: EGM Passes Winding-up Resolutions
---------------------------------------------------
At an Extraordinary General Meeting of Figaro Interiors Limited,
duly convened, and held at 17-19 Foley Street, London W1W 6DW,
on 28 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
Jason James Godefroy and Paul John Clark, of Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW, be and are
hereby appointed Joint Liquidators of the Company for the
purposes of the winding-up."

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

A Taylor, Chairman

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


FLIGHTLEASE HOLDINGS: Foreign Reps. Want Dr. Corti's Testimony
--------------------------------------------------------------
Stephen John Akers and Nick Stuart Wood of Grant Thornton UK
LLP, the foreign representatives and joint liquidators in the
voluntary liquidation of Flightlease Holdings (Guernsey) Limited
ask the U.S. Bankruptcy Court for the Northern District of
California for permission to question Dr. Mario Corti of Boston,
Massachusetts.

Flightlease AG, the parent company of Flightlease Holdings, and
various other entities in the SwissAir Group, commenced
insolvency proceedings in Switzerland in early October 2001.
The insolvency proceedings are supervised by the Royal Court of
Guernsey.

                    Dr. Corti's Involvement

The foreign representatives tell the Court that Dr. Corti's
testimony will aid them greatly in deciding which claims to
pursue against GATX Third Aircraft Corp. and its officers in
relation to a Joint Order Contract.

Dr. Corti served as Chairman and CEO of the SwissAir Group  when
Flightlease entered into a business agreement with GATX Third
Aircraft.

                     Joint Order Contract

The Debtor and GATX formed GATX Flightlease Aircraft Company
Ltd. to purchase commercial aircraft from Airbus, which GTAX
then would lease to SAir and other carriers.  In 1999, GTAX
executed an aircraft purchase agreement with Airbus.

On October 11, 2001, Airbus purported to terminate the Joint
Order Contract with GATX and the Debtor, in violation of its
terms.  Airbus has retained approximately $227 million in pre-
delivery payments that GTAX paid to Airbus under the Joint Order
Contract for undelivered aircraft.  GTAX ceased operations in
2001.

The foreign representatives consider whether the purported
termination of the Joint Order Contract and related events give
rise to significant claims against one or more parties that they
should pursue for the benefit of the Debtor's estate.

                      Discovery Process

In accordance with a Court order, the foreign representatives
examined several employees and former employees of GATX and
reviewed various documents in GATX's possession or control.
GATX and the foreign representatives agreed to conduct a
consensual discovery process.  As a result of the parties'
negotiations, the foreign representatives have only recently
completed the employees' depositions.

The foreign representatives are represented by:

          Timothy A. Miller, Esq.
          Kurt Ramlo, Esq.
          Skadden, Arps, Slate, Meagher & Flom LLP
          Four Embarcadero Center, Suite 3800
          San Francisco, California 94111-5974
          Tel: 415-984-6400

               - and -

          J. Gregory St. Clair, Esq.,
          Adlai S. Hardin III, Esq.,
          Skadden, Arps, Slate, Meagher & Flom LLP
          Four Times Square
          New York, NY 10036-6522
          Tel: 212-735-3000

               - and -

          Edward J. Meehan, Esq.
          Skadden, Arps, Slate, Meagher & Flom LLP
          1440 New York Avenue, NW
          Washington, DC 20005-2111
          Tel: 202-371-7000

Headquartered in Guernsey, Flightlease Holdings (Guernsey)
Limited is involved in various aspects of commercial and private
aircraft operation and leasing throughout the world.  The
Company filed a Section 304 petition on October 22, 2004 (Bank.
N.D. Calif. Case No. 04-32989).  Stephen John Akers and Nick
Stuart Wood, of Grant Thornton U.K. LLP, were appointed foreign
representatives and joint liquidators.  The petition disclosed
assets and liabilities of more than $100 million.


GRAYCO LIMITED: Members Apply for Winding-up Order
--------------------------------------------------
At an Extraordinary General Meeting of Grayco Limited, duly
convened, and held at the offices of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, on Thursday
21 July 2005, the following Resolutions were duly passed, as an
Extraordinary Resolution and as Ordinary Resolutions
respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, that
Robert Valentine and Mark Reynolds, of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, be appointed
Joint Liquidators of the Company for the purposes of the
voluntary winding-up, and that the Joint Liquidators be
authorized to act jointly and severally in the liquidation."

G Cleveley, Chairman

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


HERBIE FROGG: Goes into Liquidation
-----------------------------------
At an Extraordinary General Meeting of the Members of Herbie
Frogg (Bond St) Limited (Company No 03011367), Herbie Frogg
Limited (Company No 00966235) Herbie Frogg (London) Limited duly
convened, and held at Enterprise House, 21 Buckle Street, London
E1 8NN, on 19 July 2005, the following Resolutions were duly
passed, as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Melvyn Julian Carter and John Alfred George Alexander, of Carter
Backer Winter, Enterprise House, 21 Buckle Street, London E1
8NN, be and they are hereby appointed Joint Liquidators of the
Company for the purpose of the voluntary winding-up, to act
jointly and severally."

G G Klass, Director

CONTACT:  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


HILALL LIMITED: Bishop Fleming Administrators Enter Firm
--------------------------------------------------------
Name: HILALL LIMITED
      (Company No 05005144)

Nature of Business: Scaffolding Contractors

Trade Classification: 5

Date of Appointment: June 30, 2005

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

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


J. FITZGERALD: Appoints Begbies Liquidator
------------------------------------------
At an Extraordinary General Meeting of the Members of J.
Fitzgerald And Company Limited, duly convened, and held at the
offices of Begbies Traynor, No 1 Old Hall Street, Liverpool L3
9HF, on Friday 29 July 2005, the following Extraordinary
Resolution was duly passed:

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

J A R Fitzgerald, Director

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


JOE'S BASEMENT: In Voluntary Winding-up
---------------------------------------
At an Extraordinary General Meeting of Joe's Basement Limited,
duly convened, and held at 66 Wigmore Street, London W1A 3RT, on
18 July 2005, at 10:00 a.m., the following Resolutions were duly
passed, as an Extraordinary Resolution and as Ordinary
Resolutions respectively:

"That it had been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, that Nick
O'Reilly and Jonathan Birch, of Vantis Numerica, 66 Wigmore
Street, London W1A 3RT, be and are hereby appointed Joint
Liquidators for the purposes of such winding-up, and that
anything required or authorized to be done by the Joint
Liquidators be done by both or either of them."

At a subsequent Meeting of Creditors, duly convened, pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of Nick O'Reilly and Jonathan Birch was
confirmed.

M Forte, Chairman

CONTACT:  NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


KESHAN LIMITED: Liquidators from Begbies Move in
------------------------------------------------
At an Extraordinary General Meeting of the Members of Keshan
Limited, duly convened, and held at 5th Floor, Riverside House,
31 Cathedral Road, Cardiff, on 29 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
John W Davies and David Hill, of Begbies Traynor, 5th Floor,
Riverside House, 31 Cathedral Road, Cardiff CF11 9HB, be and
hereby are appointed Joint Liquidators of the Company for the
purpose of the voluntary winding-up, and any act required or
authorised under any enactment to be done may be done by any one
or more persons holding the office of Liquidator from time to
time."

W Allen, Chairman

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


LION CAPITAL: In Administrative Receivership
--------------------------------------------
Name: LION CAPITAL PARTNERS PLC
      (Reg No 03555345)

Nature of Business: Business and Management Consultancy

Trade Classification: 33

Date of Appointment of Joint Administrative Receivers: July 28,
2005

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

Joint Administrative Receivers: Andrew John Pepper and Alastair
Paul Beveridge (Office Holder Nos 009050 and 008991), both of
Kroll Limited, 10 Fleet Place Limited, London EC4M 7RB

CONTACT:  KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


LUTTERWORTH KITCHENS: Succumbs to Liquidation
---------------------------------------------
At an Extraordinary General Meeting of Lutterworth Kitchens,
Bathrooms & Plumbing Supplies Ltd., duly convened, and held at
Insol House, 39 Station Road, Lutterworth, Leicestershire LE17
4AP, on 28 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
Richard Frank Simms, of Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, be hereby appointed
Liquidator for the purposes of such winding-up."

J S Cartwright, Chairman

CONTACT:  F A SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: rsimms@fasimms.com


MARAWELL LIMITED: Liquidator Moves in
-------------------------------------
At an Extraordinary General Meeting of the Members of Marawell
Limited, duly convened, and held at 2 Mountview Court, 310
Friern Barnet Lane, Whetstone, London N20 0YZ, on 29 July 2005,
at 12:15 p.m., the following Extraordinary Resolution was duly
passed:

"That the Company cannot, by reason of its liabilities, continue
its business, and it is advisable to wind up the Company, and
accordingly that the Company be wound up voluntarily, and that
Freddy Khalastchi, of Harris Lipman, 2 Mountview Court, 310
Friern Barnet Lane, Whetstone, London N20 0YZ, is hereby
appointed as Liquidator of the Company for the purposes of the
voluntary winding-up."

At the subsequent Meeting of Creditors held at the same place on
the same day, the voluntary liquidation was confirmed by the
Creditors and the appointment of Freddy Khalastchi, of Harris
Lipman, 2 Mountview Court, 310 Friern Barnet Lane, Whetstone,
London N20 0YZ, as Liquidator, was ratified.

J Singh, Chairman

CONTACT:  HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


MARKS & SPENCER: Cuts Prices to Boost Sales
-------------------------------------------
Marks & Spencer Group plc has carried out aggressive price
cutbacks in an effort to recover from declining sales, said The
Telegraph.

The company has reportedly trimmed the prices of its ladieswear
clothing brands by 25%, which would likely add pressure on M&S'
biggest competitor Next.  Chief Executive Stuart Rose said M&S
had become uncompetitive in the past, despite its good-better-
best pricing scheme.  He vowed to change that as he noted that
average selling prices have dropped 6% since his appointment
last year.

Seymour Pierce analyst Rhys Williams said: "Looking around the
store, we see that M&S has reduced the price points of much of
its 'entry' category merchandise by around 25pc.  A dangerous
game unless one gets significantly enhanced volumes."

Meanwhile, a rival retailer described the move as a "high risk
strategy.  He said: "What will happen to your customers'
perceptions?  Will your premium customers be put off?  And
instead will you simply end up attracting Bhs and Primark
shoppers into M&S, who only buy the cheapest products?"

An M&S representative countered: "We have been making double
digit decreases where we feel that we need to. It's about
reacting to the market and making sure that customers get good
value at opening price points."

Earlier, The Guardian reported that M&S could benefit from the
collapse of the Littlewoods chain.  A survey by research group
TNS showed that about 17.5% of Littlewoods' customers will
transfer to M&S if the company closes; 5.2% will go to Bhs, and
another 3.3% to Next.

Last month, the company reported that U.K. Retail Sales for the
14 weeks to 9 July 2005 were down 3.1% in total, with General
Merchandise down 10.3% and Food up 5.0%.  Clothing was down 9.2%
and Home down 22.3%.  Like-for-like sales were down 5.4% in
total, with General Merchandise down 11.2% and Food up 0.7%.

Mr. Rose said: "While the trading environment remains very
challenging, better buying, stock and cost control should enable
us to make further progress."

CONTACT:  MARKS & SPENCER GROUP PLC
          Michael House
          47-67 Baker Street
          London
          England
          W1U 8EP
          Phone: +44 20 7935 4422
          Fax: +44 20 7487 2679
          Web site: http://www.marksandspencer.com


MG ROVER: Union Heads, Nanjing Officials Hold 'Positive' Talks
--------------------------------------------------------------
Labor union heads held Tuesday a "positive" first meeting with
officials of MG Rover's new owner Nanjing Automobile (Group)
Corporation, said Agence France-Presse.

Tony Woodley, general secretary of the Transport and General
Workers' Union, said: "Clearly we are looking for as many jobs
to return to Longbridge along with car making but there is much
to discuss."

Nanjing earlier revealed an agreement with GB Sports Car Company
to build sports cars at Longbridge, sparking hopes of the site's
revival.  It is said to be aiming at generating up to 2,000 jobs
in the U.K.

Last month, Nanjing fought off a competing bid by fellow Chinese
company, Shanghai Automotive Industry Corporation, paying over
GBP50 million for the assets of MG Rover and Powertrain.

Mr. Woodley said that they are looking forward to a partnership
between Nanjing and SAIC to revive production at MG Rover.  The
British carmaker succumbed to bankruptcy in April after it
failed to clinch an agreement with SAIC, leaving about 6,000
people jobless.

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

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


MICROEMISSIVE DISPLAYS: Japanese Client Goes Bust
-------------------------------------------------
MicroEmissive Displays Group plc has noted from the electronic
edition of the Nikkei newspaper that NHJ, a Japanese consumer
electronics company, filed for semi-voluntary bankruptcy in the
Tokyo district courts on 8 August 2005.

It was disclosed in MED's AIM admission document dated 23
November 2004, that the MED Group had received a purchase order
for 5,000 microdisplay modules from NHJ.  In MED's results for
the year to 31 December 2004, it was further noted that the
first customer application for MED's microdisplay is in an
ultra-compact USB-enabled Digital Still Camera to be introduced
by NHJ.   Further customer orders have since been received.

As announced on 3 June 2005, MED plans to ship product in Q4
2005.  MED is currently in discussion with a number of potential
customers; the demand from whom is expected to exceed the
capacity of MED's in house pilot manufacturing facility in
Edinburgh.

As it seeks to clarify the position with NHJ, MED has taken
immediate steps to advise customers of a potential increase in
scheduled product allocations.

                            *   *   *

In June, Microemissive Displays' co-founder and chief technical
officer Dr. Jeff Wright resigned.  Chief Executive Bill Campbell
said his departure, which he emphasized was reached "by mutual
consent," will not affect the production of its flagship
product: the micro-displays.

However, Mr. Wright's exit came following an announcement from
the company that volume production will be delayed by six
months.  A senior official at the company revealed that
Mr. Wright had become disillusioned with the company's failure
to develop a sustainable and effective manufacturing process.

In April, the company reported turnover for the year to 31
December 2004 was GBP12,443 (2003: GBP12,321).  Operating costs
in the year increased by GBP1.2 million (37%) to GBP4.4 million
(2003: GBP3.2 million) due to the expansion in MED's operating
activities following the completion during H1 2004 of its pilot
production line.  Costs incurred in the development of the
production process were a significant factor in the increase in
the loss for the year to GBP4.4 million (2003: GBP3.3 million).

CONTACT:  MICROEMISSIVE DISPLAYS PLC
          Scottish Microelectronics Centre
          West Mains Road
          Edinburgh
          EH9 3JF, United Kingdom
          Phone: +44-131-650-7764
          Fax: +44-131-650-7761
          E-mail: info@microemissive.com
          Web site: http://www.microemissive.com


M M P LOGISTICS: Members Opt for Liquidation
--------------------------------------------
At an Extraordinary General Meeting of the Members of M M P
LOGISTICS LIMITED, duly convened, and held at Crawfords, Stanton
House, 41 Blackfriars Road, Salford, Manchester M3 7DB, on 28
July 2005, the following Extraordinary Resolution was duly
passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
David Norman Kaye, of Crawfords, Stanton House, 41 Blackfriars
Road, Salford, Manchester M3 7DB, be and he is hereby nominated
Liquidator for the purposes of the winding-up."

Director
CONTACT:  CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: akachani@aol.com


MODULAR FLOORING: Flooring Specialist Calls in Administrators
-------------------------------------------------------------
Name: MODULAR FLOORING SOLUTIONS (UK) LIMITED
      (Company No 04430673)

Nature of Business: Manufacturing of Flooring

Address of Registered Office: c/o KPMG LLP, Corporate Recovery,
1 The Embankment, Neville Street, Leeds LS1 4DW

Date of Appointment: July 29, 2005

Administrators' Names and Address: Howard Smith and Richard
Dixon Fleming (IP Nos 9341 and 8370), both of KPMG LLP,
Corporate Recovery, 1 The Embankment, Neville Street, Leeds LS1
4DW.

                            *   *   *

Flooring specialist MFS (UK) Ltd. has been operating for over
100 years now.  Visit http://www.modularflooringsolutions.co.uk/
for more information.

CONTACT:  MODULAR FLOORING SOLUTIONS (UK) LIMITED
          Tithe Place
          Tithe Road
          Preston
          Kingston upon Hull HU12 8TP
          Phone: 0800 138 0969
          Fax: 01482 896748
          E-mail: info@modularflooringsolutions.co.uk

          KPMG LLP
          1 The Embankment
          Neville Street
          Leeds
          West Yorkshire LS1 4DW
          Phone: 0113 231 3332
          Fax: 0113 231 3183
          E-mail: richard.fleming@kpmg.co.uk


PIONEER BUILDING: Falls into Liquidation
----------------------------------------
At an Extraordinary General Meeting of Pioneer Building Services
Limited, duly convened, and held at ThorntonRones, First Floor,
167 High Road, Loughton, Essex IG10 4LF, on 29 July 2005, at
2:30 p.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
Richard Rones, of ThorntonRones, 167 High Road, Loughton, Essex
IG10 4LF, be appointed Liquidator of the Company for the
purposes of the voluntary winding-up."

H W Watson, Chairman

CONTACT:  THORNTONRONES
          1st Floor
          167 High Road
          Loughton
          Essex IG10 4LF
          Phone: 020 841 9333
          Fax: 020 8418 9444
          E-mail: info@thorntonrones.co.uk


ROBERT WISEMAN: To Buy Another Milk Business for GBP0.9 Mln
-----------------------------------------------------------
Robert Wiseman Dairies plc has agreed to acquire the trade and
certain assets of the fresh liquid milk business of Scottish
Milk Dairies Limited, a wholly owned subsidiary of First Milk
Limited.

The total cost of the acquisition will be circa GBP0.9 million
and is subject to an assessment of the volume of milk
transferring.  The consideration will be satisfied in cash.  It
is expected that the acquisition will complete in early
September.

SMD currently supply around 10 million liters per annum,
approximately 2% of the fresh liquid milk in Scotland, from
their dairy and depot in Hamilton, near Glasgow.  In the last
financial year, which ended 31 March 2005, the turnover of the
fresh liquid milk business of SMD amounted to GBP4.6 million.

Wiseman currently supplies around 1.3 billion liters and has 22%
of the market in Great Britain and views this as a strategic
acquisition that will benefit the business along with existing
and future customers.

John Duncan, Chief Executive of First Milk, said: "Wiseman has
invested over GBP60 million in its dairies, depots and fleet in
Central Scotland.  This investment is reflected in their
quality, customer service and product range.  I am sure that our
customers will benefit from the level of expertise and range of
products that Wiseman currently supplies to their customers."

Robert Wiseman, Chief Executive of Wiseman, said: "This
acquisition will complement our existing operations and enhance
efficiencies in Central Scotland.  Customer service and quality
of product remain our top priorities and I can assure all
customers of SMD that we are keen to serve them in the same way
that we serve all Wiseman customers."

                            *   *   *

In July, Chairman Alan Wiseman said: "We are pleased to report
that sales volumes in the first three months of the new
financial year are satisfactory and are 12% ahead of last year's
first quarter."

Robert Wiseman had a year of costly bidding wars with rivals
Dairy Crest, and Arla, who had consistently complained to the
competition watchdog about the group's dominance.  The firm also
lost a deal with Morrison last year.

It won new contracts from Tesco and Sainsbury, but the six-month
dry spell is believed to have reduced its milk production to
about 1.2 billion liters from 1.35 billion last year, according
to the report.  The worst result of the setback was the loss of
all businesses of its Scottish market.  Robert Wiseman was
reportedly mulling job cuts at the operation.

CONTACT:  ROBERT WISEMAN DAIRIES PLC
          Cairn Place
          Nerston Industrial Estate
          East Kilbride, G74 4NQ
          Strathclyde
          Phone: 01355 247777
          Fax: 01355 228181
          Web site: http://www.wiseman-dairies.co.uk


SHIPMANS ELECTRICAL: KPMG Administrators Enter Company
------------------------------------------------------
Name: SHIPMANS ELECTRICAL SERVICES LIMITED
      (Company No 03117879)

Nature of Business: Installation of Electrical Fittings

Address of Registered Office: KPMG LLP, St Nicholas House, Park
Row, Nottingham NG1 6FQ

Date of Appointment: July 29, 2005

Administrators' Names and Address: James Douglas Ernle Money and
Allan Watson Graham (IP Nos 8999 and 8719), both of KPMG LLP, St
Nicholas House, Park Row, Nottingham NG1 6FQ

CONTACT:  SHIPMANS ELECTRICAL SERVICES LTD
          1 The City, Beeston,
          Nottingham, Nottinghamshire NG9 2ED
          Phone: 01159256629

          KPMG LLP
          St Nicholas House
          Park Row
          Nottingham
          Nottinghamshire NG1 6FQ
          Phone: 0115 935 3535
          Fax: 0115 935 3500


STARTEL LIMITED: Appoints Joint Liquidators
-------------------------------------------
At an Extraordinary General Meeting of the Members of Startel
Limited, duly convened, and held at 62 Wilson Street, London
EC2A 2BU, on 27 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
Julie P Vahey and Graham P Petersen, of Benedict Mackenzie, 5-6
The Courtyard, East Park, Crawley, West Sussex, be and are
hereby appointed Joint Liquidators for the purposes of such
winding-up."

R D Harrison, Chairman

CONTACT:  BENEDICT MACKENZIE
          4 The Courtyard
          East Park
          Crawley
          West Sussex RH10 6AG
          Phone: 01293 410333
          Fax: 01293 428530
          E-mail: m.fillmore@benemack.com


THOMAS HARDY: Hires Liquidator from Deloitte & Touche
-----------------------------------------------------
At the extraordinary general meeting of Thomas Hardy Packaging
Limited, duly convened, and held at the offices of Osborne
Clarke, 2 Temple Back East, Temple Quay, Bristol BS1 6EG, on 29
July 2005, at 12:30 p.m., the following Resolutions were duly
passed, as a Special Resolution and as an Ordinary Resolution
respectively:

"That the Company be wound up voluntarily, and that Robin David
Allen and Andrew Philip Peters, of 3 Rivergate, Temple Quay,
Bristol BS1 6GD, be and are hereby appointed Joint Liquidators
of the Company."

P Ward, Chairman

CONTACT:  DELOITTE & TOUCHE LLP
          3 Rivergate,
          Temple Quay,
          Bristol BS1 6GD
          Web site: http://www.deloitte.com


TRAVELEX PLC: 'BB-' Ratings Withdrawn Following APAX Takeover
-------------------------------------------------------------
Standard & Poor's Rating Services withdrew its 'BB-' long-term
corporate credit and senior unsecured debt ratings on Travelex
PLC, the U.K.-based foreign exchange provider.

The rating withdrawal follows the mainly debt-funded purchase of
Travelex by APAX Capital Partners.  The purchase entails a new
capital structure.

Travelex has, therefore, deposited sufficient funds for
redemption of its GBP75 million bonds due 2010 with the bond
trustees.  Under the terms of the tender offer, bondholders have
until Sept. 5, 2005, to tender their bonds.  Travelex had no
other rated debt.

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


TUNED PROPERTY: HSBC Appoints Grant Thornton Receiver
-----------------------------------------------------
Name: TUNED PROPERTY MANAGEMENT LIMITED
      (Reg No 04399350)

Nature of Business: Property Holding Company

Address of Registered Office: 9 Hampshire Terrace, Portsmouth
PO1 2QF

Date of Appointment of Joint Administrative Receivers: June 25,
2005

Name of Person Appointing the Joint Administrative Receivers:
HSBC Bank Plc

Joint Administrative Receivers: Samantha Keen and Nigel Morrison
(Office Holder Nos 9250 and 8938), both of Grant Thornton UK
LLP, 31 Carlton Crescent, Southampton, Hampshire SO15 2EW

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


UNICORN MAIL: Hires Begbies Traynor as Administrator
----------------------------------------------------
Company Names: UNICORN MAIL MANAGEMENT LIMITED
               (Company No 3822728)

               UNICORN PRINT MANAGEMENT LIMITED
               (Company No 3681155)

Nature of Businesses: Mail and Print Management

Address of Registered Office: Regency House, 21 The Ropewalk,
Nottingham NG1 5DU

Date of Appointment: July 29, 2005

Administrators' Names and Address: Paul Finnity and Peter A.
Blair (IP Nos 8768 and 008886), both of Begbies Traynor, Regency
House, 21 The Ropewalk, Nottingham NG1 5DU

CONTACT:  UNICORN MAIL MANAGEMENT
          Unit 12 Easter Park,
          Lenton Lane, Nottingham,
          Nottinghamshire NG7 2PX
          Phone: 01158404151

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


VINYL JAPAN: EGM Passes Winding-up Resolutions
----------------------------------------------
At an Extraordinary General Meeting of Vinyl Japan (UK) Limited,
duly convened, and held at the offices of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, on Tuesday 26
July 2005, the following Resolutions were duly passed, as an
Extraordinary Resolution and as Ordinary Resolutions
respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Robert Valentine and Mark Reynolds, of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, be appointed
Joint Liquidators of the Company for the purposes of the
voluntary winding-up, and that the Joint Liquidators be
authorized to act jointly and severally in the Liquidation."

T Nakatani, Chairman

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


WINDOW & DOOR: Hires Begbies to Liquidate Assets
------------------------------------------------
At an Extraordinary General Meeting of the Members of Window &
Door Systems Ltd, duly convened, and held at Unit 2A, Two Gates
Industrial Estate, Watling Road, Tamworth, Staffordshire B77
5AE, 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 W
John Kelly and James P N Martin, of Begbies Traynor, 4th Floor,
Newater House, 11 Newall Street, Birmingham B3 3NY, be and
hereby are appointed Joint Liquidators of the Company for the
purpose of the voluntary winding-up, and any act required or
authorised under any enactment to be done may be done by any one
or more persons holding the office of Liquidator from time to
time."

B Richards, Chairman

CONTACT:  BEGBIES TRAYNOR
          Newater House
          11 Newhall Street
          Birmingham B3 3NY
          E-mail: birmingham@begbies-traynor.com
          Web site: http://www.begbies.com


                            *********


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
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Information contained herein is obtained from sources believed
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