TCREUR_Public/050812.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

            Friday, August 12, 2005, Vol. 6, No. 159

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Among Europe's Best, Survey Shows


C Z E C H   R E P U B L I C

VITKOVICE STEEL: Court Stops Sale to Evraz


G E R M A N Y

AGFAPHOTO GMBH: Insolvency Proceedings Begin
AIXTRON AG: Forecasts EUR15 Million Full-year Loss
EPCOS AG: Expects Another Full-year Operating Loss
FD FRANKISCHE: Fuerth Firm Falls into Bankruptcy
FEG HEIZFLACHEN: Creditors' Claims Due Later this Month

FJH AG: Guarantor of Convertible Bonds Sells Stake
FJH AG: To Implement Second Phase of Capital Hike
F.X. NACHTMANN: More Job cuts in Second Stage of Rehab
I.D. SYSTEMS: Court to Verify Claims Next Month
INSTITUT FUER BILDUNG: Under Bankruptcy Administration

JENOPTIK AG: Sales Slightly Down in First Half
KUENDGEN DUESSELDORF: Creditors to Meet October
P+S WOHNBAU: Erfurt Court Appoints Dr. R. Metzger Administrator
SAXONIA VERMOGENS: Proofs of Claim Due Later this Month
SCHULEIT + RICHTER: Creditors Meeting Set September

SGL CARBON: First-half Earnings Up
STEAG HAMATECH: Forecasts Operating Loss in 2005
THOMAS COOK: KarstadtQuelle Wants Total Control, Says Paper
TRUCK SERVICE: Court to Verify Claims December
TUSEM ESSEN: Handball Club Succumbs to Bankruptcy


H U N G A R Y

BORSODCHEM RT: Reports HUF9.4 Billion H1 Operating Profit
MAGYAR TELEKOM: Net Debt Up HUF59.4 Bln in First Half


I R E L A N D

ALITALIA SPA: Holders Okay Bond Restructuring
EUJET: Regulator Cancels License


I T A L Y

PARMALAT FINANZIARIA: Relisting Plan Receives Major Boost
PARMALAT FINANZIARIA: Prosecutor Quizzes Ex-BofA Executive


N E T H E R L A N D S

ROYAL SHELL: Royal Dutch to Delist from NYSE


R U S S I A

AGRO-PISHE-PROM: Insolvency Manager Enters Firm
ALLIANCE: Bankruptcy Hearing Set November
DELTACREDIT BANK: Moody's Rates Financial Strength D-
ELECTRO-MONTAZH-SPETS-STROY: Under Bankruptcy Supervision
ELECTRO-TRANSFORMER: Asset for Public Auction Next Week

FREIGHT AUTO-TRANSPORT: Declared Insolvent
KRASNOSELSKAYA-2: Deadline for Proofs of Claim Set Next Week
MAGNITOGORSKIY FACTORY: Names I. Fedurin Insolvency Manager
MALAKHOVSKOYE: Bankruptcy Supervision Procedure Begins
METROMEDIA INTERNATIONAL: Unit Wins Advanced Mobile License

NORILSK NICKEL: Rating Upgraded on Strong Financial Performance
VERKHNEKAMSKIY: Public Auction Set Next Week
ZHELING: Creditors Opt for Bankruptcy


S W I T Z E R L A N D

CONVERIUM HOLDING: Returns to Profit in Second Quarter


T U R K E Y

EREGLI DEMIR: Rated 'BB-' Due to Privatization Uncertainty
INSTAL LUBLIN: End of Insolvency Proceedings Seen by Month's End


U K R A I N E

AVM: Insolvency Manager Temporarily Takes over Operations
BRAVO GLASS: Declared Insolvent
DOBROTSUKOR: Kirovograd Court Opens Bankruptcy Proceedings
GAL-STAH: Falls into Bankruptcy
INTERPLAY LTD.: Declared Insolvent

INTERTEHSERVICE: Collapses into Liquidation
PODILLYA-KARPATI: Bankruptcy Proceedings Begin
SARDONIKS: Under Bankruptcy Supervision
SOLVI-SERVICE: Court Appoints Liquidator
TSAREKOSTYANTINIVSKA MACHINE: Bankruptcy Supervision Begins


U N I T E D   K I N G D O M

ABBEY NATIONAL: Decides to Wind up Subsidiaries
ATRR HOLDINGS: Hires Administrators from Begbies Traynor
BOO.COM: Multi-million-pound Debt Remains Outstanding
BRIGHTSTART BUILDERS: Winding-up Gets Go Signal
BRITWAVE COMPUTING: Files for Liquidation

BRUMM BRUMM: Court Issues Winding-up Order
BUILDING AND STRUCTURAL: Hires Grant Thornton Administrator
CAMDEN COACHES: Court Approves Liquidation
CHN MEDIA: Administrators from Tait Walker Move in
CHOCTAILS LIMITED: In Voluntary Liquidation

CHRISTCHURCH INTERNATIONAL: Crumbles into Liquidation
CITY PALLETS: Administrators from Kroll Take over Operations
CONNECT CORPORATE: Court Okays Liquidation
COPYCATS VIDEO: Names BDO Stoy Liquidator
DELHOUSE MARKETING: Opts for Liquidation

DEWSBURY RUGBY: Files Winding-up Petition
DRAX GROUP: To Decide on Amending Articles of Association Sept.
DRYNAN FLOORING: Court Okays Liquidation
EPISODE (GB): Retailer Calls in Administrators from Baker Tilly
FISHLIKE LIMITED: Diner Chokes, Leaves 25 Jobless

LAING INVESTMENTS: Liquidators from KPMG Move in
LIVERPOOL ARTS: EGM Passes Winding-up Resolutions
MISYS PLC: Disclosure of Share Awards, Options Delayed
NACHI (U.K.): Names Deloitte & Touche Liquidator
NASDAQ EUROPE: Hires KPMG to Liquidate Assets

NGS ELECTRICS: Appoints Poppleton & Appleby Liquidator
NTL INCORPORATED: Attracts Record 205,500 New Clients
PALACE MEWS: Calls in Liquidator
PREMIER SECURITY: In Voluntary Liquidation
PROFILE MEDIA: In Talks to Further Raise Equity Funding

RADAMEC GROUP: Baker Tilly Liquidators Enter Firm
REMA LIMITED: Liquidator from Begbies Traynor Moves in
RFIP SOLUTIONS: Members File for Liquidation
ROSEBRILLE LIMITED: EGM Passes Winding-up Resolution
SCENTSPIN LIMITED: Calls in Liquidator

SCOTTISH MUTUAL: Members Pass Winding-up Resolutions
SOLUZIONA LIMITED: Appoints Peters Elworthy & Moore Liquidator
S P CONSTRUCTION: Members Decide to Wind up Firm
STOCKBRIDGE AIRCO: Fan Manufacturer Calls in Liquidator
SULBROS INVESTMENTS: Appoints Joint Liquidators

TDL INFOMEDIA: Hires Norton Practice as Liquidator
THE GRAWEN: Hires Begbies Traynor as Liquidator
THE NETWORK: In Liquidation
TRAVELEX PLC: To Redeem GBP75 Mln Notes Next Month
VENUS AND MARS: Turns to Till Morris to Wind up Business

WARMWAYS HEALTHCARE: Members Opt for Winding-up
WEMBLEY PLC: U.S. Subsidiary Found Guilty of Fraud
WESTMINSTER S & D: Calls in Joint Liquidators
WOOLWORTHS GROUP: Littlewoods Shop Chairman Joins Board
WORLD OF MARBLE: Court Issues Winding-up Order

WREN VISION: Liquidator from Begbies Traynor Moves in
X50 LIMITED: Members Decide to Wind up Firm
Z M KNIGHT: Appoints Begbies Traynor Liquidator


                            *********


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


CYPRUS AIRWAYS: Among Europe's Best, Survey Shows
-------------------------------------------------
Loss-making Cyprus Airways (CAIR) has been adjudged one of the
best carriers in Europe, Financial Mirror says.

The Association of European Airlines (AEA), whose members include
the largest carriers in the continent, ranked CAIR seventh among
27 best airlines in Europe in terms of departing time and
passenger and cargo handling.

AEA data for April-June 2005 show that 78% of CAIR's 552 flights
departed on time.  AEA said this is better than most European
carriers known to provide high-level services.  CAIR also ranked
third in the luggage and passenger flow category.  The same data
reveal that around half a million passengers flew with CAIR in
the second quarter of 2005.  CAIR also posted low percentage of
luggage flow anomalies at 6.8% per thousand passengers.

CAIR has until next month to submit its recovery plan to the
government, which holds a 69.7% stake, and to the European
Commission.  CAIR plans to finance its restructuring through a
state-backed EUR51 million loan, which the Commission recently
approved.  CAIR has been racking up losses for years and in 2004
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


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


VITKOVICE STEEL: Court Stops Sale to Evraz
------------------------------------------
The privatization of Vitkovice Steel absorbed a major blow after
the regional court in Ostrava issued an injunction, freezing its
shares, Euro Online says.

According to the news agency, the order effectively stymies the
sale of the government's 99% stake to Russia's EvrazHolding,
which is offering CZK7.05 billion.

MP Consult, a former creditor of Vitkovice, sought the injunction
in relation to a complaint, questioning the previous sale of
Vitkovice to state-owned Osinek.  Osinek currently holds the 99%
stake of the government, which is the subject of another sale,
this time to Evraz.  Deputy Industry and Trade Minister Martin
Pecina said the government will appeal the injunction.

The government opened the bidding for Vitkovice in November,
attracting as much as 20 companies with offers ranging from CZK4
billion to CZK5 billion.  Only five eventually submitted firm
bids, but two were eliminated even if they had offered more
money.  Evraz outbid local steelmaker Trinecke Zelezarny, which
offered CZK7.07 billion, and System Capital Management, which
presented a CZK7.02 billion bid.

Considered the third-largest steelmaker in the country,
Vitkovice's heavy plates accounted for 85 percent of its 2003
sales.  It exports about two-thirds of its products mostly to
E.U. countries.  Employing 1,600 staff, it booked a profit of
CZK1.6 billion in 2004.

CONTACT:  VITKOVICE STEEL a.s.
          706 02 Ostrava
          Vitkovice
          Phone: +420 59 595 6306
                 +420 59 595 1111
          Fax: +420 59 595 6830
          Web site: http://www.vitkovicesteel.com

          EVRAZ HOLDING LIMITED LIABILITY COMPANY
          Ulitsa Dolgorukovskaya 15
          Moscow 127006.
          Phone: +7 (095) 234-4631
          Web site: http://www.evrazholding.ru


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


AGFAPHOTO GMBH: Insolvency Proceedings Begin
--------------------------------------------
AgfaPhoto GmbH has started insolvency proceedings, according to
Borsen Zeitung.  The deadline for submission of claims is Sept.
16, 2005.  A creditors meeting has been set for Oct. 11, 2005.

The company filed for insolvency at the district court of
Cologne late May.  Andreas Ringstmeier was appointed provisional
administrator.  The company blames the growing popularity of
digital photography, though there are suspicions management may
have engaged in financial fraud.  Mr. Ringstmeier had said seven
months ago the company only had EUR22 million in cash, but
management reported EUR72 million.

Finance director Marc M. Bamberger left the company after
AgfaPhoto's collapse.  His resignation came amidst a probe
launched by Cologne prosecutors to determine whether AgfaPhoto
executives are culpable of fraud or embezzlement.  He was
replaced by Hans-Gerd Jauch.  Mr. Jauch believes AgfaPhoto's
laboratory operations may be saved following talks with
investors.  About 707 of 1,787 jobs will be preserved.

AgfaPhoto, formerly owned by Agfa-Gevaert, is headquartered in
Leverkusen.  It manufactures photographic film, papers, chemicals
and disposable cameras.  It also offers online print service,
on-site processing, kiosk systems and wholesale finishing.  It
has 32 subsidiaries outsider Germany that are not affected by the
firm's insolvency.  The company owes money to suppliers and
pension security body Pensionssicherungsverein.

CONTACT:  AGFAPHOTO GERMANY GmbH
          Contact person: Ingbert Schmitz
          Im Mediapark 5
          D-50670 Koln
          Phone: +49 221 98544-3723
          Fax: +49 221 98544-3805
          Web site: http://www.agfaphoto.com/


AIXTRON AG: Forecasts EUR15 Million Full-year Loss
--------------------------------------------------
AIXTRON AG (FSE: AIX; ISIN DE0005066203; NASDAQ: AIXG), a leading
provider of deposition equipment to the semiconductor industry,
announced its financial results for the second quarter and six
months of 2005, ended June 30, 2005.

Aided by additional revenues from AIXTRON's recently acquired
subsidiary Genus, Inc., AIXTRON's revenues doubled quarter on
quarter to EUR44.4 million in the second quarter of 2005, and
rose by 33% compared with the second quarter of 2004.  In the
first six months of 2005, AIXTRON's revenues rose by 11% as
compared to the prior year comparable period, to EUR66.6 million.

AIXTRON's gross margin on sales declined to 26% in the second
quarter of 2005, compared with 38% in the previous quarter and
37% in the comparable prior-year period.  On a six-month basis,
AIXTRON recorded a gross margin on sales of 30% in the first half
of 2005, as compared to 36% in the first half of 2004.  AIXTRON's
gross margin was negatively affected by lower manufacturing
capacity utilization in AIXTRON's core compound semiconductor
business as well as changes to the Company's product and regional
revenue mix.

AIXTRON incurred a net loss after tax of EUR2.0 million in the
second quarter of 2005, representing a net loss per share of
EUR0.02.  The comparable figures for the first quarter of 2005
and the second quarter of 2004 were a net loss of EUR0.9 million
(EUR0.01 per share) and a net income of EUR0.7 million (EUR0.01
per share).  The Company incurred a net loss after tax of EUR2.9
million in the first half year of 2005, representing a net loss
per share of EUR0.03.  This compares to a net income of EUR1.2
million in the first six months of 2004, representing a net
income of EUR0.02 per share.

As of June 30, 2005, cash and cash equivalents amounted to
EUR41.5 million, as compared to EUR45.5 million as of December
31, 2004.  The decrease in cash and cash equivalents largely
resulted from net cash used in investing activities, including
purchases of fixed asset totaling EUR6.5 million and purchases of
intangible assets totaling EUR3.1 million as well as capitalized
acquisition payments totaling EUR4.3 million, less cash acquired
from Genus, Inc. amounting to EUR9.0 million.

The total value of equipment orders received in the six months
ended June 30, 2005 totaled EUR51.1 million, of which EUR28.4
million were related to the second quarter of 2005.  This
compares to equipment orders worth EUR67.0 million received in
the six months ended June 30, 2004, of which EUR36.9 million were
related to the second quarter of 2004.  The reduced order intake
was largely driven by generally low capital equipment spending
amongst LED manufacturers in that period, after significant
capacity build-ups in the second half of 2004.

The equipment order backlog as of June 30, 2005 totaled EUR52.5
million (including EUR10.3 million in deferred revenues for
shipped equipment awaiting final customer acceptance), as
compared to EUR52.5 million (including EUR15.9 million in
deferred revenues) as of December 31, 2004, and EUR73.6 million
as of June 30, 2004.

Operational Highlights in the Second Quarter of 2005

(a) AIXTRON's revenues in the second quarter of 2005 (in
    comparison to the first quarter of 2005 and the second
    quarter of 2004) were generated in the following regions:
    United States - 11% (24 and 10%), Asia - 71% (54 and 82%),
    and Europe - 18% (22 and 8%);

(b) Equipment sales generated 82% of consolidated total revenues
    in the second quarter of 2005, compared to 77% in the first
    quarter of 2005 and 81% in the second quarter of 2004.  The
    remaining revenues were provided by spare parts sales and
    service;

(c) AIXTRON's Research and Development (R&D) expenses for the
    second quarter of 2005 totaled EUR6.9 million (representing
    16% of revenues), as compared to EUR5.0 million (23% of
    revenues) in the first quarter of 2005 and EUR4.1 million
    (12% of revenues) in the second quarter of 2004;

(d) In the second quarter of 2005, AIXTRON completed the
    installation and hardware qualification of a Generation 1
    OVPD R&D tool at Philips Lighting, Aachen, for the
    development of novel large-area white OLEDs;

(e) Additionally, in the second quarter of 2005 AIXTRON
    completed the hardware installation and process
    qualification of a 200/300 mm multi-chamber Tricent tool at
    IMEC, a world-leading independent research center in
    nanotechnology.  The installation of this tool, which
    utilizes AIXTRON's Atomic Vapor Deposition (AVD) technology,
    marks an important milestone in IMEC's research efforts to
    develop innovative gate electrodes for sub-45 nanometer CMOS
    transistors; and

(f) As of June 30, 2005, the AIXTRON Group had 629 employees
    worldwide.  This compares to 443 AIXTRON employees worldwide
    as of December 31, 2004.  The increase in global headcount
    is largely due to the acquisition of Genus, Inc.  The
    AIXTRON Group's and AIXTRON's, respectively, employees as of
    June 30, 2005 and December 31, 2004, respectively, were
    located int the following regions: United States - 26% (6%),
    Asia - 11% (8%), and Europe - 63% (86%).

Management Review

Paul Hyland, Chief Executive Officer at AIXTRON, commented: "We
are pleased to report that AIXTRON's second quarter 2005 revenues
doubled as compared to the first quarter of 2005 and increased by
33% as compared to the second quarter of 2004.  While a large
share of this increase is attributable to additional silicon
semiconductor business generated by Genus, Inc., we are seeing a
continued absorption of the recently installed compound
semiconductor equipment capacities, but continue to see
relatively low current customer equipment spending in our core
compound semiconductor equipment business.  As a result, on a
'like-for-like' basis, AIXTRON's systems order intake was lower
in the second quarter and the first six months of 2005 than in
the comparable periods last year, although this comparative
shortfall was supplemented by the additional system orders taken
in the second quarter of 2005 by Genus, Inc."

Hyland continued: "These figures reinforce our belief that our
strategy to diversify our core competency in complex materials
deposition into new markets such as silicon and organic
semiconductors is a sensible approach to reduce the effects of
market volatility and to provide a platform for long-term growth.
Through the acquisition of Genus, Inc., in the first quarter of
2005, we have gained commercial access to the silicon
semiconductor equipment market.

"In the subsequent second quarter of 2005 we have reached further
important milestones in establishing AIXTRON as a significant
player in the new end application markets we are targeting: Our
organic semiconductor team has completed the installation and
hardware qualification of a Generation 1 OVPD research and
development tool at Philips Lighting for the development of novel
large-area organic light emitting diodes (OLEDs), and our silicon
semiconductor team has completed the hardware installation and
process qualification of a 200/300mm multi-chamber Tricent tool
at IMEC for the development of innovative gate electrodes for
sub-45nm CMOS transistors.  This is encouraging progress in our
aim to develop our diversification strategy."

Business Outlook

AIXTRON believes that the business climate may remain difficult
for the remainder of 2005, with a possible pick-up in business
activity in the second half of 2005.  Assuming a pick-up in order
intake in the course of the second half of 2005, the Company
revises its forecast for total revenues in 2005 down from a range
of approximately EUR160 million to EUR170 million previously to a
range of approximately EUR150 million to EUR160 million now, with
a net loss for 2005 still in the range of approximately EUR10
million and EUR15 million.

Whilst the Company continues to believe that its pre-acquisition
core business will break even on the predicted sales revenues in
2005, a combination of the predicted effect of an anticipated
decline in the EUR/ $ exchange rate as well as the
post-acquisition adjustments at Genus, Inc.  related to the
amortization of intangible assets and development cost expensing
lead to the net loss guidance.

About AIXTRON

AIXTRON AG (FSE: AIX, ISIN DE0005066203; NASDAQ: AIXG, ISIN:
US0096061041) is a leading provider of deposition equipment to
the semiconductor industry.  A diverse range of customers uses
the Company's technology solutions worldwide to build advanced
components for electronic and opto-electronic applications based
on compound, silicon, or organic semiconductor materials.  Such
components are used in fiber optic communication systems,
wireless and mobile telephony applications, optical and
electronic storage devices, computing, signaling and lighting, as
well as a range of other leading-edge technologies.  AIXTRON AG's
securities are listed on the Prime Standard market segment of the
Frankfurt Stock Exchange and, as American Depositary Shares
(ADS), on NASDAQ, and are included in the TecDAX index, the
NASDAQ Composite Index and the MSCI World Small Cap Index.
Founded in 1983, the Company is headquartered in Aachen, Germany.

CONTACT:  AIXTRON AG
          Kackertstr. 15 - 17
          D - 52072 Aachen
          Phone: +49 (241) 8909-0
          Fax: +49 (241) 8909-40
          E-mail: info@aixtron.com
          Web site: http://www.aixtron.com

          Investor Relations and Corporate Communications:
          Phone: +49-241-8909-444
          Fax: +49-241-8909-445
          E-mail: invest@aixtron.com


EPCOS AG: Expects Another Full-year Operating Loss
--------------------------------------------------
Electronic components maker Epcos AG expects to end financial
year 2004-2005 on Sept. 30 with another loss, Borsen Zeitung
says.

Although it sees a positive EBIT in the fourth quarter, it is not
enough to offset the EUR26 million loss in the first nine months
of the fiscal year.  In the third quarter alone, the group saw an
11% drop in turnover to EUR310 million and an 8% slide in order
bookings to EUR304 million, leading to -EUR1 million EBIT.

Epcos is Europe's No.1 and the world's No.2 manufacturer of
passive electronics equipment.  With around 15,600 people across
Europe, North and South America and Asia-Pacific region, Epcos is
organized into four business segments: Capacitors, Ceramic
Components, SAW Components, Inductors and Ferrites.  The company
focuses on the key markets of automotive, industrial and consumer
electronics as well as information & communications.  In 2004,
the group booked EUR49 million in net income from EUR1.39 billion
in revenues.

CONTACT:  EPCOS AG
          St Martin Strasse 53
          81669 Munich
          Phone: +49 89 636 229 88
          Fax: +49 89 636 235 49
          Web site: http://www.epcos.com


FD FRANKISCHE: Fuerth Firm Falls into Bankruptcy
------------------------------------------------
The district court of Fuerth opened bankruptcy proceedings
against FD Frankische Druckguss GmbH & Co KG on July 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 31, 2005
to register their claims with court-appointed provisional
administrator Peter Engelmann.

Creditors and other interested parties are encouraged to attend
the meeting on August 18, 2005, 1:00 p.m. at the district court
of Fuerth, Zi. 216/II, Dienstgebaude Baumenstrasse 28, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report on October 24, 2005, 2:00
p.m. at the same venue.

CONTACT:  FD FRANKISCHE DRUCKGUSS GmbH & Co KG
          Boxdorfer Str. 25 in 90765 Fuerth

          Peter Engelmann, Administrator
          Archivstrasse 3, 90408 Nuernberg
          Phone: 0911/5978122
          Fax: 0911/5978144


FEG HEIZFLACHEN: Creditors' Claims Due Later this Month
-------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against FEG Heizflachen Reinigungsanlagen GmbH on July 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 31, 2005
to register their claims with court-appointed provisional
administrator Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting on September 27, 2005, 9:50 a.m. at the district
court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, 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:  FEG HEIZFLACHEN REINIGUNGSANLAGEN GmbH
          Gottlieb-Daimler-Strasse 7, 45711 Datteln
          Contact:
          Britta Frose, Manager

          Ulrich Zerrath, Administrator
          Lange Wanne 57, 45665 Recklinghausen
          Phone: 02361 / 48840
          Fax: 48 8499


FJH AG: Guarantor of Convertible Bonds Sells Stake
--------------------------------------------------
Munich-based private investor and IPO adviser Karl-Friedrich
Kalmund has sold his 15.8% stake in troubled software group FJH
AG, Borsen Zeitung says.

Mr. Kalmund received the shares free-of-charge from board member
Michael Junker and former chairman Manfred Feilmeier five weeks
ago, as part of the group's restructuring and refinancing program
aimed at turning the business around by 2006.  The profit from
the sale is believed to be the consideration for Mr. Kalmund for
agreeing to guarantee FJH's convertible bond and capital hikes.
Following the sale, Mr. Kalmund's stake was reduced to 4.16%.

FJH said in a statement it would implement the second phase of
its capital hike next week.  The group plans to up its capital,
which currently stands at EUR9 million, by EUR1.3 million via a
rights issue.  The subscription period starts on August 19 and
ends on September 2.

The group's troubles began in late 2003, when FJH's management
allegedly "glossed over" its accounts.  Subsequently, FJH saw
turnover and orders drop, forcing it to twice cancel the
presentation of its 2004 results.  The group finally published
the 2004 accounts in June, which detailed a EUR123 million
operating loss.

CONTACT:  FJH AG
          Leonhard-Moll-Bogen 10
          81373 Munich
          Phone: +49 (0) 89 769 01 - 144
          Fax: + 49 (0) 89 743 717 31
          Web site: http://www.fjh.com


FJH AG: To Implement Second Phase of Capital Hike
-------------------------------------------------
The Executive Board of the Prime Standard listed consulting and
software company, FJH AG (ISIN DE0005130108), has resolved to
implement another part of the already announced capital increase
within the scope of the overall financing concept.

The subscription period will begin on August 19, 2005 and end on
September 2, 2005.  The current authorized capital of the company
of EUR9,041,999 will be increased in partial utilization of the
authorization under the approved Capital I and in full
utilization under the approved Capital II by up to EUR1,228,001.

Accordingly, 1,228,001 new non-par-value bearer shares will be
issued with a subscription right at a price of EUR2.20. The
subscription ratio is 15:2, trade in subscription rights will not
take place.  The part of the capital increase, which shareholders
do not subscribe is guaranteed by an investor.

From this corporate action, EUR2.7 million will flow to the
company.  The remaining part of the announced capital increase
will be implemented over the course of the year.  With this
allocation, the company is ensuring a continuous inflow of
capital, further strengthening the capital base for the
restructuring of the company and improving its equity
capitalization.

Munich, 8 August 2005

CONTACT:  FJH AG
          Leonhard-Moll-Bogen 10
          81373 Munich
          Phone: +49-(0)89-769-01-517
          Fax: +49-(0)89-769-01-606
          Web site: http://www.fjh.com

          Martina Fassbender
          E-mail: martina.fassbender@fjh.com


F.X. NACHTMANN: More Job cuts in Second Stage of Rehab
------------------------------------------------------
Crystal glassmaker Nachtmann does not rule out further job
losses, as it tries to stay in business amid falling revenues,
Suddeutsche Zeitung says.

The company has just completed the first stage of a restructuring
program prepared by Austrian parent Riedel Glass Works.  The
second stage will be implemented within the next 18 months and
will result in the reduction of its product range by 50% to
1,500.

For the fiscal year 2004/2005 ending June 30, Nachtmann booked a
EUR4.5 million net loss, blamed on falling revenues and
extraordinary restructuring costs.  Operating loss came to EUR.05
million from EUR1.6 million last year.  Turnover reached EUR114
million, down from EUR124 million, a drop that could have been
worse had Riedel not outsourced production of majority of its
goods to Nachtmann.

Founded in 1834, Nachtmann is one of the oldest lead crystal
manufacturer employing around 1,650 people.

CONTACT:  F.X. NACHTMANN BLEIKRISTALLWERKE GmbH
          Zacharias-Frank-Str. 7
          92660 Neustadt/WN
          Phone: +49-9602-30-1176
          Web site: http://www.nachtmann.com


I.D. SYSTEMS: Court to Verify Claims Next Month
-----------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against I.D. Systems Aktiengesellschaft fuer
Identifikationssysteme on July 22.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 9, 2005 to register their claims
with court-appointed provisional administrator Dr. Winfrid
Andres.

Creditors and other interested parties are encouraged to attend
the meeting on September 16, 2005, 8:00 a.m. at the district
court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, at which time the administrator
will present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report on September 30, 2005, 8:00 a.m. at the same venue.

CONTACT:  I.D. SYSTEMS AKTIENGESELLSCHAFT
          FUER IDENTIFIKATIONSSYSTEME
          Emanuel-Leutze--Str. 4, 40547 Duesseldorf
          Contact:
          Alexander Glasmacher

          Dr. Winfrid Andres, Administrator
          Neuer Zollhof 3, 40221 Duesseldorf


INSTITUT FUER BILDUNG: Under Bankruptcy Administration
------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Institut fuer Bildung, Beratung und
Sozialmanagement GmbH on July 13.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 1, 2005 to register their claims
with court-appointed provisional administrator Dr. Stephan
Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting on September 28, 2005, 9:30 a.m. at the district
court of Halle-Saalkreis, Saal 1043, 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:  INSTITUT FUER BILDUNG, BERATUNG
          UND SOZIALMANAGEMENT GmbH
          Marienmauer 16, 06618 Naumburg
          Contact:
          Christian Best, Manager

          Dr. Stephan Thiemann, Administrator
          Schorlemmerstr. 2, 04155 Leipzig
          Phone: 0341/4903650
          Fax: 0341/4903699


JENOPTIK AG: Sales Slightly Down in First Half
----------------------------------------------
Order situation remains stable at high level.  Equity ratio rises
to more than 25%.  Jenoptik Group sales, once adjusted for
comparison, remained stable within the same range as the first
half of 2004 with a strongly improved operating income.  Sales
came to EUR895.1 million, following EUR1,016 million over the
first half of 2004, which had included around EUR140 million from
M+W Zander Gebaudetechnik GmbH, a majority of which was sold at
the end of 2004.

The Jenoptik Group completed the first half of 2005 with EUR21.1
million in the result from operating activities, a great
improvement over EUR35.9 million in the first half of 2004,
taking into account EUR26 million in one-off effects.  (This
figure includes the sale of the group's interest in SC300 and a
project building in Singapore, together totaling EUR36 million,
minus EUR10 million for restructuring expenditure in the
Gebaudetechnik subsidiary.)  There were no such one-off effects
in the first half of 2005.

Net investment income improved from -EUR3.7 million in the first
half of 2004 to -EUR2.9 million, chiefly due to positive income
at DEWB AG over the first half 2005.  Net interest income came
to -EUR13.1 million (2004: -EUR19.1 million) largely reflecting
interest expenses for both of the group's bond issues.  The
figure also improved as the result of leasing obligations from a
long-term general rental agreement that were redeemed at the end
of 2004, followed by the payment of bank credits.

Income taxes totaled EUR4.2 million (2004: EUR6.7 million) and
mainly derived from the group's foreign subsidiaries.  Deferred
taxes with no effect on cash flow came to EUR0.1 million (2004:
EUR0.9 million).  Earnings after tax were positive at EUR0.8
million (2004: EUR5.5 million).  In light of the positive one-off
effects in 2004 (about EUR26 million at EBIT level), this
year-on-year difference of less than EUR5 million in the income
for the period represents an improvement in the group's operating
income situation.

Order Situation Remains at High Level

Jenoptik's order volume has stabilized at a high level since the
beginning of the current fiscal year, with order intake and
backlog rising, once adjusted for comparison.  The group received
EUR1,321.5 million in orders over the first half of 2005.  (2004:
EUR1,403.4 million, of which approx. EUR300 million
Gebaudetechnik).  Group order backlog reached EUR2,311.2 million
as of June 30, 2005, roughly the same amount as a year before,
when adjusted (2004: EUR2,707.3 million, of which EUR350 million
Gebaudetechnik).  The rise in order backlog from December 31,
2004 to June 30, 2005 was particularly impressive.

Shareholders' Equity and Equity Ratio Up

The Jenoptik Group began its second half with an equity ratio of
25.1 percent.  Shareholders' equity rose from EUR369.0 million at
the end of 2004 to EUR379.0 as of June 30, chiefly the result of
a rise in the value of PVA TePla AG, a company in which Jenoptik
holds a minority interest.  The Jenoptik Group's short-term debt
fell by nearly EUR100 million.  This strong reduction is mainly
attributable to sales tax payments and the reduction in trade
accounts payable.  The rise in net debt from EUR238.8 million at
the end of 2004 to EUR352.1 million as of June 30, 2005 was the
result of the acquisition of the remaining 30.9 percent of shares
in M+W Zander D.I.B.  Facility Management GmbH, the purchases of
Photonic Sense and Kramer Scientific Instruments, both minor
Photonics affiliates, high sales tax payments, and the interim
financing of the strong reduction in trade accounts payable.

Jenoptik Projects Operating Income at Last Year's High Level

Jenoptik Group sales are expected to return to between EUR1.9 and
EUR2.1 billion for the entire fiscal year 2005, roughly the
figure achieved in 2004, when adjusted for the sales of the
Gebaudetechnik subsidiary.  The group is planning to achieve an
operating EBIT figure of between EUR60 and EUR70 million.  The
executive board is currently looking into ways to plan the
separation of the M+W Zander Group from JENOPTIK AG, which will
lead to expenditures within the one-digit million-euro range over
the second half.  Income and expenditures from the possible sale
of M+W Zander and costs connected with restructurings are, as
one-off effects, excluded from operating income projections.

Information concerning the two business divisions:

(a) M+W Zander operative income up; record order intake.
    The M+W Zander Group reached EUR700.5 million in sales in
    the first half of 2005, roughly matching the adjusted sales
    figure for the first half of 2004 (2004: EUR839.4 million,
    of which approximately EUR140 million Gebaudetechnik).  Both
    the Facility Engineering business area and the Facility
    Management business area achieved virtually the same sales
    figures as in 2004.  The result from operating activities
    came to EUR8.5 million (2004: EUR21.7 million), a clear
    improvement after adjustment, as the Jenoptik Group's EUR26
    million in positive one-off effects all affected M+W Zander.
    Income from M+W Zander Gebaudetechnik GmbH is no longer
    included in the M+W Zander sub-group EBIT, but entered
    proportionately into accounts as income from investments.
    The M+W Zander Group achieved EUR1,079.6 million in order
    intake, a new record surpassing the first half of 2004, once
    corrected for comparison (2004: EUR1,168.9 million, of which
    approximately EUR300 million Gebaudetechnik).  In addition
    to the large amount of Facility Engineering orders from the
    electronics industry, Facility Management received a much
    higher order volume than during last year's first half.  The
    M+W Zander's order backlog totaled EUR1,866.7 million as of
    June 30, 2005 (June 30, 2004: EUR2,281.8 million, of which
    approximately EUR350 million Gebaudetechnik), roughly the
    same amount as last year, when adjusted for comparison.  M+W
    Zander foresees sales of between EUR1.5 and EUR1.7 billion
    for the entire fiscal year 2005, of which EUR400 million is
    expected to derive from the Facility Management business
    area.  The EBIT margin is projected at between 1.8 and 2.5
    percent for Facility Engineering, and between 3.0 and 3.5
    percent for Facility Management.

(b) Photonics improving in all four key figures.
    The Photonics business division saw increases in sales,
    result from operating activities, order intake, and order
    backlog.  Sales rose 13.9 percent to EUR193.0 million (2004:
    EUR169.4 million), solely due to organic growth.  This sales
    rise was reflected all throughout the Photonics Group, but
    in the traffic safety and plastic optics units in
    particular.  Operating income rose over the first half of
    2005 by 16.5 percent to EUR14.8 million (2004: EUR12.7
    million).  Photonics order intake increased by 5.4 percent
    to EUR240.2 million (2004: EUR227.8 million), beginning the
    second half with an order backlog of EUR444.5 million (June
    30, 2004: EUR426.5 million).  Photonics sales for the entire
    year are expected to reach between EUR385 and EUR400
    million, reflecting strong organic growth.  The Photonics
    business division has again set its EBIT margin goal at
    between 9 and 10 percent.

The full copy of this press release is available free of charge
at http://bankrupt.com/misc/JenoptikAG(H12005).pdf.

CONTACT:  JENOPTIK AG
          Katrin Lauterbach
          Public Relations
          Phone: +49 3641 65-2255
          Fax: +49 3641 65-2484
          Web site: http://www.jenoptik.com/


KUENDGEN DUESSELDORF: Creditors to Meet October
-----------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Kuendgen Duesseldorf Real Estate 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, 9:20 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:  KUENDGEN DUESSELDORF REAL ESTATE GmbH
          Holzdamm 28-32, 20099 Hamburg
          Contact:
          Klaus Kragel

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


P+S WOHNBAU: Erfurt Court Appoints Dr. R. Metzger Administrator
---------------------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against P+S Wohnbau GmbH on July 18.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 1, 2005 to register their claims
with court-appointed provisional administrator Dr. R. Metzger.

Creditors and other interested parties are encouraged to attend
the meeting on September 20, 2005, 10:30 a.m. at the district
court of Erfurt, Justizzentrum, Rudolfstr. 46, 99092 Erfurt, Saal
12, 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:  P+S WOHNBAU GmbH
          Contact:
          Horst Wilhelm Schubart, Manager
          99610 Sommerda

          Dr. R. Metzger, Administrator
          Steigerstr. 30, 99096 Erfurt


SAXONIA VERMOGENS: Proofs of Claim Due Later this Month
-------------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against Saxonia Vermogens- und Immobilien Treuhand GmbH 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, 9:45 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:  SAXONIA VERMOGENS- UND IMMOBILIEN TREUHAND GmbH
          Corona-Schroter-Str. 33, 03172 Guben
          Contact:
          Ulrich Herbert, Manager

          Rolf-Dieter Klein, Administrator
          Schillerstrasse 58, 03046 Cottbus


SCHULEIT + RICHTER: Creditors Meeting Set September
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Schuleit + Richter GmbH on July 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 19, 2005
to register their claims with court-appointed provisional
administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on September 7, 2005, 9:30 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on December 12,
2005, 9:30 a.m. at the same venue.

CONTACT:  SCHULEIT + RICHTER GmbH
          Reisstr. 22,13629 Berlin

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


SGL CARBON: First-half Earnings Up
----------------------------------
SGL Carbon was able to boost consolidated sales due to the strong
development of demand in all three business areas by 14.0% from
EUR453.0 million in H1/2004 to EUR516.4 million in H1/2005.
Adjusted for foreign currency changes, sales increased by 15.9%.
EBIT increased by a disproportionately higher rate than sales
from comparable EUR41.8 million the previous year to EUR53.8
million.  This corresponds to a 28.7% increase despite a
first-time charge due to share-based remuneration of
approximately EUR4 million.  The principal causes for the growth
in earnings were the ongoing favorable developments in Carbon and
Graphite, the earnings turnaround in Process Technology, the
breakeven result achieved by SGL Technologies in Q2, and cost
savings of approximately EUR10 million in H1/2005.

Net financing costs

First half-year net financing costs improved from EUR-31.4
million in 2004 to -EUR27.8 million in 2005.  The net interest
expense decreased during the first half of the year by EUR0.8
million to EUR14.6 million over the same period of the previous
year due to the lower level of net debt.  In addition, non-cash
interest expenses in connection with the antitrust proceedings
declined from EUR3.4 million in the first half of 2004 to EUR2.6
million in H1/2005.

Profit before and after tax

Profit before income taxes amounted to EUR26.0 million, compared
with EUR10.4 million in H1/2004.  With a tax rate of
approximately 44%, consolidated net profit in H1/2005 doubled
from EUR7.0 million the previous year to EUR14.5 million.  Taking
into consideration the loss from the Surface Protection business,
profit after tax rose from EUR0.3 million in the first half of
2004 to EUR14.5 million during the same period of 2005.  Earnings
per share thus amounted to EUR0.25, compared with the reported
figure of -EUR0.06 and a comparable figure of EUR0.01 in H1/2004.

Statement of Changes in Consolidated Equity

With equity up by EUR29 million from EUR282 million on December
31, 2004 to EUR311 million on June 30, 2005, the equity ratio
improved from 21.4% to 24.3%.  Excluding assets and liabilities
related to the Corrosion Protection business in the balance sheet
as of December 31, 2004, the equity ratio increased from 22.5% to
24.3%.  When the EUR50 million convertible bond issue, which
becomes due in September 2005, is deducted from total assets as
of the end of June 2005, a 25.3% pro forma equity ratio results.

Corporate Costs

Corporate costs rose from -EUR9.9 million in the first half of
2004 to EUR-13.8 million in the first half of 2005.  This was
primarily attributable to expenses in connection with the
implementation of the Sarbanes-Oxley Act as well as the first
time inclusion of share based remuneration components under the
provisions of IFRS 2 beginning on January 1, 2005, which was not
undertaken in the previous year.

Employees

The number of employees in the Group remained virtually unchanged
at 5,097 compared with a total of 5,091 at the end of March 2005,
thereby remaining below the level of 5,109 at the end of December
2004.

                        Segment Reporting

Carbon and Graphite (CG)

Sales increased by 14.3% to EUR311.1 million in the first half of
2005.  Adjusted for foreign currency changes, the growth was
16.9%.  Due to the continuing high demand for graphite electrodes
and the high capacity utilization at all the plants as well as to
price increases and ongoing cost reduction measures, EBIT
amounted to EUR60.3 million during the reporting period, up by
32.8% over the previous year's figure of EUR45.4 million.  The
return on sales improved to over 19%, compared with just under
17% in the first half of 2004 (EBIT margin in Q2/2005: 20.0%;
Q1/2005: 18.7%).  The average price for graphite electrodes
increased by 12% in USD terms and by 4% in EUR terms versus
H1/2004.  Total shipments amounted to 110,000 metric tons in the
first half of 2005, 10% higher than in the first half of the
previous year.  As expected, raw material and energy costs
increased by nearly 10%.  Due to seasonally lower volumes, we are
projecting the Q3/2005 EBIT slightly lower than in Q2/2005
(EUR33.6 million), but in excess of the previous year's Q3 figure
of EUR25.5 million.

Specialties (S)

Due to the integration of Process Technology (PT) into the
Graphite Specialties Business Area (GS), we have renamed this
area of business "Specialties" (S).

Thanks to a very good development of the U.S.  business and PT's
planned project launch in Q2/2005, sales increased by 7.2% to
EUR123.6 million versus H1/2004; growth of 7.7% was posted after
adjusting for foreign currency changes.  The rise in sales was
modest for GS and substantial for PT.  Whereas EBIT of GS was
still below the strong previous year's figure, PT already
recorded an improved result in the first half-year compared with
the year earlier period.  EBIT for the overall Specialties
Business Area in the first half-year amounted to EUR7.9 million,
which due to the weak Q1/2005 was still EUR2.3 million below the
figure for H1/2004.  However, with EBIT of EUR6.6 million, the
Q2/2005 result was already one-third higher than in Q2/2004, with
PT contributing to that growth.  From Q3/2005 onwards, the
ongoing favorable sales trend will be further reflected in the
EBIT of S, which will result in a significant double-digit
improvement over Q3/2004.

SGL Technologies (SGL T)

Due to strong demand for Fibers, Composites and Brakes, sales
rose by 24.8% to EUR80.5 million.  After adjusting for foreign
currency changes, growth amounted to 26.2%.  EBIT totaled EUR-0.6
million in the first half of 2005, compared with EUR-3.9 million
in the first half of the previous year, thereby reaching
breakeven for the first time in Q2/2005.  This satisfying
development should continue in Q3/2005, with the increase in
sales remaining below the growth in H1/2005 due to the high
comparable figure in Q3/2004 but still continuing to exceed 10%.

Since the June 7, 2005 announcement of SGL Carbon entering a
cooperation agreement with AUDI for the development of the
carbon-ceramic brake disc, the appropriate bodies have since
granted the necessary approvals and the agreement has received
its notarial certification.  With the official cooperation
agreement coming into force on July 28, 2005, SGL Carbon will in
Q3/2005 receive a low double-digit million amount payment as
compensation for product and process development services already
rendered and still to be provided.  After offsetting these
development costs from the received payment, a one-time medium
single digit million amount is expected as positive earnings
effect on EBIT in Q3.

Outlook

Due to the typical seasonality, SGL Carbon expects slightly
weaker sales and EBIT in Q3/2005 versus Q2/2005.  Compared with
Q3/2004, however, marked growth of approximately 10% is
anticipated for sales and a further disproportionate improvement
of up to 50% for EBIT.  For the year as a whole, the Company is
forecasting an increase in consolidated sales of between 5% and
10%, a disproportionate growth in EBIT, and a positive after-tax
result.  The USD currency risk is hedged for fiscal year 2005 due
to existing hedging transactions.  Net financial debt should be
less than EUR300 million at year-end 2005 (2004 yearend: EUR321
million) due to the significant positive free cash flow expected
until the end of this year.

The full copy of this press release is available free of charge
at http://bankrupt.com/misc/SGLCarbon(H12005).pdf.

CONTACT:  SGL CARBON AG
          Rheingaustr. 182
          65203 Wiesbaden
          Phone: 0049-611 6029-100
          Fax: 0049-611 6029-101
          E-mail: cpc@sglcarbon.de
          Web site: http://www.sglcarbon.com/


STEAG HAMATECH: Forecasts Operating Loss in 2005
------------------------------------------------
For STEAG HamaTech AG, the optical disc market's difficult
situation has continued in the second quarter 2005.  Total order
intake -- in particular in the main business unit Recordable --
fell sharply short of expectations.  As anticipated revenues in
the second quarter increased significantly compared to the weak
first quarter.  At the same time, the earnings situation improved
due to the Optical Disc segment.

(in EUR million, unaudited IFRS)

               4/1-6/30     4/1-6/30     1/1-6/30     1/1-6/30
                   2005         2004         2005         2004

Order intake       16.9         53.0         50.7         95.5

Revenues           34.5         30.7         57.1         80.3

EBIT                0.1          0.5         -2.6          3.1

EBT                 0.3          0.6         -2.0          3.4

EAT                -0.3          0.3         -2.7          1.9
Earnings per share
(in EUR)           -0.01         0.01        -0.09         0.06

Order intake in the second quarter declined significantly from
EUR53.0 million in 2004 to EUR16.9 million in 2005 and thus led
to a lower Book-to-bill-ratio of 0.5.  While no order intake for
the CD-R format was accounted in the first six months 2005,
orders for DVD/R production equipment were at EUR2.5 million in
the second quarter (Q2/2004: EUR36.6 million) and at EUR27.2
million for the first six months (Jan-Jun 2004: EUR49.4 million).

With EUR6.5 million the business unit Pre-recorded generated
slightly higher order intake than in the same period last year
(EUR5.9 million).  Order intake of the Advanced Process Equipment
(APE) segment increased from EUR3.7 million in the second quarter
2004 to EUR5.0 million in the second quarter 2005.

All in all, orders on hand as of 30th June 2005 were at EUR48.3
million and thus significantly below last year's figure of
EUR77.3 million.

Considering the period April to June 2005, revenues at EUR34.5
million were slightly above last year's level of EUR30.7 million.
78% of shipments relate to equipment for recordable media
production.

Gross margin was at EUR5.7 million or 17.0%, as compared to
EUR6.2 million or 20.9%, in the same period of the previous year.
The decrease was caused by the overall weak performance of the
Advanced Process Equipment segment - revenues as well as the
margin did not meet the expectations.  Expenses for Research &
Development as well as administrative expenses were slightly
below last year's level while expenses for sales and marketing
somewhat increased due to the market introduction of the PEGASUS
system.

For the time period April to June 2005 earnings before tax (EBT)
were slightly positive at EUR0.3 million (Q2/2004: EUR0.6
million).  While the Optical Disc segment achieved earnings
before interest and taxes (EBIT) of EUR1.2 million (Q2/2004:
EUR0.6 million) despite decreasing sales prices for equipment,
the Advanced Process Equipment segment did not meet the
expectations showing a loss before interest and tax (EBT) at
EUR1.2 million (Q2/2004: EUR-0.1 million).

Due to income tax expenses of EUR0.6 million negative earnings
after tax (EAT) at EUR0.3 million were achieved (Q2/2004: EUR+0.3
million).  This results in earnings per share at EUR-0.01.

In the light of the optical disc market's massive consolidation
during the past twelve months, we do not expect a substantial
recovery in 2005.  Accordingly, we anticipate a decline of
revenues by around 10% to EUR130 million.  Regarding earnings
before tax we forecast an operating loss in 2005.  For 2006
recent market forecasts expect a significant up trend of the
demand.

Steag (Prime Standard, ISIN DE0007309007) makes equipment for the
production of optical storage media and Advanced Process
Equipment (APE) for the semiconductor industry.

CONTACT:  STEAG HAMATECH AG
          Ferdinand-von-Steinbeis-Ring 10
          75447 Sternenfels
          Web site: http://www.steag-hamatech.com

          Melanie Prengel
          Marketing / Investor Relations
          Phone: +49 7045 / 41-122
          Fax: +49 7045 / 41-139 2194
          E-mail: melanie.prengel@steag-hamatech.com


THOMAS COOK: KarstadtQuelle Wants Total Control, Says Paper
-----------------------------------------------------------
Retail giant KarstadtQuelle AG wants to buy out and take full
control of Thomas Cook, Handelsblatt said Monday.

The paper, citing unnamed sources, said the troubled retailer
plans to open negotiations with Deutsche Lufthansa, the other
owner of the joint venture, soon.  The two currently split
ownership of Thomas Cook, Europe's No.2 travel agency.

But in a separate report by Suddeutsche Zeitung on August 9, both
KarstadtQuelle and Lufthansa denied any negotiation is taking
place regarding the travel agency.  A source close to Lufthansa
said the carrier has yet to receive an offer.  Lufthansa is also
satisfied with Thomas Cook's operations, according to the source,
thus a sale looks farfetched.

CONTACT:  THOMAS COOK AG
          Zimmersmuehlenweg 55
          61440 Oberursel
          Phone: +49-6171-6500
          Fax: +49-6171-652-125
          Web site: http://www.thomascook.de

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

          DEUTSCHE LUFTHANSA AG
          Von-Gablenz-Strasse 2-6
          D-50679 Cologne, 21
          Phone: +49-69-696-0
          Fax: +49-69-696-6818
          Web site: http://www.lufthansa.com


TRUCK SERVICE: Court to Verify Claims December
----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Truck Service GmbH on July 20, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 19, 2005
to register their claims with court-appointed provisional
administrator Knut Rebholz.

Creditors and other interested parties are encouraged to attend
the meeting on September 7, 2005, 9:55 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on December 14,
2005, 9:35 a.m. at the same venue.

CONTACT:  TRUCK SERVICE GmbH
          c/o Juricon Unternehmensberatung
          und Wirtschaftsdienste GmbH
          Kurfuerstenstrasse 79,10787 Berlin

          Knut Rebholz, Administrator
          Cicerostr. 22, 10709 Berlin


TUSEM ESSEN: Handball Club Succumbs to Bankruptcy
-------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
TUSEM Essen Handball GmbH on July 22.  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 Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on October 10, 2005, 10:00 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293, 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:  TUSEM ESSEN HANDBALL GmbH
          Graf-Spee-Str. 7, 45133 Essen
          Contact:
          Klaus Schorn, Manager

          Dr. Biner Bahr, Administrator
          Jagerhofstr. 29, 40479 Duesseldorf


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


BORSODCHEM RT: Reports HUF9.4 Billion H1 Operating Profit
---------------------------------------------------------
BorsodChem Rt. has prepared its Short Business Report for H1 2005
based on consolidated figures as per International Financial
Reporting Standards (IFRS).  The figures in the Short
Business Report are not audited.  The data in the Report
correspond to the actual facts and does not conceal any of them
that are significant from the perspective of the Company's
assessment by the capital markets.

As of 1 January, 2005 the recent standards of IFRS resulted in
some modifications in the P/L statement as well as the balance
sheet regarding their structure, therefore the adequate
corrections have been made in the base period to ensure
comparability.

Summary

--  Alongside its sales revenues of HUF86.7 billion, expanding
    at 19.5%, BorsodChem Group realized an operating profit of
    HUF9.4 billion in H1 2005. The net income of the Group
    (after deducing minority interest) is HUF8.2 billion.

-- Besides the 19.5% increment in sales revenues, operational
   profit (EBIT) and operational cash profit (EBITDA) increased
   by 38.7% and 27.5%, respectively.

-- The Company's EBIT margin exceeds 10% in H1, while EBITDA
   margin is 16.6% in spite of the fact that the change in
   product profitability -- due to the continuous decrease of
   PVC prices within the quarter -- shows a mixed picture.
   Besides the Company's cost competitiveness, the realized
   indicators reflect the change in the composition of sales in
   line with the targeted strategy.

-- As a result of the constantly strong cash generating
   capacity, the Company's liquidity position is more
   advantageous than budgeted, thus the Company will
   utilize its capital expenditure financing credit line
   somewhat later.

-- The Company's capital expenditure program is well under way
   as scheduled.

A brief evaluation by Chief Executive Officer Laszlo F. Kovacs:
"As we had expected and indicated beforehand, repeating the
outstanding Q1 performance was not possible due to the changes in
the product market.  The Group successfully handled the market
challenges in Q2.  Despite the negative trend in the PVC market
we produced record levels of semiannual sales revenue and
operating profit.

"We focus our attention to the successful trial run and product
sales of our capacity expansion CAPEX projects in H2 (i.e. the
new MDI Plant, VCM capacity expansion, PVC capacity expansion,
and new Chlorine Plant by Q1 2006), so that following the
commissioning of the new assets we can further ensure our Company
's 20% plus annual growth in 2006."

                Business Activity in H1 2005

Economic Environment

The external economic environment determining BorsodChem Group's
H1 business activity was characterized by:

On the product side, the MDI market continued to be demand
driven.  The list prices of both crude and pure MDI have reached
a record level due to the limited supply.  A reverse tendency
prevailed in the TDI markets, though at a more modest pace, where
the slight oversupply situation has resulted in some lower
listing prices.  A more drastic and unforeseeable negative
tendency could be observed in the PVC market, which already began
at the end of Q1 and continued strongly into Q2.  While the price
of the base material ethylene has reached the price level of EUR
750/t, the listing prices of PVC dropped considerably, therefore
in Q2 the positive margin diminished.

This shift caused considerable losses for single business PVC
producers in the quarter.  The reason for this tendency is that
while global demand, including that of the Far East, saw a
healthy increase, the ethylene based VCM technology was
temporarily substituted by the obsolete, environmentally damaging
and inefficient acetylene based technology in Asia due to the
high ethylene prices and the relatively inexpensive hydropower.
In addition, the process resulted in a lower import demand in
Asia and an industry-wide inventory accumulation.

In the caustic soda market the tight demand and the consequent
high price level developed in Q4 2004 seemed to stabilize, partly
compensating the deteriorating margins on PVC sales.

In the market of plastic finished products the seasonal increase
in demand was visible in the building industry, the performance
of the processors in the construction industry improved, but they
were unable to fully recover the fallback of Q1.  The demand of
the packaging industry for the products continues to be strong.

On the purchasing side, besides the change of ethylene described
above, benzene had a relatively high price level of about EUR
700/t among the aromatic products in H1.  The high electricity
and natural gas prices in Hungary already cause considerable
competitive disadvantage in international comparisons.  Owing to
constrained cross border capacities and, in the case of natural
gas, restricted sources of supply, Hungarian businesses cannot
utilize the advantages of a liberalized energy market.

Developments concerning the average Forint exchange rate in H1
2005 continued to have a negative impact on the businesses of
export-oriented companies.  The Forint was 3% and 7% stronger
than the Euro and the Dollar, respectively, compared to the base,
thus hindering sales and profit performance in Forint.
Alongside the ongoing task of efficiently operating existing
assets, BorsodChem Group's internal economic environment was
further characterized by the tasks of successful implementation
of the capital expenditure program, utilization of new capacities
as well as sales tasks originating thereof.

Production and Price Trends

The output volumes of major products of BorsodChem Group are:

Production PVC (kt) VCM (kt)  MDI (kt)  Aniline  TDI (kt)
                                          (kt)

H1 2004       141.2   87.8     30.1     57.7    31.2
H1 2005       153.8  123.1     28.1     61.3    38.2
Change (%)      8.9   40.2     -6.6      6.2    22.4

The capacity utilization of production lines continues to be high
within the group.  The increment in produced volumes was rendered
possible by capacity expansions implemented last year.  Decrease
can only be seen with the MDI unit where production falls behind
the nominal capacity (60 kt/year) only to a minimal extent but
fails to reach the outstanding production volume of 2004.

Trends in listing prices of major purchased and sold products are
summarized in the table.

Denomination Unit  H1 2004   Q2 2005   H1 2005
Ethylene     EUR/t    594      750       745
Benzene      EUR/t    520      702       698
Caustic soda USD/t     88      292       296
PVC          EUR/t    785      810       878
CR-MDI       EUR/t  1,471    2,325     2,276
P-MDI        EUR/t  1,979    2,268     2,223
TDI          EUR/t  1,701    1,554     1,628

-- The listing price of ethylene was EUR745/t on average in H1
2005, which has increased by EUR151/t compared to H1 2004.

-- Among aromatic substances, in H1 2005 the average listing
price of benzene was EUR698/t surpassing the listing price in H1
2004 by EUR178/t.

-- In H1 2005 the average listing price of PVC resin was
EUR878/t, which is EUR93/t higher on average than in the same
period of 2004.  The quarterly breakdown (EUR947/t in Q1;
EUR810/t in Q2) however shows substantial drop, plus the ethylene
price as indicated above, has increased by EUR151/t.  It also
means that the margin between PVC and ethylene listing prices
deteriorated during the half-year period by EUR58/t on average
compared to the base, despite the strong performance in Q1.

-- In H1 2005 caustic soda solution was listed at an average
USD296/t compared to USD88/t in H1 2004.  The price increase
considerably improved product profitability.  It is worth
emphasizing that the above average price level of caustic soda, a
co-product of chlorine production, has been supporting the profit
generation of PVC producers for three quarters now.

-- In H1 the average listing price of crude MDI was EUR2,276/t
surpassing H1 2004 average listing price of EUR1,471/t by
EUR805/t.  The tendency in price increase continued into Q2 as
well, which had a positive impact on the profitability of the
product.

Compared to the base, the price of pure MDI increased by
EUR244/t.  Consequently, a booming price trend prevailed, however
the pace of growth lagged behind that of crude
MDI.

-- In H1 2005 TDI was listed at EUR1,628/t on average, which is
EUR73/t lower than that of the average listing price of H1 2004.
The price of TDI follows a decreasing tendency, the average
listing price in Q2 was only EUR1,554/t.

-- The sales price of aniline followed the price changes of the
raw material benzene.

-- The sales prices of PVC compounds substantially correlate with
PVC prices, thus the prices of this product rose compared to H1
2004, on the other, the quarterly price change here is negative,
too.

-- The rising PVC resin price within the price of PVC-based
finished products could be passed through only with delay.  The
demand for window profiles and finished windows increased in Q2,
but was not able to retrieve the fallback of Q1.  On the other
hand, a healthy demand developed for other plastic finished
products (sheets and films) on the top of the increasing price
trend.

Sales Revenues by Major Products

The chart includes the breakdown of sales revenues by major
products:

Denomination              H1 2004      H1 2005      Change
                          HUF     %    HUF     %    HUF     %
                          million      million      million

PVC resin
Domestic              2,377.4  3.3  2,384.8  2.7  7.4  0.3
Export               19,184.2 26.4 19,995.3 23.1 811.1 4.2
Total                21,561.6 29.7 22,380.1 25.8 818.5 3.8

PVC compounds
Domestic                355.8  0.5    536.1  0.6  180.3  50.7
Export                2,518.8  3.5  2,098.6  2.4 -420.2 -16.7
Total                 2,874.6  4.0  2,634.7  3.0 -239.9  -8.3

MDI products
Domestic                 59.9  0.1    165.5  0.2  105.6 176.3
Export               10,708.5 14.8 15,137.3 17.5 4,428.8 41.4
Total                10,768.4 14.9 15,302.8 17.7 4,534.4 42.1

TDI products
Domestic                681.3  0.9    560.4  0.6 -120.9 -17.7
Export               11,623.5 16.0 14,449.5 16.7 2,826.0 24.3
Total                12,304.8 16.9 15,009.9 17.3 2,705.1 22.0

Caustic soda
Domestic              1,063.7  1.5  1,737.1  2.0   673.4  63.3
Export                  794.9  1.1  1,627.9  1.9   833.0 104.8
Total                 1,858.6  2.6  3,365.0  3.9 1,506.4  81.1

Aniline Export        4,615.0  6.4  6,271.7  7.2 1,656.7  35.9
Plastic semi-finished and
finished products
Domestic              2,765.0  3.8  2,154.3  2.5  -610.7 -22.1
Export                3,220.0  4.4  3,616.6  4.2   396.6  12.3
Total                 5,985.0  8.2  5,770.9  6.7  -214.1 -3.6

Other products
Domestic              4,649.9  6.4  5,021.5  5.9   371.6  8.0
Export                7,947.0 10.9 10,971.4 12.5 3,024.4 38.1
Total                12,596.9 17.3 15,992.9 18.4 3,396.0 27.0

Total sales revenue  72,564.9 100.0 86,728.0 100.0 14,163.1 19.5
Domestic sales rev.  11,953.0  16.5 12,559.7  14.5    606.7  5.1
Export sales rev.    60,611.9  83.5 74,168.3  85.5 13,556.4 22.4

In H1 2005 the Company increased its sales revenues by 19.5%
compared to H1 2004.

Again, the increase in sales revenues is mainly driven by the
period's export sales expansion.

The H1 result of PVC resin is 3.8% increment in the sales
revenues, which was coupled with a 2.7% increase in sales
volumes.  Q2 processes described above, however, significantly
reduced growth rate.

Sales of PVC compounds dropped by 8.3% due to decreased volumes
sold in export markets mainly in Q1.  Sales prices increased
alongside PVC resin price; however, price increase could not
compensate the lower volumes' effect.

Sales revenues of MDI products rose by 42.1% mainly resulting
from the significant increase in sales prices.

Despite the 28.1% increase in volumes sold, sales revenues of TDI
increased by no more than 22% due to falling sales prices.
Along with 5.8% increase in volumes sold, sales revenues of
caustic soda increased by 81.1%, primarily driven by price
increases.

Sales revenue of aniline rose by 35.9%, along with 16.4% growth
in sales volumes.

Among plastic semi-finished and finished products, the sales
volume of window profiles significantly dropped in H1 compared to
the base.  The decline could not be fully made up in Q2.  The
unit price increase was not enough to compensate the drop in
sales volumes, thus revenues were less than that of the base by
3.6%.

Combined sales revenues of other products, such as ammonia,
hydrochloric acid, hypochlorite, polystyrene, pre-polymer,
formalin, special amines, etc., increased by 27%, mainly due to
(a) the expansion of MCHZ's cyclohexylamine product and (b) the
full consolidation of BC-MC S.r.l. (a trading company in Italy).

Export accounted for 85.5% of total sales.  This ratio increased
by 2.0% points compared to the base period, also signifying that
export continues to be the core of Group level sales expansion.
Geographical breakdown of sales:

Domestic and Central Eastern Europe: 46.7%
Western Europe:                      49.1%
Other:                               4.2%

Analysis of Profit and Loss Statement

Favorable demand and supply conditions characterizing H1, and
especially Q1, as well as capacity expansions implemented last
year, resulted in nearly 20% increase in turnover, improving
efficiency indicators (especially in the light of market
changes), record-level sales, EBIT and EBITDA figures at
BorsodChem Group.

Trends in BorsodChem Group's major economic indicators in H1 2005
are:

Indicator                          H1 2004  H1 2005  Index
                                   (HUF M)  (HUF M)    %
Sales revenues                     72,565    86,728  119.5
Operating profit (EBIT)             6,768     9,388  138.7
Pre-tax profit                     11,132     8,929   80.2
Net profit attributable
to BC and minorities              10,650     8,381   78.7
EBITDA                             11,316     14,432 127.5
Total shareholders' equity        121,745    132,646 109.0
Total assets                      203,938 211,864 103.9

Profitability in proportion to sales revenues in H1 2005:

- operating profit margin: 10.8%
- pre-tax profit margin: 10.3%
- net profit margin: 9.7%
- EBITDA margin: 16.6%

Sales Revenues and Gross Margin

In H1 2005 BorsodChem Group increased its sales revenues by 19.5%
up to HUF86,728 million compared to H1 of the previous year.  Q2
sales revenues reached HUF45 billion, even surpassing that of Q1.
Increased sales revenues were mainly driven by higher MDI sales
price level; nevertheless, TDI and PVC capacity expansions
implemented in 2004 contributed thereto.  On the other hand,
declining PVC prices hindered an even more dynamic sales
expansion.

Primarily, the 19.5% turnover increase coupled with 17% higher
direct costs, incurred by surplus volumes, boosting purchase
prices (particularly those of ethylene and energy) and higher
depreciation charge (consequence of recent capitalizations).
Consequently, in H1 2005 the Group attained a gross margin of
HUF24,366 million, which is 26.5 percent more than that of the
base period.  Gross margin ratio improved to 28.1% from 26.5% of
the base period.

Operating Profit

Despite the outstanding Q1 EBIT performance could not be
repeated, BorsodChem Group realised HUF9,388 million operating
profit in H1, up 38.7% compared to that of the base.  The Company
had never generated that level of six-month operating profit
before.  Within the given market conditions, HUF3,707 million
operating profit of Q2 could be achieved with high capacity
utilization and cost-saving business activities.

The operating profit of HUF9,388 million is 10.8% of sales
revenues, which considerably surpasses the 9.3% margin of the
base period.  The operating profit of H1 and its change are
mainly due to the spectacular improvement in MDI and caustic soda
product margins.  Additionally, the sales performance of TDI
significantly contributed to the results with its healthy margin
and 28.1% sales expansion.

Exchange rate changes again impeded the operating profit level
performance of the export-oriented Company.  Compared to the base
period, the Forint was 3.4% and 7.6% stronger than the Euro and
the U.S. Dollar, respectively.  This indicates that the Company's
profitability would have been higher in a neutral exchange rate
environment.

Despite the increased transportation costs due to changing sales
parities, the 16.9% increase in selling costs is behind the pace
of topline growth, which was instrumental in realizing an EBIT
margin in excess of 10%.

General and administrative costs surpassed the base by 24.8%.
The most significant items of increased costs are the expensed
costs of incentive packages: dividends on employee shares (HUF286
million), pro-rata redemption cost of employee shares (HUF192
million) and the pro-rata cost of the employee share ownership
program (HUF300 million).  The latter two are expensed but have
not been paid yet (actual payments are due on realizing targets
only in Q4 2005 and 2006). In accordance with new IFRS from the
year of 2005 the Company, assuming eventual qualification,
expenses these items time-proportionately, thus charging months
evenly.  Additionally to the above, entrance of BC-MC S.r.l. into
consolidation scope also entailed an increase in costs , as this
subsidiary has been consolidated since Q2 2004 only.  Without the
highlighted items the increase in general and administrative
costs considerably lags behind the expansion rate of turnover.

Net of Other Income/Expenses (financial items)

The Company's interest paid and interest received were
practically identical in H1 2005, while it showed HUF143 million
net income in the base period.  The balance decline is due to the
facts that (i) cash decreased as a result of active capital
expenditure projects and (ii) the realisable income from interest
rate differential on HUF deposits and EUR loans declined due to
recent rate cuts.

Due to the strong HUF in the base period, the Company had booked
a significant net translation gain, mainly on its FX denominated
loans, amounting to HUF1,015 million whereas in the course of H1
2005 the balance of similar translation differences was negative
HUF535 million, again mainly driven by the revaluations.

The currency market trends had an impact also on the market value
of derivative contracts, including the revaluation gains on open
positions.  Total exchange gains on derivative contracts were
HUF70 million compared to HUF3,201 million of the base period.
Naturally, the Company's massive profit of the base period, which
made the 2004 P/L statement exceptional and was mainly a
revaluation result rather than a cash item, did not recur in
2005.  Additionally, the difference between the current and base
period figures is also due to the fact that the Company had
significantly less open positions at the end of 2004 than a year
before, since it considerably decreased its net currency exposure
by continuously increasing natural hedge throughout 2005.

As a combined effect of the above, financial items decreased
operating profit by HUF459 million (for comparison, net financial
result was HUF4,364 million in the base period).

Profit before Taxation, Net Income and EBITDA

Profit before taxation and minority interest is HUF8,929 million,
compared to HUF11,132 million of the base period.  BorsodChem Rt.
continues to comply with the requirements of utilizing its
corporate income tax holiday in 2005.  Consequently, the Group's
consolidated tax liability is only
HUF548 million.

Net Income before minority interest is HUF8,381 million.  Net
Income attributable to minority interest holders (Dynea Austria
GmbH, AliaChem AS and EMASZ Rt.) is HUF153 million.  In H1 the
net income attributable to the parent company is HUF8,228
million, 80.3% of the base period.  (The apparent decrease is due
to the outlying translation gain of the base period.)

The Company's cash-generating capacity (EBITDA) is HUF14,432
million, which is up by 27.5% from the base.

Description                   Q1 2004 Q1 2005 Index (%)
Operating profit               6,768   9,388   138.7
Depreciation                   4,548   5,044   110.9
Operating profit + Depreciation
(EBITDA)                      11,316  14,432   127.5

Analysis of Balance Sheet

Total assets of the Company are HUF211,864 million, which
increased by 4.1% compared to that of the previous year.
Out of the total, current assets amount to HUF11,414 million,
representing an increase of 8.3%.  The growth of tangible and
intangible assets amounts to HUF31,343 million, which is an
effect of CAPEX activities less expensed depreciation.  The
notable decrease in other long term financial assets is due to
the exit of sold TVK shares from the books in Q3 2004.

Current assets amount to HUF63,126 million, showing a decrease of
4.6%.  Among current assets, accounts receivable show an increase
of HUF5,136 million, of which trade debtors increase amounts to
HUF4,481 million and the increase of other receivables is HUF655
million.  The 18% increase in trade debtors was due to increased
sales revenues, as turnover rate practically equals to that of
the base period.  Other receivables went up because of higher VAT
reclaims and increase in advanced payments for license.  The
increment of HUF3,343 million in inventories is a result of
increased stock of components and spare parts to be built into
the new plants, a consequence of the intensive capital
expenditure projects.  Owing to increasing feedstock prices,
material and finished product inventories have also increased in
value.  Moreover, the balance sheet reflects a temporary volume
increase in PVC inventories.  Liquid assets have dropped due to
financing CAPEX activities.

Total long term liabilities dropped by 8% or HUF2,576 million,
mainly due to the decrease in long term loans.

Total short-term liabilities decreased by 0.8%, or HUF399
million.  An increase of 13% in the total accounts payable to
contractors is due to the intensified capital expenditures as
well as the significantly rising raw material prices compared to
the base period.  Total of short term borrowings shows an
increment of HUF2,259 million mainly due to financing tasks of
subsidiaries.  Current portion of long-term debt dropped by 42%
due to repayments.  Total borrowings due within a year dropped by
HUF3,781 million.

Shareholders' equity shows an increase of HUF11,326 million
amounting to HUF132,646 million, which exceeds the base by 9.3%.
Retained earnings amount to HUF84,752 million, up 16.6% compared
to base.  In accordance with IFRS, the employee shares (B shares)
of HUF1,282 million issued in 2004, the expected liability of the
employee share ownership program amounting to HUF300 million in
2005 as well as minority interests appear among the items of
shareholders' equity.  The registration value of the treasury
shares package funding the employee share program is HUF2,637
million which naturally decreases the Company's shareholders'
equity.

Leverage indicators of BC Group and BorsodChem Rt. at the end of
June 2005 are:

Debt to Shareholders' Equity:

-- BC Group: 0,36
-- BorsodChem Rt.: 0,25

Net Debt to Shareholders' Equity:

-- BC Group: 0,31
-- BorsodChem Rt.: 0,21

Despite intensive capital expenditure activities, leverage
indicators have remained in a conservative range.  The strong
balance sheet can steadily support BorsodChem Group's growth for
strategy.

Cash-flow Analysis

The consolidated cash-flow statement as attached to this present
Short Business Report is presented in two versions.  One of them
indicates cash flows of the recent 12-month period, while the
other shows year-to-date figures in H1 2005.  We attempt to give
a detailed analysis of the (annual cumulative) cash flow of H1
2005 in the following.

In H1 2005, net cash from operations amounted to HUF11,775
million.  Net earnings of HUF8,228 was adjusted by non-cash items
of HUF5,336 million.  Among non-cash items, depreciation of
HUF5,044 million is the most significant element, while other
non-cash items (non-cash marking-to-market result, unrealized
revaluation results, and others) amount to HUF292 million.  The
net change in current assets and current liabilities decreased
the net cash from operations by HUF1,789 million.

Net cash outflow from investing activities, totaling HUF14,694
million, is the result of the capital expenditure of HUF21,351
million on tangible asset purchases.  Changes in our short term
investments (essentially T-bonds) appear within this section as
well.  Sales of short term investments amounted to HUF6,607
million in the first six months of 2005.

The net HUF7,729 million cash used in financing activities is the
balance of dividend payment at HUF3,371 million and a net
repayment of loans at HUF4,688 million.

According to the above, net cash decreased by HUF10,648 million
to a total of HUF6,266 million at the end of the period.  During
the 12 months between June 30, 2004 and June 30, 2005 net cash
from operations amounted to HUF20,422 million, net outflow
relating to investment activities was HUF15,130 million whereas
net liquid assets used in financial transactions were up to
HUF11,164 million.  During the 12-month period net cash dropped
by HUF5,872 million to a total of HUF6,266 million at the end of
the period.

Capital Expenditure Projects, Headcount

In H1 2005 the Company's capital expenditure performance was
HUF20.5 billion, HUF3.0 billion of which was realized by
consolidated subsidiaries.  Following a successful trial run on
June 30, BC-MCHZ's aniline capacity expansion from 110 kt pa to
150 kt pa has concluded.  BorsodChem's aniline facility is able
to supply feedstock to the 100 kt pa capacity new MDI plant on
trial run.

Consolidated employee number of the Company was 4,239 persons as
at June 30, 2005.

Staff number increased by 36 people against the closing headcount
as at December 31, 2004.

Staff number increased by 18 people at both BorsodChem Rt. and at
consolidated subsidiaries each, mainly explained by the work
force demand of the capacity expansion capital expenditures.

Labour productivity indicator, i.e. sales revenues per capita (on
the basis of total closing headcount) is HUF20.5
million/capita/quarter, which surpasses the base value by more
than 19%.

Major Changes at the Company

The Company increased the registered share capital of its
subsidiary B.C.-M.C. S.r.l. (Italy) by EUR96,000 to a total of
EUR200,000.  The increase was against the subsidiary's retained
earnings.

      Changes in the Share Capital and the Company Management

Changes in the Registered Share Capital and Number of Shares

As no changes occurred in H1 in this regard, the registered share
capital of the Company was HUF16,670 million as at June 30, 2005.
Decomposition is (i) ordinary shares (Class A shares) listed and
traded on stock exchanges, amounting to HUF15,388 million; and
(ii) employee shares (Class B shares) not listed and not traded
on any stock exchange, amounting to HUF1,282 million.

Changes to the Total of Treasury Shares

On June 30, 2005 the Company held 1,252,522 treasury shares,
which decreased by 25,000 shares compared to March 31, 2005.

Changes in Key Personnel

In H1 no changes took place in the composition of Supervisory
Board of the Company.

The Annual General Meeting of 2005 elected Mr. Kay Gugler Member
of the Board of Directors for three years as of October 1, 2005
while Deloitte Konyvvizsgalo es Tanacsado Kft. was elected the
Company's auditing firm.

Kazincbarcika, 9 August 2005
Lszlo F. Kovacs
Chief Executive Officer

The report is available free of charge at
http://bankrupt.com/misc/Borsodchem(H12005).pdf

CONTACT:  BORSODCHEM RT
          Gabor Hegyi
          Capital Communications
          Phone: +36 1 266 0199

          Laszlo F. Kovacs
          Chief Executive Officer


MAGYAR TELEKOM: Net Debt Up HUF59.4 Bln in First Half
-----------------------------------------------------
Magyar Telekom (Reuters: NYSE: MTA.N, BSE: MTEL.BU and Bloomberg:
NYSE:MTA US, BSE: MTELEKOM HB), the leading Hungarian
telecommunications service provider, reported its consolidated
financial results for the first six months of 2005, according to
International Financial Reporting Standards (IFRS).  The second
quarter consolidated income statement includes, for the first
time, the results of Telekom Montenegro Group (TCG), while the
company's balance sheet has been consolidated in Magyar Telekom's
accounts as of March 31, 2005.

Key points:

(a) Revenues grew slightly, by 0.7% to HUF299.9 billion
    (EUR1,211.9 million) in H1 2005 over the same period in
    2004.

    The higher mobile and data transmission revenues were offset
    by a combined decline in revenues from domestic and
    international traffic.  However, the consolidation impact of
    TCG's revenues since Q2 2005 had a positive effect;

(b) EBITDA fell by 1.6% to HUF124.1 billion, with an EBITDA
    margin of 41.4%;

(c) Gross additions to tangible and intangible assets were
    HUF34.1 billion.  The portion relating to the fixed line
    segment reached HUF15.7 billion with mobile at HUF18.4.
    billion.  Within this, HUF2.7 billion was spent on UMTS-
    related investment;

(d) Following the change in IFRS rules, amortization of goodwill
    has been discontinued from January 1, 2005 onwards, and
    impairment testing is now carried out on an annual basis.
    In 2004, depreciation and amortization expenses of Magyar
    Telekom Group included HUF13.9 billion of goodwill
    amortization.  In addition, in Q1 2004 the Westel brand name
    impairment charge relating to the rebranding of Westel to T-
    Mobile Hungary amounted to HUF4.4 billion.  As a result of
    this, in H1 2005, depreciation and amortization fell to
    HUF56.0 billion from HUF68.4 billion a year earlier;

(e) Fixed line segment: external revenues (after elimination of
    inter-segment revenues) fell by 4.6% to HUF162.5 billion
    as increased data transmission (mainly ADSL) revenues only
    partially offset the decline, primarily in traffic revenues.
    EBITDA amounted to HUF62.6 billion (a 3.8% fall) and the
    EBITDA margin on external revenues was 38.5%;

(f) Mobile segment: external revenues grew by 7.8% to HUF137.4
    billion driven by voice revenues and enhanced services
    revenues and subscription fees.  EBITDA amounted to HUF61.5
    billion (a 0.8% increase) with the EBITDA margin on external
    revenues reaching an impressive 44.8%;

(g) Group operating profit grew 18.1% to HUF68.1 billion, mainly
    driven by a decline in depreciation and amortization as well
    as a reduction in the cost of equipment sales and employee-
    related expenses.  Net income increased from HUF30.3 billion
    (EUR118.3 million) to HUF41.4 billion (EUR167.2 million);

(h) Net cash from operating activities decreased to HUF92.8
    billion due to the combined impact of the decline in EBITDA,
    an increase in working capital requirements (driven mainly
    by a change in trade payables) and the severance payments
    made in the first half of 2005.  Net cash utilized in
    investing activities increased to HUF78.4 billion, mainly
    driven by the acquisition of the majority stake in TCG.  Net
    cash used in financing activities was HUF4.2 billion,
    primarily due to increased borrowing as a result of the TCG
    transaction and the dividend payment, the majority of which
    was paid in June 2005; and

(i) Net debt grew by HUF59.4 billion compared to the end of
    December 2004, driven by the impact of the dividend payment
    and the TCG transaction.  The net debt ratio (net debt to
    net debt plus equity plus minority interests) increased to
    38.5% at the end of June this year (34.6% at the end of June
    2004).

Elek Straub, Chairman and CEO commented: "The improvement of our
results in the second quarter of 2005 was mainly due to a better
Hungarian mobile performance, reflecting our focus on enhanced
services, higher usage, and the success of cost cutting
initiatives.  EBITDA margin improved at the Hungarian fixed
operations in the first half of the year.  Traffic revenue
declined but broadband revenues grew and cost reduction remained
a key focus.  The closing number of employees fell by over 20% at
the parent company level.

"Outside of our domestic operations, it is important to note that
we closed the offer to acquire the remaining shares in the
Telekom Montenegro Group.  As a result, our stake in the company
grew to 76.5%.  TCG reported HUF6.1 billion in revenues in the
second quarter of 2005 with an EBITDA of HUF0.6 billion.  This
resulted in an EBITDA margin of 10.6% including the HUF1.3
billion severance provision made in June 2005.  Without this
item, the EBITDA margin stood at 31.1%.  As well as delivering
growth via the acquisition of TCG, we maintained a very
competitive dividend yield in the Hungarian and regional context
with a dividend payment that equaled last year's amount of HUF70
per share."

Hungarian Fixed Line Operations: Focus on Headcount Efficiency
And Broadband Program

Revenues before elimination declined by 6.8% to HUF143.5 billion
with an EBITDA margin of 37.3%.  Domestic and international
traffic revenues combined declined by 23.9%, mainly from traffic
loss to fixed line competitors and mobile substitution, which
resulted in lower volumes.  The lower mobile termination rates
and discounts provided in our packages contributed to the revenue
decline.  However, leased line and data revenues grew further, by
20.9% as the number of installed ADSL lines increased.  The
increased mobile substitution and the entry of a new competitor
in voice telephony accelerated the decline in the total number of
fixed lines (down 2.7% at end-June compared to the same period in
2004).  The strong focus on improving efficiency is reflected in
the lines per employee ratio, which reached 433 at parent company
level.  Customized tariff packages at the parent company
represented 62% of the total number of lines, with over 1.7
million lines at the end of the second quarter of 2005.  Magyar
Telekom's Internet subsidiary, T-Online Hungary, reported HUF12.8
billion in revenues in H1 2005 against HUF9.1 billion in the same
period of 2004.  The Company maintained its leading position
among ISPs in the dial-up market with a market share of
approximately 43%.

International Fixed Line Operations: Cost Cutting to Preserve
Profitability, Consolidation Impact of Telekom Montenegro

Revenues before elimination grew by 7.6% to HUF25.0 billion in H1
2005.  EBITDA was HUF9.1 billion with an EBITDA margin of 36.5%.
Maktel's fixed line business registered a decline in revenues as
mobile substitution caused the revenue-generating customer base
to shrink.  The results were also affected by lower usage and an
unfavorable foreign exchange movement.  However, thanks to severe
cost controls across the whole company, all expense lines
improved, resulting in a strong EBITDA margin at MakTel's fixed
line business of 45.5%.  Telekom Montenegro's fixed line
operations brought HUF4.2 billion in revenues, whilst the EBITDA
loss was HUF0.4 billion due to a severance provision of HUF1.3
billion made in Q2 2005.

Hungarian Mobile Operations: Improved Performance in the Second
Quarter of 2005

Revenues before elimination grew by 3.5% as a result of higher
enhanced service revenues and slightly higher traffic revenues.
EBITDA amounted to HUF51.8 billion with an EBITDA margin of
39.5%.  In the second quarter, T-Mobile Hungary improved its
profitability, driven by the focus on value-added services and
usage growth, as well as cost cutting initiatives.  Operating
profit increased strongly, by 31.2% to HUF35.2 billion as the
vast majority of the write-off relating to the Westel rebranding
was accounted for in the first quarter of 2004.  The proportion
of postpaid customers continued to increase to 30.1% of the total
customer base, compared to 26.9% at the end of Q2 2004.
Average acquisition cost per customer fell sharply, by 30.1% to
HUF7,187, reflecting lower subsidies in both prepaid and postpaid
segments. When calculating subscriber acquisition cost, we
include the connection margin (SIM card cost less the connection
fee) and the sales related equipment subsidy and agent fee.
Monthly average revenue per user (ARPU) declined.  The
introduction of new packages encouraged an increase in usage,
although the discounts offered combined with the impact of
regulatory changes and the extensive use of the closed user group
offers resulted in downward pressure on ARPU.

Nevertheless, in the second quarter, ARPU grew for the first time
in a year and was stable over Q2 2004 at HUF5,039.  MOU (monthly
average minutes of use per subscriber) grew to 120 in H1 2005
reflecting the improved price elasticity.  The churn rate of
postpaid customers was successfully maintained at the low level
of 10.6% in H1 2005.  The churn rate in the prepaid segment was
18.4% in H1 2005.

International Mobile Operations: Margin Preserved Despite
Competition in Macedonia; consolidation of Monet in Montenegro

Revenues before elimination grew strongly by 16.5% to HUF18.6
billion in H1 2005.  EBITDA was HUF9.7 billion with an
EBITDA margin of 52.0%.  Maktel's wireless business produced
slight revenue growth in a growing market characterized by strong
tariff competition.  In addition, the currency movements had a
negative impact on the results.

Profitability improved as Mobimak produced an impressive EBITDA
of HUF8.7 billion with an EBITDA margin of 53.6%.

The results of the international mobile operations also contained
those of Monet, the mobile subsidiary of Telekom
Montenegro, which posted revenues of HUF2.4 billion and an EBITDA
of HUF1.0 billion (EBITDA margin: 41.2% in Q2
2005).

About Magyar Telekom

Magyar Telekom is the principal provider of telecom services in
Hungary. Magyar Telekom provides a broad range of services
including telephony, data transmission, value-added services, and
through its subsidiary T-Mobile Hungary is Hungary's largest
mobile telecom provider.

Magyar Telekom also holds a 100% stake in Stonebridge
Communications AD, which controls MakTel, the sole fixed line and
its subsidiary Mobimak, the leading mobile operator in Macedonia.
Magyar Telekom has a majority stake in Telekom Montenegro (TCG).
TCG Group provides fixed, mobile and Internet services in
Montenegro.  Key shareholders of Magyar Telekom as of June 30,
2005 include MagyarCom Holding GmbH (59.21%), owned by Deutsche
Telekom AG.  The remainder, 40.79% is publicly traded.

Financial statements are available free of charge at
http://bankrupt.com/misc/Magyar(H12005).pdf

CONTACT:  MAGYAR TELEKOM
          Szabolcs Czenthe, IR
          Phone: +36 1 458 0437

          Gyula Fazekas, IR
          Phone: +36 1 457 6186

          Krisztina Forhecz, IR
          Phone: +36 1 457 6029
          E-mail: investor.relations@telekom.hu


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


ALITALIA SPA: Holders Okay Bond Restructuring
---------------------------------------------
Bondholders agreed Tuesday to extend the maturity of Alitalia's
2007 convertible bonds to 2010 in exchange for a higher return,
Il Sole 24 Ore says.

The deal hikes the interest rate on the bonds from 2.9% to 5.92%
beginning 4 August 2005 until 31 March 2006, and thereafter to
7.5% until maturity.  As of June, Alitalia's net debt stood at
EUR1.753 billion, down EUR38 million from May.

Shareholders also approved recently the write-down of Alitalia's
accumulated losses, reducing the carrier's equity to EUR291.2
million from EUR1.4 billion.  They also approved a EUR1.2 billion
fundraising to finance the restructuring plan that will split the
carrier into AZ Fly and AZ Servizi.  Alitalia intends to retain
full control of AZ Fly, which will handle all flight operations
after the restructuring, and sell to state-owned Fintecna a stake
in AZ Servizi, which will handle the group's ground and
maintenance activities.

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


EUJET: Regulator Cancels License
--------------------------------
The Commission for Aviation Regulation has reportedly revoked the
license of EUjet.  The firm went into liquidation two weeks ago
after parent company Planestation Group plc fell into
administration due to continuing losses.

EUjet was earlier put into examinership in an attempt to rescue
jobs at Shannon Airport and pay redundant workers at Kent
Airport.  Following the license cancellation, customers who had
prepaid fares using credit cards will be refunded.  However, cash
customers would get none, said Gary McCarthy.

EUjet, which flies to 21 destinations, has booked more than
90,000 flights for the coming weeks.  The company intends to
refund around 100,000 passengers via their credit cards because
its cash remains in escrow.

Mr. McCarthy also said the only option available to the airline
was to shift operations from Kent to Shannon.  EUjet had also
been advised to reduce its workforce and lease airplanes to other
operators.

In 2003, the company incurred losses of EUR1.9 million, which
forced it to operate low-fare scheduled services.  Its parent
company said EUjet's greater cash requirements are to
be met by the sale of its 75 percent stake in Kent International
Business Park, but it needed "an extension of facilities while
the disposal was completed."

CONTACT:  PLANESTATION GROUP PLC
          5 Berkeley Sq., Mayfair
          London
          W1J 5AB, United Kingdom
          Phone: +44-20-7495-8686
          Fax: +44-20-7493-0189
          Web site: http://www.planestation.com
          Contact:
          Richard Keith Bingham, CEO
          Martin May, COO


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


PARMALAT FINANZIARIA: Relisting Plan Receives Major Boost
---------------------------------------------------------
Parmalat Finanziaria moves closer to relisting after stock market
operator Borsa Italiana approved its information control systems,
Il Sole 24 Ore says.

Local investment bank Mediobanca, commissioned by Borsa Italiana,
said in its assessment report that Parmalat's current control
systems met technical requirements to produce financial
information.  This is one of vital requirements for the dairy
group to return to the stock market.

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


PARMALAT FINANZIARIA: Prosecutor Quizzes Ex-BofA Executive
----------------------------------------------------------
A Parma prosecutor grilled Monday Luca Sala, a former executive
of Bank of America (BofA) over his role in the collapse of dairy
giant Parmalat Finanziaria, Il Sole 24 Ore says.

Public prosecutor Antonella Ioffredi questioned Mr. Sala over the
vanishing of US$37.5 million from Parmalat's accounts.  The
amount was allegedly withdrawn from various foreign bank
accounts.  Investigators are currently probing various deals
between the dairy giant and BofA.

Carlo Gilli, Mr. Sala's lawyer, asserted he does not understand
why the former head of BofA's Italian unit was arrested, since
his client has already clarified the matter in earlier
interrogations.

Police arrested Mr. Sala in Forte dei Marmi, a resort on Italy's
west coast.  Mr. Sala acted as consultant to Parmalat in his
capacity as corporate banking head of BofA's Italian unit.  He
allegedly hid the true state of Parmalat's finances in organizing
private placement of bonds with institutional investors, mostly
from the U.S.  He also allegedly tried to hide the losses of the
Brazilian unit and gained tens of thousands of dollars for it,
depositing it in Switzerland.

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

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


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


ROYAL SHELL: Royal Dutch to Delist from NYSE
--------------------------------------------
Royal Dutch Shell has disclosed that at the close of the
subsequent offer acceptance period in respect of the offer by
Royal Dutch Shell to exchange Royal Dutch Shell shares or ADRs
for all outstanding Royal Dutch shares at 3:00 p.m. Amsterdam
time on 9 August 2005, Royal Dutch shareholders had tendered
2,042,543,273 ordinary shares in the share capital of Royal
Dutch, representing 98.70% of all issued and outstanding ordinary
shares in the capital of Royal Dutch.

This includes all shares accepted for exchange in the initial
offer period and 147,886,953 Royal Dutch Shares tendered (7.15%
of all issued and outstanding Royal Dutch Shares) in the
subsequent offer acceptance period.  These figures include
7,033,283 New York Registered Shares tendered pursuant to notice
of guaranteed delivery during the subsequent offer acceptance
period.

Buy backs

With the end of the subsequent offer acceptance period, Royal
Dutch Shell will commence its buy back program, effective 10
August 2005, continuing the commitments previously made by Royal
Dutch and The Shell Transport and Trading Company, p.l.c.  Given
strong cash generation for the first half of 2005, buy backs are
expected to be at the upper end of the US$3-US$5 billion guidance
for 2005.  Approximately US$0.5 billion in share buy backs have
been completed already in 2005 prior to the commencement of the
Royal Dutch Offer.

As announced on 19 May 2005, Royal Dutch Shell expects to buy
back A shares in preference to B shares, considering, among other
factors, the prevailing market price and relative tax treatment
of A shares and B shares.

Remaining Royal Dutch Shares

Royal Dutch Shell reserves the right to use any legally permitted
method to obtain 100% of the Royal Dutch Shares.  This could
include a squeeze out procedure, engaging in one or more
corporate restructuring transactions, such as a merger,
liquidation, transfer of assets or conversion of Royal Dutch into
another form or corporate entity, or changing the Royal Dutch
articles of association to alter the corporate or capital
structure in a manner beneficial to Royal Dutch Shell.

Further, Royal Dutch Shell could engage in one or more
transactions with minority holders of Royal Dutch Shares, which
may include public or private exchanges, tender offers or
purchases for consideration consisting of Royal Dutch Shell
Shares, other securities or cash.

It is expected that an announcement relating to how Royal Dutch
Shell may obtain 100% of the Royal Dutch Shares will be made
within the third quarter of 2005.

Delisting

As announced on 2 August 2005, following the achievement of an
acceptance level in the Royal Dutch Offer in excess of the 95%
required to delist from Euronext Amsterdam, Royal Dutch Shell
requested that Royal Dutch seek delisting from Euronext
Amsterdam.  A request from Royal Dutch to delist has subsequently
been approved by Euronext Amsterdam, and the last day of trading
of Royal Dutch Shares on Euronext Amsterdam will be 30 September
2005.

Royal Dutch Shell also requested that Royal Dutch seek de-listing
from the New York Stock Exchange.  In accordance with New York
Stock Exchange procedures, Royal Dutch has furnished the New York
Stock Exchange with a copy of a board resolution in respect of
delisting.  Royal Dutch expects to file an application with the
U.S. Securities and Exchange Commission to withdraw the Royal
Dutch Shares from listing on the New York Stock Exchange, as
required by U.S. Securities Laws, in the near future.

Following delisting on Euronext Amsterdam and the New York Stock
Exchange no stock exchange will list Royal Dutch Shares.  While
Royal Dutch Shares could continue to be traded in the
over-the-counter market and price quotations could be reported,
there can be no assurance that such an over-the-counter market
will develop.  The extent of the public market for Royal Dutch
Shares and the availability of such quotations would depend upon
such factors as the number of holders remaining at such time, the
interest on the part of securities firms in maintaining a market
in Royal Dutch Shares, and the possible termination of
registration of Royal Dutch Shares under the U.S. Securities
Exchange Act of 1934, which would adversely affect the amount of
publicly available information with respect to Royal Dutch.

                            *   *   *

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

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

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

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


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


AGRO-PISHE-PROM: Insolvency Manager Enters Firm
-----------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Agro-Pishe-Prom.  The case is docketed as A32-18181/2005-1/252-B.
Mr. Y. Volik has been appointed temporary insolvency manager.

Creditors may send their proofs of claim to Russia, Krasnodar
region, Starominskaya St., Krasnosherbinovskaya Str. 37.  A
hearing will take place on Sept. 21, 2005.

CONTACT:  AGRO-PISHE-PROM
          Russia, Krasnodar region, Starominskaya St.,
          Krasnosherbinovskaya Str. 37

          Mr. Y. Volik
          Temporary Insolvency Manager
          Russia, Krasnodar region, Starominskaya St.,
          Krasnosherbinovskaya Str. 37


ALLIANCE: Bankruptcy Hearing Set November
-----------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on limited liability company
Alliance (TIN 5226000097).  The case is docketed as
A43-13410/2005,33-256.  Mr. N. Vasilenko has been appointed
temporary insolvency manager.

Creditors have until Aug. 16, 2005 to submit their proofs of
claim to 603159, Russia, Nizhniy Novgorod, K. Marksa Str. 8/32.
A hearing will take place on Nov. 29, 2005.

CONTACT:  ALLIANCE
          607125, Russia, Nizhniy Novgorod region,
          Pilna, Uritskogo Str. 6

          Mr. N. Vasilenko
          Temporary Insolvency Manager
          603159, Russia, Nizhniy Novgorod region,
          K. Marksa Str. 8/32


DELTACREDIT BANK: Moody's Rates Financial Strength D-
-----------------------------------------------------
Moody's Investors Service has assigned Ba2 long-term and
Not-Prime short-term foreign currency deposit ratings and a D- (D
minus) Financial Strength Rating (FSR) to one of the leading
providers of residential mortgages in Russia, DeltaCredit Bank.
The outlook for the ratings is stable.

Moody's Ba2 long-term foreign currency deposit rating reflects a
limited degree of assumed support from the bank's major
shareholders -- The U.S. Russia Investment Fund (TUSRIF, an
organisation funded by the U.S. Government) and Delta Russia Fund
L.P.  (a successor private fund for TUSRIF) -- that raises the
bank's rating one notch above the level corresponding to its
intrinsic strength.  Even though the existing shareholders may
sell their stakes to another strategic investor in the future,
support from the latter is expected to remain at least at the
level currently factored into the rating.

According to Moody's, DeltaCredit Bank's ratings are driven by:

(a) The expertise gained and solid positioning in the nascent
    Russian mortgage sector;

(b) A compelling business model implemented by an experienced
    management team;

(c) High granularity of the mortgage book, rigorous underwriting
    policies, a low level of delinquent accounts and currently
    sound portfolio shock-resilience, based on the presumption
    that these risk parameters would not materially deteriorate
    in the future either due to policy changes or due to
    external factors;

(d) A relatively matched liquidity profile; and

(e) A robust capital cushion.

These positive factors are in part tempered by:

(a) The bank's relatively unseasoned mortgage portfolio, the
    performance of which has yet to be tested in an economic
    downturn;

(b) The present dependence on a single business line that may
    pressure the bank's performance during periods of economic
    slowdown to a greater extent than that for more diversified
    institutions;

(c) The mounting level of competition from Russian and foreign
    players which may result in shrinking margins, loosening of
    underwriting standards and escalating prepayment risk due to
    refinancing;

(d) The need to diversify funding sources and to access public
    capital markets; and

(e) The challenging operating environment and immature legal
    system, which might, for example, complicate and lengthen
    the property foreclosure process.

DeltaCredit Bank is headquartered in Moscow, Russian Federation,
and reported total assets of US$149 million in accordance with
IFRS (unaudited) as of June 30, 2005.  The bank has an estimated
market share of 10% of residential mortgages in Russia.

CONTACT:  MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL)
          Mardig Haladjian, General Manager
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S INVESTORS SERVICE (NEW YORK)
          Dmitry Polyakov, Asst Vice President - Analyst
          Financial Institutions Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


ELECTRO-MONTAZH-SPETS-STROY: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on limited liability company
Electro-Montazh-Spets-Stroy (TIN 7203115585).  The case is
docketed as A-70-1886/3-2005.  Mr. N. Mikushin has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 625002, Russia,
Tyumen region, Severnaya Str. 35, Apartment 52.  A hearing will
take place on July 26, 2005, 10:00 a.m.

CONTACT:  ELECTRO-MONTAZH-SPETS-STROY
          Russia, Tyumen region,
          30 Let Pobedy Str. 133

          Mr. N. Mikushin
          Temporary Insolvency Manager
          625002, Russia, Tyumen region,
          Severnaya Str. 35, Apartment 52


ELECTRO-TRANSFORMER: Asset for Public Auction Next Week
-------------------------------------------------------
The bidding organizer of open joint stock company
Electro-Transformer will sell its property on Aug. 18, 2005, 3:00
p.m. (local time).  The public auction will take place at Russia,
Orenburg region, Gaya Str. 23a.

The assets for sale are:

Lot 1: an immovable property for a starting price of
RUB30,250,000;

Lot 2: another immovable property for a starting price of
RUB1,475,000.

Preliminary examination and reception of bids are done from 10:00
a.m. to 5:00 p.m. (local time) today.  The list of documentary
requirements is available at Russia, Orenburg region, Gaya Str.
23a.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the settlement account
40702810500000000221 at ACB Forshdadt (CJSC) Orenburg,
correspondent account 30101810700000000860, BIC 045354860.

CONTACT:  ELECTRO-TRANSFORMER
          Russia, Orenburg region

          LLC ANTI-CRISIS MANAGEMENT COMPANY
          Bidding Organizer
          Phone: (3532) 78-40-26, 78-38-44


FREIGHT AUTO-TRANSPORT: Declared Insolvent
------------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Freight Auto-Transport (TIN 4329005786) after
finding the limited liability company insolvent.  The case is
docketed as A28-97/05-189/10.  Ms. N. Ivshina has been appointed
insolvency manager.  Creditors have until Aug. 16, 2005 to submit
their proofs of claim to 426035, Russia, Udmurtiya republic,
Izhevsk, Post User Box 4405.

CONTACT:  FREIGHT AUTO-TRANSPORT
          613154, Russia, Kirov region,
          Slobodskoy, Lenina Str. 1

          Ms. N. Ivshina
          Insolvency Manager
          613154, Russia, Kirov region,
          Slobodskoy, Lenina Str. 1


KRASNOSELSKAYA-2: Deadline for Proofs of Claim Set Next Week
------------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Krasnoselskaya-2.  The case is docketed as
A-32-16233/05-38/224-B.  Mr. N. Kurochkin has been appointed
temporary insolvency manager.

Creditors have until Aug. 16, 2005 to submit their proofs of
claim to 350004, Russia, Krasnodar, Kkozhevennaya Str. 18.  A
hearing will take place on Jan. 23, 2006, 11:00 a.m.

CONTACT:  KRASNOSELSKAYA-2
          Russia, Krasnodar region,
          Timashevskiy region, Sovetskiy

          Mr. N. Kurochkin
          Temporary Insolvency Manager
          350004, Russia, Krasnodar region,
          Kkozhevennaya Str. 18
          Phone: 255-00-69
          Fax: 233-88-58


MAGNITOGORSKIY FACTORY: Names I. Fedurin Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on open joint stock company
Magnitogorskiy Factory Of Metallurgical Mechanical Engineering.
The case is docketed as A76-8958/04-52-19.  Mr. I. Fedurin has
been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 455044, Russia, Chelyabinsk
region, Magnitogorsk, Post User Box 121.

CONTACT:  MAGNITOGORSKIY FACTORY OF METALLURGICAL MECHANICAL
          ENGINEERING
          455000, Russia, Chelyabinsk region,
          Magnitogorsk, Kharkovskaya Str. 5

          Mr. I. Fedurin
          Insolvency Manager
          455044, Russia, Chelyabinsk region,
          Magnitogorsk, Post User Box 121


MALAKHOVSKOYE: Bankruptcy Supervision Procedure Begins
------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on limited liability company
Malakhovskoye (TIN /KPP 5231001160/523101001).  The case is
docketed as A43-7628/05-24-181.  Mr. V. Filippov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 603116, Russia,
Nizhniy Novgorod, Marshala Kazakova Str. 5, Post User Box 30.  A
hearing will take place on Sept. 27, 2005.

CONTACT:  MALAKHOVSKOYE
          606186, Russia, Nizhniy Novgorod region,
          Sosnovskiy region, Malakhovo

          Mr. V. Filippov
          Temporary Insolvency Manager
          603116, Russia, Nizhniy Novgorod region,
          Marshala Kazakova Str. 5, Post User Box 30
          Phone: 419-705


METROMEDIA INTERNATIONAL: Unit Wins Advanced Mobile License
-----------------------------------------------------------
Metromedia International said on Wednesday that Magticom Limited,
the Company's Georgia mobile telephony subsidiary, won a tender
concluded in Georgia on August 5, 2005 for a license to offer
mobile telephony services in the frequency range commonly used
for delivery of 3rd Generation GSM mobile voice, data and video
services.

Magticom's 2.1 GHz spectrum license is only the third issued thus
far in the former Soviet states and the only one in Georgia.
Magticom will pay approximately 20 million Georgian Lari over 12
months for the license (equivalent to approximately US$10.8
million at current exchange rates).  In July, Magticom won a
Georgian tender for a license to offer services in a frequency
range usable for offering CDMA data, voice and video services.
Magticom will pay approximately 27 million Georgian Lari over 12
months for this 800 MHz spectrum license (equivalent to
approximately US$14.6 million at current exchange rates).

These new licenses position Magticom to provide mobile telephony
services in Georgia that are as advanced as any now offered in
the European Union or the US.  Magticom is obligated by the terms
of the licenses to introduce first services within 12 months.
Each license is effective for a ten-year period and is effective
countrywide.  Magticom already holds long-standing, renewable
licenses to offer conventional GSM telephony services in the 900
and 1800 MHz spectrum.

Commenting on these developments, Mark Hauf, the Company's
Chairman and Chief Executive said: "We are committed to
maintaining Magticom's market leadership in Georgia and to
providing mobile telephony services in Georgia that are on a par
with the best in the world.  These new licenses considerably
extend Magticom's capability to deliver on these objectives and
enable the company to fully exploit the latest offerings in
mobile communication technology in arranging services for its
customers.  No other Georgian operator is presently licensed to
operate over the wide range of spectrum that Magticom may now
utilize.  We intend for Magticom to promptly begin technology
deployments around the new licenses that will result in the
introduction of new service offerings during the coming year."

Commenting further on related business development strategies,
Mr. Hauf stated: "We are actively pursuing alliances and
acquisitions in Georgia and the surrounding Central Asian region
that will both leverage and strengthen our core Georgian
holdings.  Our goal is development of a growing family of allied
mobile and fixed telephony businesses serving the region.
Magticom's continued strong performance coupled with the recent
successful divestiture of our Russian interests and repayment of
our long-term debt place the Company in a financially solid
position to pursue this strategy.  We believe that the value
improvement for our shareholders already gained from the prior
two years of corporate restructuring can now be further extended
by active pursuit of and investment in such business
developments."

About Metromedia International Group

Through its wholly owned subsidiaries, the Company owns interests
in communications and media businesses in the country of Georgia.
The Company's core businesses includes Magticom, Ltd., the
leading mobile telephony operator in Tbilisi, Georgia, and
Telecom Georgia, a well-positioned Georgian long distance
telephony operator.

CONTACT:  Metromedia International Group, Inc.
          Ernie Pyle
          Phone: 704-321-7380
          E-mail: investorrelations@mmgroup.com


NORILSK NICKEL: Rating Upgraded on Strong Financial Performance
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Russia-based OJSC MMC Norilsk Nickel, Russia's
largest metals and mining company, to 'BB+' from 'BB'.  The
outlook is stable.

At the same time, the Russia national scale rating was raised to
'ruAA+' from 'ruAA'.

"The rating action reflects Norilsk's good operating and
financial performance in 2004 and in the first half of 2005,
together with our expectations that Norilsk's key markets will
remain strong for the next six to 12 months and that the company
will continue to apply a moderate financial policy," said
Standard & Poor's credit analyst Elena Anankina.

The rating action further reflects the comfortable degree of
predictability in the company's financial policy and the fact
that Norilsk has demonstrated the ability to withstand the
institutional risks of operating in Russia.

The rating on Norilsk reflects its strong positions in the global
markets of nickel, palladium, platinum, and copper; unique
resource base; and strong financial profile.  Although Russia's
still-difficult business climate remains a key constraint,
Norilsk's track record of successful operations in this
environment and its position as one of the strongest credits in
the country's corporate sector have been factored into the
rating.  Although the rating and outlook factor in general
country risk, they do not assume any potential company-specific
sovereign interference.  The ratings are also constrained by the
company's exposure to commodity price fluctuations, its
concentration of core operations in a remote location that
implies logistical and operating challenges, and significant
capital expenditure plans.

"We expect Norilsk to stick to its prudent financial policy and
retain its low-cost position despite the real-term appreciation
of the Russian ruble," added Ms. Anankina.

As a result, although metal prices are unlikely to stay as strong
as they were in 2004, the company's strong operating cash flow
should be sufficient to cover its significant capital expenditure
plans under Standard & Poor's midcycle price assumptions.  In
Standard & Poor's view, the spin-off of gold assets that Norilsk
is considering is unlikely to materially affect the company's
diversification profile or lead to any significant cash outlays.

In the medium-to-long term, the ratings will be most
significantly influenced by the evolution of Russia's business
environment for private corporates.

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

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


VERKHNEKAMSKIY: Public Auction Set Next Week
--------------------------------------------
The open joint stock company Verkhnekamskiy Phosphorite Mine will
sell its property on Aug. 16, 2005, 10:00 a.m.  The public
auction will take place at Russia, Moscow region, Nakhimovskiy
Pr. 32.  Up for sale is an excavator for a starting price of
RUB27,000,000.

The list of documentary requirements is available at Russia,
Moscow, Nakhimovskiy Pr. 32, Room 1110.  To participate, bidders
must deposit an amount equivalent to 10% of the starting price to
the settlement account 40702810427460100122 at Kirovskiy OSB
#8612, Kirov, correspondent account 30101810500000000609, BIC
043304609.

CONTACT:  VERKHNEKAMSKIY PHOSPHORITE MINE
          Russia, Moscow region,
          Nakhimovskiy Pr. 32, Room 1110
          Phone: (095) 785-1227


ZHELING: Creditors Opt for Bankruptcy
-------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision procedure on limited liability company Zheling.  The
case is docketed as A28-84/05-128/24.  Mr. V. Ratov has been
appointed temporary insolvency manager.  Creditors have until
Aug. 16, 2005 to send their proofs of claim to 610031, Russia,
Kirov region, Post User Box 2805.

CONTACT:  ZHELING
          610006, Russia, Kirov region,
          Oktyabrskiy Pr. 24

          Mr. V. Ratov
          Temporary Insolvency Manager
          610031, Russia, Kirov region,
          Post User Box 2805


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


CONVERIUM HOLDING: Returns to Profit in Second Quarter
------------------------------------------------------
Converium Holding Ltd. Reports positive result in the second
quarter of 2005.

Highlights:

(a) For the second quarter of 2005 Converium reports income
    before taxes of US$49.2 million, pre-tax operating
    income[1] of US$60.7 million and net income of US$70.8
    million.  All business segments contributed to the quarter's
    positive result;

(b) The encouraging result reflects a solid technical
    underwriting performance, supported by the absence of any
    major catastrophic events, and a strong total investment
    result.  Net income further increased as a result of an
    income tax benefit;

(c) Prior year loss reserves have remained stable.  For three
    consecutive quarters there were only minor loss reserve
    movements;

(d) Converium remains confident about the economic profitability
    of its ongoing business.  The non-life combined ratio,
    excluding an administration expense ratio of 8.8%, was
    93.6%.  This is a satisfactory result given the large share
    of proportional and medium- to long-tail business in
    Converium's portfolio;

(e) Converium's results are only partially reflective of the
    cost reduction measures initiated in March 2005.  Their
    effect continues to be offset by costs resulting from staff
    retention plans and expenses which Converium considers vital
    investments to facilitate a fast rebound; and

(f) In the second quarter Converium generated a total investment
    result of US$86.8 million, resulting in an average
    annualized total investment income yield (pre-tax) of 4.3%
    on average total invested assets of US$8,070.9 million.

Terry Clarke, CEO, said: "I am very pleased that Converium has
swung back to a positive result in the second quarter of 2005.
We have seen a favorable development of prior year loss reserves
for both the ongoing and the run-off operation.  For the third
consecutive quarter, prior year reserve movements have been
minor.  In addition, our ongoing operations, which continue to be
affected by a temporarily inflated cost base remain profitable.

Mr. Clarke added: "I am confident that the second quarter marks a
turning point on our way to full recovery.  We now start to reap
the benefits from the relentless efforts of our staff to put
Converium back on track."

Second quarter 2005 key metrics:

- Gross premiums written: US$362.0 million
- Income before taxes: US$49.2 million
- Pre-tax operating income: US$60.7 million
- Net income: US$70.8 million
- Segment income[2] of ongoing operations: US$74.1 million
- Segment income[2] of run-off operation: US$6.9 million
- Ongoing non-life combined ratio: 102.4%
- Ongoing non-life administration expense ratio: 8.8%
- Average annualized total investment income yield (pre-
  tax):4.3%

First half 2005 key metrics:

- Gross premiums written: US$1,079.5 million
- Loss before taxes: -US$16.4 million
- Pre-tax operating income: -US$12.9 million
- Net income: US$9.0 million
- Segment income2 of ongoing operations: US$53.1 million
- Segment income2 of run-off operation: US$2.3 million
- Ongoing non-life combined ratio: 108.9%
- Ongoing non-life administration expense ratio: 7.2%
- Average annualized total investment income yield (pre-tax):
  4.1%
- Shareholders' equity: US$1,648.2 million

Overview of 2Q/1H 2005 Performance and Short-term Outlook

              Converium Produces a Positive Result

For the second quarter of 2005 Converium reported an income
before taxes of US$49.2 million, a pre-tax operating income of
US$60.7 million and a net income of US$70.8 million as compared
to a loss before taxes of US$381.9 million, a pre-tax operating
loss of US$299.6 million and a net loss of US$660.0 million
in the same period of 2004. For the first half of 2005 this
translates into a loss before taxes of US$16.4 million, pre-tax
operating income of US$12.9 million and net income of US$9.0
million.  This compares with a loss before taxes of US$295.5
million, a pre-tax operating loss of US$221.7 million and a net
loss of US$ 594.3 million for the same period of 2004.

The decrease in gross premiums written, net premiums written, and
net premiums earned in the second quarter of 2005 (by 64.8%,
65.1% and 39.3% compared to the same period in 2004) reflects the
reduction in business volume caused by the placement of Converium
Reinsurance (North America) Inc. (CRNA) into orderly run-off in
2004 and the impact of the ratings downgrades which prompted
clients to cancel their business or reduce their shares with
Converium.  Despite the decrease in premiums, there was still
some growth in the Agribusiness, Aviation and Accident & Health
lines of business resulting from increased shares in existing
business and new client relationships.

In addition, due to the seasonality involved with the renewal of
its business in different markets, Converium generally records
the largest share of its premium volume in the first quarter of a
given year and approximately half of its annual premium volume by
the end of the second quarter of a given year.

       Satisfactory Results of Ongoing Business Segments

The non-life combined ratio for Converium's ongoing operations
was 102.4% (including an administration expense ratio of 8.8%)
for the second quarter of 2005 compared to 108.7% in the same
period of 2004.  For the first half of 2005 and 2004 the non-life
combined ratio for the ongoing operations was 108.9% (including
an administration expense ratio of 7.2%) and 100.7%,
respectively.  This is a satisfactory result as almost two-thirds
of Converium's ongoing portfolio consist of medium- and long-tail
business and therefore generate substantial investment income
over time.  In addition, Converium's mix of business has shifted
from non-proportional to proportional business, which generally
carries higher underwriting expenses.

Converium is also pleased about the broad-based character of its
profitable quarter.  All business segments made a positive
contribution to the bottom-line in the second quarter.  The
Standard Property & Casualty Reinsurance, Specialty Lines and
Life & Health Reinsurance segments reported a segment income of
US$32.5 million, US$41.3 million and US$0.3 million,
respectively.

The Run-Off segment recorded segment income of US$6.9 million for
the second quarter supported by net positive development of prior
years' loss reserves.  As of June 30, 2005 Converium has not yet
concluded and legally bound further material commutations with
its cedents.  The Company is vigorously executing its commutation
strategy and reiterates its target to commute or otherwise settle
CRNA's liabilities of approximately US$500 million in 2005.

               Favorable Loss Reserve Developments

In the second quarter of 2005 Converium recorded net positive
development of prior years' loss reserves of US$6.7 million,
including a net positive development of US$3.1 million in the
Run-Off segment.  This compares with net strengthening of prior
years' loss reserves of US$387.7 million in the same period of
2004.  For the first half of 2005 the Company recorded net
strengthening of prior years' loss reserves of US$3.7 million as
compared to net strengthening of US$430.7 million in the first
half of 2004.

Converium is pleased about the second quarter 2005 being the
third consecutive quarter with only minor prior year loss reserve
developments.  Converium believes this outcome to reflect the
adequacy of prior years' loss reserve actions.

              Strong Total Investment Result

In the second quarter of 2005 Converium generated total
investment results of US$86.8 million or an average annualized
total investment income yield (pre-tax) of 4.3%.  Investments
continued to perform strongly as compared to the same period of
2004, reflecting a moderate growth in average total invested
assets, including cash and cash equivalents as well as an
allocation shift from equity securities to fixed income
securities in mid-2004.  Converium's asset mix is now
characterized by a higher allocation to relatively high-yielding
fixed income securities.  In addition, Converium benefited from
higher investment income generated by business written on a funds
withheld basis.

In the second quarter of 2005, net realized capital losses
amounted to US$1.0 million as compared to net realized capital
gains of US$12.5 million in the same period of 2004 that were
driven by the sale of certain equity investments to adjust
Converium's asset allocation with the objective of reducing
investment risk during 2004.

Cost base affected by timing of cost management measures and
vital investments to facilitate the Company's rebound.  In the
second quarter of 2005, the administration expense ratio for the
ongoing non-life business was 8.8% as compared to 4.6% in the
same period of 2004. Other operating and administration expenses
for the Company were US$50.2 million, a decrease of US$4.5
million compared to the same period of 2004 and a decrease of
US$6.7 million compared to the first quarter of 2005.

The economics of Converium's ongoing operations continue to be
masked by the Company's relatively high administration expense
base.  At this point in time, the administration expenses are
only partially reflective of the strict cost management measures
initiated in March 2005.  These measures are expected to show
effect by the end of 2005.  In addition, the expense base and
accordingly the ongoing non-life combined ratio carry the cost of
staff retention plans.

Furthermore, Converium incurs certain expenses, which it
considers crucial investments in order to be able to rapidly
capitalize on the restoration of its financial strength ratings,
which are expected for 2006, and to accelerate the recovery of
its market position.

Net income increased as a result of an income tax benefit
Converium recorded an income tax benefit of US$21.6 million and
US$25.4 million for the second quarter and the first half of
2005, respectively.  Over the past year, Converium has
established a full valuation allowance against existing tax
losses carried forward in its primary locations, resulting in
minimal current income tax expense relating to pre-tax income.
Therefore tax benefits and expenses are primarily driven by the
development of existing deferred tax assets and liabilities,
which are established to reflect differences in the tax
accounting rules of local jurisdictions and US GAAP accounting.
In the second quarter of 2005, Converium's income tax benefit
resulted from the reduction of deferred acquisition costs (DAC),
caused by the decline in its overall non-life premium volume, as
well as certain timing differences related to the recognition of
investment gains and losses.

                  Encouraging July 1 Renewals

For Converium's ongoing non-life operations approximately 7% of
the in-force portfolio was up for renewal in July.  The main
renewal areas were Latin America and the Caribbean.  The Company
retained almost two-thirds of the renewable business.  In
ratings-sensitive lines of business (e.g. Aviation) and
geographical markets (Australia), Converium recorded, as
expected, a major decline in renewed business volume.  In Latin
America, however, about 75% of the renewable business was
successfully retained.  In the Middle East region Converium even
increased premium volume.  Overall, this outcome is in line with
expectations.

Converium therefore continues to believe that its US$2 billion
gross premiums written target for the 2005 calendar year is
achievable.

Short-term outlook: Continued implementation of Converium's
roadmap to recovery Converium will continue to focus on the
systematic implementation of its roadmap to recovery:

(a) Operate as a stand-alone entity:  The outcome of the July
    renewals confirms the trend established by the January and
    April renewals.  Converium's franchise continues to prove
    resilient and viable;

(b) Right-size the organization: Converium is committed to
    strict cost management in view of the reduced top-line.  The
    Company continues to target administration expenses for its
    ongoing operations at a ratio of 6.5% of net premiums
    written in 2006, which includes certain investments vital
    for a swift rebound of the Company;

(c) Achieve a better financial strength rating: Converium's
    management is in regular contact with the rating agencies.
    Restoring their confidence based on a stable financial
    performance remains a key corporate priority;

(d) Implement future business strategies: Encouraged by the
    robustness of its franchise, Converium will enter the
    upcoming January 2006 renewal negotiations with the self-
    confidence of a knowledge-based, client-centric and nimble
    multi-line reinsurer offering a clear geographic focus; and

(e) Successfully manage the run-off of CRNA: The Company remains
    committed to reducing legacy exposure from the US business
    in a way that meets the interests of shareholders.
    Converium will continue to diligently pursue commutations,
    look into the option of selling CRNA and constantly
    evaluate any other options for extracting maximum value for
    shareholders from the U.S. business.

                  Business Development

Standard Property & Casualty Reinsurance reported segment income
of US$32.5 million for the second quarter and US$34.9 million for
the first half of 2005, compared to US$22.0 million and US$69.0
million for the same periods of 2004, respectively.  The segment
results were primarily attributable to a solid underwriting
performance, supported by net positive development of prior years
' loss reserves of US$3.3 million in the first half of 2005 and
to the absence of major catastrophic events in the second quarter
of 2005.

For the second quarter of 2005, the segment recorded a net
strengthening of prior years' loss reserves of US$6.9 million,
primarily related to a strengthening within the Motor line of
business (US$17.9 million), which was partially offset by
positive development within the Property line of business
(US$17.6 million).

The development in Property business includes a strengthening of
US$4.4 million related to the U.S./Caribbean hurricanes that
occurred in late 2004.  For the second quarter 2005, the loss
ratio remained relatively flat as compared to the same period of
2004.  The impact of winter storm Erwin, which resulted in net
pre-tax losses in the amount of US$32.5 million during the first
quarter of 2005, added 7.7 percentage points to the loss ratio
for the first half of 2005.

The combined ratio was 120.7% (including an administration
expense ratio of 28.6%) for the second quarter of 2005 and 105.0%
(including an administration expense ratio of 7.0%) for the first
half of 2005, compared to 103.6% and 97.1% for the same periods
of 2004, respectively.

In the second quarter of 2005, gross premiums written decreased
83.2% to US$47.9 million, net premiums written declined 83.0% to
US$43.3 million (representing approximately 13.1% of total net
premiums written) and net premiums earned decreased 46.5% to
US$178.9 million, compared to the same period of 2004.  In the
first half of 2005, gross premiums written dropped 49.9% to
US$460.4 million, net premiums written decreased 47.8% to
US$446.2 million (representing approximately 43.1% of total net
premiums written), and net premiums earned declined 40.4% to
US$420.9 million, compared to the same period of 2004.  The
premium volume in 2005 was impacted by the ratings downgrades
that occurred in 2004, which resulted in clients canceling their
business or reducing their shares with Converium.  In addition,
due to the seasonality involved with the renewal of its business
in different markets, Converium generally records the largest
share of its premium volume in the first quarter of a given year
and approximately half of the annual premium volume by the end of
the second quarter of a given year.  In the first half of 2005,
the reduction in net premiums written by line of business
included:

(a) Motor, which decreased by 60.7% or US$195.1 million to
    US$126.5 million;

(b) Property, which declined by 14.1% or US$42.9 million to
    US$262.0 million;

(c) General Third Party Liability, which dropped by 76.7% or
    US$147.9 million to US$44.5 million, also due to revisions
    to premium estimates on our London Market North America and
    United Kingdom book of business; and

(d) Personal accident business assumed from non-life insurers,
    which decreased by 54.7% or US$14.1 million to US$11.7
    million.

Specialty Lines reported a segment income of US$41.3 million for
the second quarter and US$11.7 million for the first half of
2005, compared to a segment loss of US$10.6 million and segment
income US$37.4 million for the same periods of 2004,
respectively.  The segment results were primarily attributable to
a solid underwriting performance, supported by net positive
development of prior years' loss reserves of US$10.5 million in
the second quarter of 2005, which was primarily driven by
positive development within the Aviation line of business
(US$19.5 million) and partially offset by net strengthening
within other lines of business of the segment.  For the first
half of 2005, Converium recorded net positive development of
prior years' loss reserves of US$6.4 million.  The segment result
also benefited from the absence of major catastrophic events in
the second quarter of 2005.

The result for the first half of 2005 has also been affected by
the commutation of certain retrocession contracts, which had a
negative impact on losses of US$38.7 million during the first
quarter of 2005.  For the second quarter the combined ratio was
99.6% (including an administration expense ratio of 5.1%) and
111.6% (including an administration expense ratio of 7.4%) for
the first half of 2005, compared to 115.1% and 105.1% for the
same periods of 2004, respectively.

In the second quarter of 2005, gross premiums written decreased
34.1% to US$247.3 million, net premiums written declined 33.9% to
US$229.5 million (representing approximately 69.3% of total net
premiums written) and net premiums earned increased 9.0% to
US$327.3 million, compared to the same period of 2004.  In the
first half of 2005, gross premiums written decreased 44.4% to
US$401.8 million, net premiums written declined 42.6% to US$384.9
million (representing approximately 37.2% of total net premiums
written), and net premiums earned increased 6.4% to US$619.7
million, compared to the same period of 2004.  The premium volume
in 2005 was impacted by the ratings downgrades that occurred in
2004, which resulted in clients canceling their business or
reducing their shares with Converium.

In the first half of 2005, the reduction in net premiums written
by line of business included:

(a) Aviation & Space, which decreased by 31.5% or US$59.8
    million to US$129.9 million;

(b) Credit & Surety, which dropped by 69.2% or US$69.4 million
    to US$30.9 million;

(c) Professional Liability and other Special Liability, which
    decreased by 45.5% or US$97.6 million to US$116.8 million;

(d) Engineering, which fell by 39.6% or US$29.6 million to
    US$45.2 million;

(e) Marine & Energy, which decreased by 25.8% or US$13.9 million
    to US$40.0 million; and

(f) Workers' Compensation, which declined by 97.3% or US$33.2
    million to US$0.9 million.

These decreases were offset by an increase in net premiums
written in the Agribusiness line of business, which grew by
US$4.2 million to US$21.2 million.  Additionally, in Specialty
Lines, Converium successfully renewed the significant business
with its strategic partner, the Medical Defence Union (MDU).
Life & Health Reinsurance reported a segment income of US$0.3
million for the second quarter and US$6.5 million for the first
half of 2005, compared to US$1.9 million and US$3.4 million for
the same periods of 2004, respectively.  The technical result was
US$1.5 million for the second quarter of 2005 and US$8.1 million
for the first half of 2005, compared to US$4.1 million and US$5.4
million for the same periods in 2004, respectively.  It is
defined as net premiums earned minus losses, loss adjustment
expenses and life benefits minus underwriting acquisition costs
plus technical interest.

The decrease in segment income and technical result for the
second quarter of 2005 was primarily driven by Converium's
decision to non-renew two large contracts as well as updated
cedent information pertaining to our European and Latin American
markets.

The increased segment income in the first half of 2005 was
primarily attributable to the expansion of existing reinsurance
transactions in Continental Europe but was partially offset by
negative loss development of US$1.5 million in the first quarter
of 2005 related to the tsunami that occurred in late 2004.

In the second quarter of 2005, gross premiums written decreased
16.0% to US$59.3 million, net premiums written fell 2.6% to
US$55.7 million (representing approximately 16.8% of total net
premiums written), and net premiums earned decreased 11.4% to
US$74.1 million, compared to the same period of 2004.  For the
first half of 2005, gross premiums written decreased 7.1% to
US$176.4 million, net premiums written increased 0.7% to US$169.5
million (representing approximately 16.4% of total net premiums
written), and net premiums earned increased 2.6% to US$155.2
million, compared to the same period of 2004.

In the first half of 2005, the growth of net premiums written in
the Life & Health Reinsurance segment primarily occurred in Life
and Disability reinsurance, which increased by 8.5% or US$10.3
million to US$132.2 million, and is largely reflective of the
expansion of existing reinsurance transactions as well new
business being written.  This increase was offset by a decrease
of 4.9% or US$2.0 million in net premiums written to US$38.5
million in the Accident and Health line of business due to the
cancellation of contracts where the overall performance was not
in-line with Converium's profitability targets as well as to the
impact of the ratings downgrades that occurred in 2004.

The Run-Off segment represents all non-life and life business
originating from CRNA and Converium Insurance (North America)
Inc., excluding the U.S.-originated aviation business portfolio.
The Run-Off segment reported a segment income of US$6.9 million
for the second quarter and US$2.3 million for the first half of
2005, compared to US$-289.6 million and US$-284.2 million for the
same periods of 2004, respectively.  In the second quarter of
2005 the segment recorded US$3.1 million of net positive
development of prior years' loss reserves, which resulted in net
strengthening of prior years' loss reserves of US$13.3 million in
the first half of 2005.  In the second quarter of 2004 the
Run-Off segment strengthened its prior years' loss reserves by
US$331.3 million, primarily within the Professional Liability and
other Special Liability and General Third Party Liability lines
of business, which resulted in US$397.4 million of net reserve
strengthening of prior years' loss reserves in the first half of
2004.

The Corporate Center carries certain administration expenses,
such as costs of the Board of Directors, the Global Executive
Committee and other corporate functions as well as other expenses
not allocated to the operating segments.  The Corporate Center
reported costs of US$11.8 million for the second quarter and
US$19.0 million for the first half of 2005, compared to US$7.4
million and US$17.1 million for the same periods of 2004,
respectively.  The increase in the first half of 2005 as compared
to the same period of 2004 was due to increased consulting fees
related to Converium's organizational and operational
restructuring.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Pre-tax operating income (loss) is defined as income (loss)
before taxes excluding net realized capital gains (losses),
impairment of goodwill, amortization of intangible assets and
restructuring costs.

[2] Segment income (loss) is defined as net premiums earned plus
total investment results minus losses, loss adjustment
expenses and life benefits, underwriting acquisition costs and
other operating and administration expenses.

The report is available free of charge at
http://bankrupt.com/misc/Converium(Q22005).pdf

Converium has made it a policy not to provide any quarterly or
annual earnings guidance and it will not update any past outlook
for full year earnings.  It will however continue to provide
investors with perspectives on its value drivers, its strategic
initiatives and those factors critical to understanding its
business and operating environment.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

About Converium

Converium is an independent international multi-line reinsurer
known for its innovation, professionalism and service.  Today
Converium employs about 600 people in 20 offices around the globe
and is organized into four business segments: Standard Property &
Casualty Reinsurance, Specialty Lines and Life & Health
Reinsurance, which are based principally on ongoing global lines
of business, as well as the Run-Off segment, which primarily
comprises the business from Converium Reinsurance (North America)
Inc., excluding the US originated aviation business portfolio.
Converium has a "BBB+" rating (outlook stable) from Standard &
Poor's and a "B++" rating (outlook stable) from A.M. Best
Company.

CONTACT:  CONVERIUM HOLDING LTD.
          Esther Gerster, Head of Public Relations
          E-mail: esther.gerster@converium.com
          Phone: +41 (0) 44 639 90 22
          Fax: +41 (0) 44 639 70 22
          Zuzana Drozd, Head of Investor Relations
          E-mail: zuzana.drozd@converium.com
          Phone: +41 (0) 44 639 91 20
          Fax: +41 (0) 44 639 71 20


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


EREGLI DEMIR: Rated 'BB-' Due to Privatization Uncertainty
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
foreign and local currency corporate credit ratings on Turkish
steelmaker Eregli Demir ve Celik Fabrikalari T.A.S. on
CreditWatch with developing implications.

"The CreditWatch placement reflects the uncertainty concerning
the future operational strategy and financial policy of Erdemir
pending the sale of the Turkish government's 49% stake in the
company," said Standard & Poor's credit analyst Tommy Trask.
"There remains the question of whether the company might be
controlled by an entity with a stronger or weaker credit profile
than Erdemir currently has itself."

These uncertainties have been heightened by a lawsuit challenging
the creation of a golden share that gives veto rights to the
privatization administration over certain decisions, and the
resignation of the general manager of Erdemir as well as the
general manager of its 91%-owned subsidiary Isdemir.

If Erdemir is acquired by a higher-rated entity, the ratings
could be raised to reflect implicit shareholder support. The
extent to which parental support affects the rating depends on
several factors, including the strategic importance of Erdemir to
its future owners.  Conversely, a takeover by a weaker player
could have a negative impact on the ratings.  A takeover by a
Turkish company will not lead to an upgrade, however, given that
the ratings would be capped by country risks.  A change of
ownership could also have positive or negative implications for
Erdemir's operational strategy and financial policy.

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

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


INSTAL LUBLIN: End of Insolvency Proceedings Seen by Month's End
----------------------------------------------------------------
A number of Instal Lublin's creditors have already accepted its
settlement proposals, Polish News Bulletin reported on August 9.

The settlement, which will reduce Instal's debt by 40%, still
needs the approval of the court handling its insolvency
proceedings.  The approval, which could come August 31, will also
end the insolvency proceedings, the paper said.

The construction firm fell under court supervision in February
last year and since then it has not been able to participate in
public tenders.  The approval of the settlement will allow the
company to bid for projects, not just for sub-contracting jobs,
which it has been doing since declaring insolvency.

CONTACT:  INSTAL LUBLIN
          ul. Lucyny Herc 9
          20-328 Lublin
          Phone: +48 81 744 00 31
          Fax: +48 81 744 16 07
          E-mail: office@instal.com.pl
          Web site: http://www.instal.com.pl/


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


AVM: Insolvency Manager Temporarily Takes over Operations
---------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on AVM (code EDRPOU 32019206) on June 14,
2005.  The case is docketed as 25/96.  Mr. A. Tihenko (License
Number AB 116094) has been appointed temporary insolvency
manager.  The company holds account number 26002013642001 at JSB
Munitsipalnij, MFO 313537.

CONTACT:  AVM
          69114, Ukraine, Zaporizhya region,
          Radyanskij Avenue, 27/63

          Mr. A. Tihenko
          Temporary Insolvency Manager
          69104, Ukraine, Zaporizhya region,
          Malinovskij Str. 16/5

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


BRAVO GLASS: Declared Insolvent
-------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Bravo Glass (code EDRPOU 32161113) on June
23, 2005 after finding the limited liability company insolvent.
The case is docketed as 43/432.  Mr. V. Krikun has been appointed
liquidator/insolvency manager.  The company holds account number
26008300316201 at JSCB TAS-Komertsbank, MFO 300164.

CONTACT:  BRAVO GLASS
          Ukraine, Kyiv region,
          Lesya Ukrainka Boulevard, 5-A

          Mr. V. Krikun
          Liquidator/Insolvency Manager
          Phone: (044) 244-44-89

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


DOBROTSUKOR: Kirovograd Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Dobrotsukor (code EDRPOU 31464208) on June
14, 2005 after finding the limited liability company insolvent.
The case is docketed as 9/284.  Mr. G. Zabnolotnij (License
Number AB 216862) has been appointed liquidator/insolvency
manager.  The company holds account number 26003416114001 at CB
Privatbank, Kirovograd branch, MFO 325583.

CONTACT:  DOBROTSUKOR
          Ukraine, Kirovograd region,
          Dobrovelichivskij district, Lipnyazhka

          Mr. G. Zabnolotnij
          Liquidator/Insolvency Manager
          25006, Ukraine, Kirovograd region,
          Lenin Str. 23

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25022, Ukraine, Kirovograd region,
          Lunacharski Str. 29


GAL-STAH: Falls into Bankruptcy
-------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Gal-Stah (code EDRPOU 30918626) on May 16,
2005 after finding the limited liability company insolvent.  The
case is docketed as 6/103-29/92.  Ms. Olga Bobrovitska (License
Number AA 6300162003) has been appointed liquidator/insolvency
manager.  The company holds account number 260092868 at JSCB Lviv
region, MFO 338501.

CONTACT:  GAL-STAH
          Ukraine, Lviv region,
          Zolota Str. 25

          Ms. Olga Bobrovitska
          Liquidator/Insolvency Manager
          Ukraine, Lviv region,
          Sokal, Makarenko Str. 22

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


INTERPLAY LTD.: Declared Insolvent
----------------------------------
The Economic Court of Ivano-Frankivsk region has commenced
bankruptcy supervision procedure on LLC Interplay Ltd. (code
EDRPOU 22176159).  The case is docketed as B-13/76.  Mr. I.
Hlibejchuk (License Number AA 719769) has been appointed
temporary insolvency manager.

CONTACT:  INTERPLAY LTD.
          77300, Ukraine, Ivano-Frankivsk region,
          Kalush, Rubchak Str. 7/41

          Mr. I. Hlibejchuk
          Temporary Insolvency Manager
          Ukraine, Ivano-Frankivsk region,
          Tismenitskij district, Miru Str. 10

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16a


INTERTEHSERVICE: Collapses into Liquidation
-------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Intertehservice (code EDRPOU 23809023) on
June 24, 2005 after finding the limited liability company
insolvent.  Mr. A. Hutkij has been appointed
liquidator/insolvency manager.

CONTACT:  INTERTEHSERVICE
          Ukraine, Poltava region,
          Zovtneva Str. 32

          Mr. A. Hutkij
          Liquidator/Insolvency Manager
          79035, Ukraine, Lviv region, a/b 4110

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


PODILLYA-KARPATI: Bankruptcy Proceedings Begin
----------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Podillya-Karpati (code EDRPOU 30362669) on
June 23, 2005 after finding the company insolvent.  The case is
docketed as 5/109-05.  Vinnitsya State Tax Inspection has been
appointed liquidator/insolvency manager.

CONTACT:  PODILLYA-KARPATI
          Ukraine, Vinnitsya region,
          Vinnitsya district, Strizhavka, Primiska Str. 6

          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          Ostrozkij Str. 14

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


SARDONIKS: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
supervision procedure on Private Enterprise Sardoniks (code
EDRPOU 13665244) on June 30, 2005.  The case is docketed as
B-13/139.  Mr. Y. Shutka has been appointed temporary insolvency
manager.  The company holds account number 206703265003 at JSB
Energobank, MFO 300272.

CONTACT:  SARDONIKS
          76000, Ukraine, Ivano-Frankivsk region,
          Stefanik Str. 38

          Mr. Y. Shutka
          Temporary Insolvency Manager
          Ukraine, Ivano-Frankivsk region,
          Tismenitsya, Lipova Str. 17-a/14

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16a


SOLVI-SERVICE: Court Appoints Liquidator
----------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Solvi-Service (code EDRPOU 23091206) on April
29, 2005 after finding the close joint stock company insolvent.
The case is docketed as 10/170.  Ms. O. Savonina (License Number
AB 216735) has been appointed liquidator/insolvency manager.  The
company holds account number 26002301360157 at JSCB National
Credit, Svitlovodsk branch, MFO 383136.

CONTACT:  SOLVI-SERVICE
          Ukraine, Kirovograd region,
          Kislovodsk, Yegorov Str. 4

          Ms. O. Savonina
          Liquidator/Insolvency Manager
          25006, Ukraine, Kirovograd region,
          Lenin Str. 23

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25022, Ukraine, Kirovograd region,
          Lunacharski Str. 29


TSAREKOSTYANTINIVSKA MACHINE: Bankruptcy Supervision Begins
-----------------------------------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
supervision procedure on LLC Tsarekostyantinivska
Machine-Technological Station (code EDRPOU 25477542).  The case
is docketed as 25/144.  Mr. Sergij Agarkov (License Number AA
783058) has been appointed temporary insolvency manager.  The
company holds account number 26007300180001 at JSB Elita,
Berdyansk branch, MFO 313838 and account number 26003209929001 at
CJSC CB Privatbank, Zaporizhya regional branch, 313399.

CONTACT:  TSAREKOSTYANTINIVSKA MACHINE-TECHNOLOGICAL STATION
          7100, Ukraine, Zaporizhya region,
          Kujbishevo, Illich Str. 127

          Mr. Sergij Agarkov
          Temporary Insolvency Manager
          69000, Ukraine, Zaporizhya region,
          Lenin Avenue, 133, a/b 646

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


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


ABBEY NATIONAL: Decides to Wind up Subsidiaries
-----------------------------------------------
Company Names: Abbey National Belfast Limited
               Abbey National Cardiff And The Vales Limited
               Abbey National Ealing Limited
               Abbey National Newcastle Limited
               Cater Allen Futures Limited
               Key Investments Limited
               Roger Cunliffe Investments Limited
               Ryders Discount Company Limited
               SMA (81/103 Kings Road) Limited

At the extraordinary general meeting of the members of these
companies, duly convened, and held at Abbey National House, 2
Triton Square, Regent's Place, London NW1 3AN, on 26 July 2005,
the following Resolutions were duly passed, as a Special
Resolution, as an Ordinary Resolution and as an Extraordinary
Resolution respectively:

"That the Companies be wound up voluntarily, and that Martin
Freeman, be and is hereby appointed Liquidator for the purposes
of such winding-ups, and that the Liquidator be and is hereby
empowered to distribute the assets of the Companies in specie."

S P Coles, Director

CONTACT:  GRIFFINS
          Russell Square House
          10-12 Russell Square
          London WC1B 5EH
          Phone: 020 7307 8200
          Fax: 020 7307 8222
          E-mail: martin.freeman@griffins.net


ATRR HOLDINGS: Hires Administrators from Begbies Traynor
--------------------------------------------------------
Name: ATRR HOLDINGS LIMITED
      (Company No 5064466)

Nature of Business: Recycling of Non Metal Waste

Address of Registered Office: The Development Centre, Pennington
Close, West Bromwich, West Midlands B70 8BG

Date of Appointment: 1 August 2005

Administrators' Names and Addresses: W. John Kelly (IP No
004857), Begbies Traynor, 4th Floor, Newater House, 11 Newhall
Street, Birmingham B3 3NY, and Gary Lee (IP No 009204), Begbies
Traynor, Elliott House, 151 Deansgate, Manchester M3 3BP

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

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


BOO.COM: Multi-million-pound Debt Remains Outstanding
-----------------------------------------------------
Creditors of bankrupt online retailer boo.com are still owed
GBP49 million, says The Register.

The figure is based on the report by the Official Receiver, which
also showed that about GBP130 million of the firm's total debt
has been covered by shareholder funds.  boo.com, founded by Ernst
Malmsten, Kajsa Leander and Patrik Hedelin, was placed into
receivership in 2000 after burning up US$130 million in just one
year.  The company failed to recover despite an emergency capital
injection of US$30 million.  It appointed KPMG as liquidator.

Among boo.com's investors, mostly advertising agencies, Omnia was
said to be the biggest loser.  Backed by a wealthy Lebanese
family, Omnia had reportedly invested US$40 million to the
company.  The collapse made more than 400 workers and contractors
redundant around the world, including London.  U.S.-based
Fashionmall bought the boo name and the Miss boo character for
GBP0.25 million, while U.K.'s Bright Station took over boo's core
assets.

According to analysts from Team Register, within six months boo
had exhausted its initial capital on communication, which
involved advertising through television, radio and fashion
magazines.  After failing to meet sales targets, the firm then
axed 20% of its workforce, which also saw the departure of key
executives.  The firm's technology also experienced problems that
eventually shooed online users away.

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


BRIGHTSTART BUILDERS: Winding-up Gets Go Signal
-----------------------------------------------
Company Name: BRIGHTSTART BUILDERS LIMITED
              RSM Robson Rhodes
              2-4 Cayton Street,
              London, EC1V 9EH

Registration Number: 02935465

Court: High Court of Justice

Date of Filing Petition: June 23, 2005

No. of Matter: 004143 of 2005

Date of Winding-up Order: July 14, 2005

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


BRITWAVE COMPUTING: Files for Liquidation
-----------------------------------------
Company Name: BRITWAVE COMPUTING LIMITED
              1 Gallery Court,
              1-7 Pilgrimage Street,
              London, SE1 4LL

Registration Number: 03451326

Court: Bristol District Registry

Date of Filing Petition: June 1, 2005

No. of Matter: 2287 of 2005

Date of Winding-up Order: July 20, 2005

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


BRUMM BRUMM: Court Issues Winding-up Order
------------------------------------------
Company Name: BRUMM BRUMM LIMITED
              Middlesex House,
              800 Uxbridge Road, Hayes,
              Middlesex, UB4 0RS

Registration Number: 05220104

Court: High Court of Justice

Date of Filing Petition: May 31, 2005

No. of Matter: 003536 of 2005

Date of Winding-up Order: July 13, 2005

CONTACT:  Official Receiver
          2nd Floor Kings Wharf,
          20-30 Kings Road,
          Reading, RG1 3ET
          Phone: 0118 958 1931
          Fax: 0118 950 4941/3234


BUILDING AND STRUCTURAL: Hires Grant Thornton Administrator
-----------------------------------------------------------
Name: BUILDING AND STRUCTURAL SERVICES LIMITED
      (Company No 02590841)

Nature of Business: General Building Contractors

Address of Registered Office: Castle Chambers, 43 Castle Street,
Liverpool L2 9TL

Date of Appointment: July 29, 2005

Administrators' Names and Address: Leslie Ross and Keith Hinds
(IP Nos 7244 and 6745), both of Grant Thornton UK LLP, 1st Floor,
Royal Liver Building, Liverpool L3 1PS

                            *   *   *

Building and Structural Services Limited, established in 1991,
has approximately 120 directly employed operative and staff.
Visit http://www.designdude.biz/bss.htmlfor more information.

CONTACT:  BUILDING AND STRUCTURAL SERVICES LIMITED
          Unit C2 Kingfisher Business Park,
          Hawthorne Road
          Bootle Liverpool L20 6PF
          Phone: 0151.922.3586
          Fax: 0151.922.5673
          E-mail: info@bsslimited.co.uk

          GRANT THORNTON
          1st Floor,
          Royal Liver Building,
          Liverpool L3 1PS
          Web site: http://www.grant-thornton.co.uk


CAMDEN COACHES: Court Approves Liquidation
------------------------------------------
Company Name: CAMDEN COACHES LIMITED
              RSM Robson Rhodes
              2-4 Cayton Street,
              London, EC1V 9EH

Registration Number: 01326905

Court: High Court of Justice

Date of Filing Petition: June 23, 2005

No. of Matter: 004142 of 2005

Date of Winding-up Order: July 14, 2005

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


CHN MEDIA: Administrators from Tait Walker Move in
--------------------------------------------------
Name: CHN MEDIA LIMITED
      (Company No 04815227)

Nature of Business: Publishing of Journals and Periodicals

Trade Classification: 22130

Date of Appointment: July 28, 2005

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

                            *   *   *

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

CONTACT:  CHN MEDIA LTD
          E-Zone, Kingsway North
          Team Valley Trading Estate
          Gateshead NE11 0EG
          Tyne and Wear
          Phone: 0191 482 7780

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


CHOCTAILS LIMITED: In Voluntary Liquidation
-------------------------------------------
At an Extraordinary General Meeting of the Members of Choctails
Limited (formerly Famous Names Limited), duly convened, and held
at Greenbank, Bristol BS5 6EL, on 29 July 2005, the following
Special Resolution was duly passed:

"That the Company be wound up voluntarily, and that Alison M
Byrne, be and is hereby appointed Liquidator for the purposes of
such winding-up."

M McReynolds, Director

CONTACT:  BYRNE ASSOCIATES
          Alison M Byrne
          The Coach House
          Folleigh Lane
          Long Ashton
          Bristol BS41 9JB


CHRISTCHURCH INTERNATIONAL: Crumbles into Liquidation
-----------------------------------------------------
Company Name: CHRISTCHURCH INTERNATIONAL LIMITED
              RSM Robson Rhodes
              2-4 Cayton Street,
              London, EC1V 9EH

Registration Number: 01136236

Court: High Court of Justice

Date of Filing Petition: June 23, 2005

No. of Matter: 004120 of 2005

Date of Winding-up Order: July 14, 2005

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


CITY PALLETS: Administrators from Kroll Take over Operations
------------------------------------------------------------
Name: CITY PALLETS LIMITED
      (Company No 05053165)

Trading Name: Palletways London

Nature of Business: Freight Transport by Road

Address of Registered Office: 1st Floor Pendragon House, Eastern
Way, Cannock WS11 2FJ

Date of Appointment: July 29, 2005

Administrators' Names and Address: J. M. Wright and A. J.
Wolstenholme (IP Nos 9152 and 8995), both of Kroll, Aspect Court,
4 Temple Row, Birmingham B2 5HG

CONTACT:  KROLL BIRMINGHAM
          Aspect Court
          4 Temple Row
          Birmingham B2 5HG
          United Kingdom
          Phone: 44 (0) 121 212 4999
          Fax: 44 (0) 121 212 4944
          Web site: http://www.krollworldwide.com


CONNECT CORPORATE: Court Okays Liquidation
------------------------------------------
Company Name: CONNECT CORPORATE SERVICES LIMITED
              Regent House,
              Clinton Avenue,
              Nottingham,
              Nottinghamshire, NG5 1AZ

Registration Number: 03562157

Court: Bristol District Registry

Date of Filing Petition: June 2, 2005

No. of Matter: 2330 of 2005

Date of Winding-up Order: July 27, 2005

CONTACT: Official Receiver
          The Frontage, 4th Floor,
          Queen Street,
          Nottingham, NG1 2BL
          Phone: 0115 852 5000
          Fax: 0115 852 5199


COPYCATS VIDEO: Names BDO Stoy Liquidator
-----------------------------------------
At an Extraordinary General Meeting of Copycats Video Limited,
duly convened, and held at 26 Derby Road, Greenford, Middlesex
UB6 8UJ, on 1 August 2005, the subjoined Special Resolution was
duly passed:

"That the Company be wound up voluntarily, and that Martha H
Thompson, of BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings Road,
Reading, Berkshire RG1 3EX, be and is hereby appointed Liquidator
for the purposes of such winding-up."

A E M Fellows, Chairman

CONTACT:  BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


DELHOUSE MARKETING: Opts for Liquidation
----------------------------------------
Company Name: DELHOUSE MARKETING LTD.
              60 Flixton Road,
              Urmston,
              Manchester, M41 5AB

Registration Number: 04061135

Court: High Court of Justice

Date of Filing Petition: May 16, 2005

No. of Matter: 003186 of 2005

Date of Winding-up Order: June 29, 2005

CONTACT:  Official Receiver
          1st Floor, Boulton House,
          17-21 Chorlton Street,
          Manchester, M1 3HY
          Phone: 0161 934 5400
          Fax: 0161 934 5450


DEWSBURY RUGBY: Files Winding-up Petition
-----------------------------------------
Company Name: DEWSBURY RUGBY LEAGUE FOOTBALL CLUB LIMITED
              RSM Robson Rhodes
              2-4 Cayton Street,
              London, EC1V 9EH

Registration Number: 03125566

Court: High Court of Justice

Date of Filing Petition: June 23, 2005

No. of Matter: 004133 of 2005

Date of Winding-up Order: July 14, 2005

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


DRAX GROUP: To Decide on Amending Articles of Association Sept.
---------------------------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
the Company will be held at the offices of Norton Rose at Kempson
House, Camomile Street, London EC3A 7AN on 9 September
2005, at 2:30 p.m. for these purposes:

To consider and, if thought fit, to pass the following resolution
as a Special Resolution conditional upon such resolution
receiving, in addition, the approval of the Majority Holders (as
defined in the Articles of Association of the Company).

THAT, conditional on the consent being obtained of:

(a) at least 662/3% by value of the holders of Al Loans (as
    defined in the Articles of Association of the Company) who
    have voted within 30 days of their consent being sought; and

(b) the consent of at least 50.1% by value of the holders of A2
    Loans (as defined in the Articles of Association of the
    Company) who have voted within 30 days of their consent
    being sought, the Articles of Association of the Company be
    amended by the insertion of the following new article 59A
    after article 59:

    "59A. For the purposes of these articles, and
    notwithstanding any other provision of these articles,
    during the Relevant Period a Relevant Shareholder shall be
    deemed:

     (i) not to be acting in concert with any other Relevant
         Shareholder

     --- in relation to any acquisition of rights or interests
         under a Relevant Transfer, unless such Relevant
         Shareholders are parties to a binding agreement with
         each other relating to the acquisition of rights or
         interests under such Relevant Transfer to obtain or
         consolidate Control of the Company and in the event
         that a Relevant Shareholder delivers a Drag Along
         Notice pursuant to article 20(2) of these articles
         during the Relevant Period (and including after such
         Shareholder ceases to be a Relevant Shareholder)
         requiring the Called Shareholders to transfer their
         Shares, the consideration to be paid or transferred for
         the transfer of such Shares held by the Called
         Shareholders shall be no less favorable, and shall
         include no less proportion of cash, than the most
         favorable consideration given or procured to be
         given under any Relevant Transfer whereby such
         Shareholder or any other Relevant Shareholder (who is
         still a Relevant Shareholder at the date of the
         delivery of such Drag Along Notice) has acquired any
         interest in any Shares during the Relevant Period; or

     --- merely by virtue of the fact that both such persons are

         Relevant Shareholders; and

    (ii) not to be Voting in Concert with any other Relevant
         Shareholder on any resolution at a general meeting or
         (if applicable) court meeting or in respect of any
         matter requiring the approval of the Majority Holders
         where the subject matter of the resolution or matter
         requiring the approval of the Majority Holders is a
         proposal which has been recommended by the Board and

     --- requires the consent of holders of the Al Loans under
         the InPower 2 Facility Agreement, or

     --- is a proposal for the refinancing and/or exchange of
         all of the Eurobonds, the Further Eurobonds and the B
         Facility Eurobonds, unless such Relevant Shareholders
         are parties to a binding agreement with each other
         requiring them to cast their votes on the resolution or
         to give or withhold their approval of the matter in
         accordance with the agreement .

For the purposes of this article 59A, a "Relevant Shareholder" is
a person who has entered into an agreement which entitles it, as
a member of a Shareholder committee formed to consider any
proposed capital reorganization of, or refinancing of some or all
of the capital instruments in, the Drax Group, to receive advice
from a legal or financial adviser in relation to such proposed
capital reorganization or refinancing with whom the
Company or any other member of the Drax Group has entered into an
agreement for the purposes of this article 59A (an "Adviser 's
Agreement") and the "Relevant Period" is the period from the date
of the adoption of this article 59A until the earlier of the date
of termination of the Adviser 's Agreement and the date being the
first anniversary of the date of the adoption of this article 59A
(which for the purpose of paragraph (a) of this article 59A,
should end not earlier than the date of such first anniversary)."

By Order of the Board
Peter Rothwell (Company Secretary)
9 August 2005

Background, details of the proposal are available free of charge
at http://bankrupt.com/misc/Drax_Sept09EGM.pdf

                            *   *   *

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

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

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

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

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


DRYNAN FLOORING: Court Okays Liquidation
----------------------------------------
Company Name: DRYNAN FLOORING & BUILDING CONTRACTORS LIMITED
              263 Rochester Road,
              Gravesend,
              Kent, DA12 4TW

Registration Number: 4356568

Court: Bristol District Registry

Date of Filing Petition: June 1, 2005

No. of Matter: 2282 of 2005

Date of Winding-up Order: July 20, 2005

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


EPISODE (GB): Retailer Calls in Administrators from Baker Tilly
---------------------------------------------------------------
Name: EPISODE (GB) LIMITED
      (Company No 02413656)

Nature of Business: Ladies' Clothing Retailer

Trade Classification: 17

Date of Appointment: July 29, 2005

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

CONTACT:  EPISODE GB LTD
          21-25 Buchanan Street,
          Glasgow, Lanarkshire G1 3HR
          Phone: 01412265157

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


FISHLIKE LIMITED: Diner Chokes, Leaves 25 Jobless
-------------------------------------------------
Scottish Football legend Willie Miller has reportedly shut down
his two beachfront diners after his firm Fishlike Limited fell
into administration due to debt and heavy losses.

The closure of Cafe Continental and Harry Ramsden's restaurants
has left 25 people jobless, according to caterersearch.com.  The
collapse came after a fire hit Cafe Continental in 2003, which
forced both establishments to close for six months, said The
Scotsman.  The damage was reportedly pegged at an estimated
GBP200,000.

Mr. Miller set up Fishlike in 1998 with business partner Stan
McEwen to acquire the franchise on Harry Ramsden's.  They bought
Cafe Continental in 2000.

Mr. Miller said: "After reviewing this summer's trade and
exhausting all possible alternative options available, it is with
regret that my fellow director and myself were left with little
option other than to call in the liquidator and wind the company
up."

Provisional liquidator Michael Reid, of Meston Reid and Co.,
revealed there had been interest for the two restaurants.  He
noted that the level of debt ran "hundreds of thousands of
pounds," but finding a buyer will not be difficult.  He added:
"There has already been interest even before I was appointed, and
I would anticipate some more."

CONTACT:  FISHLIKE LIMITED
          Johnstone House
          52-54 Rose Street
          Aberdeen, AB10 1HA

          MESTON REID AND CO.
          12 Carden Place
          Aberdeen, AB10 1UR
          Phone: +44 (0) 1224 625554
          Fax: +44 (0) 1224 626089
          Web site: http://www.mestonreid.com


LAING INVESTMENTS: Liquidators from KPMG Move in
------------------------------------------------
In accordance with section 381A of the Companies Act 1985, the
following written Resolutions are passed as if they had been
proposed at a General Meeting of Laing Investments (Maple Cross)
Limited, as a Special Resolution and as an Ordinary Resolution
respectively:

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

P&O Property Holdings Limited Millbourne Developments Limited

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


LIVERPOOL ARTS: EGM Passes Winding-up Resolutions
-------------------------------------------------
At an Extraordinary General Meeting of Liverpool Arts Property
Trust (a Company Limited by Guarantee), duly convened, and held
at the offices of Parkin S. Booth & Co, 44 Old Hall Street,
Liverpool L3 9EB, on 1 August 2005, at 11:00 a.m., the following
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Ian C Brown, of Parkin S. Booth & Co, 44 Old Hall Street,
Liverpool L3 9EB, be and he is hereby appointed Liquidator for
the purpose of such winding-up."

C A Filson, Director

CONTACT:  PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


MISYS PLC: Disclosure of Share Awards, Options Delayed
------------------------------------------------------
Due to an administrative oversight, Misys plc has failed to
announce at the appropriate time the grants of options and awards
to directors and persons discharging managerial responsibilities.

On 28 July 2005, directors J. K. Lomax, H. Evans, I. Martin, T.
K. Skelton, and J. P. McMahon; and J. D. Fitz and P. Gale
(persons discharging managerial responsibilities) were granted
share awards/options over Misys plc 1 pence ordinary shares.

Under the 1998 Long-Term Share Incentive Plan, the directors and
Mr. Fitz received an award of performance-related share options
over shares.  The performance target is measured over the three
financial years from 1 June 2005.  These will vest on the third
anniversary from the date of the award, provided the Remuneration
Committee of the Board confirms that the performance target has
been met, and will remain exercisable up to five years
thereafter.  The total payment to be made on the exercise of the
award will be GBP1.00.

Also under the 1998 Unapproved Share Option Plan, the directors
and Mr. Fitz received a grant of performance-related unapproved
share options over shares at 235 pence per share.  The
performance target is measured over the three financial years
from 1 June 2005.  These will vest on the third anniversary from
the date of grant, provided that the Remuneration Committee of
the Board confirms that the performance target has been met, and
will remain exercisable until the tenth anniversary of grant.

Under the Misys Share Award Plan, Mr. Gale received an award of
performance-related, nil-cost options over 25,000 shares in
accordance with the Plan.  The performance target is measured
over the three financial years from 1 June 2005.  These will vest
on the third anniversary from the date of grant, provided that
the Remuneration Committee of the Board confirms that the
performance target has been met, and will remain exercisable
until the tenth anniversary of grant.

These awards granted to the Directors under the L-TIP on 25 July
2002 have not vested and have therefore lapsed: Mr. Lomax -
198,537; Mr. Evans - 125,854; Mr. Martin - 121,951; Mr. McMahon -
109,756; and Mr. Skelton - 142,280.

These options granted to the Directors under the USOP on 25 July
2002 at 205 pence per share have not vested and have therefore
lapsed: Mr. Lomax - 407,000; Mr. Evans - 350,000; Mr. Martin -
225,000; Mr. McMahon - 205,000; and Mr. Skelton - 420,000.

In respect of the Directors and the Persons Discharging
Managerial Responsibilities, the above notification relates to a
transaction notified in accordance with DR 3.1.4R(1)(a); and in
respect of the Directors the notification also relates to DR
3.1.4(R)(1)(b) a disclosure made in accordance with section 324
(as extended by section 328) of the Companies Act 1985.

                            *   *   *

Sesame, a wholly owned subsidiary of Misys plc, has sold its 60%
stake in Assureweb Limited, the B2B Internet portal for
transaction of life and pensions business.  The disposal of
Sesame's stake in Assureweb is likely to give rise to a small
accounting loss on disposal.

Meanwhile, Misys plc has acquired regulatory risk management
software firm, Almonde, for EUR15 million.  The combined
expertise of Almonde and Misys will bring together the leading
forces in risk management technology to enable banks and
corporate customers to manage their risks across the whole
organization for Basel II or IAS compliance, risk exposure
around ALM, or improving profitability around funds transfer
pricing.

In July, Misys reported annual turnover dropped to GBP888
million from GBP900 million last year, while operating profit
rose to GBP41 million from GBP30 million.

Kevin Lomax, Executive Chairman, Misys, said: "These results are
encouraging.  They reflect some improvement in trading
conditions across our businesses but more importantly the
benefit of the actions we have been taking to reposition our
businesses for organic growth.  It has been a year of real
progress, one that gives us confidence for our future
performance."

CONTACT:  MISYS PLC
          Burleigh House, Chapel Oak, Salford Priors,
          Evesham, WR11 8SP, United Kingdom
          Phone: 44 (0)1386 871373
                 44 (0)1386 871045
          E-mail: group.secretariat@misys.co.uk
          Web site: http://www.misys.com


NACHI (U.K.): Names Deloitte & Touche Liquidator
------------------------------------------------
We, the undersigned, being the Member of Nachi (U.K.) Limited for
the time being having a right to attend and vote at General
Meetings, hereby pass the following Resolutions as a Special
Resolution and as an Ordinary Resolution respectively, in
accordance with section 381A of the Companies Act 1985, as
inserted by section 113 of the Companies Act 1989:

"That the Company be wound up voluntarily, and that J. R. D.
Smith and N. J. Dargan, of Athene Place, 66 Shoe Lane, London
EC4A 3BQ, be and are hereby appointed Joint Liquidators of the
Company."

Shareholder

                           *   *   *

Nachi (UK) Ltd was founded in 1928.  It is one of the worlds
leading high-tech companies, specializing in a wide range of
products, from cutting edge robotics and precision tooling, to
plane, train and automobile parts.  Visit http://www.nachi.co.uk/
for more information.

CONTACT:  NACHI (UK) LIMITED
          Unit 7
          Junction Six Industrial Estate
          Electric Avenue
          Birmingham B6 7JJ
          United Kingdom

          Bearing Division - Sales/General Enquiries
          Phone: 0121 250 1880
          Fax: 0121 250 1889
          E-mail: bearings@nachi.co.uk

          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


NASDAQ EUROPE: Hires KPMG to Liquidate Assets
---------------------------------------------
At the extraordinary general meeting of Nasdaq Europe Planning
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."

D Warren, 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


NGS ELECTRICS: Appoints Poppleton & Appleby Liquidator
------------------------------------------------------
At an Extraordinary General Meeting of NGS Electrics Limited,
duly convened, and held at 32 High Street, Manchester M4 1QD, 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
Stephen Lord and Stephen James Wainwright, of Poppleton &
Appleby, 32 High Street, Manchester M4 1QD, be and are hereby
appointed Liquidators for the purposes of such winding-up."

N S Grimsditch, Director

CONTACT:  POPPLETON & APPLEBY
          32 High Street
          Manchester
          Greater Manchester M4 1QD
          Phone: 0161 834 7025
          Fax: 0161 833 1548
          E-mail: insol@pandamanchester.co.uk


NTL INCORPORATED: Attracts Record 205,500 New Clients
-----------------------------------------------------
NTL Incorporated has reported its second quarter results for
2005.

Highlights:

(a) record quarter of 205,500 gross additions (171,400 on-net);

(b) on-net churn improved sequentially to 1.3 per cent;

(c) strong net additions of 66,600 (on-net 47,800) in the
    quarter;

(d) RGUs up 6% to 6.2 million (on-net up 4% to nearly 6 million)
    vs. Q2 2004;

(e) strong broadband growth of 111,800 (83,700 on-net) in the
    quarter;

(f) triples up 17%  vs. Q2 2004; triple play penetration of
    23.8% (25.4% on-net);

(g) OCF margins improved to 34% from 33.2% in Q2 2004; and

(h) operating income of GBP6.4 million compared to loss of
    GBP22.6 million for Q2 2004.

Simon Duffy, Chief Executive Officer, said: "During the second
quarter we focused on driving strong operating performance.
Further improvements in sales productivity led to another record
quarter of gross customer additions.  Net customer additions were
bolstered by our continued improvement in customer churn.

"Broadband continued to grow strongly, reinforcing our position
as the U.K.'s largest residential broadband supplier.  Offers
such as '3 for GBP30' have resulted in a 17% increase in the
number of customers taking all three of our services compared to
the second quarter of 2004.

"Despite a more intense competitive environment, which led to a
2% decline in revenue, and after investing an additional one per
cent of Consumer revenues in greater sales and marketing
resources, we were able to hold OCF constant and expand our OCF
margin by nearly 1 percentage point, reflecting tighter cost
controls and a higher-margin product mix."

"As a further step in differentiating ourselves from the
competition, we have announced the arrival of the next generation
of broadband services.  This comprises a set of '10Mb as
standard' cable broadband products with different bandwidth
options to match usage plus a series of unlimited products at
different speeds.  This strategy will put ntl into a market
leading position on all key elements of the customer purchase
decision for broadband: price, speed and usage.  Our broadband
services will become among the most innovative in the world and
certainly well ahead of anything else in the U.K.

"As previously announced, we sold our Ireland operation for net
proceeds of EUR325 million (GBP219.8 million) on May 9, 2005.  As
a result, we are accounting for this business as a discontinued
operation for all periods presented.  Accordingly, Ireland's
results have been removed from the results of continuing
operations and have been reported as income from discontinued
operations.

"Henceforth, the company will report its financial results in
U.K. pounds only, reflecting the underlying operational currency
of the company.

"Second quarter revenue was GBP482.5 million, down 2.3% compared
to the prior year period.  The decrease is primarily due to lower
Business revenue, which is discussed in detail below.

"We provide bundled services, including a range of broadband and
dial-up internet services, local, long distance and international
telephone services, and digital and analogue cable television, to
our residential customers through our Consumer sales channel,
which includes our on-net, off-net and virgin.net customers.

"Consumer revenue in the second quarter was GBP378.9 million, up
2.5% over the same period last year.  The increase in revenue
reflects the acquisition of virgin.net.  Additionally, we
experienced strong growth in broadband revenue generating units
(RGUs) which increased by 460,800, or 42.1% (314,400 on-net, or
28.7%) compared to the same period last year.  These improvements
were partly offset by a decline in telephony revenues due to
lower usage and pricing and a decline in analogue television
RGUs.

"Customer growth was strong with another record quarter of
205,500 (171,400 on-net) gross customer additions.  Net
residential customers increased by 66,600 (47,800 on-net) to end
the quarter with 3.26 million customers (3.06 million on-net), a
5.8% increase over Q2 2004 (2.5 per cent on-net).  We also added
133,200 net RGUs (107,100 on-net), ending the quarter with 6.18
million RGUs (5.96 million on-net), a 5.5% increase over Q2 2004
(3.6% on-net).  On-net RGUs per customer continued to improve to
1.95 RGUs per customer, up from 1.93 over the same period last
year.

"This strong performance reflects the success of our new offers
and pricing as well as continued improvements in on-net customer
churn, which declined to 1.3% from 1.4% in the prior quarter.
Total consumer churn was stable at 1.4%.  Customers taking all
three services increased 17% from the second quarter of last
year, bringing triple customer penetration to 23.8% (25.4%
on-net).  Additionally, the success of our '3 for GBP30' offer
has generated a significant increase in the percentage of
customers taking our full suite of products at the point of sale.
Triples as a percentage of on-net gross additions increased to
15.0%
in the quarter, up from 8.1 per cent in the second quarter of
2004.

"In the third quarter of 2005 we will implement a new customer
acquisition policy involving enhanced credit screening of
potential customers and a revised sales commission structure. The
new policy will improve the quality of customer adds, decrease
bad debt and improve involuntary churn.  It could impact gross
adds in the near term, resulting in a possible adjustment to
full-year 2005 on-net net adds from 200,000 to approximately
170,000.  Even in such an eventuality, the new policy is right
for the long-term health of the business.

"Compared to the first quarter of 2005 we increased our
subscribers in all three product areas, adding 19,600 telephony
RGUs (21,500 on-net) and 17,200 DTV RGUs, which were offset by a
decline of 15,300 ATV RGUs.  More significantly, we added 111,800
(83,700 on-net) broadband RGUs, bringing our total broadband
customer base to 1.56 million (1.41 million on-net), the largest
of any residential broadband provider in the U.K.  Year-on-year,
broadband customer penetration increased over twelve points from
35.5% to 47.7% (46.1% on-net), representing one of the world's
highest broadband penetration levels.

"In January, we began rolling out our video on demand service,
further differentiating cable from satellite and terrestrial TV.
ntl 'On Demand' is now available to approximately 375,000
customers, the most of any VoD service provider outside of the
U.S.

"We provide a range of retail and wholesale voice, data and
internet products and services to the business market comprising
private and public sector organizations as well as resellers and
mobile operators.

"Business revenue of GBP103.6 million was down 16.5% over the
same period last year, which included GBP10.7 million of
wholesale revenue from virgin.net.  Following its acquisition by
ntl, virgin.net is no longer a third party wholesale customer.
The remaining decline in Business revenue is primarily due to
lower wholesale revenue associated with the previously announced
conclusion of our contract with Vodafone and lower telco usage.

"The decline in revenue was partly offset by growth in data
services.  During the second quarter we have continued to build
on the strength of our IP services.  We have joined with leading
IP solutions provider Mitel to deliver advanced IP solutions to
business and public sector customers.  The partnership has
enabled us to deliver a cost effective and low-risk migration
path for organizations upgrading to IP telephony.

"We have continued to win both corporate and public sector
customers during Q2, including a contract with Ipswich Hospital
NHS Trust to supply an IP call center solution which will provide
greater and more reliable services to hospital patients in the
region.

"As part of our wholesale services activities, we began
delivering circuits to one of the U.K.'s leading mobile phone
operators, extending their 2G network capacity in areas of
Scotland and Northern Ireland, and enabling the operator to
deploy 3G from the same nodes as and when required.  We also
began fulfilling the first National Ethernet circuit orders
placed following the launch of this product in Q1.

"Operating income before depreciation, amortization and other
charges (OCF) OCF increased by 0.1% to GBP164.2 million versus
the same period last year.  Despite lower revenues, OCF margins
increased by 0.8 percentage points to 34.0%.  These improvements
reflect a favorable shift in mix toward higher margin products
together with continued cost reductions.

"Associate costs have also decreased year on year and further
savings have been generated through renegotiated maintenance
contracts.  These savings were partly offset by an increase in
the number of installs to pre-wired homes where the cost to
install is expensed rather than capitalized and higher marketing
spend to drive future customer growth.

"Operating income was GBP6.4 million versus an operating loss of
GBP22.6 million during the same period last year.  The
improvement is primarily attributed to lower restructuring
charges as well as a decrease in depreciation due to certain
short-lived assets becoming fully depreciated at the end of 2004.

"Loss from continuing operations of GBP66.1 million improved from
a loss of GBP267.0 million during the same period last year due
to the improvement in operating income, a reduction in net
interest expense and because Q204 included a GBP162.2 million
loss from extinguishment of debt.

"Net income was GBP73.5 million versus a net loss of GBP249.9
million during the same period last year.  The improvement
reflects the reduced loss from continuing operations and a
GBP137.2 million gain from the sale of our Ireland operations
completed on May 9, 2005.

"Second quarter fixed asset additions were GBP70.2 million, an
increase of GBP7.9 million over the same period last year.  The
increase is due to higher scaleable infrastructure costs
primarily associated with network enhancements and higher CPE
(customer premise equipment) costs, reflecting an increase in
deliveries of set top boxes and cable modems.  These increases
were partly offset by lower support capital costs due primarily
to decreased billing system migration and IT spend and lower
commercial costs related primarily to a reduction in business
install costs.

"At June 30, 2005, cash and cash equivalents and marketable
securities totaled GBP801.3 million compared to GBP101.5 million
at June 30, 2004.  The increase is primarily due to the retained
balance of proceeds from the sale of our Broadcast operations.

"We utilized the proceeds from the sale of our Ireland operations
to reduce the balance of our Tranche A term loan by GBP200
million in June and by a further GBP23 million in July. Total
outstanding bank debt following these payments is GBP1.45
billion.  Additionally, on July 15, the company redeemed its
GBP100 million floating rate senior notes due 2012.  The total
principal amount of senior notes outstanding following this
redemption is GBP764 million and total debt, excluding the
undrawn GBP250 million revolving bank loan, is approximately
GBP2.3 billion.

"We are filing an amendment to our annual report for the 2004
fiscal year and quarterly report for the first quarter of 2005
and providing restatements of prior periods to reflect a minor
adjustment to revenue recognized.  The restatement results in a
reduction of revenue of GBP1.5 million in 2002, GBP1.2 million in
2003, GBP0.7 million in 2004, and GBP0.3 million for the first
quarter of 2005."

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

CONTACT:  NTL INCORPORATED
          Bartley Wood Business Park
          Bartley Way
          Hook
          Hampshire R627 9UP
          Phone: +44-1256-75-2000
          Fax: +44-1256-75-4100
          Web site: http://www.ntl.com

          Media
          Justine Smith
          Phone: 01256 752 669
                 07966 421 991

          Buchanan Communications
          Richard Oldworth
          Jeremy Garcia
          Mark Edwards
          Phone: 020 7466 5000

          Investor Relations
          Patti Leahy
          Phone: 610-667-5554


PALACE MEWS: Calls in Liquidator
--------------------------------
At an Extraordinary General Meeting of the Members of the Palace
Mews Limited (formerly Soho Productions Limited) duly convened,
and held at 2 Mountview Court, 310 Friern Barnet Lane, Whetstone,
London N20 0YZ, on 29 July 2005, at 11:45 a.m., the following
Extraordinary Resolution was duly passed:

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

At a 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


PREMIER SECURITY: In Voluntary Liquidation
------------------------------------------
At an Extraordinary General Meeting of Premier Security
Enterprises Limited, duly convened, and held at 32 Brook Street,
Warwick CV34 4BL, 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
Duncan Roderick Morris, of The Till Morris Partnership, 32 Brook
Street, Warwick CV34 4BL, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

N Malin, Chairman

CONTACT:  THE TILL MORRIS PARTNERSHIP
          32 Brook Street
          Warwick
          Warwickshire CV34 4BL
          Phone: 01926 497 722
          Fax: 01926 497 733
          E-mail: duncan.morris@tillmorris.co.uk


PROFILE MEDIA: In Talks to Further Raise Equity Funding
-------------------------------------------------------
Profile Media Group plc has noted the volatility in its share
price and the volume traded.

The company continues to discuss raising additional equity
funding with its advisors as previously reported and will make
further announcements in due course.

                            *   *   *

In July, Profile Media, now exclusively U.K.-based, recorded
revenues of not less than GBP3.2 million (unaudited), (2004:
GBP2.9 million (adjusted)), for the six months to the 30th June
2005 and expects to announce reduced losses with its interim
results, which will be announced no later than 16 September 2005.

The Company is in discussion with its advisers to raise
additional equity funding to exercise the previously announced
option granted by its bankers, Barclays Bank PLC, resolve other
debt issues and to provide the Company with additional working
capital to fund future trading.

It earlier sold its U.S. subsidiary Profile Pursuit Inc. to
Healthspring Communications LLC for GBP584,795, freeing   Profile
Media from PPI's banking facilities involving guarantees of GBP1
million and a GBP208,000 rent deposit.

David Ellingham, Chairman & Chief Executive, said: "We are
emerging from a difficult period with a stronger operating
business concentrated solely in the U.K.  We continue to suffer
from the effects of previous year losses and are working to
establish the business on a solid financial base on which to
benefit from the operating improvements.  Growth opportunities
exist in the markets in which we operate.  We must ensure that
the business is positioned to take advantage of them.  We look
forward to demonstrating our progress over the coming months."

CONTACT:  PROFILE MEDIA GROUP PLC
          5th Floor, Mermaid House
          2 Puddle Dock
          London
          EC4V 3DS
          PMG
          Phone: +44 (020) 7332 2000
          Fax: +44 (020) 7332 2001
          E-mail: info@profilemediagroup.co.uk

          Press Inquiries
          Martin Chard, Finance Director
          Phone: 020 7332 2000


RADAMEC GROUP: Baker Tilly Liquidators Enter Firm
-------------------------------------------------
At the extraordinary general meeting of Radamec Group Plc, duly
convened, and held at London Capital Club, 15 Abchurch Lane,
London EC4N 7BW, on 28 July 2005, the following Resolutions were
duly passed, as a Special Resolution, as an Ordinary Resolution
and as an Extraordinary Resolution respectively:

"That the Company be wound up voluntarily, and that Matthew
Richard Meadley Wild and Geoffrey Lambert Carton-Kelly, of Baker
Tilly, The Clock House, 140 London Road, Guildford, Surrey GU1
1UW, be appointed the Joint Liquidators of the Company for the
purpose of such winding-up, and that the Liquidators be
authorised under the provisions of section 165(2A) of the
Insolvency Act 1986, to exercise the powers laid down in Part 1
of Schedule 4 of the Insolvency Act 1986, save that the Directors
shall continue to be empowered to execute any of the agreements
required to give effect to the sale of the Radamec Control
Systems Limited on the basis set out in the circular, and that in
accordance with the provisions of Company's articles of
association, the Liquidators be authorised to divide among the
Members in specie all or any part of the Company's assets."

L B Whittaker, Chairman

CONTACT:  BAKER TILLY
          The Clock House, 140 London Road,
          Guildford, Surrey GU1 1UW
          Phone: 01483 307000
          Fax: 01483 569 281
          Web site: http://www.bakertilly.co.uk


REMA LIMITED: Liquidator from Begbies Traynor Moves in
------------------------------------------------------
At the extraordinary general meeting of Rema Limited, duly
convened, and held on 29 July 2005, the subjoined Special
Resolution was duly passed:

"That the Company be wound up voluntarily, and that John W.
Davies, of Begbies Traynor, 5th Floor, Riverside House, 31
Cathedral Road, Cardiff CF11 9HB, shall and be hereby appointed
Liquidator for the purposes of such winding-up."

T Odell, Chairman

CONTACT:  REMA LTD
          106a Penylan Road,
          Cardiff, South Glamorgan CF23 5HY
          Phone: 029-2049-9449

          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


RFIP SOLUTIONS: Members File for Liquidation
--------------------------------------------
Notice is hereby given that at the extraordinary general meeting
of the members of RFIP Solutions Limited, duly convened, and held
at 10 Fleet Place, Limeburner Lane, London EC4M 7SB, on 29 July
2005, the following Resolutions were duly passed, as a Special
Resolution, as Ordinary Resolutions and as an Extraordinary
Resolution respectively:

"That the Company be wound up voluntarily, and that Mr. Bijal
Shah, of ShaSens, Suite 215, Signal House, Lyon Road, Harrow,
Middlesex HA1 2AQ, be and he is hereby appointed Liquidator for
the purposes of such winding-up, that, in accordance with the
provisions of the Company's articles of association, the
Liquidator be and he is hereby authorized to divide among the
Members in specie all or any part of the assets of the Company,
and that the Liquidator's remuneration be fixed by reference to
the time properly given by the Liquidator and his staff in
attending to matters arising in the insolvency and the Liquidator
be authorized to draw his remuneration and disbursements as and
when he considers it appropriate. The charge rates of the
personnel expected to work on this assignment are as follows:

Partner GBP240 per hour.
Administrator GBP60 per hour."

P Beynon, Chairman

                            *   *   *

RFIP Solutions is a leading provider of RFID services and
support, specializing in the supply of equipment, consultancy and
training.  Visit http://www.rfipsolutions.com/for more
information.

CONTACT:  RFIP SOLUTIONS
          10 Fleet Place
          Limeburner Lane
          London EC4M 7SB

          David Armstrong
          Phone: +44 (0) 20 7575 1655
          Mobile: 07785294086
          E-mail: david.armstrong@rfipsolutions.com

          Chris Turner
          Phone: +44 90) 20 7575 1656
          Mobile: 07812174133
          E-mail: chris.turner@rfipsolutions.com

          SHASENS
          Suite 215
          Signal House
          Lyon Road
          Harrow
          Middlesex HA1 2AQ
          Phone: 020 8863 6697
          Fax: 020 7212 2626


ROSEBRILLE LIMITED: EGM Passes Winding-up Resolution
----------------------------------------------------
At an Extraordinary General Meeting of Rosebrille Limited, duly
convened, and held at the offices of Elwell Watchorn & Saxton
LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN, 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
John Michael Munn and Joseph Gordon Maurice Sadler, of Elwell
Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire
LE12 7NN, be and are hereby appointed Joint Liquidators for the
purposes of such winding-up."

O M Ismail, Director

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


SCENTSPIN LIMITED: Calls in Liquidator
--------------------------------------
At an Extraordinary General Meeting of the Members of Scentspin
Limited (t/a Creme De La Creme), duly convened, and held at 2
Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20
0YZ, on 29 July 2005, at 9:45 a.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 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.

P Bitton, 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


SCOTTISH MUTUAL: Members Pass Winding-up Resolutions
----------------------------------------------------
At the extraordinary general meeting of the members of Scottish
Mutual Nominees Limited, duly convened, and held at Abbey
National House, 2 Triton Square, Regent's Place, London NW1 3AN,
on 26 July 2005, the following Resolutions were duly passed, as a
Special Resolution, as an Ordinary Resolution and as an
Extraordinary Resolution respectively:

"That the Company be wound up voluntarily, and that Martin
Freeman, be and is hereby appointed Liquidator for the purposes
of such winding-up, and that the Liquidator be and is hereby
empowered to distribute the assets of the Company in specie."

S P Coles, Director

CONTACT:  GRIFFINS
          Russell Square House
          10-12 Russell Square
          London WC1B 5EH
          Phone: 020 7307 8200
          Fax: 020 7307 8222
          E-mail: martin.freeman@griffins.net


SOLUZIONA LIMITED: Appoints Peters Elworthy & Moore Liquidator
--------------------------------------------------------------
At the extraordinary general meeting of the members of Soluziona
Limited, duly convened, and held at Express By Holiday Inn Hotel,
Luton Airport, 2 Percival Way, Luton LU2 9GP, on 27 July 2005,
the following Resolutions were duly passed, as a Special
Resolution under section 84(1)b Insolvency Act 1986 and as an
Ordinary Resolution under section 91 Insolvency Act 1986,
respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company should be wound up and accordingly that the Company
be wound up voluntarily, and that Shay Lettice, having confirmed
that he is a licensed Insolvency Practitioner and consented so to
act, be and he is hereby appointed Liquidator."

M C Garcia, Chairman (512)

CONTACT:  PETERS ELWORTHY & MOORE
          Salisbury House
          Station Road
          Cambridge
          Cambridgeshire CB1 2LA
          Phone: 01223 362333
          Fax: 01223 461424
          E-mail: slettice@pem.co.uk


S P CONSTRUCTION: Members Decide to Wind up Firm
------------------------------------------------
At an Extraordinary General Meeting of the Members of S P
Construction Limited, duly convened, and held at 30 Park Cross
Street, Leeds LS1 2QH, 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
Neil Brackenbury and Michael E G Saville, of Begbies Traynor, 30
Park Cross Street, Leeds LS1 2QH, be and hereby are appointed
Joint Liquidator's of the Company for the purpose of the
voluntary winding-up, and any act required or authorized under
any enactment to be done may be done by any one or more persons
holding the office of Liquidator from time to time."

S Davis, Chairman

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


STOCKBRIDGE AIRCO: Fan Manufacturer Calls in Liquidator
-------------------------------------------------------
At the extraordinary general meeting of Stockbridge Airco Fans
Limited, duly convened, and held at Alpha House, 4 Greek Street,
Stockport, Cheshire SK3 8AB, on Wednesday 27 July 2005, the
following Special Resolution was passed:

"That the Company be wound up voluntarily and that Christopher
George Taylor Haworth, of Chris Haworth & Co, The Gables,
Goostrey Lane, Twemlow Green, near Holmes Chapel, Cheshire CW4
8BH, be and he hereby is, appointed Liquidator for the purpose of
such winding-up."

I E Loutit, Chairman

                            *   *   *

Stockbridge Airco Fans Limited has 30 years experience in the fan
industry.  It is one of the top fan manufacturers in the United
Kingdom.  Visit http://www.stockbridge-airco.com/for more
information.

CONTACT:  STOCKBRIDGE AIRCO LTD
          Blossom Street Works
          Blossom Street
          Ancoats
          Manchester M4 6AE
          Phone: 0161 236 9314
          Fax: 0161 228 0009
          E-mail: fans@stockbridge-airco.com

          CHRIS HAWORTH & CO
          The Gables
          Goostrey Lane
          Twemlow Green
          Nr Holmes Chapel
          Cheshire CW4 8BH
          Phone: 01477 534911
          Fax: 01477 534884


SULBROS INVESTMENTS: Appoints Joint Liquidators
-----------------------------------------------
At an Extraordinary General Meeting of Sulbros Investments
Limited, duly convened, and held at the offices of Elwell
Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire
LE12 7NN, 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
John Michael Munn and Joseph Gordon Maurice Sadler, of Elwell
Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire
LE12 7NN, be and are hereby appointed Joint Liquidators for the
purposes of such winding-up."

O M Ismail

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


TDL INFOMEDIA: Hires Norton Practice as Liquidator
--------------------------------------------------
Company Names: TDL Infomedia Finance Limited
               TDL Infomedia Group Plc
               TDL Infomedia Holdings Plc
               TDL Group Limited

At the extraordinary general meeting of these companies, duly
convened, and held at Thomson House, 296 Farnborough Road,
Farnborough, Hampshire, on 27 July 2005, the subjoined Special
Resolution was duly passed:

"That the Companies be wound up voluntarily, and that David
William Tann, of The Norton Practice (Insolvency Services)
Limited, 1 Wesley Gate, 70 Queens Road, Reading RG1 4AP, be and
hereby is appointed Liquidator for the purposes of such
winding-ups."

K J Watson, Chairman

CONTACT:  TDL INFOMEDIA
          Thomson House,
          296 Farnborough Rd.,
          Farnborough, Hants, GU14 7NU
          Phone: +44 (0) 1252 516 111

          THE NORTON PRACTICE (INSOLVENCY SERVICES) LTD
          1 Wesley Gate
          70 Queens Road
          Reading
          Berkshire RG1 4AP
          Phone: 0118 957 6464
          Fax: 0118 959 5560
          E-mail: d.tann@nortonp.co.uk


THE GRAWEN: Hires Begbies Traynor as Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the Members of THE GRAWEN
TAKEAWAY LIMITED, duly convened, and held at 5th Floor, Riverside
House, 31 Cathedral Road, Cardiff, on 26 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, that David
Hill and John W Davies, 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 authorized under
any enactment to be done may be done by any one or more persons
holding the office of Liquidator from time to time."

A P S L Chan, 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


THE NETWORK: In Liquidation
---------------------------
At an Extraordinary General Meeting of The Network Partnership
Limited (t/a Going Live), duly convened, and held at the offices
of Elwell Watchorn & Saxton LLP, 2 Axon, Commerce Road,
Lynchwood, Peterborough PE2 6LR, on 29 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
David John Watchorn, of Elwell Watchorn & Saxton LLP, 109 Swan
Street, Sileby, Leicestershire LE12 7NN, be and is hereby
appointed Liquidator for the purposes of such winding-up."

S Searis, Director

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


TRAVELEX PLC: To Redeem GBP75 Mln Notes Next Month
--------------------------------------------------
On 26 July 2005, Travelex plc re-registered as a private limited
liability company and changed its name to Travelex Limited.

Travelex has instructed the Bank of New York acting as trustee
for the holders of its GBP75 million 10 1/2% Senior Notes Due
2010 to redeem the Notes on September 5, 2005 at a price of
105.25% of principal amount plus accrued but unpaid interest to
the date of redemption.

Travelex has deposited sufficient funds for redemption and
therefore the Bank of New York has confirmed that the Indenture
has been discharged.

                            *   *   *

Standard & Poor's Rating Services has withdrawn its 'BB-'
long-term corporate credit and senior unsecured debt ratings on
Travelex.  The rating withdrawal follows the mainly debt-funded
purchase of Travelex by APAX Capital Partners.  The purchase
entails a new capital structure.

CONTACT:  TRAVELEX PLC
          Group Head Office
          65 Kingsway
          London WC2B 6TD
          Phone: +44 (0)20 7400 4000
          Fax: +44 (0)20 7400 4001

          European Head Office
          Worldwide House
          Thorpe Wood
          Peterborough PE3 6SB
          Phone: +44 (0)1733 502000
          Fax: +44 (0)1733 502033
          Web site: http://www.travelex.co.uk


VENUS AND MARS: Turns to Till Morris to Wind up Business
--------------------------------------------------------
At an Extraordinary General Meeting of Venus and Mars Retail
Stores Limited, duly convened, and held at 32 Brook Street,
Warwick CV34 4BL, on 15 July 2005, the following Resolutions were
duly passed, as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Duncan Roderick Morris, of The Till Morris Partnership, 32 Brook
Street, Warwick CV34 4BL, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

J Plows, Chairman

CONTACT:  THE TILL MORRIS PARTNERSHIP
          32 Brook Street
          Warwick
          Warwickshire CV34 4BL
          Phone: 01926 497 722
          Fax: 01926 497 733
          E-mail: duncan.morris@tillmorris.co.uk


WARMWAYS HEALTHCARE: Members Opt for Winding-up
-----------------------------------------------
At an Extraordinary General Meeting of the Members of Warmways
Healthcare Limited, duly convened, and held at Baker Tilly,
International House, Queens Road, Brighton, East Sussex BN1 3XE,
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
Andrew White and Susan Agnes Maund, both of Baker Tilly,
International House, Queens Road, Brighton, East Sussex BN1 3XE,
be and are hereby appointed Joint Liquidators for the purposes of
such winding-up." K Atkinson, Director and Chairman (506)

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


WEMBLEY PLC: U.S. Subsidiary Found Guilty of Fraud
--------------------------------------------------
Wembley plc has been informed that the jury in the U.S. federal
court in Worcester, Massachusetts has returned guilty verdicts
against its subsidiary, LPRI LLC, on a charge of conspiring to
deprive the citizens of Rhode Island of the honest services of
the former Speaker of the Rhode Island House of Representatives
and on two counts of wire fraud.

The subsidiary was acquitted on two other charges of wire fraud,
and has appeal options that it will consider in due course.
Sentencing has been set for October 28, 2005.

As previously announced, LPRI LLC has US$3 million in an escrow
account to cover any fines.  The maximum fine that company now
faces is US$1.5 million.  Accordingly, the previously announced
range of cash expected to be returned to Wembley shareholders by
way of combination of special dividend and distribution by a
liquidator in a members' voluntary liquidation of 875 - 915 pence
per share has now narrowed to 878 - 915 pence per share.

CONTACT:  WEMBLEY PLC
          Elvin House, Stadium Way, Wembley
          London
          HA9 0DW, United Kingdom
          Phone: +44-20-8902-8833
          Fax: +44-20-8900-1046
          Web site: http://www.wembleyplc.com


WESTMINSTER S & D: Calls in Joint Liquidators
---------------------------------------------
At an Extraordinary General Meeting of Westminster S & D Limited,
duly convened, and held at Kingston Smith & Partners LLP,
Devonshire House, 60 Goswell Road, London EC1M 7AD, on 27 July
2005, at 11.30 am, the following Resolutions were duly passed, as
a Special Resolution, as Ordinary Resolutions and as
Extraordinary Resolutions respectively:

"That the Company be wound up voluntarily, that Nicholas John
Miller and Ian Robert, of Kingston Smith & Partners LLP,
Devonshire House, 60 Goswell Road, London EC1M 7AD, are hereby
appointed Joint Liquidators for the purposes of such winding-up.
The Joint Liquidators may act joint and severally, that the Joint
Liquidators' remuneration be drawn from time to time on the basis
of normal time costs incurred, that the Joint Liquidators be
empowered at their discretion, to distribute in specie assets of
the Company, if appropriate, that the Joint Liquidators be
empowered to exercise those powers set out in Schedule 4 Part 1
of the Insolvency Act 1986, and that upon completion of the
liquidation, the Joint Liquidators be authorised to dispose of
the books and records 12 months after the dissolution of the
Company."

Chairman

CONTACT:  KINGSTON SMITH AND PARTNERS LLP
          Devonshire House, 60 Goswell Road,
          London EC1M 7AD
          Phone: 020 7566 4000
          Fax:   020 7566 4010
          Web site: http://www.kingstonsmith.co.uk


WOOLWORTHS GROUP: Littlewoods Shop Chairman Joins Board
-------------------------------------------------------
Woolworths Group plc has appointed David Simons (58) as a
non-executive Director of the Company with effect from 1
September 2005.

Mr. Simons is Chairman of Littlewoods Shop Direct Group, the
U.K.'s largest home and on-line shopping operator, and a
non-executive Director of Greencore Group plc, the food
manufacturer and supplier.  Previously, he held a number of
senior retail positions including; Chief Executive of Somerfield
Plc (1993 - 2000), Group Finance Director of Storehouse Plc
(1991 - 1993) and Group Finance Director of House of Fraser Ltd
(1989 - 1991).

Chairman Gerald Corbett said: "With his wealth of retail and
financial experience, David's contribution to the Woolworths
Group Board will be extremely valuable.  He is a highly regarded
retailer and his appointment will further strengthen our non
executive team."

In 2001, Mr. Simons was appointed an executive Director of Cellar
5 Group Limited and Defacto 936 Limited (part of the Parisa group
of companies) and was a Director within the 12 months proceeding
the appointment of a liquidator under a creditors voluntary
liquidation in February 2003.

Mr. Simons was aware of the financial status of those companies
when appointed a Director, having been asked by the Shareholders
and Lenders to the Companies to assist in an attempted rescue.

                            *   *   *

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

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

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

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

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

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


WORLD OF MARBLE: Court Issues Winding-up Order
----------------------------------------------
Company Name: WORLD OF MARBLE LIMITED
              RSM Robson Rhodes
              2-4 Cayton Street,
              London EC1V 9EH

Registration Number: 03631026

Court: High Court of Justice

Date of Filing Petition: June 23, 2005

No. of Matter: 004134 of 2005

Date of Winding-up Order: July 14, 2005

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


WREN VISION: Liquidator from Begbies Traynor Moves in
-----------------------------------------------------
At an Extraordinary General Meeting of Wren Vision Limited, duly
convened, and held at the offices of Begbies Traynor, The Old Exc
hange, 234 South church Road, South end on Sea, Essex SS1 2EG, 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
Louise Donna Baxter, of Begbies Traynor, The Old Exchange, 234
South church Road, South end on Sea, Essex SS1 2EG, be and is
hereby appointed Liquidator for the purposes of such winding-up."

L A W Paul

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


X50 LIMITED: Members Decide to Wind up Firm
-------------------------------------------
At an Extraordinary General Meeting of the Members of X50 Limited
(t/a Carefoam), duly convened, and held at 32 Cornhill, London
EC3V 3BT, 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
Timothy John Edward Dolder and Paul Michael Davis, of Begbies
Traynor (South) LLP, 32 Cornhill, London EC3V 3BT, be and hereby
are appointed Joint Liquidators of the Company for the purpose of
the voluntary winding-up, and any act required or authorized
under any enactment to be done may be done by any one or more
persons holding the office of Liquidator from time to time."

P Tidnam, Chairman

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


Z M KNIGHT: Appoints Begbies Traynor Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the Members of Z M Knight
Limited, duly convened, and held at Chiltern House, 24-30 King
Street, Watford WD18 0BP, 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
Richard Andrew Segal and Paul Michael Davis, of Begbies Traynor
(South) LLP, 32 Cornhill, London EC3V 3BT, be and hereby are
appointed Joint Liquidators of the Company for the purpose of the
voluntary winding-up, and any act required or authorized under
any enactment to be done may be done by any one or more persons
holding the office of Liquidator from time to time."

Chairman

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


                            *********


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
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe,
Julybien Atadero and Jay Malaga, Editors.

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

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