TCREUR_Public/050815.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

            Monday, August 15, 2005, Vol. 6, No. 160

                            Headlines

C Z E C H   R E P U B L I C

CZECH AIRLINES: Takeover of Travel Service Gets Go-ahead


F R A N C E

AGZ HOLDING: S&P Raises Rating to 'BB+'; Outlook Stable
INFOGRAMES ENTERTAINMENT: Revenues Down Under IFRS


G E R M A N Y

BECHTOLD + LORENZ: Dessau Court Calls in Administrator
BERENTZEN AG: First-half Results Improve
BF BOTTGER: Proofs of Claim Due Next Month
BILDUNGSVERBUND CHEMIE: Creditors Meeting Set September
DUERR AG: Rumored Redundancy Plan Targets U.S. Jobs

DUERR AG: On CreditWatch Negative Due to Bleak Earnings Outlook
FRESENIUS AG: Expects Full-year Income to Grow by Up to 25%
GEA GROUP: Earnings Continue to Grow in Second Quarter
INFINEON TECHNOLOGIES: Nanya Not Interested in Memory Chips Unit
INTERNATIONAL MANAGEMENT: Eutin School Succumbs to Bankruptcy

KASTNER WARENHANDELS: Court to Verify Claims October
KUEKE GMBH: Creditors' Claims Due Last Week of August
MOSAIC SOFTWARE: Revenues Down in First Six Months of 2005
R.G.S. SANITARINSTALLATION: Under Bankruptcy Administration
RINGELHAN EINRICHTUNGSKONZEPTE: Creditors Meeting Set October
SCHEFENACKER AG: Losing Streak to Continue Until 2007
SGL CARBON: Credit Rating Raised to 'B+' on Improved Earnings


I T A L Y

ALITALIA SPA: Another Cabin Crew Union Expected by Month's End


N E T H E R L A N D S

ROYAL NUMICO: Raises Net Sales Growth Target by 12%
ROYAL SHELL: 'Buys back' Investors' Trust


N O R W A Y

OCEAN RIG: Second-quarter Net Loss Down to US$25.3 Million


P O L A N D

POLARIS RT: Collapses into Bankruptcy


R U S S I A

BALTIYSKAYA: Temporary Insolvency Manager Enters Firm
BELGOROD-ROSTEK-TRANSIT: Bankruptcy Supervision Procedure Begins
GLAZOVSKAYA: Bankruptcy Hearing Set October
KLIMOVO-MOL-PROM: Public Auction Set Wednesday
OAO GAZPROM: Issues RUR5 Billion Four-year Bonds

OAO GAZPROM: Board Approves Asset Swap with Gazprombank
OAO YUGRANEFT: Court Denies Appeal of External Administration
REST: Deadline for Proofs of Claim Set Next Month
SHUVASHKOOPTEKHNIKA: Succumbs to Bankruptcy
SPETS-MONTAZH-GAS: Declared Insolvent

STAROYURYEV-GAS-STORY: Owners Decide to Dissolve Company
SUAL INTERNATIONAL: Long-term Corporate Credit Rated 'BB-'
UCHALINSKOYE SEL-ENERGO: Proofs of Claim Deadline Tomorrow
VREMYA: Hires N. Gorodilova Insolvency Manager
YUKOS OIL: Rosneft to Pay Interest on Loan, Report Says


S P A I N

AUNA OPERADORES: Auna TLC Buyer Gets EUR3.5 Bln Syndicated Loan


S W I T Z E R L A N D

LEICA GEOSYSTEMS: Recommends CHF500/share Offer of Danaher


U K R A I N E

ADOMS: Court Appoints Temporary Insolvency Manager
AUTOSERVICE: Bankruptcy Proceedings Begin
GLOBAL-IMPORT: Succumbs to Insolvency
GLOBAL-TRADE: Court Names Sergij Agarkov Liquidator
NOVOGORODKA' AGROPROMTEHNIKA: Bankruptcy Supervision Begins

PERSPEKTIVA: Under Bankruptcy Supervision
PROMETEJ: Declared Insolvent
STULNEVO' QUARRY: Insolvency Manager Takes over Operations
TAJSTRA-POLTAVA-EXPRESS: Declared Insolvent
TEHNO: Harkiv Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ADR LEISURE: EGM Passes Winding-up Resolution
ALLIED STEEL: Former Workers to Get Compensation
ANTRAD LIMITED: Portland Business Administrator Takes over Firm
ARGYLL INVESTMENT: In Administrative Receivership
ASHTEAD GROUP: Sunbelt Buys 5 Stores, Disposes of 12 Depots

BAXI HOLDINGS: Completes Acquisition of Roca Heating Business
BERKSHIRE QUADS: Calls in Liquidator
BJ REES: EGM Passes Winding-up Resolutions
COLD BOX: Names Tenon Recovery Liquidator
CROSS PUBLICATIONS: Goes into Liquidation

CROSTON SHEET: Appoints Tenon Recovery Administrator
D H BURROUGHES: In Voluntary Liquidation
DORLUX BEDS: Manufacturer Calls in Administrators from PwC
DOWNUNDER CENTRE: In Liquidation
DRAX GROUP: Half-year Turnover Swells to GBP365.7 Million

DRAX POWER: Settles Dispute with U.K. Coal
ELEY GROUP: Calls in Administrator
FOULADI-POUR LIMITED: Members Opt to Wind-up Business
GARBUTT HEATERS: Administrators from Harrisons Enter Firm
GMP COMMERCIAL: Members Pass Winding-up Resolutions

GMR PRODUCTS: Administrators from P&A Partnership Moves in
GRANGE FARM: Names Begbies Traynor Liquidator
GROVE FORMWORK: Liquidator from The P&A Partnership Moves in
KEYDON ESTATES: West Bromwich Appoints Receiver
K.W. BROOKES: Names Administrators from Mazars

LANGTON SECURITY: Members Decide to Liquidate Firm
LSS SCAFFOLDING: Appoints Liquidator
MARSTON ASSOCIATES: Members Opt for Winding-up
MASSEY CONSTRUCTION: Calls in Joint Liquidators
NATIONWIDE MEDIATION: Names Bond Partners Administrator

NORTH STREET: In Voluntary Winding-up
PHOENIX MENSWEAR: Hires Begbies Traynor Administrator
Q.P.C. HOMES: Names Administrator from BDO Stoy
RANDALL LIMITED: Calls in Liquidator
RESIO LIMITED: Members Decide to Wind up Firm

ROYAL & SUNALLIANCE: Half-year Profit Rises to GBP195 Million
SPARK ENGINEERING: Administrator from EJK Associates Moves in
STONEFISH RECRUITMENT: In Liquidation
SUFFOLK INSURANCE: EGM Passes Winding-up Resolution
TELEWEST GLOBAL: Operating Income Up 140% to GBP48 Million

TILE MINE: Retailer Appoints Administrator
TIMBERMATE LIMITED: Appoints Tait Walker Administrator
TWINLAB CORP: Bankr. & Dist. Courts Confirm Plan of Liquidation
WM MORRISON: Sells Five Safeway Stores to Waitrose


                            *********


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


CZECH AIRLINES: Takeover of Travel Service Gets Go-ahead
--------------------------------------------------------
The Anti-monopoly Office has approved the takeover by Czech
Airlines of Travel Service, the largest charter and low-cost
airline in Czech Republic.  CSA expects the acquisition to create
the market leader in charter flights in Central and Eastern
Europe.

Travel Service operates over 50% of charter flights in the
country, catering to clients that include major travel companies
such as Cedok.  It also operates low-cost airline Smart Wings.
The merger will add 10 planes to CSA's fleet.

"The way to boosting our business leads to taking over Travel
Service," said CSA President Jaroslav Tvrdik.  The airline has
suffered from declining occupancy and losses due to high oil
prices.  In contrast, Travel Service's business is flourishing.
Its passengers has grown 40% last year versus CSA's 20%, and
Smart Wings' occupancy rate has kept on rising.

The companies have been in negotiations for the last three years,
but talks were interrupted on concerns about potential breach of
competition rules.  Last month, the Anti-monopoly office cleared
the merger.

CSA Supervisory Board Chairman Eduard Janota said the financial
performance of CSA will determine the pace of the possible
takeover.  It will be a long process, according to CSA President
Jaroslav Tvrdik.

The airline is keen on keeping the company in black amidst high
fuel prices, and weakness of the U.S. dollar against the Czech
crown.  It is in danger of falling into the red despite a
prior-year profit of CZK324 million (US$13.2 million).

CSA spokeswoman Jitka Novotna said CSA was preparing to carry out
due diligence together with consultants from Deloitte and Weil,
Gotshal & Manges.

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


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


AGZ HOLDING: S&P Raises Rating to 'BB+'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on France-based liquid petroleum gas distributor
AGZ Holding to 'BB+' from 'BB', reflecting the company's
improving financial profile, moderate financial policy, and
continued parental support from UGI Corp. (not rated).  The
outlook is stable.

At the same time, Standard & Poor's raised its senior unsecured
debt rating on the EUR165 million bond issued by related entity
AGZ Finance (and guaranteed by AGZ) to 'BB-' from 'B+'.

"The rating action follows Standard & Poor's review of AGZ's
rapid improvement in key credit measures and the company's plans
for its future debt structure and financial policy," said
Standard & Poor's credit analyst Emmanuel Dubois-Pelerin.

Following meetings with the management of AGZ's owner, UGI, we
understand that UGI supports moderate debt usage at AGZ.  This
includes net debt to EBITDA of about 3.0x and EBITDA to interest
of about 4.5x.  These levels have already been reached and are
significantly stronger than the levels required for the previous
'BB' corporate credit rating.

Furthermore, Standard & Poor's continues to factor into the
ratings a limited degree of parental support for AGZ from UGI.
This reflects the fact that AGZ accounts for roughly one-third of
UGI's free cash flow and a higher share of its earnings. AGZ is
expected to also maintain a moderate financial policy, which is
an improvement on its former LBO-like profile.

The stable outlook reflects Standard & Poor's expectation that
AGZ will maintain resilient and healthy operating margins and
cash flow, even in times of LPG pricing pressures or unfavorable
weather conditions.  The outlook also factors in management's
commitment to adhering to financial policy targets of net debt to
EBITDA of 3.0x and debt EBITDA interest coverage of 4.5x.

There is no upward rating potential, however. Downward rating
pressure could result from deviations from the above ratio
targets, notably in the case of any debt-financed expansion in
other countries and/or unexpected material increased competition
from retailers in France.

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

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


INFOGRAMES ENTERTAINMENT: Revenues Down Under IFRS
--------------------------------------------------
Infogrames Entertainment notes that European Commission
Regulation 1606/2002 requires publicly traded European companies
to prepare their financial statements in accordance with
International Financial Reporting Standards (IFRS) for fiscal
years starting on or after January 1, 2005.  Accordingly, the
financial statements of Infogrames Entertainment for the year
started April 1, 2005 will be prepared in accordance with IFRS;
they will also include comparable information for the previous
year, restated in accordance with the same standards.  In order
to present this comparable information, the Company has prepared
an opening balance sheet for April 1, 2004, the transition date,
in accordance with IFRS.

Reported revenue (henceforth known as "revenue from ordinary
business" for the first quarter of fiscal 2005-2006 is presented
in accordance with the new standards.

Infogrames will publish a detailed statement of operations in
accordance with IFRS when it announces its interim financial
results for the current fiscal year.

Infogrames Entertainment has announced that its revenue from
ordinary business for the first quarter of fiscal 2005-2006
amounted to EUR55.5 million (in accordance with IFRS).  In
addition, revenue of EUR52.7 million was generated by the sale of
licenses during the period, as the Company sold back digital
rights to Hasbro last June, resulting in a better financial
position for the Group for the current year.

As part of the transaction with Hasbro, Infogrames entered into a
new licensing agreement giving it rights to ten major Hasbro
franchises, including Dungeons and Dragons, Monopoly, Scrabble,
Yahtzee, Boggle, etc.

The first quarter of the current year, which is traditionally the
weakest, reflects business generated by the current catalog, in
the absence of new releases.  Continued efforts are being made to
further streamline the Group's catalog, which now focuses on a
smaller number of leading titles, with a mix of established and
new franchises, which is consistent with the cyclical nature of
the video games market.

"Results for the first quarter reflect the Group's new strategy
of prioritizing the release of major titles at the end of the
year, in order to maximize their profitability and to take
advantage of normal seasonal fluctuations in sales.  They are
consistent with that strategy and with the financial results of
Infogrames for the year ended March 31, 2005, during which the
focus was placed on profitability and returns from operations.
In addition, the significant positive impact of sales of
licenses, including to Hasbro, will further improve profitability
for the current year," declared Infogrames Entertainment Chairman
Bruno Bonnell.

This year, the Group will release major titles during the second
half, including games that won awards at recent trade shows:

(a) The Matrix: Path of Neo (PS2, Xbox and PC), Winner of
    IGN.com PS2 Best of E3 -- Award for Technological Excellence
    -- Runner up for Best Graphics,

(b) Dungeons & Dragons Online (PC), named Best Persistent World
    Game by IGN.com -- gamesspot.com finalist for Best MMO Game,

(c) Marc Ecko's Getting Up: Contents Under Pressure (PS2, Xbox,
    PC and mobile): Runner up in IGN.com's Most Innovative
    Design category,

(d) Dragon Ball Z Budokai: Tenkaichi (PS2): Runner up for
    IGN.com's Best Fighting Game award,

(e) Fahrenheit (PS2, Xbox and PC): Runner up for Game Critics
    Awards as Best Original Game

Other major titles scheduled for release in 2006 include:

(a) Asterix XXL2  (PS2),

(b) Dragon Ball GT: Transformation (GBA),

(c) Duel Masters: Shadow Code (GBA),

(d) Dungeons & Dragons Dragonshard (PC),

(e) Timeshift (PC, Xbox),

(f) Titeuf (DS),

(g) Tycoon City: New York (PC),

(h) RollerCoaster Tycoon 3: Soaked (PC)

Upcoming investor events:

September 29, 2005: Annual Shareholders' Meeting (first notice)

November 4, 2005: Announcement of second quarter revenue for
fiscal 2005-2006

Revenue in Accordance with IFRS


(EUR millions)          Q1 2005-2006 Q1 2004-2005 (*)
Revenue - former standards   58.3        171.6
Revenue - IFRS standards       55.5             163.7

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(*) Sales for the first quarter of fiscal 2004/2005 reflect the
release of Driv3r in 2 formats.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Sales by format

        June 30, 2005 June 30, 2004
PC             45%            15%
Playstation 2 32%            53%
GBA             12%          7%
Xbox              5%            21%
GameCube        3%             2%
Other formats  3%             2%

About Infogrames Entertainment and Atari

Infogrames Entertainment (IESA), the parent company of the Atari
Group, is listed on the Paris Euronext stock exchange (ISIN code:
FR-0000052573) and has two principal subsidiaries: Atari Europe,
a privately-held company, and Atari, Inc., a United States
corporation listed on NASDAQ (ATAR).

The Atari Group is a major international producer, publisher and
distributor of interactive entertainment software for all market
segments and in all existing game formats (Microsoft, Nintendo
and Sony) and on CD-ROM for PCs.  Its games are sold in more than
60 countries.

The Atari Group's extensive catalog of popular games is based on
original franchises (Driver, Alone in the Dark, V- Rally,, Test
Drive, Roller Coaster Tycoon, etc.) and international licenses
(Matrix, Dragon Ball Z, Donjons & Dragons...).

CONTACT:  INFOGRAMES ENTERTAINMENT S.A.
          1 Place Verrazzano
          69252 Lyon Cedex 09
          Phone: +33 (0)4 37 64 30 00
          Fax: +33 (0)4 37 64 30 01
          Web site: http://www.atari.com

          Financial Communications
          Cecile Sornay
          Phone: +33 (0)4 37 64 30 00


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


BECHTOLD + LORENZ: Dessau Court Calls in Administrator
------------------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against Bechtold + Lorenz GmbH & Co. Fenster und Bauelemente KG
on July 20.  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 Joachim M. E. Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on October 5, 2005, 10:00 a.m. at the district court
of Dessau, Willy-Lohmann-Str. 33, Saal 121, 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:  BECHTOLD + LORENZ GmbH & Co.
          FENSTER UND BAUELEMENTE KG
          Schulstrasse 4 a, 06862 Rodleben
          Contact:
          Axel Bechtold, Manager
          64756 Mossautal
          Andre Lorenz, Manager

          Joachim M. E. Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin
          Phone: 030/2128020
          Fax: 030/21280222


BERENTZEN AG: First-half Results Improve
----------------------------------------
Troubled winemaker Berentzen cut its first-half pre-tax loss by
two-thirds despite posting lower turnover, Borsen Zeitung says.

The pre-tax loss for the period dropped to EUR2.2 million from
EUR7 million last year; this despite a dismal turnover, which
tanked to EUR175 million from EUR187.6 million.  The group blamed
the results to weak demand for spirits, its core product.

Berentzen expects to book an operating loss for 2005, but this
will be offset by a EUR116 million extraordinary gain from the
sale of its 26.9% stake in Norwegian group Arcus Gruppen.  It
expects to post an operating result better than last year's loss
of EUR6.4 million.

Founded in 1758, Berentzen is a family-run company.  It plans to
trim down its workforce to cut cost and offset the effect of
lower sales in recent years.

CONTACT:  BERENTZEN-GRUPPE AG
          Ritterstrasse 7
          49740 Haseluenne
          Phone: +49 5961 502-0
                 +49 5961 502-268
          Web site: http://www.berentzen-gruppe.com


BF BOTTGER: Proofs of Claim Due Next Month
------------------------------------------
The district court of Gera opened bankruptcy proceedings against
BF Bottger Farmtechnik GmbH & Co. Kommanditgesellschaft on July
20.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until September
13, 2005 to register their claims with court-appointed
provisional administrator Egidius Arens.

Creditors and other interested parties are encouraged to attend
the meeting on October 11, 2005, 10:00 a.m. at the district court
of Gera, Rudolf-Diener-Str. 1, Zimmer 301, 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:  BF BOTTGER FARMTECHNIK GmbH
          & Co. Kommanditgesellschaft
          Niebraer Weg 15a, 07551 Gera

          Egidius Arens, Administrator
          Laasener Strasse 5, 07545 Gera


BILDUNGSVERBUND CHEMIE: Creditors Meeting Set September
-------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Bildungsverbund Chemie und Technik e.V. on
July 15.  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 Sabine von Stein-Lausnitz.

Creditors and other interested parties are encouraged to attend
the meeting on September 29, 10:30 a.m. at the district court of
Halle-Saalkreis, Saal 1.044, 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:  BILDUNGSVERBUND CHEMIE UND TECHNIK e.V.
          Nietlebener Strasse 2, 06126 Halle
          Contact:
          Dr. Frank Schmidt, Manager

          Sabine von Stein-Lausnitz, Administrator
          Magdeburger Str. 38, D-06112 Halle
          Phone: 0345/232620
          Fax: 0345/2326230


DUERR AG: Rumored Redundancy Plan Targets U.S. Jobs
---------------------------------------------------
Duerr AG plans to cut up to 800 workers, mostly in North America
by mid-2006, the Associated Press reports.

The redundancies are understood to be part of the planned
restructuring of its paint and assembly division, which will cost
at least EUR40 million.  Duerr AG currently employs over 13,000
people.

The company has also revealed that its chief executive will step
down by the end of 2005.  It explained that the exit was at the
request of Stephan Rojahn, who will be replaced by board member
Ralf Dieter.

The affected division designs and installs spray-painting systems
for carmakers like Ford Motor Co., General Motors Corp., and
DaimlerChrysler AG.  It is not clear which North American unit
will be affected by the job cuts.

In June, Standard & Poor's Ratings Services revised its outlook
on Duerr AG to negative from stable, primarily reflecting the
risk deriving from the increasingly challenging environment in
Duerr's major end markets.  The company reported in May that
incoming orders in the first quarter of 2005 increased by 4%
versus the same period last year.  Due to a decline in sales,
earnings before taxes of EUR6.8 million were lower than in the
first three months of 2004 (EUR2.1 million).

Net financial debt increased to EUR328.9 million as of March 31,
2005 (December 31, 2004: EUR242.8 million).  A net loss of EUR4.2
million was booked for the first quarter of 2005 (previous year:
net income of EUR0.7 million).

CONTACT:  DUERR AG
          Otto-Duerr-Strasse 8
          70435 Stuttgart
          Phone: +49 (0) 711 136-0
          Fax: +49 (0) 711 136-1455
          E-mail: corpcom@durr.com
          Web site: http://www.duerr-ag.de

          Stephan Haas
          Corporate Communications & Investor Relations
          Phone: +49 (0) 711 136-1785
          Fax: +49 (0) 711 136-1034


DUERR AG: On CreditWatch Negative Due to Bleak Earnings Outlook
---------------------------------------------------------------
Standard & Poor's Ratings lowered its long-term corporate credit
rating on Germany-based automotive production equipment supplier
Duerr AG to 'B' from 'B+' and placed it on CreditWatch with
negative implications, following the company's disappointing
earnings outlook and announcement of a comprehensive
restructuring plan at its Paint and Assembly Systems division.
At the same time, the subordinated debt rating on the company's
EUR200 million bond was lowered to 'CCC+' from 'B-' and placed on
CreditWatch with negative implications.

"These actions reflect Duerr's inability to meet its 2005
financial target of pre-tax earnings in excess of EUR18.5 million
($22.9 million), due to a significant shortfall in revenues and
earnings at the Paint and Assembly Systems division," said
Standard & Poor's credit analyst Maria Bissinger.  "It will also
not be able to meet Standard & Poor's target ratio of adjusted
net debt to lease-adjusted EBITDA of about 4.0x in 2005 (from
4.5x at year-end 2004), despite the use of asset disposal
proceeds to reduce debt."  Even before restructuring charges,
EBITDA will be significantly below the EUR66 million reached in
2004.  Free operating cash flows are likely to be negative in
2005.

Advance payments from customers are expected to continue to
decline, which may require further debt financing.

This situation is expected to continue into 2006, as orders in
the Paint and Assembly Systems division are suffering from the
challenging automotive environment.  Duerr has only managed to
secure three of the five targeted projects in paint systems
engineering in 2005 so far, while other projects have been
postponed. This leads to low capacity utilization, particularly
in the group's U.S. business.

"We do not yet have sufficient information to evaluate the
potential rating impact of the proposed restructuring plan, which
will lead to restructuring charges of about EUR40 million to
EUR50 million," said Ms. Bissinger.  "Nevertheless, the announced
sale of non-core assets and concentration on the core sectors
will reduce customer diversification, thereby increasing the
dependence on original equipment manufacturers, which will expose
Duerr to further pressure on prices and payment conditions."

In its review of the CreditWatch status, Standard & Poor's will
focus on:

(a) The result of current bank negotiations with respect to
    relaxing the third-quarter covenants and increasing the
    availability under the tranche A cash credit line;

(b) The restructuring plan, which is being established in
    cooperation with Mercer Consultants; and

(c) An update of the group's business plan.

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

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


FRESENIUS AG: Expects Full-year Income to Grow by Up to 25%
-----------------------------------------------------------
(a) Sales: EUR3.70 billion, +6% in constant currency, +4% at
    actual rates

(b) EBIT: EUR453 million, +12 % in constant currency, + 10% at
    actual rates

(c) Net income: EUR101 million, +28 % in constant currency, +
    26 % at actual rates

(c) Strong sales and earnings growth at Fresenius Medical Care;
    driven by continued gains in North America and Europe

(d) Fresenius Kabi achieves new record in EBIT margin; very good
    sales development in all regions

(e) Fresenius ProServe improves earnings and achieves good order
    intake

2005 Group outlook raised

Based on these excellent results Fresenius raises its full-year
outlook (before the acquisition of Renal Care Group by Fresenius
Medical Care) and now expects net income growth of 20 to 25% in
constant currency.  Previously, the Company expected 15 to 20%
net income growth.  The projection for sales growth in constant
currency remains at 6 to 9%.  All business segments are expected
to achieve sales and earnings growth.

Sustained sales growth

In the first half of 2005, Group sales increased 6% in constant
currency.  Organic growth contributed 5% and acquisitions 2% to
this increase.  Currency translation had a -2% and divestments
a -1% effect on sales.  Sales were EUR3,702 million, an increase
of 4% at actual rates (H1 2004: EUR3,553 million).

Strong constant-currency sales growth was achieved in North
America (+7%), in Latin America (+19%) and in Africa (+44%).  In
Asia-Pacific, Fresenius Kabi achieved an excellent sales growth.
The lower project volume at Fresenius ProServe primarily impacted
the sales development in this region.


Sales                                           Change at
                                                Constant
in EUR million   H1/2005   H1/2004   Change       rate

Europe            1,454     1,380      5%          5%

North America     1,758     1,713      3%          7%

Asia-Pacific        246       271     -9%         -8%

Latin America       156       129     21%         19%

Africa               88        60     47%         44%

Total             3,702     3,553      4%          6%


              Organic     Currency     Acquisitions/
              growth     translations   Divestitures    % of
              effects                                sales total

Europe           4%         0%            1%           39%

North America    6%        -4%            1%           48%

Asia-Pacific    -8%        -1%            0%            7%

Latin America   14%         2%            5%            4%

Africa          42%         3%            2%            2%

Total            5%        -2%            1%          100%


Sales contribution of the three business segments:

                                       H1/2005         H1/2004

Fresenius Medical Care                   69%             69%

Fresenius Kabi                           22%             20%

Fresenius ProServe                        9%             11%


Strong earnings growth

EBITDA increased 9% in constant currency and 7% at actual rates
to EUR604 million (H1 2004: EUR564 million).  Group EBIT rose 12%
in constant currency and 10% at actual rates to EUR453 million
(H1 2004: EUR412 million).  The Group EBIT margin further
improved to 12.2% in the first half of 2005 (H1 2004: 11.6%).

Group net interest expense was -EUR97 million in the first half
of 2005 (H1 2004: -EUR104 million).  This improvement was mainly
the result of a lower debt level compared to the first half of
2004 in combination with lower interest rates and currency
translation effects.  The tax rate for the first half of 2005 was
39.3% (H1 2004: 40.6%), in line with the full-year expectation of
39 to 40%.

Minority interest increased to EUR115 million (H1 2004: EUR103
million) mainly due to the strong earnings development of
Fresenius Medical Care, which accounts for 96% of minority
interest.

Group net income grew strongly by 28% in constant currency and
26% at actual rates to EUR101 million (H1 2004: EUR80 million).
Excellent operating results of Fresenius Medical Care and
Fresenius Kabi, lower interest expenses and a slightly lower tax
rate contributed to this increase.

Earnings per ordinary share were EUR2.46 (H1 2004: EUR1.95).
Earnings per preference share were EUR2.48 (H1 2004: EUR1.97).
EPS increased 26% for both share classes.

Investments considerably increased

In the first half of 2005, Group investments doubled to EUR342
million (H1 2004: EUR172 million).  This significant increase was
mainly driven by acquisitions at Fresenius Kabi.  EUR115 million
was spent for property, plant and equipment and intangible assets
(H1 2004: EUR111 million) and EUR227 million for acquisitions (H1
2004: EUR61 million).

Solid cash flow performance

Operating cash flow was slightly lower than in the previous year
at EUR329 million (H1 2004: EUR340 million) despite the excellent
earnings development.  This was mainly due to higher income tax
payments of Fresenius Medical Care in North America.  Free cash
flow before acquisitions and dividends was EUR224 million (H1
2004: EUR239 million).  Free cash flow after acquisitions (EUR182
million) and dividends (EUR127 million) was -EUR85 million (H1
2004: EUR67 million).

Solid balance sheet structure

Total assets increased 10% to EUR9,045 million (December 31,
2004: EUR8,188 million).  In constant currency, total assets grew
3%.  Current assets increased 12% to EUR3,090 million (December
31, 2004: EUR2,755 million).  In constant currency, current
assets grew 6%.  This increase was driven by acquisitions and
growth of operations.

Group debt rose 9% to EUR2,993 million as of June 30, 2005
(December 31, 2004: EUR2,735 million).  In constant currency,
debt grew 5% and was driven by acquisitions.

The net debt/EBITDA ratio was 2.4 as of June 30, 2005 (December
31, 2004: 2.2).  The positive EBITDA increase partially offset
the higher debt level.

Shareholders' equity including minority interest rose 11% to
EUR3,721 million compared to EUR3,347 million on December 31,
2004.  The equity ratio including minority interest improved to
41.1% (December 31, 2004: 40.9 %).

Employee numbers continue to grow

As of June 30, 2005, the Group had 71,109 employees worldwide, an
increase of 4% (December 31, 2004: 68,494).

Fresenius Biotech

Fresenius Biotech develops innovative therapies with
trifunctional antibodies for the treatment of cancer as well as
cell therapies for the treatment of the immune system.  In the
field of polyclonal antibodies, Fresenius Biotech has
successfully marketed ATG-Fresenius S for many years.
ATG-Fresenius S is an immunosuppressive agent used to prevent and
treat graft rejection following organ transplantation.

In the field of antibody therapies, two phase II studies are in
preparation to investigate the treatment of gastric cancer and
breast cancer following positive results from two phase I studies
for the treatment of peritoneal carcinomatosis and breast cancer.
Current studies for malignant ascites, malignant pleural effusion
and ovarian cancer are continuing according to plan.

For 2005, Fresenius Biotech continues to expect an EBIT in the
range of -EUR35 to -EUR40 million, largely due to the expanded
clinical study program.

                            *   *   *

The Company offers a wide range of health products and services
through its three core segments: Fresenius Medical Care,
Fresenius Kabi and Fresenius ProServe.  Fresenius Medical Care
division specializes in treating chronic kidney failure, with
nearly 1,600 dialysis clinics across the globe.  Fresenius Kabi
provides nutrition, infusion therapy and ambulatory care
services.  Fresenius ProServe offers such management services as
project development, consulting and staff training to hospitals
and other health facilities.  It has operations in about 100
countries.

CONTACT:  FRESENIUS AG
          Else-Kroner-Strasse 1,
          61346 Bad Homburg, Germany
          Phone: +49-6172-608-0
          Fax: +49-6172-608-2488
          Web site: http://www.fresenius-ag.com


GEA GROUP: Earnings Continue to Grow in Second Quarter
------------------------------------------------------
GEA Group Aktiengesellschaft, formerly mg technologies, increased
its earnings before tax (EBT) for the second quarter of 2005 by
EUR39.2 million to EUR9.9 million compared with the corresponding
period of last year, building on the positive trend in the first
quarter.  The volume of new orders received grew by almost seven
percent to EUR1.128 billion.  Sales rose by 9.3% on the
corresponding period of last year to EUR1.077 billion.  The GEA
Group aims to generate organic sales growth of around five
percent and a return on sales of approximately four percent for
2005 as a whole.

"The GEA Group is well on track to meet its annual targets for
2005.  However, our attainment of these goals is contingent on
our winning a consistent volume of new orders in the Plant
Engineering segment and on exchange rates and steel prices
remaining relatively stable", stressed Juerg Oleas, the chairman
of the GEA Group's Executive Board.

Volumes of new orders and sales indicate strong recovery in the
Group's business The GEA Group's business picked up noticeably in
the second quarter of 2005, as documented by the growth in the
volume of new orders, which increased by 6.9% on the
corresponding quarter of last year to EUR1.128 billion.  New
orders improved by 2.5% in the first half of the year to EUR2.288
billion.  Sales also performed well in the second quarter of
2005.  The company raised its sales by 9.3% on the second quarter
of 2004 to EUR1.077 billion, generating much stronger growth than
in the first quarter of 2005.  The
Group's sales advanced by 7.7% in the first half of the year to
EUR2.020 billion.

Positive Trend in EBT and EPS Confirmed

The positive trend in earnings before tax (EBT) in the first
quarter of 2005 was confirmed in the second quarter.

With EBT of EUR9.9 million, the GEA Group's earnings during the
reporting period constituted an improvement on both the first
quarter of 2005 (EUR2.2 million) and the corresponding quarter of
2004 (pre-tax loss of EUR29.3 million).  The main reasons for
this result were the robust earnings reported by the Customized
Systems, Process Equipment and Process Engineering segments and
the huge reduction in losses at the "Other" companies.

Furthermore, the holding company's costs were cut substantially.
Despite initial positive indications, however, the performance of
earnings in the Plant Engineering segment fell short of
forecasts.

In the first half of 2005, the GEA Group reported earnings before
tax of EUR12.1 million, having incurred a pre-tax loss of EUR50.3
million in the corresponding period of last year.  Earnings per
share for the second quarter rose significantly to EUR0.09 (Q2
2004: loss of EUR0.71).  Earnings per share for the first half of
2005 came to EUR0.15 (first half of 2004: loss of EUR0.51).

Business in Customized Systems Picks up

After its subdued start to the year, business in the Customized
Systems segment picked up considerably.  Its volume of new orders
rose by 25% to EUR225.7 million, which was the highest growth
rate of any GEA Group segment in the second quarter.  During the
first half of the year, its new orders increased by 11.7% to
EUR391.0 million.  Second-quarter sales in the Customized Systems
segment amounted to EUR178.5 million, which was in line with the
corresponding period of last year.  Sluggish levels of capital
spending in the Refrigeration strategic business unit (SBU)
severely depressed business activity at the beginning of the
year, although demand here has been recovering since April.
However, it will be some time before this feeds through into
higher sales.

For this reason, and despite the good performance of the Air
Treatment SBU, sales for the first half of the year came to only
EUR325.0 million, which was almost EUR7 million down on the same
period of last year.  Similarly, the higher volume of new orders
will not boost the segment's earnings until later in the year.
Second-quarter EBT consequently fell by EUR2.8 million to EUR11.2
million.  The segment's earnings before tax for the first half
came to EUR16.8 million, a year-on-year decline of EUR3.6
million.

Process Equipment Achieves Profitable Growth

The Process Equipment segment also posted strong growth in its
volume of new orders in the second quarter, raising them by 8.7%
to EUR293.9 million.  In the first half of 2005, new orders
advanced by 8.2% to EUR571.5 million.  Second-quarter sales
growth of 6.1% to EUR273.3 million derived largely from the
substantial increase reported by the Process Equipment SBU.  The
Mechanical Separation SBU continued its steady growth.  In the
Dairy Farm Systems SBU, the very strong demand from Germany and
the U.S. at the beginning of the year weakened.  The Process
Equipment segment's sales for the first six months improved by
7.6% to EUR512.7 million.  Despite adverse exchange rate
movements, the segment raised its earnings before tax for the
second quarter by 6.1% to EUR26.8 million.  Over the first half
of the year it performed even better, increasing its EBT by 21.5%
to EUR42.1 million.

Process Engineering in Line with Forecasts

In the second quarter of 2005, the Process Engineering segment
managed to build on the strong performance of its business in the
first quarter.  Its volume of new orders grew by 18.4% to
EUR382.7 million.

In the first half of the year, its new orders improved by 15.5%
to EUR715.9 million.  In the second quarter, the segment's sales
rose by 1.5% to EUR300.2 million.  While business in the Process
Engineering SBU was more or less in line with the same period of
last year, second-quarter sales in the Energy Technology SBU
continued to rise sharply.  In the first half of 2005, the
Process Engineering segment raised its sales by 5.5% year on year
to EUR549.5 million.  In contrast to the first quarter, the
higher cost of materials and adverse exchange rate movements were
more than compensated for in the second quarter, as a result of
which earnings before tax advanced by 3.5% to EUR17.3 million.
First-half EBT of EUR25.4 million almost matched the strong
prior-year result.

Performance of Plant Engineering Businesses Varies

The Plant Engineering segment's volume of new orders, which is
heavily dependent on big-ticket contracts, declined by 6.2% in
the second quarter to EUR242.8 million.  New orders received in
the first half of the year declined by 11.5% to EUR642.5 million
compared with the same period of 2004.  However, all three SBUs
improved their second-quarter sales volumes on the back of their
well-stocked order books.  Consequently, the segment's
second-quarter sales rose sharply by 36.3% to EUR286.1 million.
Sales in the first half grew by 19.3% to EUR551.1 million.  The
segment's earnings for the second quarter were once again
unsatisfactory, incurring a pre-tax loss of EUR25.1 million (Q2
2004: loss of EUR23.5 million).

EBT for the first half amounted to a loss of EUR31.5 million,
which was also down on the corresponding period of last year
(loss of EUR27.8 million).  The performance of the individual
SBUs varied considerably.

The favorable development of the Lurgi SBU (sales EUR84.1
million, pre-tax loss of EUR5.5 million) was countered by
one-time charges from existing orders at Lurgi Lentjes (sales
EUR133.2 million, pre-tax loss EUR12.1 million) and weak new
orders at Zimmer (sales EUR69.2 million, pre-tax loss 5.3
million).  The strategic reorganization program launched at
Zimmer aims to lower the break-even point and to extend the
portfolio into additional technologies.

Sharp reduction in "Other" companies' losses; holding company's
costs substantially lowered In the second quarter, the GEA Group
made significant progress with respect to its "Other" companies
and the holding company.  The losses incurred by its non-core
businesses were massively reduced from EUR17.1 million to EUR4.5
million in the second quarter of 2005.  In the first six months,
these companies' losses fell from EUR23.6 million to EUR6.3
million.  Furthermore, in the first half of the year the holding
company's costs were cut by a total of EUR35.0 million, EUR17.9
million of which was attributable to staff and operating costs
and EUR17.1 million to net financial income.

Cash flow and Free Cash flow Improve

The net outflow of cash from operating activities in the first
half of 2005 declined by EUR245.2 million to EUR200.3 million.
During the same period, free cash flow came to -EUR 229.3 million
(first half of 2004: -EUR 442.0 million).  Because of the GEA
Group's normal business cycle, its net cash flow is usually
negative in the first three quarters of the year.  The
anticipated strong fourth quarter will have a correspondingly
positive impact on cash flow.

Outlook for the Remainder of 2005

As is customary in specialty mechanical engineering and plant
engineering, the GEA Group's business will gain further momentum
in the second half of this year.  Although this is true of its
sales, it will apply to a far greater extent to its earnings.

The Executive Board expects sales for 2005 to rise by around five
percent on last year based on organic growth.  The target for
return on sales is roughly four percent, and five percent should
be feasible over the medium term.  The Executive Board does not
consider this target to be conservative, as it is contingent on
the GEA Group winning a consistent volume of new orders in its
Plant Engineering segment and on exchange rates and steel prices
remaining relatively stable.

CONTACT:  GEA GROUP AKTIENGESELLSCHAFT
          Phone: +49 (0)234 980 1081
          Fax: +49 (0)234 980 1087
          Web site: http://www.geagroup.com


INFINEON TECHNOLOGIES: Nanya Not Interested in Memory Chips Unit
----------------------------------------------------------------
Taiwanese semiconductor maker Nanya Technology Corporation denied
reports it plans to acquire Infineon Technologies' memory chip
division, Borsen Zeitung says.

Infineon is looking for ways to boost the loss-making division
following the resignation of division head Andreas von Zitzewitz.
Sources close to the group's supervisory board say Infineon plans
to spin off the division or form a joint venture.

Analysts had floated Nanya as the most likely candidate to
acquire the division because it already has a standing joint
venture with Infineon in Taiwan -- chips maker Inotera.

Infineon's memory chip division, which contributes around 40% of
the group's total turnover, has been losing money amid strong
competition.

CONTACT:  INFINEON TECHNOLOGIES AG
          P.O. Box 80 09 49
          D-81609 Muenchen
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com
          Web site: http://www.infineon.com

          NANYA TECHNOLOGY CORPORATION
          Hwa Ya Technology Park
          669, Fu Hsing 3rd Rd, Kueishan
          Taoyuan, Taiwan R.O.C.
          Phone: 886-3-3281688
          Fax: 886-3-3960997
          Web site: http://www.nanya.com


INTERNATIONAL MANAGEMENT: Eutin School Succumbs to Bankruptcy
-------------------------------------------------------------
The district court of Eutin opened bankruptcy proceedings against
International Management School Malente GmbH on July 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 25, 2005
to register their claims with court-appointed provisional
administrator Dr. Peer Moller.

Creditors and other interested parties are encouraged to attend
the meeting on September 9, 2005, 9:50 a.m. at the district court
of Eutin, Jungfernstieg 3, 23701 Eutin, 1. Stock, Saal E, 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:  INTERNATIONAL MANAGEMENT SCHOOL MALENTE GmbH
          Contact:
          Ulrich Wirzbicki, Manager
          Eutiner Strasse 43, 23714 Bad Malente-Gremsmuehlen

          Dr. Peer Moller, Administrator
          Untere Querstrasse 1, 23730 Neustadt


KASTNER WARENHANDELS: Court to Verify Claims October
----------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
Kastner Warenhandels GmbH on July 19.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 5, 2005 to register their claims
with court-appointed provisional administrator Dr. C. Munz.

Creditors and other interested parties are encouraged to attend
the meeting on October 5, 2005, 1:00 p.m. at the district court
of Gera, Rudolf-Diener-Str. 1, Saal 310, 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:  KASTNER WARENHANDELS GmbH
          Muehlenstrasse 119, 07745 Jena

          Dr. C. Munz, Administrator
          Domplatz 11, 99084 Erfurt


KUEKE GMBH: Creditors' Claims Due Last Week of August
-----------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Kueke GmbH temporarArchitektur on July 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 29, 2005 to register their
claims with court-appointed provisional administrator Dr. Frank
Nikolaus.

Creditors and other interested parties are encouraged to attend
the meeting on September 13, 2005, 9:00 a.m. at the district
court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 291, 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:  KUEKE GmbH TEMPORARARCHITEKTUR
          Ruhrtalstr. 77, 45239 Essen
          Contact:
          Carmen Kueke, Manager
          Jagstweg 31, 45219 Essen
          Michael Kukuck, Manager
          Riesweg 56, 45134 Essen

          Dr. Frank Nikolaus, Administrator
          Alfredstr. 108-112, 45131 Essen
          Phone: 87 90 40


MOSAIC SOFTWARE: Revenues Down in First Six Months of 2005
----------------------------------------------------------
The Mosaic Group (Mosaic Software AG: General Standard, ISIN:
DE0007100208) reported its consolidated results for the first six
months of the 2005 financial year.

In the first half of 2005, Mosaic took another important step
with the merger of the former Group subsidiary MOSAIC GEVA GMBH
with Mosaic Software AG as part of the restructuring of the
MOSAIC Group initiated in 2004.

In the first half of 2005, when comparing figures for business
development as of the respective balance sheet dates, it should
be noted that the figures for 2004 were also strongly impacted by
the operating activities of Mosaic Geva GmbH as well as the
restructuring measures implemented at the subsidiary.

Taking these factors into consideration, in the first six months
of 2005 Mosaic generated revenues of EUR1.847 million after
EUR4.161 million in the same period of the previous year.  EBITDA
amounted to -EUR1.201 million (HY1 2004: -EUR1.254 million); EBIT
was -EUR2.341 million after -EUR7.027 million in the first six
months of 2004.  Compared to the first half of 2004 (-EUR6.834
million), earnings in the reporting period amounted to -EUR2.367
million.  As of the balance sheet date of 30 June 2005, the
Mosaic Group has a high equity ratio of 71.8 percent.

As of the end of August 2005, the members of the Supervisory
Board Dr.-Ing. Helmut Elenz (Chairman) and Dr.-Ing. Klaus Rupf
will be terminating their positions for personal reasons.  Thanks
to the active support of the departing members of the Supervisory
Board, Mr. Prof. Dr.-Ing. Heinz Thielmann and Mr. Dipl.-Okonom
Anton Wahl have been appointed as adequate successors.  They will
take up their positions effective of September 01, 2005.  The new
members of the Supervisory Board each contribute profound
experience and expertise to their new roles from their years in
responsible management positions in large corporations as well as
in the German and international consumer and brand goods
industry.

Assem F. Audi, CEO of Mosaic Software AG said: " In the first
half of 2005 we have initiated extensive turnaround activities to
accomplish the turning point.  These activities focused on a
fundamental reorganization of distribution channels.  We are
gradually attracting related systems companies as sales partners
and multipliers for Mosaic product sales.  Our foremost goal in
the coming months will be to increase revenues and report a
positive trend in business development."

The change in the Supervisory Board of Mosaic Software AG in line
with Article 106 of the Aktiengesetz (German Public Companies
Act) has been announced in the electronic Federal Gazette at the
same time as the publication of the 6-month's Report for 2005.
This report also contains further business data and an extensive
commentary on the development of business in the first six months
of 2005 (http://www.mosaic-aktie.de).

About Mosaic

Mosaic Software AG (General Standard, ISIN:DE0007100208) is a one
of the leading software manufacturers and EDI application service
providers for multilateral electronic exchange of business data
and documents in e-business.  Irrespective of their industry,
with Mosaic solutions and services companies, organizations and
manufacturers of all sizes can be incorporated completely into
the electronic processing of business transactions along with
their existing IT systems.  Mosaic offers business process EDI
and extends conventional EDI by mapping the contents of
multilateral business connections (partner-specific validation).

Companies from various different industry segments use Mosaic
solutions, with the consumer goods industry at the forefront.
Mosaic is the operator of EDI-TradePortal, the central data nerve
center for commerce and industry.  EDI-TradePortal has
established itself as the largest e-community in Germany and as a
standard in business communication.

The portfolio comprises business integration solutions, industry
specific EANCOM- and GS1-compliant applications and
cross-industry clearing center services and a special solution
for processing mass domestic payment transactions.

CONTACT:  MOSAIC SOFTWARE AG
          Communication
          Elke Heller
          Am Pannacker 3
          53340 Meckenheim
          Phone: +49 (0) 22 25 882-111
          Fax: +49 (0) 22 25 882-485
          E-mail: ir@mosaic-ag.com


R.G.S. SANITARINSTALLATION: Under Bankruptcy Administration
-----------------------------------------------------------
The district court of Bamberg opened bankruptcy proceedings
against R.G.S. Sanitarinstallation GmbH on July 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 22, 2005
to register their claims with court-appointed provisional
administrator Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting on September 14, 2005, 2:30 p.m. at the district
court of Bamberg, Sitzungssaal 317, Synagogenplatz 1, 96047
Bamberg, 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:  R.G.S. SANITARINSTALLATION GmbH
          Birkenweg 1 in 91336 Heroldsbach
          Contact;
          Harald Scherzer, Manager
          Rene Gottschlick, Manager

          Joachim Exner, Administrator
          Stahlstrasse 17, 90411 Nuremberg
          Phone: 0911/951285-0
          Fax: 0911/951285-10


RINGELHAN EINRICHTUNGSKONZEPTE: Creditors Meeting Set October
-------------------------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against Ringelhan Einrichtungskonzepte GmbH & Co. KG on July 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 10,
2005 to register their claims with court-appointed provisional
administrator Axel Schwentker.

Creditors and other interested parties are encouraged to attend
the meeting on October 10, 2005, 9:00 a.m. at the district court
of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, IV. Etage, Saal 407, 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:  RINGELHAN EINRICHTUNGSKONZEPTE GmbH & Co. KG,
          Lessingstrasse 9, 46149 Oberhausen
          Contact:
          Susanne Ringelhan, Manager

          Axel Schwentker, Administrator
          Lindnerstrasse 165, 46149 Oberhausen


SCHEFENACKER AG: Losing Streak to Continue Until 2007
-----------------------------------------------------
Auto parts maker Schefenacker will remain in the red until 2007,
Borsen Zeitung says.

Schefenacker suffered a 10.5% drop in EBITDA to EUR40.9 million
and a 2.2% dip in turnover to EUR472.5 million in the first half.
An encouraging second-quarter result was not enough to offset the
poor performance in the first quarter, the paper said.  EBITDA in
the second quarter rose 24% to EUR23.8 million as turnover
improved by 1.5% to EUR244 million.  The company does not see
itself matching last year's turnover of EUR952 million.

Schefenacker is currently implementing restructuring measures to
save EUR20 million and return to profitability.  Launched at the
beginning of the year, the plan calls for 300 redundancies and
partial transfer of production to Hungary and Slovenia.

CONTACT:  BERENTZEN-GRUPPE AG
          Ritterstrasse 7
          49740 Haseluenne
          Phone: +49 5961 502-0
                 +49 5961 502-268
          Web site: http://www.berentzen-gruppe.com


SGL CARBON: Credit Rating Raised to 'B+' on Improved Earnings
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Germany-based producer of graphite electrodes
SGL Carbon AG to 'B+' from 'B'.  The outlook is stable.

At the same time, the rating on the subordinated bonds issued by
SGL Carbon Luxembourg S.A. and guaranteed by SGL was raised to
'B-' from 'CCC+'.  The rating on the senior secured bank loan
issued by SGL Carbon LLC and guaranteed by SGL was also raised,
to 'B+' from 'B'.

"The rating actions follow improvements in the company's earnings
in the first half of 2005, and reflect our expectation that
earnings will remain strong for the rest of the year," said
Standard & Poor's credit analyst Tommy Trask.

Other factors contributing to the upgrade are SGL's announcement
earlier this year of a cooperation agreement on carbon ceramic
disc brakes with Volkswagen AG's (A-/Negative/A-2) Audi
cooperation, and the European Court's decision to reduce European
Commission antitrust fines.

SGL's operating profit for the second quarter of 2005 showed a
marked improvement on the prior year, helped by the disposal of
the loss-making surface protection business and strong demand for
the company's products.  Provided there are no sudden changes in
volumes, earnings should remain strong for the full year.
Although cash flows remained weak in the second quarter due to
further buildup in working capital, they are expected to
strengthen in the second half of 2005, allowing the company to
achieve meaningful debt reduction by the end of the year.  An
initial payment of EUR10 million-EUR15 million from Audi in
connection with the cooperation agreement should also help toward
debt reduction.

The prospects for graphite electrodes are encouraging, with
little spare capacity in the industry.  With 85% of needle coke
supply secured for 2006, the key remaining risk factor is whether
SGL will be able to contract next year's carbon electrode sales
at the higher prices announced in May this year. The other key
risk factor is whether SGL Technologies can replicate the
progress it has achieved in carbon ceramic disc brakes for other
products and applications.

Standard & Poor's notes the company's progress in improving
earnings and its continued focus on debt reduction.

"To maintain the ratings, the company will need to demonstrate
the ability to convert stronger earnings into cash generation and
debt reduction in the second half of 2005," added Mr. Trask.

While a drop in volumes could trigger a downward rating action,
the ratings could be raised if SGL maintains its focus on
established cash-generating products and achieves success in
converting new product opportunities at SGL Technologies into
cash-generative operations.

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

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


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


ALITALIA SPA: Another Cabin Crew Union Expected by Month's End
--------------------------------------------------------------
The Sindicato Unitario Lavoratori Transporti (SULT) union will
stage a strike on August 30 and 31, says Agenzia Giornalistica
Italia.

This will be the first of several actions that SULT is
threatening to stage after Alitalia excluded them in the current
labor talks.  The union announced the strike after a meeting of
its board at the Leonardo da Vinci airport of Roma-Fiumicino on
August 11.

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

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


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


ROYAL NUMICO: Raises Net Sales Growth Target by 12%
---------------------------------------------------
Financial Highlights First Half Year 2005 (on a comparable basis)

(a) Total net sales up 12.5%; EBITA margin at 18.7%

(b) Nutricia Baby net sales up 12.4%; EBITA margin at 17.9%

(c) Nutricia Clinical net sales up 12.8%; EBITA margin at 27.5%

(d) Normalized net result up 20.9% and normalized earnings per
    share up 20.7%

(e) Restored shareholders' equity position at EUR11 million
    compared to EUR(306) million at the start of the year

(f) Net cash flow from operational activities up 26.0% at EUR63
    million

Financial Highlights Second Quarter 2005 (on a comparable basis)

(a) Total net sales up 12.9%; EBITA margin at 19.0%

(b) Nutricia Baby net sales up 12.7%; EBITA margin at 17.7%

(c) Nutricia Clinical net sales up 13.3%; EBITA margin at 28.0%

(d) Normalized net result up 22.1% and normalized earnings per
    share up 21.7%

(e) Nearly half of ephedra claims resolved to date

CEO Statement

Numico shows strong sales momentum, achieving record growth in
both divisions in the First Half 2005.  Clinical continued its
strong growth pace, up 12.8%, with growth being delivered across
all regions and noteworthy performance in the United Kingdom.
Babyfood sales increased to category leading levels of 12.4%,
driven by growth acceleration in the United Kingdom, Eastern
Europe and Indonesia.  As anticipated, total EBITA growth came in
at 4.8%, due to exceptional charges and the phasing of the
Babyfood restructuring plan.

Numico also has true organizational momentum, with the steady
strengthening of key management positions in both Baby and
Clinical.  With Sari Husada, our Indonesian Babyfood business, we
increased our stake and stewardship in the company by making
significant management changes and increasing our shareholding by
13.5% to 95%.  This is a significant strategic initiative for us,
given the strategic role of Indonesia in Numico's development.

With these results, we feel comfortable to raise our net sales
growth target for 2005 from 8-10% to 10-12%, while reconfirming
our EBITA growth target at 10%.

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

                            *   *   *

Royal Numico is a high growth, high margin, specialist baby food
and clinical nutrition company.  Acknowledged as the European
market leader in infant nutrition and medical nutrition, our
products range from infant milk formula to specialized nutrition
for babies with specific needs and for breastfeeding mothers.
For people with specific nutritional requirements, Numico offers
a complete range of enteral clinical nutrition, diet products and
disease-specific nutrition.

CONTACT:  ROYAL NUMICO
          WTC Schiphol Airport, Tower E, Schiphol Boulevard
          105, 1118 BG Schiphol Airport, The Netherlands
          Phone: +31-20-456-9000
          Fax: +31-20-456-8000
          Web site: http://www.numico.com/


ROYAL SHELL: 'Buys back' Investors' Trust
-----------------------------------------
Shell's buyback scheme is understood to be aimed at reviving
shareholders' and investors' confidence.

On Wednesday, the company purchased for cancellation 1,000,000
'A' Shares at a price of EUR26.89 per share.  This came as Shell
unveiled a buyback program after a damaging reserves
overestimation scandal last year.

The company said: "Given strong cash generation for the first
half of 2005, buybacks are expected to be at the upper end of the
GBP3 - GBP5 billion guidance for 2005."

According to the Scotsman, analysts expect the company to buy
back GBP4.5 billion of its own shares by the end of this year.

Before the merger of its two former parent companies, some
investors blamed the complicated structure for the overbooking of
proved energy reserves by the company between January 2004 and
February this year.  Shell, which was fined EUR150 million
following investigations, has already revised the method by which
it calculates reserves to comply with U.S. regulations.

Earlier, it acquired 98.70% of all issued and outstanding
ordinary shares in the capital of Royal Dutch, and requested that
Royal Dutch seek delisting from the New York Stock Exchange.
Meanwhile, the last day of trading of Royal Dutch Shares on
Euronext Amsterdam is 30 September 2005.

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


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


OCEAN RIG: Second-quarter Net Loss Down to US$25.3 Million
----------------------------------------------------------
The 2nd Quarter 2005 consolidated accounts have been prepared in
accordance with the International Financial Reporting Standards
(IFRS).

The net result for the second quarter amounted to -US$25.3
million (-US$46.8 million), corresponding to earnings per share
of -US$0.29 (-US$0.72), and diluted earnings per share
of -US$0.29 (-US$0.72).  The operating result for the second
quarter amounted to US$3.2 million (-US$32.3 million) and EBITDA
was US$17.0 million (US$1.4 million).  Adjusted for US$6.6
million non-cash expenses related to employee share options,
EBITDA was US$23.5 million.

The net result was also effected by US$11.1 million of costs
associated with the prepayment of refinanced debt (prepayment fee
and unamortized non-cash debt issuance cost of US$4.6 million and
US$6.5 million respectively).

Main events:

-- May 25: Repayment of NOK139.5 million 11% p.a. and 13% p.a.
   convertible bonds,

-- June 14: Letter of Intent for a two year contract for Eirik
   Raude with ExxonMobil in Canada, U.K. and U.S. GoM, starting
   1st Quarter 2006,

-- June 24: Total exercised a one year option for Leiv Eiriksson
   in Angola at a dayrate of US$370,000, starting 1st Quarter
   2006,

-- June 28: Refinancing of all non-convertible debt completed
   through the raising of US$430 million in new bank debt and
   the issue of US$150 million of new bonds with blended
   interest rate of 6%,

-- June 29: The board initiated a process for development of
   strategic alternatives for the company,

-- July 13: Seadrill acquired 21.4 million shares of Ocean Rig
   equivalent to 24.5% of the company's outstanding shares,

-- July 18: Morgan Stanley was engaged as advisor in the process
   of exploring opportunities for the strategic development of
   the company

The Executive Chairman, Geir Aune said: "The completion of the
refinancing of the company's debt marks a final step in the
turnaround of Ocean Rig initiated two years ago.  We have built a
strong platform for the continuing development of the company."

Ocean Rig owns and operates two of the world's largest and most
modern drilling rigs, built for ultra deep waters and extreme
weather conditions.  The units are currently operating offshore
Angola and Norway.

The second-quarter interim report with financials and notes is
available free of charge at
http://bankrupt.com/misc/OceanRig(Q22005).pdf

CONTACT:  OCEAN RIG A.S.A
          Geir Aune, Executive Chairman

          Christian Mowinckel
          Interim Managing Director
          Senior Vice President Finance
          Phone: +47 51 96 90 00


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


POLARIS RT: Collapses into Bankruptcy
-------------------------------------
A local court has declared construction firm Polaris Rt.
bankrupt, reports business daily Napi Gazdasag.

The builder's collapse follows the unexpected HUF57.1 million
loss last year after a profitable 2003.  Revenue for 2004 also
dropped to HUF4.5 billion from HUF7.8 billion.  It is now facing
liquidation.

Once part of the Betonut group, Polaris is one of the country's
top construction companies.  It developed several major projects
like the Harsliget and Beregszasz residential parks in the 2nd
and 11th districts.  One of its residential blocks won a top
industrial award in 2001.  The group's subsidiaries include
Polar-Husz Kft, P.D.C. Kft, Aris 3000 Kft, L.B. 2000 Kft and
Polaris Galeria Kft.

CONTACT:  POLARIS RT.
          1097 Budapest
          Gyali ut 33
          Phone: (1) 280-4449
          Fax: (1) 280-4450
          E-mail: kozpont@polaris-rt.hu
          Web site: http://www.polaris-rt.hu


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


BALTIYSKAYA: Temporary Insolvency Manager Enters Firm
-----------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on limited liability company
Baltiyskaya Building Company-31 (TIN 27031015340, OGRN
1022700523273).  The case is docketed as A73-5039/2005-38.  Mr.
A. Shenin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 680038, Russia,
Khabarovsk, Volochaevskaya Str. 181-b, Office 306.

CONTACT:  BALTIYSKAYA BUILDING COMPANY-31
          681027, Russia, Komsomolsk-na-Amure region,
          Kirova Str. 76A

          Mr. A. Shenin
          Insolvency Manager
          680038, Russia, Khabarovsk region,
          Volochaevskaya Str. 181b, Office 306
          Phone: (4212) 78-36-10
          Fax: (4212) 29-16-49


BELGOROD-ROSTEK-TRANSIT: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on close joint stock company
Belgorod-Rostek-Transit (TIN 3123059828).  The case is docketed
as A08-2391/05-2 B.  Mr. P. Gudzyak has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 308007, Russia,
Belgorod, Nekrasova Str. 11.  A hearing will take place on Sept.
12, 2005, 10:10 a.m. at the Arbitration Court of Belgorod region
located at 308610, Russia, Belgorod, Narodnaya Str. 135-16.

CONTACT:  BELGOROD-ROSTEK-TRANSIT
          Russia, Belgorod region,
          Michurina Str. 56

          Mr. P. Gudzyak
          Temporary Insolvency Manager
          308007, Russia, Belgorod region,
          Nekrasova Str. 11


GLAZOVSKAYA: Bankruptcy Hearing Set October
-------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Glazovskaya (TIN 1831084820).  The case is docketed as
A71-20/2005-G2.  Mr. A. Galushko has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 426057, Russia,
Udmurtiya republic, Izhevsk, Svobody Str. 139 (To AC).  A hearing
will take place on Oct. 6, 2005, 9:00 a.m. at Russia, Izhevsk,
Lomonosova Str. 5-105.

CONTACT:  GLAZOVSKAYA
          Russia, Udmurtiya republic,
          Izhevsk, Severnyj Per. 61-915

          Mr. A. Galushko
          Insolvency Manager
          426057, Russia, Udmurtiya republic,
          Izhevsk, Svobody Str. 139 (To AC)
          or
          426034, Russia, Udmurtiya republic,
          Izhevsk, 50 Let Oktyabry Str. 2


KLIMOVO-MOL-PROM: Public Auction Set Wednesday
----------------------------------------------
The bidding organizer of open joint stock company
Klimovo-Mol-Prom will sell its property on Aug. 17, 2005, 11:00
a.m. (local time).  The public auction will take place on 241050,
Russia, Bryansk, Krasnoarmeyskaya Str. 91, Room 13.  Up for sale
is an immovable property for a starting price of RUB1,173,500.

Preliminary examination and reception of bids are done tomorrow.
The list of documentary requirements is available at 241050,
Russia, Bryansk, Krasnoarmeyskaya Str. 91, Room 13.

To participate, bidders must deposit RUB200,000 to the settlement
account 40702810200000016634, at CB BNP (OJSC) Bryansk,
correspondent account 30101810700000000770, BIC 041501770.

CONTACT:  KLIMOVO-MOL-PROM
          Russia, Bryansk region, Klimovskiy region,
          Klimovo, Oktyabrskaya Str. 199, Churovishi

          LLC BI-NIKA
          Bidding Organizer
          241050, Russia, Bryansk region,
          Krasnoarmeyskaya Str. 91, Room 13
          Phone: (0832) 74-32-48, 41-73-77


OAO GAZPROM: Issues RUR5 Billion Four-year Bonds
------------------------------------------------
On August 11, 2005, OAO Gazprom placed a RUR5 billion four-year
bond series A6 with face value of RUB1,000.

The coupon yield payable every 182nd day was set at 6.95% as a
result of competitive evaluation at the Moscow Inter-Bank
Currency Exchange.  Investors placed 158 bids for the total sum
exceeding RUR12 billion.

During the auction, 45 bids were accepted.  The placement was
made with a record low yield in comparison with other corporate
bond issues with similar maturity.

Renaissance Capital Investment Group and Rosbank acted as
managers of the issue; co-managers were Horizon Investment
Company and United Financial Group, with the Federal Stock
Corporation involved as financial consultant.

The proceeds will be used to finance capital expenditures to
maintain current operational level, new projects to be
introduced, the short-term debt refinancing and the optimization
of debt structure.

                            *   *   *

In May, Fitch Ratings kept Gazprom's Senior Unsecured foreign
currency and local currency 'BB' ratings on Rating Watch
Positive, despite the cancellation of its merger with OAO
Rosneft.

In November 2004, Fitch changed the Rating Watch on Gazprom's
Senior Unsecured foreign currency and local currency ratings to
Positive from Evolving, following the agency's Sovereign
upgrade.  The Positive Watch reflected the increased likelihood
of an upgrade for Gazprom, due to its strategic linkage to the
state and synergies to be gained from an increase of state
ownership.  Originally, this increased state ownership was to
come in the form of an exchange of 100% of the shares in state-
owned OAO Rosneft for a 10.7% increase in shares of Gazprom.

The agency anticipates upgrading Gazprom's Senior Unsecured
foreign currency and local currency ratings by one notch, pending
a reassessment of Gazprom's credit profile in the wake of rising
gas prices.  At the same time, Fitch remains concerned about the
company's high total debt levels and increasing operating costs
over the course of 2004 and 2005.

CONTACT:  OAO GAZPROM
          16 Nametkina
          117997 Moscow, V-420,
          Russia
          Phone: +7-95-719-3001
          Fax: +7-95-719-8333
          Web site: http://www.gazprom.ru


OAO GAZPROM: Board Approves Asset Swap with Gazprombank
-------------------------------------------------------
OAO Gazprom has disposed of the 95.13% stake in OAO Gazprom-Media
to an entity affiliated with the Joint-Stock Bank Gazprombank
ZAO.  The transaction also involved the disposal of Gazprom's
equity stakes in OAO TV Company NTV (4.44%), ZAO PRT-1 (100%),
ZAO Media-Most (14.31%), and OAO TNT-Teleset (1.73%).

In return, Gazprom acquired a 100% stake in share capital of OOO
Gazoenergeticheskaya kompaniya from a daughter company of
Gazprombank.

The main asset of OOO GEC is a 5.3% stake in RAO UES Russia.  It
is also in the process of acquiring 5.13% of shares in RAO UES
Russia from Gazprombank.  As a result of this transaction, OOO
GEC will hold 10.49% of shares in RAO UES Russia.

The Board of Directors of OAO Gazprom has approved the
transactions with Gazprombank to secure the consolidation of
10.49% shares in RAO UES Russia on the balance of a wholly owned
subsidiary of OAO Gazprom.

The Board of Directors of OAO Gazprom has approved the
transactions.  The swap of the assets allows OAO Gazprom to
reclassify the energy investments from the category of financial
investments into its core business.

                            *   *   *

In May, Fitch Ratings kept Gazprom's Senior Unsecured foreign
currency and local currency 'BB' ratings on Rating Watch
Positive, despite the cancellation of its merger with OAO
Rosneft.

In November 2004, Fitch changed the Rating Watch on Gazprom's
Senior Unsecured foreign currency and local currency ratings to
Positive from Evolving, following the agency's Sovereign
upgrade.  The Positive Watch reflected the increased likelihood
of an upgrade for Gazprom, due to its strategic linkage to the
state and synergies to be gained from an increase of state
ownership.  Originally, this increased state ownership was to
come in the form of an exchange of 100% of the shares in state-
owned OAO Rosneft for a 10.7% increase in shares of Gazprom.

The agency anticipates upgrading Gazprom's Senior Unsecured
foreign currency and local currency ratings by one notch, pending
a reassessment of Gazprom's credit profile in the wake of rising
gas prices.

At the same time, Fitch remains concerned about the company's
high total debt levels and increasing operating costs over the
course of 2004 and 2005.

CONTACT:  OAO GAZPROM
          16 Nametkina
          117997 Moscow, V-420,
          Russia
          Phone: +7-95-719-3001
          Fax: +7-95-719-8333
          Web site: http://www.gazprom.ru


OAO YUGRANEFT: Court Denies Appeal of External Administration
-------------------------------------------------------------
A Moscow court has rejected Sibneft's appeal of an April ruling
that placed OAO Yugraneft under external administration, said PR
Newswire.

The move favored Sibir Energy, which claims the administration of
Yugraneft is legal and that there is no basis to liquidate the
latter.  Sibneft, the biggest creditor of Yugraneft, is said to
have repeatedly sought to use bankruptcy proceedings as a means
to wind up Yugraneft.

Sibir Energy Chief Executive Henry Cameron said: "This ruling is
an important victory for Sibir Energy because it will allow us to
keep the external administrator in place.  Sibneft is trying to
escape responsibility for its illegal dilution of Yugraneft's
stake in Sibneft Yugra by liquidating the company instead of
allowing an external administrator to return it to financial
health."

Sibir's legal counsel Dmitry Afanasiev of Egorov, Puginsky,
Afanasiev & Partners, added: "No bona fide creditor would attempt
to liquidate a company that has virtually no assets available to
sell, particularly when that company is in the process of
recovering assets that would allow it to return to financial
solvency.  We are pleased that the Russian courts agree with our
position."

Mr. Afanasiev noted that Sibir Energy will keep battling both in
Russian and international courts to restore Sibneft Yugra assets
that were allegedly embezzled by Sibneft.

In 2000, Sibneft and Sibir Energy, through its unit Yugraneft,
established a joint venture, Sibneft Yugra, to develop the South
Priobskoye oilfields in western Siberia.  With each entity
controlling 50%, Sibir contributed field licenses, while Sibneft
injected money into the partnership.

In September of that year and February 2003, shareholder meetings
set by Sibneft reportedly resulted to the reduction of Sibir's
interest in Sibneft Yugra from half to 0.98%.  To restore its 50%
stake, Sibir declared Yugraneft bankrupt in December, which
preceded the Moscow court's initiation of the 18-month external
administration for Yugraneft in April.

Last month, Sibneft became Yugraneft's biggest creditor after the
court ruled that its US$40 million loan to Yugraneft was legal.
Sibir has challenged that decision and Sibneft's legitimacy as
Yugraneft's major creditor.

CONTACT:  OAO YUGRANEFT
          115409, Russia, Moscow,
          Mokvorechye Str. 43


REST: Deadline for Proofs of Claim Set Next Month
-------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Rest (TIN 2306000361) after finding the close
joint stock company insolvent.  The case is docketed as
A-32-41680/2004-44/229 B.  Mr. V. Rybachenko has been appointed
insolvency manager.

Creditors have until Sept. 16, 2005 to submit their proofs of
claim to 353680, Russia, Krasnodar region, Eysk, Armavirskaya
Str. 45.  A hearing will take place on June 21, 2006.

CONTACT:  REST
          353691, Russia, Krasnodar region, Eyskiy region,
          Eysk, Engelsa Str. 47

          Mr. V. Rybachenko
          Insolvency Manager
          353680, Russia, Krasnodar region,
          Eysk, Armavirskaya Str. 45


SHUVASHKOOPTEKHNIKA: Succumbs to Bankruptcy
-------------------------------------------
The Arbitration Court of Chuvashiya republic commenced bankruptcy
proceedings against Shuvashkooptekhnika after finding the limited
liability company insolvent.  The case is docketed as
A79-1605/2005.  Mr. R. Shaykhutdinov has been appointed
insolvency manager.

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

(a) SHUVASHKOOPTEKHNIKA
    428024, Russia, Chuvashiya republic, Cheboksary,
    Myasokombinatovskiy Pr. 2

(b) Insolvency Manager
    420029, Russia, Chuvashiya republic,
    Kazan, Post User Box 117


SPETS-MONTAZH-GAS: Declared Insolvent
-------------------------------------
The Arbitration Court of Chuvashiya republic commenced bankruptcy
proceedings against Spets-Montazh-Gas after finding the limited
liability company insolvent.  The case is docketed as
A79-1537/2005.  Mr. V. Fokeev has been appointed insolvency
manager.  Creditors have until Sept. 16, 2005 to submit their
proofs of claim to 603001, Russia, Nizhniy Novgorod,
Rozhdestvenskaya Str. 28A.

CONTACT:  SPETS-MONTAZH-GAS
          Russia, Chuvashiya republic, Cheboksarskiy region,
          Kugesi, Mekhanizatorov Str. 15

          Mr. V. Fokeev
          Insolvency Manager
          603001, Russia, Nizhniy Novgorod region,
          Rozhdestvenskaya Str. 28A


STAROYURYEV-GAS-STORY: Owners Decide to Dissolve Company
--------------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on limited liability company
Staroyuryev-Gas-Stroy.  The case is docketed as A64-2460/02-2.
Mr. A. Dudenkov has been appointed temporary insolvency manager.
Creditors have until Sept. 16, 2005 to send their proofs of claim
to 393310, Russia, Tambov region, Inzhavino, Leninskaya Str. 1/2.

CONTACT:  STAROYURYEV-GAS-STROY
          Russia, Tambov region, Staroyuryevo

          Mr. A. Dudenkov
          Temporary Insolvency Manager
          393310, Russia, Tambov region,
          Inzhavino, Leninskaya Str. 1/2


SUAL INTERNATIONAL: Long-term Corporate Credit Rated 'BB-'
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Russia-based vertically integrated
aluminum company Sual International Ltd.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'ruAA-' Russia
national scale rating to Sual.

"The key positive rating factors are Sual's low cost position and
self-sufficiency in bauxite and alumina, which support
profitability and cash flow generation through the cycle," said
Standard & Poor's credit analyst Elena Anankina.  "The rating is
constrained by Sual's ambitious investment plans, exposure to
aluminum price fluctuations, and by the risks of operating in
Russia where most of the company's cash-generating assets are
based."

Sual is a midsize aluminum company. In 2004, revenues totaled $2
billion (including 70% export) and EBITDA stood at $425 million
on one million metric tons of primary aluminum.  The company
benefits from a diversified production base of five smelters,
three facilities combining alumina refining and smelting, and two
bauxite mines. On Dec. 31, 2004, total debt was $679 million
(including $55 million in redeemable preferred shares).

"We consider that the company will likely retain its cost
advantage, as Sual's low cost position results in part from the
location of its assets," added Ms. Anankina.

Standard & Poor's will monitor how the uncertainties related to
the ongoing reform of Russia's electricity and railway sectors
affect Sual's cost position, and whether the company's strategy
of actively managing electricity price risks through investment
will prove successful.

We will also track Sual's progress in its investment program and
financing.  No significant debt-financed acquisitions are
factored into the current rating and outlook.

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

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


UCHALINSKOYE SEL-ENERGO: Proofs of Claim Deadline Tomorrow
----------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Uchalinskoye Sel-Energo (TIN
0270011140) after finding the limited liability company
insolvent.  The case is docketed as A07-16878/05-G-KhRM.  Mr. R.
Abdrakinov has been appointed insolvency manager.

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

(a) UCHALINSKOYE SEL-ENERGO
    453700, Russia, Bashkortostan republic,
    Uchaly, Energetikov Str. 3

(b) Insolvency Manager
    453700, Russia, Bashkortostan republic,
    Uchaly, Energetikov Str. 3

(c) The Arbitration Court of Bashkortostan republic
    450057, Russia, Ufa,
    Oktyabrskoy Revolyutsii Str. 63 A


VREMYA: Hires N. Gorodilova Insolvency Manager
----------------------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Vremya after finding the leasing company
insolvent.  The case is docketed as A71-8/2005-G26.  Ms. N.
Gorodilova has been appointed insolvency manager.  Creditors have
until Sept. 16, 2005 to submit their proofs of claim to 427260,
Russia, Udmurtiya republic, Uva, Kalinina Str. 10-4.

CONTACT:  VREMYA
          426200, Russia, Udmurtiya republic,
          Izhevsk, Vostochnaya Magistral, 1

          Ms. N. Gorodilova
          Insolvency Manager
          427260, Russia, Udmurtiya republic,
          Uva, Kalinina Str. 10-4


YUKOS OIL: Rosneft to Pay Interest on Loan, Report Says
-------------------------------------------------------
State-owned OAO Rosneft Oil Co., the new owner of former Yukos
Oil unit Yuganskneftegaz, has agreed to pay an interest on the
latter's loan to avoid litigation and cross-default, Vedomosti
business daily reports.

Sources say it will pay interest on Yukos' outstanding U$482
million syndicated loan to a group of Western banks, from whom
Yukos borrowed US$1 billion in 2003 with Yugansk as collateral.
The consortium of banks includes Societe Generale, Citigroup and
Deutsche Bank, Commerzbank, Credit Lyonnais, HSBC, and ING.

Rosneft, as the new owner of Yugansk, has been called to pay the
outstanding debt by Sestern banks in February.  It refused to pay
the loan, but was warned it could face cross-default on its
earlier loans and a $150-million Eurobond, issued in 2001, if it
declines.  The Eurobond, which matures in 2006, was issued via
ABN Amro Bank.

The report was not so far confirmed by the state oil company,
according to MosNews.

Experts say the payment will give Rosneft a footing as creditor
of Yukos, giving the state additional leverage in taking hold of
its remaining assets.  The sale of Yugansk to pay Yukos' US$27.5
billion back tax bill in December has been seen as
Kremlin-inspired drive to dismantle the firm because of its
founder's political ambitions.

The move is "tactical," according to Vedomosti.  It will involve
payments of no more than US$25-30 million, but will allow Rosneft
to grab Yukos' remaining assets considering Yukos has no more
cash to pay it.

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

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


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


AUNA OPERADORES: Auna TLC Buyer Gets EUR3.5 Bln Syndicated Loan
---------------------------------------------------------------
Spanish cable operator Ono has been granted loans worth EUR3.5
billion by 16 financial institutions, said Europa Press.

About EUR3 billion of the total loan will reportedly be used to
finance Ono's takeover of Auna Operadores' fixed line business
Auna TLC.  The funds came from ABN Amro Holdings, Caylon,
Santander Central Hispano and Fortis Bank.  The rest of the
amount, which will come in the form of two loans, will be used to
restructure Ono's debt.

In July, Ono revealed that it has agreed to buy Auna TLC with
backing from risk capital firms JP Morgan Partners, Providence
Equity Partners, Quadrangle Group LLC and Thomas H Lee Partners.
That time, Ono eyed a EUR1 billion increase in capital through a
bank loan.

According to the Financial Times, the deal if concluded will
create Spain's second-largest dedicated fixed-line and broadband
services operator, behind Telefonica.  Year-end figures for 2004
show that Auna TLC had revenues of EUR1.18 billion, with an
EBITDA of EUR160 million and net losses of EUR172 million.

Analysts from Ovum expect the merged Auna TLC-Ono to pose a
greater challenge to Telefonica's dominance "once integration
challenges are overcome and operational synergies are realized."

Auna's major investors Banco Santander Central Hispano S.A.,
Endesa S.A. and Union Fenosa S.A. said the EUR2.25 billion
consideration for Auna TLC involves debt of EUR237 million.

CONTACT:  AUNA OPERADORES DE TELECOMUNICACIONES S.A.
          Paseo de la Castellana, 83-85
          28046 Madrid, Spain
          Phone: +34-91-202-41-00
          Fax: +34-91-202-51-71
          Web site: http://www.grupoauna.com


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


LEICA GEOSYSTEMS: Recommends CHF500/share Offer of Danaher
----------------------------------------------------------
The report of Leica Geosystems AG on the Public Offer by Danaher
stated: "the Board believes that the Danaher Offer is overall in
the best interests of the Company, its employees, shareholders,
suppliers as well as customers."  The Board reiterates its
unanimous recommendation to its shareholders to accept the
Danaher Offer.

According to the Swiss Stock Exchange Act, the Board is legally
obliged to set out, in a formal statement, all information
relevant for the shareholders to make a decision on the Danaher
Offer.  The Board published its formal report on the Danaher
Offer Aug. 3, providing the Leica Geosystems shareholders with a
detailed statement on the offer and the background to its
recommendation to shareholders.

On 13 June 2005, Hexagon made an unsolicited public offer for all
the shares of Leica Geosystems.  After examining the offer in
detail, the Board unanimously recommended that its shareholders
reject the offer on the basis that the offer price of CHF436 per
share did not fully reflect the value of the Company and its
prospects.

In response to the Hexagon Offer, the Board analyzed all the
available alternatives including a stand-alone strategy and a
transaction with a 'white knight'.  To this end it also canvassed
the views of many of the larger shareholders and also took into
account the market reaction to the Hexagon Offer and the mid-term
financial plan extended until 2009.

Unanimous Recommendation in Favor of Danaher Offer

Following the publication of the Hexagon Offer, Danaher contacted
the Board and informed them that it was interested in making a
superior offer.  After a limited period of due diligence the two
parties entered into a transaction agreement on 25 July 2005
whereby Danaher agreed to launch an offer of CHF500 on 28 July
2005.  On this basis, the Board of Leica Geosystems agreed to
recommend that its shareholders accept this offer.

The Board has also taken into consideration that the structure of
the Company's shareholders has substantially changed since the
pre-announcement of the Hexagon Offer.  Approximately two thirds
of the outstanding shares have changed hands since the
pre-announcement and the Board believes that approximately half
of the share capital is now held by shareholders who have
acquired these shares after publication of the Hexagon Offer and
who have a short-term investment horizon.

Although the Board remains convinced that Leica Geosystems has a
promising future on a stand-alone basis, the risk of the Hexagon
Offer being successful at below fair value justified the Board's
view that it was in the best interests of the Company to hold
discussions with third parties.  Such discussions were undertaken
to explore whether a fair value offer might be forthcoming.  The
result of these discussions culminated in the Danaher Offer.

The Board is of the unanimous opinion that the Danaher Offer of
CHF500 per share represents fair value to shareholders as
supported by a fairness opinion of Lombard Odier Darier Hentsch
and the advice of investment bank Credit Suisse First Boston and
is clearly a superior offer when compared to the Hexagon Offer.

Danaher intends to continue the current strategy and initiatives
of Leica Geosystems and not to make any significant changes to
the Company's organizational structure.  It plans to accelerate
the implementation of the profitable growth strategy that has
been started in the US market and where there remains significant
scope for expansion by Leica Geosystems.

The Board's recommendation in favor of the Danaher Offer shall
continue in the absence of any financially more attractive offer
for the shareholders.  Under Swiss law, Hexagon can increase its
published offer up until the fifth trading day prior to the
expiry of the offer period (expected to be 17 August 2005).  A
competing offer can be published up until the third trading day
prior to the expiry of the offer period (expected to be 19 August
2005).

Potential Conflicts of Interest

This Board report also clarifies that the non-executive members
of the Board do not get any kind of severance payments in the
event that the Danaher Offer is declared successful.  For the
Corporate Management Team certain protective provisions are
incorporated in the Employment Contracts and the Long Term
Incentive Plan 2004, which will be triggered in the event of a
termination by the Company of the respective employment
relationship or a construed termination within 12 months
following a change of control.  The same protective provision
applies to the employee stock option plans for all option
holders.  Such option plans will not be affected by the offer and
the options shall vest in accordance with their respective terms.
Danaher will pay the offer price for each share issued pursuant
to the exercise of such options.

The full "Report by the Board of Directors of Leica Geosystems
Holdings AG pursuant to Article 29 SESTA in connection with the
Public Offer by Danaher Corporation, Wilmington, Delaware,
Washington" can be called up on the Company's Web site --
http://www.leica-geosystems.com/corporate/en/ndef/lgs_23345.htm

Leica Geosystems -- When it has to be Right

With close to 200 years of pioneering solutions to measure the
world, Leica Geosystems products and services are trusted by
professionals worldwide to help them capture, analyze, and
present spatial information.  Leica Geosystems is best known for
its broad array of products that capture accurately, model
quickly, analyze easily, and visualize and present spatial
information even in 3D.  Those who use Leica products every day
trust them for their dependability, the value they deliver, and
the superior customer support.  Based in Switzerland, Leica
Geosystems is a global company with tens of thousands of
customers supported by more than 2,400 employees in 21 countries
and hundreds of partners located in more than 120 countries
around the world.  Leica Geosystems is a publicly listed company,
registered with the Swiss Stock Exchange (SWX).

CONTACT:  LEICA GEOSYSTEMS AG
          Heinrich-Wild-Strasse
          CH-9435 Heerbrugg
          Switzerland

          Press Contact Headquarters:
          George Aase
          Director Investor Relations
          Phone: +41 71 727 3064 (direct)
          Phone: +41 71 727 3131 (operator)
          Fax: +41 71 727 4678
          E-mail: George.Aase@leica-geosystems.com

          Nicholas Bloch
          Head of Corporate Communication & Public Relations
          Phone: +41 71 727 4252 (direct)
                 +41 71 727 3131 (operator)
          Fax: +41 71 726 6252
          E-mail: Nicholas.Bloch@leica-geosystems.com


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


ADOMS: Court Appoints Temporary Insolvency Manager
--------------------------------------------------
The Economic Court of Poltav region commenced bankruptcy
supervision procedure on CJSC Trade House Adoms (code EDRPOU
31493600) on June 16, 2005.  The case is docketed as 7/61.
Mr. I. Avramenko (License Number AA 719839) has been appointed
temporary insolvency manager.

CONTACT:  ADOMS
          39604, Ukraine, Poltava region,
          Kremenchuk, Yarmorochna Str. 13

          Mr. I. Avramenko
          Temporary Insolvency Manager
          36000, Ukraine, Poltava region,
          Nezalezhnosti Square, 1-b

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


AUTOSERVICE: Bankruptcy Proceedings Begin
-----------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Autoservice (code EDRPOU 30767816) on July 1,
2005 after finding the private company insolvent.  The case is
docketed as B-19/33-05.  Mr. Sergij Mishin (License Number AB
116076) has been appointed liquidator/insolvency manager.  The
company holds account number 26003306445 at Oshadbank, Kegichivka
branch, MFO 350158.

CONTACT:  AUTOSERVICE
          64003, Ukraine, Harkiv region,
          Kegichivka, Voroshilov Str. 9

          Mr. Sergij Mishin
          Liquidator/Insolvency Manager
          61123, Ukraine, Harkiv region,
          Traktorobudivnikiv Avenue, 85/312

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


GLOBAL-IMPORT: Succumbs to Insolvency
-------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Global-Import (code EDRPOU 32844499) after
finding the limited liability company insolvent.  The case is
docketed as 6/147-29/148.  Mr. Andrij Sibal has been appointed
liquidator/insolvency manager.

CONTACT:  GLOBAL-IMPORT
          79066, Ukraine, Lviv region,
          Vodoginna Str. 2/63

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

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


GLOBAL-TRADE: Court Names Sergij Agarkov Liquidator
---------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against LLC Global-Trade (code EDRPOU 32844436) on
June 24, 2005 after finding the limited liability company
insolvent.  The case is docketed as 25/144.  Mr. Sergij Agarkov
(License Number AA 783058) has been appointed
liquidator/insolvency manager.

CONTACT:  GLOBAL-TRADE
          79017, Ukraine, Lviv region,
          Vodoginna Str. 2/61

          Mr. Sergij Agarkov
          Liquidator/Insolvency Manager
          79002, Ukraine, Lviv region,
          Velichkovskij Str. 44/24, a/b 771

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


NOVOGORODKA' AGROPROMTEHNIKA: Bankruptcy Supervision Begins
-----------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on OJSC Novogorodka' Agropromtehnika (code
EDRPOU 03751741) on June 29, 2005.  The case is docketed as
9/116.  Ms. Knobloh Irina (License Number AA 719895) has been
appointed temporary insolvency manager.  The company holds
account number 26000594 at JSPPB Aval, Kirovograd branch, MFO
323538.

CONTACT:  NOVOGORODKA' AGROPROMTEHNIKA
          28200, Ukraine, Kirovograd region,
          Novogorodka, Kirov Str. 39

          Ms. Knobloh Irina
          Temporary Insolvency Manager
          Ukraine, Timiryazev Str. 49/19-7

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


PERSPEKTIVA: Under Bankruptcy Supervision
-----------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
supervision procedure on JSC Perspektiva (code EDRPOU 05380898)
on April 4, 2005.  The case is docketed as B-13/60.  Mr.
Hlibejchuk Igor (License Number AA 719769) has been appointed
temporary insolvency manager.

CONTACT:  PERSPEKTIVA
          77400, Ukraine, Ivano-Frankivsk region,
          Tismenitskij district,
          Lisets, Gagarin Str. 35-a

          Mr. Hlibejchuk Igor
          Temporary Insolvency Manager
          77400, Ukraine, Ivano-Frankivsk region,
          Tismenitskij district,
          Dragomirchani, Miru Str. 10

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


PROMETEJ: Declared Insolvent
----------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against LLC Prometej (code EDRPOU 22336203) on May
24, 2005 after finding the limited liability company insolvent.
The case is docketed as 6/427-4/225.  Ms. Irina Horoz (License
Number AA 783162) has been appointed liquidator/insolvency
manager.  The company holds account number 260082254 at JSPPB
Aval, Lviv regional branch, MFO 325570.

CONTACT:  PROMETEJ
          Ukraine, Lviv region,
          Ivan Franko Str. 61

          Ms. Irina Horoz
          Liquidator/Insolvency Manager
          Ukraine, Lviv region,
          P. Pancha Str. 18/48

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


STULNEVO' QUARRY: Insolvency Manager Takes over Operations
----------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Stulnevo' Specialized Quarry (code EDRPOU
03443755) on June 13, 2005 after finding the open joint stock
company insolvent.  The case is docketed as 19/105 (05).  Mr.
Volodimir Zhitnik (License Number AA 779177) has been appointed
liquidator/insolvency manager.  The company holds account number
26000220464098 at CB Privatbank, Tokmak branch, MFO 313399.

CONTACT:  STULNEVO' SPECIALIZED QUARRY
          Ukraine, Zaporizhya region,
          Chernigivskij district, Stulnevo

          Mr. Volodimir Zhitnik
          Liquidator/Insolvency Manager
          69001, Ukraine, Zaporizhya region,
          Gvardejskij Boulevard, 30/85

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


TAJSTRA-POLTAVA-EXPRESS: Declared Insolvent
-------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Tajstra-Poltava-Express (code EDRPOU
32753578) after finding the company insolvent.  The case is
docketed as 6/148-29/149.  Mr. Andrij Sibal has been appointed
liquidator/insolvency manager.

CONTACT:  TAJSTRA-POLTAVA-EXPRESS
          79066, Ukraine, Lviv region,
          Vodoginna Str. 2/63

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

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


TEHNO: Harkiv Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LLC Tehno on May 25, 2005 after finding the
limited liability company insolvent.  The case is docketed as
B-39/47-05.  Ms. Irina Kuznetsova (License Number AA 140270 of
July 2, 2002) has been appointed liquidator/insolvency manager.

CONTACT:  TEHNO
          Ukraine, Harkiv region,
          Lenin Avenue, 58/604

          Ms. Irina Kuznetsova
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Svobodi Square, 35-B/9

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


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


ADR LEISURE: EGM Passes Winding-up Resolution
---------------------------------------------
At an Extraordinary General Meeting of ADR Leisure Limited held
at 41 Piccadilly, Hanley, Stoke-on-Trent ST1 1EN, on 20 July
2005, the following Resolutions were duly passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Martin Williamson, of DS Insolvency Services Ltd, 29 King Street,
Newcastle, Staffordshire ST5 1ER, be and is hereby appointed
Liquidator of the Company for the purposes of its voluntary
winding-up."

D Robateau, Chairman

CONTACT:  DS INSOLVENCY SERVICES LTD.
          29 King Street
          Newcastle-Under-Lyme
          Staffordshire ST5 1ER
          Phone: 01782 614618
          Fax: 01782 717287
          E-mail: mwilliamson@dsinsolvency.co.uk


ALLIED STEEL: Former Workers to Get Compensation
------------------------------------------------
The Community union has finally won compensation for hundreds of
Allied Steel and Wire workers in Cardiff who were left unemployed
after the receivership of the firm in July 2002.

The employment tribunal in June ordered the payment of a
"protective award" equivalent to 90 days worth of wages to
workers.  700 former steelworkers will receive compensation.
Channel 4 says it is not yet clear exactly how much former ASW
workers will receive, but a union spokesman said each worker
should get thousands of pounds.

The union won after an appeal on the case that had ran for three
years.  It argued the workers were not given the mandatory 90-day
consultation period to which they were entitled when the firm
went into receivership.  Receiver KPMG may still appeal the
ruling.

The union is also pursuing a case against the Government on
behalf of 1,000 pension scheme members of ASW from Cardiff and
Sheerness.

CONTACT:  COMMUNITY UNION
          Swinton House
          324 Gray's Inn Road
          London WC1X 8DD
          Phone: 020 7239 1200
          E-mail: info@community-tu.org
          Web site: http://www.kfat.org.uk/


ANTRAD LIMITED: Portland Business Administrator Takes over Firm
---------------------------------------------------------------
Name: ANTRAD LIMITED
      (Company No 3051280)

Nature of Business: Retailers of Wall and Floor Tiles

Trade Classification: 5248

Date of Appointment: August 3, 2005

Joint Administrators' Names and Address: Carl Derek Faulds and
Peter Robin Bacon (IP Nos 008767 and 009279), Portland Business &
Financial Solutions Ltd., 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire PO15 7AH

                            *   *   *

Antrad Ltd is an importer and distributor of floor and wall
tiles.  It has outlets in Portsmouth, Chichester Worthing,
Southampton and the rest of the south coast of United Kingdom.
Andrew Young is its director.  Visit http://www.antrad.co.uk/for
more information.

CONTACT:  ANTRAD LTD
          The Old Flour Mill
          Queen Street
          Emsworth PO10 7BT
          Hampshire
          Phone: 01243 388600
          Fax: 01243 388605

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


ARGYLL INVESTMENT: In Administrative Receivership
-------------------------------------------------
Name: ARGYLL INVESTMENT LIMITED
      (Reg No 03657786)

Nature of Business: Buying and Selling of Real Estate

Trade Classification: 7012

Date of Appointment of Joint Administrative Receivers: August 1,
2005

Name of Person Appointing the Joint Administrative Receivers: Dr.
F. Abbasi-Ghelmansarai

Joint Administrative Receivers: Paul Stanley and Stephen L. Conn
(Authorising Body ICAEW and IPA), both of Begbies Traynor, Elliot
House, 151 Deansgate, Manchester M3 3BP

CONTACT:  ARGYLL INVESTMENT LTD
          Leacroft Road, Birchwood,
          Warrington, Cheshire WA3 6JF
          Phone: 01618722626

          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


ASHTEAD GROUP: Sunbelt Buys 5 Stores, Disposes of 12 Depots
-----------------------------------------------------------
Ashtead Group plc said Thursday that its U.S. subsidiary
Sunbelt Rentals has further improved its clustered markets
strategy through recent transactions.

These transactions involved the acquisition from Brookstone
Equipment & Services Inc. of three stores located in Orange and
San Diego, California and Las Vegas, Nevada.

Following the acquisition of five stores from HSS RentX in
Southern Florida announced on 18 May 2005, Sunbelt has now
acquired another store in Knoxville, Tennessee from HSS RentX.
It has also bought a store in Nokomis, Florida.

In total, the stores acquired this year have annual revenues of
approximately US$22 million and were acquired for a total
consideration of approximately US$23 million.  These acquisitions
were financed entirely from existing credit facilities.

Meanwhile, Sunbelt has recently completed the disposal of its 12
specialist scaffold depots on the West Coast and in Texas to one
of the largest scaffold service providers in North America,
Safway Services, Inc.  The estimated proceeds of US$24 million
are being reinvested in developing its general tool operations on
the West Coast, including the Brookstone acquisition.

Sunbelt also continues its organic opening program and has
already opened new stores in Miami, Phoenix and Houston this
year.

George Burnett, Chief Executive, said: "This is in line with our
strategy to focus our businesses on growth markets and based on
the last 12 months performance the net effect of these
transactions is EBITDA positive.

"The acquisitions strengthen Sunbelt's presence by further
developing clusters of stores from which we can better serve our
key markets in the U.S. and continue to take advantage of the
strong market conditions and the structural shift from ownership
to rental."

                            *   *   *

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

In July, Ashtead completed its refinancing, which included:

(a) the raising of approximately GBP70 million before expenses
    through the Placing and Open Offer of approximately 73.4
    million New Ordinary Shares at 95.5 pence per share; and

(b) the raising of US$250 million (approximately GBP142
    million), before expenses, by the issue of New Senior Loan
    Notes, which carry an interest rate of 8 5/8 % and will be
    repayable in full in August 2015.

From the proceeds of the refinancing, Ashtead has now repaid the
Convertible Loan Note at a discount of approximately 11% and
will redeem GBP42 million of the existing Senior Loan Notes,
which carry interest at a rate of 12%.

Together these transactions have further de-leveraged the balance
sheet and reduce borrowing costs; further extended the average
debt maturity to approximately 7 years; avoided the potential
dilution to existing shareholders which would occur if the
Convertible Loan Note were to convert into equity; broadened the
investor base; and facilitated the payment of dividends in the
future.

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

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


BAXI HOLDINGS: Completes Acquisition of Roca Heating Business
-------------------------------------------------------------
Further to its announcements on 29 April 2005 and 1 June 2005
Heating Finance plc said that on 1 August 2005 its subsidiaries
Baxi Roca Calefaccion S.L. and Baxi Fundicion S.L. completed the
acquisition of the heating business of Roca Calefaccion S.L., a
subsidiary of Corporacion Empresarial Roca S.A., based in
Barcelona, Spain, for a cash consideration of EUR200 million on a
debt-free basis.

                            *   *   *

As reported by TCR-Europe in June, Standard & Poor's Ratings
Services removed its 'BB-' long-term corporate credit rating on
U.K.-based heating products manufacturer Baxi (Holdings) Ltd.
from CreditWatch with negative implications, where it was placed
on April 29, 2005, and affirmed it following the finalizing of
the group's funding strategy for the effective acquisition of the
heating business of Corporacion Emprasarial Roca S.A. (Roca).
The outlook is stable.

The 'B' senior secured debt rating on the GBP100 million
mezzanine notes issued by Heating Finance PLC and guaranteed by
Baxi was also removed from CreditWatch and affirmed.

The rating actions reflect the effective financial releveraging
of the business as a result of the acquisition to levels similar
to those (on a pro forma basis) that existed at the time of our
initial ratings assessment about 18 months ago.  Nevertheless,
the group's credit metrics are stretched for the rating
category -- fully adjusted net debt to EBITDA is expected to be
almost 5x and EBITDA net fixed charges about 2.7x by the end of
2005 -- and Standard & Poor's considers that the group will need
to continue to generate free cash flow and to deleverage.

The ratings reflect the fragmented and competitive nature of
Baxi's markets, tempered by the combined group's enhanced level
of geographical diversification, a solid franchise in the
European boiler market supported by leading brands in the U.K.
and Spain, and a track record of generating positive free cash
flow.

"Standard & Poor's expects that Baxi will continue to generate
positive free cash flow and to deleverage," said Standard &
Poor's credit analyst Jarrad Oberhardt.

Any material increase in leverage or reduction in earnings or
cash flow would apply pressure to the ratings, as Baxi's
flexibility at the current rating level is limited.  Similarly,
any deterioration in Baxi's prospects in its core U.K. market due
to the introduction of "High Efficiency" boilers, required under
new building regulations in that market, could have implications
for the ratings.

CONTACT:  BAXI GROUP
          Pentagon House
          Sir Frank Whittle Road
          Derby
          DE21 4XA
          United Kingdom
          Phone: +44 (0)1332 524 800
          Fax: +44 (0)1332 524 810
          Web site: http://www.baxigroup.com
          E-mail: info@baxigroup.com


BERKSHIRE QUADS: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of Berkshire
Quads Limited, duly convened, and held at 6C Church Street,
Reading, Berkshire RG1 2SB, 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
John Arthur Kirkpatrick, be and he is hereby appointed Liquidator
for the purposes of such winding-up."

A Mitchell, Director

                            *   *   *

Creditors of the Company, which is being voluntarily wound up,
are required, on or before 31 August 2005, to send in their full
forenames and surnames, their addresses and descriptions, full
particulars of their debts or claims, and the names and addresses
of their Solicitors (if any), to the undersigned, John Arthur
Kirkpatrick, of 6C Church Street, Reading RG1 2SB, the Liquidator
of the said Company, and, if so required by notice in writing
from the said Liquidator, are, personally or by their Solicitors,
to come in and prove their debts or claims at such time and place
as shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution.

J A Kirkpatrick, Liquidator

CONTACT:  BRIDGERS
          John Arthur Kirkpatrick
          6C Church Street, Reading
          Berkshire RG1 2SB
          E-mail: john.kirkpatrick@bridgers.co.uk


BJ REES: EGM Passes Winding-up Resolutions
------------------------------------------
At an Extraordinary General Meeting of BJ Rees & Company Limited
held at JonesGiles, The Maltings, East Tyndall Street, Cardiff
CF24 5EA, on 27 July 2005, the following Resolutions were passed,
as an Extraordinary Resolution and as Ordinary Resolutions
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
Richard I B Jones and Melanie R Giles, of JonesGiles, The
Maltings, Cardiff Bay, Cardiff CF24 5EA, be and are hereby
appointed Joint Liquidators of the Company for the purpose of its
voluntary winding-up, and that anything required or authorised to
be done by the Joint Liquidators may be done by either or both of
them."

B J Rees, Chairman


COLD BOX: Names Tenon Recovery Liquidator
-----------------------------------------
At an Extraordinary General Meeting of the Members of Cold Box
Limited, duly convened, and held at Highfield Court, Tollgate,
Chandlers Ford SO53 3TZ, 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
Tina Yearsley and Carl Stuart Jackson, of Tenon Recovery,
Highfield Court, Tollgate, Chandlers Ford SO53 3TZ, be and are
hereby appointed Joint Liquidators for the purposes of such
winding-up."

I P Hill, Director

CONTACT:  TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


CROSS PUBLICATIONS: Goes into Liquidation
-----------------------------------------
At an Extraordinary General Meeting of Cross Publications
Limited, duly convened, and held at The Old Bakehouse, 1242A
Evesham Road, Astwood Bank, Redditch B96 6AA, on Friday 8 July
2005, the following Resolutions were passed, as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and that
accordingly the Company be wound up voluntarily, and that Ronald
Eric Speight, of Church House, Solihull Road, Hampton in Arden
B92 0EX, be and is hereby appointed Liquidator of the Company for
the purposes of the voluntary winding-up."

At a Meeting of Creditors held on 22 July 2005, the Creditors
confirmed the appointment of Ronald Eric Speight and that
anything required or authorized to be done by the Liquidator be
done by him.

G B Hickman, Chairman


CROSTON SHEET: Appoints Tenon Recovery Administrator
----------------------------------------------------
Name: CROSTON SHEET METAL (2004) LIMITED
      (Company No 05173986)

Nature of Business: Sheet Metal Fabrication and Powder Coatings.

Address of Registered Office: Chapel Lane Business Park, Chapel
Lane, Coppull, near Chorley, Lancashire PR7 4NB.

Date of Appointment: 1 August 2005.

Administrators' Names and Addresses: Christopher Ratten (IP No
009338), of Tenon Recovery, Arkwright House, Parsonage Gardens,
Manchester M3 2LF and Simon Thomas (IP No 08920), of Tenon
Recovery, Sherlock House, 73 Baker Street, London W1U 6RD.

                            *   *   *

Visit http://www.crostonsheetmetal.fsbus.co.ukfor more
information.

CONTACT:  CROSTON SHEET METAL LTD
          Chapel Lane Business Chapel Lane
          Coppull
          Chorley PR7 4NB
          Lancashire
          Phone: 01257 791400
          Fax: 01257 791400

          TENON RECOVERY
          Arkwright House,
          Parsonage Gardens,
          Manchester M3 2LF
          Phone: 0161 834 3313
          Fax:   0161 827 8402
          E-mail: manchester@tenongroup.com
          Web site: http://www.tenongroup.com

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


D H BURROUGHES: In Voluntary Liquidation
----------------------------------------
At an Extraordinary General Meeting of D H Burroughes Limited,
duly convened, and held at The Quy Mill Hotel, Newmarket Road,
Stow cum Quy, Cambridge, on 20 July 2005, the subjoined
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Stephen M Rout, of Stephen M Rout & Company, 12 Signet Court,
Swann's Road, Cambridge CB5 8LA, be and is hereby appointed
Liquidator for the purposes of such winding-up."

D Burroughes, Director

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


DORLUX BEDS: Manufacturer Calls in Administrators from PwC
----------------------------------------------------------
Name: DORLUX BEDS LIMITED
      (Company No 00803368)

Nature of Business: Manufacture of Beds and Mattresses

Trade Classification: 09

Date of Appointment: July 29, 2005

Joint Administrators' Names and Address: Roger Marsh and Ian
David Green (IP Nos 5925 and 9045), both of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP.

                            *   *   *

Dorlux offers a wide and stylish range of beds for all purposes.
It is constantly seeking to design new sleeping surfaces, our
most revolutionary being the advanced Flexiform spring system.
Visit http://www.dorlux.co.uk/dorlux/differ.htmfor more
information.

CONTACT:  DORLUX BEDS LIMITED
          Sykes Mill, Keighley Road,
          Ovenden, Halifax,
          West Yorkshire HX2 8DD
          Phone: 01422 254 555
          Fax: 01422 345 025

          PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          E-mails: edward.klempka@uk.pwcglobal.com
                   steve.a.ellis@uk.pwcglobal.com
          Web site: http://www.pwcglobal.com


DOWNUNDER CENTRE: In Liquidation
--------------------------------
At an Extraordinary General Meeting of Downunder Centre Limited,
convened, and held at ThorntonRones, First Floor, 167 High Road,
Loughton, Essex IG10 4LF, on 2 August 2005, at 11:45 a.m., the
following Resolutions were duly passed, as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Richard Rones, of ThorntonRones, 167 High Road, Loughton, Essex
IG10 4LF, be appointed Liquidator of the Company for the purposes
of the voluntary winding-up."

D Olsen, Chairman

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


DRAX GROUP: Half-year Turnover Swells to GBP365.7 Million
---------------------------------------------------------
Drax Group Limited has reported its results for the half-year
ended 30 June 2005.

The consolidated results of its principal subsidiary, Drax
Holdings Limited, which have been prepared under U.K. GAAP,
encompass all the operations of Drax Group.

                            1 January 2005   1 January 2004
                                   to               to
                              30 June 2005     30 June 2004
                              (GBPmillions)    (GBPmillions)
                               (unaudited)      (unaudited)

Turnover                          365.7            257.5

Gross Margin                      139.6            115.7

EBITDA*                            71.0             48.9

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Excluding exceptional income received from the Supervisors of
the TXU companies in the six-month period to 30 June of GBP255.8
million (net of costs) and c.GBP1 million associated with the
proposed refinancing and listing.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The results show higher turnover, gross margin and EBITDA for the
half-year ended 30 June 2005 compared to the same period for
2004.  The average electricity price captured during the period
was up by 43% compared to the same period for 2004.  However, for
the half-year ended 30 June 2005, fuel costs (after including the
cost of carbon) increased by 59% (31% excluding the cost of
carbon) compared to the same period for 2004.

Following the implementation of the EU Emissions Trading Scheme,
carbon is now a tradable commodity and appears as a net charge to
the profit and loss account.  The accounting treatment adopted
for carbon has resulted in a GBP40.8 million charge to cost of
sales in the six-month period ended 30 June 2005.

Against its principal claim totaling approximately GBP348
million, and as announced on 2 August, Drax received a second
distribution of GBP50.7 million from the Supervisors of the TXU
companies, bringing the total received to date to GBP265 million.
After deductions for VAT and other costs, GBP255.8 million of B
debt has been repaid.

Trading and Outlook

The financial performance of Drax Holdings depends principally on
the selling price of electricity, the cost of fuel, the cost of
carbon and plant performance, including the effect of unplanned
outages.  The hedging strategy for power and fuel means that the
financial performance of Drax Holdings was only partially exposed
to the wholesale markets during the first half of 2005.

The U.K. power market is seasonal and our full year results will
be heavily influenced by the final quarter's performance.  To the
extent that Drax is unhedged, the results will depend on future
movements in commodity prices.  Based on current forward
commodity prices, current levels of hedging, and incorporating
the results to date, the full year forecast EBITDA for 2005
(excluding costs associated with a refinancing and listing) has
been raised from GBP214 million to GBP225 million.

Gordon Horsfield, Chairman of Drax Group, said: "The results for
the first half reflect the progressive improvement in market
conditions for Drax, but they also reflect the efforts of our
people to deliver continuing shareholder value.  As such they
provide a solid underpinning to our previously announced plans to
refinance the business and to take it to a public listing by the
end of this year."

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


DRAX POWER: Settles Dispute with U.K. Coal
------------------------------------------
Drax Power Limited has amicably resolved the force majeure
dispute between itself and U.K. Coal Mining Limited.

The settlement amounts to the re-pricing and re-phasing of the
delivery of the shortfall of 750,000 tonnes of coal previously
notified in U.K. Coal's force majeure claim.  The shortfall
amount will now be delivered to Drax Power by March 2006 at
prices higher than the existing contract price but lower than
international coal prices.

The agreement between the two parties also provides that U.K.
Coal will not pursue the force majeure notice served on Drax
Power earlier this year.  Following the successful outcome of the
mine review process at Kellingley Colliery, U.K. Coal will not
rely on the circumstances or events set out in the force majeure
notice as a basis for any future force majeure claim.

In addition, the settlement allows for the possibility of a
limited deferral of further volumes of coal.  This arrangement
will be subject to a cap on the volume of coal, which can be
deferred as well as a time limit for delivery.  These volumes
would be delivered to Drax Power at the existing contract prices.

Gerry Spindler, U.K. Coal Chief Executive, said: "Drax and U.K.
Coal have a long standing commercial relationship which helps
provide stability for our supplying mines and for electricity
users who depend on power from the Drax station.  I am confident
that that partnership will continue to benefit all parties for
many years to come."

                            *   *   *

In June, creditors of Drax Power have reportedly approved the
company's plans to incur "strategy costs," which include its
flotation on the London Stock Exchange by December.

Aside from the proposed listing and refinancing, Drax Power said
its corporate strategy also includes improving liquidity and
value of equity as it targets mergers and acquisitions.

Drax Power Limited is an independent company owned by a number
of financial institutions.  The output capacity from the
station's six generators is 4,000MW, supplying some 7% of the
U.K.'s electricity needs.

In 2002, Drax Power fell into crisis with the collapse of U.S.-
based power giant TXU Europe.  However, the company has already
reached a settlement with the U.S. firm, which involves net
compensation of GBP333 million in three payments until 2006.  It
earlier received an initial distribution of GBP214.2 million
from the administrators of TXU Europe.

The company has revealed operating profit for the quarter ended
31 March 2005 was GBP240.9 million (GBP36.2 million before other
income), compared to an operating profit of GBP33.8 million for
the same period in 2004.  Profit on ordinary activities before
taxation reached GBP201.7 million, compared to a loss of GBP0.5
million last year.

Turnover increased 30% to GBP196.8 million, attributed
principally to higher power prices with the average achieved
selling price increasing by some 37% (from GBP20.89/MWh to
GBP28.55/MWh).  EBITDA was GBP44.4 million compared to GBP41.8
million for the same period in 2004, an increase of 6%.

CONTACT:  DRAX POWER LIMITED
          Drax Power Station
          PO BOX 3
          Selby
          North Yorkshire
          YO8 8PQ
          Phone: +44 (0) 1757 618381
          Fax: +44 (0) 1757 618504
          Web site: http://www.draxpower.com


ELEY GROUP: Calls in Administrator
----------------------------------
Name: ELEY GROUP COMPANY LIMITED
      (Company No 05259068)

Nature of Business: Holding and Group Services

Address of Registered Office: 23 Edgefield, Weston, Spalding,
Lincolnshire PE12 6RQ

Date of Appointment: July 28, 2005

Administrator's Name and Address: W. A. Batty (IP No 1049),
Antony Batty & Company, New House, Suite 24, 67-68 Hatton Garden,
London EC1N 8JY

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


FOULADI-POUR LIMITED: Members Opt to Wind-up Business
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of
Fouladi-Pour Limited, duly convened, and held at the offices of
David Horner & Co., 11 Clifton Moor Business Village, James
Nicolson Link, Clifton Moor, York YO30 4XG, 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
David Anthony Horner, of David Horner & Co., 11 Clifton Moor
Business Village, James Nicolson Link, Clifton Moor, York YO30
4XG, be and he is hereby appointed Liquidator for the purposes of
such winding-up."

A Fouladi-Pour, Director

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


GARBUTT HEATERS: Administrators from Harrisons Enter Firm
---------------------------------------------------------
Name: GARBUTT HEATERS LIMITED
      (Company No 1166629)

Nature of Business: Manufacturer of Heating Equipment

Address of Registered Office: Kempton House, Kempton Way,
Grantham NG31 7LE

Trade Classification: Division 2-11 Other Manufacture

Date of Appointment: July 28, 2005

Administrators' Names and Address: Kenneth Marland and John Neil
Harrison (IP Nos 008917 and 5474), of Harrisons, 23 Yarm Road,
Stockton-on-Tees TS18 3NJ

                            *   *   *

Visit http://www.harding.co.uk/garbutt-heatersfor more
information.

CONTACT:  GARBUTT HEATERS LTD
          Longbeck Trading Estate
          Marske by the Sea
          Redcar TS11 6HB
          Cleveland
          Phone: 01642 483045

          HARRISONS
          23 Yarm Road,
          Stockton-on-Tees TS18 3NJ


GMP COMMERCIAL: Members Pass Winding-up Resolutions
---------------------------------------------------
At an Extraordinary General Meeting of the Members of software
and management consultancy firm GMP Commercial Solutions Limited,
duly convened, and held at Meon Valley Hotel & Country Club,
Sandy Lane, Shedfield, Southampton SO32 2HQ, 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 J
C Wade-Duffee, be and she is hereby appointed Liquidator for the
purposes of such winding-up."

H Chappell, Director

CONTACT:  JWD ASSOCIATES
          PO Box 166, Hedge End SO30 4WZ
          Contact:
          J C Wade-Duffee


GMR PRODUCTS: Administrators from P&A Partnership Moves in
----------------------------------------------------------
Name: GMR PRODUCTS LIMITED
      (Company No 03900065)

Trading Name: Quickslide

Nature of Business: Suppliers of PVCu Products and Double Glazing

Address of Registered Office: 93 Queen Street, Sheffield S1 1WF

Date of Appointment: July 29, 2005

Joint Administrators' Names and Address: Christopher Michael
White and Andrew Philip Wood (IP Nos 9374 and 9148), The P&A
Partnership, 93 Queen Street, Sheffield S1 1WF

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


GRANGE FARM: Names Begbies Traynor Liquidator
---------------------------------------------
At an Extraordinary General Meeting of the Members of Grange Farm
Realisations Ltd. (formerly Supaturf Products Ltd), duly
convened, and held at The Strathdon Thistle Hotel, 44 Derby Road,
Nottingham NG1 5FT, 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
Peter A Blair and Richard A B Saville, of Begbies Traynor,
Regency House, 21 The Ropewalk, Nottingham NG1 5DU, be and hereby
are appointed Joint Liquidators of the Company for the purpose of
the voluntary winding-up, and any act required or authorised
under any enactment to be done may be done by any one or more
persons holding the office of Liquidator from time to time."

Chairman

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


GROVE FORMWORK: Liquidator from The P&A Partnership Moves in
------------------------------------------------------------
At an Extraordinary General Meeting of Grove Formwork Limited,
duly convened, and held at 93 Queen Street, Sheffield S1 1WF, on
21 July 2005, at 10:15 a.m., the following Extraordinary
Resolutions were duly passed:

"That it has been proved to the satisfaction of the Meeting that
this Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same should be wound
up, and that the Company be wound up accordingly, that Allan
Cooper and John Russell, of The P&A Partnership, 93 Queen Street,
Sheffield S1 1WF, Insolvency Practitioners duly qualified under
the Insolvency Act 1986, be and are hereby appointed the
Liquidators of the Company for the purposes of such winding-up
and that any act required or authorized to be done by the
Liquidators is to be done by any one or more of the Liquidators
for the time being in office."

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

J Shannon, Chairman

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


KEYDON ESTATES: West Bromwich Appoints Receiver
-----------------------------------------------
Name: KEYDON ESTATES LIMITED
      (Reg No 01024775)

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

Name of Person Appointing the Joint Administrative Receivers:
West Bromwich Building Society

Joint Administrative Receivers: Mark Elijah Thomas Bowen and
Nigel Price (Office Holder Nos 8711 and 8778), of Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


K.W. BROOKES: Names Administrators from Mazars
----------------------------------------------
Name: K.W. BROOKES (CONTRACTORS) LIMITED
      (Company No 01454845)

Nature of Business: General Construction and Civil Engineering

Address of Registered Office: Old Station Close, Coalville,
Leicestershire LE6 3FH

Trade Classification: 23

Date of Appointment: July 28, 2005

Joint Administrators' Names and Addresses: Alistair Steven Wood
(IP No 007929), of Mazars LLP, Lancaster House, 67 Newhall
Street, Birmingham B3 1NG and Philip Michael Lyon (IP No 002108),
of Mazars LLP, Cartwright House, Tottle Road, Nottingham NG2 1RT

CONTACT:  MAZARS
          Lancaster House
          67 Newhall Street
          Birmingham
          West Midlands B3 1NG
          Phone: 0121 236 7711
          Fax: 0121 236 2778

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


LANGTON SECURITY: Members Decide to Liquidate Firm
--------------------------------------------------
At an Extraordinary General Meeting of the Members of Langton
Security Services Limited, duly convened, and held at 2nd Floor,
19 Castle Street, Liverpool L2 4SX, on 29 July 2005, the
following Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that Gerard Keith Rooney, of Rooney Associates, 2nd
Floor, 19 Castle Street, Liverpool L2 4SX, be and is hereby
appointed Liquidator of the Company."

J Bracken, Director

CONTACT:  ROONEY ASSOCIATES
          3rd Floor
          Britannia Buildings
          46 Fenwick Street
          Liverpool
          merseyside
          E-mail: info@rooney.co.uk
          Phone: 0151 236 9999
          Fax: 0151 236 9777


LSS SCAFFOLDING: Appoints Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of LSS
Scaffolding Limited, duly convened, and held at 2nd Floor, 19
Castle Street, Liverpool L2 4SX, on 27 July 2005, the following
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that Gerard Keith Rooney, of Rooney Associates, 2nd
Floor, 19 Castle Street, Liverpool L2 4SX, be and is hereby
appointed Liquidator of the Company."

A Hughes, Director

CONTACT:  ROONEY ASSOCIATES
          3rd Floor
          Britannia Buildings
          46 Fenwick Street
          Liverpool
          merseyside
          E-mail: info@rooney.co.uk
          Phone: 0151 236 9999
          Fax: 0151 236 9777


MARSTON ASSOCIATES: Members Opt for Winding-up
----------------------------------------------
At an Extraordinary General Meeting of the Members of Marston
Associates (Southampton) Ltd, duly convened, and held at the
Southampton Park Hotel, Cumberland Place, Southampton SO15 2WY,
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 T
C Evans and A H Beckingham, be and they are hereby appointed
Joint Liquidators for the purposes of such winding-up."

N C Marston, Director

                            *   *   *

The company installs resin floor systems.

CONTACT:  ROGERS EVANS
          T C Evans
          20 Brunswick Place
          Southampton SO15 2AQ

          BDO Stoy Hayward LLP
          A H Beckingham
          Park House, 102-108 Above Bar
          Southampton SO14 7NH


MASSEY CONSTRUCTION: Calls in Joint Liquidators
-----------------------------------------------
At an Extraordinary General Meeting of Massey Construction
Limited, duly convened, and held at 29 Roseacre Gardens,
Chilworth, Guildford, Surrey GU4 8RQ, on 28 July 2005, at 10:00
a.m., the subjoined Extraordinary Resolutions were duly passed:

"That it has been proved to the satisfaction of this Meeting that
this Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same should be wound
up, and that the Company be wound up accordingly, and that
Richard Eaglesfield Floyd, of Richard Floyd & Co, 29 Roseacre
Gardens, Chilworth, Guildford, Surrey GU4 8RQ, be and is hereby
appointed the Liquidator of the Company for the purposes of such
winding-up."

At a subsequent Meeting of Creditors of the above-named Company,
duly convened, and held at 29 Roseacre Gardens, Chilworth,
Guildford, Surrey GU4 8RQ, on 28 July 2005, it was resolved that
Richard Eaglesfield Floyd and William Jeremy Jonathan Knight, of
Richard Floyd & Co, of 29 Roseacre Gardens, Chilworth, Guildford,
Surrey GU4 8RQ, be and they are hereby appointed the Joint
Liquidators of the Company for the purposes of such winding-up.
It was resolved that either Liquidator be empowered to act on
behalf of both Joint Liquidators in the exercise of any power or
act of the Joint Liquidators.

F R Massey

CONTACT:  RICHARD FLOYD & CO.
          29 Roseacre Gardens
          Chilworth
          Guildford
          Surrey GU4 8RQ
          Phone: 01483 302782
          Fax: 01483 300909


NATIONWIDE MEDIATION: Names Bond Partners Administrator
-------------------------------------------------------
Name: NATIONWIDE MEDIATION LIMITED
      (Company No 03897968)

Nature of Business: Legal Activities

Address of Registered Office: Wellesley House, 7 Clarence Parade,
Cheltenham, Gloucestershire GL50 3NY

Date of Appointment: July 15, 2005

Administrator's Name and Address: T. Papanicola (IP No 005496),
of Bond Partners LLP, The Grange, 100 High Street, London N14
6TG.

CONTACT:  BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: tp@bondpartners.co.uk


NORTH STREET: In Voluntary Winding-up
-------------------------------------
At an Extraordinary General Meeting of North Street Glass
Limited, duly convened, and held at 601 High Road, Leytonstone,
London E11 4PA, on 3 August 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
Harjinder Johal, of Ashcrofts, 601 High Road, Leytonstone, London
E11 4PA, be and is hereby appointed Liquidator for the purposes
of such winding-up."

D Cox


PHOENIX MENSWEAR: Hires Begbies Traynor Administrator
-----------------------------------------------------
Name: PHOENIX MENSWEAR LIMITED
      (Company No 05452673)

Nature of Business: Retail

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

Date of Appointment: July 29, 2005

Administrators' Names and Address: Paul Michael Davis and Timothy
John Edward Dolder (IP Nos 7805 and 9008), both of Begbies
Traynor (South) LLP, 32 Cornhill, London EC3V 3BT

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


Q.P.C. HOMES: Names Administrator from BDO Stoy
-----------------------------------------------
Name: Q.P.C. HOMES LIMITED
      (Company No 01659483)

Nature of Business: General Construction and Civil Engineering

Trade Classification: 23

Date of Appointment: August 1, 2005

Administrators' Names and Addresses: Martha H. Thompson (IP No
8678/01), of BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings Road,
Reading, Berkshire RG1 3EX and David Gilbert (IP No 2376/01), of
BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL

CONTACT:  Q.P.C. HOMES LIMITED
          128 Cardiff Road
          Reading RG1 8PQ
          Berkshire
          Phone: 01189 594066
          Fax: 01189 594077

          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

          BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


RANDALL LIMITED: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of Randall
Limited, duly convened, and held at Mountview Court, 1148 High
Road, Whetstone, London N20 0RA, 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
Elizabeth Arakapiotis, be and she is hereby appointed Liquidator
for the purposes of such winding-up."

M Balaman, Director

CONTACT:  KALLIS & CO.
          Mountview Court
          1148 High Road
          Whetstone
          London N20 0RA
          Phone: 020 8446 6699
          Fax: 020 8492 6099


RESIO LIMITED: Members Decide to Wind up Firm
---------------------------------------------
At an Extraordinary General Meeting of the Members of Resio
Limited, duly convened, and held at the offices of Fergusson & Co
Ltd, First Floor, 5-7 Northgate, Cleckheaton, West Yorkshire BD19
3HH, on 2 August 2005, the following Resolutions were duly
passed, as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Malcolm Edward Fergusson, of Fergusson & Co Ltd, First Floor, 5-7
Northgate, Cleckheaton, West Yorkshire BD19 3HH, be and is hereby
appointed Liquidator for the purposes of such winding-up."

J H Page, Chairman

CONTACT:  FERGUSSON & CO. LIMITED
          35 Knowles Lane
          Gomersal
          Cleckheaton
          Bradford
          West Yorkshire BD19 4LE
          Phone: 01274 878008


ROYAL & SUNALLIANCE: Half-year Profit Rises to GBP195 Million
-------------------------------------------------------------
Royal & SunAlliance Insurance Group plc has reported its results
for the six months ended June 30, 2005.

Highlights:

(a) operating result of GBP329m, an increase of 145 million on
    H1 2004;

(b) profit after tax of GBP195 million, up from GBP82 million in
    H1 2004;

(c) net written premiums of GBP2.9 billion (H1 2004: GBP2.5
    billion);

(d) ongoing business combined operating ratio (COR) of 92.0% (H1
    2004: 93.2%); and

(e) group COR of 95.6% (H1 2004: 100.6%).

Sustained good performance from Core Group:

(a) U.K. COR of 92.5%; strong commercial and personal result (H1
    2004: 95.3%);

(b) good Scandinavian result; COR of 91.3% (H1 2004: 92.9%); and

(c) strong improvement in International with a COR of 94.8% (H1
    2004: 97.6%).

Progress made against key objectives:

(a) profitable growth in targeted segments;

(b) major bancassurance agreement with ForeningsSparbanken in
    Sweden;

(c) operational improvement program has delivered GBP214 million
    of annualized expense savings.

(d) further derisking U.S. business and strengthening U.S.
    capital position;

(e) Nonstandard Auto sale announced in July; and

(f) action taken to reduce U.K. defined benefit pension scheme
    deficit.

Andy Haste, Group Chief Executive, said:  "It has been a good
first half of the year, with strong performances from our
Core businesses and further progress in the U.S.  We continue to
deliver on our strategic objectives and the results demonstrate
the underlying strength of the Group and its ability to achieve
sustainable returns."

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/Royal&SunAlliance(H12005).pdf

CONTACT:  ROYAL & SUNALLIANCE INSURANCE GROUP PLC
          30 Berkeley Sq.
          London
          W1J 6EW, United Kingdom
          Phone: +44-20-7636-3450
          Fax: +44-20-7636-3451
          Web site: http://www.royalsunalliance.com


SPARK ENGINEERING: Administrator from EJK Associates Moves in
-------------------------------------------------------------
Name: SPARK ENGINEERING SPECIALISTS LIMITED
      (Company No 05170948)

Nature of Business: Precision Engineers

Address of Registered Office: 25 Hawthorn Drive, School Aycliffe,
County Durham DL5 6GH

Trade Classification: 07

Date of Appointment: July 27, 2005

Administrator's Name and Address: Edwin James Kirkwood (IP No
8096), of EJK Associates Limited, 2 Church Court, Morley, Leeds
LS27 9TN

CONTACT:  EJK ASSOCIATES
          2 Church Court
          Morley
          Leeds LS27 9TN
          West Yorkshire
          Phone: 0113 253 5232
          Fax: 0113 253 5953
          E-mail: edwin.kirkwood@ejkassociates.co.uk


SPIRENT PLC: Reports Half-year Loss of GBP34 Million
----------------------------------------------------
Spirent plc has revealed its interim results for the first half
of 2005.

                           Summary

         GBP million         First half   First half      Change
                                2005         2004            %

Revenue                        230.4        239.3           (4)

Operating profit                14.1         21.5          (34)

Adjusted profit before tax      11.5         18.0          (36)

Reported (loss)/
profit before tax             (34.1)         16.7            -

Adjusted earnings per
share, (pence)                  0.91         1.40          (35)

Highlights:

(a) all ongoing businesses increased revenue and operating
    profit (before material one-time charges and share-based
    payment) in the first half of 2005 except the Service
    Assurance division, which reported a loss as previously
    announced.

      (i) Performance Analysis operating profit of GBP11.4
          million, up 50%;

     (ii) Network Products operating profit of GBP12.3 million,
          up 14%;

    (iii) Ongoing Systems business operating profit of GBP2.1
          million, up 24%; and

     (iv) Service Assurance operating loss of GBP9.0 million, in
          line with April trading update;

(b) the company is taking a goodwill impairment charge of
    GBP37.0 million in relation to the Service Assurance
    division.  Other material one-time charges of GBP7.1
    million with a cash cost of GBP3.3 million have been taken
    in the period; and

(c) net debt increased to GBP42.4 million (31 December 2004
    GBP26.4 million) due to a reduction in operating cash flow,
    including the cash cost of restructuring, increased capital
    expenditure and a GBP5.1 million currency translation
    impact.

Anders Gustafsson, Chief Executive, said: "We expect the
Performance Analysis division to make sequential progress in the
second half of the year although conditions in the market remain
variable.  The Service Assurance division will continue to be
loss making in the second half, albeit at a substantially reduced
level as the benefits of the cost reductions are realized.  The
Network Products group's performance in the second half will
reflect the normal seasonality of the business. As a result our
expectations for the Group's outcome for the year as a whole
remain unchanged.

"The telecoms test and monitoring market remains the focus for
the Group.  In the last twelve months, we have achieved much to
improve the way we address our target markets and to increase our
operational efficiency and we are now better positioned to
develop the business in line with our strategic objectives."

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/Spirentplc(H12005).pdf

CONTACT:  SPIRENT PLC
          Spirent House
          Crawley Business Quarter
          Fleming Way
          Crawley
          West Sussex RH10 9QL
          Phone: +44 (0)1293 767676
          Fax: +44 (0) 1293 767677
          E-mail: media@spirent.com
          Web site: http://www.spirent.com

          Rupert Young
          Brunswick Group Limited
          16 Lincoln 's Inn Fields
          London WC2A 3ED
          Phone: +44 (0)20 7404 5959
          E-mail: ryoung@brunswickgroup.com


STONEFISH RECRUITMENT: In Liquidation
-------------------------------------
At an Extraordinary General Meeting of the Members of Stonefish
Recruitment Limited, duly convened, and held at 43 Pall Mall,
London SW1, on 2 August 2005, the following Resolutions were duly
passed, as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Peter Robin Bacon and Carl Derek Faulds, of Portland Business &
Financial Solutions Ltd., 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire, be and they are hereby appointed
Joint Liquidators of the Company and that any act required or
authorised to be done by the Liquidators, is to be done by both
or either of them for the time being holding office."

J M Appleby, Director

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


SUFFOLK INSURANCE: EGM Passes Winding-up Resolution
---------------------------------------------------
At an Extraordinary General Meeting of Suffolk Insurance Services
Limited, duly convened, and held at Cardinal House, 46 St
Nicholas Street, Ipswich, Suffolk IP1 1TT, 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 the Company be wound up voluntarily, and that
Steven M Law, of Ensors, Cardinal House, 46 St Nicholas Street,
Ipswich IP1 1TT, be appointed Liquidator of the Company for the
purposes of the voluntary winding-up."

D W Sadler

CONTACT:  ENSORS
          Cardinal House
          46 St Nicholas Street
          Ipswich, Suffolk IP1 1TT
          Phone: 01473 220022
          Fax: 01473 220033
          Web site: http://www.ensors.co.uk


TELEWEST GLOBAL: Operating Income Up 140% to GBP48 Million
----------------------------------------------------------
Telewest Global, Inc. has reported second quarter financial
results for 2005.

Highlights:

(a) adjusted EBITDA growth of 30% over Q2 04;

(b) operating income increased 140% over Q2 04;

(c) consumer sales division revenue growth of 5% (before VAT
    recovery) over Q2 04;

(d) triple play penetration increased by 11 percentage points
    over Q2 04 to 32.8%;  and

(e) Revenue Generating Units grew by 89,000 in the quarter; RGUs
    per customer grew from 1.97 at Q2 04 to 2.11 at Q2 05.

Barry Elson, Acting Chief Executive Officer, said: "Telewest has
delivered strong financial results and good subscriber growth in
television, telephony and broadband internet.  Our focus on
marketing the bundle has led to increased triple play
penetration, now at 33%.

"Our business sales division has returned to top-line revenue
growth and our Content assets, Flextech and UKTV along with
sit-up, are performing well and continue to increase their market
share.  We continue to focus upon free cash flow in all of our
divisions and remain confident of profitable growth."

Total revenue and consumer sales division revenue include a
credit of GBP16 million resulting from the recovery of Value
Added Tax (VAT) from HM Customs and Excise, which had been the
subject of a court case and subsequent appeals since 2002.  A
GBP16 million charge was taken against revenue in 2002 when the
case commenced.  This recovery has not been included in any ARPU
calculations.

Operating income for the second quarter of 2005 was GBP48
million, up from GBP20 million for the second quarter of 2004,
due principally to the recovery of VAT, revenue growth in our
consumer sales division and content segment, and lower SG&A,
partially offset by increased depreciation and amortization.
SG&A in the second quarter of 2004 was impacted by GBP12 million
of financial restructuring charges compared to GBP0 in the second
quarter of 2005.

The second quarter of 2005 was impacted by GBP7 million of
expense relating to sit-up and GBP3 million of stock-based
compensation expense, neither of which arose in the second
quarter of 2004.  Additionally GBP4 million of rates (local
government tax) rebate was received in the second quarter of 2005
compared with GBP0 in the second quarter of 2004.
The improvement from net loss of GBP126 million for the second
quarter of 2004 to net income of GBP19 million for the second
quarter of 2005 was due principally to significantly reduced
interest costs and decreased foreign exchange losses following
our predecessor's financial restructuring, and enhanced operating
income.

Net cash provided by operating activities increased from GBP88
million for the second quarter of 2004 to GBP123 million for the
second quarter of 2005.  This increase arose principally as a
result of improvements in operating income.

Adjusted EBITDA (earnings before interest, taxation,
depreciation, amortization and financial restructuring expenses)
for the second quarter of 2005 was GBP158 million, up 30% as
compared to the second quarter of 2004.  This increase reflects
the recovery of VAT, the rates rebate and increased revenues in
the consumer sales division and content segment, and lower
operating costs and expenses in the cable segment, partially
offset by higher operating costs and expenses in the content
segment.  Adjusted EBITDA margin (Adjusted EBITDA as a percentage
of revenue) has increased from 37.4% to 41.5%.  Excluding the VAT
recovery and rates rebate, Adjusted EBITDA margin would have been
37.8% for the second quarter of 2005.

Stock-based compensation expense of GBP3 million was incurred in
the second quarter of 2005.  SBCE arises as a result of options
and restricted stock granted to our employees.  SBCE will
similarly affect future periods.  This is a non-cash item and no
such expense was incurred in the second quarter of 2004.

Adjusted EBITDA before the deduction of SBCE was GBP161 million
in the second quarter of 2005, an increase of GBP39 million, or
32%, over the second quarter of 2004 on the same basis.  Free
cash flow (cash flow from operating activities excluding
financial restructuring expenses less capital expenditure) for
the three months ended June 30, 2005 was GBP64 million, compared
with GBP37 million for the three months ended June 30, 2004.  The
increase was primarily due to increased Adjusted EBITDA.

Reconciliations of these and other non-GAAP financial measures to
the most directly comparable GAAP financial measures are
explained and shown on pages 16 to 19.

Debt and Capital Resources

Capital expenditure was GBP59 million for the quarter.  Capital
expenditure has been lower than expected in the first half of the
year due to further savings on consumer contract installation
costs and the phasing of capital project spend.  As a result,
capital expenditure for the full year is now expected to be in
the range of GBP220 million to GBP230 million.

During the quarter, certain of Telewest's Flextech subsidiaries
entered into a new bank facility related to the acquisition of
sit-up.  GBP110 million of the facility has been fully drawn with
a GBP20 million revolver facility, currently undrawn.  Interest
rates on the facility start at 1.75 percentage points above LIBOR
with leverage ratchets down to 1% above LIBOR.  The facility
matures in June 2009 repayable semiannually over the life of the
facility from December 2005.  The facility is secured on the
assets of certain Flextech subsidiaries and sit up along with
Telewest's 50% share of the issued equity of UKTV.

As at June 30, 2005, net debt was GBP1,712 million.  This
consisted of GBP1,809 million drawn down on our credit facilities
and GBP116 million of leases and other loans, offset by cash
balances of GBP213 million.  The GBP1,809 million drawn amount
includes US$150 million and EUR100 million.

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

CONTACT:  TELEWEST GLOBAL, INC.
          160 Great Portland St.
          London
          W1W 5QA, United Kingdom
          Phone: +44-20-7299-5000
          Fax: +44-20-7299-5495
          Web site: http://www.telewest.co.uk

          Richard Williams
          Phone: 020 7299 5479

          Vani Gupta
          Phone: 020 7299 5353


TILE MINE: Retailer Appoints Administrator
------------------------------------------
Name: TILE MINE (2000) LIMITED
      (Company No 3883872)

Nature of Business: Retail Specialist-Tiles

Trade Classification: 5248

Date of Appointment: July 20, 2005

Administrator's Name and Address: Martin Williamson (IP No 9222),
DS Insolvency Services, 29 King Street, Newcastle-under-Lyme,
Staffordshire ST5 1ER

CONTACT:  TILE MINE 2000 LTD
          Clough Street,
          Stoke-on-Trent, ST1 4AS
          Phone: 01782 273297

          DS INSOLVENCY SERVICES LTD.
          29 King Street
          Newcastle-Under-Lyme
          Staffordshire ST5 1ER
          Phone: 01782 614618
          Fax: 01782 717287
          E-mail: mwilliamson@dsinsolvency.co.uk


TIMBERMATE LIMITED: Appoints Tait Walker Administrator
------------------------------------------------------
Name: TIMBERMATE LIMITED
      (Company No 05339972)

Nature of Business: Joinery Installation

Trade Classification: 45420

Date of Appointment: July 26, 2005

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

CONTACT:  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


TWINLAB CORP: Bankr. & Dist. Courts Confirm Plan of Liquidation
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
and the U.S. District Court for the Southern District of New York
confirmed the First Amended Joint Plan of Liquidation of Twinlab
Corporation nka TL Administration Corporation, and its
debtor-affiliates.

The Bankruptcy Court confirmed the Plan on July 26, 2005.
The District Court placed its stamp of approval on the Plan on
July 27, 2005.

The Bankruptcy Court and the District Court held a joint hearing
on July 21, 2005, on the Plan, which contemplates the liquidation
of all assets, and the proceeds of that liquidation being used to
partially satisfy unsecured creditors.

                        Terms of the Plan

Under the Plan, all fully insured pre-2002 ephedra personal
injury and wrongful death claims will survive the effective date
of the Plan as if the Debtors' chapter 11 cases had not been
commenced.

The Pre-2002 Ephedra PI Claims will be satisfied in full in the
ordinary course of business from the proceeds of the Debtors'
applicable insurance policy or policies, as the case may be.
Uninsured and underinsured ephedra personal injury and wrongful
death claims will be determined and paid pursuant to the terms of
the Ephedra Personal Injury Trust and the Ephedra Personal Injury
Trust Agreement, which provide for the resolution of those claims
and the allocation of the funds in the Ephedra Personal Injury
Trust.

The Ephedra Personal Injury Trust will, upon the Effective Date
or as soon after that, be funded by contributions from the:

   (1) Debtors in the amount of $3,550,000; and

   (2) the American International Specialty Lines Insurance
       Company and certain third party defendants in the
       aggregate amount of $16,160,000.

In return for their respective contributions, the Debtors and the
Settling Third Parties and certain of their affiliates and
representatives will be released from any and all claims relating
to the 2002-2004 Ephedra PI Claims and other claims in connection
with the Debtors' ephedra-containing products.  In addition, as
part of the settlement, the Settling Third Parties have agreed to
release, among other things, their ephedra indemnification claims
against the Debtors that would otherwise have diluted the claims
pool and depleted recoveries to unsecured creditors.

The Plan further provides that on the Effective Date, the current
officers and directors will be deemed to have resigned.  Denis
O'Connor was appointed as Plan Administrator and retained the
powers and functions of the Debtors' officers and directors.  In
addition, the Plan Administrator was appointed as the initial
director and officer of TL Administration Inc. and TL
Administration (UK) Ltd., to serve in accordance with the
respective certificates of incorporation and by-laws of those
companies.

On Sept. 4, 2003, Twinlab Corporation, Twin Laboratories Inc. and
Twin Laboratories (UK) Ltd., commenced voluntary cases under
chapter 11 of title 11 of the United States Code in the United
States Bankruptcy Court for the Southern District of New York.
These chapter 11 cases are being jointly administered under
chapter 11 case number 03-15564 and are pending before the
Honorable Cornelius Blackshear.

Also, on Sept. 4, 2003, the Companies entered into certain asset
purchase agreement with IdeaSphere, Inc. of Grand Rapids,
Michigan, pursuant to which the Companies sold substantially all
of their assets.  The sale closed on Dec. 9, 2003.  In connection
with the sale, the Debtors obtained an order from the Court
authorizing them to change their names.  Twinlab Corporation
changed its name to TL Administration Corporation, Twin
Laboratories Inc., changed its name to TL Administration Inc.,
and Twin Laboratories (UK) Ltd., changed its name to TL
Administration (UK) Ltd.

As of June 30, 2005, TL Administration Corporation's balance
sheet reflected a $53,703,000 equity deficit.  At the end of the
same period, TL Administration, Inc., stockholders' deficit
amounted to $20,722,000.  TL Administration (UK) Ltd. reported a
$1,277,000 equity deficit as of the end of the second quarter.


WM MORRISON: Sells Five Safeway Stores to Waitrose
--------------------------------------------------
Wm Morrison Supermarkets PLC has exchanged contracts with
Waitrose to sell five Safeway stores.

The stores are located in East Grinstead, Durham, Lewes, Wilmslow
and St. Katherine's Dock, London.

The gross assets as at 30 January 2005 attributable to the five
stores to be sold was GBP30.6 million.  The contract is only
conditional on the approval of the Office of Fair Trading.

The stores will transfer to Waitrose on completion, with all
staff also transferring to the new owner.  Completion is expected
to take place in mid October to early November 2005.

                            *   *   *

Wm Morrison has recently reported total like-for-like sales for
the half-year have increased by 5% or 2.6% excluding fuel.  Group
sales were GBP6.363 billion, an increase of 3% influenced by an
extra 5-week contribution from Safeway stores.

In May, Wm Morrison stated clearly that it was not in a position
to provide reliable guidance on the level of profitability for
the year as a whole.  Since that time, the market has produced a
wide range of profit estimates for the year 2005/6.  While
detailed forecasting work was underway, the Board believed the
guidance for profit before tax, exceptionals and goodwill for the
current year will fall within the range GBP50 million to GBP150
million.

The Board reiterated that in 2006/7 there remains every
indication that financial performance will improve significantly
following completion of the conversion process and as the
benefits of the actions taken to normalize the cost structure of
the business are reflected in improving margins.

CONTACT:  WM MORRISON SUPERMARKETS PLC
          Hilmore House
          Thornton Road
          Bradford
          West Yorkshire
          England
          BD8 9AX
          Phone: +44 1274 494166
          Fax: +44 1274 494831
          Web site: http://www.morereasons.co.uk


                            *********


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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