TCREUR_Public/050826.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, August 26, 2005, Vol. 6, No. 169

                            Headlines

F R A N C E

SARTEX: Under Observation for Six Months


G E R M A N Y

ADAM RAUCH: Darmstadt Court Appoints Interim Administrator
ARCHEA PHARMA: Creditors Meeting Set November
BUSSKAMP VERWALTUNGS: Applies for Bankruptcy Proceedings
DISCPRESS GMBH: Under Bankruptcy Administration
ENERGIEVERSORGUNG KLOSTERSEE: Falls into Bankruptcy

EUROPLAST KUNSTSTOFFVERARBEITUNG: Claims Deadline Nears
HERMANN MOLDENHAUER: Bremen Court to Verify Claims October
HNW-KOMENT: Creditors' Claims Due 3rd Week of September
IOS INVESTORS: Court Names Dr. Petra Hilgers Administrator
KIESER PACKAGING: Declares Bankruptcy

LYCANET GMBH: Bielefeld Court Calls in Administrator
OPFERMANN BETEILIGUNGS: Goes Belly up
VOLKSWAGEN AG: Union Won't Accept Changes to Current Labor Pact
WUNDSCH WEIDINGER: Indian Firm to Acquire Business, Assets


I R E L A N D

ELAN CORPORATION: Increase in CEO's Severance Pay Questioned
HOSPIRA: Abandon's Donegal Plant After 28 Years


N E T H E R L A N D S

FORD CAPITAL: Moody's Downgrades Unsecured Debt to Ba1
GMAC INTERNATIONAL: Moody's Cuts Family Rating to Ba2
PETROKAZAHSTAN FINANCE: Moody's Reviews Rating for Upgrade
ROYAL SHELL: Cancels Another 900,000 'A' Shares


R U S S I A

BARANCHINSKIY: Succumbs to Bankruptcy
CHEMES: Insolvency Manager Takes over Company
DAIRY KRYLOVSKIY: Bankruptcy Hearing Set Next Year
INZHEL-STROY-SERVICE: Bankruptcy Supervision Begins
IZH-MASH-AUTO-TRANS: Hires A. Karelin Insolvency Manager

MOL-PROM: Undergoes Bankruptcy Supervision Procedure
NONWOVEN FABRIC: Proofs of Claim Deadline September 23
NORTH-WEST TRANSPORT: Declared Insolvent
TNK-BP: Outlook Changed on Settlement of Tax Arrears
URAL-ECOS: Insolvency Manager Enters Firm
YAGODINSKIY INDUSTRIAL: Under Bankruptcy Supervision


S W I T Z E R L A N D

SWISS INTERNATIONAL: Expands Basel Technical Services


T U R K E Y

TURKCELL ILETISIM: Fitch Upgrades Rating to 'BB'; Outlook Stable


U K R A I N E

AGRO-DRUZHBA: Proofs of Claim Deadline Expires August 29
BRIGANTINA: Gives Creditors Until Next Week to File Claims
KRIMSKA INDUSTRIAL 2: Succumbs to Bankruptcy
LOHVITSKA SILGOSPHIMIYA: Bankruptcy Supervision Starts
MODA-KLASIK: Declared Insolvent

POLTAVA' RAJAGROPOSTACH: Under Bankruptcy Supervision
PROMIN: Last Day for Filing Claims August 28
REYA: Insolvency Manager Takes over Business
SLAVUTICH: Court Appoints Liquidator
VAJNING-VINNITSYA: Creditors' Claims Due Next Week


U N I T E D   K I N G D O M

ASET ENGINEERING: Hires Administrators from Wilson Field
AVMARK INTERNATIONAL: Official Receiver to Oversee Liquidation
BOSSA NOVA: Calls in Administrator
CANNON TANDOORI: Bristol Court Issues Winding-up Order
COUNTRY SUPERSTORES: Administrator's Proposals Known Next Month

EAST WEST: Leonard Curtis Administrators Step in
GATE GOURMET: BA Deal 'Contingent' Upon Labor Row Resolution
GLASDON GOWN: Court Orders Winding up
GPE EXHIBITIONS: Hires Administrators from Andrew Michaels & Co.
GRANADA WINDOWS: First Creditors Meeting Set Next Week

HARLEQUIN HEATING: Court Okays Liquidation
HENDERSON GROUP: Still on Track to Achieve 2005 Target
JARVIS PLC: Creditors Participating in Debt Swap Okay Plan
JH AND CJN: Meeting of Creditors Next Week
KENT INTERNATIONAL: Calls in Administrators from Grant Thornton

LAMPS DIRECT: Creditors Meeting Set Next Week
MANSTON CAR: Administrators from Grant Thornton Enter Firm
MEDINET CORPORATION: Appoints Bennett Verby Administrator
MG ROVER: Phoenix Four Promise to Turn over Castle Sale Proceeds
MISYS PLC: Proposed Bonus Scheme for Execs May Spark Revolt

PAREX SYSTEMS: Collapses into Liquidation
PREMIER YACHT: Court Okays Liquidation
RE LTD.: Winding-up Gets Go Signal
ROYAL & SUNALLIANCE: Unveils Scrip Dividend Scheme
T G I COMMERCIAL: Calls in Administrators from Numerica
TOHO LIMITED: Baker Tilly Administrators Move in


                            *********


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


SARTEX: Under Observation for Six Months
----------------------------------------
Some 64 of Sartex's 108 workforce will lose their jobs, as the
lingerie maker tries to emerge from receivership, Les Echos says.
Declared insolvent on July 13, the company is under observation
for six months and is hoping to resume production early next
month.  Lingerie group Allande owns majority of Sartex.

CONTACT:  ALLANDE GROUP
          Web site: http://www.allande.fr/


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


ADAM RAUCH: Darmstadt Court Appoints Interim Administrator
----------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Adam Rauch GmbH on July 28.  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 Harald Silz.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 10:00 a.m. at the district court
of Darmstadt, Zimmer 108, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, 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:  ADAM RAUCH GmbH
          Dammstrasse 5, 65462 Ginsheim-Gustavsburg
          Contact:
          Adam Rauch, Manager

          Harald Silz, Administrator
          Adolfsallee 24, 65185 Wiesbaden
          Phone: 0611/1504-0
          Fax: 0611/301774


ARCHEA PHARMA: Creditors Meeting Set November
---------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Archea Pharma Dr. Makosi GmbH on August 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until September 22, 2005 to
register their claims with court-appointed provisional
administrator Dr. Alexander Hopfner.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2005, 9:15 a.m. at the district court
of Darmstadt, Zimmer 109, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, 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:  ARCHEA PHARMA DR. MAKOSI GmbH
          Tiergartenstr. 2-4, 64646 Heppenheim
          Contact:
          Guenther Hans Erich Noell, Manager
          Tulpenstr. 7, 82377 Penzberg

          Dr. Alexander Hopfner, Administrator
          Darmstadter Str. 43, 64646 Heppenheim
          Phone: 06252/6739988
          Fax: 06252/6739989


BUSSKAMP VERWALTUNGS: Applies for Bankruptcy Proceedings
--------------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Busskamp Verwaltungs GmbH on August 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 8, 2005 to register their
claims with court-appointed provisional administrator Ralph
Schmid.

Creditors and other interested parties are encouraged to attend
the meeting on September 29, 2005, 12:45 p.m. at the district
court of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6,
48149 Muenster, I.OG, Saal 101 B, 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:  BUSSKAMP VERWALTUNGS GmbH
          Lindenstrasse 10, 46354 Suedlohn-Oeding
          Contact:
          Udo Busskamp, Manager

          Ralph Schmid, Administrator
          Duelmener Str. 92, 48653 Coesfeld
          Phone: 02541/915-03
          Fax: +492541915100


DISCPRESS GMBH: Under Bankruptcy Administration
-----------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against DISCPRESS GmbH on August 1.  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 Dr. Jan Markus
Plathner.

Creditors and other interested parties are encouraged to attend
the meeting on September 14, 2005, 10:30 a.m. at the district
court of Darmstadt, Saal U2, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on November 25,
2005, 10:00 a.m. at the same venue.

CONTACT:  DISCPRESS GmbH
          Handelstrasse 3, 64859 Eppertshausen
          Contact:
          Manfred Wilhelm Martin Kramer, Manager

          Dr. Jan Markus Plathner, Administrator
          Lyoner Strasse 14, 60528 Frankfurt
          Phone: 069/962334-0
          Fax: 069/962334-22


ENERGIEVERSORGUNG KLOSTERSEE: Falls into Bankruptcy
---------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Energieversorgung Klostersee GmbH on August 2.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors had until August 24, 2005
to register their claims with court-appointed provisional
administrator Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting on September 14, 2005, 10:10 a.m. at the district
court of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6,
48149 Muenster, EG, Saal 13 B, 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:  ENERGIEVERSORGUNG KLOSTERSEE GmbH
          Ramakersweg 22, 46325 Borken
          Contact:
          Arie Paul de Graaf, Manager
          Auf der Recke 10, 46399 Bocholt
          Felix Janzen, Manager
          Gruenstrasse 2, 46325 Borken
          Heinz Peter Rolf, Manager
          46399 Bocholt

          Dr. Stephan Thiemann, Administrator
          Lublinring 12, 48147 Muenster
          Phone: 0251/16283-0
          Fax: +492511628311


EUROPLAST KUNSTSTOFFVERARBEITUNG: Claims Deadline Nears
-------------------------------------------------------
The district court of Wolfratshausen opened bankruptcy
proceedings against EuroPlast Kunststoffverarbeitung GmbH on
August 2.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
September 2, 2005 to register their claims with court-appointed
provisional administrator Michael George.

Creditors and other interested parties are encouraged to attend
the meeting on September 22, 2005, 9:15 a.m. at the district
court of Wolfratshausen, Bahnhofstrasse 18, Sitzungssaal 3/I, 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:  EUROPLAST KUNSTSTOFFVERARBEITUNG GmbH
          Im Farchet 17 in 83646 Bad Tolz

          Michael George, Administrator
          Beuerberger Str. 14, 82515 Wolfratshausen
          Phone: 08171/423040
          Fax: 08171/423048


HERMANN MOLDENHAUER: Bremen Court to Verify Claims October
----------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Hermann Moldenhauer GmbH on August 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 27, 2005 to register
their claims with court-appointed provisional administrator
Frank-Michael Rhode.

Creditors and other interested parties are encouraged to attend
the meeting on September 22, 2005, 10:45 a.m. at the district
court of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr.
25-31, 28195 Bremen, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report on
October 20, 2005, 10:30 a.m. at the same venue.

CONTACT:  HERMANN MOLDENHAUER GmbH
          Humboldtstrasse 40-42, 28203 Bremen
          Contact:
          Ulf Moldenhauer, Manager
          Ernst-August Hermann, Manager

          Frank-Michael Rhode, Administrator
          Graf-Moltke-Str. 62, 28211 Bremen
          Phone: 0421/3485212/213
          Fax: 0421/341078


HNW-KOMENT: Creditors' Claims Due 3rd Week of September
-------------------------------------------------------
The district court of Wolfratshausen opened bankruptcy
proceedings against HNW-Koment Produktions- und Vertriebs GmbH on
August 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
September 16, 2005 to register their claims with court-appointed
provisional administrator Alfred Ponzer.

Creditors and other interested parties are encouraged to attend
the meeting on October 20, 2005, 8:00 a.m. at the district court
of Wolfratshausen, Bahnhofstrasse 18, Sitzungssaal 3/I, 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:  HNW-KOMENT PRODUKTIONS- UND VERTRIEBS GmbH
          Industriestr. 6 in 83607 Holzkirchen

          Alfred Ponzer, Administrator
          Marktplatz 18, 83607 Holzkirchen
          Phone: 08024/30580
          Fax: 08024/305820


IOS INVESTORS: Court Names Dr. Petra Hilgers Administrator
----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against IOS Investors Object Services GmbH on August
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until October 28,
2005 to register their claims with court-appointed provisional
administrator Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2005, 11:15 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report December
12, 2005, 10:45 a.m. at the same venue.

CONTACT:  IOS INVESTORS OBJECT SERVICES GmbH
          Ruschestr. 68,10365 Berlin

          Dr. Petra Hilgers, Administrator
          Goethestr. 85, 10623 Berlin


KIESER PACKAGING: Declares Bankruptcy
-------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Kieser Packaging Solutions GmbH on August 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 2,
2005 to register their claims with court-appointed provisional
administrator Rainer U. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on September 28, 2005, 9:00 a.m. at the district
court of Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten
Einlass 1, 86150 Augsburg, 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:  KIESER PACKAGING SOLUTIONS GmbH
          Oskar-von-Miller-Str. 1, 86356 Neusass
          Contact:
          Thomas Kessler, Manager
          Gerhard Kieser, Manager

          Rainer U. Mueller, Administrator
          Schiessstattenstr. 15, 86159 Augsburg


LYCANET GMBH: Bielefeld Court Calls in Administrator
----------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Lycanet GmbH on July 25.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 20, 2005 to register their claims
with court-appointed provisional administrator Dr. Alexander
Geilert.

Creditors and other interested parties are encouraged to attend
the meeting on October 11, 2005, 11:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  LYCANET GmbH
          Beethovenstr. 8, 33604 Bielefeld
          Contact:
          Katrin Heuschkel-Dobsch, Manager

          Dr. Alexander Geilert, Administrator
          Otto-Brenner-Str. 186, 33604 Bielefeld


OPFERMANN BETEILIGUNGS: Goes Belly up
-------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Opfermann Beteiligungs-GmbH on August 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until September 27, 2005 to
register their claims with court-appointed provisional
administrator Frank-Michael Rhode.

Creditors and other interested parties are encouraged to attend
the meeting on September 22, 2005, 10:55 a.m. at the district
court of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr.
25-31, 28195 Bremen, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report on
October 20, 2005, 10:30 a.m. at the same venue.

CONTACT:  OPFERMANN BETEILIGUNGS-GmbH
          Norderneystr. 14, 28217 Bremen
          Contact:
          Edmund Hinrich Gerhard Altmann, Manager
          Ellener Dorfstr. 1, 28325 Bremen

          Frank-Michael Rhode, Administrator
          Graf-Moltke-Str. 62, 28211 Bremen
          Phone: 0421/3485212/213
          Fax: 0421/341078


VOLKSWAGEN AG: Union Won't Accept Changes to Current Labor Pact
---------------------------------------------------------------
Volkswagen AG warns of job losses and factory closures if no deal
is reached with German trade unions regarding cost saving
measures, the Financial Times says.

Chief Executive Bernd Pischetsrieder says no manufacturer could
make money out of exporting cars at the current dollar exchange
rate, intensifying the need for cost reductions.

In another report, Joerg Koether, spokesman for German labor
union IG Metall, told Dow Jones Newswires they are taking the
statement seriously.  He said the Volkswagen management has not
met with the union yet.  IG Metall is open to discussions on how
to improve production, but it will stand by the labor agreement
it signed with Volkswagen in November, he said.  The deal
involves pay freezes for employees in Western Germany until the
beginning of 2007, while Volkswagen assures them of their jobs
until the end of 2011.

Earlier, Wolfgang Bernhard, a former DaimlerChrysler AG executive
appointed last year to lead Volkswagen's reorganization, said
workers must be "ready to tread new paths."  He stressed "no
sacred cows" would be spared as the struggling carmaker plans to
save EUR10 billion and lift profits by EUR4 billion to avoid
dipping further into the red by 2008.

High production costs, intense competition, a weak U.S. dollar
and the slowing demand in Europe hit Volkswagen's 2004 earnings.
It has around 343,000 employees and operates 54 plants worldwide.

Mr. Bernhard is presently negotiating with labor representatives
about cutting production costs by EUR850 per unit for
Volkswagen's new compact off-road model.  An agreement is said to
be conditional upon the construction of the new model in
Wolfsburg.

"The labor representatives know that if the new model won't be
produced in Wolfsburg this would kick off a big discussion over
the headcount," a person privy to the talks said.

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


WUNDSCH WEIDINGER: Indian Firm to Acquire Business, Assets
----------------------------------------------------------
Tata AutoComp Systems Ltd. (TACO) will take over German auto
parts firm Wundsch Weidinger, said the Financial Express.

TACO was silent regarding the size of the transaction, which will
be handled by its German subsidiary.  In March, Wundsch Weidinger
filed for insolvency, with assets valued at EUR4 million.

Through its Coburg facility and 270 employees, Wunsch Weidinger
engages in tool shop, precision injection molding, surface
enrichment and assembly operations.  The acquisition will provide
TACO access to Wunsch Weidinger's major clients such as Audi,
Bentley, BMW, Volkswagen and Volvo.

TACO, a unit of top truck and bus maker Tata Motors Ltd., makes
seating systems, plastic interiors and exterior parts, radiators,
lighting systems and braking systems.  Its overseas customers
include DaimlerChrysler, Fiat, Ford, General Motors, Honda Motor,
Hyundai and Toyota.

Last week, sister company Tata Technologies agreed to buy U.K.
design and engineering firm INCAT Technologies Inc. for around
US$97 million.

CONTACT:  TATA AUTOCOMP SYSTEMS LTD.
          TACO House,
          V. G. Damle Path,
          Off Law College Road, Erandwana
          Pune - 411 004 India
          Phone: +91-20-5608 5000
          Fax: +91-20-5608 5034
          Web site: http://www.tacogroup.com


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


ELAN CORPORATION: Increase in CEO's Severance Pay Questioned
------------------------------------------------------------
The increase in the severance package of Chief Executive Kelly
Martin has the effect of encouraging him to sell the company, a
U.K. corporate governance group declared recently.

Manifest, which accuses Elan of not treating shareholders
equally, said the enhanced payout effectively incentivizes Mr.
Martin in the event of a takeover.

In a disclosure to the U.S. Securities and Exchange Commission
last week, Elan revealed it had increased Mr. Martin's severance
to three years' salary and a bonus from two years should the
company be taken over, the Irish Times said on Aug. 23.

Manifest notes that, at last Friday's share price, Mr. Martin
would have secured more than US$13 million (EUR10.6 million) in
the event of a takeover, including more than US$8 million from
his share options.

Elan Corporation, plc is a neuroscience-based biotechnology
company.  Its shares trade on the New York, London and Dublin
Stock Exchanges.  Visit http://www.elan.comfor additional
information.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House
          Lincoln Place
          Dublin2
          Ireland
          Phone: +353 1 709 4000
          Fax: +353 1 709 4108


HOSPIRA: Abandon's Donegal Plant After 28 Years
-----------------------------------------------
Approximately 560 workers will lose their jobs when Hospira shuts
down its operation in South Donegal this year, reports Business
world.

The specialty pharmaceutical company has decided to cease
operation in the area after 28 years and move production to
Dominican Republic or Costa Rica where it already has facilities.
Hospira, a spin-off from Abbott Labs, makes specialty
pharmaceutical and medication delivery products.


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


FORD CAPITAL: Moody's Downgrades Unsecured Debt to Ba1
------------------------------------------------------
Moody's Investors Service lowered the ratings of Ford Motor
Company (Ford) senior unsecured to Ba1 from Baa3, and assigned a
Ba1 Corporate Family Rating and an SGL-1 speculative grade
liquidity rating.  Moody's also lowered the ratings of Ford Motor
Credit Company (Ford Credit), senior unsecured to Baa3 from Baa2,
and short-term rating to Prime-3 from Prime-2.  The rating
outlook for both companies is negative.

The downgrades reflect further erosion in the operating results
and cash flow generation of Ford in consideration of weakened
market share and continued challenges in addressing its
uncompetitive cost structure in North America.  These factors are
expected to result in a pretax loss from automotive operations
for 2005.  Since improvement in the company's cost structure can
only be implemented over a period of time, financial performance
is expected to remain weak.

Ratings lowered:

(a) Ford Motor Company and supported entities: senior unsecured
    debt to Ba1 from Baa3; trust preferred to Ba2 from Ba1;
    shelf registration for senior unsecured debt to (P)Ba1 from
    (P)Baa3, and trust preferred to (P)Ba2 from (P)Ba1; and
    VMIG-3 rating to SG.

(b) Ford Motor Credit Company and supported entities: senior
    unsecured debt to Baa3 from Baa2; shelf registration for
    senior unsecured debt to (P)Baa3 from (P)Baa2, and
    subordinated debt to (P)Ba1 from (P)Baa3; and, short-term
    rating to Prime-3 from Prime-2.

Ratings assigned:

Ford Motor Company: corporate family rating, Ba1; and,
speculative grade liquidity rating, SGL-1.

Ratings withdrawn:

Ford Motor Company: preferred stock, Ba2.

Moody's expects that Ford's automotive operations will consume
over US$500 million of cash during 2005 following the payment of
its US$700 million common dividend.  This is prior to a number of
other significant cash flow items that are not reflective of the
automotive operation's ongoing performance, including receipt of
dividends from Ford Credit, and proceeds from the Hertz
monetization, and does not consider cash outflows associated with
the Visteon restructuring, and contributions to the pension and
Voluntary Employees' Beneficiary Association (VEBA).

The SGL-1 speculative grade liquidity rating reflects Moody's
expectation that the company's US$22 billion cash and short-term
VEBA position (June 30, 2005), in combination with proceeds
realized from the Hertz monetization, would provide ample
coverage of all anticipated cash requirements.  The major
requirements are to fund the expected US$500 million negative
cash flow during 2005, any further working capital requirements
due to industry conditions, approximately US$1 billion of
scheduled debt maturities and other restructuring requirements.
This liquidity has provided Ford with an essential cushion as it
has attempted to reconfigure its business model to accommodate
the increasingly challenging operating environment.

Ford's negative outlook recognizes that, in order to meet the
operational and competitive challenges it faces, and to achieve
the financial benchmarks necessary to support the Ba1 rating, the
company will have to successfully execute a number of strategic
initiatives.  These initiatives include continuing to reduce its
variable and fixed costs including the cost burden associated
with healthcare, stemming the loss of market share in the US
through successful launch of its new products, and laying the
groundwork to optimize its global manufacturing and supply
footprint.

As the company undertakes these initiatives, market factors
beyond its control (higher incentives, rising fuel prices, or an
economic slowdown in Europe or the US) could contribute to a more
stressful operating environment.  Any material erosion in Ford's
liquidity position would make its ratings more vulnerable to the
pressures that continue to confront its automotive operations.

The Ba1 rating anticipates that through 2006, Ford will:

(a) Maintain U.S. market share approximating 18.5%;

(b) Achieve strong market acceptance and sustain healthy price
    realization for its new mid-size cars;

(c) Exceed breakeven automotive profit before tax;

(d) Generate automotive cash flow in excess of US$500 million;
    and

(e) maintain gross liquidity (cash and short-term VEBA balances)
    at or above US$20 billion.

Ford Credit, through its continued support for the wholesale and
retail financing requirements of Ford and through the dividend
payment to its parent (US$4.4 billion during 2004), is also a
critical positive factor in Moody's assessment of the company.
The Ba1 rating anticipates that during 2006 Ford's metrics,
including the Ford Credit dividend and using Moody's standard
adjustments, will approximate the following: EBITA margin
exceeding 2%; interest coverage of two times, and free cash flow
to net debt greater than 10%.

Factors that could stabilize Ford's rating outlook include a
rebuilding of the company's U.S. market share through strong
consumer demand for its products and a material and sustainable
reduction in its cost structure.  Relief from healthcare costs
paid to active and retired hourly workers is imperative to
achieve necessary cost repositioning.

Factors that would contribute to downward pressure on Ford's Ba1
rating include continuing loss of market share in the US which
could result from consumer movement away form trucks and SUVs, a
further escalation in price competition, a material reduction in
the dividend stream available from Ford Credit, or an erosion of
Ford's liquidity.  The potential impact of any future
restructuring initiatives would be evaluated in the context of
the amount and timing of any cash outflows, Ford's ability to
maintain adequate liquidity after providing the funding, and the
likelihood that the anticipated benefits would be achieved in a
reasonable timeframe.

The downgrade of Ford Credit's ratings reflects concerns that
exist at the parent level.  Ford Credit's volumes, asset quality,
and earnings are influenced by Ford's product and marketing
decisions, which are currently under pressure to yield more
favorable results, as well as by its own origination and
servicing strategies.  Recent quarters have demonstrated the
virtue of Ford Credit's decision to strengthen its underwriting,
as credit losses have trended to historically low levels,
propelling higher earnings.

Offsetting this, Ford Credit's base of earning assets has
declined on lower origination levels which, combined with higher
cost of funds, has subdued results.  This is a trend likely to be
sustained in future periods; however, in such circumstances,
portfolio liquidations are expected to continue to generate
significant cash flow, mitigating liquidity stresses associated
with declining access to traditional unsecured funding sources
and enabling a relatively high dividend payout to parent Ford.

Though most of Ford Credit's earning assets are securitizable,
certain of the company's assets, particularly those that are more
highly correlated with parent-level factors such as retail leases
and dealer finance receivables are less readily securitized and
have traditionally been funded with unsecured debt.  Declining
access to unsecured debt may become a limiting factor to the
company's scale in future periods.

Nevertheless, Moody's expects Ford Credit will maintain the
necessary flexibility to manage foreseeable near-term liquidity
stresses and, in addition, will be disciplined regarding
maintaining acceptable capital levels.  Leverage measures that
increase from current levels could impair the company's financial
flexibility and result in negative ratings pressure.

Ford Credit's one-notch differential from Ford's rating is based
on Moody's view that, in a default scenario, Ford Credit's assets
would likely provide superior asset recovery to unsecured
creditors compared to the assets of Ford.  Moody's believes that
Ford and Ford Credit are mutually motivated to preserve Ford
Credit's franchise value, by maintaining the corporate
separateness of its various functions, controls, and leadership,
thereby offering some protection of its assets from potential
substantive consolidation in a bankruptcy filing by Ford.

Any change in Moody's view regarding the magnitude of the
notching differential would likely relate to actions Ford might
pursue to decrease Ford Credit's probability of default, by
modifying ownership or governance structures.  The potential for
additional notching is probably limited to one notch, due to the
significant ties between the companies.

Ford Motor Company, headquartered in Dearborn, Michigan, is the
world's second largest automobile manufacturer.  Ford Motor
Credit Company, also headquartered in Dearborn, Michigan, is the
world's largest auto finance company.

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

          Mark L.  Wasden, Vice President - Senior Analyst
          Corporate Finance Group
          Moody's Investors Service
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


GMAC INTERNATIONAL: Moody's Cuts Family Rating to Ba2
-----------------------------------------------------
Moody's Investors Service lowered the ratings of General Motors
Corporation (GM) senior unsecured debt to Ba2 from Baa3, and its
short-term rating to Not Prime from Prime-3, and assigned a Ba2
Corporate Family Rating and an SGL-1 speculative grade liquidity
rating.

Moody's also lowered the ratings of General Motors Acceptance
Corporation (GMAC) senior unsecured debt to Ba1 from Baa2, and
short-term rating to Not-Prime from Prime-2.  The rating outlook
for both companies is negative.

The downgrades reflect continuing operating losses in GM's North
American automotive operations as well as challenges in
restructuring the company to achieve a viable long-term
competitive position as a leading global automaker.  In Moody's
view, a successful restructuring must address the company's high
fixed cost burden associated with hourly employee healthcare
costs and excess capacity, repositioning GM's product offerings
in order to curtail the need for large sales incentives, and
additional actions needed to address the competitive weakness of
its U.S. supply base, including Delphi Corporation.

Ratings lowered include:

(a) General Motors Corporation and supported entities: senior
    unsecured debt to Ba2 form Baa3; shelf registration of
    senior unsecured debt to (P)Ba2 from (P)Baa3, subordinated
    debt to (P)Ba3 from (P)Ba1, junior subordinated debt to
    (P)Ba3 from (P)Ba1, and preferred to (P)B1 from (P)Ba2;
    VMIG-3 rating to S.G.; and, short-term rating to Not-Prime
    from Prime-3.

(b) General Motors Acceptance Corporation and supported
    entities: senior unsecured debt to Ba1 from Baa2; senior
    unsecured shelf to (P)Ba1 from (P)Baa2; and short-term
    rating to Not-Prime from Prime-3

Ratings assigned:

General Motors Corporation: corporate family rating, Ba2; and
speculative grade liquidity rating, SGL-1.

Moody's estimates that GM's total automotive operating cash flow
for 2005 will be in the area of a negative US$3 billon.  A
portion of this negative cash flow relates to a reduction in
trade payables in connection with the company's decision to
reduce excess inventories as well as unabsorbed fixed charges as
production was ramped down.  This type of reduction should not
recur during 2006.

GM is attempting to address the challenges it is facing through
the implementation of a North American recovery plan.  This plan
includes reducing employment by more than 25,000 during the
2005-2008 period, and reinvigoration of product offerings
requiring increased reinvestment.  The most critical element of
the recovery plan is GM's effort to negotiate significant
reductions in healthcare costs with the United Auto Workers union
(UAW) as GM's large retiree base places the company at a
significant competitive cost disadvantage relative to other auto
manufacturers.

GM is also contending with the financial and operating
difficulties of key components suppliers, including Delphi
Corporation.  Risks to GM include cash contributions and other
economic considerations necessary to enable Delphi to achieve a
financial restructuring.  Also GM might face operational
disruption as a result of a Delphi bankruptcy filing as well as
the prospect of having to provide pension and healthcare benefits
to certain Delphi employees and retirees under the terms of the
agreement reached at the time of the Delphi spin-off.

The SGL-1 speculative grade liquidity rating reflects Moody's
expectation that GM's US$20 billion cash and short-term VEBA
position (June 30, 2005) will provide adequate coverage of cash
requirements during the next twelve months.  These include the
possibility of the negative cash flow the company will likely
experience during the remainder of 2005 and early 2006, and
approximately US$1 billion in maturities of long-term and
short-term debt.

The negative outlook reflects the potential for the rating to be
further lowered should GM fail to successfully implement its
North American recovery plan -- including achieving healthcare
cost relief with the UAW and reducing headcount.  GM's liquidity
provides an important cushion as the company attempts to
restructure its operations.  Any material erosion in GM's
liquidity position would make its rating more vulnerable to the
pressures that continue to confront its automotive operations.

The Ba2 rating anticipates that GM will:

(a) Maintain US market share of approximately 25%;

(b) Achieve strong market acceptance and sustain healthy price
    realization for new products including the T900 light truck
    and SUV series;

(c) Earn automotive pretax profit in excess of US$500 million
    for 2006;

(d) generate at least breakeven automotive operating cash flow
    before pension, VEBA, GMAC dividends; and

(e) maintain gross liquidity (cash and short-term VEBA balances)
    at or above US$20 billion.

GMAC, through its continued support for the wholesale and retail
financing requirements of GM and through the dividend payment to
its parent (US$1.5 billion during 2004), is also an important
support element in Moody's assessment of GM.  The Ba2 rating for
GM anticipates that during 2006 GM's metrics, including GMAC's
dividend and using Moody's standard adjustments, will approximate
the following: EBITA margin exceeding 2%; interest coverage of
1.5 times, and free cash flow to debt in the mid-single digits
range.

Factors that could stabilize GM's rating outlook include a return
to sustained profitability and free cash flow generation,
particularly in its North American operations.  This requires
successful implementation of its North American recovery plan,
including achieving meaningful healthcare cost relief from the
UAW.  Moreover, the company will need to stem any further erosion
of its competitive market position through product enhancements
that sustain market share without the need for significant sales
incentives.

Factors that could contribute to pressure on the Ba2 rating
include:

(a) U.S. market share falling below 25%;

(b) Reduced levels of dividends from GMAC;

(c) failing to maintain balance sheet liquidity of about US$20
    billion; and

(d) material negative variance from the credit metrics cited
    above.

Moody's is maintaining a one rating notch differential between
the GMAC and GM long-term ratings.  In Moody's view, loss
severity for GMAC's creditors would be meaningfully lower than
for GM's creditors were the two companies to default on their
debt obligations.  We believe any potential for increasing the
notching distinction relates to widening the difference in
probability of default between the two firms.  Changing ownership
and governance structures could lead to greater notching, though
given the significant GM-related concentrations, the potential is
probably limited to one additional notch.

Moody's downgrade of GMAC's ratings reflects issues at the GM
level that could affect GMAC's condition and performance.  For
example, Moody's believes that the potential for sustained demand
weakness and high sales incentives for GM's autos could
ultimately lead to softer residual values, thereby negatively
impacting GMAC's credit loss and lease residual realization
statistics.

Also, though not presently a concern, the quality of dealer
finance receivables could be compromised should sales deteriorate
to lower levels, pressuring the financial condition of the dealer
base.  However, in light of the mutual benefits GM and GMAC
derive from their association, measured in repeat sales and
origination volumes and profit distributions, we believe GM is
committed to preserving GMAC's strong franchise value.  We
therefore do not expect the company to vary from its historical
commitment to quality underwriting and risk management practices.

A key intermediate term rating issue for GMAC is its liquidity
management.  GMAC has demonstrated a forward-thinking approach to
managing funding and liquidity challenges, but this task has
become more difficult as access to the unsecured markets has
declined, leaving fewer financing alternatives for GMAC's
less-liquid assets.

Funding constraints may define the scale and scope of GMAC's
operations should alternative funding sources not become more
readily available.  Given these issues, maintaining flexibility
via an adequate capital cushion is of high importance in Moody's
view; deviation from the current trend of moderating leverage
would reflect negatively on GMAC's intrinsic credit profile.

Results in GMAC's core auto finance operations are under pressure
due to a shrinking asset base and higher borrowing costs.  But
strong cash flow from portfolio runoff and sizeable cash balances
should mitigate near term liquidity pressures, affording the
company some time to address funding challenges.

GMAC's mortgage and insurance units have performed admirably,
though dwindling refinance volumes associated with stabilizing
mortgage rates could result in a reversal of earnings momentum.
Cost management will be a key to sustaining profitability metrics
as the company deals with the consequences of moderating earning
asset levels and higher cost of funds.

General Motors Corporation, headquartered in Detroit, Michigan,
is the world's largest producer of cars and light trucks.  GMAC,
a wholly owned subsidiary of GM, provides retail and wholesale
financing in support of GM's automotive operations and is one of
the worlds largest non-bank financial institutions.

CONTACT:  MOODY'S INVESTORS SERVICE (NEW YORK)
          Michael J.  Mulvaney, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653

          J. Bruce Clark, Senior Vice President
          Corporate Finance Group
          Moody's Investors Service
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


PETROKAZAHSTAN FINANCE: Moody's Reviews Rating for Upgrade
----------------------------------------------------------
Moody's Investors Service on August 24, 2005 placed the Ba3
corporate family rating for PetroKazakhstan Inc. (PKZ) on review
for possible upgrade.  The company, which is the guarantor of the
US$125 million notes issued by PetroKazakhstan Finance B.V.,
announced on Monday, August 22, that it has entered into an
Arrangement Agreement with CNPC International Ltd. (CNPCI), which
has offered to buy all outstanding PKZ common shares for US$4.2
billion in cash.

Moody's rating action is in response to the expectation that a
successful acquisition will have a positive impact on PKZ's
rating considering the stronger credit profile of China National
Petroleum Corporation (CNPC), which is the 100% parent company of
CNPCI.  The closure of the transaction is expected in October
2005.

In case of a successful closure of the proposed acquisition, the
review will focus on the level of operational and financial
integration of PKZ into the acquirer's group.  Moody's will
likely lift the rating by three or more notches even without a
formal support arrangement.  With regard to the impact of the
transaction on PKZ's outstanding notes, which include a change of
control clause, Moody's will focus on the company's liquidity
situation, debt allocation and funding policy in the new group.
The agency will also monitor the development of PKZ's currently
challenging legal and regulatory situation in light of the new
owner.

PetroKazahstan Finance B.V. is a special-purpose financing
vehicle and an indirect wholly owned subsidiary of
PetroKazahstan, Inc, formerly known as Hurricane Hydrocarbons
Ltd., headquartered in Calgary, Alberta, in Canada.  PKZ is an
integrated oil company that operates in central and southern
Kazakhstan.  The other guarantors are PetroKazahstan's principal
up- and downstream operating subsidiaries in Kazakhstan.

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

          MOODY'S INVESTORS SERVICE (NEW YORK)
          Christine Garburg, Associate Analyst
          European Corporates
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


ROYAL SHELL: Cancels Another 900,000 'A' Shares
-----------------------------------------------
On 23 August 2005, Royal Dutch Shell plc purchased for
cancellation 900,000 'A' Shares at a price of EUR26.16 per share.
Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,063,540,000.  As
of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc
were in issue.

                            *   *   *

Shell's buyback scheme is aimed at reviving shareholders' and
investors' confidence.  The buyback program follows a damaging
reserves overestimation scandal last year.

                        About the Company

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

                           The Trouble

Shell admitted it overstated its proved reserves by almost 6.0
billion barrels between January 2004 and February this year.
The crisis resulted to the ouster of three top executives,
including former chairman Philip Watts.  It was fined EUR150
million in total after investigations launched by U.S. and
British regulators.  Shell has said it had revised the method to
calculate reserves to comply with U.S. regulations.  The proved
reserves stood at 10.2 billion barrels at the end of 2004.

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


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


BARANCHINSKIY: Succumbs to Bankruptcy
-------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Baranchinskiy (TIN 6620008297) after finding
the timber industry combine insolvent.  The case is docketed as
A60-15283/2005-S11.  Mr. P. Podporin has been appointed
insolvency manager.

CONTACT:  BARANCHINSKIY
          Russia, Sverdlovsk region,
          Baranchinskiy, Soyuzov Str. 1

          Mr. P. Podporin
          Insolvency Manager
          620219, Russia, Ekaterinburg,
          GSP-573, Belinskogo Str. 34, Office 211


CHEMES: Insolvency Manager Takes over Company
---------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on limited liability company
Chemes.  The case is docketed as A76-10555/05-60-66.  Mr. E.
Ballakh has been appointed temporary insolvency manager.

CONTACT:  CHEMES
          454038, Russia, Chelyabinsk region,
          Shosse Metallurgov Str. 11a

          Mr. E. Ballakh
          Temporary Insolvency Manager
          454085, Russia, Chelyabinsk region,
          Marchenko Str. 24, Office 308


DAIRY KRYLOVSKIY: Bankruptcy Hearing Set Next Year
--------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Dairy Krylovskiy (TIN 2338005098) after
finding the open joint stock company insolvent.  The case is
docketed as A-32-39184/04-S44/231-B.  Mr. M. Orlov has been
appointed insolvency manager.

Creditors have until September 23, 2005 to submit their proofs of
claim to the Arbitration Court of Krasnodar region.  A hearing
will take place on July 22, 2006.

CONTACT:  DAIRY KRYLOVSKIY
          352080, Russia, Krasnodar region,
          Krylovskaya St., Naberezhnaya Str. 53


INZHEL-STROY-SERVICE: Bankruptcy Supervision Begins
---------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on close joint stock company
Inzhel-Stroy-Service.  The case is docketed as A79-4385/2005.
Mr. V. Sokolov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 429900, Russia,
Chuvashiya republic, Tsivilsk, Nikolaeva Str. 15.

CONTACT:  INZHEL-STROY-SERVICE
          Russia, Chuvashiya republic,
          Cheboksary, Lapsary, Prom. Zone

          Mr. V. Sokolov
          Temporary Insolvency Manager
          429900, Russia, Chuvashiya republic,
          Tsivilsk, Nikolaeva Str. 15


IZH-MASH-AUTO-TRANS: Hires A. Karelin Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Izh-Mash-Auto-Trans (TIN 1832021903).  The case is docketed as
A71-43/2005-G26.  Mr. A. Karelin has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 426000, Russia, Udmurtiya republic, Izhevsk, K. Marska Str.
432-142.

CONTACT:  IZH-MASH-AUTO-TRANS
          Russia, Udmurtiya republic,
          Izhevsk, Deryabina Str. 3

          Mr. A. Karelin
          Temporary Insolvency Manager
          426000, Russia, Udmurtiya republic,
          Izhevsk, K. Marska Str. 432-142


MOL-PROM: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on limited liability company
Mol-Prom.  The case is docketed as A76-7270/05-34-24.  Mr. S.
Shtayda has been appointed temporary insolvency manager.

CONTACT:  MOL-PROM
          Russia, Chelyabinsk region,
          Kyshtym, Lenina Str. 46

          Mr. S. Shtayda
          Temporary Insolvency Manager
          617762, Russia, Perm region, Chaykovskiy,
          Sovetskaya Str. 1/5, Post User Box 197
          Phone/Fax: (34241) 6-13-88, 6-07-41

          The Arbitration Court of Chelyabinsk region
          454000, Russia, Chelyabinsk region,
          Vorovskogo Str. 2


NONWOVEN FABRIC: Proofs of Claim Deadline September 23
------------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Nonwoven Fabric
(TIN 7805047597, KPP 780501001) after finding the state unitary
enterprise factory insolvent.  The case is docketed as
A56-43352/04.  Mr. V. Gurtovoy has been appointed insolvency
manager.  Creditors have until September 23, 2005 to submit their
proofs of claim to 196084, Russia, Saint-Petersburg, Post User
Box 241.

CONTACT:  NONWOVEN FABRIC
          Russia, Saint-Petersburg region,
          Vozrozhdeniya Str. 42A

          Mr. V. Gurtovoy
          Insolvency Manager
          196084, Russia, Saint-Petersburg region,
          Post User Box 241


NORTH-WEST TRANSPORT: Declared Insolvent
----------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against North-West
Transport Company after finding the close joint stock company
insolvent.  The case is docketed as A56-24522/04.  Mr. A.
Vasilyev has been appointed insolvency manager.

CONTACT:   Mr. A. Vasilyev
           Insolvency Manager
           191028, Russia, Saint-Petersburg region,
           Chaykovskogo Str. 27


TNK-BP: Outlook Changed on Settlement of Tax Arrears
----------------------------------------------------
Fitch Ratings has changed the outlook on TNK-BP International
Ltd.'s Senior Secured rating and Senior Unsecured foreign
currency and local currency ratings to Positive from Stable.  The
outlook change reflects the reduced political risk to the company
following the settlement of the government's back tax claims
against the company.

This month TNK-BP received a ruling from the Federal Tax Service
relating to the results of the repeat tax audit of OAO TNK for
2001, amounting to RUR6.98 billion.  This sum is approximately
equal to US$250 million and is significantly below the initial
claim, which was reported to be close to US$1 billion.

Fitch takes comfort from the statement by the management of
TNK-BP that payment of the tax claims will not affect the
company's operations in any manner.

Jeffrey Woodruff, Director in Fitch's Energy Group in Moscow,
said: "A favorable ruling by the Federal Tax Service relating to
the company's back taxes in addition to improved operating
performance again in 2004 has improved our opinion of the
company's creditworthiness going forward."

Additional factors supporting the rating outlook change include
revised expectations regarding the company's operating
performance as well as a lengthening of the company's debt
maturity profile and a reduction in secured borrowings relative
to total debt.

Any rating upgrade, however, will largely depend on continued
improvement to the company's business profile.  Specifically, the
agency would look for increased crude oil production so that
TNK-BP can meet its stated target of achieving a production
growth rate in excess of the Russian industry average.
Additionally, the agency would like to see an acceleration in
reserve replacement.  Fitch would also expect continued
improvement to profitability and cash flow measures such as FFO
to Net Debt as well as greater production efficiency per barrel
of oil produced and refined.  A lower tax burden for the Russian
oil industry overall compared to other Russian industries would
also be viewed as a positive factor.

Fitch will continue to monitor the company's operating results,
borrowing plans, capital expenditures and dividend payout policy.

CONTACT:  FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7-095-956-9986
          Isaac Xenitides, London
          Phone: +44 (0) 20 7417 4300

          Media Relations
          Jon Laycock, London
          Phone: +44 20 7417 4327
          Web site: http://www.fitchratings.com


URAL-ECOS: Insolvency Manager Enters Firm
-----------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Ural-Ecos after finding the close joint stock
company insolvent.  The case is docketed as A60-13102/2005-S11.
Mr. O. Artemov has been appointed insolvency manager.

CONTACT:  URAL-ECOS
          620049, Russia, Ekaterinburg,
          Mira Str. 23-213

          Mr. O. Artemov
          Insolvency Manager
          620002, Russia, Ekaterinburg,
          Post User Box 11


YAGODINSKIY INDUSTRIAL: Under Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Magadan region has commenced bankruptcy
supervision procedure on municipal unitary enterprise Yagodinskiy
Industrial Combine.  The case is docketed as A-37-1272/05-2B.
Mr. L. Ermolaev has been appointed temporary insolvency manager.
A hearing will take place on November 1, 2005.

CONTACT:  YAGODINSKIY INDUSTRIAL COMBINE
          686234, Russia, Magadan region, Yagodninskiy region,
          Denokosnyj, Tsentralnaya Str. 10

          Mr. L. Ermolaev
          Temporary Insolvency Manager
          685000, Russia, Magadan region,
          Proletarskaya Str. 8, Office 317
          Phone: 9-96-93


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


SWISS INTERNATIONAL: Expands Basel Technical Services
-----------------------------------------------------
SWISS Technical Services is further developing its position as
one of the leading maintenance, repair and overhaul providers in
the regional aircraft sector.  The unit has concluded a
comprehensive long-term maintenance agreement with Blue1, the
Finnish-based carrier, covering five Saab 2000 aircraft. SWISS
Technical Services will also be ramping up its Avro RJ heavy
maintenance activities, extending these to the Avro RJ85s of
Lufthansa CityLine.  In view of the higher work volumes, the
Basel-based unit will be recruiting up to 50 new technical
personnel.

Swiss International Air Lines can draw on many years of
experience in providing regional aircraft maintenance, repair and
overhaul (MRO) services that are closely aligned to customer
carrier needs.  SWISS currently offers MRO services for Avro RJ,
Saab 2000 and Embraer 145 equipment which include aircraft,
engine, propeller and component maintenance, repair and overhaul
along with total technical care concepts that extend to
engineering, planning and spares supplies.

The new collaboration between SWISS and Lufthansa will bear its
first fruit in the MRO field this autumn when SWISS performs its
first heavy maintenance check on a Lufthansa CityLine Avro RJ85.
The partners plan to further exploit the synergies offered in the
maintenance of the SWISS and Lufthansa CityLine Avro RJ85/100
fleets in the longer term, by ensuring that maintenance work
previously entrusted to external providers is performed within
the Lufthansa Group.

In a further development, SWISS has concluded a long-term MRO
agreement with Finnish-based Blue1, a member of the Star
Alliance, for the maintenance of the carrier's five Saab 2000s.
SWISS is one of the leading providers of MRO services for this
aircraft type.

To handle the increased work volumes represented by the Lufthansa
CityLine and Blue1 business, SWISS Technical Services will be
doubling its fixed capacity from the present single heavy
maintenance or "C Check" line.  The unit will also be expanding
its workforce by up to 50 new technical personnel.

In addition to its flying staff, SWISS currently employs some 750
personnel in Basel, just under 400 of them in its Technical
Services unit.  By expanding its technical workforce, SWISS is
also consolidating its position as one of the biggest employers
at EuroAirport Basel-Mulhouse-Freiburg.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 (0) 61 582 3554
          E-mail: communications@swiss.com


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


TURKCELL ILETISIM: Fitch Upgrades Rating to 'BB'; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has upgraded Turkish GSM telephony provider
Turkcell Iletisim Hizmetleri A.S.'s Senior Unsecured local
currency rating to 'BB' from 'BB-' (BB minus) and removed it from
Rating Watch Positive (RWP).  A Stable Outlook is assigned. At
the same time, Turkcell's Senior Unsecured foreign currency
rating is affirmed at 'BB-' (BB minus), which is capped by the
Republic of Turkey's Long-term foreign currency 'BB-' (BB minus)
rating.

The Senior Unsecured local currency rating was put on RWP on 30
March, following TeliaSonera's agreement to acquire from Cukurova
Group a 27% stake in Turkcell for US$3.1 billion in cash.  This
would allow TS to control Turkcell with a 64.1% share and bring
stability to Turkcell's ownership.  There is now uncertainty that
this agreement will close and as a result Fitch has removed the
RWP.  Separately Fitch has upgraded the Local Currency rating due
to a strong underlying operational performance to reflect
Turkcell's improved metrics.

The upgrade reflects the strengthening performance of Turkcell's
Turkish mobile operations, on the back of its sustained 67%
leading market position in a growing market and stabilizing macro
economic trends, which are key drivers of its credit profile.
(Turkcell's subscribers reached 25.6 million at end-June 2005, up
from 23.4 million in YE2004).

The upgrade also reflects the resolution of Turkcell's key legal
issues with Turk Telekom and Turkish Treasury and thereby clarity
on the cash flow impact of Turkcell's litigations.  Fitch
incorporates the cash outflow impact of its litigation payments
for 2005 and 2006 but would still leave its leverage consistent
with a 'BB' rating.  Despite litigation payments in 2004 (US$486
million cash outflow), cash dividend payments (US$78 million) and
increased capital expenditures (US$487 million), Turkcell's cash
generation was sufficient to maintain cash-liquid balance of
US$764 million as at end-FY04.  Consequently, leverage was modest
at 0.7x as measured by gross debt-to-operating EBITDA (1.4x when
adjusted for litigation obligations) and is strong for the rating
level.

The ratings also consider the potential regulatory and
competitive challenges Turkcell may face, such as TA's potential
standard reference interconnect tariffs, Turk Telekom's
privatization, the sale of troubled Telsim, and the potential
introduction of mobile virtual network operators and new
technologies.

Turkcell is the largest provider of GSM telephony services in
Turkey.  It also has investments in mobile markets in Azerbaijan,
Moldova, Georgia and Kazakhstan through Fintur Holding (41.45%
stake) and Ukraine.  It is listed on the Istanbul Stock Exchange;
its American Depositary Shares are also listed on the New York
Stock Exchange.

CONTACT:  FITCH RATINGS
          Guzin Durmus, Istanbul
          Phone: +90 212 279 1065
          Michael Dunning, London
          Phone: +44 207 417 6343
          Raymond Hill, London
          Phone: +44 207 417 4314

          Media Relations
          Julian Dennison, London
          Phone: +44 20 7862 4080
          Web site: http://www.fitchratings.com


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


AGRO-DRUZHBA: Proofs of Claim Deadline Expires August 29
--------------------------------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
supervision procedure on LLC Agro-Druzhba (code EDRPOU 30316104).
The case is docketed as 25/140.  Mr. Oleksandr Plahotnik (License
Number AA 630147) has been appointed temporary insolvency
manager.  The company holds account number 26004208782099 at CB
Privatbank, MFO 313399.

Creditors have until August 29, 2005 to submit their proofs of
claim to:

(a) AGRO-DRUZHBA
    71100, Ukraine, Zaporizhya region,
    Berdyansk district, Osipenko, Osipenko Str. 3

(b) Mr. Oleksandr Plahotnik
    Temporary Insolvency Manager
    Ukraine, Dnipropetrovsk region,
    Dniprodzerzhinsk, Medichna Str. 4/51

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


BRIGANTINA: Gives Creditors Until Next Week to File Claims
----------------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against Brigantina (code EDRPOU 14310833) on June 21,
2005 after finding the open joint stock company insolvent.  The
case is docketed as 5/46-05.  Ms. U. Siromyatnikova (License
Number AA 719768) has been appointed liquidator/insolvency
manager.

Creditors have until August 28, 2005 to submit their proofs of
claim to:

(a) Ms. U. Siromyatnikova
    Liquidator/Insolvency Manager
    Ukraine, Herson region,
    Skadovsk

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


KRIMSKA INDUSTRIAL 2: Succumbs to Bankruptcy
--------------------------------------------
The Economic Court of Sevastopol region commenced bankruptcy
supervision procedure on LLC Krimska Industrial Company-2 (code
EDRPOU 0330709157) on June 13, 2005.  The case is docketed as
20-10/079.  Ms. Svitlana Bikova (License Number AB 116147) has
been appointed temporary insolvency manager.  The company holds
account number 260093013232 at JSCB Ukrsocbank, MFO 324195 and
26001317422001 at CB Privatbank, Sevastopol region branch, MFO
324935.

Creditors have until August 29, 2005 to submit their proofs of
claim to:

(a) KRIMSKA INDUSTRIAL COMPANY-2
    99029, Ukraine, AR Krym region,
    Sevastopol region, Shabalin Str. 27

(b) Ms. Svitlana Bikova
    Temporary Insolvency Manager
    99022, Ukraine, AR Krym region,
    Sevastopol region, Gorpishenko Str. 92/3

(c) ECONOMIC COURT OF SEVASTOPOL REGION
    99011, AR Krym region, Sevastopol region,
    Pavlichenko Str. 5


LOHVITSKA SILGOSPHIMIYA: Bankruptcy Supervision Starts
------------------------------------------------------
The Economic Court of Poltava region revived bankruptcy
supervision procedure on OJSC Lohvitska Silgosphimiya (code
EDRPOU 05487052) on June 30, 2005.  The case is docketed as
10/518.  Mr. Volodimir Nesvit (License Number AB 176021) has been
appointed temporary insolvency manager.

Creditors have until August 28, 2005 to submit their proofs of
claim to:

(a) LOHVITSKA SILGOSPHIMIYA
    Ukraine, Poltava region,
    Lohvitsya, Aerodromna Str. 1

(b) Mr. Volodimir Nesvit
    Temporary Insolvency Manager
    36003, Ukraine, Poltava region,
    Nezalezhnosti Square, 1-B, Room 18
    Phone: 50-80-67

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


MODA-KLASIK: Declared Insolvent
-------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Moda-Klasik (code EDRPOU 31647102) on July 4,
2005 after finding the limited liability company insolvent.  The
case is docketed as 21/62 b.  Mr. Andrij Kulik has been appointed
liquidator/insolvency manager.  The company holds account number
2600401611395 at Ukreximbank, Lugansk branch, MFO 304289.

Creditors have until August 28, 2005 to submit their proofs of
claim to:

(a) MODA-KLASIK
    Ukraine, Lugansk region,
    Lutugine, Miru Avenue, 52/2

(b) Mr. Andrij Kulik
    Liquidator/Insolvency Manager
    Ukraine, Lugansk region,
    Shelkovogo Str. 35
    Phone: (0642) 59-97-06

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


POLTAVA' RAJAGROPOSTACH: Under Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on OJSC Poltava' Rajagropostach (code
EDRPOU 00906539) on July 7, 2005.  The case is docketed as
18/123.  Mr. O. Tereshenko (License Number AB 116108) has been
appointed temporary insolvency manager.

Creditors have until August 28, 2005 to submit their proofs of
claim to:

(a) POLTAVA' RAJAGROPOSTACH
    Ukraine, Poltav region,
    Poltava district, Zaliznichne

(b) Mr. O. Tereshenko
    Temporary Insolvency Manager
    36003, Ukraine, Poltava region,
    Nezalezhnosti Square, 1-B, Room 18
    Phone: (0532) 50-80-67

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


PROMIN: Last Day for Filing Claims August 28
--------------------------------------------
The Economic Court of Hmelnitskij region has commenced bankruptcy
supervision procedure on Agricultural LLC Promin (code EDRPOU
03788000).  The case is docketed as 3/125-B.  Mr. Anatolij Lipko
(License Number AB 216703) has been appointed temporary
insolvency manager.  The company holds account number 260005097
at JSPPB Aval, Hmelnitskij regional branch, MFO 315966.

Creditors have until August 28, 2005 to submit their proofs of
claim to:

(a) PROMIN
    32054, Ukraine, Hmelnitskij region,
    Gorodok district, Velika Yaromirka

(b) Mr. Anatolij Lipko
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region, Krupska Str. 59

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


REYA: Insolvency Manager Takes over Business
--------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Reya (code EDRPOU 30825144) on June 29, 2005
after finding the limited liability company insolvent.  The case
is docketed as 4/109-B.  Mr. Oleg Martinov (License Number AA
779325) has been appointed liquidator/insolvency manager.

Creditors have until August 28, 2005 to submit their proofs of
claim to:

(a) REYA
    Ukraine, Zhitomir region,
    Berdichiv district, Reya

(b) Mr. Oleg Martinov
    Liquidator/Insolvency Manager
    10001, Ukraine, Zhitomir region,
    Meblevij Lane, 3-a
    Phone: 41-28-78
    Mobile: (067) 315-67-88

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


SLAVUTICH: Court Appoints Liquidator
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Agricultural LLC Slavutich (code EDRPOU
03754840) on June 23, 2005 after finding the limited liability
company insolvent.  The case is docketed as 94/14 b-05.  Mr.
Yurij Bilik (License Number AA 783144) has been appointed
liquidator/insolvency manager.  The company holds account number
260000000681001 at JSC Index-Bank, Kagarlik branch, MFO 300818.

Creditors have until August 29, 2005 to submit their proofs of
claim to:

(a) SLAVUTICH
    09200, Ukraine, Kyiv region,
    Kagarlik district, Kuzmintsi, Radyanska Str. 1

(b) Mr. Yurij Bilik
    Liquidator/Insolvency Manager
    Phone: 8 (044) 469-05-32
    Phone/Fax: 8 (044) 568-12-77

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


VAJNING-VINNITSYA: Creditors' Claims Due Next Week
--------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Vajning-Vinnitsya (code EDRPOU 31473144) on
July 12, 2005 after finding the company insolvent.  The case is
docketed as 10/104-04.  A representative of Vinnitsya State Tax
Inspection has been appointed liquidator/insolvency manager.  The
company holds account number 26005017411022 MFO 302429.

Creditors have until August 28, 2005 to submit their proofs of
claim to:

(a) VAJNING-VINNITSYA
    Ukraine, Vinnitsya region,
    Karbishev Str. 53

(b) Liquidator/Insolvency Manager
    Ukraine, Vinnitsya region,
    30-Richya Peremogi Str. 21
    Phone: 8 (0432) 46-97-67


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


ASET ENGINEERING: Hires Administrators from Wilson Field
--------------------------------------------------------
Name: ASET ENGINEERING LIMITED
      (Company No 04014283)

Nature of Business: Construction and Civil Engineering

Trade Classification: 4521

Date of Appointment: 12 August 2005

Joint Administrators' Names and Address: Lisa J Hogg and David A
Field (IP Nos 9037 and 9178), both of Wilson Field, The Annexe,
The Manor House, 260 Ecclesall Road South, Sheffield S11 9PS

CONTACT:  WILSON FIELD
          The Annexe
          The Manor House
          260 Ecclesall Road South
          Sheffield
          South Yorkshire S11 9UZ
          Phone: 0114 235 6780
          Fax: 0114 262 0661


AVMARK INTERNATIONAL: Official Receiver to Oversee Liquidation
--------------------------------------------------------------
Company Name: AVMARK INTERNATIONAL LTD.
              4TH Floor, 45 Condiut Street,
              London, W1S 2YN
              Phone: +44 (0) 207 287-8383
              Fax: +44 (0) 207 287-7244
              E-mail: Enquiries@avmarkinc.com
              Web site: http://www.avmarkinc.com

Registration Number: 01918075

Court: High Court of Justice

Date of Filing Petition: June 29, 2005

No. of Matter: 004277 of 2005

Date of Winding-up Order: August 10, 2005

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


BOSSA NOVA: Calls in Administrator
----------------------------------
Name: BOSSA NOVA UK LIMITED
      (Company No 4419448)

Nature of Business: Restaurant

Address of Registered Office: Unit 45, Baildon Mills, Northgate,
Baildon, Shipley BD17 6JX

Trade Classification: 49

Date of Appointment: 10 August 2005

Administrator's Name and Address: William Clive Swindell (IP No
8100), Yorkshire House, 7 South Lane, Holmfirth, Huddersfield HD9
1HN

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


CANNON TANDOORI: Bristol Court Issues Winding-up Order
------------------------------------------------------
Company Name: CANNON TANDOORI (UK) LTD.
              21 College Hill, Cannon Street,
              London, EC4R 2RP
              Phone: 020 7248 5855

Court: Bristol District Registry

Date of Filing Petition: June 17, 2005

No. of Matter: 2536 of 2005

Date of Winding-up Order: August 10, 2005

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


COUNTRY SUPERSTORES: Administrator's Proposals Known Next Month
---------------------------------------------------------------
Notice is hereby given that a Meeting of the Creditors of Country
Superstores Limited will be held at The Oak Room, The Maids Head
Hotel, Tombland, Norwich, on 6 September 2005, at 11:00 a.m., to
consider the Administrators' proposals under section 23(1) of the
Insolvency Act 1986 and to consider establishing a Creditors'
Committee.  A Creditor will be entitled to vote only if a written
statement of claim is given to me not later than 12:00 noon on 5
September 2005 and if the claim is admitted for voting purposes.
Any proxies that are intended to be used must be submitted to me
by the date of the Meeting.  A Company may vote either by proxy
or through a representative appointed by Board Resolution.

A McTear, Joint Administrator

CONTACT:  MCTEAR WILLIAMS & WOOD
          De Vere House
          90 St Faiths Lane
          Norwich
          Norfolk NR1 1NE
          Phone: 01603 877540
          Fax: 01603 877549
          E-mail: chriswilliams@mw-w.com


EAST WEST: Leonard Curtis Administrators Step in
------------------------------------------------
Name: EAST WEST INTERNATIONAL LIMITED
      (Company No 04221798)

Nature of Business: Other Wholesale

Address of Registered Office: Peninsula House, Green Lane,
Heywood, Lancashire OL10 2DY

Trade Classification: 15

Date of Appointment: 4 August 2005

Joint Administrators' Names and Address: J. M. Titley and A.
Poxon (IP Nos 8617 and 8620), of DTE Leonard Curtis, DTE House,
Hollins Mount, Bury BL9 8AT

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


GATE GOURMET: BA Deal 'Contingent' Upon Labor Row Resolution
------------------------------------------------------------
A union representative reminded Gate Gourmet its new contract
with British Airways is contingent upon the settlement of its
dispute with the union over the firing of 600 workers.

"That deal with British Airways is contingent on getting a labor
agreement sorted out and we are not there yet in terms of getting
that resolved," a Transport and General Workers' Union spokesman
told the Associated Foreign Press.

Earlier, the U.S. catering company admitted that its U.K. arm
faces the prospect of going out of business if talks with British
Airways, its biggest client, collapse.  On Tuesday, Gate Gourmet
confirmed it had agreed to an improved commercial deal with the
airline.

Mike Street, BA director of customer service and operations,
noted the new terms involve more money for Gate Gourmet and the
extension of its contract up to 2010.  However, he the agreement
will only be official after Gate Gourmet shall have resolved its
dispute with the union.

The union is hopeful negotiations will resume soon after it
stalled Tuesday.  "What we were talking about [Tuesday], when we
genuinely thought we were making progress with them, is actually
a framework procedure for dealing with this whole situation at
Gate Gourmet in terms of looking at how we can move the whole
situation forward," the union spokesman said.

Gate Gourmet Chairman David Siegel has promised to consider the
"compromise proposals," but the resumption of talks may be
delayed because he is currently in the U.S.

Last week, 1,000 BA ground staff at Heathrow held an unofficial
strike to protest the termination of co-workers, leaving over
100,000 passengers stranded.  Gate Gourmet U.K., which lost GBP22
million in 2004, is facing another GBP25 million in losses this
year.  It blames the crisis on its "increasingly punitive"
contract with British Airways as well as staff costs brought by
"1970s union-protected working practices."

CONTACT:  GATE GOURMET U.K. & IRELAND
          Phone: 0208 5135013
          Mobile: 07810 561816
          Web site: http://www.gategourmet.com


GLASDON GOWN: Court Orders Winding up
------------------------------------
Company Name: GLASDON GOWN CO. LTD.
              Glasdon House, 7 Metro Centre,
              Tolpits Lane, Watford,
              Hertfordshire, WD18 9SS
              Phone: 01923 202064

Registration Number: 00374081

Court: High Court of Justice

Date of Filing Petition: May 26, 2005

No. of Matter: 003463 of 2005

Date of Winding-up Order: August 10, 2005

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


GPE EXHIBITIONS: Hires Administrators from Andrew Michaels & Co.
----------------------------------------------------------------
Name: GPE EXHIBITIONS LTD.
      (Company No 04784341)

Nature of Business: Rent Other Machinery and Equipment

Address of Registered Office: Tournament Building, Smisby Road,
Ashby De La Zouch, Leicestershire LE65 2UR

Date of Appointment: 9 August 2005

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

CONTACT:  GPE EXHIBITIONS LTD. (THE FURNITURE HIRE PEOPLE.COM)
          Tornimont Building
          Smisby Road
          Ashby De La Zouch
          Leicester LE65 2UR
          Phone: 01530 564 287
          Fax: 01530 564 723
          E-mail: info@gpeexhibitions.com
          Web site: http://www.gpeexhibitions.com

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


GRANADA WINDOWS: First Creditors Meeting Set Next Week
------------------------------------------------------
Notice is hereby given by T. Papanicola, Bond Partners LLP, The
Grange, 100 High Street, London N14 6TG, that a Meeting of
Creditors of Granada Windows Limited (Company No 04592174), Unit
6, White Lund Industrial Estate, Morecambe, Lancashire LA3 3AY,
is to be held at The Crown Plaza Hotel, Ringway Road, Manchester
Airport, Manchester M90 3NS, on 30 August 2005, at 11:00 a.m.
The Meeting is an initial Creditors' Meeting under paragraph 51
of Schedule B1 to the Insolvency Act 1986.  In order to be
entitled to vote under Rule 2.38 at the Meeting you must give to
me, not later than 12:00 noon on the business day before the day
fixed for the Meeting, details in writing of your claim, together
with a form of proxy.

CONTACT:  GRANADA WINDOWS LTD.
          Northgate, Morecambe, LA3 3AY
          Phone: 01524 388588

          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


HARLEQUIN HEATING: Court Okays Liquidation
------------------------------------------
Company Name: HARLEQUIN HEATING LTD.
              Haldon Tor, Vansittart Road,
              Torre, Torquay,
              Devon, TQ2 5BW
              Phone; 01803 213150

Registration Number: 04300075

Court: Torquay & Newton Abbot

Date of Filing Petition: April 14, 2004

No. of Matter: 6 of 2004

Date of Winding-up Order: June 7, 2004

CONTACT:  Official Receiver
          1st Floor, Cobourg House,
          Mayflower Street,
          Plymouth, PL1 1DJ
          Phone: 01752 635200
          Fax: 01752 635222


HENDERSON GROUP: Still on Track to Achieve 2005 Target
------------------------------------------------------
Half-year Highlights

(a) operating profit before tax from continuing operations of
    GBP37.0 million (1H2004: GBP28.7 million), reflecting steady
    progress in Henderson Global Investors and Towry Law U.K.,
    lower corporate costs and returns on increased cash
    balances;

(b) profit before tax for the discontinued Life Services
    business in the period from 1 January 2005 to the disposal
    date 13 April 2005 was GBP16.7 million (1H2004: GBP18.8
    million loss after eliminating intra-group profits);

(c) profit on ordinary activities before tax from all operations
    of GBP35.1 million (1H2004: GBP21.2 million) after allowing
    for loss on disposal of discontinued operations totaling
    GBP18.6 million (1H2004: GBP11.3 million profit);

(d) profit on ordinary activities after tax from all operations
    of GBP23.7 million (1H2004: GBP5.1 million);

(e) Henderson Global Investors operating profit up 5% to GBP38.0
    million (1H2004: GBP36.2 million);

(f) Henderson Global Investors cost to income ratio improved to
    70.6% (1H2004: 71.9%);

(g) Henderson Global Investors assets under management of
    GBP66.5 billion (31 Dec 2004: GBP69.1 billion); and

(h) Towry Law U.K. operating profit of GBP1.6 million (1H2004:
    GBP0.1 million loss).

Chief Executive Roger Yates' Report

In first half 2005, we made steady progress against our business
objectives, including improvements in operating profit and
efficiency.  We completed the sale of the Life Services business,
returned cash to shareholders and strengthened our financial
position.

Henderson Global Investors operating profit was up 5% in first
half 2005 against the same period last year on the back of
increased revenues from higher margin products, higher investment
income and slightly lower operating expenses.  In addition,
Henderson Global Investors is on track to reach its 75% annual
cost to income target in the short to medium term.  The
improvement from 71.9% in first half 2004 to 70.6% in first half
2005 was due to slightly lower operating expenses.  Total margins
on average assets under management increased from 36bps in first
half 2004 to 37bps in first half 2005 and net margins from 10bps
in first half 2004 to 11bps in first half 2005.

The Life Services business contributed GBP16.7 million profit
before tax from 1 January 2005 to the disposal date (first half
2004: GBP18.8 million loss after eliminations).  This was offset
by a loss on disposal based on the adjusted fair value of the
Life Services business in first half 2005 of GBP18.6 million
(first half 2004: GBP11.3 million profit on disposal of
discontinued operations).

During the period, we improved the capital position by allocating
a lower proportion of the proceeds from the sale of the Life
Services business to specific risks in the sale agreement, and by
realigning regulatory and working capital requirements.

Henderson Global Investors

Operating profit before tax was GBP38.0 million, up 5% from
GBP36.2 million in first half 2004.  This reflects the focus on
higher margin products, increased investment income and slightly
lower operating expenses.

Total fee income in first half 2005 was GBP124.9 million, down 1%
from GBP125.8 million in first half 2004 due to slightly lower
management fee income (down 2% to GBP95.3 million) and lower
transaction fee income (down 14% to GBP13.0 million), largely
offset by an increase in performance fees (up 23% to GBP16.6
million).  Continued growth in higher margin business produced a
more profitable product mix, with the total fee margin for
Henderson Global Investors up from 36bps in first half 2004 to
37bps in first half 2005.

Investment income increased 38% from GBP3.2 million in first half
2004 to GBP4.4 million in first half 2005, due to higher cash
balances.

Total operating expenses decreased by 1% to GBP89.8 million in
first half 2005, as reductions in business-as-usual costs were
partly offset by increased investment in people.  The majority of
the increase related to variable staff costs such as
incentivization arrangements for new investment managers.  The
reduction in overall expenditure delivered an improvement in the
cost to income ratio to 70.6% in first half 2005 compared with
71.9% in first half 2004, and an improvement in net margin from
10bps to 11bps.

Total assets under management at the end of first half 2005 were
GBP66.5 billion (down 4% on 31 December 2004).  Net client
outflows of GBP5.6 billion were partly offset by favorable market
and exchange rate movements of GBP3.0 billion.  The client
outflows were due to expected outflows associated with the
run-off of the Pearl Group funds and the institutional business.

Towry Law U.K.

Towry Law U.K. continues to show a steady improvement in
performance, and recorded a GBP1.6 million profit in first half
2005 compared with a GBP0.1 million loss in first half 2004.  A
number of restructuring initiatives undertaken in 2004 have
started to show benefits, with lower costs in all areas of the
business.  Turnover has increased slightly in comparison to first
half 2004, despite a 25% reduction in the number of business
writers in the Independent Financial Advisory division, difficult
corporate markets and softening insurance rates.

Towry Law International continues to work with the Hong Kong
Securities and Futures Commission to ensure that all legacy
product issues are being dealt with appropriately.

Corporate office

Corporate costs were GBP7.2 million for first half 2005 compared
with GBP8.1 million in first half 2004.  A substantial
reorganization of the corporate office took place in the second
quarter of 2005 following the sale of the Life Services business
and a number of corporate staff were transferred to the outgoing
business or left the Group.

Balance Sheet and Liquidity

The balance sheet remains strong, with high liquidity and minimal
gearing.  The Group has adequate provisions in place (GBP127
million at 30 June 2005), which cover a variety of matters such
as restructuring costs, legacy product mis-selling and staff
defined benefit pension obligations.

In line with its stated policy, the Board intends to return
capital not needed for the business to shareholders.  At 30 June
2005 the balance sheet showed equity shareholder funds of GBP620
million, of which approximately GBP190 million could be described
as surplus capital, more than the GBP125 million retained capital
reported at the time of the full-year 2004 results.  The Board
will consider in detail the capital needs of the business and
update shareholders on capital planning with the full-year 2005
results in February 2006.

Dividend

No ordinary dividend is proposed for first half 2005 (1H2004:
nil), however, in line with Henderson Group's previous statement,
a final dividend is expected to be paid in early 2006 in respect
of the second half of 2005.  An initial payout ratio of 50% of
post tax profits will be targeted, phased one-third interim and
two-thirds final dividend.

Further guidance on the quantum and timing of the dividend will
be provided with the full-year 2005 results in February 2006.

The Board of Directors

During the year four members retired from the Board - Sir Malcolm
Bates and Peter Costain in February 2005, Sir William Wells in
June 2005 and Ian Laughlin on completion of the sale of the Life
Services business (13 April 2005).  Rupert Pennant-Rea succeeded
Sir Malcolm Bates as Henderson Group Chairman in March
2005.

Outlook for Full Year 2005

Assuming continued benign markets, Henderson Group is on track to
meet its financial objectives for 2005.  Henderson Global
Investors is benefiting from good sales of higher margin
products, which should offset margins lost from any reduction in
assets under management during 2005.  Although we are expecting
an increase in costs in second half 2005, profitable revenue
growth should enable Henderson Global Investors to reach its
targeted annual expense ratio of 75% in the short to medium term.

We anticipate Towry Law U.K. will remain profitable in second
half 2005, although it is likely to contribute only a small
portion of Group profits.  Corporate costs should be lower than
the levels seen in first half 2005 as a result of lower
shareholder servicing and staff costs, and investment income
should remain flat.

The Group is well capitalized, and we will remain disciplined and
prudent in the way we manage that capital.

CONTACT:  HENDERSON GROUP PLC
          4 Broadgate
          London
          EC2M 2DA, United Kingdom
          Phone: +44-20-7454-9779
          Fax: +44-20-7818-1820
          Web site: http://www.henderson.com

          Investor Inquiries
          Gail Williamson
          Director of Investor Relations
          Phone: +44 20 7818 5168
          E-mail: investor.relations@henderson.com


JARVIS PLC: Creditors Participating in Debt Swap Okay Plan
----------------------------------------------------------
The Board of Jarvis plc has disclosed that the Company and the
Converting Creditors have signed the key documentation that will
allow the Company to effect the Restructuring that Shareholders
approved at the Extraordinary General Meeting held on 4 August
2005.  The implementation of the Restructuring remains subject to
various conditions precedent.

The signed documentation includes the consensual restructuring
agreement to implement the Debt for Equity Exchange and the
Additional Funding Facilities agreement, which provides up to
GBP38.5 million of funding facilities to the Group.  Conditions
to the implementation of these agreements include the launch of
the Placing and Open Offer.

A further announcement providing details of the timetable and the
Placing and Open Offer will be issued shortly.

                            *   *   *

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

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

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

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

          Bridget Fury, Merlin
          Phone: 020 7653 6620


JH AND CJN: Meeting of Creditors Next Week
------------------------------------------
Notice is hereby given that a Meeting of the Creditors of the JH
and CJN Williams Partnership is to be held at KPMG LLP, 2
Cornwall Street, Birmingham B3 2DL, on 6 September 2005, at 10:00
a.m., to consider the Administrators' proposals under section
23(1) of the Insolvency Act 1986 and to consider establishing a
Creditors' Committee.  A Creditor will be entitled to vote only
if a written statement of claim is given to me at the above
address not later than 12:00 noon on 5 September 2005 and if the
claim is admitted for voting purposes. Any proxies that are
intended to be used must be submitted to me by the date of the
Meeting.  A Company may vote either by proxy or through a
representative appointed by Board Resolution.

A W Graham, Joint Administrator

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


KENT INTERNATIONAL: Calls in Administrators from Grant Thornton
---------------------------------------------------------------
Name: KENT INTERNATIONAL BUSINESS PARK LIMITED
      (Company No 02521945)

Nature of Business: Airport Business Park

Registered Office of Company: Grant Thornton UK LLP, Grant
Thornton House, Melton Street, London NW1 2EP

Date of Appointment: 5 August 2005

Joint Administrators' Names and Address: Andrew David Conquest,
Joseph Peter McLean and Steven John Akers, (IP Nos 5329, 8903 and
6460), of Grant Thornton UK LLP, Grant Thornton House, Melton
Street, London NW1 2EP

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


LAMPS DIRECT: Creditors Meeting Set Next Week
---------------------------------------------
Notice is hereby given by T. Papanicola, Bond Partners LLP, The
Grange, 100 High Street, London N14 6TG, that a Meeting of
Creditors of Lamps Direct Limited (Company No 03939219),
Hallidays, Portland Buildings, 127-129 Portland Street,
Manchester, Lancashire M1 4PZ, is to be held at The Crown Plaza
Hotel, Ringway Road, Manchester Airport, Manchester M90 3NS, on
30 August 2005, at 1:00 p.m.  The Meeting is an initial Creditors
' Meeting under paragraph 51 of Schedule B1 to the Insolvency Act
1986.  In order to be entitled to vote under Rule 2.38 at the
Meeting you must give to me, not later than 12:00 noon on the
business day before the day fixed for the Meeting, details in
writing of your claim along with a form of proxy.

T Papanicola, Administrator

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


MANSTON CAR: Administrators from Grant Thornton Enter Firm
----------------------------------------------------------
Name: MANSTON CAR PARKS LIMITED
      (Company No 02922065)

Nature of Business: Airport Car Park

Registered Office of Company: Grant Thornton UK LLP, Grant
Thornton House, Melton Street, London NW1 2EP

Date of Appointment: 5 August 2005

Joint Administrators' Names and Address: Andrew David Conquest,
Joseph Peter McLean and Steven John Akers, (IP Nos 5329, 8903 and
6460), of Grant Thornton UK LLP, Grant Thornton House, Melton
Street, London NW1 2EP

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


MEDINET CORPORATION: Appoints Bennett Verby Administrator
---------------------------------------------------------
Name: MEDINET CORPORATION LIMITED
      (Company No 3767053)

Trading Name: Pharmalogical

Nature of Business: Wholesales of Pharmalogical Products.

Registered Office of Company: 12 Cringle Drive, Cheadle,
Stockport SK8 1JJ

Trade Classification: Division 3-15 Other Wholesale

Date of Appointment: 16 August 2005

Administrator's Name and Address: Vincent A. Simmons, Bennett
Verby, 7 St Petersgate, Stockport, Cheshire SK1 1EB

CONTACT:  BENNETT VERBY
          7 St Petersgate
          Stockport
          Cheshire SK1 1EB
          Phone: 0161 477 9345
          Fax: 0161 429 7224
          E-mail: v.simmons@bennettverby.co.uk


MG ROVER: Phoenix Four Promise to Turn over Castle Sale Proceeds
----------------------------------------------------------------
The sale of a 172-year-old West Midland castle could reportedly
benefit about 6,000 workers who lost their jobs when MG Rover
collapsed in April.

According to the Telegraph, Peter Beale, one of the Phoenix Four,
has promised that proceeds from the disposal of the Studley
Castle would be endorsed to the trust fund for the former
workers.

In 2000, Mr. Beale together with John Towers, Nick Stephenson and
John Edwards bought MG Rover and earned over GBP30 million before
the carmaker fell into administration.  The four earlier promised
to hand over to the trust fund the millions of pounds worth of
assets controlled by Rover's parent Phoenix Venture Holdings.  So
far, they have just paid GBP5,000 each to cover the company's
running costs.

Mr. Beale said: "We are pleased to have completed the successful
sale of Studley Castle.  This sale is part of our process of
disposing of all of the PVH assets to allow us to create value
for the Longbridge employee trust."

Studley Castle was sold for GBP4.5 million to an entity
controlled by Firoz Kassam, owner of Oxford United FC.  The
transaction is said to have involved dealerships and GBP25
million-worth of collaterized cash.

Meanwhile, lawyers representing the four have reportedly advised
them not to endorse any more assets until the Department of Trade
& Industry releases a report on their inquiry into Rover's
crisis.

Mr. Beale added: "We are currently acting under legal advice not
to transfer our shareholdings into the trust, but that advice is
under constant review as the terms of reference and progress of
the current DTI inquiry become clearer."

This move has angered the Transport and General Workers' Union.
Regional secretary Gerard Coyne said: "Rover workers have been
badly let down here in another twist in a tale of greed.  They
were led to believe this fund would have substantial monies paid
into it by the Phoenix Four."

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


MISYS PLC: Proposed Bonus Scheme for Execs May Spark Revolt
-----------------------------------------------------------
Shareholder rebellion reportedly looms at Misys plc as the
company considers paying two managers a bonus if either of them
would not be appointed chief executive.

According to the Financial Times, some key investors plan to vote
against the proposal at the annual meeting on September 13.  One
unnamed shareholder was quoted as saying the proposal sets a
"dangerous precedent."

The software firm eyes to pay a GBP1.2 million bonus to
healthcare head Tom Skelton and banking head Ivan Martin if
either of them would not get the top post.  Misys is said to be
concerned that they may leave the company if they would not be
chosen to replace current Chief Executive Kevin Lomax.

A spokesman for the company noted the proposed bonus scheme
involves tough performance targets.  "The performance targets are
stretching and some of our largest shareholders have signaled
support.  We have been proactive with investors and remain in
discussions with them."

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


PAREX SYSTEMS: Collapses into Liquidation
-----------------------------------------
Company Name: PAREX SYSTEMS LTD.
              65 Trelawny Road,
              Plympton, Plymouth,
              Devon, PL7 4LJ
              Phone: 01752336405

Registration Number: 03241318

Court: High Court of Justice

Date of Filing Petition: May 11, 2005

No. of Matter: 003078 of 2005

Date of Winding-up Order: June 29, 2005

CONTACT:  Official Receiver
          1st Floor, Cobourg House,
          Mayflower Street,
          Plymouth, PL1 1DJ
          Phone: 01752 635200
          Fax: 01752 635222


PREMIER YACHT: Court Okays Liquidation
--------------------------------------
Company Name: PREMIER YACHT CLEANING SERVICES LIMITED
              Knights Chambers,
              The Square, Wickham,
              Hampshire, PO17 5JW
              Phone: 0845 675 6591
              Fax: 0870 744 7490

Registration Number: 4147271

Court: Portsmouth

Date of Filing Petition: June 15, 2005

No. of Matter: 27 of 2005

Date of Winding-up Order: August 8, 2005

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


RE LTD.: Winding-up Gets Go Signal
----------------------------------
Company Name: EIGHTACRE LTD.
              8 Baker Street,
              London, W1U 3LL
              Phone: 01268 592000

Registration Number: 01938809

Court: High Court of Justice

Date of Filing Petition: June 23, 2005

No. of Matter: 004159 of 2005

Date of Winding-up Order: August 10, 2005

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


ROYAL & SUNALLIANCE: Unveils Scrip Dividend Scheme
--------------------------------------------------
Royal & SunAlliance Insurance Group plc offers shareholders the
opportunity to take new ordinary shares, credited as fully paid,
in lieu of cash dividends, by participating in a Scrip Dividend
Scheme.

In relation to the interim dividend for 2005, the price of new
ordinary shares under the Scrip Dividend Scheme has been set at
94.1 pence.  This is the average of the Company's middle market
closing price for the five consecutive dealing days commencing on
the ex-dividend date of 17 August 2005.

Shareholders wishing to participate in the proposed Scrip
Dividend Scheme should return their mandate forms to Lloyds TSB
Registrars to arrive no later than 1 November 2005.

                            *   *   *

In August, Royal & SunAlliance reported operating result of
GBP329 million for the six months ended June 30, 2005, an
increase of 145 million on H1 2004.  Profit after tax amounted to
GBP195 million, up from GBP82 million in H1 2004.

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."

Royal & SunAlliance has also reportedly decided to transfer its
employees from pensions based on final salaries to packages
based on average career earnings.  This is said to be aimed at
cutting about GBP180 million from the company's GBP500 million
pension fund deficit.

The measure is part of the company's ongoing restructuring,
which comes amid mounting claims and weak investments.  The
company is said to have improved its risk profile, but it has
not yet totally eliminated the threat of potentially large
claims in the U.S.  The latter could dampen interest of
prospective buyers, according to analysts.

In June, Royal & SunAlliance sold a 20% stake in investment bank
Rothschild and fought off a potential takeover by Andrew Regan.

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


T G I COMMERCIAL: Calls in Administrators from Numerica
-------------------------------------------------------
Company Names: T G I COMMERCIAL LIMITED
               (Company No 04807739)

               T G I CONSULTANCY SERVICES LIMITED
               (Company No 03704177)

               T G I RECRUITMENT LIMITED
               (Company No 04327800)

Nature of Businesses: Recruitment Consultancy

Trade Classification: 38

Date of Appointment: 12 August 2005

Administrators' Names and Address: Colin Ian Vickers and Nicholas
Hugh O'Reilly (IP Nos 008309 and 008953), both of 4th Floor,
Southfield House, 11 Liverpool Gardens, Worthing, West Sussex
BN11 1RY

CONTACT:  NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing, West Sussex
          Phone: 01903 222500
          Fax:   01903 207009
          Web site: http://www.numerica.biz


TOHO LIMITED: Baker Tilly Administrators Move in
------------------------------------------------
Name: TOHO LIMITED
      (Company No 04482939)

Nature of Business: Restaurant and Bar

Trade Classifications: 45 and 49

Date of Appointment: 11 August 2005

Administrators' Names and Addresses: Adrian David Allen (IP No
8740), of Baker Tilly, 2 Whitehall Quay, Leeds LS1 4HG and Graham
Paul Bushby (IP No 8736), of Baker Tilly, Exchange House, 5th
Floor, 446 Midsummer Boulevard, Central Milton Keynes MK9 2EA.

CONTACT:  BAKER TILLY
          5th Floor, Exchange House,
          446 Midsummer Boulevard,
          Central Milton Keynes MK9 2EA
          Phone: 01908 687 800
          Fax: 01908 687 801
          Web site: http://www.bakertilly.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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