TCREUR_Public/050829.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, August 29, 2005, Vol. 6, No. 170

                            Headlines

F R A N C E

ALSTOM SA: SNCF Orders 30 Tri-current Locomotives
ALSTOM SA: Fails to Snatch EUR510 Million Mexican Contract


G E R M A N Y

BOCK PHARMA: Proofs of Claim Due September
DAIMLERCHRYSLER AG: To Create Hybrid Engines with General Motors
GFG GESELLSCHAFT: Court Appoints Udo Feser Administrator
HILITE GERMANY: Moody's Downgrades Ratings to B2
JUST 4 U: Coburg Business Falls into Bankruptcy

KILKA GMBH: Gives Creditors Until Thursday to File Claims
LANXESS AG: Unveils Further Restructuring Measures
LEICA CAMERA: Proposed Capital Increase Making Progress
PAUL KIESER: Creditors' Claims Due Next Month
P.R. PETER: Bremen Firm Under Bankruptcy Administration

RAESCH FITNESS: Darmstadt Court Calls in Administrator
SANATORIUM WIEDEMANN: Court to Verify Claims October
SCHARDT-PUTZ: Creditors to Meet Next Month
ZIMBA AG: Proofs of Claim Due 2nd Week of September


G R E E C E

OLYMPIC AIRLINES: Cabin Crew Declare Strike


H U N G A R Y

MALEV HUNGARIAN: Unions Warn of Strike if Sale Succeeds
ZALAHUS RT: Liquidator Starts Selling Assets


I T A L Y

ALITALIA SPA: SULT Union Defers Strike
CIRIO FINANZIARIA: Begins Bond Payout
IMPREGILO SPA: Corners EUR798 Million Rail Project in Greece
PARMALAT FINANZIARIA: Sues UBS, Deutsche Bank for EUR2.2 Billion
PARMALAT FINANZIARIA: U.S. Bondholders Want Injunction Lifted
PARMALAT FINANZIARIA: Parmatour Attracts Three Buyers


L U X E M B O U R G

SBS BROADCASTING: Sets EGM to Tackle Takeover Proposal


N E T H E R L A N D S

EURAMAX INTERNATIONAL: Moody's Lowers Credit Facility Ratings
ROYAL SHELL: Buys back Another 1,600,000 'A' Shares


N O R W A Y

PAN FISH: Sells 11.9% Stake in Austevoll Havfiske


R U S S I A

ALDAN-PROD-SNAB: Insolvency Manager Takes over Company
AMUR-PORT: Creditors Have Until September 23 to File Claims
BLAGOVESHENSKIY FACTORY: Bankruptcy Supervision Procedure Begins
DYURTYULINSKIY BRICKWORKS: Bankruptcy Hearing Set November
EVRAZ GROUP: Steers Clear of Nikopol Investigation

KORYAZHEMSKIY COMBINE: Proofs of Claim Deadline Set Tomorrow
NIITM: Proofs of Claim Deadline Expires Next Month
SHPAKOVSK-AGRO-STROY: Declared Insolvent
STROY-SERVICE: Insolvency Manager Moves in
SUAL INTERNATIONAL: Moody's Assigns Ba3 Corporate Family Rating
TOMAROVSKAYA MOVABLE: Declared Insolvent
VORONEZH-GRAZHDAN-STROY: Succumbs to Bankruptcy


S W I T Z E R L A N D

SWISS INTERNATIONAL: Maintains First-half EBIT Levels
SWISS INTERNATIONAL: More Benefits for Customers this Winter
SWISS INTERNATIONAL: Trims down Board Members to Five


U N I T E D   K I N G D O M

A1 GEM: Collapses into Liquidation
AXIOM DESIGN: Winding-up Gets Go Signal
CAPITAL (GLOUCESTER): Administrator Enters Firm
CARNEIL ASSOCIATES: Opts for Liquidation
C.A.T.S DISTRIBUTION: Names Milner Boardman Administrator

CHESS ESTATE: Winding-up Receives Green Light
CORUS GROUP: Half-year Profit Rises to GBP483 Million
C R STORAGE: Files for Liquidation
CURTIS PLASTICS: Plastic Manufacturer Calls in Administrator
DENCOL (UK): Printing Company Hires Hacker Young Administrator

ELANCS.NET LIMITED: Appoints DTE Leonard Curtis Administrator
GATE GOURMET: To Employ Voluntary Redundancy Scheme
HENRY MERRYWEATHER: Members Opt for Liquidation
HR COMMUNICATIONS: Administrator Takes over Company
INVENSYS PLC: Group Loss Down to GBP26 Million

ISCA GROUNDCARE: Court Okays Liquidation
IT WALES: Winding-up Gets Court Approval
MARSHFIELD CARE: Names Begbies Traynor Administrator
N.E.C SPECIAL: Winds up Under Court Order
OTTER CAMEL: Administrator from Lameys Enters Firm

PLANESTATION GROUP: Infratil to Take over Kent Airport
PRESTON & DUCKWORTH: Administrators Dispose of Several Stores
RENTOKIL INITIAL: To Sell Initial Style Conferences
RENTOKIL INITIAL: Profit Down 40.3% to GBP93.2 Million
SAF FOODS: Court Approves Liquidation

SPEYMILL GROUP: Square Mile Buys Further 200,000 Shares
SPIROTECH ENGINEERING: Court Sanctions Liquidation
U.K. COAL: U.S. Investor Boosts Stake to 3.3%


                            *********


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


ALSTOM SA: SNCF Orders 30 Tri-current Locomotives
-------------------------------------------------
State-owned railway group SNCF has upgraded its locomotive order,
AFX News says.  According to Alstom, SNCF revised its December
2004 order from 30 bi-current locomotives to 30 tri-current
locomotives, raising the amount from EUR60 million to EUR78
million.

The tri-current locomotives will allow SNCF to use other European
rail systems with different electric voltages.  The order is part
of a 1998 order for 300 locomotives, which include options for
upgrades.  Last month, SNCF confirmed two orders, worth a total
of EUR550 million, for TGV Duplex train sets and power cars.

CONTACT:  ALSTOM S.A.
          25 Avenue Kleber
          75795 Paris Cedex 16
          Phone: +33-1-47-55-20-00
          Fax: +33-1-47-55-25-99
          Web site: http://www.alstom.com

          Press Relations
          G. Tourvieille
          Phone: 01 41 49 27 13
          E-mail: internet.press@chq.alstom.com

          Investor Relations
          E. Chatelain
          Phone: 01 41 49 37 38
          E-mail: investor.relations@chq.alstom.com

          SOCIETE NATIONALE DES CHEMINS DE FER FRANCAIS
          34 rue du Commandant Mouchotte
          75699 Paris Cedex 14
          Phone: +33-1-53-25-60-00
          Fax: +33-1-53-25-61-08
          Web site: http://www.sncf.fr


ALSTOM SA: Fails to Snatch EUR510 Million Mexican Contract
----------------------------------------------------------
Troubled engineering giant Alstom S.A. failed to win a EUR510
million contract to build an express train network in Mexico
City, AFX News says.

TCR-Europe previously reported that Alstom had partnered with a
Mexican consortium that included financial firm Hermes, Inversa,
and Mexican builder ICA.  The group was up against a Spanish
consortium led by rail builders CAF and ICF.

CONTACT:  ALSTOM S.A.
          25 Avenue Kleber
          75795 Paris Cedex 16
          Phone: +33-1-47-55-20-00
          Fax: +33-1-47-55-25-99
          Web site: http://www.alstom.com


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


BOCK PHARMA: Proofs of Claim Due September
------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against BOCK Pharma GmbH on August 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 12, 2005 to register their claims
with court-appointed provisional administrator Gotz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting on October 25, 2005, 10:00 a.m. at the district court
of Darmstadt, Saal U3, 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:  BOCK PHARMA GmbH
          Odenwaldstr. 2, 64646 Heppenheim
          Contact:
          Guenther Hans Erich Noell, Manager
          Tulpenstr 7, 82377 Penzberg

          Gotz Lautenbach, Administrator
          Zeilweg 42, 60439 Frankfurt
          Phone: 069/963761-130
          Fax: 069/963761-145


DAIMLERCHRYSLER AG: To Create Hybrid Engines with General Motors
----------------------------------------------------------------
General Motors Corp. and DaimlerChrysler AG will partner in
developing fuel-saving hybrid engines, said the Associated Press.

The move is said to be aimed at taking advantage of the growing
market controlled by Toyota Motor Corp. and Honda Motor Co.

The deal will see GM leading the designing of hybrid engines for
rear-wheel and all-wheel-drive full-size trucks and sport utility
vehicles as well as front-wheel drive cars and crossover
vehicles.

On the other hand, DaimlerChrysler will design hybrid engines for
rear-wheel-drive luxury cars.

According to Tom Stephens, GM's group vice president for
powertrains, the newly developed hybrids will initially power
GM's Chevrolet Tahoe and GMC Yukon, and DaimlerChrysler's Dodge
Durango SUV.  The newly powered GM Vehicles are expected to be
unveiled in 2007.

Hybrids are speculated to account for 5% to 15% of global volume,
added Mr. Stephens.  Demand for them is said to be growing due to
global warming concerns, diminishing natural fuel supplies and
their increasing cost.

Earlier, German newspaper Handelsblatt disclosed Volkswagen AG
and DaimlerChrysler AG are planning a joint venture, which would
involve creating a VW-branded minivan for the U.S. market.  The
project is expected to be unveiled next month, and could be
available in the market by 2007.

DaimlerChrysler Chief Executive designate Dieter Zetsche and
Volkswagen brand head Wolfgang Bernhard are said to be leading
the negotiations.

Neither Volkswagen nor DaimlerChrysler had immediate comment on
the speculation, however.

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


GFG GESELLSCHAFT: Court Appoints Udo Feser Administrator
--------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against GFG Gesellschaft fuer Grundbesitz mbH & Co.
Achte Stadtbauten Kommanditgesellschaft on August 2.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 31, 2005
to register their claims with court-appointed provisional
administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on September 29, 2005, 9:30 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
December 12, 2005, 9:25 a.m. at the same venue.

CONTACT:  GFG GESELLSCHAFT FUER GRUNDBESITZ mbH
          & Co. ACHTE STADTBAUTEN KOMMANDITGESELLSCHAFT
          Kaubstr. 7 A, 10713 Berlin

          Udo Feser, Administrator
          Uhlandstr. 165/166, 10719 Berlin


HILITE GERMANY: Moody's Downgrades Ratings to B2
------------------------------------------------
Approximately US$210 million of rated debt affected

New York, August 25, 2005 -- Moody's Investors Service has
lowered the Corporate Family rating of Hilite International, Inc.
(Hilite) to B2 from B1.  The senior secured bank credit
facilities' ratings of its U.S. subsidiary, Hilite Industries,
Inc. and its European subsidiary, Hilite Germany GmbH & Co, KG
have also been lowered to B2 from B1, and Hilite Industries'
senior subordinated notes' rating has been lowered to Caa1 from
B3.  The outlook is negative.

The downgrade reflects Moody's expectations that Hilite's
operating margins and free cash flow will be lower than the
rating agency's expectations for 2005, and will remain under
pressure through 2006 as a result of the challenging environment
in the automotive supplier space.  These challenges include lower
production volumes at some of Hilite's major OEM customers,
continued high-levels of contractual and non-contractual price
give-backs, high commodity prices, and a shift in the company's
sales toward lower margin products.

Hilite will also remain challenged by the ongoing cyclicality of
the automotive sector and by its modest scale relative to both
competitors and its major customers.  Moreover, its customer
concentration remains high.  General Motors accounts for over 25%
of Hilite's sales and is expected to remain in excess of 20%
going forward.  These factors will result in weaker credit
metrics over the intermediate term.  Moody's notes that Hilite
will benefit from constructive operational and financial
initiatives that have been undertaken.  It has been awarded
important long-term business contracts that will help to better
diversify its customer base and car platform concentration.

In addition, management has made progress in reducing costs, and
the company has a relatively strong backlog of booked business.
By 2007, approximately half of sales will be comprised of
business booked in 2004 and 2005.  Furthermore, over half of
Hilite's net sales are generated outside North America.  Going
forward, the contribution of EBITDA derived from European
operations will likely exceed that of the U.S.  Finally, the
April 2005 refinancing extended Hilite's debt maturities out to
2010.

The negative outlook anticipates that Hilite's operating results
will remain under pressure despite the constructive operating and
financial initiatives that have been undertaken.  The company's
environment will remain highly challenging, and the rating could
come under further pressure.  In addition, Moody's is concerned
that the company has only modest headroom under the financial
convents in its bank agreement.

Ratings downgraded:

Hilite International:

Corporate Family, B2 from B1

Hilite Industries, Inc.:

US$60 million senior secured revolving credit and US$70 million
senior secured term loan to B2 from B1

US$30 million senior subordinated notes to Caa1 from B3

Hilite Germany GmbH & Co. KG:

US$50 million senior secured term loan to B2 from B1

Hilite International's US$30 million of 11% guaranteed senior
subordinated mezzanine notes due 2012 are not rated.

Since early 2005, Hilite has continued to experience pricing
pressures, higher commodity costs and lower vehicle production.
Although the second half of 2005 could show improved results
compared to the first part of the year, it is unlikely to offset
the weaker results from the first half.  Furthermore, capital
expenditures and higher R&D spending necessary to support the
sales backlog are expected to continue to constrain cash flow
generation.  Operating margins will also be affected by the lower
portion of engineering and development expenses being reimbursed
by customers.

Lower EBITDA generation and higher interest rates will weaken
interest coverage measures for the rest of this year and into
2006.  EBIT/interest coverage over the last twelve months has
been below 1.0x and is expected to remain at this level through
the rest of the year.  Although the refinancing was an overall
positive development for the company, higher interest rates are
associated with the new debt structure.  Hilite's senior secured
debt is based on floating interest rates and the new US$60
million of senior subordinated notes carry an 11% interest rate,
replacing debt that had lower interest rates.  Hilite is required
to synthetically fix 50% if the interest on its total debt.
Debt/EBITDA for full year 2005 is anticipated to be closer to
5.0x.

Hilite was awarded in excess of US$100 million of new business
since 2004 year end through March 2005.  The majority of Hilite's
new business ramps in 2007 and beyond.  Despite these awards,
intense pricing pressure is likely to constrain margin
improvement.  The company is highly focused on reducing its cost
base through lean manufacturing, plant consolidation and improved
manufacturing efficiencies, as well as through improved raw
materials sourcing procedures.  Additionally, Moody's notes that
Hilite has the majority of its revenues and long-term assets
based in Europe.  Going forward, European operations are expected
to contribute more than 50% to Hilite's EBITDA.  Demand for
Hilite's key product lines stands to benefit from increased
regulatory pressures for improved emissions control, combined
with consumers' desire for enhanced fuel economy and the
increased penetration of automatic transmissions in Europe.

As of June 30, 2005 Hilite Industries' US$60 million revolver had
more than US$55 million of unused commitments.  Debt maturities
have been extended out to 2010 and the company is in compliance
with its covenants.  However, covenant room is likely to tighten
for the third quarter ended September 30, 2005 due to lower
expected EBITDA levels and higher interest expense.  As the
covenant requirements for the third quarter of 2005 tighten and
the company's EBITDA margins remain under pressure, meeting the
third quarter covenants could prove challenging and affect
available amounts under the revolver.

Developments that could result in lower ratings include a
violation of the covenants in the bank facility, further
production cuts by major OEM customers, or an erosion in
financial metrics beyond the following levels: EBITDA margins
falling below 8%, EBIT margins falling below 2%, free cash flow
/debt falling below 3.0%, leverage increasing to over 6.0x,
insufficient liquidity and weakening cash interest coverage
falling well below 1.0x.

Factors that could lead to a stabilization of the rating outlook
include Hilite's ability to better contend with the its
challenging operating environment as to sustain credit metrics
approximating the following: EBIT margins at a minimum of 7-8%,
EBITDA margins reaching approximately 14%, Debt/EBITDA of less
than 4.0x, FCF/Debt consistently above 5%, a substantial
reduction in net debt, and an improved liquidity profile.

Hilite, headquartered in Cleveland, Ohio, is a designer and
manufacturer of highly-engineered, valve-based components,
assemblies, and systems used principally in powertrain (engine
and transmission) applications for the automotive market.
Products offered include camphasers, diesel valves, cylinder
deactivation valves, and emissions control units for engine
applications; solenoid valves and proportioning valves for
transmission applications; and brake proportioning valves, and
wheel cylinders for brake applications.  The majority of Hilite's
equity is owned by private equity sponsors and several members of
management.  The company's annualized revenues approximate US$400
million.

New York
Michael J. Mulvaney
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Edwin Wiest
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653


JUST 4 U: Coburg Business Falls into Bankruptcy
-----------------------------------------------
The district court of Coburg opened bankruptcy proceedings
against Just 4 U AG on July 18.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 22, 2005 to register their claims
with court-appointed provisional administrator Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting on September 12, 2005, 10:00 a.m. at the district
court of Coburg, Sitzungssaal G, I. Stock, Nebengebaude, 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:  JUST 4 U AG
          Untere Gartenstr. 7 in 96231 Bad Staffelstein
          Contact:
          Meik Algermissen
          Bgm- Bohmer-Str. 18, 96264 Altenkunstadt
          Ferdinand Braun
          Leopoldstr. 15, 95444 Bayreuth

          Thomas Linse, Administrator
          Rosenauer Strasse 22, 96450 Coburg
          Phone: 09561/80340
          Fax: 09561/803434


KILKA GMBH: Gives Creditors Until Thursday to File Claims
---------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Kilka GmbH & Co. KG on August 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 1, 2005 to register their
claims with court-appointed provisional administrator Dr. Jan
Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting on October 13, 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 during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  KILKA GmbH & Co. KG
          Rubensstrasse 11, 64546 Morfelden-Walldorf
          Contact:
          Hans-Peter Ens, Manager

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


LANXESS AG: Unveils Further Restructuring Measures
--------------------------------------------------
Chemicals company LANXESS AG is continuing its restructuring as
announced.  In addition to the measures publicized in June, the
Board of Management now announces a second round of restructuring
designed to achieve annual savings of EUR60 million by 2008.
Two-thirds of this saving volume is to be achieved by 2007, and
the full annual amount starting in 2008. The new package involves
the closure of non competitive, and the consolidation of
unprofitable sites.  The business units Inorganic Pigments (IPG),
Leather (LEA), RheinChemie (RCH), Technical Rubber Products (TRP)
and Textile Processing Chemicals (TPC) and the respective service
functions will be affected.  The savings package focuses mainly
on the United States and Europe, where also around 450 positions
are affected. The company estimates that this second round of
restructuring will lead to total one-time charges of about EUR100
million through 2008.

THIS ANNOUNCEMENT IS NOT AN OFFER FOR THE SALE OF SECURITIES IN
THE UNITED STATES OF AMERICA.

CONTACT:  LANXESS AG
          51369 Leverkusen
          Germany

          Investor Relations
          Michael Pontzen
          Phone: +49 214-30 43804

          Tanja Satzer
          Phone: +49 214-30 43801

          Oliver Stratmann
          Phone: +49 214-30 49611

          Dr. Gerd Zelesny
          Phone: +49 214-30 71416


LEICA CAMERA: Proposed Capital Increase Making Progress
-------------------------------------------------------
The new shares from the capital increase of Leica Camera AG,
Solms, are going to be placed completely thanks to the
shareholders high disposition to subscribe.  The exercised
subscription rights and the further desire for subscription
permit the issue of all 13.5 million new no-par value shares at a
price of EUR1.70 each.  The respective subscription price has
been paid by the shareholders completely and in due time,
according to information by the settling agent, HSBC Trinkaus &
Burkhardt KGaA, Dusseldorf.

Leica Camera AG will henceforth realize the further
implementation of the capital increase, particularly the
registration for entry of the capital increase in the competent
Register of Companies without further delay.

The subscription period was from August 10, 2005 until August 24,
2005, based on a resolution of the Extraordinary General Meeting
from May 31, 2005.  The authorized capital will be increased by
EUR13.5 million to EUR15 million, as the arithmetic contingent
per share amounts to EUR1.  The inflow of capital will amount to
EUR22.95 million.

The success of the capital increase is the foundation for the
reorientation of Leica Camera AG.  The Board of Management thanks
the shareholders for the confidence shown.  It regards it as a
confirmation for the positive medium-term perspective to work
successfully with digital and analogue photo products as well as
with innovative solutions in sport optics.

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


PAUL KIESER: Creditors' Claims Due Next Month
---------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Paul Kieser Beteiligungs-GmbH on August 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until September 12, 2005 to
register their claims with court-appointed provisional
administrator Rainer U. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on October 11, 2005, 8:45 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:  PAUL KIESER BETEILIGUNGS-GmbH
          Oskar-von-Miller-Str. 1, 86356 Neusass
          Contact:
          Gerhard Kieser and Thomas Kessler

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


P.R. PETER: Bremen Firm Under Bankruptcy Administration
-------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against P.R. Peter Riggers Baubetreuungsgesellschaft mbH on
August 1.  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 Edgar Gronda.

Creditors and other interested parties are encouraged to attend
the meeting on September 1, 2005, 8:30 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 13, 2005, 10:15 a.m. at the same venue.

CONTACT:  P.R. PETER RIGGERS BAUBETREUUNGSGESELLSCHAFT mbH
          Contrescarpe 58, 28195 Bremen
          Contact:
          Peter Riggers, Manager
          Gerd van Huelst, Manager

          Edgar Gronda, Administrator
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


RAESCH FITNESS: Darmstadt Court Calls in Administrator
------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Raesch Fitness Insel GmbH on August 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 5, 2005 to register their
claims with court-appointed provisional administrator Wilhelm
Oelert.

Creditors and other interested parties are encouraged to attend
the meeting on October 5, 2005, 9:00 a.m. at the district court
of Darmstadt, Zimmer 4, 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:  RAESCH FITNESS INSEL GmbH
          Dr.-Robert-Murjahn-Strasse 18, 64372 Ober-Ramstadt
          Contact:
          Rike Haipter, Manager
          Seligenstadter Strasse 49, 63322 Rodermark

          Wilhelm Oelert, Administrator
          Baustrasse 17, 64372 Ober-Ramstadt
          Phone: 06154/630848
          Fax: 06154/630850


SANATORIUM WIEDEMANN: Court to Verify Claims October
----------------------------------------------------
The district court of Wolfratshausen opened bankruptcy
proceedings against Sanatorium Wiedemann GmbH on August 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 15,
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, 8:15 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:  SANATORIUM WIEDEMANN GmbH
          Pilotyweg 10 in 82541 Muensing/Ambach

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


SCHARDT-PUTZ: Creditors to Meet Next Month
------------------------------------------
The district court of Coburg opened bankruptcy proceedings
against Schardt-Putz GmbH on July 22.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 19, 2005 to register their claims
with court-appointed provisional administrator Juergen Wittmann.

Creditors and other interested parties are encouraged to attend
the meeting on September 19, 2005, 9:45 a.m. at the district
court of Coburg, Sitzungssaal G, I. Stock, Nebengebaude, 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 10, 2005, 1:30
p.m. at the same venue.

CONTACT:  SCHARDT-PUTZ GmbH
          Rosenacker 3 in 96242 Sonnefeld-Gestungshausen
          Contact:
          Anneliese Schardt, Manager
          Neundorfer Str. 19, 96268 Mitwitz

          Juergen Wittmann, Administrator
          Adolf-Kolping-Strasse 1, 96317 Kronach
          Phone: 09261/62200
          Fax: 09261/622020


ZIMBA AG: Proofs of Claim Due 2nd Week of September
---------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Zimba AG on July 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 5, 2005 to register their claims
with court-appointed provisional administrator Bardo M. Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2005, 9:30 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 during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  ZIMBA AG
          Uhlandstr. 9, 64297 Darmstadt
          Contact:
          Sven Lob
          Stetteritzring 3, 64380 Rossdorf

          Bardo M. Sigwart, Administrator
          Ostend 14, 64347 Griesheim
          Phone: 06155/60930
          Fax: 06155/66297


===========
G R E E C E
===========


OLYMPIC AIRLINES: Cabin Crew Declare Strike
-------------------------------------------
Olympic Airlines' flight attendants plan to stage a 24-hour
strike on August 31 to protest its refusal to honor their
contracts, Reuters says.

George Hatzis, head of the 400-strong Union of Flight Attendants
(EISF), said, "the management of Olympic Airlines has
persistently refused since the start of the year to sign
contracts for our members that has been previously agreed on."

He said the dispute between management and employees centers on
procedures for medical checks, recognition of members'
professional qualifications, pension rights and money owed to
cabin crew.  He warns of another protest action in September
should Olympic fail to fulfill its contractual obligations.  EISF
represents around 450 flight attendants and air stewards.

The government recently extended to September the carrier's sale
to complete talks with preferred bidder Olympic Investors-York
Capital.  The state wants the U.S. bidder to prove its credit
worthiness before entering into final negotiations.  The
government is aiming to raise EUR1.6 billion from the sale of the
airline and other state assets to reduce public debt, one of the
highest in the euro zone.

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


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


MALEV HUNGARIAN: Unions Warn of Strike if Sale Succeeds
-------------------------------------------------------
Unions at Malev Hungarian threaten to strike if the privatization
of the national carrier pushes through, Reuters says.

Tibor Hegedus, who speaks for Malev's six unions, said none of
the current bidders have presented a bid "better than mediocre."
He said the unions are ready to strike to stop the carrier's
sale.

Unions claim the latest attempt to sell Malev is too early.  They
argued Malev should be given the chance to gain from its
membership in the oneworld airline alliance, which is expected to
hike the carrier's revenues by as much as HUF8 billion a year and
net profit by HUF4 billion.

The unions said the carrier would fetch a higher price if the
government defers its sale in two years, enough time for the
carrier's restructuring plan to bear fruit.  Aside from the
unions, Hungary's opposition party, which is leading in opinion
polls for next year's election, is also against Malev's sale.

State privatization agency Allami Privatizacios Es Vagyonkezelo
Rt. (APV) is currently holding exclusive talks with preferred
bidder Airbridge Cargo consortium, led by Russian carrier
KrasAir.  Airbridge will try to outbid Aviation Solutions
International, a consortium made up of former Malev managers.
According to local press reports, both bidders offered to pay
hundreds of forints and absorbed part of Malev's debt.  APV has
not confirmed the reports.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Konyves Kalman korut 12-14,
          H-1097 Budapest
          Phone: +36 1 235 3100
          Fax: +36 1 235-3255
          E-mail: malev@malev.hu
          Web site: http://www.malev.hu

          ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.)
          Pozsonyi ut 56
          H-1133 Budapest
          Phone:(36 1) 237 4400
          Fax:(36 1) 237 4100
          E-mail: apvrt@apvrt.hu
          Web site: http://www.apvrt.hu/english/m3.html

          OAO KRASNOYARSK AIRLINES
          663021, Krasnoyarsk region,
          Emeljanivo-1, Krasnoyarsk Airport
          Phone: +7 (3912)635-110
          Fax: +7 (3912)635-181
          E-mail: krasair@krasair.ru

          AIRBDRIDGE CARGO
          119048, Usacheva Str. 35A
          Moscow, Russia
          Phone: + 7 095 7862613
          Fax: + 7 095 7556851
          E-mail: info@airbridgecargo.com
          Web site: http://www.airbridgecargo.com


ZALAHUS RT: Liquidator Starts Selling Assets
--------------------------------------------
The liquidator of debt-laden Zalahus Rt. has put on sale one of
the group's properties, Budapest Business Journal says.

According to business daily Napi Gazdasag, liquidator Vectigalis
Rt. is offering a nine-hectare Becsehely cow site for HUF118
million.  Liquidation officer Marta Peter said interested parties
have until mid-September to submit bids.

Vectigalis CEO Jeno Varga says the proceeds will be used to repay
over HUF3.5 billion in debt, of which HUF1.8 billion is a
mortgage loan.  After the cow site, the sale of the meat
processing plant in Nagykanizsa and headquarters in Zalaegerszeg
will follow.

CONTACT:  ZALAHUS RT.
          8901 Zalaegerszeg,
          Balatoni ut 5-7. Pf.:27
          Phone: 92/506-700
          Fax: 92/506-799
          Web site: http://www.kszgysz.hu/zalahus.htm


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


ALITALIA SPA: SULT Union Defers Strike
--------------------------------------
Cabin crew union Sindicato Unitario Lavoratori Transporti (SULT)
has reset its strike to September 7-8, AFX News says.

SULT reached the decision after a meeting with labor minister
Roberto Maroni.  Government officials had warned the strike,
originally planned for Aug. 30-31, would violate a ban on
transport strikes between July 27 and September 5, when passenger
traffic is at its peak due to the holidays.

The union is protesting its exclusion from labor talks.  But
Alitalia head Giancarlo Cimoli remains firm in his decision to
stop recognizing SULT, which refused to sign a restructuring deal
that entails the axing of 3,700 jobs at the airline.

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


CIRIO FINANZIARIA: Begins Bond Payout
-------------------------------------
Collapsed food group Cirio Finanziaria has started paying out
bondholders, La Stampa says.

Current payout only includes holders who bought EUR500 million
Luxembourg-listed bonds issued by Cirio Finance Luxembourg and
Del Monte Finance Luxembourg and guaranteed by Cirio del Monte
Italia.  The second payout will include holders of Cirio's
Dutch-registered bonds in October.

Cirio, the canned tomatoes and fruit producer, has been selling
assets to pay creditors.  It was forced into liquidation after it
defaulted on EUR1 billion bonds and investors rejected a
restructuring plan.

CONTACT:  CIRIO DEL MONTE ITALIA S.P.A.
          Legal Address:
          Via Augusto Valenziani
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it


IMPREGILO SPA: Corners EUR798 Million Rail Project in Greece
------------------------------------------------------------
A consortium led by ailing construction group Impregilo has won a
EUR798 million government contract in Greece, Il Sole 24 Ore
says.

Impregilo, along with Italian builders Ansaldo TSF, Ansaldobreda
and Seli; and Greek builder AEGEK, will construct a 9.6km long,
13-station underground rail network in Thessalonika.  The
consortium outbid another group led by Germany's Siemens, local
builder Aktor and French construction and concessions group
Vinci.

CONTACT:  IMPREGILO S.p.A.
          Viale Italia 1,
          Sesto S. Giovanni
          20099 Milan
          Phone: +39-02-244-22111
          Fax: +39-02-244-22293
          Web site: http://www.impregilo.it

          GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A.
          Via Turati n. 16/18
          Milan
          Phone: +39-02-444-23121
          Fax: +39-02-444-23120
          E-mail: investor.relator@gemina.it
          Web site: http://www.gemina.it


PARMALAT FINANZIARIA: Sues UBS, Deutsche Bank for EUR2.2 Billion
----------------------------------------------------------------
Collapsed dairy giant Parmalat Finanziaria S.p.A. has filed a
EUR2.2 billion damage suit against Deutsche Bank AG and Swiss
group UBS AG, Dow Jones Newswires says.

Government-appointed administrator Enrico Bondi claims the two
banks abetted the group's collapse in December 2003 by helping it
hide its true financial situation.  He claimed UBS and Deutsche
Bank sold EUR420 million and EUR350 million in bonds respectively
a few months before Parmalat declared bankruptcy in December
2003.

The Swiss bank said, "UBS confirms its belief that the
transactions entered into between UBS and Parmalat are all valid
transactions and that they created no damage to Parmalat or to
its creditors."

UBS added it has no evidence that any of its employees were aware
of the true state of Parmalat's finances.  It stressed, "Parmalat
was rated by independent agencies as a financially sound
company."

Deutsche Bank, meanwhile, said the complaint has no foundation.
Spokeswoman Elaine Bartleet said, "we intend to continue to
defend our position vigorously, both in relation to this action
and the other outstanding claims currently existing against us
and certain of our employees."

This is the second time in three weeks that a damage suit was
filed against Parmalat's banks.  On Aug. 7, Mr. Bondi filed a
EUR4.4 billion damage suit against J.P. Morgan Chase & Co. and
Italy's UniCredito Italiano S.p.A.  Likewise, Mr. Bondi is
seeking to recover around US$10 billion from Citigroup Inc. and
Bank of America and auditors Deloitte & Touche and Grant
Thornton.  The administrator is also seeking EUR7 billion from
several local and international banks that transacted with
Parmalat's former management.

Mr. Bondi claims these institutions played a major role in
Parmalat's collapse by disguising its true financial state.
Local prosecutors have already found evidence of fraud by
Parmalat's former management that allegedly helped conceal
billions of dollars in losses and debt for over a decade.

Parmalat today remains the largest dairy producer in Italy and
plans to rejoin the stock market in September or October.

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

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


PARMALAT FINANZIARIA: U.S. Bondholders Want Injunction Lifted
-------------------------------------------------------------
Around 31 holders of Parmalat Finanziaria's U.S. bonds are asking
a court to allow them to pursue their claims, Il Sole 24 Ore
says.

The bondholders, which include private equity firm Cerberus
Partners and U.S. investment bank Goldman Sachs, have asked the
bankruptcy court in Manhattan to end a July 2004 injunction that
prevents them from pursuing around EUR646 million in claims until
Parmalat relaunches local operations.

Parmalat, which collapsed in December 2004 under EUR14 billion in
debt, seeks to regain ground by relisting on the Italian bourse
in September or October.

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

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


PARMALAT FINANZIARIA: Parmatour Attracts Three Buyers
-----------------------------------------------------
Buyers are queuing for tour operator Parmatour, sister company of
collapsed Parmalat Finanziaria, Il Sole 24 Ore says.

Parmalat commissioner Enrico Bondi identified the buyers as
Sviluppo Italia Turismo (SIT), tourism unit of state development
fund Sviluppo Italia; Salerno-based Soglia Hotel Group; and a
local consortium consisting of I Grandi Viaggi and Aurum Hotels.
Mr. Bondi, who is reviewing the bids, has asked them to provide
more details regarding their offers.

According to the report, the frontrunner is Unicredito
Italiano-backed Soglia, which posted EUR5.79 million in revenue
and EUR462,000 in losses in 2003.  Soglia currently owns seven
four-star hotels in the country and recently signed a contract to
manage Porto Laconia, a local group with six hotels.

SIT has the support of the government, which owns 51%, and other
shareholders like Banca Intesa and Ifil, a company controlled by
Fiat's Agnelli family.

Owned by the Tanzi family, Parmatour was deeply affected by
Parmalat's collapse in December 2003.  The group operates seven
local and six foreign units and is valued between EUR30 million
and EUR40 million.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Piazza Erculea 9
          20122 Milan, Italy
          Phone: +39-02-806-8801
          Fax: +39-02-869-3863
          Web site: http://www.parmalat.net

          SVILUPPO ITALIA TURISMO
          Via Calabria, 46
          00187 Rome - Italy
          Phone: + 39 06 42 16 01
          Fax: + 39 06 42 16 08 04
          E-mail: info@sviluppoitalia.it
          Web site: http://www.sviluppoitalia.it

          SOGLIA HOTELS AND RESORT
          Corso Claudio, 1
          84083 - Castel San Giorgio - Salerno
          Phone: +39 081 5161600
          Fax: +39 081 5161996
          Web site: http://www.sogliahotels.com

          VIAGGI DEL VENTAGLIO S.p.A.
          Via dei Gracchi, 35
          20146 Milan
          Web site: http://www.ventaglio.com


===================
L U X E M B O U R G
===================


SBS BROADCASTING: Sets EGM to Tackle Takeover Proposal
------------------------------------------------------
SBS Broadcasting S.A. will hold the Extraordinary General Meeting
of its shareholders to consider the proposed acquisition of SBS
by an entity controlled by funds advised by Permira
Beteiligungsberatung GmbH and funds advised by Kohlberg Kravis
Roberts & Co. L.P. on October 3, 2005 in Luxembourg.

The record date for shareholders to vote at the Extraordinary
General Meeting was August 24, 2005.  All shareholders of record
at the close of business Thursday will be entitled to vote at the
Extraordinary General Meeting and any postponements or
adjournments thereof.

SBS plans to mail to all persons who are shareholders of record
on the record date a shareholders' circular containing additional
information regarding the proposed acquisition and matters to be
considered at the Extraordinary General Meeting.  The
shareholders' circular will be mailed during the week of August
29 or soon thereafter.

SBS is a European commercial television and radio broadcasting
company with operations in Western and Central Europe.
Countries where SBS currently has broadcasting assets include:
Belgium (Flanders), Denmark, Finland, Greece, Hungary, The
Netherlands, Norway, Romania and Sweden.

CONTACT:  SBS BROADCASTING S.A.
          Investors:
          Michael Smargiassi/Jon Lesko
          Web site: http://www.sbsbroadcasting.com

          BRAINERD COMMUNICATORS
          Phone: +1 212 986 6667
          Press:
          Jeff Pryor

          PRYOR ASSOCIATES
          Phone: +1 818 338 3555
          Catriona Cockburn

          CITIGATE DEWE ROGERSON
          Phone: +44 207 282 2924


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


EURAMAX INTERNATIONAL: Moody's Lowers Credit Facility Ratings
-------------------------------------------------------------
Moody's has downgraded Euramax International, Inc.'s first lien
senior secured credit facility to B2 from B1 and its second lien
senior secured credit facility to Caa1 from B3.

This action is based on the company's plan to seek an amendment
to its credit agreements that would permit the refinancing of the
US$190 million second lien term loan and US$110 million senior
unsecured PIK notes with senior subordinated notes.  In addition,
Moody's has downgraded Euramax International, Inc.'s corporate
family rating to B2 from B1.  The entity Euramax Holdings, Inc.,
referred to in Moody's last press release, has been renamed
Euramax International, Inc.

The ratings actions consider that Moody's essentially viewed the
senior unsecured PIK notes as common equity that will now likely
be refinanced with cash-pay debt.  As a result (assuming the
refinancing was completed), Moody's credit metrics would
incorporate a higher pro forma debt balance of at least US$750
million as opposed to the US$640 million debt balance (amount
excludes the senior unsecured PIK notes) that was factored into
the B1 corporate family rating assigned in June 2005.  The rating
outlook is stable.  This action completes a review that was
initiated on August 17, 2005.  The following summarizes the
ratings activity:

Ratings Lowered:

(a) Euramax International, Inc. and co-issuer Euramax
    International Holdings B.V.

    (i) Guaranteed first lien senior secured tranche B term
        loan, US$332 million due 2012 -- to B2 from B1; and

   (ii) Guaranteed second lien senior secured term loan, US$190
        million due 2012 -- to Caa1 from B3.

(b) Euramax Holdings Limited (U.K.), Euramax Europe B.V.,
    Euramax Netherlands B.V.: Guaranteed first lien senior
    secured tranche B term loan, US$118 million due 2012 -- to
    B2 from B1;

(c) Euramax International, Inc., co-issuer Euramax International
    Holdings B.V., Euramax Holdings Limited (U.K.), Euramax
    Europe B.V., Euramax Netherlands B.V.: Guaranteed first lien
    senior secured revolving credit facility, US$80 million due
    2011 -- to B2 from B1.

(d) Euramax International, Inc.: Corporate Family Rating -- to
    B2 from B1

Moody's has previously stated that Euramax's ratings would come
under pressure if financial leverage increases beyond 6.0 times.
Moody's believes that any prospective refinancing of the second
lien term loan and senior unsecured PIK notes with senior
subordinated notes would increase leverage beyond this threshold.
Specifically, assuming a minimum pro forma debt balance of US$750
million and reported LTM EBITDA of US$121 million for the period
ended April 1, 2005, Euramax's pro forma debt to EBITDA increases
to 6.2 times.

The stable outlook reflects Moody's expectation that any
prospective refinancing would not increase Euramax's leverage to
levels exceeding 7.0 times and that the company will continue to
generate positive free cash flow, despite the potential for
higher cash interest expense.  The company's ratings could come
under pressure should a decline in operating performance or
margin pressure result in leverage increasing beyond 7.0 times
and/or negative free cash flow, or if the company pursues a large
debt financed acquisition.

If lenders do not approve the proposed amendment, Moody's will
re-evaluate the ratings at that time.

Headquartered in Norcross, Georgia, Euramax International Inc. is
an international producer of value-added aluminum, steel, vinyl
and fiberglass products.  The company reported revenues of US$1.0
billion for the LTM ended April 1st, 2005.

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

          David Hamburger, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


ROYAL SHELL: Buys back Another 1,600,000 'A' Shares
---------------------------------------------------
On 24 August 2005, Royal Dutch Shell plc purchased for
cancellation 1,600,000 'A' Shares at a price of EUR25.98 per
share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,061,940,000.

As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell
plc were in issue.

                            *   *   *

Shell's buyback scheme is understood to be 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 had 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 by
which it calculates reserves to comply with U.S. regulations.
Shell's proved reserves stood at 10.2 billion barrels at the end
of 2004.

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


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


PAN FISH: Sells 11.9% Stake in Austevoll Havfiske
-------------------------------------------------
Pan Fish ASA has agreed to sell its stake in Austevoll Havfiske
for NOK80 million.  The company's 11.9% shareholding has been
defined as a non-core business since Pan Fish embarked upon its
restructuring process in 2003, and Pan Fish has been in constant
dialogue with potential purchasers with a view to finding the
right time to sell its shares.

To reflect the market value, the book value of the company's
stake in Austevoll Havfiske was written up by NOK30 million to
NOK80 million in connection with the preparation of the financial
statements for the second quarter 2005.  The sale will therefore
have no impact on the accounts for the third quarter or later
periods.  The realization of the shares provides Pan Fish with a
solid cash injection, which will be used to further develop the
company's core business activities or reduce its debt.

                            *   *   *

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

CONTACT:  PAN FISH ASA
          Atle Eide
          CEO
          Phone: +47 9115 2977


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


ALDAN-PROD-SNAB: Insolvency Manager Takes over Company
------------------------------------------------------
The Arbitration Court of Sakha republic - Yakutiya commenced
bankruptcy proceedings against Aldan-Prod-Snab after finding the
open joint stock company insolvent.  The case is docketed as
A58-2479/05.  Mr. K. Popov has been appointed insolvency manager.

CONTACT:  ALDAN-PROD-SNAB
          678900, Russia, Sakha republic - Yakutiya,
          Aldan, Tarabukina Str. 1

          Mr. K. Popov
          Insolvency Manager
          677007, Russia, Sakha republic - Yakutiya,
          Krupskoy Str. 35


AMUR-PORT: Creditors Have Until September 23 to File Claims
-----------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Amur-Port after finding the open joint stock
company insolvent.  The case is docketed as AI-1/709/05-37.  Mr.
O. Syskov has been appointed insolvency manager.  Creditors have
until Sept. 23, 2005 to submit their proofs of claim to 680000,
Russia, Khabarovsk region, Dzerzhinskogo Str. 28.

CONTACT:  AMUR-PORT
          681006, Russia, Khabarovsk region,
          Komsomolsk-na-Amure, Naberezhnaya Str. 7

          Mr. O. Syskov
          Insolvency Manager
          680000, Russia, Khabarovsk region,
          Dzerzhinskogo Str. 28


BLAGOVESHENSKIY FACTORY: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on limited liability company
Blagoveshenskiy Factory Of Reinforced Concrete Goods.  The case
is docketed as A04-3462/05-17/154B.  Mr. D. Gumirov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia,
Blagoveshensk, Shevchenko Str. 7, Room 2.  A hearing will take
place on Nov. 8, 2005.

CONTACT:  BLAGOVESHENSKIY FACTORY OF REINFORCED CONCRETE GOODS
          Russia, Amur region, Blagoveshensk

          Mr. D. Gumirov
          Insolvency Manager
          Russia, Blagoveshensk,
          Shevchenko Str. 7, Room 2


DYURTYULINSKIY BRICKWORKS: Bankruptcy Hearing Set November
----------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on state unitary enterprise
Dyurtyulinskiy Brickworks Asyan (TIN 0260002151).  The case is
docketed as A07-16135/05-G-HkRM.  Mr. R. Akhmadeev has been
appointed temporary insolvency manager.  A hearing will take
place on Nov. 15, 2005, 2:00 p.m. at the Arbitration Court of
Bashkortostan republic located at 450057, Russia, Ufa,
Oktyabrskoy Revolyutsii Str. 63a, Hall 3.

CONTACT:  DYURTYULINSKIY BRICKWORKS ASYAN
          452315, Russia, Bashkortostan republic,
          Dyurtyulinskiy region, Asyan

          Mr. R. Akhmadeev
          Insolvency Manager
          450001, Russia, Bashkortostan republic,
          Ufa, Oktyabrya Str. 11, Office 1


EVRAZ GROUP: Steers Clear of Nikopol Investigation
--------------------------------------------------
Evraz Group S.A. would like to re-confirm its previously
disclosed position and clarify the issue regarding Nikopol
Ferroalloy Plant (NFP).

The company said any action including investigation of an
opportunity to acquire a stake in NFP in the Ukraine is being
made by a group of investors that includes Mr. Abramov, Evraz
Group S.A.'s Chairman and CEO, in their personal capacities only,
and not by Evraz Group S.A.

Evraz Group is one of the largest vertically integrated steel and
mining businesses with operations mainly in the Russia.  In 2004,
Evraz produced 13.7 million tonnes of crude steel.

Evraz Group is a listed company on the London Stock Exchange.
The company listed its global depositary receipts (GDRs) on the
LSE on June 2, this year, after raising US$422 million from new
investors.

Evraz's principal assets include three of the leading steel
plants in Russia: Nizhny Tagil (NTMK) in the Urals region, and
West Siberian (Zapsib) and Novokuznetsk (NKMK) in Siberia.

Evraz Group's fast-growing mining businesses comprise the
Kachkanarsky (KGOK), Evrazruda (acquired in March 2005) and
Vysokogorsky (VGOK) iron ore mining complexes and NeryungriUgol
Coal Company and an equity interest in the Raspadskaya coal mine.
The mining assets primarily supply Evraz Group's steelmaking
operations, enabling the company to be a vertically integrated
steel producer, limiting its exposure to fluctuations in the
prices of key raw materials.

Evraz obtained over 70% of its iron ore requirements from KGOK,
Evraz Ruda and VGOK in 2004 and also obtains the majority of its
coking coal from Raspadskaya and other affiliated producers.

Evraz also owns and operates the Nakhodka commercial sea port, in
the Far East of Russia, which facilitates access to Asian export
markets.

                            *   *   *

In July, Standard & Poor's Rating Services assigned its 'B+'
long-term corporate credit rating to Evraz Group S.A. and its
core subsidiary Mastercroft Ltd.

Standard & Poor's credit analyst Elena Anankina said: "The
ratings on Evraz and Mastercroft reflect the companies' complex
organizational and ownership structure with, historically,
significant related party transactions, and a short track record
as a single group.

"Standard & Poor's expects that the group will capitalize on its
core advantage, upstream vertical integration, and demonstrate a
track record of sustainable actual (not only pro forma)
profitability and cash flow generation."

These factors could lead to an upgrade (likely one notch) in the
coming one to two years, if the group demonstrates the ability to
reduce debt and if any acquisitions would enhance the group's
business profile (for example, if the recent Vitkovice Steel AS
integration proceeds favorably).

CONTACT:  EVRAZ GROUP S.A.
          Corporate Affairs and Communications
          Irina Kibina
          Alexander Karlashov
          Phone: +7 095 234 4629
          E-mail: IR@eam.ru


KORYAZHEMSKIY COMBINE: Proofs of Claim Deadline Set Tomorrow
------------------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision procedure on open joint stock company
Koryazhemskiy Combine Of Industrial Enterprises (TIN 2908000113,
KPP 290801001).  The case is docketed as A05-6006/05-27.  Mr.
G.Petrov has been appointed temporary insolvency manager.

Creditors have until August 30, 2005 to submit their proofs of
claim to:

(a) KORYAZHEMSKIY COMBINE OF INDUSTRIAL ENTERPRISES
    165651, Russia, Arkhangelsk region,
    Koryazhma, Dybtsyna Str. 24

(b) Mr. G. Petrov
    Temporary Insolvency Manager
    165313, Russia, Arkhangelsk region,
    Kotlas, Mira Pr. 29, Apartment 11

(c) The Arbitration Court of Arkhangelsk region
    163069, Russia, Arkhangelsk region,
    Loginova Str. 17

A hearing will take place on Dec. 16, 2005, 1:45 p.m.


NIITM: Proofs of Claim Deadline Expires Next Month
--------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Niitm after finding the open joint stock
company insolvent.  The case is docketed as A53-8690/04-S2-8.
Mr. S. Kolmogorov has been appointed insolvency manager.
Creditors have until Sept. 23, 2005 to submit their proofs of
claim to Russia, Rostov-na-Donu, Buynakskaya Str. 2/56.

CONTACT:  NIITM
          Russia, Rostov-na-Donu,
          Nansena Str. 109

          Mr. S. Kolmogorov
          Insolvency Manager
          Russia, Rostov-na-Donu,
          Buynakskaya Str. 2/56


SHPAKOVSK-AGRO-STROY: Declared Insolvent
----------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Shpakovsk-Agro-Stroy after finding the close
joint stock company insolvent.  The case is docketed as
A63-195/04-S5.  Mr. V. Lopatkin has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 355047,
Russia, Stavropol region, Oktyabrskaya Str. 184, Building 3.

CONTACT:  SHPAKOVSK-AGRO-STROY
          Russia, Stavropol region, Shpakovskiy region,
          Mikhaylovsk, Lenina Str. 156a

          Mr. V. Lopatkin
          Insolvency Manager
          355047, Russia, Stavropol region,
          Oktyabrskaya Str. 184, Building 3


STROY-SERVICE: Insolvency Manager Moves in
------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Stroy-Service after finding the
limited liability company insolvent.  The case is docketed as
A07-16301/04-G-PAV.  Mr. R. Latypov has been appointed insolvency
manager.  Creditors have until Sept. 23, 2005 to submit their
proofs of claim to Russia, Bashkortostan republic, Kushnarenko,
Ostrovskogo Str. 12.

CONTACT:  STROY-SERVICE
          453620, Russia, Bashkortostan republic,
          Abzelilovskiy region, Askarovo, Davletova Str. 24

          Mr. R. Latypov
          Insolvency Manager
          Russia, Bashkortostan republic,
          Kushnarenko, Ostrovskogo Str. 12


SUAL INTERNATIONAL: Moody's Assigns Ba3 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned Ba3 Corporate Family
Rating to SUAL International Ltd, Russian integrated aluminum
producer. Outlook Stable.

Rating Rationale

The Ba3 corporate family rating assigned to SUAL International
Ltd reflects:

(a) The company's integrated aluminum production business model
    and self-sufficiency in main raw materials;

(b) The company's cost competitiveness and advantageous cash
    cost position underpinned by efficient refining and
    extraction processes and low cost energy sources;

(c) The company's strong technical mining expertise, experienced
    and committed management team and its moderate financial
    policy to date; and

(d) SUAL investments to strengthen its product range including
    an expansion in the value-added segment of production.

The corporate family rating also takes into consideration:

(a) Volatility associated with the global aluminum market;

(b) Uncertainty with respect to the development of the Russian
    energy reform and effectiveness of SUAL's strategy of
    managing its energy costs;

(c) Continuous high capital requirements of the industry,

(d) Focus on targeted acquisitions, particularly in upstream and
    energy sectors;

(e) Challenging operating environment in Russia, where most of
    the production facilities are located.

SUAL is a medium-size aluminum company with several operating
sites largely in Russia. In 2004, SUAL's revenues reached US$2.0
billion and EBITDA US$425 million.  Approximately 80% of revenues
were derived from its up-stream division. The Company derives 70%
of its revenues from exports that may be influenced by general
changes in the terms of trade. SUAL demonstrated strong operating
and financial performance, while maintaining modest adjusted
total debt leverage (x1.6 times EBITDAR at the end of 2004). The
Company will continue to develop its business and will invest in
the modernization and expansion of the facilities over the course
of 2005-2007.

Liquidity

At the end of 2004, substantial un-drawn facilities and US$132
million in cash and cash equivalent investments supported the
Company's liquidity.

Rating Outlook

The rating outlook is stable, reflecting the integrated operating
position of the company, cost efficiency of operations and the
Company's moderate financial policy to date.

SUAL will continue to develop the scale of its operations. The
rating does not take into account any additional investments that
SUAL may finance with additional debt, in particular, additional
commitments that SUAL may face in the future in relation to its
project in Komi.

Company Summary

Headquartered in Moscow, Russia, SUAL is a leading manufacturer
of primary aluminum with 2004 revenues of US$2.0 billion (70%
from export activities). SUAL enjoys operational diversification
and operates two bauxite mines and 9 refineries and smelters and
produced 1 million ton of aluminum in 2004.

CONTACT:  MOODY'S DEUTSCHLAND GmbH (FRANKFURT)
          Michael West, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Elena Nadtotchi, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


TOMAROVSKAYA MOVABLE: Declared Insolvent
----------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Tomarovskaya Movable Mechanized Column after
finding the close joint stock company insolvent.  The case is
docketed as A08-909/05-24/2 "B".  Mr. O. Savkin has been
appointed insolvency manager.  Creditors have until Sept. 23,
2005 to submit their proofs of claim to Russia, Belgorod region,
Yakovlenskiy region, Tomarovka, Promyshlennaya Str. 10.

CONTACT:  TOMAROVSKAYA MOVABLE MECHANIZED COLUMN
          Russia, Belgorod region, Yakovletskiy region,
          Tomarovka, Promyshlennaya Str. 10

          Mr. O. Savkin
          Insolvency Manager
          Russia, Belgorod region, Yakovlenskiy region,
          Tomarovka, Promyshlennaya Str. 10


VORONEZH-GRAZHDAN-STROY: Succumbs to Bankruptcy
-----------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Voronezh-Grazhdan-Stroy after finding the
close joint stock company insolvent.  The case is docketed as
A14-7474-2005/47/7b.  Mr. D. Zakaryan has been appointed
insolvency manager.

CONTACT:  VORONEZH-GRAZHDAN-STROY
          Russia, Voronezh region, Tsyurupy Str. 32

          Mr. D. Zakaryan
          Insolvency Manager
          Russia, Voronezh region,
          Srednemoskovskaya Str. 6a


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


SWISS INTERNATIONAL: Maintains First-half EBIT Levels
-----------------------------------------------------
Swiss International Air Lines (Group) generated total income from
operating activities of CHF1 769 million for the first six months
of 2005 (first half-year 2004: CHF1 768 million).  The result
from operating activities (EBIT) before restructuring costs for
the first half-year amounted to minus CHF9 million, which
compares to minus CHF19 million for the prior-year period.  The
steep rise in fuel costs eroded an additional CHF104 million from
the EBIT result for the first six months of 2005 compared to the
same period a year ago.  This has for the most part neutralized
the positive results achieved from SWISS's current restructuring
process, and substantially hindered progress on its turnaround.
SWISS held cash and cash equivalents totaling CHF497 million on
June 30, compared with CHF481 million at the end of 2004.

Swiss International Air Lines (Group) generated total income from
operating activities of CHF1 769 million in the first six months
of 2005, compared to CHF1 768 million for the same period last
year.  The result from operating activities (EBIT) before
restructuring costs amounted to a loss of CHF9 million, which
compares to a loss of CHF19 million before restructuring costs
for the prior-year period.  The operating income and EBIT results
include non-recurring income of CHF43 million deriving from the
transfer of slots at London Heathrow Airport to British Airways
during the first quarter.  Results for the prior-year period
include CHF68 million stemming from the settlement of the Holco
legal case.  The high cost of jet fuel eroded an additional
CHF104 million from the EBIT result for the first six months of
2005 compared to the same period a year ago.  In a tough
competitive environment, only one third of these additional costs
could be recouped through the fuel surcharges levied on passenger
air tickets.  EBIT for the second quarter of 2005 amounted to
CHF1 million.  This compares with an EBIT for the prior-year
period (excluding the non-recurring CHF68 million deriving from
the Holco case) of minus CHF18 million.

Financial expenses for the first six months of 2005 amounted to
CHF80 million (prior year: CHF27 million) and comprised ordinary
interest payments on financial liabilities and CHF48 million in
currency exchange value adjustments on outstanding US
dollar-denominated debt.  The currency translation loss derives
from the fact that the US dollar gained in strength against the
Swiss franc in the course of the first six months.  The CHF6
million financial income for the period (prior year: CHF13
million, including CHF10 million in currency exchange gains)
consists of ordinary interest income from cash and cash
equivalents and fixed-term deposits.

The consolidated net result for the first six months of 2005
amounted to a loss of CHF89 million, which compares to a loss of
CHF33 million in the prior-year period.  The higher loss, despite
an improved EBIT result, is due primarily to the deterioration in
the financial result owing to currency exchange movements.

The costs of the restructuring that was announced in January of
this year, involving a reduction in the size of the workforce by
between 800 and 1 000 positions, are not included in the result
shown here because the required information is not known at this
point.  In particular, negotiations with the unions are
continuing, the outcome of which will have a significant
influence on the costs of the restructuring.

"SWISS made further substantial progress in the first six months
of 2005," says President and Chief Executive Officer Christoph
Franz.  "The steep increases in fuel costs and continuing fare
erosion have become major challenges for the entire airline
industry.  But by swiftly initiating and consistently
implementing further actions to reduce its costs, SWISS has been
able to largely offset the negative impact of these trends on its
results.  The EBIT improvement that the present restructuring is
designed to achieve has, however, been substantially hindered by
the additional cost of jet fuel.  The further implementation of
our restructuring measures remains our highest priority - with
Lufthansa, too."

A positive CHF113 million cash flow from operating activities

Cash flow from operating activities amounted to CHF113 million
for the first six months of 2005.  This compares to a cash flow
of CHF3 million for the prior-year period.  The CHF110 million
increase is attributable to the improved EBIT result and to
various actions taken to enhance working capital management.

Cash flow from investing activities was also positive, thanks to
divestments effected during the period.  The CHF87 million net
cash inflow compares to a net cash outflow of CHF37 million for
the prior-year period.  The transfer to British Airways of slots
at London Heathrow Airport produced a cash inflow of CHF43
million; aircraft disposals and refunds of advance payments from
aircraft manufacturers generated a cash inflow of CHF33 million;
and the reduction of various cash deposits with suppliers
produced a cash inflow of a further CHF38 million.  A cash
outflow of CHF35 million was incurred through investments in
interior components, rotable spares and consumables for the
aircraft fleet.  Other divestments and interest received resulted
in a further cash inflow of CHF8 million.

Cash flow from financing activities amounted to minus CHF190
million, which compares to minus CHF124 million for the
prior-year period.  A total of CHF116 million of liquid funds was
used to amortize aircraft finance lease liabilities.  CHF45
million of liquid funds was used to repay liabilities, including
the repayment in full of the CHF43 million still outstanding on
the CHF50 million Barclays Bank loan.  The repayment of this loan
had no net impact on liquid funds, as it fell within the same
accounting period as the CHF43 million cash inflow from investing
activities deriving from the transfer of London Heathrow slots to
British Airways.  These slots had served as collateral for the
Barclays loan.  Further cash outflows of CHF28 million stemmed
from ordinary interest payments on finance lease liabilities.

Cash and cash equivalents amounted to CHF497 million on June 30,
2005.  The balance sheet also showed fixed-term deposits of CHF1
million.  Cash and cash equivalents had stood at CHF481 million
(plus CHF4 million in fixed-term deposits) at the end of 2004.

SWISS had an additional CHF139 million in liquid funds available
from existing banking credit facilities at the end of June 2005.
This amount varies depending, among other things, on the exchange
rates of the US dollar and the Euro against the Swiss franc.

SWISS has currently hedged 59% of its expected fuel needs for the
rest of 2005.  The record high prices of jet fuel created
additional pressure to speed up the restructuring process in
order to achieve the turnaround of the company.  While kerosene
prices had already shown steep increases towards the end of the
first-quarter period, the full impact of these higher fuel costs
was not felt until the second quarter.

Equity ratio at 26.4%

Group shareholders' equity amounted to CHF819 million on June 30,
2005 (equity ratio: 26.4%), having totaled CHF852 million
(equity ratio: 27.3%) at the end of 2004.

Further reduction in net financial debt

Net financial debt saw a further CHF150 million reduction in the
first six months of 2005, from the CHF594 million at the end of
2004 to CHF444 million on June 30, 2005.  In addition to the
positive cash flow from operating activities, the reduction was
due in particular to the funds released by divestment activities.

Improved load factors, yield pressure in Europe

Load factor: SWISS carried 4.69 million passengers in the first
six months of 2005 (prior year: 4.56 million).  The company
performed a total of 68 981 flights, which registered an average
seat load factor of 76.9% (prior year: 73.4%).  On the European
network, available seat kilometer (ASK) capacity was unchanged
from prior-year levels.  However, European seat load factor for
the period rose 3.5 percentage points to 63.8%.  Seat load factor
on intercontinental routes saw an even higher increase of 4.1
percentage points to 83.2%, while intercontinental ASK capacity
was 9.7% below prior-year levels.

Systemwide seat load factor for the second quarter of 2005 stood
at 79.5% (prior year: 75.4%).  Seat load factor on European
services amounted to 68.6%, up 3.6 percentage points.  For its
intercontinental routes, SWISS posted a second-quarter seat load
factor of 84.8%, up 4.8 percentage points on the prior-year
period.

Cargo load factor for the first six months of 2005 amounted to
86.1%, a slight year-on-year increase of 0.2 percentage points.

While SWISS's long-haul business continues to show very positive
trends, seat load factor for Europe remains less than
satisfactory, despite the increase achieved.  The no-frills
carriers in particular continue to exert pressure in larger prime
European markets in both capacity and pricing terms.

Yield: Yields (revenue per passenger kilometer) remained under
pressure throughout the European air transport sector in the
first six months of 2005, with the market still subject to
persistent overcapacity and continuing fare erosion.  SWISS
suffered a 5.7% year-on-year decline in yield on its European
network for the period.  Yield on intercontinental services, by
contrast, was a 4.6% improvement on its prior-year equivalent.

SWISS saw a positive development in its revenue per available
seat kilometer or RASK.  Calculated from seat load factor and
yields, RASK - together with cost per available seat kilometer or
CASK - is a key component in determining a company's operating
results.  SWISS's RASK for the first six months of 2005 was
virtually unchanged (with a year-on-year improvement of 0.1%) for
its European services, but showed a 9.7% improvement on
intercontinental routes.  As a result, system wide RASK for the
first six months of 2005 was 6.9% up on the prior-year period.
The system wide RASK increase is also due to year-on-year shifts
in the relative contributions of intercontinental and European
services to overall ASK capacity.  By the nature of the industry'
s pricing systems, RASK will always be lower on long
intercontinental routes than on the European network.  So a
relative shift in capacity towards European operations will
automatically raise RASK system wide.  RASK results also include
the fuel surcharges, which SWISS has been levying on its tickets
since summer 2004.  In line with general industry practice, SWISS
introduced these surcharges in the course of last year in
response to the steep rise in jet fuel prices, and has since
gradually adjusted them in line with fuel price trends.

Unit costs still too high

SWISS has substantially reduced its costs compared to those of
2004 in its endeavors to establish a cost base, which will enable
it to compete more effectively.  The achievements to date have,
however, been largely neutralized by the present high cost of
aviation fuel, which eroded an additional CHF104 million from the
EBIT result for the first six months of 2005 compared to the same
period a year ago.  Cost per available seat kilometer (CASK) rose
accordingly by 3.6%.  Excluding the additional costs incurred
through high jet fuel prices, SWISS reduced its CASK by 3.3% in
2005.

Like its RASK counterpart, CASK was also affected by the shift in
the relative contributions of European and intercontinental
production to overall ASK capacity.  Here, however, the effect
was the opposite: an increase in the proportion of European
production led to an automatic increase in system wide CASK.
This is because, in view of the shorter distances flown, CASK is
higher for European services than for intercontinental flights.

Irrespective of these mechanisms, CASK must be further reduced -
especially in view of continuing losses, the price erosion that
has continued in 2005 and the extremely difficult situation on
the jet fuel market.  SWISS's performance in the first half of
2005 also felt the adverse effect of an increase in personnel
expenses per full-time employee, which were 3.5% up on the
prior-year period.  The increase is due largely to the automatic
annual salary increases that are granted to flying personnel
under the seniority principle.

SWISS continues to consistently implement its current cost
reduction program throughout all areas of its organization, with
a particular focus on catering, on ground services (handling) and
on raising internal productivity.

Progress made with the current restructuring program

SWISS's integration into the Lufthansa Group offers various new
strategic perspectives, including the opportunity to exploit cost
synergies in areas such as financing and procurement, where SWISS
should benefit from much-enhanced terms and conditions.
Regardless of the benefits that are expected to derive from such
integration, however, SWISS is continuing the efforts it embarked
upon in January 2005 to create a profitable and competitive
foundation for its further corporate growth.  The current
restructuring program should be completed as originally announced
in the course of 2006.

Substantial cost savings are being derived from the outsourcing
in the course of the first quarter of the company's IT operations
to Swisscom IT Services and the intensified collaboration with
Mindpearl, SWISS's fully-owned telephone sales subsidiary.

The first-quarter period also brought progress in the Collective
Labour Agreement (CLA) negotiations, which are being conducted
with all the company's unions, with agreement reached with the
delegations from KV Switzerland, VPOD Air Transport and PUSH on a
new CLA for Swiss-based ground personnel that entered into formal
effect on April 1, 2005.  The new ground staff CLA was also
ratified by the GATA union at the end of April.  Agreement was
also reached on the simultaneous implementation of a new
severance benefits package.

Negotiations on new CLAs are continuing with the company's cabin
crew union and the Aeropers cockpit crew union.  The Swiss Pilots
Association sought a new arbitration process at the beginning of
May.  SWISS will continue to strive to agree and adopt viable and
forward-looking solutions with all its social partners, which
serve to secure jobs in the longer term.

SWISS is currently in the midst of a comprehensive quality drive.
At Zurich Airport, all SWISS services within Europe and to North
Africa are now handled at the airport's "A" gates, while all
SWISS intercontinental services now depart from the "E" gates.
Inflight food and drink has also been included in the ticket
price for Swiss Economy passengers since the end of May.  The new
seats now installed on the SWISS Airbus A320 European fleet have
also enhanced travel comfort; and with the introduction in
January of the new Boeing Business Jet service operated by
PrivatAir, SWISS now offers an attractive product on the
Zurich-New York (Newark) route that is specifically tailored to
business travelers' needs.

A further milestone on the road to SWISS's turnaround was reached
at the end of July when, after protracted negotiations, SWISS and
SR Technics Switzerland reached an out-of-court settlement in
their dispute over the interpretation of their maintenance
contract, thus ending the arbitration process they were engaged
in.  Established on a new basis, their revised cooperation
agreement enables SWISS to significantly reduce maintenance costs
for its Airbus fleet.  At the same time, SWISS and SR Technics
have extended their current contract, which is valid until 2009,
by a further three years.

The desired reduction of the SWISS regional aircraft fleet by at
least 15 aircraft in the course of 2005 and 2006 is a further
major step towards establishing competitive production structures
in every market segment.  SWISS will have reduced its fleet by 14
aircraft (including those of Crossair Europe) by the start of the
2005/06 winter schedules.  Despite this reduction in the regional
fleet SWISS will continue to offer an attractive range of air
services through collaborations with partner airlines, especially
with those within the Lufthansa Group.

Personnel numbers

The average number of personnel employed by SWISS (in full-time
equivalents or FTEs) in the first six months of 2005 amounted to
6 497, a decline of 955 on the 7 452 employed during the same
period last year.  SWISS employed a total of 6 477 FTEs on June
30, 2005 - 148 fewer than at the end of 2004.  The 6 477 FTE
positions are occupied by 7 583 employees around the world.

Public purchase offer successfully concluded

Deutsche Lufthansa AG made a public purchase offer to all the
minority shareholders of Swiss International Air Lines Ltd.
through the Swiss-domiciled AirTrust AG at the beginning of May
2005.  The offer was based on a business model jointly devised by
Lufthansa and SWISS for the acquisition of SWISS by Lufthansa and
its integration into the Lufthansa Group.

By the expiration of the offer period and the subsequent grace
period on June 22, Deutsche Lufthansa AG and the Almea Foundation
held 98.7% of the share capital of Swiss International Air Lines
Ltd.  via the Swiss-domiciled AirTrust AG.  This shareholding has
since been increased to over 99%.

With over 99% of SWISS share capital, AirTrust AG has exceeded
the minimum shareholding required to initiate a 'squeeze-out'
procedure to obtain the remaining SWISS shares.  And, with
approval of the proposed acquisition of Swiss International Air
Lines Ltd.  by Deutsche Lufthansa AG received from both the
European Commission and the US anti-trust authorities on July 5,
the way was cleared for SWISS's integration into the Lufthansa
Group.  The European Commission has agreed certain measures with
Lufthansa and SWISS to ensure adequate market access for possible
new competitors.  These center largely on making landing and
takeoff slots available to other carriers on various European and
intercontinental routes.  US anti-trust approval has been granted
unconditionally.  AirTrust AG has now initiated the squeeze-out
procedure, and has made a cash offer for the remaining SWISS
shares held by minority shareholders.  Lufthansa has increased
its shareholding in AirTrust AG from the original 11% to 49%.

SWISS's integration into the Lufthansa Group is proceeding
according to plan.  The integration is intended to ensure the
provision of the best possible network of European and
intercontinental air links - particularly through direct
services - to maintain Switzerland's economic strength and
business appeal.  The planned integration into the Lufthansa
Group offers SWISS new prospects and perspectives in terms of the
attractiveness of its products and services to its customers,
including more destinations, better connections, interlinked
frequent flyer programs, lounge access and more.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com


SWISS INTERNATIONAL: More Benefits for Customers this Winter
------------------------------------------------------------
More destinations, denser frequencies and better connections: the
collaboration between Lufthansa and SWISS continues to make good
progress, and will now offer customers many further benefits with
the new winter schedules.   All services between Switzerland and
Germany will be operated as code share flights from the start of
the new schedules on October 30.   The partners are also
harmonizing their timetables to provide a coordinated and
complementary range of services at their three hubs of Zurich,
Frankfurt and Munich.

SWISS's integration into the Lufthansa Group continues to make
good progress - as can be seen, among other things, by the many
innovations in the new 2005/06 winter schedules that will offer
passengers of both airlines an expanded air travel product and
further customer benefits.   Those benefits include more
destinations, better and coordinated connections, interlinked
frequent flyer programs and enhanced lounge access arrangements.

Coordinated services between Switzerland and Germany in the new
winter schedules

Lufthansa and SWISS are harmonizing their services between
Switzerland and Germany in their 2005/06 winter schedules
effective October 30.   All Lufthansa and all SWISS flights
between the two countries will be operated as code shares, and
the partners' timetables will be closely coordinated: instead of
competing against each other with almost simultaneous departures
(as was often the case in the past), the partners have realigned
their schedules to offer a denser frequency of services spread
throughout the day.   For customers, the new approach means more
frequencies, additional destinations and better connections
(through coordinated timetables) at the three hubs of Zurich,
Frankfurt and Munich.   SWISS will offer 69 destinations in 41
countries in its winter schedules, while Lufthansa offers service
to 181 destinations in 76 countries.   Customers will now have a
choice of 563 flights a week between Switzerland and Germany in
the new timetable period.

"Our joint approach to our services between Switzerland and
Germany marks another milestone in the still-young partnership
between our two carriers," says Christoph Franz, President and
Chief Executive Officer of SWISS.   "And we are delighted at the
genuine added value that it will provide for our passengers."

"These enhancements for our customers confirm that, as they
continue to develop their partnership, Lufthansa and SWISS are on
the right track," adds Thierry Antinori, Executive Vice President
Marketing & Sales, Lufthansa German Airlines.   "We are making
good and rapid progress, and are offering a wide range of new
opportunities to all our passengers.   The network is growing,
and our customers are feeling all the many benefits of better
flight connections and an expanded service product."

Once the corresponding traffic rights issues have been clarified,
Lufthansa and SWISS aim to extend their codeshare operations to
selected intercontinental routes.

A joint presence under a single roof

In a further collaborative innovation from the start of the
winter schedules, all the partners' check-in desks and departure
gates at their three hubs of Zurich, Frankfurt and Munich will be
accommodated with the home carrier.   In Zurich, Lufthansa (and
Austrian Airlines) passengers will be served at Check-in 1 and
Check-in 3, and the aircraft of these SWISS partner carriers will
use Pier A wherever possible.   In Frankfurt, SWISS will be
accommodated in Terminal 1; and in Munich SWISS will use Terminal
2.

The new handling arrangements offer customers a host of tangible
benefits.   The shorter journeys between gates permit quicker
transfers and thus better connections.   And the use of joint
desks will make the entire check-in process faster and smoother
for SWISS customers in Germany and for Lufthansa customers in
Switzerland (in Zurich, Geneva and Basel).   SWISS's integration
into the Lufthansa Group will also be underlined to customers by
a joint visual appearance at the partners' three hubs.
Operations at further airports in Switzerland and Germany should
be similarly harmonized between now and next year's summer
schedules.

Extended lounge access

Elite-level Lufthansa and SWISS customers already enjoy the use
of both partners' lounges.   With the coming winter schedules,
this facility will be extended to all Business Class customers,
Swiss TravelClub Silver members and Miles & More Frequent
Travellers.

Frequent flyer programs more attractive than ever

Members of the Swiss TravelClub and Lufthansa Miles & More
frequent flyer programs have been able to collect and spend miles
on both partners' networks since July 20.   Swiss TravelClub
members earn Club Miles on all scheduled services operated by
Lufthansa, and can redeem their miles for Lufthansa Free Tickets;
and Miles & More members earn award miles and status miles on all
SWISS-operated flights, and can book flight awards on SWISS.
The features of the two frequent flyer programs will be further
interlinked in association with SWISS's planned membership of
Star Alliance in 2006.

Full details of the partnership between Lufthansa and SWISS and
its many customer benefits are also available online at
http://www.lufthansa.comor http://www.swiss.com.

CONTACT: SWISS INTERNATIONAL
         Corporate Communications
         P.O. Box, CH-4002 Basel
         Phone: +41 (0) 848 773 773
         Fax: +41 61 582 35 54
         E-mail: communications@swiss.com


SWISS INTERNATIONAL: Trims down Board Members to Five
-----------------------------------------------------
The SWISS Board of Directors resolved to streamline the company's
aircraft fleet structure when it met on Aug. 26, 2005: the SWISS
short-haul fleet will consist solely of Avro RJ and Airbus A320
family equipment from the start of the 2006 summer schedules.  In
a further development, the present eight-member Board of
Directors is to be reduced to five members at an Extraordinary
General Meeting to be held on Sept. 22, 2005.

In addition to the existing Airbus A320 family contingent, the
SWISS short-haul aircraft fleet is to consist of 24 Avro RJ85 and
RJ100 regional jets from the start of the 2006 summer schedules.
The Board of Directors has resolved that the company's Embraer
145s should be gradually withdrawn by the end of the coming
winter schedules, while the Saab 2000 fleet will no longer be
operated from the start of the winter timetable period.  The
Board simultaneously approved the expansion of the present Avro
RJ fleet to 24 aircraft.

Gradual implementation of the fleet plan for regional operations

The new fleet plan should be gradually implemented.  SWISS
currently operates a fleet of 35 regional aircraft, consisting of
seven Saab 2000s, nine Embraer 145s, four Avro RJ85s and 15 Avro
RJ100s.

One Avro RJ100 will be handed over to its new owner as planned in
October.  The nine Embraer 145s will be leased out to other
operators: corresponding negotiations are already well advanced.
SWISS will lease-in six further Avro RJ100s in the course of the
first quarter of 2006, and put these aircraft into operation.

Resizing and reconstitution of the Board of Directors

As announced in May, the SWISS Board of Directors is to be
resized from eight to five members as part of the company's
acquisition by Lufthansa and its integration into the Lufthansa
Group.  With the reduction in numbers, the entire Board of
Directors will be newly elected.  The Extraordinary General
Meeting required for such actions is to be held on September 22,
2005.

Current Board members Pieter Bouw, Claudio Generali, Michael
Pieper, Jan Audun Reinas and Peter Siegenthaler have submitted
their resignations from the Board of Directors with effect from
September 22.  Present Board members Jacques Aigrain, Walter
Bosch and Rolf Jetzer will be standing for election for a further
term of office.  Standing for election as new Board members and
representatives of Lufthansa will be Wolfgang Mayrhuber and Klaus
G. Schlede.

The five members of the new SWISS Board of Directors will be
elected for an ordinary term of office of three years. Following
the Extraordinary General Meeting, the five elected members of
the new Board of Directors will appoint a Chairman from within
their ranks.  Rolf Jetzer is envisaged for this post.

"With three of our present Board members on the new Board and
with Rolf Jetzer as its new Chairman, we are ensuring an element
of continuity in our Board of Directors," says present Chairman
of the Board Pieter Bouw.  "I am also delighted that Lufthansa
intends to delegate Wolfgang Mayrhuber and Klaus Schlede - two
eminent and extremely competent individuals - to serve on the
SWISS Board."

The proposed new Board members:

(a) Jacques Aigrain, 51, has been a Member of the SWISS Board of
    Directors and Chairman of its Audit Committee since December
    2001.  A graduate in economics and law, he has been a Member
    of the Executive Board of Swiss Re since June 2001, heading
    the company's Financial Services Business Group, and has
    been Deputy CEO of Swiss Re since January 2005.

(b) Walter Bosch, 61, has been a Member of the SWISS Board of
    Directors since May 2003 and Deputy Chairman and Lead
    Director since March 2004.  He studied economics in St.
    Gallen and Berlin.  Walter Bosch has been active as a
    business entrepreneur and communications consultant since
    1997.  He is Delegate to the Board of Directors of Euphonix
    Inc., Palo Alto, serves on the Boards of Directors of
    Cablecom, Star TV, the Good News event agency and skiing
    company Zai AG, and is a Member of the Industry Council of
    the London-based GMT Partners private equity fund.

(c) Rolf P. Jetzer, 55, has been a Member of the SWISS Board of
    Directors and Chairman of its Remuneration Committee since
    May 2004.  A doctor in law, he has been a partner at the
    Zurich-based Niederer Kraft & Frey law firm since 1988,
    specializing in commercial law.  He was elected to the
    Boards of Directors of Bank Julius Bär & Co. AG and of
    Julius Bar Holding AG in April 2005.

(d) Wolfgang Mayrhuber, 58, has been Chairman of the Executive
    Board and CEO of Deutsche Lufthansa AG since June 2003. An
    Austrian by birth, he is also Chairman of the Supervisory
    Board of Lufthansa CityLine GmbH and a Member of the
    Supervisory Boards of Eurowings Luftverkehrs AG, Muenchener
    Rueckversicherungs-Gesellschaft AG and BMW AG.

(e) Klaus G. Schlede, 68, is a Member of the Supervisory Board
    of Deutsche Lufthansa AG, and served as its Chairman from
    1998 to 2003.  A graduate in business administration, he
    served as Chief Financial Officer and Deputy Chairman of the
    Executive Board of Deutsche Lufthansa AG from 1991 to 1998.
    Schlede, who lives in Switzerland, is also a Member of the
    Supervisory Boards of Deutsche Telekom AG and Deutsche
    Postbank AG.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com


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


A1 GEM: Collapses into Liquidation
----------------------------------
Company Name: A1 GEM CO. LIMITED.
              9 Hatton Garden,
              London, EC1N 8AH
              Phone: 020-7242-0022

Registration Number: 02886364.

Court: High Court of Justice

Date of Filing Petition: May 3, 2005

No. of Matter: 002865 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


AXIOM DESIGN: Winding-up Gets Go Signal
---------------------------------------
Company Name: AXIOM DESIGN & PRINT LIMITED
              Wilson Field, The Annexe,
              The Manor House,
              260 Ecclesall Road South,
              Sheffield, S11 9PS
              Phone: 020 7554 8640
              Fax: 020 7554 8641

Registration Number: 01971249

Court: Leeds District Registry

Date of Filing Petition: 20th

July 2005. No. of Matter: 791 of 2005

Date of Winding-up Order: August 5, 2005.

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


CAPITAL (GLOUCESTER): Administrator Enters Firm
-----------------------------------------------
Name: CAPITAL (GLOUCESTER) LIMITED
      (Company No 1297557)

Nature of Business: Printing

Registered Office of Company: 29A Groves Business Park, Shipton
Road, Milton-Under-Wychwood, Oxfordshire OX7 6JP

Date of Appointment: 9 August 2005

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

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


CARNEIL ASSOCIATES: Opts for Liquidation
----------------------------------------
Company Name: CARNEIL ASSOCIATES LIMITED
              Unit 3, Burley Close, Storforth Lane,
              Hasland, Chesterfield,
              Derbyshire, S42 6TJ
              Phone: 01246 556 971
              Fax: 01246 556 971

Registration Number: 04602861

Court: Leeds District Registry

Date of Filing Petition: 10th June 2005

No. of Matter: 624 of 2005

Date of Winding-up Order: 11th August 2005

CONTACT:  Official Receiver
          5th Floor, South Block,
          City Plaza, Pinfold Street,
          Sheffield, S1 2GU
          Phone: 0114 221 2700
          Fax: 0114 221 2750


C.A.T.S DISTRIBUTION: Names Milner Boardman Administrator
---------------------------------------------------------
Name: C.A.T.S DISTRIBUTION LIMITED
      (Company No 04656143)

Nature of Business: Storage and Warehousing, Courier other than
National Post and Retail of Fruit and Vegetables

Registered Office of Company: 2 Sovereign Way, Maritime Business
Park, Dock Road, Seacombe, Wallasey, Wirral, Merseyside CH41 1DL

Trade Classification: 6312, 6412 and 5221

Date of Appointment: 16 August 2005

Joint Administrators' Names and Address: Colin Burke and Gary J
Corbett (IP Nos 8603 and 9018), both of Milner Boardman &
Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG

                            *   *   *

Established in 2000, CATS distribution has become one of the
Northwest's leading companies specializing in the following
areas:

(a) Courier Services (Same day/next day)
(b) Temperature controlled courier service
(c) Fruit and Vegetable Delivery Service
(d) Fruit and Vegetable Wholesale

Based in a state of the art distribution and wholesale center in
Birkenhead, CATS is an accredited local supplier to the
Department of Health, as well as serving the business communities
of Sefton, Liverpool and Wirral.  Visit
http://www.catsdistribution.co.uk/for more information.

CONTACT:  C A T S DISTRIBUTION LTD
          Unit 2 Sovereign Way
          Maritime Business Park
          Dock Road
          Birkenhead
          Merseyside CH41 1DL
          United Kingdom
          Phone: 0151-651 1890
          Fax: 0151-647 6030
          E-mail: info@catsdistribution.co.uk

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


CHESS ESTATE: Winding-up Receives Green Light
---------------------------------------------
Company Name: CHESS ESTATE AGENTS LTD.
              224 Great West Road, Houndslow,
              Middlesex, TW5 9AW.
              Phone: 020 8848 8847

Registration Number: 03859387

Court: Bristol District Registry

Date of Filing Petition: 2nd June 2005

No. of Matter: 2246 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


CORUS GROUP: Half-year Profit Rises to GBP483 Million
-----------------------------------------------------
Half-year Highlights:

(a) group operating profit of GBP483 million;

(b) underlying operating profit of GBP503 million, an
    improvement of GBP348 million over 2004;

(c) 'Restoring Success' delivered approximately 35% of the
    improvement;

(d) capital expenditure for the U.K. Restructuring element of
    Restoring Success has been completed;

(e) earnings per share increased to 7.56 pence;

(f) interim dividend of 0.5 pence per share; and

(g) net debt at GBP1,131 million now includes GBP268 million
    impact of adopting IAS 32 and 39 from January 2005.

Outlook for the Second Half of 2005

(a) the third quarter will be impacted by lower selling prices,
    the full effect of raw material cost increases and reduced
    steel making to align production with demand;

(b) as the year progresses stock levels are expected to revert
    to normal and demand and selling prices are expected to
    improve gradually; and

(c) further Restoring Success benefits including initial
    benefits from U.K. Restructuring will be progressively
    delivered in line with plan.

From 2 January 2005, in line with all companies listed in the
European Union, Corus is adopting International Financial
Reporting Standards (IFRS) having previously reported its
financial results under U.K. Generally Accepted Accounting
Principles (U.K. GAAP).

Financial Highlights

In the first half of 2005, Corus' financial performance showed
further improvement.  The profit after tax of GBP337 million
equates to earnings per share of 7.56 pence, compared to 1.94
pence in the same period last year.

External turnover increased by 19% to GBP5,333 million as the
Group benefited from higher average steel selling prices
following the significant increases secured on both spot prices
during the second half of 2004 and on annual contracts from the
start of 2005.  The increase in average steel selling prices more
than offset an 8% reduction in deliveries in the period resulting
from weak market conditions.

Apparent demand slowed during the first half of the year due to a
combination of higher stocks through the supply chain and weak
underlying consumption in the automotive and construction
sectors.  Combined with higher imports, this hampered efforts to
redress the stock build that occurred in the second half of 2004.
Total operating costs increased by 13% to GBP4,850 million,
primarily reflecting significant increases in raw material,
particularly iron ore and coal, and energy costs.

The Group operating profit for the half year was GBP483 million,
compared to GBP195 million in 2004.  The underlying operating
profit, excluding restructuring and impairment costs and profit
on disposal of fixed assets, was GBP503 million (2004: GBP155
million).  Management actions as part of Restoring Success
continue to make a significant contribution to the improved
operating performance and are estimated to have accounted for
some GBP120 million or 35% of the increase in underlying
operating profit.

At the end of the period, net debt was GBP1,131 million.  The
increase compared to the year-end position (2004: GBP842 million)
is almost entirely attributable to the adoption of IAS 32 and 39
from January 2005, which require the Group to show drawings under
its GBP275 million debtor securitization program as net debt.  On
a comparable basis, the Group's working capital management
remains strong with working capital to turnover unchanged at 18%.

Restoring Success

Restoring Success, launched in June 2003, is designed to deliver
EBITDA benefits of GBP680 million per annum by the end of 2006.
At the end of June 2005 annualized exit rate benefits of GBP480
million were secured.

The competitive gap between Corus and the European operations of
the Group's peers, measured by the EBITDA to sales ratio, was
estimated to have reduced from 6% in 2003, to 3.5% in 2004. While
Corus has seen continued improvement in its financial
performance, this gap is estimated to have widened to 4.2% in the
first half of 2005.  The widening is attributable to Corus' lower
exposure to annual contracts and a margin squeeze on long
products manufactured through the blast furnace process route, as
selling prices were reduced in response to lower scrap
surcharges.  The Group remains on track to deliver the full
benefits of Restoring Success by the end of 2006.

The Corus Way

The Group has previously announced its longer-term perspective --
the Corus Way -- that will build on three business objectives:
best supplier to best customers, world-class processes and
selective growth.  The objectives are designed to differentiate
Corus from its competitors and allow the Group to deliver value
for its shareholders.
As part of the best supplier to best customer objective, new
investment in the Group's existing asset base in Western Europe
will be focused on enriching the product mix.  In February 2005,
Corus announced a major investment of GBP130 million at
Scunthorpe to strengthen the Group's competitive position in the
structural sections, rail and wire rod markets, by improving
operational efficiency, product range and customer service.  As
part of world-class processes, the implementation of continuous
improvement will seek to improve operating effectiveness and
secure cost reductions, based on principles of lean thinking.
Significant investment is being made to support these activities.
Finally, as part of selective growth, the Group will also look at
external opportunities in low cost and high growth countries to
further improve its competitive position.

Erdemir

The Group has previously expressed an interest in the
privatization of Erdemir, Turkey's largest steel producer.  Corus
has determined not to proceed on a stand alone basis and
therefore continue to explore opportunities to work jointly with
a domestic partner.

Dividend

At the time of the Group's preliminary results on 17 March 2005,
the Board announced its intention to recommence dividend payments
in respect of 2005.  Furthermore, at the Group's Annual General
Meeting, on 16 June 2005, the Board also stated that it expected
to declare a modest, initial dividend at the time of the
company's interim 2005 results.

The Board has declared an interim dividend of 0.5 pence per
share, which will be paid on 14 October 2005 to shareholders on
the register at 16 September 2005.  For American Depositary
Receipt holders, the dividend is payable in U.S. dollars on
October 24, 2005 by the Depositary, The Bank of New York, to the
ADR holders of record on September 16, 2005.  The recommencement
of dividends reflects the Board's confidence in the underlying
long-term recovery of the Group.

Outlook

Weak apparent demand in Europe has created downward pressure on
selling prices and this has continued in the third quarter.  To
align production with demand, Corus has reduced steel production
in this period by some 0.5mts.  The full impact of the
significant increases in raw materials will also be experienced
in the third quarter.

Stock levels in North America have already returned to more
normal levels with apparent demand showing signs of recovery and
prices having stabilized.  The European position is expected to
follow the North American trend as imports stabilize and
underlying consumption recovers in the second half of the year.
As the balance between supply and demand is restored, European
stocks are expected to revert to more normal levels as the year
progresses and selling prices to recover gradually.

The Group's Restoring Success program is expected to continue to
deliver benefits in line with plan.  This includes the initial
benefits from the U.K. investments that were successfully
completed during the first half of the year.

Philippe Varin, Chief Executive, said: "Corus has delivered a
strong financial performance in the first-half of 2005, despite
the more challenging market conditions.  Restoring Success
remains on track and provides a firm foundation going forward.
The return to dividend payments indicates our confidence that
Corus' operational performance is being structurally improved."

Corus Group plc is one of the world's largest metal producers
with annual turnover of over GBP9 billion and major operating
facilities in the U.K., the Netherlands, Germany, France, Norway
and Belgium.

Corus' four divisions comprising Strip Products, Long Products,
Distribution & Building Systems and Aluminium provide innovative
solutions to the construction, automotive, rail, general
engineering and packaging markets worldwide.  Corus has 48,100
employees in over 40 countries and sales offices and service
centers worldwide.

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

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY
          United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com

          Annanya Sarin
          Corporate Communications
          Phone: 020 7717 4532

          Simon Collins
          Local Media
          Phone: 01536 403 4801


C R STORAGE: Files for Liquidation
----------------------------------
Company Name: C R STORAGE LIMITED
              Unit V6 Dean Clough Mills,
              Dean Clough, Halifax,
              West Yorkshire, HX3 5AX
              Phone: 01422 347800
              Fax: 01422 345700

Court: High Court of Justice

Date of Filing Petition: June 29, 2005

No. of Matter: 004297 of 2005

Date of Winding-up Order: August 10, 2005

CONTACT:  Official Receiver
          3rd Floor, 1 City Walk,
          Leeds, LS11 9DA
          Phone: 01132 338222
          Fax: 01132 338332


CURTIS PLASTICS: Plastic Manufacturer Calls in Administrator
------------------------------------------------------------
Name: CURTIS PLASTICS LIMITED
      (Company No 02707819)

Nature of Business: Manufacture of Plastic Materials.

Trade Classification: 11-Other Manufacture.

Date of Appointment: 15 August 2005.

Joint Administrators' Names and Address: Nick O'Reilly and Simon
Glyn (IP Nos 8309 and 9159), both of Vantis Numerica, PO Box
2653, 66 Wigmore Street, London W1A 3RT

                            *   *   *

A privately owned company based in Luton.  Visit
http://www.clickoncurtis.com/for more information.

CONTACT:  CURTIS PLASTICS LTD
          Guardian Business Park
          Dallow Road
          Luton LU1 1NA
          Bedfordshire
          Phone: 01582 737221
          Fax: 01582 723261

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


DENCOL (UK): Printing Company Hires Hacker Young Administrator
--------------------------------------------------------------
Name: DENCOL (UK) LIMITED
      (Company No 04846611)

Nature of Business: Printing

Registered Office of Company: 3rd Floor, 10 Charterhouse Square,
London EC1M 6LQ

Trade Classification: Division 2-10 Paper, Printing and
Publishing

Date of Appointment: 11 August 2005

Joint Administrators' Names and Address: Andrew Andronikou and
Ladislav Hornan, (IP Nos 1253 and 2059), both of UHY Hacker
Young, St Alphage House, 2 Fore Street, London EC2Y 5DH

CONTACT:  DENCOL LTD
          Unit 10 Simonds Road
          Orient Industrial Park
          London E10 7DE
          Phone: 020 8556 3210
          Fax: 020 8556 7789

          UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


ELANCS.NET LIMITED: Appoints DTE Leonard Curtis Administrator
-------------------------------------------------------------
Name: ELANCS.NET LIMITED
      (Company No 4636418)

Nature of Business: Other Business Services

Registered Office of Company: Red Rose Court, Clayton Business
Park, Clayton-le-Moors, Accrington BB5 5JR

Trade Classification: 38

Date of Appointment: 5 August 2005

Joint Administrators' Names and Address: J. M. Titley and A.
Poxon (IP Nos 8617 and 8620), both of DTE Leonard Curtis, 24
Wellington Street, St John's, Blackburn, Lancashire BB1 8AF

                            *   *   *

Elancs.net was formed into a company limited by guarantee in
January 2003 with initial membership consisting of East
Lancashire Partnership, Business Services (East Lancashire) Ltd.
and East Lancashire Chamber of Commerce and Industry.  Visit
http://www.elancs.net/for more information.

CONTACT:  ELANCS.NET LIMITED
          Red Rose Court,
          Clayton-le-Moors,
          Accrington, Lancashire BB5 5JR
          Phone: 01254 356480
          Fax: 01254 388900
          E-mail: info@elancs.net

          DTE LEONARD CURTIS
          24 Wellington Street,
          St John's, Blackburn,
          Lancashire BB1 8AF
          Web site: http://www.dtegroup.com


GATE GOURMET: To Employ Voluntary Redundancy Scheme
---------------------------------------------------
Gate Gourmet has reportedly agreed on a framework with union
leaders in an effort to settle their dispute.

According to Reuters, the British Airways caterer will carry out
a voluntary redundancy program in the next few days for
employees, including the 600-plus fired earlier.

The company said: "The framework will allow the company to
address its ongoing staffing needs in a way that is fair to all
employees, adopt necessary work rule changes, and stem the losses
that have put the company on the brink of administration."

Compulsory redundancies could push through if not enough staff
would stick to the framework, it added.

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.

Meanwhile, the Transport & General Workers Union took the
framework as an important step in their negotiations, which are
expected to continue this week.

TGWU National Secretary Brendan Gold said: "After a constructive
meeting we have made initial progress toward resolving (the)
problems . . . with an outline of how to go forward that would
apply to all workers."

Gate Gourmet earlier confirmed it had agreed to an improved
commercial deal with BA.  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 caterer's U.K. operations, which lost GBP22 million in 2004,
is facing another GBP25 million in losses this year.  Gate
Gourmet blames the crisis on its "increasingly punitive" contract
with BA 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


HENRY MERRYWEATHER: Members Opt for Liquidation
-----------------------------------------------
At the extraordinary general meeting of Henry Merryweather & Sons
Limited held at 2 Kayes Walk, Stoney Street, The Lace Market, on
17 August 2005, at 9:30 a.m., the subjoined Special Resolution,
Ordinary Resolutions and Extraordinary Resolution were duly
passed:

"That it has been proved to the satisfaction of the Meeting that
this Company should be voluntarily wound up and that the Company
be wound up accordingly, that Andrew Philip Wood of 93 Queen
Street, Sheffield S1 1WF, duly qualified under the Insolvency Act
1986, be and is hereby appointed the Liquidator of the Company
for the purposes of such winding-up, that the remuneration of the
Liquidator be fixed by reference to time properly incurred (not
to exceed GBP5,000 plus VAT and disbursements) and that the
Liquidator may exercise the powers contained in Schedule 4 in
Part 1 of the Insolvency Act 1986, and may divide among the
Members in specie the whole or any part of the assets of the
Company."
By Order of the Board

R Merryweather, Chairman

CONTACT:  HENRY MERRYWEATHER & SONS LTD
          Merryweathers Gdn Centre,
          Halam Road, Southwell,
          Nottinghamshire NG25 0AH
          Phone: 01636813204

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


HR COMMUNICATIONS: Administrator Takes over Company
---------------------------------------------------
Name: HR COMMUNICATIONS LTD
      (Company No 02613881)

Nature of Business: Manufacture of Hi-Fi Equipment

Trade Classification: 11

Date of Appointment: 4 August 2005

Administrator's Name and Address: William Antony Batty (IP No
1049), Antony Batty & Company, 24 New House, 67-68 Hatton Garden,
London EC1N 2JY

CONTACT:  HR COMMUNICATIONS LTD
          Unit 1d Dulford Business Park, Limesfield
          Dulford
          Cullompton EX15 2DY
          Devon
          Phone: 01884 266777
          Fax: 01884 266801
          Web site: http://www.hrcommunications.co.uk/

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


INVENSYS PLC: Group Loss Down to GBP26 Million
----------------------------------------------
Invensys plc has reported first quarter results for the three
months to 30 June 2005, prepared in accordance with International
Financial Reporting Standards.

Highlights:

(a) Q1 trading in line with expectations;

(b) orders from continuing businesses were GBP642 million (Q1
    04/05: GBP617 million), up 3% at constant exchange rates
    (CER);

(c) revenue from continuing businesses was GBP577 million (Q1
    04/05: GBP586 million), down 2% at CER;

(d) operating profit from continuing businesses was GBP32
    million (Q1 04/05: GBP17 million), up 82% at CER;

(e) operating margin of continuing businesses after corporate
    costs was 5.5% (Q1 04/05: 2.9%);

(f) corporate costs were reduced to GBP9 million (Q1 04/05:
    GBP14 million);

(g) group loss for the period reduced from GBP42 million to
    GBP26 million;

(h) free cash outflow before legacy items reduced to GBP22
    million (Q1 04/05: GBP29 million);

(i) disposals of Lambda and ABS EMEA to raise gross proceeds of
    US$385 million (GBP219 million); and

(j) expectations for the year remain unchanged.


Ulf Henriksson, Chief Executive Officer of Invensys plc, said: "I
am pleased that we have delivered a significant improvement in
performance over the first quarter of last year.  Process Systems
and APV are now starting to deliver the benefits of their recent
restructuring programs.  Eurotherm performed in line with last
year but, as expected, Rail Systems and Controls had a weaker
quarter.

"We have substantially completed our disposal program with the
sales of Lambda and ABS EMEA achieving proceeds above
expectations.

"We remain confident that the restructuring program within our
businesses will improve their performance and benefit the Group's
earnings during the remainder of this financial year.  We
continue to expect that the results for the year will remain in
line with expectations."

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

CONTACT:  INVENSYS PLC
          Invensys House, Carlisle Place
          London SW1P 1BX
          Phone: +44-20-7834-3848
          Fax: +44-20-7834-3879
          Web site: http://www.invensys.com

          Steve Devany
          Phone: +44 (0) 20 7821 3758

          Nina Delangle
          Phone: +44 (0) 20 7821 2121

          Emma Burdett
          Phone: +44 (0) 20 7379 5151


ISCA GROUNDCARE: Court Okays Liquidation
----------------------------------------
Company Name: ISCA GROUNDCARE LTD.
              Cross Peak Nursery,
              Coach Road, Newton Abbot,
              Devon, TQ12 1EW
              Phone: 01626335056

Registration Number: 04509766

Court: High Court of Justice

Date of Filing Petition: 16th June 2005

No. of Matter: 003969 of 2005

Date of Winding-up Order: August 10, 2005

CONTACT:  Official Receiver
          3rd Floor, Senate Court,
          Southernhay Gardens,
          Exeter, EX1 1UG
          Phone: 01392 889 650
          Fax: 01392 422618


IT WALES: Winding-up Gets Court Approval
----------------------------------------
Company Name: IT WALES LTD.
              Unit 10, 3 Bank Building,
              Main Avenue, Treforest Industrial Estate,
              Pontypridd, CF37 5UR
              Phone: 01495 765990

Registration Number: 04210298

Court: Bristol District Registry

Date of Filing Petition: June 15, 2005

No. of Matter: 2488 of 2005

Date of Winding-up Order: August 10, 2005

CONTACT:  Official Receiver
          3rd Floor, Companies House,
          Crown Way,
          Cardiff, CF14 3ZA
          Phone: 029 2038 1300
          Fax: 029 2038 1318


MARSHFIELD CARE: Names Begbies Traynor Administrator
----------------------------------------------------
Name: MARSHFIELD CARE LIMITED
      (Company No 3462823)

Nature of Business: Nursing Home.

Registered Office of Company: 14 Lambourne Crescent, Cardiff
Business Park, Llanishen, Cardiff CF14 5GF

Date of Appointment: 15 August 2005

Joint Administrators' Names and Address: David Hill and John W.
Davies (IP Nos 6904 and 6425), both of Begbies Traynor, 5th
Floor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB.

CONTACT:  MARSHFIELD CARE LTD
          The Old Vicarage Nursing Home,
          Church Lane,
          Cardiff, South Glamorgan CF3 8UF
          Phone: 01633-681403

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


N.E.C SPECIAL: Winds up Under Court Order
-----------------------------------------
Company Name: N.E.C SPECIAL PROJECTS LTD.
              Edison House,
              175 Sunbridge Road,
              Bradford,
              West Yorkshire, BD1 2HB
              Phone: 01274 720 125
              Fax: 01274 307 448
              Web site: http://www.nec.uk.com

Registration Number: 02789641

Court: High Court of Justice

Date of Filing Petition: June 20, 2005

No. of Matter: 004042 of 2005

Date of Winding-up Order: August 10, 2005

CONTACT:  Official Receiver
          3rd Floor, 1 City Walk,
          Leeds, LS11 9DA
          Phone: 01132 338222
          Fax: 01132 338332

                            *   *   *

NEC Special Projects is a thriving electrical contractor
specializing in commercial and industrial electrical contracting
and maintenance.


OTTER CAMEL: Administrator from Lameys Enters Firm
--------------------------------------------------
Name: THE OTTER CAMEL COMPANY LIMITED
      (Company No 05067108)

Nature of Business: Management of Public House

Registered Office of Company: The Barn, Warren Court, 114 High
Street, Stevenage, Hertfordshire SG1 3DW

Date of Appointment: 12 August 2005

Administrator's Name and Address: Michelle Anne Weir (IP No
9107), Lameys Business Recovery, One Courtenay Park, Newton
Abbot, Devon TQ12 2HD

CONTACT:  LAMEYS
          1 Courtenay Park
          Newton Abbot
          Devon TQ12 2HD
          Phone: 01626 366117
          Fax: 01626 201196
          E-mail: enquiries@lameys.co.uk


PLANESTATION GROUP: Infratil to Take over Kent Airport
------------------------------------------------------
New Zealand-based Infratil Limited has agreed to buy the Kent
International airport for GBP17 million, said the Financial
Times.

This came after the airport's owner Planestation Group plc fell
into administration due to continuing losses.  Planestation's
budget airline subsidiary EUJet also collapsed after bankers
refused to inject additional funding into the unit.

Infratil said the takeover was due to be completed last week
"upon receipt of final title searches," according to The Herald
in another report.

David Newman, Infratil's chairman, said: "While the airport has,
for a short period, been in administration following the failure
of Planestation, we believe that it has strong prospects as a
freight airport servicing the south of England."

He added that the Kent airport fits well with its current
European airport, Glasgow Prestwick.  Steven Fitzgerald, chief
executive of Infratil Airports Europe, will reportedly manage it.

Earlier, Planestation administrators declared 127 employees
redundant, and canceled all flights at Kent.  EUjet closed
operation, leaving some 5,400 passengers stranded, and with more
than 90,000 flights booked for the coming weeks.

Planestation has raised GBP82 million in three equity fund
raising for the past 18 months.  Its finance director and a
board member stepped down in March.

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


PRESTON & DUCKWORTH: Administrators Dispose of Several Stores
-------------------------------------------------------------
Majority of the stores of Preston & Duckworth Limited have been
individually sold, said Creditman.

This came after PKF administrators Kerry Bailey and Jon Newell,
who were appointed in June, failed to sell the jewelry chain as a
whole.

Mr. Bailey said: "We had hoped to achieve a going concern sale
for the business as a whole; however in the current retail
climate potential buyers are understandably reluctant to take
such a risk.  The creditors are our main priority and we are
working extremely hard to find the best solution for all of
them."

The company's Windsor store has been sold to Berry's the
Jewellers of Leeds, while its outlet in Bury St. Edmunds has been
acquired by Norwich retailer Saleem Chaudrey.

The takeover of the Bolton business will be completed end of the
month as well as the freehold property at Bolton, which was
bought by a local businessman for GBP1 million.

The disposal of the Guildford store to a local jewelry retailer
is expected to be finished by September, while a sale has been
agreed for the Ipswich store.

Last month, the Watch Gallery store in London was shut down after
no buyer came forward to purchase the business.

The company has returned around GBP1 million to suppliers, while
the amount of dividend and the distribution date to creditors
have not yet been confirmed.  Creditors will have their meeting
at the PKF office in Manchester on September 1.

Since its establishment in 1869, Preston & Duckworth has been
offering fine quality jewelry, watches, gifts and services.  Its
crisis was reportedly due to the slump in the high street, which
affected sales and trading conditions.

Mr. Bailey added: "Retail businesses like Preston & Duckworth are
facing very tough trading conditions as interest rates and the
housing market continue to make consumers think twice about
spending.  The weak retail sales figures we witnessed early in
the year have continued into the summer and retailers are fast
losing confidence."

CONTACT:  PRESTON & DUCKWORTH LIMITED
          129 Fulham Road
          London SW3 6RT
          Phone: 020 7581 3239
          Fax: 020 7584 6497

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


RENTOKIL INITIAL: To Sell Initial Style Conferences
---------------------------------------------------
Following the review by the new Chief Executive, Doug Flynn, of
Rentokil Initial plc's businesses, the Board has decided to
dispose of Initial Style Conferences, subject to achieving
satisfactory value through a sale process.

Style Conferences is the market leader in the provision of
training and conferencing venues in the U.K.  It was acquired as
part of the BET group of businesses in 1996 and has always been
operated on a standalone basis.

Style Conferences has good profitability, high quality clients,
strong management and an attractive asset base founded upon
freehold ownership of 21 of the 29 centers that it operates.
However, its business characteristics are substantially different
from other businesses within the Group.  The Board, therefore,
believes that there may be alternative owners for whom Style
Conferences would be a better fit.

For reasons determined by Rule 21.1 of the City Code on Takeovers
and Mergers, a sale of Style Conferences, if agreed, may be
subject to approval by Rentokil Initial shareholders in general
meeting.

Greenhill & Co. International LLP, which is regulated by the
Financial Services Authority, is acting for Rentokil Initial plc
in connection with its potential divestiture of Initial Style
Conferences Limited and for no one else and will not be
responsible to anyone other than Rentokil Initial for providing
the protections afforded to customers of Greenhill & Co. nor for
providing advice in relation to this potential transaction.

                            *   *   *

Rentokil's restructuring took effect in June and the new
New Rentokil Initial shares were admitted to the Official List
and to trading on the London Stock Exchange's market for listed
securities at that time.

In May, non-executive chairman Brian McGowan, said: "In trading
terms, the year has started off largely as expected, with a
deterioration in profits compared with the first four months of
2004.  This was due to the full effect of the significant
increases in the investment in sales, marketing, service, I.T.
and H.R., which were progressively fed in from May 2004 as well
as the ongoing challenges of a difficult, price competitive
market place.  These trends are likely to continue into the
second half."

CONTACT:  RENTOKIL INITIAL PLC
          Felcourt
          East Grinstead
          West Sussex RH19 2JY
          Phone: +44-1342-833-022
          Fax: +44-1342-326-229
          E-mail: pr@rentokil-initial.co.uk
          Web site: http://www.rentokil-initial.com


RENTOKIL INITIAL: Profit Down 40.3% to GBP93.2 Million
------------------------------------------------------
Financial Overview - Continuing Operations

(a) turnover up 3.2% to GBP1,167.2 million;

(b) operating income down 33.0% to GBP119.2 million;

(c) profit before tax down 40.3% to GBP93.2 million;

(d) earnings per share down 41.3% to 3.66 pence;

(e) interim dividend per share up 10.4% to 2.13 pence;

(f) investments in service showing some improvements in contract
    retention;

(g) contract portfolio increased by an annualized GBP63.3
    million;

(h) improvements in rates of turnover growth and decline in
    operating income (before central items);

(i) one-off costs impact central items;

(j) exceptional impairment charge of GBP28.0 million in respect
    of U.K. textiles and garments; and

(k) strong free cash flow at GBP94.4 million, representing 103%
    of post cash-tax profit before exceptionals and amortization
    of customer lists.

Comprehensive Business Review

(a) focus on businesses with potential to create most
    shareholder value and where profitable growth can be
    sustained;

(b) group has solid platform for recovery based on market
    positions that remain strong:

      (i) a leader in European Pest Control;

     (ii) a leader in European washrooms & textiles; and

    (iii) an outperformer in U.K. Electronic Security and
          Cleaning;

(c) actions for recovery and growth identified and underway;

(d) group being reorganized around global business divisions
    with clear accountability and leadership; and

(e) disposal of Initial Style Conferences initiated.

Doug Flynn, Chief Executive, said:  "When I joined the company
less than five months ago I initiated a comprehensive review of
the Group.  We believe we know what the issues are and the
necessary actions to achieve a turnaround have commenced.
Throughout everything we have done, we have been open minded on
how to deliver shareholder value.  We have a great opportunity to
revive this business and I intend to take it."

Brian McGowan, Chairman, said: "The programs we are implementing
will provide real and lasting improvements in operational and
financial performance and thereby generate the value inherent in
the Company which rightly and fully belongs to its current
shareholders."

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

CONTACT:  RENTOKIL INITIAL PLC
          Felcourt
          East Grinstead
          West Sussex RH19 2JY
          Phone: +44-1342-833-022
          Fax: +44-1342-326-229
          E-mail: pr@rentokil-initial.co.uk
          Web site: http://www.rentokil-initial.com


SAF FOODS: Court Approves Liquidation
-------------------------------------
Company Name: SAF FOODS (U.K.) LTD.
              Frigoscandia Distribution,
              Temple Mill Lane,
              High Meads, Stratford,
              London, E15 2EW
              Phone: 020 8503 1010

Registration Number: 04574205

Court: High Court of Justice

Date of Filing Petition: 21st April 2005

No. of Matter: 002607 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


SPEYMILL GROUP: Square Mile Buys Further 200,000 Shares
-------------------------------------------------------
Speymill Group plc has received a notice of subscription from
Square Mile Limited, in accordance with the 'B' Warrant
Instrument entered into between the Company and Square Mile
Limited on 6th July 2004, to subscribe for a further 200,000
ordinary shares in the Company.

The Company will make application for the 200,000 new ordinary
shares to be admitted to trading on AIM.

                            *   *   *

The Speymill Group plc (formerly known as Wigmore Group plc)
serves as contractors to the hotel and leisure industries.  In
June, Chairman Paul Doona said: "The year to December 2004 was a
very poor one for the Group resulting in a loss after tax of
GBP6.71 million (2003: loss GBP0.36 million) which comprised
pre-exceptional losses of GBP2.28 million (2003: loss GBP0.36
million) and exceptional costs of GBP4.43 million (2003: GBPnil).

"The figures reflect an appalling year for the Group and root
and branch restructuring has been necessary since the financial
rescue by our majority shareholder Burnbrae.  I am, however,
confident that the Group is now on a firm financial footing and
that the long tried patience of our shareholders will ultimately
be rewarded."

CONTACT:  THE SPEYMILL GROUP PLC (THE WIGMORE GROUP PLC)
          Arundel House, Amberley Ct., County Oak Way
          Crawley, West Sussex RH11 7XL
          United Kingdom
          Phone: +44-845-070-1200
          Fax: +44-845-070-2300
          Web site: http://www.wigmoregroup.com

          Paul Doona
          Executive Chairman
          Phone: 01624 698131

          Tim Blackstone
          Britton Financial PR
          Phone: 0207 251 2544

          Jonathan Naess
          Nabarro Wells & Co Ltd.
          Phone: 0207 710 7400


SPIROTECH ENGINEERING: Court Sanctions Liquidation
--------------------------------------------------
Company Name: SPIROTECH ENGINEERING GROUP LIMITED
              Unit 15, Station Road,
              St. Ives, Huntingdon,
              Cambs, PE17 4BH
              Phone: +44 (01487) 833212
              Fax: +44 (01487) 833255
              Web site: http://www.spirotech.co.uk

Court: Leeds District Registry

Date of Filing Petition: February 8, 2005

No. of Matter: 141 of 2005

Date of Winding-up Order: August 11, 2005

CONTACT:  Official Receiver
          2nd Floor, Abbeygate House,
          164-167 East Road,
          Cambridge, CB1 1DB
          Phone: 01223 324480
          Fax: 01223 445310

                            *   *   *

Established in 1975, Spirotech has gained a reputation for high
quality stainless and carbon steel screw conveyors.  The group
supplies segments, screws as well as bucket elevators, conveyor
belts and dewatering systems.


U.K. COAL: U.S. Investor Boosts Stake to 3.3%
---------------------------------------------
U.K. Coal plc has reportedly sold further 400,000 shares to a
fund managed by U.S.-based investor Wilbur Ross.

According to Reuters, Mr. Ross, through W.L. Ross & Co. LLC, now
holds a 3.3% stake or 4.9 million shares in the British mining
company.

Mr. Ross is famous for rescuing troubled steel, textile and
financial companies through acquisitions.  His fund started
buying shares in U.K. Coal in June.

However, he stressed that he has no immediate plans of taking
over or imposing on how the company should be run.  The
transaction was just "friendly," which involved around GBP8.3
million or US$15 million, according to Mr. Ross.

He said: "We think there is value there.  It seems to be a
company that is turning itself around.  And a lot of coal mining
properties that have played out appear to have some value as real
estate.

He added that his investment was not hostile, reiterating that
they have "no concrete plans about anything else right now."

CONTACT:  U.K. COAL PLC
          Harworth Park, Blyth Rd.
          Harworth, Doncaster
          South Yorkshire DN11 8DB, United Kingdom
          Phone: +44-1302-751751
          Fax: +44-1302-752420
          Web site: http://www.ukcoal.com

          Inquiries
          Gavin Anderson
          Phone: 020 7554 1400


                            *********


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

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

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

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

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


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