TCREUR_Public/050830.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

            Tuesday, August 30, 2005, Vol. 6, No. 171

                            Headlines

C Z E C H   R E P U B L I C

TELESYSTEM INTERNATIONAL: Court Approves First Distribution


F I N L A N D

BENEFON OYJ: New CEO to Assume Post Next Month


G E R M A N Y

ABAG GESAMTBAU: Succumbs to Bankruptcy
A&O BUSINESS: Dresden Court Appoints Interim Administrator
AUGUSTA TECHNOLOGIE: Completes Restructuring
BLUE MARLIN: Court to Verify Claims January
DUERR AG: Asks Banks to Waive Credit Facility Conditions

GARANT SCHUH: Board Members Set Example, Resign to Spark Change
GEA GROUP: Earns 'Stable' Assessment from Fitch Ratings
GEBR. WILLINGHOFER: Under Bankruptcy Administration
HAUSBAU UND VERTRIEBS: Proofs of Claim Due Next Week
KIG GMBH: Creditors to Meet Next Month

PFLEIDERER AG: Vossloh Takes over Track System
PRO OFFICE: Hamburg Venture Goes Bust
RIVER BETRIEBSGESELLSCHAFT: Falls into Bankruptcy
WILLINGHOFER FRASTECHNIK: Creditors' Claims Due September
WSI SECURITY: Declares Bankruptcy


G R E E C E

DRYSHIPS INC.: Receives Last of 10 New Vessels Ordered


H U N G A R Y

NABI RT: Sets Share Conversion Friday


I R E L A N D

EUJET: Potential Buyers Back out After Kent Airport Disposal
KEMPFORD CONSTRUCTION: Late Founder's Kin Wants Firm Liquidated


I T A L Y

FIAT SPA: To Decide on EUR3 Bln Capital Increase Mid-September


K A Z A K H S T A N

PETROKAZAKHSTAN INC.: Inks US$4.2 Bln Deal with China National


N E T H E R L A N D S

HAGEMEYER N.V.: Trims First-half Net Loss by Two-thirds
ROYAL SHELL: Buyback Brings 'A' Shares Down to 4,060,999,000


N O R W A Y

PAN FISH: Acquires Murray Seafood in Scotland
PAN FISH: Second-quarter Loss Swells to NOK32.8 Million


R U S S I A

ALFA BANK: Moody's Changes Rating Outlook to Positive
BURYAT-SPIRT: Creditors Have Until September 30 to File Claims
GLASS OF RUSSIA: Deadline for Proofs of Claim Set Today
KALACHEEVSKOYE: Hires Insolvency Manager
KAVALEROVSKIY WOOD: Bankruptcy Hearing Set September 28

KIROVSKAYA BAKERY: Insolvency Manager Takes over Company
KRASNOBORSKAYA MOVABLE: Bankruptcy Supervision Procedure Begins
MOVABLE MECHANIZED COLUMN - 1: Under Bankruptcy Supervision
PERVOMAYSKOYE: Declared Insolvent
TERNOVSKIY: Insolvency Manager Takes over Firm
ZNAMENKA-AGRO-PROM-STROY: Succumbs to Bankruptcy


S W I T Z E R L A N D

LEICA GEOSYSTEMS: Adopts Neutral Position on Competing Offers


T U R K E Y

TURKCELL ILETISIM: Uses Unsecured Turkish Lira Denominated Loan
TURKIYE SINAI: 'BB-' Rating Affirmed on Strong Capitalization


U K R A I N E

ANZHELINA PLUS: Temporary Insolvency Manager Steps in
APEK: Gives Creditors Until September to File Claims
BORISFEN: Creditors' Claims Due Today
KASKADTRANS: Under Bankruptcy Supervision
KUSTIN: Names Pavlo Duplika Liquidator

STYLE: Insolvency Manager Takes over Operations
SUMSKIJ RAJAGROBUD: Bankruptcy Supervision Starts
SVITLOVODSK' HEAT-INSULATING: Succumbs to Bankruptcy
UKRKONVERS: Court Appoints Temporary Insolvency Manager
UKRRESURS-EXPORT: Declared Insolvent


U N I T E D   K I N G D O M

ADVANCED TECHNICAL: Industrial Adhesives Wholesaler Liquidates
A.J. FABRICATION: Court Approves Liquidation
B&C COMPOSITES: Business for Sale
BRIAN FEAR: Members Decide to Wind up Firm
BROAD STREET: Hires Deloitte & Touche as Liquidator

BURLEY PROFILE: Administrators from Tenon Recovery Move in
CHARLEIGH'S LIMITED: Files for Administration
CLIENT NETWORK: Opts for Liquidation
D.L.R. JOINERY: Court Okays Liquidation
DRAX GROUP: Close to Finalizing Proposed Refinancing, Listing

ELECTRICBIRDLAND: Internet Games Developer Winds up
EMILY & SOPHIE: EGM Passes Winding-up Resolutions
ENTERTAINMENT AUDIT: Opts for Liquidation
EXTRAPRISE LIMITED: EGM Passes Winding-up Resolutions
FULLARD LEARNING: Hires Antony Batty & Co. Administrator

GALAXY LIFESTYLES: DTI Winds up 'Charitable' Organization
GATE GOURMET: Court Extends Injunction Against Workers
G & J GARAGE: Meeting of Creditors Set Next Week
INDEPENDENT BUILDING: Creditors to Meet Friday
INMARSAT INVESTMENT: New Senior Secured Facilities Rated 'BB'

J2 AIRCRAFT: Software Consultancy Firm Liquidates
JARVIS PLC: Files Key Documents to FSA
JARVIS PLC: Sets out Timetable for Restructuring Events
LEYLAND AUTO: Winding-up Gets Go Signal
MCS LOGISTICS: Gears up for Liquidation

MEDIA MOULDING: Names KPMG Liquidator
MET INTERNATIONAL: Hires F A Simms & Partners Administrator
NIGHTSPEED GROUP: Logistic Firm Calls in Administrator
OGILVIE PARTNERS: Winding-up Receives Green Light
OXFORD CLINICAL: In Administrative Receivership

PAYNE & STEELE: Calls in Liquidator from Begbies Traynor
PLANET COASTLINE: Members Decide to Wind up Firm
PREMIER SECURITY: EGM Passes Winding-up Resolutions
QUALITY OAK: Administrator from Albert Goodman Takes over Firm
RENTOKIL INITIAL: Raphoe Not Yet Ready with Offer

SPRINT HIRE: Files for Liquidation
STAFFORDSHIRE CASING: Members Opt for Liquidation
STAR LEAP: Falls into Liquidation
SUPPLY CHAIN: Calls in Administrators from Bridgestones
TECHNICAL DATA: EGM Passes Winding-up Resolutions

T. L. LIFTING: Members Decide on Wind-up
WESTPOINT SERVICES: Falls into Liquidation
YOUR TELECOM: Members Decide to Liquidate Firm

* Large Companies with Insolvent Balance Sheets


                            *********


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


TELESYSTEM INTERNATIONAL: Court Approves First Distribution
-----------------------------------------------------------
Telesystem International Wireless Inc. said that the Superior
Court, District of Montreal, Province of Quebec has issued, under
the Company's plan of arrangement, an order authorizing a First
Distribution to its shareholders of US$4.19 billion or US$18.80
per fully diluted common share.

As previously announced, the First Distribution will be made
through a reduction of the stated capital of the common shares of
US$17.01 per fully diluted common share and a dividend of US$1.79
per fully diluted common share.  The amount representing the
reduction of the stated capital will be distributed to holders of
record as at the close of business on September 8, 2005.  The
dividend will be distributed to holders of record as at the close
of business on September 21, 2005.  Both the reduction of the
stated capital and the dividend will be payable on September 27,
2005.

                        About the Company

Telesystem International, headquartered in Montreal (Quebec),
provides wireless voice, data and short messaging services in
Central and Eastern Europe with over 6.9 million subscribers.  It
operates in Romania through MobiFon S.A. under the brand name
Connex and in the Czech Republic through Oskar Mobil a.s. under
the brand name Oskar.

                       Restructuring Plan

On May 20, the Superior Court, District of Montreal, Province of
Quebec issued a final order approving a Plan of Arrangement under
the Canada Business Corporations Act.  The court supervised Plan
of Arrangement was adopted by the Company to allow the Company
to:

   -- complete the transaction with Vodafone announced on
      March 15, 2005;

   -- proceed with its liquidation, including the implementation
      of a claims process and the distribution of net cash to
      shareholders;

   -- cancel its common shares; and

   -- proceed with its final distribution and be dissolved.

The Court has appointed KPMG Inc. as monitor to perform the
duties provided in the claims identification process approved by
the Court.  Visit http://bankrupt.com/misc/Telesystem_Profile.htm
to view company profile.

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          Jacques Lacroix
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca


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


BENEFON OYJ: New CEO to Assume Post Next Month
----------------------------------------------
Benefon Oyj's elected CEO Jonathan Bate will join the company as
new CEO on 19 September 2005.  The appointment of Mr. Bate, 41,
was made public through an announcement on 18 July 2005.  Tomi
Raita, the current CEO, will assume the position of Chief
Operating Officer.

"I am very excited to meet everyone involved in the company and
to get to know the organization better and to start building the
business," Mr. Bate says.

Mr. Bate was most recently the Vice President of Siemens Northern
Europe and has 16 years of experience in wireless technology and
consumer electronics.  At Siemens, Mr. Bate was instrumental in
increasing profitability by 300% in 24 months and doubling market
share to 19%.  Previous to this he was Managing Director of
Siemens U.K. & Ireland where he established Siemens Mobile as the
strong number 2 in Great Britain.  His leadership roles also
include positions at Samsung Electronics, Philips and Motorola.

"Jonathan Bate is a recognized leader in the wireless industry
and I am excited about the valuable insight and proven
operational and sales experience he will bring to Benefon," says
Brian Katzen, Benefon's Chairman.

Mr. Bate will also be extensively involved in the planning and
implementation of Benefon's ongoing financing alternatives.

"Jonathan's involvement will allow us to further the current
discussions that are underway with potential investors, and
having a person of Jonathan's calibre on board driving the
organization will allow us to show investors our commitment to
making Benefon a success," Mr. Katzen continues.

Benefon's strategic financing plans are continuing and, as
proposed by the Board, the EGM called up for 5 September 2005
will confer to the Board the authority to arrange a rights
offering.  Any shares that are not subscribed by the existing
shareholders in the rights offering may be allocated by the Board
to new investors.  The authorization for the rights offering will
allow the company to move forward rapidly upon a successful
completion of negotiations of the financing alternatives.

                        About the Company

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

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


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


ABAG GESAMTBAU: Succumbs to Bankruptcy
--------------------------------------
The district court of Rostock opened bankruptcy proceedings
against ABAG Gesamtbau GmbH on July 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 28, 2005 to register
their claims with court-appointed provisional administrator
Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting on October 26, 2005, 10:00 a.m. at the district court
of Rostock, Zochstrasse, 18057 Rostock, Saal 330, 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:  ABAG GESAMTBAU GmbH
          Contact:
          Antonio Guerra Goncalves, Manager
          Dierkower Damm 38d, 18146 Rostock

          Gerhard Brinkmann, Administrator
          Freiligrathstrasse 1, 18055 Rostock


A&O BUSINESS: Dresden Court Appoints Interim Administrator
----------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against A&O Business Software GmbH on July 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 31, 2005 to register their
claims with court-appointed provisional administrator Barbara
Fritzer.

Creditors and other interested parties are encouraged to attend
the meeting on December 10, 2005, 9:40 a.m. at the district court
of Dresden, Olbrichtplatz 1, 01099 Dresden, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  A&O BUSINESS SOFTWARE GmbH
          Hospitalstr. 13-16 in 02826 Gorlitz
          Contact:
          Udo Amend, Manager

          Barbara Fritzer, Administrator
          Louis-Braille-Str. 1, 01099 Dresden
          Web site: http://www.ra-fritzer.de


AUGUSTA TECHNOLOGIE: Completes Restructuring
--------------------------------------------
Business development at Prime Standard member AUGUSTA Technologie
AG (ISIN DE000A0D6612) was once again in line with expectations
in the first half of 2005.  Consolidated sales revenues of
EUR98.5 million (H1 2004 adjusted: EUR93.0 million; H1 2004:
EUR123.0 million) were slightly up on the comparable prior-year
period after adjustment for the deconsolidated Data Display
Group.  The Sensor Systems division generated sales revenues of
EUR39.1 million (H1 2004: EUR33.6 million).  The IT Systems
division was above the adjusted prior-period figure with sales
revenues of EUR20.0 million (H1 2004 adjusted: EUR17.1 million;
H1 2004: EUR47.1 million).  The Communication Systems division
generated sales revenues of EUR39.3 million in H1 2005, after
EUR42.3 million in H1 2004.

Pandatel AG was deconsolidated as of March 31, 2005 and is now
reported as an investment at equity.  With the conclusion of the
Company's restructuring, the AUGUSTA Group's balance sheet shows
an equity ratio of 31.7%.  Liabilities from the convertible bond,
which originally amounted to EUR75.0 million, were reduced to
EUR13.2 million, due as of November 4, 2007.  A new syndicated
loan agreement was also signed which matures on October 30, 2007.

At EUR7.6 million, segment earnings were substantially higher
than the prior-year level (H1 2004: EUR0.7 million).
Restructuring expenses of EUR3.4 million arose in the Group in H1
2005; the majority of these related to the financial
restructuring at AUGUSTA Technologie AG.  Incoming orders in the
AUGUSTA Group amounted to EUR86.4 million as of June 30, 2005
(June 30, 2004: EUR120.5 million).  Booked business amounted to
EUR71.1 million as of June 30, 2005 (June 30, 2004: EUR107.1
million).

EBITDA in H1 2005 amounted to EUR4.0 million (H1 2004: -EUR11.0
million).  EBIT amounted to EUR1.7 million (H1 2004: -EUR13.7
million).  Overall, AUGUSTA recorded a consolidated loss for the
period of EUR0.7 million in H1 2005 (consolidated loss for H1
2004: EUR17.4 million) and a consolidated loss per share of
EUR0.12 (loss per share in H1 2004: EUR14.65).  After minority
interest, AUGUSTA broke even in the period under review.

The Managing Board

CONTACT:  AUGUSTA TECHNOLOGIE AG
          Wilhelm-Leuschner-Str. 9-11
          60329 Frankfurt/Main, Germany
          Phone: 0049-(0)69-242669-0
          Web site: http://www.augusta-ag.de
          Lena Trautmann, Investor Relations
          Phone: +49-(0)69-242669-19
          Fax: +49-(0)69-242669-40
          E-mail: trautmann@augusta-ag.de


BLUE MARLIN: Court to Verify Claims January
-------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Blue Marlin 77 Vermogensverwaltungs GmbH &
Co. Kolberger Strasse 8 - 11 Grundstuecks KG on August 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 10,
2005 to register their claims with court-appointed provisional
administrator Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on September 13, 2005, 9:45 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
January 3, 2006, 9:30 a.m. at the same venue.

CONTACT:  BLUE MARLIN 77 VERMOGENSVERWALTUNGS GmbH
          & Co. KOLBERGER STRASSE 8 - 11 GRUNDSTUECKS KG
          Berchtesgadener Str. 20,10825 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


DUERR AG: Asks Banks to Waive Credit Facility Conditions
--------------------------------------------------------
Production systems supplier Duerr AG denied rumors it is selling
its entire Measuring and Process Systems (MPS) division,
Suddeutsche Zeitung says.

The division has just booked a EUR6.1 million profit in the first
half, its first positive results in a long while.  While
admitting the review of non-core operations to determine which
will be sold, the measuring and process systems is not one them,
or at least not the entire division, it said.

Duerr is currently negotiating with banks for the waiver of some
conditions on its EUR360 million credit facility, which expires
in 2009.  These conditions include certain financial benchmarks,
according to the paper, which if not achieved will entitle the
banks to cancel the facility.

According to Duerr, it has achieved the agreed targets for the
first half and, on an operative basis, will meet the targets in
the third quarter.  It did not say which condition it wants
waived.  The paper said Duerr expects to book between EUR40
million and EUR50 million in restructuring cost in the third
quarter.

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


GARANT SCHUH: Board Members Set Example, Resign to Spark Change
---------------------------------------------------------------
The 11 supervisory board members of insolvent Garant Schuh + Mode
will resign on September 22, according to Die Welt.  The members,
whose terms were supposed to run until 2006, have decided to step
down to pave the way for a fresh start.

It is not clear how they will be replaced.  According to the
report, shareholders may appoint a new board at the AGM on
October 11, or a court may do so.

Garant's problem started when it took over Salamander Schuh GmbH
in June 2003, according to TCR-Europe in a previous report.
Observers believe Garant was unprepared to takeover a company
bigger than itself, which at the time employed 1,000 to Garant's
130.

In September last year, the company filed for insolvency after
failing to obtain cash from banks to cover a financing gap.  Two
days later Salamander followed suit.  The district court of
Dusseldorf then launched insolvency proceedings against Garant in
December and placed the group in administration.  By February,
creditors numbering 250 decided to back the company's
restructuring plan, which guaranteed a better return at 38% than
liquidation, which only guaranteed no more than 17%.

Drafted by insolvency trustee Friedrich Wilhelm Metzeler, the
plan proposed the resumption of business with suppliers and
retail shops.  In January, Garant Schuh had renewed contracts
with 90% of associated retailers and suppliers, boosting its
chances of emerging from insolvency proceedings by the middle of
this year.

Garant is Europe's largest association of independent shoe,
sporting and leather goods manufacturer.  It provides centralized
buying services to around 7,850 European stores and has 1,910 and
4,850 members in Germany and in the continent, respectively.

CONTACT:  GARANT SCHUH + MODE AG
          Elisabethstrasse 70
          40217 Duesseldorf DEU
          Phone: 49 211 33 86 01
          Fax: 49 211 33 86 297
          Web site: http://www.garantschuh.de

          SALAMANDER SCHUH GMBH
          Stammheimer Strabe 10
          70806 Kornwestheim
          Wegbeschreibung
          Phone: 00 49 (0) 71 54/15 10
          Fax: 00 49 (0) 71 54/15 12 00
          E-mail: info@salamander.de
          Web site: http://www.salamander.de


GEA GROUP: Earns 'Stable' Assessment from Fitch Ratings
-------------------------------------------------------
Fitch Ratings has changed German engineering group GEA Group AG's
(formerly MG Technologies AG) Outlook to Stable from Negative.
At the same time, the agency has affirmed the group's ratings at
Senior Unsecured 'BBB-' (BBB minus) and Short-term 'F3'.

The Outlook revision reflects Fitch Ratings' expectation that
GEA's management will further focus on cash flow generation while
maintaining a healthy financial profile.  The ongoing
restructuring of plant engineering will help to boost GEA's
profitability to acceptable levels in a reasonable time frame.

The agency gains comfort that any re-leveraging efforts remain
limited and related execution risks to implement the company's
growth strategy can be controlled.  However, the finely balanced
strategy between equity and creditor stakeholders' interests,
combined with very low margins for the rating category, allow a
limited margin of error in terms of the company's future
performance.

The ratings reflect GEA's leading positions in its mechanical
engineering operations, its relatively balanced customer and
geographical diversification and its de-leveraged financial
profile.  Fitch expects that GEA will further benefit from the
improving operating performance of its core business and its
ongoing restructuring and cost-cutting programs.  This is partly
offset by the group's weak profitability owing mainly to ongoing
difficulties at its large project-focused plant engineering
operations.

The investment-grade ratings are backed by GEA's comfortable
financial flexibility, which continues to cushion the
restructuring of its underperforming plant engineering activities
as well as the group's growth strategy.  Following a strategic
realignment, the disposal of most of the group's chemical
activities in 2004 has significantly altered its underlying
operating risk profile, leading to the loss of one of its two
important cash flow contributors.

In June 2005, GEA agreed a EUR500 million five-year syndicated
credit facility, which replaces its maturing credit lines.  This
will be used for general corporate purposes and minor
acquisitions.  On 18 May 2005, GEA AG was merged with its parent
company, MG Technologies AG, the company's name was changed to
"GEA Group Aktiengesellschaft" and its registered office moved to
Bochum from Frankfurt.  GEA, which has suspended its disposal of
Dynamit Nobel Kunststoff GmbH (DNK) as a result of the
contractual failure attributable to its potential buyer in
September 2004, continues to examine different options for the
latter's future.

Fitch considers GEA's liquidity to be comfortable.  With the
disposal of its chemicals businesses, GEA has substantially
strengthened its balance sheet. At FYE04, the group enjoyed a net
cash position of EUR315m, supported by the company's access to a
five-year committed credit facility. However, Fitch notes that
GEA is considering several bolt-on/midsize acquisitions in order
to grow its core business, which could lead to a re-leveraging of
the balance sheet.  GEA has committed itself to a moderate
gearing ratio of less than 30%.

GEA is a global engineering group that focuses on specialty
mechanical engineering, particularly process
engineering/components and plant engineering.

CONTACT:  FITCH RATINGS
          Markus Leitner, Frankfurt
          Phone: +49 (0)69 7680 76 241
          Karsten Frankfurth
          Phone: +49 (0)69 7680 76 170
          Web site: http://www.fitchratings.com

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


GEBR. WILLINGHOFER: Under Bankruptcy Administration
---------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Gebr. Willinghofer Modellbau GmbH on August 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 22,
2005 to register their claims with court-appointed provisional
administrator Jochen Schnake.

Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2005, 9:30 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  GEBR. WILLINGHOFER MODELLBAU GmbH
          Aachener Str. 17, 33649 Bielefeld
          Contact: Susanne and Helmut Willinghofer, Managers

          Jochen Schnake, Administrator
          Ravensberger Str. 12, 33824 Werther


HAUSBAU UND VERTRIEBS: Proofs of Claim Due Next Week
----------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Hausbau und Vertriebs GmbH "DOMA" on July 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 7,
2005 to register their claims with court-appointed provisional
administrator Thorsten Schnoor.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005 at the district court of Rostock,
Zochstrasse, 18057 Rostock, Saal 330, 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:  HAUSBAU UND VERTRIEBS GmbH "DOMA"
          Contact:
          Reiko Kruse, Manager
          Ribnitzer Strasse 8c, 18190 Sanitz

          Thorsten Schnoor, Administrator
          Wendenstrasse 4, 20097 Hamburg


KIG GMBH: Creditors to Meet Next Month
--------------------------------------
The district court of Saarbruecken opened bankruptcy proceedings
against KIG GmbH on August 9.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 10, 2005 to register their claims
with court-appointed provisional administrator Matthias Bayer.

Creditors and other interested parties are encouraged to attend
the meeting on September 14, 2005, 10:00 a.m. at the district
court of Saarbruecken, Aussenstelle Sulzbach, Vopeliusstrasse 2,
66280 Sulzbach, 1. Etage, Saal 13, 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 31, 2005, 8:45 a.m. at the
same venue.

CONTACT:  KIG GmbH
          Industriestrasse 12, 66386 St. Ingbert
          Contact:
          Nicole Kramer, Manager
          Zum Bergwald 4, 66271 Kleinblittersdorf

          Matthias Bayer, Administrator
          Kaiserstrasse 77, 66386 St. Ingbert
          Phone: (06894) 38 76 311
          Fax: (06894) 382185


PFLEIDERER AG: Vossloh Takes over Track System
----------------------------------------------
At Friday's meeting, the Supervisory Board of Vossloh AG (ISIN:
DE0007667107) has given the go-ahead for Vossloh to acquire
Pfleiderer Track Systems.  Pfleiderer AG's own Supervisory Board
had already given its approval on August 19, 2005.  The
transaction is still subject to review by the respective cartel
authorities.

                            *   *   *

On July 21, Fitch Ratings affirmed Germany-based Pfleiderer AG's
Senior Unsecured 'BB' rating and removed it from Rating Watch
Negative (RWN).  A Stable Outlook has been assigned.  The
Short-term 'B' rating is also affirmed.

The rating action follows Pfleiderer's announcement to acquire
Kunz Group's engineered wood activities in Canada, the United
States and Germany.  In FY04, the acquired activities had total
sales of EUR556 million and EBITDA of EUR85 million.  The
transaction is expected to close in August/September and subject
to regulatory approval.

CONTACT:  PFLEIDERER AG
          Corporate Communication
          Ulrich Korner
          Phone: + 49 (0) 91 81 / 28 - 84 91
          Fax: + 49 (0) 91 81 / 28 - 606
          E-mail: ulrich.koerner@pfleiderer.com


PRO OFFICE: Hamburg Venture Goes Bust
-------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Pro Office Gesellschaft fuer EDV-Zubehor GmbH & Co. KG on
August 2.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
September 9, 2005 to register their claims with court-appointed
provisional administrator Jorn Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2005, 10:15 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  PRO OFFICE GESELLSCHAFT
          FUER EDV-ZUBEHOR GmbH & Co. KG
          Oehleckerring 11, 22419 Hamburg
          Contact:
          Wolfram Bernhardt, Manager
          Klosterweg 7a, 23617 Stockelsdorf

          Jorn Weitzmann, Administrator
          Arnold-Heise-Strasse 9, 20249 Hamburg
          Phone: 460797-0
          Fax: 460797-25


RIVER BETRIEBSGESELLSCHAFT: Falls into Bankruptcy
-------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against River Betriebsgesellschaft mbH on August 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 28,
2005 to register their claims with court-appointed provisional
administrator Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting on October 26, 2005, 10:15 a.m. at the district court
of Rostock, Zochstrasse, 18057 Rostock, Saal 330, 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:  RIVER BETRIEBSGESELLSCHAFT mbH
          Contact:
          Dr. Jolanda Ondruskova, Manager
          Am Strom 90/91, 18119 Rostock

          Gerhard Brinkmann, Administrator
          Freiligrathstrasse 1, 18055 Rostock


WILLINGHOFER FRASTECHNIK: Creditors' Claims Due September
---------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Willinghofer Frastechnik GmbH & Co. on August 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 22,
2005 to register their claims with court-appointed provisional
administrator Jochen Schnake.

Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2005, 10:15 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  WILLINGHOFER FRASTECHNIK GmbH & Co.
          Aachener Str. 17, 33649 Bielefeld

          Jochen Schnake, Administrator
          Ravensberger Str. 12, 33824 Werther


WSI SECURITY: Declares Bankruptcy
---------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against WSI Security GmbH on August 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 13, 2005 to register their claims
with court-appointed provisional administrator Dr. Jan Markus
Plathner.

Creditors and other interested parties are encouraged to attend
the meeting on October 25, 2005, 9:00 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:  WSI SECURITY GmbH
          Langstrasse 128, 64546 Morfelden-Walldorf
          Contact:
          Heinrich Dittmann, Manager

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


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


DRYSHIPS INC.: Receives Last of 10 New Vessels Ordered
------------------------------------------------------
DryShips Inc. has received the 27th vessel of its fleet, which
was the last of the 10 Additional Vessels that the company had
acquired.

M.V. Conrad Oldendorff, a 2002 built 76,623 dwt Panamax
bulkcarrier, was delivered to DryShips Inc. on Monday, August 22,
and immediately went on charter to Oldendorff Carriers GmbH & Co.
KG at a daily timecharter rate of US$42,000.

It was intended that DryShips rename the vessel to M.V.
Mendocino, however, at the request of the charterers, the Company
has agreed to retain the name Conrad Oldendorff.

Mr. George Economou, Chairman and Chief Executive Officer of
DryShips, said: "We are pleased to have taken delivery of Conrad
Oldendorff and to have completed our initial investment program
of 21 vessels.  Our fleet now consists of 27 dry bulk carriers
with a total capacity of 2.3 million dwt and an average age of 10
years.  We are the second largest Panamax operators in the world.
The addition of Conrad Oldendorff to our fleet will provide the
Company with stable and profitable earnings under her present
charter."

                            *   *   *

DryShips specializes in shipping drybulk commodities such as
coal, iron ore, and grains as well as minor bulks like bauxite,
fertilizers, and steel products.  Its fleet is managed by
Liberian affiliate Cardiff Marine Inc.  Chairman and CEO George
Economou and family own 57% of DryShips.

The company reported net revenues of US$71.47 million (EUR58.76
million) for the second quarter of 2005, compared with US$17.46
million for the second quarter of 2004.  Operating Income for the
second quarter of 2005 was US$49.52 million (EUR40.71 million)
compared to US$12.97 million for the second quarter of 2005.  Net
income for the second quarter 2005 was US$43.33 million (EUR35.62
million) compared to US$12.78 million for the second quarter of
2004.

Net revenues for the six-month period ended June 30, 2005 were
US$99.61 million (EUR81.89 million) compared to US$33.43 million
for the six-month period ended June 30, 2004.  Operating income
was US$69.19 million (EUR56.89 million) compared to US$23.87
million for the six-month period ended June 30, 2004.  Net income
for the six-month period ended June 30, 2005 was US$62.44 million
(EUR51.33 million) compared to US$23.23 million for the six-month
period ended June 30, 2004.

For the year ended October 31, 2004, DryShips reported a
US$(4.374) million [EUR(3.58) million] shareholders' equity, as
total liabilities exceeded total assets of US$183.55 million
(EUR150.05 million).  The company faces US$98.17 million
(EUR80.24 million) in maturing debt before the end of the
current fiscal year.  Its long-term liabilities amount to
US$115.202 million (EUR94.16 million), according to U.S. SEC
files.

CONTACT:  DRYSHIPS INC.
          80 Kifissias Avenue
          Marousi
          Athens - 15125
          Greece
          Web site: http://www.dryships.com

          Christopher J. Thomas
          Chief Financial Officer
          Phone: 011-30-210-809-0570
          E-mail: finance@dryships.com

          Investor Relations / Media
          Nicolas Bornozis
          Capital Link, Inc. (New York)
          Phone: 212-661-7566
          E-mail: nbornozis@capitallink.com


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


NABI RT: Sets Share Conversion Friday
-------------------------------------
NABI Rt. informs the shareholders about the replacement of its
dematerialized ordinary shares with a nominal value of HUF1000
(ISIN code HU0000052857) by dematerialized ordinary shares with a
nominal value of HUF112 (ISIN code HU0000079496).

The date of the replacement (D day) is September 2, 2005.  The
turning-date (D-1 day) is September 1, 2005.  Shareholders
registered as of the end of the turning-date will participate in
the replacement process.

As a result of the share replacement, 1 dematerialized ordinary
share with a nominal value of HUF112 will be credited on the
security account in exchange for 1 dematerialized ordinary share
with a nominal value of HUF1000.  The replacement will be shown
on the security account as share conversion.  The process
requires no action by the shareholders of NABI Rt.

                            *   *   *

In May, Nabi Rt agreed in principle with its financiers on the
restructuring of approximately US$103 million short-term debt and
other banking facilities.

Under the agreement in principle, the financiers have agreed to
reduce their debt to US$60 million, with a portion of such
reduction converted to equity in the form of the financiers
acquiring a 90% equity interest in NABI Inc. (NABI Rt.'s main
operating subsidiary) and up to a 33% equity interest in NABI Rt.
The reduced debt will be classified as long term and have
maturities ranging from 5 to 8 years.  All warrants formerly
issued by NABI Rt. to the financiers will be cancelled as part of
the restructuring.

On completion of the restructuring, NABI Inc. will be the sole
borrower of US$60.0 million reduced debt.  NABI Rt will be free
of debt, but will guarantee repayment of up to US$6.5 million of
the debt of NABI Inc. secured by a first lien on all of NABI
Rt.'s real estate assets.

Nabi will ensure the continued supply of steel shells, chassis,
parts and service from Hungary to the U.S. business.  It will
sell assets and businesses, the proceeds of which will be used to
continue to reduce debt.

CONTACT:  NABI BUS INDUSTRIES RT
          Ujszasz u. 45.
          1165 Budapest, Hungary
          Phone: + (36-1) 401-7399
          Fax: + (36-1) 407-2931
          E-mail: nabihq@nabi.hu
          Web site: http://www.nabi.hu
          Andras Bodor, Corporate Affairs Director
          Phone: +36-1-401-7100
          E-mail: bodor@nabi.hu


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


EUJET: Potential Buyers Back out After Kent Airport Disposal
------------------------------------------------------------
Several potential investors of EUjet have reportedly walked out
of takeover talks after its parent company disposed of the Kent
International airport.

EUjet has been put into examinership in an attempt to rescue jobs
at Shannon Airport and pay redundant workers at Kent, while
parent Planestation Group plc is in administration.

According to the Sunday Business Post, EUjet's examiner,
accountant John McStay of Dublin firm McStay Luby, has been
negotiating with a number of possible buyers for the airline as
well as the Kent airport.

Last week, New Zealand-based Infratil Limited reportedly agreed
with Planestation to buy Kent for GBP17 million, which is thought
to have driven some investors away.

However, talks are said to be still ongoing with other interested
groups.  An agreement is expected to be concluded by next week,
while Mr. McStay is required to give an update before the High
Court Friday.

A source familiar to the transactions said: "There is a viable
leasing business there, and that will be the firm's future in the
short terms certainly."

On July 26, EUjet closed operation, leaving 200 people jobless,
and 5,400 passengers stranded.  It came after bankers refused to
inject additional funding into the airline.

Meanwhile, about 50 Irish workers were found to have not received
employment protection benefit from the state, despite not working
for the past five weeks.  The law entitles employees of insolvent
companies payment from the government's employment protection
fund up to a statutory limit of about EUR600 per week. But it is
not the case with EUjet, which is in examinership and has not bee
placed into liquidation.  The Department of Enterprise, Trade and
Employment is, therefore, not obliged to make the payment.

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


KEMPFORD CONSTRUCTION: Late Founder's Kin Wants Firm Liquidated
---------------------------------------------------------------
A provisional liquidator has reportedly been appointed to
Kempford Construction Ltd. following a lengthy legal dispute
between owners and the family of their late business partner.

According to the Sunday Business Post, Paul Fogarty and his
mother Maria has filed a petition in the High Court to wind up
the construction firm founded by his late brother Liam and
builder John Delaney in 1998.

The move reportedly came after local auctioneer Victor Mitchell
held a court ruling against the estate of Liam Fogarty.
Apparently, the latter had given several personal guarantees
relevant to the firm before he died.

The Fogartys want the company, which is now controlled by Mr.
Delaney and his wife Elizabeth, to settle the debt.  However,
Kempford was found to be indebted itself by between EUR2 million
to EUR2.5 million.

In 2002, Paul's father Tom, who has since died, secured a
judgment for EUR509,000 against Mr. Delaney and his wife.

The hearing of the petition is set next month with Dublin
accountant Tom Kavanagh appointed as provisional liquidator.

CONTACT:  KEMPFORD CONSTRUCTION LTD.
          Alley's Lane, Roscrea
          County Tipperary
          Republic of Ireland


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


FIAT SPA: To Decide on EUR3 Bln Capital Increase Mid-September
--------------------------------------------------------------
Upon request by Consob, made in connection with the performance
and the significant volumes of Fiat S.p.A. shares that are being
traded on the stock exchange, Fiat hereby reports that it has no
elements to explain nor does it possess information on new
significant events that could have an influence on said
performance.

In connection with the maturity and related fulfillments
regarding the mandatory convertible loan, the Company will
resolve on a EUR3 billion capital increase (capital and share
premium) at its next Board of Directors' Meeting on September 15,
2005.

The issue price will be equal to the arithmetical average between
EUR14.4409 (deriving from the price of EUR15.50 contractually
defined and adjusted following the capital increase of July 2003)
and the weighted average of the official prices posted on the
Mercato Telematico Azionario (Borsa Italiana's Electronic Equity
Market) over the last six months.  The financing banks will
subscribe the new shares on September 20 through a set-off of the
principal resulting from the aforementioned loan, pursuant to
Article 2441, paragraph seven of the Italian Civil Code, with the
obligation to offer the shares pre-emptively to holders of Fiat
ordinary, preference and savings shares.

                        About the Company

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR34.2 billion
generated for the 9-month period as at 30 September 2004.  The
founding Agnelli family owns about 30% of the Company.  Fiat's
creditors include Banca Intesa, Banca Monte dei Paschi di Siena,
Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and
UniCredito Italiano.

                         Status to date

Creditors have accepted the conversion of Fiat's EUR3 billion
convertible loan maturing in September 2005.  S&P said the
conversion is very favorable for Fiat's credit quality.  It will
wipe out EUR3 billion of financial debt at the industrial level
and materially decreases the group's interest burden.  In August,
it revised its outlook on Italy-based automaker Fiat S.p.A. to
stable from negative.  At the same time, Standard & Poor's
affirmed its 'BB-' long-term and 'B' short-term corporate credit
ratings on the group.  "The change in outlook reflects Fiat's
much-improved financial flexibility and our expectation that its
automotive activities will gradually recover -- although they
will remain loss-making in 2005," said Standard & Poor's credit
analyst Nicolas Baudouin.

CONTACT:  FIAT S.P.A.
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


===================
K A Z A K H S T A N
===================


PETROKAZAKHSTAN INC.: Inks US$4.2 Bln Deal with China National
--------------------------------------------------------------
PetroKazakhstan Inc. entered into an Arrangement Agreement
whereby a wholly owned subsidiary of China National Petroleum
Corporation will offer $55.00 per share in cash for all
outstanding common shares of PetroKazakhstan.  The aggregate
value of this transaction is approximately $4.18 billion.  The
offer represents a premium of 24.4% based on the weighted average
closing price of PetroKazakhstan common shares on the New York
Stock Exchange for the twenty previous trading days ending August
19, 2005 and a 21.1% premium to the closing price on August 19,
2005, the most recent date on which the shares traded.

The Agreement has been reviewed by the Special Committee of the
Board of Directors of PetroKazakhstan and has been approved by
the Boards of Directors of both PetroKazakhstan and CNPCI.  The
Board of Directors of PetroKazakhstan has recommended that its
shareholders accept CNPCI's offer.  Goldman Sachs International
is acting as financial advisor to PetroKazakhstan.

The transaction is to be carried out by way of a statutory plan
of arrangement.  The transaction will be subject to the approval
of 66% of the votes cast by PetroKazakhstan shareholders at a
meeting of shareholders expected to be held in October, 2005.
Closing is subject to certain other conditions, including court
approvals.

The Agreement contains customary provisions prohibiting
PetroKazakhstan from soliciting any other acquisition proposal
but allows the Board of Directors of PetroKazakhstan to accept
and recommend a superior proposal if it is required to do so to
avoid breaching its fiduciary duties and upon payment of a
termination fee of US$125 million.  Under the Agreement, CNPCI
has the right to match any such superior proposal.

The proposed transaction is expected to close in October, 2005.

                    Newco Proposal

CNPCI has further agreed to consider a proposal (which is also
subject to the approval of the PetroKazakhstan Board), whereby
PetroKazakhstan will incorporate a newly formed oil and gas
company ("Newco") and capitalize it with approximately $76
million in cash (representing US$1.00 per PetroKazakhstan common
share) to be spun out to PetroKazakhstan shareholders.  If CNPCI
accepts the proposal, CNPCI will pay PetroKazakhstan shareholders
$54.00 in cash and one share of Newco per PetroKazakhstan common
share.  A mix and match facility will be created matching, on a
proportionate basis, PetroKazakhstan shareholders who elect to
receive US$1.00 in cash rather than one Newco share with
PetroKazakhstan shareholders who elect to receive additional
Newco shares rather than an amount of US$1.00 per additional
Newco share.  If the new company is created and spun out, Bernard
Isautier will act as Chairman of its Board of Directors.

If the Newco proposal is implemented, Newco will be listed on a
securities exchange and will seek oil and gas development
opportunities in Central Asia (other than Kazakhstan), including
with co-venturers having good relationships with one or more
Central Asian governments.

CNPC International Ltd. is wholly owned by China National
Petroleum Corporation.

CNPC -- http://www.cnpc.com.cn/-- is a global leading integrated
energy corporation, involved in both upstream and downstream
operations, oil and gas field engineering and technical services,
and petroleum materials and equipment manufacturing and supply.

In 2005, CNPC ranked 10th among the world's top 50 oil companies
by U.S. Petroleum Intelligence Weekly based on indices of oil and
gas reserves, production, crude processing capacity and sales of
refined oil products.

CNPC, through CNPCI, invests in the overseas petroleum sector and
its oil and gas exploration, development and production
operations spread over 21 countries in Asia, Africa, North
America and South America, with crude oil production capacity of
35 million tons per year and activities in natural gas
production, oil pipelines, refining, petrochemical, oil trading
and refined product sales.

PetroKazakhstan Inc. -- http://www.petrokazakhstan.com/-- is a
vertically integrated, international energy company, celebrating
its eighth year of operations in the Republic of Kazakhstan.
PetroKazakhstan is engaged in the acquisition, exploration,
development and production of oil and gas, the refining of crude
oil and the sale of oil and refined products.

PetroKazakhstan shares trade in the United States on the New York
Stock Exchange, in Canada on The Toronto Stock Exchange, in the
United Kingdom on the London Stock Exchange, in Germany on the
Frankfurt Exchange under the symbol PKZ and in Kazakhstan on the
Kazakhstan Stock Exchange under the symbol CA_PKZ.

CONTACT:  PETRO KAZAKHSTAN INC.
          Sun Life Plaza, North Tower
          #1460, 140 4th Avenue S.W. Calgary,
          Alberta, Canada T2P 3N3
          Phone: (403) 221-8435
          Fax: (403) 221-8425
          Web site: http://www.petrokazakhstan.com/


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


HAGEMEYER N.V.: Trims First-half Net Loss by Two-thirds
-------------------------------------------------------
(in EUR millions)        HY1 2005     HY1 2004     HY1 2004(1)
Dutch GAAP

Net revenue                  2,640       2,645        2,645

EBITDA
   before exceptional items     35           3           (8)

Operating result
   before exceptional items     10         (24)         (30)

Exceptional items              (32)        (64)         (65)

Operating result               (22)        (88)         (95)

Net result
   before fair value
   adjustment of conversion
   option on subordinated
   convertible bonds           (72)       (149)         n.a.

Net result                     (58)       (169)        (166)

Net result
   per ordinary share
   (EUR cents)                  (0.11)      (0.33)       (0.32)

Shares outstanding
   per June 30 (million)       516.2       516.1        516.1

Free cash flow
   before divestments          (73)       (133)        (139)

Net senior debt                295         493          489
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(1) As previously stated under Dutch GAAP.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Rudi de Becker, CEO, said: "During the first half of 2005,
Hagemeyer made further significant progress towards
profitability.  We reduced our operating loss from EUR88 million
in the first half of 2004 to EUR22 million in the first half of
this year.  We expect a positive net result for the second half
of the year.  In the U.K., which is key to Hagemeyer's
turnaround, we expect to halve our operating loss before
exceptional items in 2005 and to realize a positive operating
result in 2006.  As things stand now we are confident that for
the whole Group we will achieve our objective of showing a
positive bottom line in 2006."

Accounting Principles and IFRS Compliance

The 2005 consolidated half-year figures of Hagemeyer are for the
six-month period ended June 30, 2005.  All amounts included in
these half-year figures are based on International Financial
Reporting Standards (IFRS) and interpretations issued by the
International Financial Reporting Interpretation Committee
(IFRIC), and are effective as at the time of preparing these
half-year figures (August 2005).

The IFRS standards and IFRIC interpretations that will be
applicable as at 31 December 2005, including those that will be
applicable on an optional basis, are not known with certainty at
the time of preparing these half-year figures.  Hagemeyer uses
certain non-IFRS terms, such as EBITDA and exceptional items, as
these are considered to improve transparency.

Net revenue for the six months ended June 30, 2005 amounted to
EUR2,640 million (HY1 2004: EUR2,645 million).  Organic growth
for the Group was EUR82 million.  The organic growth rate (not
adjusted for working days) was 3.2%.  The net effect of
divestments and acquisitions in 2004 and 2005 was a decrease in
net revenue of EUR55 million.

In 2004, Hagemeyer divested activities in Germany (the retail
activities), India and the U.S.A.  Titan Supply, a supplier of
MRO products in Canada, was acquired in the course of 2004.
Effective 1 April 2005 Hagemeyer divested Hagemeyer Asia Pacific
Electronics (HAPE) in the Asia-Pacific region.  Foreign exchange
rate movements decreased net revenue by EUR32 million compared to
the same period of last year.

Gross profit was EUR604 million, a decrease of EUR5 million
compared to the same period of the prior year.  Divestments
reduced gross profit by EUR8 million, whereas foreign exchange
rate movements had a negative impact of EUR10 million.  The
underlying improvement of EUR13 million in gross profit is mainly
due to revenue growth.  Gross margin decreased from 23.0% in HY1
2004 to 22.9% in HY1 2005.

Operating expenses decreased by EUR40 million (from EUR635
million to EUR595 million).  Part of the reduction comes from
divestments (EUR15 million) and foreign exchange rate movements
(EUR9 million).  General inflation and related salary increases
led to higher operating expenses (EUR13 million).  Excluding
these factors, the underlying cost decrease amounts to EUR29
million.

FTE-related cost savings were approximately EUR7 million in the
first half of 2005.  Other cost savings amounted to EUR22 million
and include lower freight costs (particularly in the UK) and
lower professional fees.

The number of FTEs at June 30, 2005 was 17,233, compared to
17,680 on 1 January 2005.  128 FTEs of the FTE reduction in HY1
2005 are The figures for June 30, 2005 and June 30, 2004 are
unaudited.

Germany, the U.K. and the U.S.A. in particular contributed to the
319 FTE reduction in ongoing operations.  Additional headcount
was taken on board in our other North American operations and in
the Nordics region to accommodate increased sales levels.

Operating result before exceptional items improved from EUR24
million negative (HY1 2004) to EUR10 million positive (HY1 2005).
During the first half of 2005 Hagemeyer recorded EUR32.2 million
net exceptional charges, of which EUR24 million relate to the
logistics restructuring in the U.K.

The Group's share in results from associated companies (after
taxes) for the first half of 2005 was EUR1 million, down from
EUR5 million in the prior year, due to the divestment in the
fourth quarter of 2004 of Hagemeyer's 31.5% stake in Tech
Pacific.

Net financial expense for HY1 2005 was EUR31 million (HY1 of
2004: EUR76 million), as specified in Annex VIII.  The main
reasons for this reduction are a fair value adjustment of the
option component of our subordinated convertible bonds, interest
cost benefits due to a lower average debt and lower bank charges
compared to the first half of last year.

The tax charge for the first half of 2005 was EUR5 million,
compared to EUR9 million in the same period last year.  This
lower tax charge is due to the recognition of deferred tax assets
in HY1 2005, compared to a write-off of deferred tax assets in
HY1 2004.  The current tax charge for this period was EUR9
million, as compared to EUR5 million in the same period of last
year.

Net result for the first six months ended June 30, 2005 was EUR58
million negative (HY1 2004: EUR169 million negative).
The actual number of shares outstanding at June 30, 2005 is
516,191,042.  Free cash flow before divestments for the first
half of 2005 was EUR73 million negative (HY1 2004: EUR133 million
negative).  The improvement in cash flow of EUR60 million
compared to the same period of last year is mainly due to better
operating result and lower financial expenses, partly offset by
higher working capital requirements.

Shareholders' equity as at June 30, 2005 was EUR644 million, a
net decrease by EUR13 million compared to 31 December 2004.  The
main components of this movement were the net loss of EUR58
million in the first half of 2005 and a positive effect of EUR44
million resulting from foreign exchange rate movements.

The Group's net senior debt decreased from EUR329 million at the
end of 2004 to EUR295 million as at June 30, 2005, mainly due to
the issue of EUR135 million (face value) of subordinated
convertible bonds in March 2005.

By mid July 2005 Hagemeyer completed the refinancing and
improvement of its senior credit facility, consisting of a EUR500
million multi-currency senior working capital facility and a
EUR115 million letter of credit facility.  According to the
pricing grid that applies to this facility, the interest spread
has been 200 basis points since the completion of the refinancing
and a further reduction of this interest spread is to be
expected.

Under the previous credit facility a spread of 300 basis points
was applicable.  Further details on this refinancing, including
an overview of the financial covenants, are included in Annex IX.

Hagemeyer's Weighted Average Cost of Capital (WACC) has now been
determined at 8% (previously 9%).

                         Outlook

For 2005, we expect:

(a) To further grow our net revenue, provided our markets do not
    deteriorate;

(b) To achieve savings in operating costs that will at least
    offset inflationary and volume-related cost movements;

(c) To achieve an operating result before exceptional items of
    at least EUR70 million (HY1 2005: EUR10 million);

(d) To meet the financial covenants for the senior credit
    facility as at December 30;

(e) To charge net exceptional items of less than EUR15 million
    in the second half of the year; and

(f) To achieve a positive net result (before possible fair value
    adjustment of the conversion option on subordinated
    convertible bonds) in the second half of 2005.

For 2006, we expect a return to profitability (i.e. a positive
net result before possible fair value adjustment of the
conversion option on subordinated convertible bonds).

For 2007, the objective for our core PPS business remains a
Return on Invested Capital (ROIC) of 9%, versus a current
Weighted Average Cost of Capital (WACC) of 8%.  The eventual
outcome is expected to range between 7 and 10% (see annex XI),
depending on the extent to which we will be able to realize our
assumed revenue growth of 3 to 5% annually and our gross margin
improvement targets.

Naarden, August 26, 2005
HAGEMEYER N.V.
Board of Management

Copy of Hagemeyer's first-half results can be viewed at
http://bankrupt.com/misc/hagemeyer_h105.pdf.

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69, P.O. Box 5111,
          1410 AC Naarden
          Phone: + 31 (0)35 6957676
          Fax: + 31 (0)35 6944396
          Contact:
          Emilie de Wolf
          Web site: http://www.hagemeyer.com


ROYAL SHELL: Buyback Brings 'A' Shares Down to 4,060,999,000
------------------------------------------------------------
On August 25, 2005, Royal Dutch Shell plc purchased for
cancellation 950,000 'A' Shares at a price of EUR25.99 per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,060,990,000.

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: Acquires Murray Seafood in Scotland
---------------------------------------------
Through its wholly owned subsidiary Pan Fish Scotland, Pan Fish
ASA has agreed to acquire the Scottish fish farming company
Murray Seafood.  The transaction is worth (EV) a total of NOK64
million, including debt. Murray Seafood has an annual production
capacity roughly equivalent to three Norwegian production
licenses, and will boost Pan Fish's annual output by at least
2,500 tons round weight.  Prior to this acquisition Pan Fish
aimed to produce 27,800 tons/year in Scotland by 2007/2008.

At the end of the first half of 2005 Murray Seafood had harvested
some 1,250 tons of fish, and reported an operating profit (EBIT)
of NOK4 million.

In addition to increased production, Pan Fish Scotland will gain
full control over a fjord area in which the company already has a
substantial presence.  This provides the basis for reliable and
safe expansion of biological production in the area, as well as
affording considerable synergies with Pan Fish Scotland's
existing production, logistics, harvesting and sales activities.

The company expects the global salmon farming industry to undergo
a major consolidation process in the time ahead. Pan Fish has
access to the capital and competence it needs to enable it to
play an active role in this process.  The acquisition of Murray
Seafood is a natural continuation of the company's lowest-cost
strategy, since it allows Pan Fish Scotland to take full
biological control of one of the fjord systems where the company
already has production facilities, and increase its production
capacity without a corresponding increase in fixed costs.

                        About the Company

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

CONTACT:  PAN FISH A.S.A.
          Maskinveien 32,
          P.O. Box 342 Forus
          N-4067 STAVANGER
          Atle Eide
          CEO
          Phone: +47 70 11 61 00/+47 9115 2977
          Fax: +47 70 11 61 34
          E-mail: post@panfish.no
          Web site: http://www.panfish.com/


PAN FISH: Second-quarter Loss Swells to NOK32.8 Million
-------------------------------------------------------
Pan Fish ASA has reported results for the second quarter 2005.

The salmon market was strong in the first half, and Pan Fish is
optimistic with regard to market developments in both the short
and medium term.  The company's biomass (stocks of live fish) is
rising again, and production costs for the fish now reaching
harvesting weight are set to plunge.

The Group's second quarter results have been affected by low
harvesting levels due to the decision to cut production volumes
last year.  Pan Fish's recent refinancing has put it on a sound
financial footing and the company will play an active role in the
consolidation process expected in the industry.  Pan Fish wishes
to reinforce and further develop its leading market position, and
will seek to grow both organically and through acquisitions.
This will however be balanced against the market's ability to
absorb volumes at profitable prices.

The Group achieved gross operating revenues of NOK461.8 million
in the second quarter 2005.  The reduction compared with the same
quarter last year is primarily due to a 35% cut in harvesting
volumes.  However, the biomass is now rising again and will
continue to do so until the company returns to full production in
the course of the next three years.  Pan Fish made a loss after
depreciation (EBIT) of NOK20.4 million in the second quarter
2005, compared with a loss of NOK7.5 million in the same quarter
in 2004.  IFRS adjustments and non-recurring items had a net
negative impact on operating profit of NOK23.8 million during the
quarter, NOK17.9 million of which relate to write-downs and
provisions associated with the winding up of the Danish business
Vestlax Hirtshals.  The net result for the Group in second
quarter 2005 was -NOK32.8 million, compared to -NOK.7 million in
second quarter 2004.

(NOK million)                  2Q 2005               2Q 2004

Gross operating revenues        461.8                 592.0

EBITDA                           36.6                  41.6

EBIT                            -20.4                  -7.5

Loss before tax                 -32.8                  -9.7

Solid foundation for growth and industry consolidation Pan Fish
was refinanced in May 2005, putting it on a sound financial
footing.  It now has a consolidated equity ratio of 35% and a net
interest-bearing debt that is less than half what it was a year
ago.  Net interest bearing debt was reduced by NOK711.7 during
the second quarter 2005.

Pan Fish CEO Atle Eide said: "We now have a solid long-term
financial foundation that is commensurate with our objective of
restoring production to a level which fully exploits our existing
infrastructure and production licenses.  However it is the
positive development on cost of fish in sea that is most
satisfactory.

"We are confident that we will be able to take the position as
cost leader when we have returned to full production.  At the
same time we are in a position to play and active and leading
role in the extensive consolidation process we expect the
industry to undergo in the next few years."

Operations and Outlook

The fish farming business achieved gross operating revenues of
NOK411.9 million in the second quarter 2005, compared with
NOK519.1 million in the same period last year.  The business made
an operating profit of NOK17.2 million, compared with a loss of
NOK2.8 million in the same period last year.  No fish were
harvested in Canada or the Faeroes in the second quarter 2005.
Production costs for marine phase fish continue to fall sharply.
Pan Fish will harvest between 27,000 and 32,000 tgw in the second
half 2005.

Pan Fish's value added products business (VAP) achieved gross
operating revenues of NOK74.4 million, down from NOK131.8 million
in the same period last year.  VAP made an operating loss of
NOK32 million, compared with a loss of NOK11.9 million in the
same period last year. This includes NOK17.9 million in
write-downs and provisions associated with the business in
Denmark.  The Danish business Vestlax Hirtshals has been wound
up.

CEO Atle Eide said: "The markets in both the EU and U.S.A. are
very strong at the moment, and today's price levels have not been
seen for several years.  Demand is strong in both regions, which,
combined with a moderate growth in production, means that we
expect to see a reasonably balanced market over the next few
years.

"In the time ahead Pan Fish will bring a rising volume of
increasingly cost-effectively produced quality salmon to the
market.  Over the next three years our costs will drop sharply
from current levels, and the volume of output from our existing
facilities and licenses will rise to around 100,000 tonnes round
weight.  To sum up, Pan Fish is entering a strong market armed
with a solid balance sheet, falling costs and rising volumes."

                        About the Company

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

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

          CEO Atle Eide
          Phone: +47 911 52 977


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


ALFA BANK: Moody's Changes Rating Outlook to Positive
-----------------------------------------------------
Moody's Investors Service has changed the outlook on Alfa Bank's
Ba2 long-term foreign currency deposit and senior unsecured debt
ratings (including the debt securities guaranteed by Alfa Bank)
and its D- (D minus) Financial Strength Rating (FSR) to positive
from stable.  The outlook on the bank's Not-Prime short-term
foreign currency deposit rating remains unchanged.

This action follows the full recovery of the deposit base and
return of customer confidence subsequent to the summer 2004
depositors' run on the bank, which notably weakened its
franchise.  The bank's FSR was downgraded to D- from D at that
time, while the Ba2 bank deposit and debt rating remained
unchanged to account for the timely support provided by the
bank's major beneficial shareholder.

Alfa Bank reports fairly strong financial fundamentals, which,
however, leave a scope for improvement to be consistent with a
higher rating level.  This rating action also reflects the rating
agency's expectation that the strong management team will be able
to strengthen the bank across all existing and newly launched
business lines, such as consumer lending.

Moody's notes that Alfa Bank's approach of reducing its
dependence on related party funds and its vulnerability to
domestic deposits by borrowing on the international capital
market is one of the key parameters behind this outlook change.

Any upward movement in Alfa Bank's deposit and FSR ratings is
contingent on the bank achieving further progress in these areas:

(a) A continuation of the reduction in its vulnerability to
    shocks akin to the deposit run that adversely affected it in
    2004;

(b) Gradual replacement of the related-party funding with
    funding from outside sources; and

(c) Further improvements in the bank's core profitability and
    cost efficiency, which were already on a positive trend in
    the 1st half of 2005, accompanied by a greater contribution
    to the financial results from its retail banking activities.

Alfa Bank is headquartered in Moscow, Russian Federation and is a
wholly owned subsidiary of ABH Financial Limited, registered in
the British Virgin Islands.  ABH Financial Limited reported total
consolidated assets of US$7 billion under IFRS as of 31 December
2004.

CONTACT:  MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL)
          Adel Satel, Managing Director
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

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


BURYAT-SPIRT: Creditors Have Until September 30 to File Claims
--------------------------------------------------------------
The Arbitration Court of Buryatiya republic commenced bankruptcy
proceedings against Buryat-Spirt (TIN 0319000291) after finding
the open joint stock company insolvent.  The case is docketed as
A10-2488/03.  Mr. M. Kotov has been appointed insolvency manager.
Creditors have until Sept. 30, 2005 to submit their proofs of
claim to 671131, Russia, Buryatiya republic, Tarbagatayskiy
region, Nikolaevskiy, Rabochaya Str. 7.

CONTACT:  BURYAT-SPIRT
          671131, Russia, Buryatiya republic,
          Tarbagatayskiy region, Nikolaevskiy, Rabochaya Str. 7

          Mr. M. Kotov
          Insolvency Manager
          671131, Russia, Buryatiya republic,
          Tarbagatayskiy region, Nikolaevskiy, Rabochaya Str. 7


GLASS OF RUSSIA: Deadline for Proofs of Claim Set Today
-------------------------------------------------------
The Arbitration Court of Vladimir region has commenced bankruptcy
supervision procedure on limited liability company Glass Of
Russia.  The case is docketed as A11-3506/2005-K1-51B.  Mr. V.
Motorzhin has been appointed temporary insolvency manager.

Creditors have until August 30, 2005 to submit their proofs of
claim to 600015, Russia, Vladimir, Bolshaya Moskovskaya Str. 20.
A hearing will take place on Nov. 10, 2005, 1:30 p.m.

CONTACT:  GLASS OF RUSSIA
          600015, Russia, Vladimir region,
          Bolshaya Moskovskaya Str. 20

          Mr. V. Motorzhin
          Temporary Insolvency Manager
          390000, Russia, Ryazan region,
          Polonskogo Str. 19, Building 1


KALACHEEVSKOYE: Hires Insolvency Manager
----------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on open joint stock company Kalacheevskoye.
The case is docketed as A14-8656-2005/74/7b.  Mr. D. Zakaryan has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 349019, Russia,
Voronezh, Post User Box 7.  A hearing will take place on Oct. 27,
2005, 10:40 a.m. at the Arbitration Court of Voronezh region
located at Russia, Voronezh region, Srednemoskovskaya Str. 77,
Room 314.

CONTACT:  KALACHEEVSKOYE
          Russia, Voronezh region, Kalacheevskiy region,
          Kalacheevskiy, Tsentralnaya Str. 1

          Mr. D. Zakaryan
          Insolvency Manager
          349019, Russia, Voronezh region,
          Post User Box 7


KAVALEROVSKIY WOOD: Bankruptcy Hearing Set September 28
-------------------------------------------------------
The Arbitration Court of Primorye region has commenced bankruptcy
supervision procedure on open joint stock company Kavalerovskiy
Wood Combine (TIN 2515000020).  The case is docketed as A51-6367
/2005 9-93.  Mr. B. Stepanov has been appointed temporary
insolvency manager.  A hearing will take place on Sept. 28, 2005,
3:00 p.m. at the Arbitration Court of Primorye region located at
Russia, Vladivostok, Svetlanovskaya Str. 56, Room 405.

CONTACT:  KAVALEROVSKIY WOOD COMBINE
          692423, Russia, Primorye region, Kavalerovskiy region,
          Gornorechenskiy, Shosseynaya Str. 1a

          Mr. B. Stepanov
          Temporary Insolvency Manager
          692423, Russia, Primorye region, Kavalerovskiy region,
          Gornorechenskiy, Shosseynaya Str. 1a


KIROVSKAYA BAKERY: Insolvency Manager Takes over Company
--------------------------------------------------------
The Arbitration Court of Primorye region commenced bankruptcy
proceedings against Kirovskaya Bakery after finding the limited
liability company insolvent.  The case is docketed as
A51-4777/2005 21-59b.  Mr. A. Polyakov has been appointed
insolvency manager.

CONTACT:  KIROVSKAYA BAKERY
          Russia, Primorye region, Kirovskiy,
          Partizanskaya Str. 78

          Mr. A. Polyakov
          Insolvency Manager
          690105, Russia, Vladivostok-105,
          Post User Box 45


KRASNOBORSKAYA MOVABLE: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision procedure on open joint stock company
Krasnoborskaya Movable Mechanized Column On Melioration.  The
case is docketed as A05-2850/05-28.  Mr. A. Karpenko has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 190121, Russia,
Saint-Petersburg, Angliyskiy Pr. 3, Office 206.  A hearing will
take place on Sept. 19, 2005, 1:30 p.m.

CONTACT:  KRASNOBORSKAYA MOVABLE MECHANIZED COLUMN
          ON MELIORATION
          165465, Russia, Arkhangelsk region,
          Krasnodar region, Frolovskoy

          Mr. A. Karpenko
          Temporary Insolvency Manager
          190121, Russia, Saint-Petersburg,
          Angliyskiy Pr. 3, Office 206


MOVABLE MECHANIZED COLUMN - 1: Under Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on limited liability company
Movable Mechanized Column - 1 (TIN 0242003057).  The case is
docketed as A07-15677/05-G-PAV.  Mr. A. Larkin has been appointed
temporary insolvency manager.

CONTACT:  MOVABLE MECHANIZED COLUMN - 1
          453118, Russia, Bashkortostan republic,
          Sterlitamak, Raevskiy Trakt Str. 1

          Mr. A. Larkin
          Insolvency Manager
          450057, Russia, Bashkortostan republic,
          Ufa, Oktyabrya Str. 65, Room 14


PERVOMAYSKOYE: Declared Insolvent
---------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Pervomayskoye (TIN 6817503732) after finding
the limited liability company insolvent.  The case is docketed as
A64-3014/05-18.  Mr. S. Agapov has been appointed insolvency
manager.

CONTACT:  PERVOMAYSKOYE
          393434, Russia, Tambov region,
          Sampurskiy region, Pervomayskoye

          Mr. S. Agapov
          Insolvency Manager
          392000, Russia, Tambov region,
          Kommunisticheskaya Str. 42, Room 21


TERNOVSKIY: Insolvency Manager Takes over Firm
----------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on close joint stock company Ternovskiy.
The case is docketed as A57-142B/05-32.  Ms. E. Paksyutova has
been appointed temporary insolvency manager.

Creditors may send their proofs of claim to 410017, Russia,
Saratov, Ilyinskaya Square, 5.  A hearing will take place on Nov.
10, 2005, 10:00 a.m. located at Russia, Saratov region, Babushkin
Vvoz Str. 1.

CONTACT:  TERNOVSKIY
          413152, Russia, Saratov region,
          Engelsskiy region, Ternovka

          Ms. E. Paksyutova
          Temporary Insolvency Manager
          410017, Russia, Saratov region,
          Ilyinskaya Square, 5


ZNAMENKA-AGRO-PROM-STROY: Succumbs to Bankruptcy
------------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Znamenka-Agro-Prom-Stroy after finding the
open joint stock company insolvent.  The case is docketed as
A64-2958/02-2.  Mr. M. Smagin has been appointed insolvency
manager.  Creditors have until Sept. 23, 2005 to submit their
proofs of claim to Russia, Tambov region, K. Marksa Str. 55,
Apartment 2.

CONTACT:  ZNAMENKA-AGRO-PROM-STROY
          Russia, Tambov region, Znamenka

          Mr. M. Smagin
          Insolvency Manager
          Russia, Tambov region,
          K. Marksa Str. 55, Apartment 2


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


LEICA GEOSYSTEMS: Adopts Neutral Position on Competing Offers
-------------------------------------------------------------
The Board of Leica Geosystems will adopt a neutral position as
between the current offers and agrees with Danaher to terminate
the transaction agreement by mutual consent

Heerbrugg, Switzerland -

On 25 July 2005, Leica Geosystems entered into a transaction
agreement with Danaher Corporation in relation to the recommended
offer by Danaher of CHF500 per share in cash for all of the
publicly held shares of Leica Geosystems.  On Monday, 15 August
2005, Hexagon AB announced that it would improve its initial
offer for all of the publicly held shares of Leica Geosystems and
the offer prospectus in relation to this offer was published in
newspapers.

As a result of the Improved Hexagon Offer, the Board of Leica
Geosystems has agreed with Danaher Corporation to terminate the
Transaction Agreement by mutual consent and with immediate
effect.  As a consequence, the Board of Leica Geosystems
withdraws the recommendation made in relation to the Danaher
Offer and it will, based on the currently available information,
adopt a neutral position as between the Danaher Offer and the
Improved Hexagon Offer.

The Board will respond to the Improved Hexagon Offer published on
18 August 2005 in a formal Board Report to be issued in due
course.

No further comments will be made until further notice.

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

                            *   *   *

In July, Standard & Poor's Ratings Services said that its 'BB+'
long-term corporate credit rating on Leica Geosystems Holdings AG
remains on CreditWatch, but the implications have been revised to
developing from negative.  The rating was originally placed on
CreditWatch on June 13, 2005, after an unsolicited takeover bid
announced by Swedish technology company Hexagon AB.

The rating action follows an announcement of a friendly takeover
bid by U.S.-based Danaher Corp. (A+/Stable/--).

The revised CreditWatch status reflects the emergence of the
friendly offer of 500 Swiss francs (SFr) ($380) per share from
Danaher, in counter-offer to the SFr436 per share proposed by
Hexagon (adjusted for a recent dividend payment of SFr4 per
share).

"Given Danaher's strong credit profile, the takeover, if
successful, could be beneficial to Leica's credit profile," said
Standard & Poor's credit analyst Jarrad Oberhardt.

"Nevertheless, the developing implications reflect the
possibility of further outcomes, including a revised offer from
Hexagon, or the emergence of other acquirers," he added.

Standard & Poor's expects to resolve the CreditWatch placement
once an acquisition has been completed.

Leica Geosystems is best known for its broad array of products
that capture accurately, model quickly, analyze easily, and
visualize and present spatial information even in 3D.

CONTACT:  LEICA GEOSYSTEMS
          Heinrich-Wild-Strasse
          CH-9435 Heerbrugg
          Switzerland
          Phone: +41 71 727 3064 (direct)
          Phone: +41 71 727 3131 (operator)
          Fax: +41 71 727 4678

          George Aase, Director Investor Relations
          E-mail: George.Aase@leica-geosystems.com

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


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


TURKCELL ILETISIM: Uses Unsecured Turkish Lira Denominated Loan
---------------------------------------------------------------
Parallel to the positive macro economic developments, Turkcell
Iletisim has signed a loan agreement with WestLB A.G. London
branch to provide an unsecured Turkish Lira denominated TRY50
million facility in order to decrease its borrowing costs, reduce
foreign currency exposure of its balance sheet and extend the
duration of its debt portfolio.  This working capital and
investment facility has a cost of 6 months TRY Libor minus 15
basis points and a maturity of 3 years.  The principal payments
of the facility will be made semi annually in 6 equal
installments.

                            *   *   *

Turkcell's senior unsecured local currency rating is rated 'BB'
by Fitch with a stable outlook.  Its senior unsecured foreign
currency rating is rated 'BB-,' which is capped by the
Republic of Turkey's Long-term foreign currency 'BB-' rating.

CONTACT:  TURKCELL ILETISIM HIZMETLERI A.S.
          Koray Ozturkler, Investor Relations
          Nihat Narin, Investor Relations
          Phone: + 90 212 313 1888
          E-mail: investor.relations@turkcell.com.tr


TURKIYE SINAI: 'BB-' Rating Affirmed on Strong Capitalization
-------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Sinai Kalkinma Bankasi A.S.'s
ratings as follows: Long-term foreign and local currency at
'BB-' (BB minus), Short-term foreign and local currency at 'B',
Individual at 'C/D', Support at '3' and the Long-term National
rating at 'A-(tur)' (A minus(tur))'.  The Outlook on all
Long-term ratings is Stable.

The ratings of TSKB reflect the bank's strong capitalization,
improved asset quality, higher profitability, good efficiency,
stable funding and its niche position as the largest private
development and investment bank in Turkey.  These factors are
balanced by improving, although still limited, diversification in
earnings and a potentially volatile operating environment.

TSKB's profitability continued to improve in 2004, mainly due to
enhanced net interest income from a larger loan portfolio as well
as savings on staff costs and net recoveries that reflected
improved collection efforts.  Efficiency is at a good level by
domestic and international comparison.  Asset quality continued
to improve and non-performing loans equated to 3.73% of gross
loans at end-H105 (2004: 4.04%, 2003: 7.50%) with reserve
coverage of 114% (2004: 113%, 2003: 107%).

TSKB's capitalization remained strong, with free capital equal to
13% in total assets and a consolidated capital adequacy ratio of
43% at end-2004 (2003: 32%).  Continued improvements in TSKB's
asset quality, combined with its strong free capital, low cost of
funding and good efficiency, are likely to be factors that will
further enhance its future profitability.  The sustainability of
the improvements can be achieved with better diversification of
revenue sources, which are currently dominated by income from
government securities.

As noted above, TSKB is the largest privately owned development
and investment bank in Turkey, and is principally owned by some
of the country's leading commercial banks.  It mainly extends
medium- and long-term loans matched funded by facilities obtained
from diversified international and domestic sources. The majority
of its overseas funding is guaranteed by the Turkish Treasury.

CONTACT:  FITCH RATINGS
          Gulcin Orgun
          Turda Ozmen, Istanbul
          Phone: + 90 212 279 1065
          Banu Cartmell, London
          Phone: +44 207 417 4373
          Ed Thompson, New York
          Phone: +1 212 908 0364

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


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


ANZHELINA PLUS: Temporary Insolvency Manager Steps in
-----------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Anzhelina Plus (code EDRPOU
31066386) on May 23, 2005.  The case is docketed as 12/50-05.
Mr. Roman Udovenko (License Number AA 719777) has been appointed
temporary insolvency manager.  The company holds account number
26005180139803 at JSCB MT-Bank, Sumi branch, MFO 337892.

CONTACT:  ANZHELINA PLUS
          40030, Ukraine, Sumi region,
          Soborna Str. 32

          Mr. Roman Udovenko
          Temporary Insolvency Manager
          40030, Ukraine, Sumi region,
          Harkivska Str. 122, 3rd Floor

          ECONOMIC COURT OF SUMI REGION
          40477, Ukraine, Sumi region,
          Shevchenko Avenue, 18/1


APEK: Gives Creditors Until September to File Claims
----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Apek (code EDRPOU 30434503) on June 16, 2005
after finding the limited liability company insolvent.  The case
is docketed as 43/409.  LLC Avtoservice has been appointed
liquidator/insolvency manager.  The company holds account number
2600960532 at JSB Diamant, MFO 320854.

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

(a) APEK
    Ukraine, Kyiv region,
    Kutuzov Str. 4/1

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


BORISFEN: Creditors' Claims Due Today
-------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Borisfen (code EDRPOU 13743375) on May 10,
2005 after finding the limited liability company insolvent.  The
case is docketed as 9/292.  Mr. Irina Knobloh (License Number AA
719895) has been appointed liquidator/insolvency manager.

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

(a) BORISFEN
    25000, Ukraine, Kirovograd region,
    Volodarskij Str. 37

(b) Mr. Irina Knobloh
    Liquidator/Insolvency Manager
    Ukraine, Kirovograd region,
    Timiryazev Str. 8

(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
    25006, Ukraine, Kirovograd region,
    Lunacharski Str. 29


KASKADTRANS: Under Bankruptcy Supervision
-----------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on Kaskadtrans.  The case is docketed as
9/132.  Mr. Zabolotnij Gennadij (License Number AB 216882) has
been appointed temporary insolvency manager.  The company holds
account number 26003000046001 at CB Nadra, Oleksandriya branch,
MFO 323602.

CONTACT:  KASKADTRANS
          28000, Ukraine, Kirovograd region,
          Oleksandriya, Parizkoi Komuni Str. 64

          Mr. Zabolotnij Gennadij,
          Temporary Insolvency Manager
          Ukraine, Kirovograd region,
          Zhadov Str. 20/225

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


KUSTIN: Names Pavlo Duplika Liquidator
--------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Kustin on July 15, 2005 after finding the
limited liability company insolvent.  The case is docketed as
6/124-4/78.  Mr. Pavlo Duplika (License Number AB 216942) has
been appointed liquidator/insolvency manager.

CONTACT:  KUSTIN
          Ukraine, Lviv region,
          Radehivskij district, Kustin

          Mr. Pavlo Duplika
          Liquidator/Insolvency Manager
          82100, Ukraine, Lviv region,
          Drogobich, Kotlyarevskij Str. 55
          Phone: (0322) 41-30-55

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


STYLE: Insolvency Manager Takes over Operations
-----------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Style (code EDRPOU 2065891) on July 13, 2005
after finding the limited liability company insolvent.  The case
is docketed as 5/34 B.  Mr. Oleg Linkevich (License Number AA
249875) has been appointed liquidator/insolvency manager.

CONTACT:  STYLE
          12420, Ukraine, Zhitomir region,
          Zhitomir district,
          Teterivka, Shkilna Str. 74

          Mr. Oleg Linkevich
          Liquidator/Insolvency Manager
          01021, Ukraine, Kyiv region,
          Klovskij Uzviz, 9/2
          Phone: 261-04-65, 280-50-96

          ECONOMIC COURT OF ZHITOMIR REGION
          Ukraine, Zhitomir region,
          Putyatinski Square, 3/65


SUMSKIJ RAJAGROBUD: Bankruptcy Supervision Starts
-------------------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on Sumskij Rajagrobud (code EDRPOU
30954203).  The case is docketed as 12/23-05.  Mr. Dmitro Kozin
(License Number AA 487785) has been appointed temporary
insolvency manager.  The company holds account number
26002001000059 at Bank Big Energy, Sumi branch, MFO 337803.

CONTACT:  SUMSKIJ RAJAGROBUD
          40009, Ukraine, Sumi region,
          Bilopilskij Shlyah Str. 13

          Mr. Dmitro Kozin
          Temporary Insolvency Manager
          40034, Ukraine, Sumi region,
          Internatsionalistiv Str. 63-a/36

          ECONOMIC COURT OF SUMI REGION
          40011, Ukraine, Sumi region,
          Shevchenko Avenue, 18/1


SVITLOVODSK' HEAT-INSULATING: Succumbs to Bankruptcy
----------------------------------------------------
The Economic Court of Kirovograd region has commenced bankruptcy
supervision procedure on OJSC Svitlovodsk' Heat-Insulating and
Building Materials Plant (code EDRPOU 05821693).  The case is
docketed as 10/101.  Mr. Genadij Zabolotnij (License Number AA
216862) has been appointed temporary insolvency manager.  The
company holds account number 260072273 at JSPPB Aval, Svitlovodsk
branch, MFO 325538.

CONTACT:  SVITLOVODSK' HEAT-INSULATING AND BUILDING
          MATERIALS PLANT
          27500, Ukraine, Kirovograd region,
          Svitlovodsk, Molodizhna Str. 65

          Mr. Genadij Zabolotnij
          Temporary Insolvency Manager
          25006, Ukraine, Kirovograd region,
          Lenin Str. 23
          Phone: 22-19-62

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


UKRKONVERS: Court Appoints Temporary Insolvency Manager
-------------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on State Enterprise Ukrkonvers (code EDRPOU
32494385).  The case is docketed as 43/464.  Mr. I. Kapelushnij
(License Number AB 216783) has been appointed temporary
insolvency manager.  The company holds account number
26007110212980 at JSCB National Credit, Kyiv region branch, MFO
300131.

CONTACT:  UKRKONVERS
          04050, Ukraine, Kyiv region,
          Melnikov Str. 81

          Mr. I. Kapelushnij
          Temporary Insolvency Manager
          03037, Ukraine, Kyiv region, a/b 53

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


UKRRESURS-EXPORT: Declared Insolvent
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrresurs-Export (code EDRPOU 31902795) on
July 5, 2005 after finding the limited liability company
insolvent.  The case is docketed as 23/79-B.  Mr. V. Bakumenko
(License Number AA 719796) has been appointed
liquidator/insolvency manager.

CONTACT:  UKRRESURS-EXPORT
          04213, Ukraine, Kyiv region,
          Obolonskij Avenue, 26

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


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


ADVANCED TECHNICAL: Industrial Adhesives Wholesaler Liquidates
--------------------------------------------------------------
At an Extraordinary General Meeting of the Members of Advanced
Technical Products Limited, duly convened, and held at The
Annexe, The Manor House, 260 Ecclesall Road South, Sheffield S11
9PS, on 16 August 2005, the following Resolutions were duly
passed, as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily and that
Lisa Hogg and David Field, of Wilson Field, The Annexe, The Manor
House, 260 Ecclesall Road South, Sheffield S11 9PS, be and are
hereby appointed Joint Liquidators for the purposes of such
winding-up."

N James, Director

CONTACT:  ADVANCED TECHNICAL PRODUCTS LIMITED
          Unit C10 Aven Industrial Park Tickhill Road, Maltby
          Rotherham South Yorkshire
          S66 7QR
          Phone: +44 (0) 1709 812 333
          Fax: + 44 (0) 1709 815 333

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

          SMITH & WILLIAMSON
          Prospect House
          2 Athenaeum Road
          London N20 9YU
          Phone: 020 8492 8600
          Fax: 020 8492 8601
          E-mail: jem1@smith.williamson.co.uk


A.J. FABRICATION: Court Approves Liquidation
--------------------------------------------
Company Name: A.J. FABRICATION SERVICES LTD.
              Units 1-4, Berthillwyd Trading Estate,
              Gowerton Road, Gowerton,
              Swansea, SA4 3RB
              Phone: 01792 875011
              Fax: 01792 875006

Registration Number: 02850800

Court: High Court of Justice

Date of Filing Petition: June 9, 2005

No. of Matter: 003769 of 2005

Date of Winding-up Order: August 10, 2005

CONTACT:  Official Receiver
          2nd Floor, Sun Alliance House,
          166-167 St Helens Road,
          Swansea, SA1 5DL
          Phone: 01792 642861
          Fax: 01792 479700


B&C COMPOSITES: Business for Sale
---------------------------------
Debbie Young and Bill Dawson of Deloitte, Joint Administrators,
offer for sale the business and assets of B&C Composites Ltd.

For sale are

(a) Furniture, fittings and chattel assets; and

(b) Goodwill, customer contracts, raw materials and work in
    progress.

                            *   *   *

B&C Composites are GRP composite molders specializing in
polyester and phenolic glass reinforced products to all current
U.K. and European specifications for fire and toxicity.  Visit
http://www.bccomposites.co.ukfor more information.

CONTACT:  B & C COMPOSITES LTD.
          Compstall Mill
          Compstall
          Stockport
          Cheshire SK6 5HN
          United Kingdom
          Phone: 0161-427 1552
          Fax: 0161-426 0016

          DELOITTE & TOUCHE
          PO Box 500
          201 Deansgate
          Manchester
          Greater Manchester M60 2AT
          Phone: 0161 832 3555
          Fax: 0161 829 3806
          E-mail: bill.dawson@deloitte.co.uk


BRIAN FEAR: Members Decide to Wind up Firm
------------------------------------------
At the EXTRAORDINARY GENERAL MEETING of the members of Brian Fear
Cars Limited, duly convened, and held at Tenon, The Old Mill,
Park Road, Shepton Mallet, Somerset BA4 5BS, on 17 August 2005,
the following Special Resolutions were duly passed:

"That the Company be wound up voluntarily, and that Robert
Stanley Gilderthorp, of Gilderthorps, 22 Paul Street, Shepton
Mallet, Somerset BA4 5LA, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

G R Fear, Chairman

CONTACT:  BRIAN FEAR CARS
          Mendip Garage
          A37 Gurney Slade
          Radstock, Somerset BA3 4UU
          Phone: 01749 840864
          E-mail: sales@brianfearcars.co.uk

          GILDERTHORPS
          22 Paul Street, Shepton Mallet,
          Somerset BA4 5LA
          Web site: http://www.gilderthorps.co.uk


BROAD STREET: Hires Deloitte & Touche as Liquidator
---------------------------------------------------
Companies: Broad Street Mall Limited
           Buckingham Estate (General Partner) Limited
           Credit Suisse Asset Management (UK) Limited
           Credit Suisse Asset Management Unit Managers Limited
           Credit Suisse Property Financial Services Limited
           Eagle Nominees Limited

We, the undersigned, being the sole Member of these companies for
the time being having a right to attend and vote at General
Meetings, hereby pass the following Resolutions in accordance
with section 381A of the Companies Act 1985, as inserted by
section 113 of the Companies Act 1989, as a Special Resolution
and as Ordinary Resolutions respectively:

"That the Companies be wound up voluntarily, and that J. R. D.
Smith and N. J. Dargan, of Athene Place, 66 Shoe Lane, London
EC4A 3WA have been appointed Joint Liquidators of the Companies."

Shareholders

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


BURLEY PROFILE: Administrators from Tenon Recovery Move in
----------------------------------------------------------
Name: BURLEY PROFILE SPECIALISTS LIMITED
       (Company No 03694214)

Nature of Business: Steel Profiling

Address of Registered Office: Sherlock House, 73 Baker Street,
London W1U 6RD

Date of Appointment: 15 August 2005

Administrators' Names and Addresses: S. J. Parker (IP No 8989),
of Tenon Recovery, Sherlock House, 73 Baker Street, London W1U
6RD and D. R. Beat (IP No 8191), of D R Beat, Tenon Recovery, 6th
Floor, Salisbury House, 31 Finsbury Circus, London EC2M 5SQ

                            *   *   *

Burley Profile Specialists offer volume production and high
accuracy in wide range of production processes, including
profiling by oxygen/propane, plasma, waterjet, & laser cutting
shearing, folded plates & punching.  Visit
http://www.burleyprofiles.co.uk/for more information.

CONTACT:  BURLEY PROFILE SPECIALISTS LTD.
          Old Mill Lane, Pratling St,
          Aylesford, Kent ME20 7DT
          Phone: 01622 718664
          Fax: 01622 716317

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

          TENON RECOVERY
          Salisbury House
          31 Finsbury Circus
          London EC2M 5SQ
          Phone: 020 7628 2040
          Fax: 020 7638 0217
          Web site: http://www.tenongroup.com


CHARLEIGH'S LIMITED: Files for Administration
---------------------------------------------
Name: CHARLEIGH'S LIMITED
      (Company No 04707823)

Nature of Business: Restaurant

Address of Registered Office: Sherlock House, 73 Baker Street,
London W1U 6RD

Date of Appointment: 11 August 2005

Administrators' Names and Addresses: S. J. Parker (IP No 8989),
of Tenon Recovery, Sherlock House, 73 Baker Street, London W1U
6RD and D. R. Beat (IP No 8191), Tenon Recovery, 6th Floor,
Salisbury House, 31 Finsbury Circus, London EC2M 5SQ

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

          TENON RECOVERY
          Salisbury House
          31 Finsbury Circus
          London EC2M 5SQ
          Phone: 020 7628 2040
          Fax: 020 7638 0217
          Web site: http://www.tenongroup.com


CLIENT NETWORK: Opts for Liquidation
------------------------------------
At an Extraordinary General Meeting of Client Network Solutions
Ltd., duly convened, and held at 14 Park Row, Nottingham NG1 6GR,
on 12 August 2005, the following Resolutions were passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and that
accordingly the Company be wound up voluntarily and that Tyrone
Shaun Courtman and Evelyn Gabrielle Exley, of Cooper Parry LLP,
be and are hereby appointed Joint Liquidators of the Company for
the purposes of such voluntary winding-up and that the Joint
Liquidators are to act jointly and severally."

At a Meeting of Creditors held on 12 August 2005 the Creditors
confirmed the appointment of Tyrone Shaun Courtman and Evelyn
Gabrielle Exley as Joint Liquidators.

N Whyld, Chairman

CONTACT:  CLIENT NETWORK SOLUTIONS LTD.
          Unit 8 Viking Business Centre, High Street,
          Swadlincote, Derbyshire DE11 7EH
          Phone: 012 8321 0100

          COOPER PARRY LLP
          14 Park Row, Nottingham NG1 6GR
          Phone: +44 (0) 1332 295544
          Fax: +44 (0) 1332 295600
          Web site: http://www.cooperparry.com


D.L.R. JOINERY: Court Okays Liquidation
---------------------------------------
Company Name: D.L.R. JOINERY LIMITED
              5 Laneham Street,
              Scunthorpe, DN15 6LJ
              Phone: 07879 251 345

Registration Number: 04414914

Court: High Court of Justice

Date of Filing Petition: April 14, 2005

No. of Matter: 002472 of 2005

Date of Winding-up Order: August 10, 2005

CONTACT:  Official Receiver
          Suite J, Anchor House,
          The Maltings, Silvester Street,
          Hull, HU1 3HA


DRAX GROUP: Close to Finalizing Proposed Refinancing, Listing
-------------------------------------------------------------
Gordon Horsfield, Chairman, Drax Group Limited, told investors
Friday: "Having now completed another extensive investor road
show and the presentation of our half-year results and investor
update on 11 August 2005 in London, I wanted to take the
opportunity to prepare investors for the next steps in Drax's
proposed refinancing and listing, in particular focusing on those
steps requiring your active participation.

"In doing so, we recognize the importance of the continued
support throughout the process of all our investors, in
particular our Al lenders, A2/A3 lenders and shareholders.  As I
indicated during our half-year results presentation and investor
update, we now have the broad support of our investors for the
proposed refinancing and listing but much remains to be done to
deliver the desired result.

"Throughout this process we shall continue to address any
residual investor concerns ahead of finalizing the listing and
schemes of arrangement documentation and during the investor vote
process.  To that end, Drax intends to continue its direct
dialogue with investors, supported by its financial advisors.
The group and its advisers will also continue to explore the
strategic alternatives, which were identified in my letter of 17
May 2005.  A number of areas already identified by investors and
us were set out during the half-year results presentation
including disclosure (for both new and existing investors),
development of the equity investment case, dividend policy,
managing equity demand and supply at listing, board composition
and opportunities for longer term trading contracts.

"As already indicated, the Board aims to complete the refinancing
and listing of Drax by the end of this year.  This will
ultimately be subject to investors voting for a number of Schemes
of Arrangement and, as you will appreciate, meeting this
timetable will entail a significant amount of work and the
management of some complex structural issues.  While seeking to
refine and simplify so far as they can its detailed components,
the company and its advisers have necessarily been working hard
to prepare and implement the project plan in parallel with
discussions with investors.

"I am very mindful that investors have been invited to
participate in a number of formal consent processes in recent
months.  To be candid, this will continue up to the time of
listing but we will, wherever possible, seek to ensure that the
number of occasions on which your consent is sought is kept to a
minimum.  We can only ask for your continued active interest and
support in responding to the various consent requests, which you
will receive over the coming months.

"Investors will be relieved to learn that one of the anticipated
benefits of the proposed restructuring will be to free Drax and
its investors from the burden of seeking consents in respect of
matters which are largely administrative in character.
"While the focus of the proposal is on the A2/A3 investors in
terms of the proposed equitization, we appreciate that our Al
lenders also have a role to play.  We have arranged to hold an
informal meeting for Al lenders on 7 September 2005 in London to
provide the opportunity to address in more detail the areas in
which their involvement will be requested as part of the process
by which the Al debt will be fully prepaid.  Further details will
be given directly to Al lenders shortly .

"In order that we have certainty about the intended process, and
to ensure all those who wish to vote on the proposals have an
opportunity to do so, we have instructed Lucid to identify Al and
A2/A3 noteholders, and they will be making contact in due course.

"The key stages involving our investors and their expected timing
are:

(a) informal meeting with Al investors
    in relation to arrangements
    for prepayment                      2:30 p.m. on 7 September

(b) commence consent process in connection
    with the refinancing and listing,
    including the posting of the Prospectus
    and Schemes of Arrangement documents          Week beginning
                                                    19 September

(c) commence process to solicit irrevocable
    undertakings from relevant investors
    in respect of the Schemes of Arrangement      Week beginning
                                                    19 September

(d) company road show - meetings with investors
    in relation to refinancing and listing
    including in relation to consents
    and irrevocable undertakings, etc.            Week beginning
                                                       3 October

(e) results of consent solicitation process          Mid-October

(f) results of solicitation process in relation
    to irrevocable undertakings                      Mid-October

(g) posting of Prospectus and Schemes of Arrangement
    documents for voting                          Week beginning
                                                      24 October

(h) final date for voting
    on the Schemes of Arrangement                  Late November

(i) court sanction meetings
    for Schemes of Arrangement                    Late November/
                                                  early December

(j) refinancing effective
    and Drax listed
    on London Stock Exchange                       Mid-December.

"It is important for Drax when publishing the Prospectus and
Schemes of Arrangement documents in October to know that we have
the required level of support for the proposal, hence our
intention to seek consents or irrevocable undertakings, as
appropriate, ahead of that time.  It is our intention to ensure
that the documents attached to the consent and irrevocable
requests contain sufficient information to enable investors to
make a fully informed decision when deciding how to vote.

"A condition of the irrevocable undertakings that are being
sought in mid-September (these to be essentially undertakings to
vote in favor of the restructuring proposal at the relevant court
convened Schemes of Arrangement meetings) will be that the
undertakings will cease to have effect in the event that, by the
relevant specified date, irrevocable undertakings have not been
obtained from at least 75% by value of those investors entitled
to vote on the Schemes.

"Furthermore, the undertakings will lapse in the event that the
scheme document is not posted by the prescribed date or that the
schemes have otherwise failed to become effective by the relevant
back stop date.  We believe the consents and irrevocable
undertakings will be important to bring greater certainty to the
process as soon as possible, for the benefit of existing
investors, potential new investors, employees, trading
counterparties and other stakeholders.

"The other important phases of work currently underway include
the competitive process to arrange the proposed debt facilities,
and the drafting of the Prospectus (including submission to and
discussion with the U.K. Listing Authority) and scheme documents.
Meantime work is proceeding in developing the marketing process
for the listing, which has previously been described in
discussions with investors, which will focus on prospective
investors.

"The Board believes that the proposed refinancing and listing is
in the best interests of Drax and its investors, and looks
forward to maintaining your continued support up to and beyond
refinancing and listing."

                        About the Company

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

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

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

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

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


ELECTRICBIRDLAND: Internet Games Developer Winds up
---------------------------------------------------
At an Extraordinary General Meeting of Electricbirdland Limited,
duly convened, and held at Charlotte House, 19B Market Place,
Bingham, Nottingham, on 9 August 2005, at 10:30 a.m., the
following Resolutions were duly passed, as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Philip Anthony Brooks and Julie Willetts, of Blades Insolvency
Services, Charlotte House, 19B Market Place, Bingham, Nottingham,
be appointed as Joint Liquidators for the purposes of the
voluntary winding-up."

D Morelle, Chairman

                            *   *   *

Electricbirdland Limited was established in 2002 by gaming
entrepreneur Dan Morelle.  It is one of U.K.'s leading importer
of games consoles, games and accessories from the U.S.A. and
Japan.  Current clients include top games developers, game
designers and divisions within Sony Computer Entertainment,
including Sony Computer Entertainment Europe and Sony DADC.
Earlier this month, it was prohibited by the court from selling
imported PlayStation Portables (PSPs) in the U.K. at the request
of Sony, which argued that doing so will breach intellectual
property rights.  The product was set to go on sale Sept. 1.

CONTACT:  ELECTRICBIRDLAND LIMITED
          Web site: http://electricbirdland.co.uk/


EMILY & SOPHIE: EGM Passes Winding-up Resolutions
-------------------------------------------------
At an Extraordinary General Meeting of Emily & Sophie Limited,
duly convened, and held at Wilder Coe, 12th Floor, Southgate
House, St George's Way, Stevenage, Hertfordshire SG1 1HG, on 15
August 2005, at 10:45 a.m., the following Resolutions were duly
passed, as an Extraordinary Resolution and as Ordinary
Resolutions respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Norman Cowan and Mark Riley, of Wilder Coe, 12th Floor, Southgate
House, St George's Way, Stevenage, Hertfordshire SG1 1HG, be
appointed Joint Liquidators of the Company for the purposes of
the voluntary winding-up, and that the Joint Liquidators be
authorized to act jointly and severally in the liquidation."

S Hirt, Chairman

CONTACT:  EMILY & SOPHIE LTD.
          55 Penlline Road, Whitchurch
          Cardiff, South Glamorgan CF14 2AB
          Phone: 020 8238 1723

          WILDER COE
          12th Floor
          Southgate House
          St. George's Way
          Stevenage
          Hertfordshire SG1 1HG
          Phone: 01438 847 200
          Fax: 01438 847 150
          E-mail: insol@wildercoe.co.uk


ENTERTAINMENT AUDIT: Opts for Liquidation
-----------------------------------------
Company Name: ENTERTAINMENT AUDIT SERVICES LTD.
              186 City Road,
              London, EC1V 2NU
              Phone: 020 7487 5373

Registration Number: 03282105

Court: Leeds District Registry

Date of Filing Petition: May 5, 2005

No. of Matter: 479 of 2005

Date of Winding-up Order: July 12, 2005

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


EXTRAPRISE LIMITED: EGM Passes Winding-up Resolutions
-----------------------------------------------------
At Extraordinary General Meetings of Bridgewater Management
Consultancy Limited, Extraprise Limited, Pointer Consultancy
Limited, and Upbeam Limited, duly convened, and held at No 1
Riding House Street, London W1A 3AS, on 16 August 2005, the
following Extraordinary Resolution was duly passed for each
Company:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily and that
Stephen Robert Cork, of Smith & Williamson Limited, Prospect
House, 2 Athenaeum Road, London N20 9YU, be and hereby is
appointed Liquidator for the purposes of such winding-up."
At subsequent Meetings of Creditors, duly convened, pursuant to
section 98 of the Insolvency Act 1986, and held on 16 August
2005, the appointment of Stephen Robert Cork as Liquidator of
each Company was confirmed.

J Beagle, Chairman

                            *   *   *

In April 2000, Boston e-commerce consulting firm Extraprise Inc.
acquired customer relationship management company Pointer
Consulting and growth management consultancy company Bridgewater
for US$30 million.  The companies combined under the name
Extraprise Ltd. and are based in London.

CONTACT:  BRIDGEWATER MANAGEMENT CONSULTANCY LTD.
          77 Shaftesbury Avenue, London W1D 5XP
          Phone: 020-7758-7500


FULLARD LEARNING: Hires Antony Batty & Co. Administrator
--------------------------------------------------------
Name: FULLARD LEARNING LIMITED
      (Company No 03884815)

Address of Registered Office: 24 New House, 67-68 Hatton Garden,
London EC1N 2JY

Nature of Business: Software Publishing

Trade Classification: 7-36 Computer Services

Date of Appointment: 15 August 2005

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

                            *   *   *

Fullard Learning designs comprehensive and fun interactive
e-learning solutions and delivers exceptional support,
performance and results.  Visit http://www.fullard.co.uk/for
more information.

CONTACT:  FULLARD LEARNING LTD.
          The Mill, 55-57 Stallard Street,
          Trowbridge, BA14 8HH
          United Kingdom
          Phone: 01225 781000
          E-mail: pete.fullard@fullardlearning.com

          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


GALAXY LIFESTYLES: DTI Winds up 'Charitable' Organization
---------------------------------------------------------
The Department of Trade and Industry has filed a petition in the
High Court to liquidate Galaxy Lifestyles Limited trading as
Galaxy Lifestyles International, said Creditman.

The petition came following an investigation conducted by the
Department's Companies Investigation Branch (CIB) under section
447 of the Companies Act 1985.

According to Butterworths Services, the company operated as a
"lifestyle organization" that gives donations to charitable
institutions.  With a GBP1,700 membership fee, recruits were
offered means of making certain savings within a ten-year
program.

The directors of the company are Ms. Elaine Douglas and Mr.
Nollis Campbell.

On 23 February 2005, the DTI Secretary asked Galaxy Lifestyles to
submit documentations of their transactions, to which the company
complied.

Thereafter, the department claimed the company was guilty of
committing offences under section 120 of the Fair Trading Act
1973, which prompted the petition.

The Court ruled that, regardless of any charitable benefits, the
company's operations were "inherently objectionable.  The methods
used to recruit new members were less than honest, excessively
hard selling and, as a whole, the scheme encouraged half truths
and exaggerations."

The Court has appointed the Official Receiver as provisional
liquidator of the company pending the hearing of the petition set
on September 21, 2005.  The petition was presented under Section
124A of the Insolvency Act 1986.

CONTACT:  GALAXY LIFESTYLES LIMITED
          Unadkat & Co, Chartered Accountants
          12 The Wharf, Bridge Street, Birmingham
          West Midlands B1 2JS

          THE OFFICIAL RECEIVER
          Public Interest Unit
          21 Bloomsbury Street
          London WC1B 3SS
          Phone: 020 7637 1110


GATE GOURMET: Court Extends Injunction Against Workers
------------------------------------------------------
The court order restraining protests by dismissed workers of Gate
Gourmet has been extended, said Reuters.

This came as the British Airways caterer edges closer to settling
the staff dispute by agreeing earlier on a framework with union
leaders.  The company said: "We are pleased the injunction
continues because instances of intimidating and bullying behavior
against our hard-working staff have reduced since the injunction
took effect on August 21."

Gate Gourmet will reportedly carry out a voluntary redundancy
program in the next few days for employees, including the
600-plus fired earlier.

Almost two weeks ago, 1,000 BA ground staff at Heathrow held an
unofficial strike to protest the termination of co-workers,
leaving over 100,000 passengers stranded.

The company has noted "the framework will allow [it] to address
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."

It added compulsory redundancies could push through if not enough
staff would stick to the framework, stressing that the success of
the deal lies on dropping 670 jobs from its 2,000-strong
workforce.

"If there are 670 voluntary redundancies and all the
troublemakers are included, there is a neat solution," a source
privy to the deal told Reuters.

Meanwhile, the Transport & General Workers Union is said to be
positive that the issue could be settled.

BA, on the other, maintained that the new deal would 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


G & J GARAGE: Meeting of Creditors Set Next Week
------------------------------------------------
Notice is hereby given by Philip John Gorman, of Hazlewoods LLP,
Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT, that a
Meeting of the Creditors of G & J Garage Services Limited
(Company No 04569390) is to be held at Hazlewoods LLP, Windsor
House, Barnett Way, Barnwood, Gloucester GL4 3RT, on 5 September
2005, at 10:00 a.m.  The Meeting is an initial Creditors' Meeting
pursuant to paragraph 51 of Schedule B1 of the Insolvency Act
1986. A proxy form should be completed and returned to me by the
date of the Meeting if you cannot attend and wish to be
represented.  In order to be entitled to vote under Rule 2.38 at
the Meeting you must give to me, not later than 12:00 noon on the
business day before the day fixed for the Meeting, details in
writing of your claim.

P J Gorman, Administrator

CONTACT:  G & J GARAGE SERVICES LTD.
          Newtown Road, Cinderford,
          Gloucestershire GL14 3JE
          Phone: 01594822606

          HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


INDEPENDENT BUILDING: Creditors to Meet Friday
----------------------------------------------
Notice is hereby given, pursuant to section 48 of the Insolvency
Act 1986, that a Meeting of the unsecured Creditors of
Independent Building Solutions Limited will be held at
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, on 2
September 2005, at 10:30 a.m., for the purposes mentioned in
sections 48 and 49 of the said Act.  Creditors whose claims are
wholly secured are not entitled to attend or be represented at
the Meeting. Other Creditors are only entitled to vote if they
have given to the Administrative Receiver, not later than 12:00
noon on the business day before the day on which the Meeting is
to be held, details in writing of the debt that they claim to be
due to them from the Company, and the claim has been duly
admitted under the provisions of Rule 3.11 of the Insolvency
Rules 1986 and there has been lodged with the Administrative
Receiver any proxy which the Creditor intends to be used on their
behalf.  Note, Creditors of the Company requiring copies of the
Administrative Receiver's report may obtain it, free of charge,
on written application to the Administrative Receiver at
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.

C M T Haig, Administrative Receiver

                            *   *   *

IBS supplies, designs, installs and maintains computerized
building management and control systems.  These systems enable
the building's facilities team to monitor and change the services
installed, which may include: air conditioning, ventilation,
power distribution, lifts, fire detection systems, security
systems.  Visit http://www.ibscontrol.net/for more information.

CONTACT:  INDEPENDENT BUILDING SOLUTIONS
          75 Gloucester Road
          Croydon, Surrey CR0 2DL
          Phone: +44 (0) 20 85 05 04 06
          Fax: +44 (0) 20 84 05 04 10

          PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


INMARSAT INVESTMENT: New Senior Secured Facilities Rated 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
rating and recovery rating of '1' to the $550 million senior
secured facilities of U.K.-based Inmarsat Investments Ltd.  The
loan rating and recovery rating indicate our expectation of full
recovery of principal for senior secured lenders in the event of
a payment default.  The facilities replace the group's previous
$975 million senior secured facilities that were put in place in
early 2004.

To calculate recoveries, Standard & Poor's has simulated a
default scenario.  We used an enterprise-valuation approach
because we believe lenders would achieve greater value through
reorganization than through a liquidation of assets due to the
nature of these assets and the company's fair business profile.

Under our simulated scenario, a default is unlikely to occur
before the end of 2008, when the deep discount bonds start paying
cash interest.

"Using primarily a discounted cash flow analysis, the enterprise
value at the point of default was estimated to fully cover the
senior secured facilities outstanding, leading to the assignment
of a recovery rating of '1' and an issue rating one notch above
the corporate credit rating," said Standard & Poor's credit
analyst Michael O'Brien.

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

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


J2 AIRCRAFT: Software Consultancy Firm Liquidates
-------------------------------------------------
At an Extraordinary General Meeting of the Members of J2 Aircraft
Solutions Limited, duly convened, and held at The Best Western
Hotel, Leyland Way, Leyland PF25 4JX, on Thursday 11 August 2005,
the following Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Timothy Hargreaves, of T.H. Associates, Towngate House, 116-118
Towngate, Leyland PR25 2LQ, be and he is hereby nominated
Liquidator for the purpose of such winding-up."

J A Jeffery, Director and Shareholder

CONTACT:  J2 AIRCRAFT SOLUTIONS LIMITED
          Web site: http://www.j2aircraft.com/


JARVIS PLC: Files Key Documents to FSA
--------------------------------------
Jarvis plc has submitted for filing to the Financial Services
Authority these key documents:

(a) Directors' report and 2005 financial statements.  This
    document sets out the consolidated audited financial
    statements of Jarvis plc in respect of the financial year
    ended 31 March 2005 and contains the Independent Auditors'
    report;

(b) the Chairman's statement, Chief Executive's statement,
    financial review and board biographies accompanying the 2005
    financial statements; and

(c) Directors' remuneration report and Corporate governance
    report accompanying the 2005 financial statements.

The documents can be obtained from the registered office of
Jarvis plc at Meridian House, The Crescent, York YO24 1AW, and is
available for inspection at the Document Viewing Facility
situated at the Financial Services Authority, 25 The North
Colonnade, Canary Wharf, London E14.

The Company expects to print and post to shareholders the full
2005 annual report and accounts, which will include the above
information, in the near future.

                            *   *   *

Jarvis plc has disclosed that the Company and the Converting
Creditors have signed the key documentation that will allow the
Company to effect the Restructuring which Shareholders approved
at the Extraordinary General Meeting held on 4 August 2005.  The
implementation of the Restructuring remains subject to various
conditions precedent.

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

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

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

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

CONTACT:  JARVIS PLC
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com

          Bridget Fury, Merlin
          Phone: 020 7653 6620


JARVIS PLC: Sets out Timetable for Restructuring Events
-------------------------------------------------------
These materials are not an offer for sale of securities in the
United States.  The securities have not been registered under the
U.S. Securities Act of 1933, as amended, and may not be sold in
the United States absent registration or an exemption from
registration under the Securities Act.  No public offering of
securities will be made in the United States in connection with
the restructuring referred to herein.

The Board of Jarvis plc has released a prospectus in relation to
the Placing and Open Offer and admission of the New Ordinary
Shares in connection with its Restructuring.

Copies of the prospectus are available at the Company's
registered office and will be posted to Qualifying Shareholders
on the launch of the Open Offer.

Conditions to the implementation of the Debt for Equity Exchange
include obtaining the approval of the U.K. Listing Authority and
the London Stock Exchange for the admission of the Restructuring
Ordinary Shares to the Official List and to trading,
respectively.  The Company sets out the timetable of principal
events for the Restructuring.

                                                            2005

Record time for Share Reorganization
and for Open Offer                        5:30 p.m. on 31 August

Debt for Equity Exchange effective
and Firm Placed Shares allotted                        31 August

Admission and commencement of dealings
in Share Reorganization Ordinary Shares
and Restructuring Ordinary Shares                    1 September

Open Offer ex-date                                   1 September

Open Offer launch                                    2 September

Dispatch of share certificates
for Share Reorganization Ordinary Shares,
Restructuring Ordinary Shares
and Firm Placed Shares                               7 September

Latest date and time
for splitting Application Forms        3:00 p.m. on 20 September

Latest date and time
for acceptance and payment
in full under Open Offer               3.00 p.m. on 22 September

Date of admission and commencement
of dealings in Firm Placed
Shares and Open Offer Shares                        29 September

Payment of cash out alternative monies                 6 October

Dispatch of share certificates
for Open Offer Shares                                  6 October

The time and dates set out above may be adjusted by agreement
between the Company, Rothschild and Deutsche Bank, in which event
details of the new times and dates will be notified to a
Regulatory Information Service and, where appropriate, to
Qualifying Shareholders.

The same definitions as in the Restructuring Circular sent to
shareholders on 12 July 2005 shall apply, in addition to the
definitions set out below.

(a) Original Warrant Instrument - the instrument entered into by
    the Company by way of deed poll on 27 August 2004 pursuant
    to which the Existing Warrants were constituted;

(b) Restructuring Ordinary Shares - the New Ordinary Shares to
    be issued to Converting Creditors and holders of Existing
    Warrants, and their allottees, pursuant to the Debt for
    Equity Exchange and the Warrant Restructuring Instrument,
    Respectively;

(c) Share Reorganization - the sub-division of Existing Ordinary
    Shares, the partial share reclassification into New Interim
    Shares and Deferred Shares and the consolidation of New
    Interim Shares to be undertaken to facilitate the Debt for
    Equity Exchange;

(d) Share Reorganization Ordinary Shares - the New Ordinary
    Shares arising out of the Share Reorganization; and

(e) Warrant Restructuring Instrument - the instrument entered
    into by the Company on 24 August 2005 pursuant to which the
    Existing Warrants will be cancelled, the Original Warrant
    Instrument will be terminated and New Ordinary Shares will
    be issued to Existing Warrant Holders.

                            *   *   *

Jarvis plc has disclosed that the Company and the Converting
Creditors have signed the key documentation that will allow the
Company to effect the Restructuring which Shareholders approved
at the Extraordinary General Meeting held on 4 August 2005.  The
implementation of the Restructuring remains subject to various
conditions precedent.

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

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

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

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

CONTACT:  JARVIS PLC
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com

          Bridget Fury, Merlin
          Phone: 020 7653 6620


LEYLAND AUTO: Winding-up Gets Go Signal
---------------------------------------
Company Name: LEYLAND AUTO ELECTRICAL & DIESEL LIMITED
              St James's Square,
              Manchester, M2 6DS
              Phone: 01772 695 000


Registration Number: 03264998

Court: Manchester District Registry

Date of Filing Petition: July 18, 2005

No. of Matter: 1627 of 2005

Date of Winding-up Order: July 29, 2005

CONTACT:  Official Receiver
          1st Floor, Newfield House,
          Vicarage Lane,
          Blackpool, FY4 4WB
          Phone: 01253 830700
          Fax: 01253 830711


MCS LOGISTICS: Gears up for Liquidation
---------------------------------------
Company Name: MCS LOGISTICS LIMITED
              Unit 3 Venture Park,
              Stirling Way, Bretton,
              Peterborough, PE3 8YD
              Phone: 01733 333888
              Fax: 01733 333777

Registration Number: 04176524

Court: High Court of Justice

Date of Filing Petition: June 23, 2005

No. of Matter: 004160 of 2005

Date of Winding-up Order: 10th August 2005

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


MEDIA MOULDING: Names KPMG Liquidator
-------------------------------------
At an Extraordinary General Meeting of Media Moulding Technology
Limited, duly convened, and held at KPMG LLP, Altius House, One
North Fourth Street, Milton Keynes, Buckinghamshire MK9 1NE, on
29 July 2005, the following Resolutions were duly passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
James Douglas Ernle Money and Mark Jeremy Orton, of KPMG, be and
are hereby appointed Joint Liquidators for the purpose of such
winding-up. Any act required or authorized under any enactment to
be done by the Joint Liquidators may be done by either one of
them."

J S Dimmock, Director

                            *   *   *

Formed in early 1991 as a subsidiary of MMT, Media Moulding
Technology Ltd. is recognized as a high quality and service
orientated plastic injection molding company.  With 19 modern
injection molding machines from 30 to 700 tons and one 5 liter
blow molding machine, MMT serves many high profile multinational
companies.

It occupies 18,000 sq. ft. on the prestigious Bridgend Industrial
Estate.

CONTACT:  MEDIA MOULDING TECHNOLOGY LIMITED
          Western Avenue, Bridgend Industrial Estate, Bridgend,
          CF31 3RT, UK
          Phone: +44 (0) 1656 648047
          Fax: +44 (0) 1656 647612
          Web site: http://www.mmtgroup.com/moulding/
          Contact:
          Spencer Lewis, Managing Director
          E-mail: spencerlewis@mmtgroup.com

          KPMG LLP
          Web site: http://www.kpmg.co.uk


MET INTERNATIONAL: Hires F A Simms & Partners Administrator
-----------------------------------------------------------
Name: MET INTERNATIONAL PLC
      (Company No 3228952)

Address of Registered Office: Building 5, Unit 1B, Stanmore
Industrial Estate, Bridgnorth, Shropshire WV15 5HP

Date of Appointment: 5 August 2005

Administrator's Name and Address: Richard Frank Simms (IP No
9252), of F A Simms & Partners Plc, Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP

                            *   *   *

MET International PLC designs and manufactures a range of metal
processing equipment which is integrated into complete lines to
produce both finished and semi finished components from ferrous
and non-ferrous materials.  Our staff combines years of
experience with modern technology to provide our customers with
quality equipment and support for their business growth.  Visit
http://www.met-intl.co.uk/for more information.

CONTACT:  MET INTERNATIONAL PLC
          Lasyyard House Underhill Street
          Bridgnorth WV16 4BB
          Shropshire
          Phone: 01746 768996

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


NIGHTSPEED GROUP: Logistic Firm Calls in Administrator
------------------------------------------------------
Company Names: NIGHTSPEED GROUP LIMITED
               (Company No 03013001)

               NIGHTSPEED HOLDINGS LIMITED
               (Company No 04424333)

               NIGHTSPEED SERVICES LIMITED
               (Company No 02382082)

Nature of Businesses: Logistics Companies

Address of Registered Office: Unit 18, Vaughan Trading Estate,
Sedgley Road East, Tipton, West Midlands DY4 7UJ

Trade Classification: 28 Road Transport

Date of Appointment: 16 August 2005

Administrators' Names and Address: Ian Best and Alan Hudson (IP
Nos 8631 and 9200), both of Ernst & Young LLP, No 1 Colmore
Square, Birmingham B4 6HQ

CONTACT:  ERNST & YOUNG LLP
          No.1 Colmore Square
          Birmingham B4 6HQ
          Phone: +44 [0] 121 535 2000
          Fax:   +44 [0] 121 535 2001
          Web site: http://www.ey.com


OGILVIE PARTNERS: Winding-up Receives Green Light
-------------------------------------------------
Company Name: OGILVIE PARTNERS LTD.
              71 Tunbridge Grove,
              Kents Hill, Milton Keynes,
              Bucks, MK7 6JD
              Phone/Fax: +44 (0)1908 392480
              E-mail: info@OgilviePartners.com
              Web site: http://www.ogilviepartners.com

Registration Number: 03708982

Court: Bristol District Registry

Date of Filing Petition: June 15, 2005

No. of Matter: 2500 of 2005

Date of Winding-up Order: August 10, 2005

CONTACT:  Official Receiver
          Sol House, 29
          St. Katherines Street,
          Northampton, NN1 2QZ
          Phone: 01604 542400
          Fax: 0104 542450


OXFORD CLINICAL: In Administrative Receivership
-----------------------------------------------
Name: OXFORD CLINICAL COMMUNICATIONS (INTERNATIONAL) LIMITED
      (Reg No 02657927)

Nature of Business: Medical Education

Trade Classification: 40

Date of Appointment of Joint Administrative Receivers: 15 August
2005.

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

Joint Administrative Receivers: Shagun Dubey and Shay Bannon
(Office Holder Nos 9216/01 and 8777/01), both of 8 Baker Street,
London W1U 3LL

CONTACT:  OXFORD CLINICAL COMMUNICATIONS
          213 Barns Road
          Oxford, Oxfordshire OX4 3UT
          Phone: 01865 747774
          Fax: 01865 716089
          Web site: http://www.oxfordshire.co.uk/

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


PAYNE & STEELE: Calls in Liquidator from Begbies Traynor
--------------------------------------------------------
At an Extraordinary General Meeting of Payne & Steele Limited,
duly convened, and held at 2 Upperton Gardens, Eastbourne, East
Sussex BN21 2AS, on 16 August 2005, the following Extraordinary
Resolution was passed:

"That it has been proved to the satisfaction of the Meeting that
this Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that G
W Rhodes, of Begbies Traynor, 2-3 Pavilion Buildings, Brighton,
East Sussex BN1 1EE, be and is hereby appointed the Liquidator of
the Company for the purposes of such winding-up."

M Payne, Director

CONTACT:  PAYNE & STEELE LIMITED
          3/Springham Cottages/Grove Hill
          Hellingly
          Hailsham
          BN27 4HE
          Phone: 01435 812884

          BEGBIES TRAYNOR
          2-3 Pavilion Buildings
          Brighton
          Sussex BN1 1EE
          Phone: 01273 747847
          Fax: 01273 747743
          E-mail: geoff.rhodes@begbies-traynor.com


PLANET COASTLINE: Members Decide to Wind up Firm
------------------------------------------------
By Written Resolution of all the Members of Planet Coastline
Limited the following Extraordinary Resolution was passed on 11
August 2005:

"That it has been proved to the satisfaction of the Meeting that
this Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up and that David Birne and
Stephen M Katz, of Acre House, 11-15 William Road, London NW1
3ER, be and are hereby appointed Joint Liquidators of the Company
for the purposes of such a winding-up."

D Trewin, Director

CONTACT:  PLANET COASTLINE LIMITED
          Hammonds Drive
          Redward Business Park
          Eastbourne
          BN23 6PW
          East Sussex
          Phone: 01323 643388
          Fax: 01323 722022
          Contact:
          SR Crawley, Managing Director

          FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


PREMIER SECURITY: EGM Passes Winding-up Resolutions
---------------------------------------------------
At an Extraordinary General Meeting of Premier Security (2003)
Limited, duly convened, and held at the offices of Parkin S Booth
& Co, 44 Old Hall Street, Liverpool L3 9EB, on Tuesday 9 August
2005, at 2:15 p.m., the following Resolutions were duly passed,
as an Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Robert Martin Rutherford, of Parkin S Booth & Co, 44 Old Hall
Street, Liverpool L3 9EB, and Lindsey Jane Cooper, of Baker
Tilly, Brazennose House, Lincoln Square, Manchester M2 5BL, be
and they are hereby appointed Joint Liquidators for the purpose
of such winding-up."

R M Rutherford, Director

CONTACT:  PREMIER SECURITY (2003) LIMITED
          6 Somborne Drive, Havant, Hampshire PO9 5AW
          Phone: 01243378030

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

          BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


QUALITY OAK: Administrator from Albert Goodman Takes over Firm
--------------------------------------------------------------
Name: QUALITY OAK PRODUCTS LIMITED
      (Company No 04360934)

Nature of Business: Floor and Wall Covering

Address of Registered Office: Mary Street House, Mary Street,
Taunton, Somerset TA1 3NW

Date of Appointment: 16 August 2005

Administrator's Name and Address: Laurence Russell (IP No 9199),
Albert Goodman, Mary Street House, Mary Street, Taunton, Somerset
TA1 3NW

CONTACT:  QUALITY OAK PRODUCTS LTD.
          Unit 2
          Beckery Road
          Glastonbury
          Somerset BA6 9NX
          Phone: 01458 832030
          Fax: 1458832135
          E-mail: sales@qualityoakproducts.co.uk
          Web site: http://www.qualityoakproducts.co.uk

          ALBERT GOODMAN
          Mary Street House
          Mary Street
          Taunton
          Somerset TA1 3NW
          Phone: 01823 286096
          Fax: 01823 257319


RENTOKIL INITIAL: Raphoe Not Yet Ready with Offer
-------------------------------------------------
In response to continuing enquiries, the Board of Rentokil
Initial plc is making a statement regarding the status of
discussions with Raphoe Management Limited.

Raphoe's adviser informed the Company Thursday evening that
Raphoe was not ready to put forward a proposal.

The Board has responded that while it will consider any proposal
when made, it would not be appropriate to pass Raphoe information
that is not available to other public investors unless and until
a proposal is received that the Board considers would be in the
best interests of shareholders.

The market will be kept informed of any further developments.

                            *   *   *

Last week, Raphoe Management, an acquisition vehicle controlled
and chaired by Sir Gerry Robinson, revealed that having taken
soundings from certain shareholders of Rentokil Initial plc, it
intends to approach the Board of Rentokil to discuss the
possibility of making an offer for the company and to seek
discussions with the trustees of the Rentokil pension funds.

It added that the announcement does not constitute a firm
intention to make an offer and, accordingly, there can be no
certainty that any offer will be made.

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.

It recently reported turnover in the first half of 2005 was up
3.2% to GBP1,167.2 million, while operating income was down 33.0%
to GBP119.2 million.  Profit before tax plunged 40.3% to GBP93.2
million.

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."

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


SPRINT HIRE: Files for Liquidation
----------------------------------
At an Extraordinary General Meeting of the Members of Sprint Hire
& Sales Limited, duly convened, and held at O'Hara & Co, 1 Thorne
Road, Doncaster DN1 2HJ, on 12 August 2005, the following
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily and that
Peter O'Hara of O'Hara & Co, Wesley House, Huddersfield Road,
Birstall, Batley WF17 9EJ, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

D Hughes, Director

CONTACT:  SPRINT HIRE & SALES LIMITED
          13-15 High Street, Bentley, Doncaster, South Yorkshire
          DN5 0AA
          Phone: 01302876346


STAFFORDSHIRE CASING: Members Opt for Liquidation
-------------------------------------------------
At an Extraordinary General Meeting of the Members of
Staffordshire Casing Co. Ltd., duly convened, and held at
Connaught Hotel, Tettenhall Road, Wolverhampton WV1 3SW, on 17
August 2005, at 10:30 a.m., the following Extraordinary
Resolution was passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily and that
Eileen T F Sale, of Sale Smith & Co Limited, Carmella House, 3 &
4 Grove Terrace, Walsall, West Midlands WS1 2NE, be and is hereby
appointed Liquidator for the purposes of such winding-up."

CONTACT:  THE STAFFORDSHIRE CASING CO LTD.
          Unit 5/Amptronic Trading Estate,
          Heath Mill Road,
          Wolverhampton
          West Midlands WV5 8AP
          Phone: 01902 324507
          Fax: 01902 324933

          SALE SMITH & CO.
          Carmella House,
          3 & 4 Grove Terrace,
          Walsall, West Midlands WS1 2NE
          Phone: 01922 624777
          Fax: 01922 720528
          E-mail: etfs@salesmith.demon.co.uk


STAR LEAP: Falls into Liquidation
---------------------------------
At an Extraordinary General Meeting of Star Leap Limited, duly
convened, and held at the offices of Elwell Watchorn & Saxton
LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN, on 17
August 2005, the subjoined Extraordinary Resolution was duly
passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Paul Anthony Saxton, of Elwell Watchorn & Saxton LLP, 109 Swan
Street, Sileby, Leicestershire LE12 7NN, be and is hereby
appointed Liquidator for the purposes of such winding-up."

M Shahani, Director

CONTACT:  STAR LEAP LIMITED
          Bright House, 121 Parker Drive, Leicester,
          Leicestershire LE4 0JP
          Phone: 01162350333

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


SUPPLY CHAIN: Calls in Administrators from Bridgestones
-------------------------------------------------------
Name: SUPPLY CHAIN LOGISTICS LIMITED
      (Company No 04188788)

Nature of Business: Freight Transport by Road

Trade Classification: 6024

Date of Appointment: 11 August 2005

Joint Administrators' Names and Address: Robert Cooksey and
Jonathan Lord (IP Nos 9040 and 9041), Bridgestones, 125-127 Union
Street, Oldham OL1 1TE

CONTACT:  BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


TECHNICAL DATA: EGM Passes Winding-up Resolutions
-------------------------------------------------
At an Extraordinary General Meeting of Technical Data Systems
(UK) Limited, convened, and held at 30 Reading Road South, Fleet,
Hampshire GU52 7QL, on 11 August 2005, at 2:00 p.m., the
following Resolutions were duly passed, as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily and that
Robert James Thompson, of Rendell Thompson, 32 Aldershot Road,
Fleet, Hampshire GU51 3NN, be appointed Liquidator of the Company
for the purpose of the voluntary winding-up."

A Lloyd, Chairman

CONTACT:  TECHNICAL DATA SYSTEMS (UK) LIMITED
          Coliseum Business Centre, Riverside Way, Camberley,
          Surrey GU15 3YL
          Phone: 01276684836


T. L. LIFTING: Members Decide on Wind-up
----------------------------------------
At the extraordinary general meeting of the members of T. L.
Lifting Limited held at Taylor Rowlands, 8 High Street, Yarm,
Stockton on Tees TS15 9AE, on Thursday 18 August 2005, the
following Special Resolution was duly passed:

"That the Company be wound up voluntarily, and that John Harvey
Madden, of Taylor Rowlands, 8 High Street, Yarm, Stockton on Tees
TS15 9AE, be and he is hereby appointed Liquidator for the
purpose of such winding-up."

J A Lowe, Chairman

CONTACT:  T L LIFTING LTD.
          Dempsey House
          Dock Street
          Middlesbrough, Cleveland TS2 1PR
          Phone: 01642 240456
          Fax: 01642 251234

          TAYLOR ROWLANDS
          8 High Street
          Yarm
          Cleveland TS15 9AE
          Phone: 01642 790790
          Fax: 01642 785588
          E-mail: harvey@taylorrowlands.co.uk


WESTPOINT SERVICES: Falls into Liquidation
------------------------------------------
Company Name: WESTPOINT SERVICES LTD.
              Unit 1, Danescourt Way
              Danescourt, Cardiff,
              South Glamorgan, CF5 2QF
              Phone: 02088 068338

Registration Number: 04207890

Court: Bristol District Registry

Date of Filing Petition: June 20, 2005

No. of Matter: 2545 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


YOUR TELECOM: Members Decide to Liquidate Firm
----------------------------------------------
At an Extraordinary General Meeting of the Members of Your
Telecom Limited, duly convened, and held at Unit 8, Quays Reach
Business Quarter, Carolina Way, Salford, Manchester M50 2ZY, on
16 August 2005, the following Extraordinary Resolution was duly
passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily and that
Lawrence Ian Freedman, of Hodgsons, George House, 48 George
Street, Manchester M1 4HF, be and he is hereby nominated
Liquidator for the purpose of the winding-up."

D McEvoy, Director

CONTACT:  YOUR TELECOM LIMITED
          Unit 8, Quays Reach Business Quarter, Carolina Way,
          Salford M50 2XY
          Phone: 0845 225 6006
          Fax: 0845 225 6007

          HODGSONS
          George House
          48 George Street
          Manchester
          Greater Manchester M1 4HF
          Phone: 0161 228 7444
          Fax: 0161 228 735
          E-mail: dmond@hodgsons.co.uk


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (421)       1,700      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR   (202)         176      (17)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                      (32)         124      (63)
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Agor AG                   DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Glunz AG                  GLUG        (0)         428      (17)
Kamps AG                  KMPSF.PK   (93)       1,075      (61)
Kaufring AG               KAUG       (19)         151      (51)
Mannheimer AG                        (15)         879      N.A.
Marbert AG                MTBG       (13)         144      (50)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (106)       1,264      (50)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (38)         150      (26)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
DryShips Inc.             DRYS        (4)         184      (29)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (422)       1,982      376
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


ROMANIA
-------
Oltchim RM Valce          OLT        N.A.         232     (321)


RUSSIA
------
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


SWITZERLAND
-----------
Kaba Holding AG           KABZN      (23)         582      260


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (252)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Invensys PLC                        (963)       4,861      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L      (14)         321        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Partygaming Plc           PRTY      (405)         263     (161)
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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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