TCREUR_Public/050905.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, September 5, 2005, Vol. 6, No. 175

                            Headlines

B U L G A R I A

AIR DOBRUDJA: Govt Auctions Real Properties
BALKANCAR 6-TI: Goes into Liquidation


F R A N C E

ALSTOM SA: Bids for EUR455.7 Million Spanish Contract


G E R M A N Y

AUTOHAUS NAUMANN: Calls in Administrator from Jakob & Meyer
BAUUNTERNEHMEN OSTWALD: Succumbs to Bankruptcy
CIRCLE INTEGRATED: Proofs of Claim Due Today
DAIMLERCHRYSLER AG: Prosecutors Open Probe on Insider Trading
FRESENIUS MEDICAL: Transformation into KGaA Receives Go-ahead

HARTLING PHARMA: Court to Verify Claims Next Month
HEUER GMBH: Creditors' Claims Due Next Week
ISLAMISCHE GEMEINDE: Applies for Bankruptcy Proceedings
MALEREIFACHBETRIEB DIEDRICHS: Under Bankruptcy Administration
MUELLER SPEZIALABBRUCH: Leipzig Business Falls into Bankruptcy
PAUSAER FEINE: Appoints Interim Administrator
WARM SPORTS: Creditors Meeting Set November


H U N G A R Y

SKOGLUND HOLDING: Invests HUF24 Million in 'Project' Company


I R E L A N D

GLANBIA PLC: Half-year Operating Profit Down to EUR38.3 Million


I T A L Y

BANCA POPOLARE: Outlook Negative on EUR70 Mln Half-year Loss
FIAT SPA: Government Promises to Support Research Projects


K A Z A K H S T A N

ATF BANK: 'B' Short-term Rating Affirmed; Outlook Stable
BANK CENTERCREDIT: Ratings Affirmed at 'B+'/'B'


N E T H E R L A N D S

KG HOLDING: Restructuring Plan Not Viable Says E.U. Commission
ROYAL SHELL: Cancels Additional 1,500,000 'A' Shares
ROYAL SHELL: Shells out US$9.2 Million to Appease Investors
VERSATEL TELECOM: TeleNee Steps up Campaign Versus Tele2 Bid


R U S S I A

AIR-SERVICE: Insolvency Manager Enters Company
BLAGOUSTROISTVO: Bankruptcy Hearing Set Thursday
ERUNAKOVSKAYA: Under Bankruptcy Supervision
INTERNATIONAL BANK: Ratings Upped to 'CCC+'; Outlook Stable
LEMO-WOOD: Undergoes External Bankruptcy Procedure

MASHINOSTROITEL: Hires S. Syrkashev as Insolvency Manager
MINE KOKSOVAYA: Bankruptcy Hearing Set Next Month
OCEAN: Undergoes Bankruptcy Supervision Procedure
SOYUZ LT: Counterparty Credit Rating Upgraded to 'CCC+'
STAMPING FACTORY: Insolvency Manager Takes over Firm
URAL-KHIM-MONTAZH: Bankruptcy Supervision Procedure Begins
VINODELSKOYE: Wine maker Applies for Bankruptcy Proceedings


S W E D E N

INTRUM JUSTITIA: Investor Sells 11.7% Remaining Stake


S W I T Z E R L A N D

LEICA GEOSYSTEMS: Danaher, Banks Disclose Shareholdings
SWISSAIR: Catalogue of Memorabilia for Auction Now Available


U K R A I N E

UKRSOTSBANK: S&P Affirms 'C' Short-term Rating


U N I T E D   K I N G D O M

AME FACADES: Administrators from DTE Leonard Curtis Enter Firm
ASTEL HEALTH: Bristol Court Issues Winding-up Order
AVIS EUROPE: Early Results of Recovery Plan Positive
BALKAN PETROLEUM: Rafo Stake Sale Hits Snag
BEACH & HOWE: Goes into Liquidation

BLOOMS LIMITED: Falls into Administration
CLARION PARTNERSHIP: In Liquidation
CONTRACT CONTROL: EGM Passes Winding-up Resolution
COOL MOVERS: Court Orders Winding-up
COSTAIN GROUP: Half-year Turnover Improves to GBP345.4 Million

DAVID NICHOLAS: Court Approves Liquidation
E IMAGING: Members Decide to Wind up Firm
ELITE VENDING: Files for Liquidation
ENERGY ENGINEERING: Hires Cresswall Associates as Administrator
EUROPA CELLULAR: Collapses into Liquidation

EXPLORER BOATS: EGM Passes Winding-up Resolutions
GATE GOURMET: CEO's Comment Angers Union Leader
H P COMPONENTS: Bearing Manufacturer Winds up
IAN BAIRD: Calls in Liquidator
J SAINSBURY: ICI Boss Joins Board as Senior Independent Director

KOTECH LIMITED: Hires Administrators from Begbies Traynor
LONDON & PROVINCIAL: Court Okays Liquidation
MACMILLAN LONDON: Calls in Administrator from Bond Partners
MEPC LIMITED: 'B' Rating Affirmed; Outlook Negative
PANASONIC BROADCAST: Hires KPMG as Liquidator

PENINSULA FASCIAS: Opts for Liquidation
PLANET TUBE: Winding-up Receives Green Light
R C M BENDALE: Goes into Liquidation
RELIANCE TRADE: Meeting of Creditors Tomorrow
RESPONSE NETWORKS: Members Opt for Liquidation

ROBERT WISEMAN: Ex-WH Smith Director Joins Board
SANDERSON PUBLISHING: Court Okays Liquidation
SILTAR PRINTING: Winding-up Gets Court Approval
TEXSTYLE WORLD: Shutting down Eight Stores
THERMAL ENGINEERING: Creditors Meeting Set Tomorrow

TITAN FLUID: Engineering Firm Liquidates
WILLIAM MATTHEWS: Appoints Lines Henry Administrator
WONDERWORKS STUDIOS: EGM Passes Winding-up Resolutions


                            *********


===============
B U L G A R I A
===============


AIR DOBRUDJA: Govt Auctions Real Properties
-------------------------------------------
A Sofia-based company acquired last week the assets of bankrupt
carrier Air Dobrudja, Dnevnik a.m. says.

According to the morning daily, the winning bidder, whose
identity was withheld by the State Receivables Collection Agency,
offered around EUR231,000 (BGN452,073) for Air Dobrudja's fuel
storage and two administrative buildings.  The deal did not
involve any aircraft.  Proceeds of the sale will go the
government as payment for the carrier's debt.

Still unsold are four Air Dobrudja planes, which will be turned
over to a trustee.  The district court in Dobrich declared Air
Dobrudja bankrupt due to debts amounting to almost BGN4 million.
This includes a BGN1.2 million outstanding payment on the
privatization contract.

CONTACT:  AIR DOBRUDJA
          Mail Box 111, Central Post Office,
          9300, Dobrich, Bulgaria
          Phone/Fax: ++359 58 24559
          E-mail: air_dobrudja@hotmail.com


BALKANCAR 6-TI: Goes into Liquidation
-------------------------------------
Collapsed heavy equipment manufacturer Balkancar 6-ti Septemvri
will hold an extraordinary general meeting on Nov. 11, 2005 to
discuss its liquidation, PARI Daily says.

Balkancar will also propose a capital hike, via the issuance of
around 1,977,509 new shares, to be subscribed by Regiono
Investitsia UAB, which currently holds a 43.2% stake in the
group.  The group's capital currently stands at BGN1,140,898 at
nominal value of BGN1 per share.  According to unofficial
information obtained by PARI Daily, Regiono plans to convert
Balkancar's site into a commercial facility and either sell or
move the equipment to another site.

The group underwent bankruptcy procedure in 2002 after failing to
find a strategic investor.  Earlier this year, the group's
majority owner acquired 51% of the plant at an auction and held
talks with the company's partners.  The group is now preparing
for its liquidation, which should be completed within a year
after the publication of the creditors' invitation in the
Official Gazette.  Neli Bakardjieva has been nominated
liquidator.

Balkancar 6-ti Septemvri is part of state-owned Balkancar
Holding, considered one of Europe's biggest lift truck producers.
The group currently sells spare parts and components.
Balkancar's assets include around 6,000 sq. km. of land and
production sites.

CONTACT:  BALKANCAR-6-TI SEPTEMVRI JSC
          151, Nikola Moushanov Blvd.
          1330 Sofia
          Phone: (+359 2) 9202470
                          229264
                          229228
                          9201701
          Fax: (+359 2) 9200436
          E-mail: sd@balkancar-bg.com
          Web: http://www.balkancar-bg.com


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


ALSTOM SA: Bids for EUR455.7 Million Spanish Contract
-----------------------------------------------------
Engineering giant Alstom S.A. is vying for a EUR455.7 million
train contract in Spain, Expansion says.

The group wants to supply state-run railway operator Red de los
Ferrocarriles Espanoles (RENFE) around 80 suburban trains.  One
of the bidding conditions is the involvement of RENFE's
maintenance services division for at least 20% of the contract.
The division will also have a 50% share in the maintenance of the
trains.

Alstom is up against German electronics and electrical
engineering group Siemens and Spanish rolling-stock manufacturer
CAF.

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

          SIEMENS AG
          Wittelsbacherplatz 2
          D-80333 Munich, Germany
          Phone: +49-89 636-00
          Fax: +49-89 636-52 000
          Web site: http://www.siemens.com

          RED DE LOS FERROCARRILES ESPANOLES
          Web site: http://www.renfe.es


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


AUTOHAUS NAUMANN: Calls in Administrator from Jakob & Meyer
-----------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Autohaus Naumann GmbH & Co. KG on August 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 12,
2005 to register their claims with court-appointed provisional
administrator Stefan Jakob.

Creditors and other interested parties are encouraged to attend
the meeting on October 10, 2005, 1:00 p.m. at the district court
of Chemnitz, Saal 28, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, 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:  AUTOHAUS NAUMANN GmbH & Co. KG
          Stresemannstrasse 94, 08523 Plauen
          Contact:
          Siegrid and Mario Naumann, Managers

          Stefan Jakob, Administrators
          Jakob & Meyer
          Plantagenstrasse 3, 08371 Glauchau
          E-mail: info@inso-verwalter.de
          Web site: http://www.inso-verwalter.de/


BAUUNTERNEHMEN OSTWALD: Succumbs to Bankruptcy
----------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Bauunternehmen Ostwald GmbH & Co. KG on
August 15.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
September 12, 2005 to register their claims with court-appointed
provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on October 10, 2005, 12:00 noon at the district court
of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt
(Oder), Saal 401, 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:  BAUUNTERNEHMEN OSTWALD GmbH & Co. KG
          Schubertstrasse 65, 15234 Frankfurt (Oder)

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


CIRCLE INTEGRATED: Proofs of Claim Due Today
--------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Circle Integrated Service Solutions GmbH & Co KG on
August 9.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
September 5, 2005 to register their claims with court-appointed
provisional administrator Joachim Stumpf.

Creditors and other interested parties are encouraged to attend
the meeting on October 12, 10:00 a.m. at the district court of
Darmstadt, Zimmer 1, 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:  CIRCLE INTEGRATED SERVICE SOLUTIONS GmbH & Co KG
          Schwetzinger Str. 7, 68519 Viernheim
          Contact:
          Sigrid Engelhardt, Manager

          Joachim Stumpf, Administrator
          Lindberghstrasse 7, 64625 Bensheim
          Phone: 06251/984171
          Fax: 06251/984173


DAIMLERCHRYSLER AG: Prosecutors Open Probe on Insider Trading
-------------------------------------------------------------
Stuttgart prosecutors are now investigating claims of insider
trading at DaimlerChrysler AG, reports The Associated Press.

Tomke Beddies, a spokeswoman for the prosecutors, said the probe
was opened following a report from Germany's financial services
regulator BaFin.  DaimlerChrysler spokesman Thomas Froehlich
refused to comment, but said the company will cooperate.

BaFin earlier initiated a formal investigation after it found
"grounds" to suspect illegal trades involving Daimler stocks.  On
July 28, shares went up prior to the announcement of former head
Juergen Schrempp's resignation.

Spokeswoman Sabine Reimer said the BaFin probe has discovered
traces of "illegal trades."  The regulator has sought help from
banks regarding details of those who bought and sold
DaimlerChrysler shares on that date.  Ms. Reimer refused to name
names, however.

Last month, the U.S. Securities and Exchange Commission asked
DaimlerChrysler to clarify its involvement in the United
Nations' oil-for-food program.  The Commission wants to check of
the carmaker broke any provisions.

DaimlerChrysler is also being investigated by the U.S. Justice
Department, which is probing bribery claims at the Mercedes Car
Group.  This investigation relates to the U.S. SEC's inquiry last
year sparked by a former Chrysler accountant's claim that the
company bribed foreign officials using secret bank accounts.

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


FRESENIUS MEDICAL: Transformation into KGaA Receives Go-ahead
-------------------------------------------------------------
Fresenius Medical Care AG shareholders have approved the proposed
transformation of the Company's legal form into a
Kommanditgesellschaft auf Aktien (KGaA) and the plan for a
voluntary exchange offer to convert the Company's preference
shares into ordinary shares.

A large majority of Ordinary Shareholders approved both proposals
at the Extraordinary General Meeting.  The transformation was
approved by nearly 91% of the represented ordinary share capital,
and the conversion was approved by nearly 94% of the represented
ordinary share capital.  As a result, the required three-fourths
majority of the represented ordinary share capital was achieved
for both proposals.

At the Separate Meeting of Preference Shareholders, which was
held immediately following the EGM, the preference share
conversion proposal was approved by nearly 85% of the represented
preference share capital, i.e. with the required three-fourths
majority.  Preference shareholders were not entitled to vote on
the change of the legal form.

Ordinary and preference shareholders approved the conversion
based on the pre-announced countermotion by Citadel Equity Fund
Ltd., London, which was also supported by Fresenius AG.  This
countermotion requested a reduction of the conversion premium to
EUR9.75 per bearer preference share instead of the originally
suggested conversion premium of EUR12.25.

At the Extraordinary General Meeting, 72% of the ordinary share
capital and 68% of the preference share capital was represented.
At the Separate Meeting of Preference Shareholders 68% of the
preference share capital was represented.

This decision enables the Company to make a major step towards
enhancing the attractiveness of Fresenius Medical Care's shares
and in providing flexibility for future growth opportunities.
The conversion of preference shares into ordinary shares
simplifies the share structure and, consequently, is expected to
improve trading liquidity of the ordinary shares as well as
advancing Fresenius Medical Care's position on the German stock
index (DAX).  The Company's new corporate and capital structure
also assures consistently high standards of corporate governance
and transparency.

Fresenius AG (WKN 578560, 578563) holds a majority interest in
Fresenius Medical Care's ordinary capital.

CONTACT:  FRESENIUS MEDICAL CARE AG
          Else-Kroner-Strasse1
          61352 Bad Homburg Deutschland
          Phone: +49 (0) 6172- 609 2525
          Fax: +49 (0) 6172- 609 2301
          E-mail: ir-fms@fmc-ag.com
          Web site: http://www.fmc-ag.de


HARTLING PHARMA: Court to Verify Claims Next Month
--------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Hartling Pharma und Cosmetic Produktions- und
Vertriebsgesellschaft mbH & Co. KG on August 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 4, 2005 to
register their claims with court-appointed provisional
administrator Mr. Seidl.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2005, 8:30 a.m. at the district court
of Erfurt, Justizzentrum, Rudolfstr. 46, 99092 Erfurt, Saal 12,
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  HARTLING PHARMA UND COSMETIC PRODUKTIONS-
          UND VERTRIEBSGESELLSCHAFT mbH & Co. KG
          Contact:
          H. G. Hartling, Manager
          Faulborn 23 b, 99510 Apolda

          Mr. Seidl, Administrator
          Hochheimer Str. 47, 99094 Erfurt


HEUER GMBH: Creditors' Claims Due Next Week
-------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Heuer GmbH on August 15.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 12, 2005 to register their claims
with court-appointed provisional administrator Manfred
Gottschalk.

Creditors and other interested parties are encouraged to attend
the meeting on October 24, 2005, 9:00 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  HEUER GmbH
          Kreisstr. 38, 58454 Witten
          Contact:
          Juergen Heuer, Manager
          Salzweg 20, 45527 Hattingen

          Manfred Gottschalk, Administrator
          Kirchender Dorfweg 14, 58313 Herdecke
          Phone: (02330) 8088-0
          Fax: (02330) 8088-88


ISLAMISCHE GEMEINDE: Applies for Bankruptcy Proceedings
-------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Islamische Gemeinde Herne e.V. on August 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 30,
2005 to register their claims with court-appointed provisional
administrator Astrid Mahr.

Creditors and other interested parties are encouraged to attend
the meeting on November 7, 2005, 9:00 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ISLAMISCHE GEMEINDE HERNE e.V.
          Mont-Cenis-Str. 96, 44623 Herne

          Astrid Mahr, Administrator
          Eupener Strasse 125, 50933 Koln


MALEREIFACHBETRIEB DIEDRICHS: Under Bankruptcy Administration
-------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Malereifachbetrieb Diedrichs GmbH on August
10.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until October 13,
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 19, 2005, 9:40 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
December 12, 2005, 9:35 a.m. at the same venue.

CONTACT:  MALEREIFACHBETRIEB DIEDRICHS GmbH
          c/o Buero May Unternehmensberatung
          Lehrter Str. 46,10557 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berl


MUELLER SPEZIALABBRUCH: Leipzig Business Falls into Bankruptcy
--------------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Mueller Spezialabbruch und -bau GmbH on August 9.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 19,
2005 to register their claims with court-appointed provisional
administrator Dr. Lucas F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2005, 10:30 a.m. at the district court
of Leipzig, Saal 145, 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:  MUELLER SPEZIALABBRUCH UND -BAU GmbH
          Contact:
          Gjorgj Prkola, Manager
          Endersstrasse 30, 04177 Leipzig

          Dr. Lucas F. Flother, Administrator
          Nikolaistrasse 3-5, 04109 Leipzig


PAUSAER FEINE: Appoints Interim Administrator
---------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Pausaer Feine Bettwasche GmbH on August 1.  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 Frank Ruediger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting on October 11, 2005, 11:15 a.m. at the district court
of Chemnitz, Saal 27, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, 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:  PAUSAER FEINE BETTWASCHE GmbH
          Neunkirchener Strasse 6, 07952 Pausa
          Contact:
          Wolfgang Lippmann, Manager

          Frank Ruediger Scheffler, Administrator
          Ulmenstrasse 14, 09112 Chemnitz
          Web site: http://www.tiefenbacher.de


WARM SPORTS: Creditors Meeting Set November
-------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against WARM SPORTS equipment GmbH on August 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 4, 2005 to
register their claims with court-appointed provisional
administrator Dr. Tjark Thies.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2005, 10:20 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  WARM SPORTS EQUIPMENT GmbH
          Kleine Bahnstrasse 10, 22525 Hamburg
          Contact:
          Klaus Warm, Manager

          Dr. Tjark Thies, Administrator
          Domstrasse 15, 20095 Hamburg, Tel. 41522416


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


SKOGLUND HOLDING: Invests HUF24 Million in 'Project' Company
------------------------------------------------------------
Real estate investor Skoglund Holding has invested HUF24 million
in fresh capital to its 100%-owned project company Budateteny
Projekt Ingatlanhasznosito, according to MTI-Econews.  Part of
the amount was used to increase the project's registered capital
from HUF3 million to HUF15 million.  The rest was put into
capital reserves.

Skoglund's first-half unaudited, unconsolidated report, prepared
using Hungarian Accounting Standards, shows losses of HUF51.33
million this year from HUF3.58 million in 2003.  It blamed the
losses to interest payments arising from a HUF606 million loan
from majority shareholder Bank Holding AG, which was used to
acquire three real estate developers.  Bank Holding acquired
74.19% of Skoglund at a public tender in April 2004.

CONTACT:  SKOGLUND HOLDING RT.
          1054 Budapest
          Szabadsag ter 7
          Phone: (1) 302 9220
          Fax: (1) 302 9239
          E-mail: zdemeter@bankar.hu


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


GLANBIA PLC: Half-year Operating Profit Down to EUR38.3 Million
---------------------------------------------------------------
Glanbia plc has reported its interim results for the half-year
ended 2 July 2005.  These interim results are prepared under
International Financial Reporting Standards (IFRS), which the
Group expects to be effective at 31 December 2005 and all
comparisons are based on a restatement of 2004 financial
information.

John Moloney, Group Managing Director, said: "The Group's
performance at the half year was broadly in line with the first
half of 2004.  A good performance in the US cheese business and
satisfactory progress in other areas of operation were offset by
a difficult first half in the Agribusiness division and the
chilled foods segment of the Consumer Foods division.  This arose
from the ongoing effects of the implementation of MTR on farming
and the dairy sector, a competitive market environment in Ireland
and additional rationalization to improve cost effectiveness and
productivity.

"The strategic developments in Nigeria, New Mexico and Europe,
and the evolving Nutritionals business, are all progressing well.

"The trading environment in Ireland is expected to remain
challenging for the remainder of this year.  We have taken strong
proactive measures on costs, productivity and market positioning
and the benefits of these initiatives will flow through during
the next year. Given the current difficult trading environment we
expect earnings for 2005 to be broadly in line with 2004.
Glanbia continues to make solid underlying strategic and
operational progress and we are confident of the Group's future
prospects."

About Glanbia

Glanbia plc has operations in Ireland, Europe, the U.S. and
Nigeria.  Business units are structured around developing the
Group's strategic focus on the Consumer Foods, Food Ingredients
and Nutritionals markets.

There are three operational divisions of Glanbia:

(a) Agribusiness Division - the key linkage between Glanbia and
    its Irish raw materials supply base of 5,700 farmer
    suppliers.  This business is engaged primarily in feed
    milling, milk assembly and the marketing of a range of farm
    inputs, including fertilizers, feed and grain through a
    retail branch network;

(b) Consumer Foods - includes liquid milk, chilled foods and
    pork processing.  In Ireland, Glanbia is the leading
    supplier of branded and value-added liquid milk, mineral
    water, fresh dairy, cheeses, soups and spreads in the retail
    market.  Glanbia Meats is the leading Irish fresh pork and
    bacon processor selling to Irish and International markets;
    and

(c) Food Ingredients - comprising the U.S. and Irish dairy
    ingredients operations and the Group's developing
    Nutritionals business.  Glanbia processes a range of milk,
    cheese and whey protein ingredients at facilities in Ireland
    and the U.S. for sale on international markets.  Glanbia
    Nutritionals supplies the global nutrition industry with a
    range of solutions designed to address specific health and
    wellness benefits.

In the first half, turnover grew EUR45.7 million to EUR926.1
million (H1 2004: EUR880.4 million).  Operating profit pre
exceptional was down EUR3.1 million to EUR38.3 million (H1 2004:
EUR41.4 million), as a result of the challenges experienced by
the Irish Agribusiness and chilled foods segment of the Consumer
Foods division, which impacted overall performance.  The
operating margin declined 60 basis points to 4.1% (H1 2004: 4.7%)
due to the margin decline suffered in these businesses.

At the operating profit level an exceptional charge of EUR2.4
million is made up primarily of EUR6.3 million rationalization
costs to enhance efficiency in Ireland, which was offset by a
non-cash credit of EUR3.9 million pertaining to foreign currency
retranslation under IFRS.  Of the EUR6.3 million rationalization
costs, EUR4.9 million relates to an agreement, reached in May,
with employees at the fresh dairy products facility in Inch,
which involves voluntary redundancies and new work practices and
the remaining EUR1.4 million relates to the closure of two liquid
milk distribution depots in Dublin.

The Group's share of joint ventures and associates amounted to
EUR38,000 profit for the first half of 2005, compared with a loss
of EUR249,000 in the first half of 2004.  This reflects an
improvement in Glanbia Cheese, the joint venture in the U.K. with
Leprino Foods.

Total financing costs, which includes Group interest and
non-equity minority interest for preferred securities and
preference shares, reduced by EUR2.0 million to EUR7.7 million
(H1 2004: EUR9.7 million), as the Group continues to benefit from
a changing mix of debt and a lower interest rate environment. Due
to the timing of the implementation of IAS 32 and 39, interest on
preferred securities and preference shares is shown in the income
statement as part of Group interest in H1 2005 and as non-equity
minority interest in H1 2004.

The exceptional of EUR5.3 million in Group interest for the first
half of 2005 is the cancellation cost of the early payment of
US$100 million preferred securities, which were prepaid on 15
June 2005.  This prepayment forms part of the Group's
refinancing, which was undertaken in the first half in the
context of the current favorable interest rate environment.  The
Group has renewed financing facilities of over EUR400 million to
July 2010 with core banking relationships.

Profit before tax pre exceptional, and including share of joint
ventures and associates, on a comparable basis was down EUR0.9
million to EUR30.6 million (H12004: EUR31.5 million).  The
comparable basis is after total financing costs, which are
outlined above.  Taxation amounted to a credit of EUR3.5 million.
This is as a consequence of an exceptional credit of EUR7.5
million, which is a tax credit relating to a prior disposal of
assets in the U.S.

Profit after tax pre exceptional, on a comparable basis, was up
marginally by EUR0.3 million to EUR26.7 million (H1 2004: EUR26.4
million).  Profit after tax was broadly in line with 2004 at
EUR26.4 million (H1 2004: EUR26.5 million).

Balance Sheet and Cash Flow

Total financing on a comparable basis increased EUR25.7 million
to EUR286.6 million compared to EUR260.9 million at the end of
2004 and declined EUR6.2 million when compared to EUR292.8
million at the half year 2004.  This first half increase relates
primarily to further investment by the Group in development
initiatives such as the agreement with Dairygold Co-operative
Society Limited to take on the CMP brand portfolio and investment
in the Nigerian joint venture with PZ Cussons plc.  In addition,
the Group has put in place initiatives to reduce its ongoing
investment in seasonal working capital.

Dividends

The Board is recommending an Interim dividend of 2.27 cent per
share (H1 2004: 2.16 cent per share), representing an increase of
5%.  Dividends will be paid on 5 October 2005 to shareholders on
the register as at 9 September 2005, the record date. Irish
dividend withholding tax will be deducted at the standard rate,
where appropriate.

Operations Review

The Agribusiness division had a difficult first half.  As
expected the effects of the implementation by the EU of the Mid
Term Review (MTR) of the Common Agricultural Policy impacted farm
purchasing power.  While overall turnover was similar at EUR142.3
million (H1 2004: EUR143.8 million), reduced volumes and a
competitive pricing environment resulted in a decline in
performance and margin erosion.  Operating profit declined EUR1.6
million to EUR7.7 million (H1 2004: EUR9.3 million) and the
operating margin was down 110 basis points to 5.4% (H1 2004:
6.5%).

Farming is going through a period of significant change and as a
result the Group currently anticipates further performance
pressure in this division.  Additional cost reduction
initiatives, which form part of an ongoing rationalization
program for this division, are planned in the second half to
continue to minimize the impacts of this changing market
environment.

Consumer Foods

Turnover was up EUR19.5 million to EUR242.5 million (H1 2004:
223.0 million).  Operating profit pre exceptional declined EUR2.2
million to EUR8.5 million (H1 2004: EUR10.7), while the operating
margin was down 130 basis points to 3.5% (H1 2004: 4.8%).  The
decline in profitability was substantially driven by the
significant market pressures and competitive challenges faced by
the chilled foods segment of this division during the first half.
The performance of the chilled foods business in the second half
of the year is expected to show an improvement on the first half,
benefiting from stronger marketing and cost efficiencies.

Liquid Milk and Chilled Foods

The liquid milk segment of the Consumer Foods business performed
satisfactorily in a competitive environment, with increasing
imports from Northern Ireland and the growth of own brand milk in
food retailing.  An exceptional rationalization cost of EUR1.4
million was incurred in this segment of the Consumer Foods
division as two distribution depots in Dublin were closed. In
February 2005 Glanbia concluded an agreement with Dairygold
Co-operative Society Limited to take on the CMP liquid milk,
cream and juice brands for a consideration of EUR10 million.

This business operates primarily in Cork City and County in the
South of Ireland and its successful integration has extended the
national coverage of the Avonmore brand and will help to
strengthen the Group's position further in the beverage market.

The chilled foods segment of the Consumer Foods division had a
tough first half in competitive markets.  Performance was further
impacted by rationalization initiatives and additional marketing
spend during the period.  The process of realigning the high cost
base at the Inch manufacturing facility commenced in the first
half.  A new site agreement was reached, at an exceptional cost
of EUR4.9 million, which will significantly increase the
competitiveness and productivity of this business.

There was also an increase in marketing spend on promoting key
brands and new products in the first half.  The Group expects the
full market and performance benefits of these initiatives to be
delivered during the next year.

Fresh Pork

Glanbia Meats improved its performance in the first half, after
the severe downturn experienced in the pigmeat industry in 2004,
however markets recovered more slowly than expected.  This
business has a good market position and efficient plants and will
continue to benefit as the market environment improves.

Food Ingredients

The Food Ingredients division achieved a solid performance with
an improvement in turnover of EUR27.8 million to EUR541.3 million
(H1 2004: EUR513.5 million) and operating profit increased EUR0.8
million to EUR22.1 million (H1 2004: EUR21.3 million).  The
operating margin at 4.1% was similar to the 2004 level, as margin
pressure in the Food Ingredients business in Ireland was offset
by a good performance from the U.S. and steady organic growth in
the Nutritionals business.

Food Ingredients Ireland

Food Ingredients Ireland delivered a satisfactory result against
a backdrop of substantial and ongoing change in dairy markets.
These changes arise from the implementation of a reduction in EU
dairy market supports, resulting from MTR, and are expected to
further impact performance in the second half of the year.  The
focus for this business continues to be the effective management
of the impact of these changes whilst maintaining profitability
through productivity gains, product mix and cost efficiencies.  A
number of initiatives were completed in the first half including
contract manufacturing agreements on milk processing and an
agreement on a new joint venture to manufacture and market dairy
spreads and butterfat products.

Food Ingredients U.S.A.

Food Ingredients U.S.A. had a good first half benefiting from
strong market demand, increased output and high capacity
utilization.  Increased capacity for cheese, whey and protein
isolates were all commissioned at the Idaho facilities in the
last year.  Market demand remains positive and milk production is
expected to be strong for the remainder of the year.

Nutritionals

The evolving Nutritionals business made steady progress.  Further
organic growth was achieved in the first half and Kortus Food
Ingredient Services GmbH -- a German based nutrient delivery
systems business acquired in the second half of last year --
performed well, with sales ahead of expectations.  In addition
the Group continued to invest in enhancing the human resource
capability to drive forward the development of this business.
This is part of a program of investment including research and
technology to build the product pipeline, customer relationships
and market relevance.

Development Strategy

Glanbia's development strategy is to build international
relevance in cheese, nutritional ingredients and selected
consumer foods.  In the first half good progress was made
including:

(a) the commissioning in June of the new US$25 million facility
    in Nigeria.  This joint venture with PZ Cussons plc
    currently packs fat filled milk powder which is sourced in
    Ireland, in consumer formats for the local market.  Early
    sales and market developments are very encouraging and a
    further manufacturing plant for condensed milk will begin
    commissioning shortly;

(b) the construction of the new US$190 million cheese and whey
    products facility in New Mexico is also on track to begin
    commissioning in October 2005.  This is a joint venture with
    Dairy Farmers of America and Select Milk Producers Inc.
    which, when completed, will make Glanbia the number one
    producer of American cheese;

(c) the successful integration of the Kortus nutritionals
    business in Germany, acquired in December 2004 was completed
    and this acquisition is performing ahead of expectations;
    and

(d) The newly opened Group Innovation Center in Kilkenny,
    Ireland, is operating well and a Phase II expansion, adding
    additional personnel and lab facilities is scheduled for
    completion in October.

Outlook

The trading environment in Ireland is expected to remain
challenging for the remainder of this year.  The company has
taken strong proactive measures on costs, productivity and market
positioning and the benefits of these initiatives will flow
through during the next year.  Given the current difficult
trading environment, it expects earnings for 2005 to be broadly
in line with 2004.  Glanbia continues to make solid underlying
strategic and operational progress and the Board and management
are confident of the Group's future prospects.

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

CONTACT:  GLANBIA PLC
          Glanbia House
          Kilkenny, Ireland
          Phone: +353 56 777 2200
          Fax: +353 56 777 2222
          E-mail: info@glanbia.ie
          Web site: http://www.glanbia.com


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


BANCA POPOLARE: Outlook Negative on EUR70 Mln Half-year Loss
------------------------------------------------------------
Fitch Ratings has changed the Outlook for Banca Popolare di
Intra's Long-term rating to Negative from Stable.  At the same
time the agency affirmed the bank's ratings at Long-term 'BBB+',
Short-term 'F2', Individual 'C' and Support '3'.

The change in the Outlook follows Wednesday's announcement by the
bank that higher loan-loss provisions would result in a net loss
of around EUR70 million for the first half of 2005.  The sharp
rise in gross doubtful loans of approximately EUR110 million that
caused the jump in loan loss provisions raises concerns that any
weakening of economic activity in the bank's area of operations
could lead to further deterioration of the bank's asset quality.

Christian Scarafia, Director in Fitch's Financial Institutions
Group in Milan, said: "Fitch notes that the quality of BPI's loan
portfolio remains worse than that of its peers operating in
similar regions of Italy.  Although the bank had planned to
reduce gradually its concentration by single borrower, loan
concentration remains an issue, which increases the risk of a
large adverse credit event."

In addition, it is likely that as a result of the introduction of
International Financial Reporting Standards for 2005 accounts the
bank will require higher loan loss reserve coverage of its
impaired loans, putting its capitalization under pressure.

Fitch notes that BPI will need to report a satisfactory level of
operating profit, which suffered from high loan loss provisions
in 2004 and the first half of 2005, to maintain its current
Long-term rating.  Any further deterioration in its asset quality
or additional weakening of its capitalization, which will tighten
as a result of the bank's loss in the first half of 2005, would
be likely to result in a downgrade of the bank's ratings.

BPI is a small cooperative bank based in Piedmont in northeast
Italy with total assets of EUR4.7 billion at end of 2004.  The
bank operates through a network of 80 branches and employs around
1,100 staff.

CONTACT:  FITCH RATINGS
          Christian Scarafia, Milan
          Phone: + 39 02 87 90 87 212
          Matthew Taylor, London
          Phone: +44 (0)20 7 417 4345

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


FIAT SPA: Government Promises to Support Research Projects
----------------------------------------------------------
The Minister of Productive Activities Mr. Claudio Scajola met in
Turin the Chief Executive Officer of Fiat Sergio Marchionne and
the Vice Chairman John Elkann.  The Minister visited through the
Centro Stile where he was shown the prototypes of the cars
that -- as announced in the industrial plan -- will be launched
in the next few years.  He devoted particular attention to the
new "Grande Punto" which will be unveiled on September 6, 2005.

Marchionne and Elkann illustrated to the Minister both the
progress made so far to turnaround the company's financial and
production situation and the development plan for the next three
years, which envisages for Fiat Auto alone investments worth
EUR9.5 billion, of which over EUR3.5 billion in R&D.  They put
special emphasis on the company's commitment to developing new
engines with reduced consumption and emissions, with a particular
attention to environmental-friendly methane vehicles.  The
Minister congratulated the company's top management on their
accomplishments and their development projects and assured them
that the Government is ready to provide any possible support
particularly to research projects, as allowed under applicable
law.

The Minister finally said that he was favorably impressed by the
characteristics and the quality of the "Grande Punto" and the
Alfa 159 which will be on the market in September and wished the
company all the success it deserves.

                        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
===================


ATF BANK: 'B' Short-term Rating Affirmed; Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based ATF Bank's ratings at
Long-term 'B+', Short-term 'B', Individual 'D' and Support '4'.
The Long-term rating Outlook is Stable.

The Long-term, Short-term and Individual ratings reflect the risk
management concerns raised by the bank's rapid asset growth in a
relatively high-risk operating environment, and its relatively
high loan book concentration.  However, the ratings also take
into account the bank's well-diversified income streams,
reasonable profitability and asset quality and low market risk.

While ATF's actual loan losses have been relatively low, the
current level of loan loss reserves is somewhat modest and could
prove insufficient in the event of an economic downturn.
Customer funding is concentrated, but the bank has been
successful in raising longer-term funding through eurobond
placements.  The bank has received regular equity injections in
recent years, but further capital contributions will be required
to support continuing rapid growth.

The further profitable growth of the bank's franchise without
deterioration in asset quality and a significant and sustainable
increase in capitalization could put upward pressure on both the
Individual and Long-term ratings.  Downside risk for the
Individual rating could result from a deterioration in asset
quality, a reduction in capital adequacy ratios or excessive
growth in non-Kazakhstani exposures.

However, the Long-term rating is currently at its support floor
and would only be exposed to downside risk if both the
stand-alone financial strength of the bank deteriorated and, in
Fitch's view, the probability of support for the bank from the
Kazakhstani authorities decreased (the latter due to either a
downgrade of the sovereign 'BBB-' (BBB minus) Long-term Foreign
Currency rating or a perceived reduced propensity of the
Kazakhstani authorities to provide support).

ATF is the fourth-largest commercial bank in Kazakhstan by
assets; however, at end-2004 it held only around 6.5% of banking
system assets.  It provides a broad range of banking services to
large companies and SMEs, and is also growing its retail
business, focusing on higher and middle-income individuals.  In
2004/2005, ATF expanded its business into neighboring Kyrgyzstan
and Russia through the acquisition of two small local banks.

CONTACT:  FITCH RATINGS
          Alexei Kechko, Moscow
          Phone: +7 095 956 9901
          James Watson, Moscow
          Phone: +7 095 956 9901

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


BANK CENTERCREDIT: Ratings Affirmed at 'B+'/'B'
-----------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Bank CenterCredit's
ratings at Long-term 'B+', Short-term 'B', Individual rating 'D'
and Support '4'.  The Outlook is Stable.

BCC's Long-term, Short-term and Individual ratings reflect the
relatively high concentration in the bank's loan book and its
modest capitalization, as well as certain weaknesses in the
operating environment.  However, the ratings also consider the
bank's strong profitability, relatively well-diversified funding
base and good asset quality to date.  In addition, the Long-term,
Short-term and Support ratings are underpinned by Fitch's view of
the likelihood of state support being available for the bank in
case of need.

Capitalization is modest, in Fitch's view, as equity injections
have tended to lag behind the bank's rapid asset growth and the
regulatory capital ratio has at times during 2005 been close to
the minimum 12% level.  The loan book is significantly
concentrated and loan loss reserve coverage is somewhat modest,
although asset quality is currently good.  Performance should
remain reasonable in the future, despite further falls in the net
interest margin, due to increased economies of scale and the
development of non-interest revenue streams.  Ongoing
international borrowings, in particular a three-year US$200
million eurobond issue in February 2005, are improving the tenor
and diversification of the funding base.

Upward pressure on BCC's Individual and Long-Term ratings could
result from further growth in the bank's franchise, supported by
adequate capital increases and sound asset quality.  Downside
risk for BCC's Individual rating could result from a significant
fall in capitalization or marked deterioration of asset quality.
However, the Long-term rating, as noted above, is currently at
its support floor and would only be exposed to downside risk if
both the stand-alone financial strength of the bank deteriorated
and, in Fitch's view, the probability of support for the bank
from the Kazakhstani authorities decreased (the latter due to
either a downgrade of the sovereign's 'BBB-' (BBB minus)
Long-term Foreign Currency rating or a perceived reduced
propensity of the Kazakhstanti authorities to provide support).

BCC is the fifth-largest bank in Kazakhstan, focusing primarily
on SMEs and retail customers, with a market share of 6.7% of
assets at end-H105.  BCC has a countrywide network of branches,
and also owns asset management, leasing and pension fund
subsidiaries.

CONTACT:  FITCH RATINGS
          Alexei Kechko, Moscow
          Phone: +7 095 956 9901
          James Watson, Moscow
          Phone: +7 095 956 9901

          Media Relations
          James Jockle, New York
          Phone: +1 212-908-0547
          Web site: http://www.fitchratings.com


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


KG HOLDING: Restructuring Plan Not Viable Says E.U. Commission
--------------------------------------------------------------
The European Commission doubts whether it could clear the
restructuring plan and the restructuring aid of the Dutch
government to bankrupt company KG Holding N.V., or Kliq,
according to Europe Information Service S.A.

The E.U. authorizes aid to troubled companies only when there is
a viable rescue plan.  It opened a formal investigation into the
EUR45 million (US$55.7 million) state subsidy a month ago.  If
proven the aid violates E.U. laws, the Commission will have to
order Dutch authorities to recover the amount.

"The Commission takes note that the required turnaround foreseen
according to the restructuring plan has failed to materialize,
and considers that the long-term viability of Kliq can no longer
be restored by the present or any modified restructuring plan,"
the Commission said.

Kliq was declared bankrupt in Netherlands in February.

CONTACT:  KG HOLDING
          Web site: http://www.kliq.nl/


ROYAL SHELL: Cancels Additional 1,500,000 'A' Shares
----------------------------------------------------
On August 31, 2005, Royal Dutch Shell plc purchased for
cancellation 1,500,000 'A' Shares at a price of EUR26.44 per
share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,057,735,000.

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


ROYAL SHELL: Shells out US$9.2 Million to Appease Investors
-----------------------------------------------------------
Royal Dutch Shell has paid US$9.2 million (GBP5 million) in legal
fees as part of its settlement with disgruntled investors, said
The Guardian.  It has also been ordered to modify its corporate
governance structure.

The case pending in New York and New Jersey courts came after the
company admitted that it had overstated its proved reserves by
almost 6.0 billion barrels.  Shell has then revised the method by
which it calculates reserves to comply with U.S. regulations.

Shell legal director Beat Hess said: "We are pleased to have
taken another step toward putting the reserves categorization
behind us and to have done so in a way that contributes to
Shell's commitment to the highest standards of corporate
governance, compliance and integrity."

Meanwhile, in a statement, Shell said the changes "include
policies and standards in the areas of board composition and
qualifications, membership and functions of board committees,
director and senior management compensation."

Analysts, however, consider the arrangement minor to the
restructuring measures already carried out by the oil group.

Bruce Evers, an oil analyst with Investec Securities, said the
physical replacement of lost reserves proved to be of more
importance.

He added: "The cost of exploration and development is soaring as
there is a shortage of drilling rigs, helicopters and another
vital pieces of equipment."

Shell's crisis has already seen the ouster of three top
executives, including former chairman Philip Watts.  It has been
fined EUR150 million in total after investigations launched by
U.S. and British regulators.

The company is still facing a larger class action from a bigger
group of shareholders, and is still under probe by the operator
of Euronext Amsterdam, and a state regulator in California.

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


VERSATEL TELECOM: TeleNee Steps up Campaign Versus Tele2 Bid
------------------------------------------------------------
A group representing minority shareholders of Versatel Telecom
International N.V. has reportedly fortified their campaign
against Tele2's EUR1.34 billion takeover offer.

The activist investors calling themselves TeleNee claimed Tele2's
proposal "has no chance of succeeding," according to
TeleGeography.  They earlier argued that Versatel is worth more
than the EUR2.20-a-share offer.  They also said support for its
action has grown enough to block the deal.

In another report by Financial Times, TeleNee, which claims to
represent 605 private investors, stressed its backers control
over 4% of Versatel shares.

Meanwhile, Tele2's offer, which was accepted by Versatel's board
and main shareholder in July, is supported by John de Mol, whose
group Talpa Capital owns a 42% stake in Versatel.

Tele2 has said: "We are confident there is strong investor
support for the deal.  We believe EUR2.20 is an attractive price
and this is supported by the large majority of analysts."

Tele2 AB is a leading alternative telecom operator, providing
cheap and simple telecoms for all Europeans.  It has 29.4 million
customers in 25 countries, pitted against former government
monopolies.  It was founded in 1993 by Jan Stenbeck and has been
listed on Stockholmborsen since 1996.  In 2004, Tele2 had
operating revenue of SEK43 billion and EBITDA of SEK6.6 billion.

CONTACT:  VERSATEL TELECOM INTERNATIONAL N.V.
          Wouter van de Putte, Head of Investor Relations
          Phone: +31-20-750-2362
          E-mail: wouter.vandeputte@versatel.com
          Web site: http://www.versatel.com

          Cilesta van Doorn
          Manager Corporate Communications
          Phone: +31-20-750-1318
          E-mail: cilesta.vandoorn@versatel.com


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


AIR-SERVICE: Insolvency Manager Enters Company
----------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Air-Service after finding the limited
liability company insolvent.  The case is docketed as
A55-19204/04-13.  Mr. V. Zimin has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 443901,
Russia, Samara region, Berezka, Airport.

CONTACT:  AIR-SERVICE
          443901, Russia, Samara region,
          Berezka, Airport

          Mr. V. Zimin
          Insolvency Manager
          443901, Russia, Samara region,
          Berezka, Airport


BLAGOUSTROISTVO: Bankruptcy Hearing Set Thursday
------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on open joint stock company
Blagoustroistvo.  The case is docketed as A27-12369/2005-4.  Mr.
A. Ovchinnikov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 650066, Russia,
Kemerovo, Oktyabrskiy Pr. 53/2, office 707.  A hearing will take
place on September 8, 2005.

CONTACT:  BLAGOUSTROISTVO
          652500, Russia, Kemerovo region,
          Leninsk-Kuznetsk, Shirokaya Str. 1

          Mr. A. Ovchinnikov
          Temporary Insolvency Manager
          650066, Russia, Kemerovo region,
          Oktyabrskiy Pr. 53/2, Office 707


ERUNAKOVSKAYA: Under Bankruptcy Supervision
-------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on limited liability company Erunakovskaya.
The case is docketed as A27-15375/2005-4.  Ms. I. Myslyaeva has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 653208, Russia,
Kemerovo region, Prokopyevskiy region, Balshaya Talda.  A hearing
will take place on November 14, 2005, 11:00 a.m. at the
Arbitration Court of Kemerovo region.

CONTACT:  ERUNAKOVSKAYA
          653208, Russia, Kemerovo region,
          Prokopyevskiy region, Balshaya Talda

          Ms. I. Myslyaeva
          Temporary Insolvency Manager
          653208, Russia, Kemerovo region,
          Prokopyevskiy region, Balshaya Talda


INTERNATIONAL BANK: Ratings Upped to 'CCC+'; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and certificate of deposit ratings on
Russia-based International Bank of Saint-Petersburg to 'CCC+'
from 'CCC'.  At the same time, the 'C' short-term counterparty
credit and certificate of deposit ratings on the bank were
affirmed.  The outlook is stable.  The Russian national scale
rating was raised to 'ruBB' from 'ruB+'.

"The rating upgrade reflects IBSP's improving commercial
franchise and consistent financial performance due to its
improving revenue structure," said Standard & Poor's credit
analyst Eugene Tarzimanov.  "The bank also benefits from the
fast-growing Russian economy."

The ratings remain constrained by the bank's still limited
customer franchise, high single-name lending and funding
concentrations, its barely adequate capitalization, and low core
profitability.

With total assets of Russian ruble (RUR) 13.2 billion ($475
million) at Dec. 31, 2004, IBSP ranks among the five largest
banks in the City of St. Petersburg (BB+/Stable/--), but only
among the top-100 Russian banks.

The bank targets large and midsize corporates in St. Petersburg
and the City of Moscow (BBB-/Stable/--), which is a difficult
task given IBSP's limited experience and the increasingly harsh
competitive environment.

"The stable outlook reflects Standard & Poor's expectation that
IBSP will be able to further diversify its customer base in an
increasingly harsh competitive environment," said Mr. Tarzimanov.

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

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


LEMO-WOOD: Undergoes External Bankruptcy Procedure
--------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced external management bankruptcy procedure on
limited liability company Lemo-Wood (TIN 471009196).  The case is
docketed as A56-26371/03.  Mr. V. Bulat has been appointed
external insolvency manager.

CONTACT:  Mr. V. Bulat
          External Insolvency Manager
          190103, Russia, Saint-Petersburg region,
          Obvodnogo Kanala Quay, 181


MASHINOSTROITEL: Hires S. Syrkashev as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on open joint stock company
Mashinostroitel.  The case is docketed as A27-10521/2005-4.  Mr.
S. Syrkashev has been appointed temporary insolvency manager.  A
hearing will take place on November 29, 2005, 2:00 p.m.

CONTACT:  MASHINOSTROITEL
          652100, Russia, Kemerovo region,
          Yaya, Vostochnaya Str. 1

          Mr. S. Syrkashev
          Temporary Insolvency Manager
          650099, Russia, Kemerovo region,
          Main Post Office, Post User Box 1831


MINE KOKSOVAYA: Bankruptcy Hearing Set Next Month
-------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on open joint stock company Mine Koksovaya.
The case is docketed as A27-13486/2005-4k.  Mr. A. Aleksandrov
has been appointed temporary insolvency manager.  A hearing will
take place on October 24, 2005, 10:00 a.m.

CONTACT:  MINE KOKSOVAYA
          Russia, Kemerovo region, Prokopyevsk

          Mr. A. Aleksandrov
          Temporary Insolvency Manager
          653000, Russia, Kemerovo region,
          Prokopyevsk, Frunze square, 13


OCEAN: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on limited liability company Ocean.  The
case is docketed as A27-17317/2005-4.  Mr. A. Makhanov has been
appointed temporary insolvency manager.  A hearing will take
place on November 14, 2005.

CONTACT:  OCEAN
          Russia, Kemerovo region, Belovo

          Mr. A. Makhanov
          Insolvency Manager
          650065, Russia, Kemerovo region,
          Oktyabrskiy Pr. 64A, 107
          Fax: 8(3842) 57-20-50


SOYUZ LT: Counterparty Credit Rating Upgraded to 'CCC+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Russia-based Bank Soyuz (Soyuz) to
'CCC+' from 'CCC'.  At the same time, the 'C' short-term
counterparty credit ratings on the bank were affirmed, and
Russian national scale rating raised to 'ruBB+' from 'ruB+'.  The
outlook is positive.

"The ratings upgrade reflects the bank's good potential and
progress in strengthening its franchise in the rapidly growing
Russian economy, its ties with the related Basic Element (not
rated) group companies that place deposits with Soyuz as well as
the bank's progress in diversifying its funding base and
improving its revenue structure," said Standard & Poor's credit
analyst Eugene Tarzimanov.

"The ratings are constrained by Soyuz' high single-name
concentrations on both sides of the balance sheet, its current
limited franchise outside of the Basic Element group companies,
and its weak capitalization and moderate core profitability,"
added Mr. Tarzimanov.

With total assets of Russian ruble (RUR)42.13 billion (US$1.5
billion at RUR27.75 per US$1) at Dec. 31, 2004, under
International Financial Reporting Standards (IFRS), Soyuz is a
midsize Russian bank.  It is ultimately owned by one of the
largest Russian financial and industrial groups, Basic Element,
whose largest group member is RusAl (not rated), a Russian
aluminum producer and exporter.  Basic Element also controls
Ingosstrakh Insurance Co. (BB/Positive/--), a leading Russian
insurer.

Soyuz' individual lending and funding exposures are high, making
the bank vulnerable to the viability of a small number of
entities, notably those in the Basic Element group.  Although
Basic Element group companies accounted for 43% of Soyuz' gross
loans and 63% of core deposits at Dec. 31, 2004, the bank is
demonstrating progress in expanding its activities in Russia's
growing midsize corporate and retail markets.

Gains from securities trading declined as a proportion of total
revenues in 2004, but own-account trading remains an important
business line for the bank, exposing it to high market risks.
Following rapid asset growth in the past four years, Soyuz'
adjusted-common-equity-to-adjusted-assets ratio deteriorated to a
low 9.5% at Dec. 31, 2004, from 29% in 2002.  Soyuz is an
important part of Basic Element's "financials sector" business
area, which includes Ingosstrakh as well as a leasing company, an
asset manager, and a pension fund.  While it has been indicated
that the Basic Element group companies would be willing and able
to support Soyuz Bank in the case of financial difficulties, the
credit rating does not reflect the expectation of explicit
parental support. Nevertheless, group membership is a positive
factor in the credit profile, as it provides the bank with
advantages in funding and business flows.

"Standard & Poor's expects that Soyuz will grow organically in
line with its strategic objectives, while continuing to lend to,
and take deposits from, the Basic Element group companies in the
medium term," said Mr. Tarzimanov.

The ratings on Soyuz could be upgraded if the bank further
diversifies its funding and lending resources and continues to
diversify its revenues, particularly through retail and small and
midsize enterprise lending.  A material capital increase would
also be a positive rating factor.  The ratings could be revised
downward if the bank's capitalization were to come under severe
pressure or its ties to Basic Element were to weaken particularly
in respect to funding.

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
          FIG_Europe@standardandpoors.com


STAMPING FACTORY: Insolvency Manager Takes over Firm
----------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on open joint stock company
Stamping Factory.  The case is docketed as A76-15980/05-34-98.
Mr. M. Trushnikov has been appointed temporary insolvency
manager.  A hearing will take place on October 25, 2005, 4:00
p.m.

CONTACT:  STAMPING FACTORY
          Russia, Chelyabinsk region,
          Magniotogorsk, Internatsionalnaya Str. 1a

          Mr. M. Trushnikov
          Temporary Insolvency Manager
          614990, Russia, Perm region,
          G. Khasana Str. 7a, Office 306


URAL-KHIM-MONTAZH: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on open joint stock company
Ural-Khim-Montazh.  The case is docketed as A50-19906/2005-B.
Mr. A. Barkan has been appointed temporary insolvency manager.  A
hearing will take place on December 5, 2005, 11:00 a.m.

CONTACT:  URAL-KHIM-MONTAZH
          617763, Russia, Perm region,
          Chaykovskiy, Building area

          Mr. A. Barkan
          Temporary Insolvency Manager
          614045, Russia, Perm, G. Zvezda Str. 13


VINODELSKOYE: Wine maker Applies for Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on wine company Vinodelskoye.
The case is docketed as A63-121/05-S5.  Mr. S. Smirnov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 355040, Russia,
Stavropol, 50 Let VLKSM, 25/7, Apartment 68.  A hearing will take
place on September 15, 2005, 3:10 p.m.

CONTACT:  VINODELSKOYE
          Russia, Stavropol region,
          Ipatovskiy region, Vinodelnenskiy

          Mr. S. Smirnov
          Insolvency Manager
          355040, Russia, Stavropol region,
          50 Let VLKSM, 25/7, Apartment 68


===========
S W E D E N
===========


INTRUM JUSTITIA: Investor Sells 11.7% Remaining Stake
-----------------------------------------------------
Industri Kapital has sold its remaining stake in Intrum Justitia
AB to Swedish and international investors, said AltAssets.

Industri Kapital's shares, which total 9,102,686 representing
11.7% of Intrum Justitia, were sold at SEK61.75 (EUR6.6) each.

In March 1998, Industri Kapital took over half of Intrum
Justitia, with the other 50% controlled by the latter's founder,
the Goransson family.  Intrum Justitia was listed on the
Stockholm Exchange four years after at the listing price of SEK47
per share.

Anne Holm Rannaleet, partner and information director at Industri
Kapital, said: "It has been exciting to work with Intrum Justitia
and its management over this period, building Europe's leading
Credit Management Services group.  Intrum Justitia has been a
good investment for us and we believe the company has a solid
platform for future development."

In 2003, Intrum Justitia discovered accounting inaccuracies in
its England operations.  By November of that year, the company
reported initial adjustment for the inaccuracies of SEK80
million, which was charged to second quarter 2003 accounts.  It
also revealed additional provision of SEK104 million in relation
to the unallocated payment, while costs for review, new processes
and routines amounted to SEK48 million.

Although consolidated revenues grew by 7% to SEK1,419.7 million
in the first half of 2003, Intrum Justitia returned a net deficit
of -SEK3.1 million.

In August 2005, the company reported half-year revenues of
SEK23.1 million and pre-tax deficit of -SEK4.5 million.  Net debt
as of June 30, 2005 amounted to SEK 542.2 million, while the
group's liquid assets totaled SEK147.0 million.

With about 2,800 employees in 22 European countries, Intrum
Justitia's objective is to be a leading provider of credit
management services in Europe through excellence in local client
care, ledger administration and debt collection and by measurably
improving clients' cash flow and long-term profitability.

CONTACT:  INTRUM JUSTITIA AB
          Marcusplatsen 1A
          Nacka, Sweden
          Phone: +46 8 546 10 200
          Fax: +46 8 546 10 211
          E-mail: info@intrum.com
          Web site: http://www.intrum.com


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


LEICA GEOSYSTEMS: Danaher, Banks Disclose Shareholdings
-------------------------------------------------------
Leica Geosystems Holdings AG said on Aug. 25 it has been informed
by Danaher Corporation that Danaher Group's disclosable interest
in Leica Geosystems Holdings AG fell below the 10% and 5%
threshold.  Edelweiss Holdings ApS has been notified of the
intention of Paulson & Co Inc., to terminate an undertaking by
Paulson to tender 146,331 shares in Leica in a public takeover
offer by Edelweiss for Leica shares.

Edelweiss has notified Paulson on 24 August 2005 of its decision
to accept such termination by mutual consent.  Danaher
Corporation holds indirectly through its wholly owned subsidiary
Edelweiss 95,000 registered shares corresponding to 4.05% of the
voting rights.

Moreover, Leica Geosystems Holdings AG has been informed by
Deutsche Bank Aktiengesellschaft (Frankfurt am Main, Zurich
Branch) that Deutsche Bank AG (London Branch, Great Winchester
Street, London EC2N 2DB, England) and Deutsche Bank Absolute
Returns Strategies Limited (1 Appold Street, Broadgate, London
EC2A 2UU, England), have as a group exceeded with their
shareholding in Leica Geosystems Holdings AG the 5% threshold.
They now hold 131,360 registered shares corresponding to 5.598%
of the voting rights.

About Leica Geosystems

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 AG
          George Aase, Director Investor Relations
          Heinrich-Wild-Strasse
          CH-9435 Heerbrugg
          Switzerland
          Phone: +41 71 727 3064 (direct)
          Tel: +41 71 727 3131 (operator)
          Fax: +41 71 727 4678
          E-mail: George.Aase@leica-geosystems.com

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


SWISSAIR: Catalogue of Memorabilia for Auction Now Available
------------------------------------------------------------
The liquidator of Swissair has provided the catalogue for the
auction of Swissair memorabilia this month at
http://www.liquidator-swissair.ch/e/e_aktuell.cfm

As reported by Troubled Company Reporter-Europe on Aug 11,
Zurich-based Troostwijk AG has been engaged by the Liquidator of
Swissair Swiss Air Transport Company Ltd., Karl Wuethrich of
Wenger Plattner, to hold an auction of Swissair memorabilia on
24 and 25 September 2005.  The sale will begin on both days at
11:00 a.m. and is taking place as part of the series of public
events being organized by Unique at Zurich Airport's Event Dock
(formerly Terminal B).  Bids can be made both in the auction room
and online at http://www.troostwijkauctions.com

The auction will include some 50 model aircraft, 400 original
posters, historical documents, navigation and other maps,
promotional and training films, flight manuals, instruction books
and checklists, books, calendars, awards and oil paintings from
the airline's executive offices.

A range of specially selected items (posters, books and
individual magazines) will be auctioned on the Internet between
17 and 23 September 2005 (http://www.troostwijkauctions.com)

From 12 August 2005, items such as T-shirts, bags, pins,
calendars, magazines, posters, postcards, brooches, advertising
brochures, menus, etc., can be purchased from the Swissair shop
at the Event Dock as long as stocks last.

The lots to be auctioned can also be viewed at the Event Dock
between 10:00 a.m. and 9:00 p.m. every day from 12 August 2005.
Further information is available at
http://www.troostwijkauctions.com

An enquiries hotline has been set up on these numbers:

+41 (0)43 222 38 66 (German), +41 (0)43 222 38 67 (French) and
+41 (0)43 222 38 68 (English).  Lines are open Monday to Friday
from 9:00 a.m. to 12:00 noon and from 2:00 p.m. to 5:00 p.m.

CONTACT:  WENGER PLATTNER
          Web site: http://www.liquidator-swissair.ch
          Filippo Th. Beck, Liquidator
          Phone: 043 222 38 00
          Fax: 043 222 38 01


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


UKRSOTSBANK: S&P Affirms 'C' Short-term Rating
----------------------------------------------
Standard & Poor's Rating Services revised its outlook on
Ukraine-based Joint Stock Commercial Bank for Social Development
Ukrsotsbank to developing from stable.  At the same time, the
'B-' long-term and 'C' short-term ratings on the bank were
affirmed.

"The outlook revision reflects the uncertainty related to the
bank's ability to attract new capital in the next few months to
support its fast-growing lending activities," said Standard &
Poor's credit analyst Irina Penkina.  "In addition, USB's
potential sale to a new strategic owner could have a significant
impact on the bank's client base, business strategy, and capital
support."  USB is majority owned by the Interpipe group, a large
Ukrainian industrial group, with Mr. Pinchuk as a beneficial
owner.  The group is involved in a number of legal disputes with
the Ukrainian government regarding the privatization of its large
assets.  Bought by Interpipe from private owners in 2004, USB is
exposed to a potential sale.  USB's sizable concentration in both
assets and liabilities, as well as vulnerability to the risky
political and operating environment in the Ukraine (foreign
currency BB-/Stable/B; local currency BB/Stable/B) remain
constraining rating factors.

These risks are mitigated by USB's good commercial franchise and
funding profile, which position the bank well to benefit from the
growing Ukrainian economy.

USB's core equity-to-assets ratio is reducing fast, having fallen
to about 5.3% at end of July 2005 from 6.0% at year-end 2004 (in
accordance with local accounting standards), due to modest
internal capital generation compared with the rapid asset growth.
A Ukrainian hryvnia (UAH)300 million (US$59.4 million at UAH5.05
to US$1 as at Sept. 1, 2005) new share issue, originally planned
for the third quarter of 2005, is now expected to take place in
late 2005 or early 2006.  This would represent a sizable 60%
increase of the bank's equity base, thereby alleviating a severe
strain on USB's asset expansion.  On the other hand, if the new
capital injection is not received, this would put additional
pressure on the bank's capitalization.

"USB's ratings will be dependent on the bank's ability to
preserve its core capital adequacy ratios against further
deterioration," said Ms. Penkina.  A capital increase in the near
term, and the entrance of a new partner that would be able to
support USB would have a positive effect on the ratings on the
bank.  Conversely, negative rating pressure would increase if USB
fails to raise new capital within a reasonable time period.

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

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


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


AME FACADES: Administrators from DTE Leonard Curtis Enter Firm
--------------------------------------------------------------
Name: AME FACADES LIMITED
      (Company No 02928256)

Nature of Business: Manufacture of Other Fabricated Metal
Products

Trade Classification: 06

Date of Appointment: 11 August 2005

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

                            *   *   *

Ame Limited specializes in the design and manufacture of high
quality, fully integrated, modular cladding systems to suit a
variety of aesthetic and performance criteria.  Visit
http://www.amefacades.com/for more information.

CONTACT:  AME FACADES LIMITED
          Unit 5 Glelbe Road,
          East Gilibrands,
          Skelmersdale, Lanc
          UK WN8 9JP
          Phone: 01695 50658
          Fax: 0695 50652
          E-mail: infor@amefacades.com

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


ASTEL HEALTH: Bristol Court Issues Winding-up Order
---------------------------------------------------
Company Name: ASTEL HEALTH & SAFETY LTD.
              201 Sleaford Road, Boston,
              Lincs, PE21 7PG
              Phone: 01205 353977
              E-mail: info@astelhs.co.uk
              Web site: http://www.astelhs.co.uk

Registration Number: 04501646

Court: Bristol District Registry

Date of Filing Petition: June 27, 2005

No. of Matter: 2654 of 2005

Date of Winding-up Order: August 17, 2005

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

                            *   *   *

Established three years ago, Astel Health & Safety Ltd. covers a
wide range of businesses from tool hire companies to large
haulage contractors.  The company specializes in advice and
training and help companies develop and manage their health and
safety systems.


AVIS EUROPE: Early Results of Recovery Plan Positive
----------------------------------------------------
Avis Europe plc has reported its results for the six months ended
30 June 2005.

Operating Highlights

(a) first half in line with expectations - weak pricing
    environment offset by good fleet cost management;

(b) Phase I recovery initiatives well underway - initial
    benefits beginning to flow through; full effect from 2006
    and beyond;

(c) commencing implementation of Phase II;

(d) Rights Issue successfully completed in July; strengthened
    capital base; and

(e) full-year outlook remains unchanged.


Financial Highlights

(a) revenue 0.6% lower at EUR582 million;

(b) billed days up 1.4%, revenue per day 2.4% lower;

(c) vehicle utilization improved by 1% point to 69.5%;

(d) underlying* profit before tax at EUR3.2 million (2004:
    EUR9.6 million) after incurring costs of EUR7.9 million on
    recovery strategy initiatives;

(e) total profit before tax EUR7.0 million (2004: EUR23.8
    million);

(f) net exceptional charge of EUR5.8 million (2004: EUR3.9
    million), largely arising on restructuring, offset by a net
    re-valuation gain of EUR9.6 million   (2004: EUR18.1
    million);

(g) underlying* earnings per share 0.4 Euro cents (2004: 1.2
    Euro cents); and

(h) total earnings per share 0.8 Euro cents (2004: 3.8 Euro
    cents).

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Underlying excludes re-measurement (adjusted for economic
hedges) and exceptional items.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Chief Executive Murray Hennessy said: "Our first half performance
was in line with expectations, with a weak pricing environment
offset by good fleet cost management.  There is no change to our
outlook for the full year.

"The Rights Issue in July was successful and we move forward with
a strengthened capital base with which to pursue our recovery
initiatives.

"We have made a number of planned key investments during the
first half, in line with our strategy to return Avis to long-term
profitable growth.  While these investments have impacted our
operating profit for the period and will, in the main, not show
results until 2006, they are crucial steps in our recovery plan
and we are beginning to see their early benefit on the business."

In the first half of 2005, Group revenue was EUR582 million, 0.6%
lower than prior year.  Avis billed days were up 1.4%, with
improving demand post Easter, especially in the leisure segment.
Pricing, in terms of revenue per billed day, was down 2.4%,
principally due to competitive market conditions in northern
Europe and longer rental length in the replacement business in a
number of markets.

The profit impact of lower pricing was partially mitigated by
higher utilization increasing by 1 percentage point to 69.5%.
This combination of lower pricing, but improved vehicle
utilization, resulted in average monthly revenue per vehicle
being only 1.3% lower than prior year.

A net exceptional charge of EUR5.8 million was incurred,
principally due to costs resulting from the Group's capital
restructuring and Rights Issue and the continued program to
transfer back-office activities to the shared service center in
Budapest.  Re-valuations (being re-measurement items adjusted for
economic hedges) relating to financial instruments and foreign
exchange on debt, generated a net gain of EUR9.6 million.  Total
profit before tax was EUR7.0 million (2004: EUR23.8 million) and
earnings per share on the same basis was 0.8 Euro cents (2004:
3.8 Euro cents).

Group net debt of EUR1,194 million was EUR94 million higher than
at 30 June 2004 due to the expected reversal of fleet working
capital, partially offset by the decision to not pay a 2004 final
dividend.

Capital Structure and Dividend

The deficit on the distributable reserves of the Company has now
been addressed by way of a reduction in the share premium
account, approved by shareholders at an Extraordinary General
Meeting on 25 May 2005, approved by the Court and became
effective 23 June 2005.

In order to strengthen the balance sheet and provide capital for
the Group's recovery strategy, a 4 for 7 Rights Issue at 35 pence
was announced on 16 June 2005.  The issue of new shares was
successfully completed with 97.2% being taken up by the closing
date of 26 July 2005 and the balance being placed in the market
the following day.  Net proceeds from the Rights Issue are
expected to be EUR166 million, after expenses.

The Board announced in December 2004 that it would not recommend
payment of a final dividend for 2004 in view of the trading
environment.  The prevailing trading environment is still not
materially different and the Board does not currently intend to
declare any dividend in respect of 2005.  The Board's current
expectation is to recommence the payment of dividends when the
financial and trading position of the Group allows.

Revenue Overview

Group revenue of EUR582 million comprised EUR553 million from
Avis corporately owned markets, EUR11 million from Avis
franchised markets and EUR18 million from the Budget business. In
total, revenue was 0.6% below prior year with increases from
Budget being offset by a reduction in the Avis corporate markets.

Avis Corporate Revenue

Avis corporate revenue was 1% below prior year.  Billed days were
1.4% ahead of prior year with growth in all segments other than
replacement, which was broadly flat.  Following Easter, demand
improved across the business and particularly our intra-European
leisure segment.  This improvement has continued through the
summer months with no significant impact to date from the
terrorist incidents in London.

Overall revenue per day was down 2.4%, principally driven by
competitive conditions in France, Germany and the U.K., but also
due to the increased rental length in the replacement segment.

Within the four customer segments - revenue from leisure
represented 33%, corporate 24%, replacement 24% and premium 19%.

Revenue by Customer Segment

Leisure

Overall leisure revenues were 1% ahead of prior year on increased
billed days, partially offset by a reduction in revenue per day.

Intra-European leisure revenue (44% of the segment) was 2% higher
than prior year, with billed day growth assisted by early results
from recovery strategy initiatives, including specific programs
with new intermediaries, continued Internet enhancements and the
increasing use of prepaid products by our customers.

Domestic leisure revenue (31% of the segment) was 1% up on the
comparative period, with growth in France and Spain.

International leisure revenue (25% of the segment) for the first
half was flat.  Strong billed day growth following the Easter
period was partially offset by reduced revenue per day.

Corporate

Corporate revenue was down 1% with billed day growth being offset
by continued pricing pressure in France and the U.K.

Replacement

Replacement revenues were 2% below prior year principally driven
by lower volume.

Premium

Premium revenues were down 2%, with volume growth more than
offset by lower revenue per day, especially in Italy where a
vehicle transportation strike affecting the rental industry in
April and May limited vehicle availability for the airport
walk-up business.

Avis Licensee Revenue

Avis licensee revenue grew by EUR1 million to EUR11 million, with
strong performances in the Mediterranean, Middle East and
Scandinavian regions.

Budget Corporate Revenue

Budget corporate revenue has increased by EUR1 million to EUR14
million, due to the opening of a station at Heathrow airport and
increased walk-up business in Switzerland.

Budget Licensee Revenue

The EUR1 million increase in Budget licensee revenue was due to a
number of new agreements, together with improved network revenue.

Profit Overview

Underlying operating profit of EUR32.7 million was EUR6.5 million
lower than 2004, including a EUR5.4 million loss from Budget.
After a net exceptional charge of EUR5.8 million and a negative
fair value revaluation on non-debt related forward currency
contracts of EUR4.2 million, the Group's total operating profit
was EUR22.7 million (2004: EUR35.3 million).

Avis Operating Result

Avis reported operating margin at 6.5% was 1.3 percentage points
lower than prior year, largely due to the EUR7.9 million
investment in recovery strategy initiatives and lower revenue per
day.  A EUR3 million increase in selling costs was due to
e-commerce and partnership initiatives, which are part of the
recovery strategy expenditure. Fleet costs reduced by EUR5
million to EUR184 million on improved utilization of 1 percentage
point to 69.5% and a lower fleet cost per unit. An increase in
staff costs of EUR6 million to EUR131 million resulted from
inflationary increases, together with investment in additional
staff to implement customer service and fleet remarketing
recovery strategy initiatives and parallel running as further
countries transfer activities to the shared service center in
Budapest.  Reported overheads were EUR4 million lower at EUR85
million due primarily to a profit on the sale of certain
properties in Belgium and Spain; the investment in the recovery
strategy was offset by cost reductions in several countries,
particularly France.

Budget Operating Result

Budget's operating loss was unchanged year on year at EUR5.4
million, with increased revenue, especially in corporately owned
countries, offset by a planned increase in sales and marketing
spend to drive longer-term recovery and a goodwill impairment
charge following the acquisition of certain French licensee
operations.

Debt and Interest

Group net debt was EUR1,194 million at 30 June 2005, EUR228
million higher than 31 December 2004.  This was mainly due to
cash flows relating to the usual seasonal increase in fleet at
this time of year.  Average net debt in the period of EUR1,078
million was higher than the figure of EUR1,034 million in the
comparative period in 2004, largely as a result of fleet working
capital benefits in 2004 not being sustained, as had been
anticipated.

The underlying net interest charge for the period of EUR29.3
million was EUR0.3 million lower than in the first 6 months of
2004, with a 30 basis points lower average interest rate
off-setting higher average net debt.

The reported interest re-measurement charge of EUR2.1 million
relates to interest rate swaps, caps and collars and arises from
both economic hedges and re-valuation as a consequence of lower
interest rates since the beginning of the year.

Reported re-measurements also include a foreign exchange fair
value gain of EUR14.1 million (2004: EUR18.1 million), which
primarily arose on sterling inter-company loans that IAS 21
currently requires to be re-valued through the profit and loss
account.  This is substantially offset in the statement of
recognized income and expense by exchange differences of EUR13.8
million (2004: EUR25.1 million) arising on consolidation.

Taxation

The effective rate of taxation on profit before exceptional and
re-measurement items was 27% compared to 25% in 2004.  This
increase in the effective rate was primarily a consequence of
adjustments which are now taxable in the current period following
the introduction of IAS 39; a varying change in mix of pension
adjustments in differing jurisdictions and an increase in current
period non-taxable permanent differences arising as a result of
IFRS adjustments.

The tax charge on exceptional and re-measurement items in 2005
was EUR1.6 million.

Strategic Update

The Group has started to implement a multi-phase strategy to
enable margins to recover and profitable growth to be restored.
A series of strategic and tactical steps are being implemented to
improve operating margins by between three and five percentage
points from the level reported in 2004, over the next three to
four years.  The strategy is particularly focused on the
migration of the business mix towards the Group's more profitable
customer segments.

Phase I of this strategy comprises a series of initiatives to
improve the basics of the business and address the structural
change in the industry.  These involve total 2005 planned
investment of EUR15 million against specific initiatives to drive
profitable growth and reduce cost.  Initial benefits from these
initiatives are beginning to flow through and the full financial
effect is expected from 2006 onwards.

Revenue Development

To drive profitable growth the Group has primarily invested in
strengthening its sales and marketing capability to develop
channels to market (particularly the Internet), stimulate Avis
network reservation traffic, enhance customer service and focus
on improving yield and utilization.

Channel Development

A series of investments to enhance Web site functionality and
increase on-line marketing activities have driven an increase in
Internet bookings, which accounted for 23% of reservations in the
period January to June.  Internet penetration for July was 24%.

Network Reservation Traffic

Targeted incentive arrangements to stimulate U.S. inbound
reservations from Avis Inc. to Avis Europe territories have been
agreed and specific promotional activities are being put in place
to further develop the improving trend in the long haul business.
A similar arrangement has been implemented with key outbound
markets in Scandinavia and this is delivering additional
reservations.

Enhanced Customer Service

Operational investments to improve customer satisfaction with car
rental processes are progressing.  The deployment of a new car
side check-in service at the point of car return using hand-held
technology is complete with the top 125 locations across the
Group now offering this service.  In addition to improvements in
customer satisfaction, this service has delivered operational
efficiencies with improvements in both damage collection and fuel
revenues.

A new more customer-friendly rental agreement is being
successfully piloted at 11 locations across Europe and should be
rolled out to all corporate stations by the end of 2005.

Further projects are underway to develop a faster and more
streamlined rental check-out service, which will be piloted in
the fourth quarter of this year.

Yield and Utilization Focus

Programs in several markets are being progressed to develop more
sophistication in our pricing decisions with a more flexible
pricing structure to align rates more closely with underlying
demand conditions and thereby increase yield.  Early results from
these pilots are encouraging and more are planned for the future.
These initiatives, together with operational process
improvements, have further increased vehicle utilization during
the first half of 2005.

Cost Reduction

A number of initiatives have been taken to secure efficiencies in
different parts of the cost base including distribution, fleet
and overheads.

Distribution

The program to stop paying commission on corporate contracted
business is on track and will deliver a full-year financial
benefit in 2006.  Other car rental companies have since followed
this move.

Fleet

Fleet optimization and logistic system developments are on track
and investment in additional resources to strengthen our vehicle
re-marketing capability has contributed to the improvement in
fleet cost per unit.

Overheads

The transfer of certain back-office activities to the shared
service center in Budapest is progressing well.  The center is
now handling activities for France, Germany, U.K. and the Group
Headquarters.  A total of 126 positions have transferred or are
in the process of transferring and further transfers are planned
in the balance of the year.

In summary, Phase I of the recovery strategy is well underway
with significant investment in 2005.  Early results are positive,
however the full financial effect is only expected to take effect
from 2006.

In parallel to implementing Phase I initiatives, the Group has
progressed the development of a comprehensive fact base from a
number of key markets.  This has provided an analysis of returns
and business profitability, which is being used to migrate
business progressively towards more profitable customer segments
with a higher return on capital, and to generate further cost
efficiencies.  The company is incurring some start-up costs in
2005 as it begins the implementation of its Phase II initiatives.

A copy of this report is available free of charge at
http://bankrupt.com/misc/AvisEurope(H12005).pdf

CONTACT:  AVIS EUROPE PLC
          Avis House, Park Road
          Bracknell RG12 2EW
          Phone: +44-1344-426-644
          Fax: +44-1344-485-616
          Web site: http://www.avis-europe.com


BALKAN PETROLEUM: Rafo Stake Sale Hits Snag
-------------------------------------------
State privatization agency AVAS has persuaded a Romanian court to
freeze the 98% shareholding of U.K.-based Balkan Petroleum in the
Rafo oil refinery, according to EIU ViewsWire RO.  AVAS requested
the suspension to block the sale of the refinery, pending the
identification of the buyer.

BkP is selling the refinery to Alfa Oil, a company whose identity
has been the subject of speculation.  Some say it is related to
conglomerate Alfa Group (Russia); others think it is a consortium
of local companies.  Rafo has been a drain on BkP's resources
since it was bought in 2001.  The IMF is already urging the state
to start bankruptcy process against BkP to stem further losses.

According to the Center for Public Integrity, BkP's shareholders
are the Romanian VGB Invest S.A., with 50% of the shares, Central
Europe Petroleum, an offshore company from the Channel Islands,
with 25%; and London-based Acornline, with another 25%.

The High Court is also investigating allegations of fraud within
the company.

CONTACT:  AVAS
          50 Cpt. Alex. Serbanescu street,
          sector 2, Bucharest
          Phone: (004021) 3036122
          Fax: (004021) 3036521 / (004021) 3036457
          E-mail: infopublic@avas.gov.ro
          Web site: http://www.apaps.ro/index.php?lang=en


BEACH & HOWE: Goes into Liquidation
-----------------------------------
Company Name: BEACH & HOWE ESTATE AGENCY LTD.
              Medina House, 2 Station Avenue,
              Bridlington, YO16 4LZ
              Phone: 01262605533

Registration Number: 04532473

Court: Bristol District Registry

Date of Filing Petition: June 27, 2005

No. of Matter: 2643 of 2005

Date of Winding-up Order: August 17, 2005

CONTACT:  Official Receiver
          Suite J, Anchor House,
          The Maltings, Silvester Street,
          Hull, HU1 3HA
          Phone: 01482 323729
          Fax: 01482 217806


BLOOMS LIMITED: Falls into Administration
-----------------------------------------
Name: BLOOMS LIMITED
      (Company No 04800772)

Nature of Business: Wholesale Flower Supply

Registered Office of Company: Unit 6, Rowleys Park, Evans Way,
off Chester Road West, Queensferry, Deeside CH5 1QJ

Date of Appointment: 19 August 2005

Joint Administrators' Names and Address: Stephen Lord and Stephen
James Wainwright (IP Nos 3443 and 5306), both of Poppleton &
Appleby, 32 High Street, Manchester M4 1QD

                            *   *   *

The company provides high quality flowers, plants and bouquet to
the convenience and retail sector.  Visit
http://www.bloomsltd.co.uk/for more information.

CONTACT:  BLOOMS LTD.
          Unit 6, Rowleys Park
          Evans Way
          Queensferry CH5 1QJ
          Flintshire
          Phone: 01244 822236/818600
          Fax: 01244 821413
          E-mail: sales@bloomltd.co.uk

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


CLARION PARTNERSHIP: In Liquidation
-----------------------------------
At an Extraordinary General Meeting of the Members of The Clarion
Partnership Limited, duly convened and held at The Studio, 231
Stourbridge Road, Kidderminster, Worcestershire DY10 2XB, on 18
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
Kenneth John Wright, of Wright Associates, The Studio, 231
Stourbridge Road, Kidderminster, Worcestershire DY10 2XB, be and
he is hereby nominated Liquidator for the purposes of the
winding-up."

M W A Turnbull, Director

                            *   *   *

The Clarion Partnership Ltd. is a direct marketing consultancy,
specializing in the provision of "Lifestyle" platformed consumer
mailing lists & commercial information to be used for either
Direct Mail or Telesales marketing campaigns.

CONTACT:  THE CLARION PARTNERSHIP LTD.
          17 Bridgnorth Row, Worcester WR4 0QF, UK
          Phone: 0870 759 2300, Fax: 01905 455594
          E-mail: info@theclarionpartnership.co.uk
          Web site: http://www.theclarionpartnership.co.uk

          WRIGHT ASSOCIATES
          The Studio
          231 Stourbridge Road
          Kidderminster
          Worcestershire DY10 2XB
          Phone: 01562 822125
          Fax: 01562 820684
          E-mail: kwright@wrightforbusiness.co.uk


CONTRACT CONTROL: EGM Passes Winding-up Resolution
--------------------------------------------------
At an Extraordinary General Meeting of the Contract Control
Limited, duly convened, and held at the Castle Hotel, Lady Bank,
Tamworth, Staffordshire B79 7NB, on 16 August 2005, at 10:30
a.m., 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
Robert Gibbons, of Arrans, PO Box 9377, Falcon House, Falcon
Park, Tamworth, Staffordshire B77 5HL, be and is hereby appointed
Liquidator for the purposes of such winding-up."

P Perchard, Chairman

CONTACT:  CONTRACT CONTROL LTD.
          Phone: 0870 7556557

          ARRANS
          PO Box 9377
          Tame Valley Industrial Estate
          Wilnecote
          Tamworth
          Staffordshire B77 5HL
          Phone: 01827 262550
          Fax: 0870 7622 141
          E-mail: enquiries@arrans.co.uk


COOL MOVERS: Court Orders Winding-up
------------------------------------
Company Name: COOL MOVERS (LOGISTICS) LTD.
              31 Dashwood Avenue, High Wycombe,
              Buckinghamshire, HP12 3DZ
              Phone: 01952820285

Registration Number: 04266769

Court: Aylesbury

Date of Filing Petition: May 10, 2005

No. of Matter: 17 of 2005

Date of Winding-up Order: August 17, 2005

CONTACT:  Official Receiver
          1st Floor, Heliting House,
          35 Richmond Hill,
          Bournemouth, BH2 6HT
          Phone: 01202 203900
          Fax: 01202 203920


COSTAIN GROUP: Half-year Turnover Improves to GBP345.4 Million
--------------------------------------------------------------
Costain Group plc has reported interim results for the six months
ended 30 June 2005.

Financial Highlights

(a) total turnover of GBP345.4 million (2004: GBP337.7*
    million);

(b) operating profit of GBP7.8 million (2004: GBP4.7* million);

(c) profit before tax of GBP7.5 million (2004: GBP5.4* million);

(d) earnings per share of 1.8 pence (2004: 1.3* pence);

(e) forward order book at 30 June in excess of GBP1.6 billion;
    over 50% is repeat business; and

(f) GBP700 million of turnover secured for 2006.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] includes the impact of IFRS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Operational Highlights

(a) market leading position in water sector cemented with major
    AMP4 contracts for Southern Water and United Utilities;

(b) US$1.67 billion Iranian gas contract award;

(c) GBP190 million of major road projects secured and preferred
    bidder on additional projects;

(d) building turnover up 55% on same period last year; and

(e) success in new market sectors including nuclear.

               Report of Chairman David Jefferies

Operationally, the Group made steady progress in the first half
of 2005 and will benefit from significant contract wins across
all divisions.  Equally significant is the profile of this work,
which has resulted in GBP700 million of turnover for 2006 and
GBP340 million for 2007 having been secured.  Costain has now
firmly re-established its reputation in the industry and is
gaining a high level of repeat business from key clients in
strong market sectors.

The first six months saw significant contract wins across the
Group, producing a strong forward order book which stood at a
record GBP1.6bn at 30 June 2005.  Since then it has increased by
GBP300 million.  Moreover, a number of the Group's five year
framework contracts in the water sector, have the option of being
extended by a further five years; this is not reflected in the
order book value.  This long term sustainable earnings stream
gives the Group greater visibility and better quality of earnings
going forward.

Costain has firmly established market leading positions, and its
strategic goals of establishing partnering relationships with key
selected clients and developing long-term framework agreements
have been achieved.  This approach has also led to early success
in other sectors, which was demonstrated by the recent award of a
GBP50 million framework agreement in the nuclear sector.

With effect from 1 January 2005 European Union listed companies
are required to prepare consolidated financial statements in
accordance with International Financial Reporting Standards.  The
Group issued a report to the London Stock Exchange on 17 August
2005, which provided financial information showing the impact of
the Group's transition from a U.K. Generally Accepted Accounting
Principles basis to an IFRS basis. The adoption of IFRS will have
no impact upon the underlying cash flows or trading activities of
the Group but it will impact on the timing of both revenue and
profit recognition from its property development in Southern
Spain.

Under IFRS, revenue can now only be recognized when risk
associated with ownership of the land is transferred and all
significant acts (such as infrastructure works) are complete. The
impact of this change is to defer sales recognized by the joint
venture.  As we explained in the Announcement, this has reduced
the Group's earnings for the year ended 31 December 2004 by
GBP6.4 million and for the six months ended 30 June 2004 by
GBP1.9 million.  It is anticipated that the majority of these
infrastructure works will be completed in 2005 and the
corresponding profit recognized accordingly.

The Group has no significant borrowings and net cash balances at
the half-year totaled GBP44.4 million (2004: GBP65.7 million),
including the Group's share of cash held by joint arrangements
(construction joint ventures) of GBP18.7 million (2004: GBP25.1
million).  The continuing changing profile of the business into
framework/partnered client relationships will result in a more
evenly balanced cash flow profile going forward.

Restructuring

At the Extraordinary General Meeting held on 28 April 2005,
shareholders approved the reduction of share capital and
cancellation of the share premium account.  The reduction of
share capital was subsequently approved by the Court on 18 May
2005 and became effective on 20 May 2005.  From this date the
distributable reserves were re-set at nil and therefore on this
basis the Board does not feel able to consider paying a dividend
at this time.

Banking

The Group recently negotiated increased borrowing and bonding
facilities with its relationship banks and increased bonding
facilities with the surety companies.  These facilities subsist
until 30 June 2007.

Board

On 25 April 2005, the Company announced that Andrew Wyllie, the
former Managing Director of Taylor Woodrow Construction Limited,
would succeed Stuart Doughty as Chief Executive of the Company.
Andrew joined the Company on 22 August 2005 and will formally
join the Board and take over the role of CEO on 12 September.
Stuart will stand down from the Board on the same date.

Stuart Doughty became Chief Executive on 1 July 2001 and has
presided over a period of significant growth in turnover and
profit, seeing a share price rise from 9.5 pence to over 50
pence, all of which was driven by achieving the strategic
objectives Stuart set upon his arrival.  The Company has an
extremely strong forward order book stretching over some five
years, which will provide sustainable profits for the future, a
key element of that strategy.  The Board is indebted to Stuart
for his dedicated effort to improve the fortunes of the Company
and feels extremely fortunate to have had him at the helm of the
Company for the last four years.

Trading and Prospects

During the first six months of 2005, Costain secured yet further
and indeed enhanced contracts with existing clients United
Utilities and Yorkshire Water to add to those contracts already
secured with Thames Water and Welsh Water at the end of last
year.  The Group was also awarded the GBP60 million five year
framework contract to provide clean water process and
distribution for Bristol Water.

The GBP700 million five year contract award from Southern Water
to Costain and its partners, United Utilities and Montgomery
Watson Harza is the largest individual framework secured in the
water sector to date.  To meet stringent regulatory and
environmental demands in the most efficient and effective manner,
Southern Water has outsourced full scheme creation and
operational delivery to Costain and its partners.  This also
demonstrates the confidence the client has in Costain to meet
their requirements and provide operational certainty.

Aquatrine C, in joint venture with Severn Trent to provide water
services for the MoD in the whole of the east of England, also
commenced this year with a small level of capital works.

The Group's success in the Water sector during the first half
gave Costain in excess of 20% of the U.K.'s addressable AMP4
capital expenditure program over the next five to ten years.  In
addition, it gives us the opportunity to carry out further major
schemes falling outside the current program.  As an example,
Costain was awarded a contract in joint venture for the GBP66
million major coastal sewerage upgrade at Margate and
Broadstairs, Kent for Southern Water.

Nuclear Decommissioning

Costain has also been highly successful in entering the Nuclear
Decommissioning market by applying a similar philosophy to that
used by the Company in Water.  During the first six months, the
Group has delivered a series of small decommissioning projects at
AWE Aldermaston, Burghfield and Harwell facilities in addition to
ongoing work at Hunterston, and has been awarded preferred bidder
position on a long term framework for the AWE at Aldermaston.

Costain was also awarded the first-phase contract to dismantle
and remove plant and equipment from the Dragon Reactor at
Winfrith, Dorset which builds on other projects for UKAEA and
BNG.  In North Wales, we have secured a five-year major civil
works framework for decommissioning work at the Trawsfynydd Power
Station estimated at GBP50 million over the five-year contract.

Regional Infrastructure

In addition to our projects at Stratford, Kings Cross and St
Pancras, Costain is delivering the major rail infrastructure to
allow the full retail development at White City to proceed.
Costain is constructing viaducts and retaining walls on the LUL
Hammersmith and City Line and demolishing redundant
infrastructure.  The Company sees good strategic growth in this
market, especially with the recent award to London of the 2012
Olympics.

In March 2005, Costain delivered the new GBP17 million harbor and
arm at West Bay, Dorset on some of the most exposed coastline in
the South West, and in the North completed an arduous coastal
defense scheme for DEFRA at Withensea on Spurn Head Humberside,
both receiving considerable commendation from local inhabitants
and DEFRA alike.

As a leading contractor in container ports, we have recently
completed the Felixstowe Stage Two development, the final
settlement of which is in part the subject of an insurance claim,
as a result of ground movement in the early stages of the
contract.  The Group is also in the final stages of bidding for
the next major contract at Felixstowe for Hutchison Whampoa
(value approximately GBP250 million).  Costain is also a member
of the consortium bidding for P&O's London Gateway Major Port
Development and approach channel dredging work, which will be of
similar overall value.

The Road and Bridge market has been the backbone of the regional
contracting business and in 2005, despite the slow down in
Regional Government procurement due to the General Election, we
have been successful in winning the new Walton Bridge over the
Thames for Surrey County Council and an upgrade of Junction 9
Interchange on the M62 at Rochdale, together with an adjoining
major land remediation and infrastructure to a business park for
Wilson Bowden PLC and the Highways Agency.

Costain handed over aircraft stands and taxiways built in less
than six months at the new Robin Hood Airport at Doncaster, its
fifth consecutive successful project delivery for Peel Holdings.
The Company was also awarded a three year aircraft pavement
framework by MAN-AIR for all their airports with a value upwards
of GBP50 million.  It is halfway through the delivery of the new
charter stands at Manchester Airport and taxiway widening at East
Midlands Airport.

Capital Projects

Current work on major civil engineering projects has continued as
forecast.  Very few new schemes were awarded throughout last
year, however, we have now been successful in securing a number
of major prestigious schemes, all enjoying the benefit of
contract mechanisms giving long-term sustainability and security
of margin.  The awards announced to date were in the South East,
the A2/A282 Junction Improvement and M25 Junction 1b-3 widening,
together worth GBP138 million, and the M25 Holmesdale Tunnel
Refurbishment valued at GBP57 million.

In South Wales, Costain has commenced work on the GBP60 million
project at Porth where it successfully engineered the value of
the scheme to save some 20% of the initial target price, and
expects to complete the PFI project at Sirhowy Way within the
budgeted GBP34 million before Christmas, ahead of program.

In Rail, CTRL St Pancras achieved another major milestone with
the successful completion of the new Thameslink Station Box on
program and achieved in excess of 2.7 million man-hours with no
time lost due to accidents.  Work at Kings Cross Underground
Station has also progressed satisfactorily.  Costain has also
been awarded the Stage 1 contract for Battersea Park Station with
a total value of approximately GBP25 million.

Building

The first half of 2005 has seen continued growth in this segment
with turnover rising to GBP152 million compared to GBP91 million
in 2004.  A small profit has been posted after significant
expenditure on business development in the Healthcare and
Education sectors.  New orders for the first half-year totaled
GBP176 million with a further GBP80 million in July.  The Group
is now in a position to benefit from its focus on selected market
sectors, where it is building strong relationships with low risk
contracting.

In Healthcare, Costain has been selected as preferred contractor
on the Three Shires PFI (GBP180 million capital value) and is
also participating in the Government's Independent Sector
Treatment Centre program working for Nations Healthcare on the
Queens Medical Centre, Nottingham Project.  In the early part of
the year, Kent Care Homes PFI reached completion as well as GBP21
million of ProCure21 schemes.  Kings College Hospital continues
to perform well.  At Kingston Hospital, construction and
infrastructure services are underway.

In Education, the company was selected as preferred contractor
for the Madejski Academy in Reading, (value GBP20 million),
preferred bidder on Kent Schools PFI (value GBP46 million) which
we anticipate closing in September, and in July reached financial
close with Ealing Schools worth GBP51 million.  The Government's
Building Schools For the Future initiative is now well under way
and we have submitted our first bid for Bradford on the basis of
a 10 to 15 year contracting relationship with the local Education
Authority.

In Retail, work continues successfully with Tesco.  A new retail
scheme for Streetlands Limited at Stroud was successfully
completed in June and ING's PalaceXchange development at Enfield
is progressing well, and, construction has also started well on
the Shropshire Quality in the Community project.

In April, Costain received Building Magazine's Major Contractor
of the Year Award in recognition of the significant progress the
business has made.

Property Development

With regard to our development at Alcaidesa in Southern Spain,
the year has progressed well with the sale of further development
land.  Infrastructure works to the third development phase are on
schedule and will be completed before the year-end.  The
completion of the infrastructure work will enable Alcaidesa
Holding to complete the sale of several large enclaves of land
which were contracted for sale in 2003 and 2004. Works on
Alcaidesa's second golf course are also proceeding well and due
for completion next year.

With the help of our joint venture partner, Banesto, further
efforts have been made to increase the land holdings of the
company to ensure a good supply of development opportunities for
the years ahead.  The company has acquired a further 15 hectares
of developable land in the Province of Granada to add to the
holdings purchased last year and value will be added by improving
the planning status and building densities permitted, for which
proposals have so far been well received.  The company has
secured a number of options to purchase in excess of 200 hectares
of land also in Granada Province. These options will be exercised
once we are satisfied that appropriate planning consents can be
secured which will add to the value of the land holdings.

The joint venture is also pursuing a number of other
opportunities at another site near Gibraltar which includes
marina facilities.

International

In Mexico, we are underway with the contract to build one of the
world's largest breakwaters as advanced works for new jetties to
feed the Sempra petrochem terminal at Baja California.  This
project is being undertaken in joint venture with China Harbor
and despite initial delays is now proceeding well with dredging
and reclamation underway.

In Iraq, work continues with developing the Master Plan with the
Kurdistan Authorities, in parallel to overseeing refurbishment of
Erbil Airport and a selection of building infrastructure.

The award of the Kano Water Treatment project in Nigeria saw
Costain capitalize on its strong U.K. water business
relationships.  The Group was also invited by both the Malaysian
Government and Defra to attend and speak at the Bilateral talks
on Water Privatization in Malaysia in March 2005.  We have agreed
a Memorandum of Understanding with our Malaysian major
shareholder, UEM, to pursue a long term asset management program,
which is based largely on the U.K. Water Privatization model.
Enabling legislation in Malaysia for privatization is proceeding
with the final remaining two statutes awaiting Government
approval.

Program delays in Mexico, Nigeria and on the drainage works in
Hong Kong have adversely affected results in the period; however,
it is anticipated this position will ultimately be recovered.

Costain Oil, Gas & Process Limited (COGAP)

In the U.K., Costain was awarded a GBP30 million contract by
ConocoPhillips for the engineering, procurement and construction
of a recovery facility to be installed at the North Sea Petroleum
Terminal, Seal Sands, Middlesbrough, and was awarded the Front
End Engineering Design of an underground gas storage facility by
WINGAS that will be located in the east of England.

In the Middle East, COGAP executed the shutdown and overhaul of
the ADGAS LNG Train II located on Das Island, Abu Dhabi.  The
project was completed, within budget and ahead of schedule with
over 600,000 man hours with no accidents.

In Iran, Costain led a consortium of four companies in the
bidding and ultimate award by the National Iranian Gas Company of
the Bid Boland II Gas Treatment Plant Project, valued at US$1.67
billion and financial negotiations are continuing.

In cryogenics and gas processing, COGAP is executing a project
for the engineering, procurement and construction of the world's
largest nitrogen rejection plant for Pemex in Mexico.  In
addition, COGAP has bid for a number of other similar projects
located in other countries and award decisions are expected in
the short-term.  Each of these facilities will use Costain
proprietary technology.

Outlook

As a consequence of the slow down in the release of capital works
brought on by the General Election, coupled with the protracted
nature of negotiations with water utilities moving from AMP 3 to
AMP4, the balance of earnings for the year will be more weighted
towards the second half.  The continuing success of our
partnering philosophy and framework agreements provide an
excellent platform for growth in the future.

Operationally the Group has made steady progress in the first
half of 2005 and will start to enjoy the benefits of significant
contract wins across all of the Group's divisions giving rise to
a secure order book of GBP1.6 billion at the half year and with
subsequent awards and projects already in preferred bidder status
taking this to GBP2.3 billion.  Equally significant is the
profile of this work, which has resulted in GBP700 million of
turnover for 2006 and GBP340 million for 2007 having been
secured.  Costain has now firmly re-established its reputation in
the industry and is gaining a high level of repeat business from
key clients in strong market sectors.

A copy of this report is available free of charge at
http://bankrupt.com/misc/CostainGroup(H12005).pdf

CONTACT:  COSTAIN GROUP PLC
          Costain House, Nicholsons Walk
          Maidenhead
          SL6 1LN, United Kingdom
          Phone: +44-1628-842-444
          Fax: +44-1628-674-477
          Web site: http://www.costain.com

          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842 444


DAVID NICHOLAS: Court Approves Liquidation
------------------------------------------
Company Name: DAVID NICHOLAS LTD.
              101 Albert Road, Widnes,
              Cheshire, WA8 6LB
              Phone: 01514236608

Registration Number: 03369862

Court: Bristol District Registry

Date of Filing Petition: June 24, 2005

No. of Matter: 2623 of 2005

Date of Winding-up Order: August 17, 2005

CONTACT:  Official Receiver
          2nd Floor, Cunard Building,
          Pier Head,
          Liverpool, L3 1DS
          Phone: 0151 236 9131
          Fax: 0151 2437800


E IMAGING: Members Decide to Wind up Firm
-----------------------------------------
At an Extraordinary General Meeting of the Members of E Imaging
Ltd., duly convened, and held at Owen House, Trinity Lane,
Cheltenham GL52 2NT, on 19 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
David N Hughes be and he is hereby appointed Liquidator for the
purposes of such winding-up."

A Parker, Chairman

CONTACT:  E IMAGING LTD.
          35 St Georges Street Cheltenham
          Gloucestershire GL50 4AF
          Phone: 01242 706600
          Web site: http://www.eimaging.co.uk

          Janes, Owen House,
          Trinity Lane, Cheltenham
          Gloucestershire GL52 2NT


ELITE VENDING: Files for Liquidation
------------------------------------
At an Extraordinary General Meeting of the Members of Elite
Vending & Catering Services Limited, duly convened, and held at
6C Church Street, Reading, Berkshire RG1 2SB, on 18 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 John Bridger be and he is hereby appointed Liquidator for
the purposes of such winding-up."

N Howard, Director

CONTACT:  ELITE VENDING & CATERING SERVICES LTD.
          Unit 9/Trafford Rd
          Reading
          RG1 8JP
          Phone: 0118-958 2440

          BRIDGERS
          6C Church Street, Reading
          Berkshire RG1 2SB


ENERGY ENGINEERING: Hires Cresswall Associates as Administrator
---------------------------------------------------------------
Name: ENERGY ENGINEERING (SERVICES) LIMITED
     (Company No 2871213)

Nature of Business: Installation and Maintenance of Mechanical
Services

Trade Classification: 9305

Date of Appointment: 19 August 2005

Joint Administrators' Names and Address: Daniel Paul Hennessy and
Gordon Craig (IP Nos 1388 and 0978), both of Cresswall Associates
Limited, West Lancashire Investment Centre, White Moss Business
Park, Skelmersdale, Lancashire WN8 9TG

                            *   *   *

Energy Engineering provides commercial and industrial
installation and maintenance of heating and air-conditioning
systems, controls and pipelines.

CONTACT:  ENERGY ENGINEERING (SERVICES) LTD.
          Business & Technology Centre
          Radway Green
          Crewe CW2 5PR
          Phone: 01270 883683
          Fax: 01270 882726
          E-mail: andrew@energyengineering.com

          CRESSWALL ASSOCIATES LIMITED
          West Lancashire Investment Centre,
          White Moss Business Park, Skelmersdale,
          Lancashire WN8 9TG


EUROPA CELLULAR: Collapses into Liquidation
-------------------------------------------
Company Name: EUROPA CELLULAR LIMITED
              Unit S1, Moulton Park Business Centre,
              Redhouse Road, Moulton Park,
              Northampton, NN3 6AQ
              Phone: 01604768600

Registration Number: 03388755

Court: Northampton

Date of Filing Petition: June 17, 2005

No. of Matter: 34 of 2005

Date of Winding-up Order: August 22, 2005

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


EXPLORER BOATS: EGM Passes Winding-up Resolutions
-------------------------------------------------
At an Extraordinary General Meeting of Explorer Boats Limited,
duly convened, and held at The Rhinewood Country House Hotel,
Glazebrook Lane, Glazebrook, near Warrington WA3 5BB, on 18
August 2005, the subjoined Resolutions were 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 that the same should be wound
up voluntarily, and that the Company be wound up accordingly, and
that Richard Ian Williamson, of Campbell Crossley and Davis,
348-350 Lytham Road, Blackpool FY4 1DW, be and is hereby
appointed the Liquidator of the Company for the purposes of such
winding-up."

B Atherton, Chairman

CONTACT:  EXPLORER BOATS LIMITED
          Web site: http://www.explorerboatsltd.co.uk/

          CAMPBELL CROSSLEY & DAVIS
          348-350 Lytham Road
          Blackpool
          Lancashire FY4 1DW
          Phone: 01253 349331
          Fax: 01253 349435
          E-mail: ian.williamson@crossleyd.co.uk


GATE GOURMET: CEO's Comment Angers Union Leader
-----------------------------------------------
Union leaders are accusing Gate Gourmet of "reneging" on a
proposed settlement deal to end the labor row, reports This is
London.

They noted the recent statement made by Chief Executive David
Siegel, who said that those employees axed for being "militant or
disruptive" will not be reinstated under any circumstances.

"The radicals have to realize there is no place for them in the
company anymore.  This is the company's final position: we will
not take these militants, these radicals, back.  They have been
the source of the core problem for the company, they have been
holding the company hostage," The Guardian quoted Mr. Siegel.

The remark reportedly angered Tony Woodley, General Secretary of
Transport and General Workers Union, who described it as
"offensive."  The union plans to lobby for a law that will make
it illegal for companies to refuse employment using this as
basis.

The termination of 600 employees sparked the current labor row.
Gate Gourmet is offering a voluntary redundancy package to
employees, including those sacked, to reduce cost and avoid a
collapse.

In an interview with the Daily Telegraph last week, Mr. Siegel
said there's a 50-50 chance that it would reach an agreement with
unions.  He blames the snag in the negotiations to a "hardcore
minority" of staff.

He said: "It is a hardline, hardcore minority that has control
over this workforce, and this company, and has led it to death's
doorstep.  There is at least a couple of hundred of employees
who are either militant or part of the problem."

Mr. Siegel warned the caterer could still fall into
administration even if it has already reached a conditional deal
with BA.  The deal is crucial in that without it the company
would be forced to file for bankruptcy.  BA, however, has made it
clear that the deal is conditioned upon the settlement of the
labor row.

Gate Gourmet's U.K. operations, which lost GBP22 million in 2004,
is facing another GBP25 million in losses this year.

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


H P COMPONENTS: Bearing Manufacturer Winds up
---------------------------------------------
At an Extraordinary General Meeting of the Members of H P
Components Limited, duly convened, and held at Central House, 47
St Paul's Street, Leeds LS1 2TE, on 19 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
Michael C Kienlen, of Armstrong Watson, Central House, 47 St
Paul's Street, Leeds LS1 2TE, be and he is hereby appointed
Liquidator for the purposes of the winding-up."

S Hamilton, Director

CONTACT:  H P COMPONENTS LIMITED
          Unit 10, Ashley Industrial Estate, Ossett
          West Yorkshire WF5 9JD
          Phone: 01924263922
          Web site: http://www.explorerboatsltd.co.uk/

          ARMSTRONG WATSON
          Central House
          47 St Paul's Street
          Leeds LS1 2TE
          West Yorkshire
          Phone: 0113 384 3840
          Fax: 0113 384 3841
          E-mail: mike.lienlen@armstrongwatson.co.uk


IAN BAIRD: Calls in Liquidator
------------------------------
At an Extraordinary General Meeting of Ian Baird Motor Holdings
Limited, convened and held at Jurys Inn Southampton, 1 Charlotte
Place, Southampton, Hampshire SO14 0TB, on 18 August 2005, at
10:30 a.m., the following Resolutions were passed as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily and that
Julian Rendell, of Rendell Thompson, of 125 Portway, Wells,
Somerset BA5 2BR, be appointed Liquidator of the Company for the
purpose of the voluntary winding-up."

I Baird, Chairman

CONTACT:  IAN BAIRD MOTOR HOLDINGS LIMITED
          72 Portswood Road, Southampton
          Hampshire SO17 2FW
          Phone: 02380516805


J SAINSBURY: ICI Boss Joins Board as Senior Independent Director
----------------------------------------------------------------
John McAdam, chief executive of ICI plc, has joined the Board of
J Sainsbury plc as Senior Independent Director, as previously
announced on 5 July 2005.

June de Moller, Non-Executive Director has retired from the
Board, as announced on 10 June 2005.

June de Moller joined the Board on 23 September 1999 and has
completed two three-year terms as a non-executive director of J
Sainsbury plc.

The Board of J Sainsbury plc is chaired by Philip Hampton.
Justin King, chief executive, and Darren Shapland chief financial
officer, are executive Directors.  Non-executive directors are
John McAdam, Jamie Dundas, Bridget Macaskill, Bob Stack and Gary
Hughes.

                            *   *   *

In July, Chairman Philip Hampton outlined the progress made by
the company over the past year.

He stressed that a key part of Sainsbury's strategy is going back
to the basics of the brand, offering customers outstanding food
and great value for money.  By rebuilding the business around
this principle, the company will be able to create long- term
shareholder value.

In June, Chief Executive Justin King said: "We are encouraged by
our trading performance in the first quarter of this financial
year which shows sustained underlying sales growth.  Given the
more difficult and competitive grocery retail market over the
past three months, like-for-like sales of 1.3 percent represents
continued progress.  We are also pleased that independent
industry measures now show our market share is growing.

"We have seen further progress in restoring the appeal of our
brand and customers continue to react positively to the changes
they see in our stores.  Supermarket deflation has continued,
albeit at a lower level than we saw in the fourth quarter of last
year.

"We are implementing the plans outlined in October 2004 and our
progress is encouraging.   While we expect the market to remain
highly competitive we will keep doing the right thing for our
customers.  This is the most effective way to continue our
progress in making Sainsbury's great again."

CONTACT:  J SAINSBURY PLC
          33 Holborn
          London EC1N 2HT
          Phone: +44-20-7695-6000
          Fax: +44-20-7695-7610
          Web site: http://www.j-sainsbury.co.uk

          Investor relations
          Roger Matthews
          Lynda Ashton
          Phone: +44 (0) 20 7695 7162

          Media Relations
          Pip Wood
          Gilian Taylor
          Phone: +44 (0) 20 7695 6127


KOTECH LIMITED: Hires Administrators from Begbies Traynor
---------------------------------------------------------
Name: KOTECH LIMITED
      (Company No 03879363)

Nature of Business: Computer Component Supplier

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

Date of Appointment: 19 August 2005

Joint Administrators' Names and Address: T. J. E. Dolder and P.
M. Davis (IP Nos 9008 and 7805), both of 494 Midsummer Boulevard,
Milton Keynes MK9 2EA

                            *   *   *

Kotech has become the leading distributor of PC components in
United Kingdom, supplying its customers with products ranging
across the entire spectrum of computer products.  Visit
http://www.kotech.co.uk/for more information.

CONTACT:  KOTECH WEB
          Unit 3
          Trinity Trading Estate
          Silverdale Rd.
          Hayes UB3 3BN
          Fax: 0208 848 9004

          BEGBIES TRAYNOR SOUTH LLP
          4th Floor, Exchange House,
          494 Midsummer Boulevard,
          Milton Keynes MK9 2EA
          Phone: 01908 687 800
          Fax:   01908 687 801
          Web site: http://www.bakertilly.co.uk


LONDON & PROVINCIAL: Court Okays Liquidation
--------------------------------------------
Company Name: LONDON & PROVINCIAL (SECURITIES) LTD.
              Fairfax House, 461-465 North End Road,
              London, SW6 1NZ
              Phone: 02073855544

Registration Number: 03011961

Court: Bristol District Registry

Date of Filing Petition: June 28, 2005

No. of Matter: 2669 of 2005

Date of Winding-up Order: August 17, 2005

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


MACMILLAN LONDON: Calls in Administrator from Bond Partners
-----------------------------------------------------------
Name: MACMILLAN LONDON HAIR STUDIOS LTD.
      (Reg No 04030104)

Registered Office of Company: The Grange, 100 High Street, London
N14 6TG.

Nature of Business: Hairdressing and Beauty Treatment.

Administration Order made: 2 August 2005.

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

                            *   *   *

Macmillan's Convent Garden-based salon is home to the creative
genius behind some of the best-dressed heads in London.  Visit
http://www.macmillan-london.co.uk/for more information.

CONTACT:  MACMILLAN LONDON HAIR STUDIOS LTD.
          33 Endell Street
          Covent Garden
          London WC2H 9BA
          Phone: 020 7240 4973
          Fax: 020 7240 7202
          E-mail: info@macmillan-london.co.uk

          BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400


MEPC LIMITED: 'B' Rating Affirmed; Outlook Negative
---------------------------------------------------
Fitch Ratings has affirmed U.K. property company MEPC Limited's
Senior Unsecured and Short-term ratings at 'B' and 'B',
respectively.  The Outlook remains Negative.  This affirmation
follows the recent announcement that MEPC will repay the
outstanding QUIPS preference shares and other debt liabilities
with a prospective new GBP370 million secured debt financing of a
portfolio of MEPC's properties and with a new GBP85 million
secured facility.

MEPC will repurchase the QUIPS preference shares (GBP112 million
outstanding at August 2005) and other outstandings (currently
around GBP261 million) under the existing GBP350 million BT
pension scheme's unsecured facility.  BTPS owns Hermes Pension
Management and is its largest client, and owns the majority of
MEPC.  The company has stated that this facility is committed; it
has no drawstop change of control provisions, and has a maturity
date of November 2007.  To date, drawings under this facility
have been used to repurchase the 10.5% 2032 bonds (total
redemption GBP126 million) in April 2005.

Although these new secured financings will effectively
subordinate remaining 2005 and 2006 bondholders (and the BTPS
facility) and will reduce unsecured asset cover for unsecured
debtholders to around 0.9x, Fitch takes some comfort that
headroom availability under the BTPS committed facility should
cover the short-term refinancing risk on the short-dated bonds in
2005 and 2006.  Fitch notes that while MEPC states that the BTPS
facility is intended for this use it is not specifically
dedicated to these future bond repayments.  Should the BTPS
facility not be available for the 2005 and 2006 bond repayments,
the ratings of MEPC would be materially impaired.

Bondholders have not benefited from protective provisions in
MEPC's 2006 bonds due to the legal interpretation of the
Leconport deposits as an asset (i.e. MEPC's tangible net worth
has not been reduced accordingly).  As a result these bonds'
gearing ratio at 175% and secured debt inner limit, have not been
triggered.  The 12% 2006 bond also has a restriction on disposals
clause.

The Negative Outlook reflects the possibility that further funds
could be repatriated from MEPC to the holding company Leconport
Estates as additional inter-company loans.  If additional funds
are channeled upstream, this could further reduce MEPC's
financial flexibility.  MEPC's financial parameters are tight:
although marginally improving (gross interest cover of around
1.0x at FY04) they are still dependent on interest receivable on
the Leconport loan (itself aided by dividend receipts from MEPC)
to cover MEPC's expensive cost of funds.  Fitch has also taken
into account the track record of BTPS in arranging to repay
MEPC's unsecured obligations.

MEPC's ratings also reflect the good overall quality of the
assets, stable income from the investment portfolio, still
diverse tenant base, minimal development exposure and the clearer
ownership structure.  However, after the sale of the Factory
Outlet Centres in FY04, it suffers from a less diversified
exposure to a still uncertain underlying business park market.
However the portfolio's vacancy rate has fallen in H105 (10% by
space at April 2005 versus 16% at FY04).  MEPC is now
concentrating on asset management, with the main emphasis on
further reducing vacancies in 2005 and 2006.  Although the U.K.
business space market remains volatile, there is some evidence in
certain areas of a recovery in tenant demand.

MEPC had GBP906.1 million of property assets at March 2005 and an
annualized rent roll of GBP61 million.  The business park
portfolio at FY04 was geographically split on a gross rental
basis: South East England 82%, Rest of U.K. 18%.

CONTACT:  FITCH RATINGS
          Jean-Pierre Husband, London
          Phone: +44 (0) 20 7417 6304
          John Hatton, London
          Phone: +44 (0) 20 7417 4283

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


PANASONIC BROADCAST: Hires KPMG as Liquidator
---------------------------------------------
Company Names: Panasonic Broadcast Europe Limited

               Panasonic Europe (2004) Limited
               (previously Panasonic Europe HQ Ltd.)

In accordance with section 381A of the Companies Act 1985, the
following written Resolutions are passed as if they had been
proposed at a General Meeting of these companies, as a Special
Resolution and as an Ordinary Resolution respectively:

"That the Company be wound up voluntarily, and that David John
Crawshaw and Richard John Hill, of KPMG LLP, Arlington Business
Park, Theale, Reading RG7 4SD, be and are hereby appointed Joint
Liquidators for the purpose of such winding-up, and that any
power conferred on them by the Company, or by law, be exercisable
by them jointly, or by either of them alone."

S. Asada, Authorized Representative of Panasonic Europe Limited

                            *   *   *

The company manufactures professional video equipment for
broadcasting.

CONTACT:  PANASONIC BROADCAST EUROPE LIMITED
          Web site: http://panasonic-broadcast.com/

          KPMG
          Corporate Recovery, Arlington Business Park,
          Theale, Reading RG7 4SD
          Phone: (0118) 9642000
          Fax:   (0118) 9642222
          Web site: http://www.kpmg.co.uk


PENINSULA FASCIAS: Opts for Liquidation
---------------------------------------
Company Name: PENINSULA FASCIAS LTD.
              146 Belvidere Road,
              Wallasey, Wirral,
              Merseyside, CH45 4PT
              Phone: 01516390177

Registration Number: 04546779

Court: Bristol District Registry

Date of Filing Petition: June 22, 2005

No. of Matter: 2583 of 2005

Date of Winding-up Order: August 17, 2005

CONTACT:  Official Receiver
          2nd Floor, Cunard Building,
          Pier Head,
          Liverpool, L3 1DS
          Phone: 0151 236 9131
          Fax: 0151 2437800


PLANET TUBE: Winding-up Receives Green Light
--------------------------------------------
Company Name: PLANET TUBE MANIPULATORS (LEEDS) LIMITED
              Bridgestones,
              125-127 Union Street, Oldham,
              Lancashire, OL1 1TE
              Phone: +44 (0)113 289 0030
              Fax: +44 (0)113 289 0631
              Web site: http://www.planettubes.com

Registration Number: 01294111

Court: Leeds District Registry

Date of Filing Petition: May 25, 2005

No. of Matter: 563 of 2005

Date of Winding-up Order: July 15, 2005

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

                            *   *   *

The group is a family-owned tube and section bending company that
has been trading for 30 years now, with a wide experience in the
manipulation of all types of material: mild steel, aluminum,
copper and brass.


R C M BENDALE: Goes into Liquidation
------------------------------------
At an Extraordinary General Meeting of R C M Bendale Motors
Limited, duly convened, and held at the offices of Parkin S.
Booth & Co, 44 Old Hall Street, Liverpool L3 9EB, on Wednesday 17
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
Paul J Fleming, of Parkin S. Booth & Co, 44 Old Hall Street,
Liverpool L3 9EB, be and he is hereby appointed Liquidator for
the purpose of such winding-up."

B L McDermott, Director

CONTACT:  R C M BENDALE MOTORS LIMITED
          18 Rexmore Way, Liverpool, Merseyside L15 0HX
          Phone: 01517342588

          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


RELIANCE TRADE: Meeting of Creditors Tomorrow
---------------------------------------------
Notice is hereby given by T. Papanicola, Bond Partners LLP, The
Grange, 100 High Street, London N14 6TG, that a Meeting of
Creditors of Reliance Trade Corporation plc (Company No
03067994), The Grange, 100 High Street, London N14 6TG, is to be
held at The Grange, 100 High Street, London N14 6TG, on 6
September 2005, at 3:00 p.m.  The Meeting is an initial Creditors
' Meeting under paragraph 51 of Schedule B1 to the Insolvency Act
1986, and an initial Creditors' Meeting requested under paragraph
52(2) of the Schedule.  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.

T. Papanicola, Administrator

CONTACT:  BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400


RESPONSE NETWORKS: Members Opt for Liquidation
----------------------------------------------
At an Extraordinary General Meeting of the Members of Response
Networks Solutions Limited, duly convened, and held at Langley
House, Park Road, London N2 8EX, on 15 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
Alan Bradstock, be and he is hereby appointed Liquidator for the
purposes of such winding-up."

V K Falconer, Director

CONTACT:  RESPONSE NETWORKS SOLUTIONS LIMITED
          11-15 Betterton Street
          Covent Garden
          London, WC2H 9BP
          Phone: (020) 7866 8102
          E-mail: Info@res-net-sol.com

          LANGLEY & PARTNERS
          Langley House
          Park Road
          East Finchley
          London N2 8EX
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: philip.simons@langleypartners.co.uk


ROBERT WISEMAN: Ex-WH Smith Director Joins Board
------------------------------------------------
Robert Wiseman Dairies plc has appointed Beverley Hodson to the
Board as a Non-Executive Director.  Mrs. Hodson is currently a
Non-Executive Director of Legal & General Group plc and was
previously an Executive Director at WH Smith PLC.

Other than the above, there is no information that would require
disclosure under 9.6.13 of the Listing Rules.

                            *   *   *

In July, Chairman Alan Wiseman said: "We are pleased to report
that sales volumes in the first three months of the new
financial year are satisfactory and are 12% ahead of last year's
first quarter."

Robert Wiseman had a year of costly bidding wars with rivals
Dairy Crest, and Arla, who had consistently complained to the
competition watchdog about the group's dominance.  The firm also
lost a deal with Morrison last year.

It won new contracts from Tesco and Sainsbury, but the six-month
dry spell is believed to have reduced its milk production to
about 1.2 billion liters from 1.35 billion last year, according
to the report.  The worst result of the setback was the loss of
all businesses of its Scottish market.  Robert Wiseman was
reportedly mulling job cuts at the operation.

CONTACT:  ROBERT WISEMAN DAIRIES PLC
          Cairn Place
          Nerston Industrial Estate
          East Kilbride, G74 4NQ
          Strathclyde
          Phone: 01355 247777
          Fax: 01355 228181
          Web site: http://www.wiseman-dairies.co.uk


SANDERSON PUBLISHING: Court Okays Liquidation
---------------------------------------------
Company Name: SANDERSON PUBLISHING LTD.
              49 Fernleigh Road,
              London, N21 3AN
              Phone: 02088826064

Registration Number: 03653297

Court: Bristol District Registry

Date of Filing Petition: June 22, 2005

No. of Matter: 2584 of 2005

Date of Winding-up Order: August 17, 2005

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


SILTAR PRINTING: Winding-up Gets Court Approval
-----------------------------------------------
Company Name: SILTAR PRINTING LTD.
              Siltar Printing Limited,
              68 All Saints Road,
              Pakefield, Lowestoft,
              Suffolk, NR33 0JN
              Phone: 01493-852806

Registration Number: 04107192

Court: Bristol District Registry

Date of Filing Petition: June 23, 2005

No. of Matter: 2601 of 2005

Date of Winding-up Order: August 17, 2005

CONTACT:  Official Receiver
          Emmanuel House,
          2 Convent Road,
          Norwich, NR2 1PA
          Phone: 01603 628983
          Fax: 01603 760842


TEXSTYLE WORLD: Shutting down Eight Stores
------------------------------------------
Home furnishings retail chain Texstyle World is closing eight
stores in Scotland due to difficult trading conditions, reports
say.  The stores are in Clydebank, Stirling, Straiton,
Kilmarnock, Ayr, Hamilton, Renfrew and Irvine.  Some 45 jobs are
affected.

Founder Eric Reid said the company had named Kenny Craig and Tom
MacLennan of Tenon Group as interim administrators.  The
appointment came only three years after Mr. Reid rescued it out
of receivership.  Texstyle World's remaining eight stores have
been acquired by retail group Strategic Retail.  The deal secured
150 jobs.

Customers are assured the orders they made from the stores that
will close will be fulfilled and deposits on goods honored.  They
may call helpline 01355 795 035 for more details.

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


THERMAL ENGINEERING: Creditors Meeting Set Tomorrow
---------------------------------------------------
Notice is hereby given by Ian Brown, Deloitte & Touche LLP, 1
City Square, Leeds, West Yorkshire LS1 2AL, that a Meeting of
Creditors of Thermal Engineering International Limited (Company
No 00929417), Economiser Works, Calder Vale Road, Wakefield WF1
5PF, is to be held at Deloitte & Touche, 1 City Square, Leeds LS1
2AJ, on 6 September 2005, at 10:00 a.m.  The Meeting is an
initial Creditors' Meeting under paragraph 51 of Schedule B1 to
the Insolvency Act 1986.  I invite you to attend the above
Meeting.  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.

A P Berry, Joint Administrator

                            *   *   *

Thermal Engineering International is one of the largest
independent suppliers worldwide of components and services for
heat transfer and recooling processes for the power-engineering
sector as well as for the chemical and petrochemical industries.
Visit http://www.teigreens.com/for more information.

CONTACT:  THERMAL ENGINEERING INTERNATIONAL LTD.
          Calder Vale Road
          Wakefield WF1 5YZ
          West Yorkshire
          Phone: 01924 780000
          Fax: 01924 387320

          DELOITTE & TOUCHE
          1 City Square
          Leeds
          West Yorkshire LS1 2AL
          Phone: 0113 292 1748
          Fax: 0113 244 8942


TITAN FLUID: Engineering Firm Liquidates
----------------------------------------
At an Extraordinary General Meeting of the Members of Titan Fluid
Controls Limited, duly convened and held at 1st Floor, 5-7
Northgate, Cleckheaton, West Yorkshire BD19 3HH, on 19 August
2005, the following Resolutions were duly passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Malcolm Edward Fergusson, of Fergusson & Co Ltd., 1st Floor, 5-7
Northgate, Cleckheaton, West Yorkshire BD19 3HH, be and is hereby
appointed Liquidator for the purposes of such winding-up."

D C Tait, Director

CONTACT:  TITAN FLUID CONTROLS LIMITED
          Titan Works, Claremount Road, Halifax
          West Yorkshire HX3 6NT
          Phone: 01422398289

          FERGUSSON & CO LIMITED
          Shackleton House
          Falcon Court
          Preston Farm
          Stockton On Tees
          North Yorkshire TS18 3TS
          Phone: 01642 669 155
          Fax: 01642 613 535


WILLIAM MATTHEWS: Appoints Lines Henry Administrator
----------------------------------------------------
Name: WILLIAM MATTHEWS BUILDING SERVICES LIMITED
      (Company No 02915696)

Nature of Business: Building Services

Registered Office of Company: 102 Pendlebury Road, Swinton,
Manchester M27 4BF

Trade Classification: 27

Date of Appointment: 11 August 2005

Joint Administrators' Names and Address: Neil Henry and Michael
David Simister (IP Nos 8622 and 9028), both of 27 The Downs,
Altrincham, Cheshire WA14 2QD

CONTACT:  WILLIAM MATTHEWS BUILDING SERVICES LTD.
          102 Pendlebury Road
          Swinton
          Manchester M27 4BF
          Lancashire
          Phone: 0161 794 0771
          Fax: 0161 728 5308

          LINES HENRY
          27 The Downs
          Altrincham
          Cheshire WA14 2QD
          Phone: 0161 929 1905
          Fax: 0161 929 1977
          E-mail: nola@lineshenry.co.uk


WONDERWORKS STUDIOS: EGM Passes Winding-up Resolutions
------------------------------------------------------
At an Extraordinary General Meeting of Wonderworks Studios
Limited, duly convened and held at The Rhinewood County House
Hotel, Glazebrook Lane, Glazebrook, near Warrington WA3 5BB, on
18 August 2005, the subjoined Resolutions were 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 that the same should be wound
up voluntarily, and that the Company be wound up accordingly, and
that Richard Ian Williamson of Campbell Crossley and Davis,
348-350 Lytham Road, Blackpool FY4 1DW, be and is hereby
appointed the Liquidator of the Company for the purposes of such
winding-up."

C B Brookfield, Chairman

CONTACT:  WONDERWORKS STUDIOS LIMITED
          Redemption House,
          53 Theobald Street,
          Borehamwood,
          Hertfordshire, UK WD6 4RT
          Phone: 020 8953 7733
          Mobile: 0795 059 4493
          Fax: 020 8953 3388
          E-mail: info@wworks.co.uk
          Web site: http://www.wonderworks.co.uk

          CAMPBELL CROSSLEY & DAVIS
          348-350 Lytham Road
          Blackpool
          Lancashire FY4 1DW
          Phone: 01253 349331
          Fax: 01253 349435
          E-mail: ian.williamson@crossleyd.co.uk


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
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.


                 * * * End of Transmission * * *