TCREUR_Public/050906.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, September 6, 2005, Vol. 6, No. 176

                            Headlines

C Z E C H   R E P U B L I C

VITKOVICE STEEL: Mittal Plans to File Arbitration Suit vs. Govt


F R A N C E

ALSTOM SA: Selling EUR400 Million Eurobonds
ORGACHIM: Court-supervised Administration Begins
STEPHANE KELIAN: Loses Ground as Chinese Rivals Invade Market


G E R M A N Y

AGIV REAL: Goldman Sachs Acquires Profitable Unit
B&L FASHION: Falls into Bankruptcy
DAIMLERCHRYSLER AG: U.S. Group Sales Up 5% in August
GARNKAUFER GMBH: Proofs of Claim Due September 30
G. WIESE: Bielefeld Court Names Stefan Meyer Administrator

IHR PLATZ: Management-sponsored Rehab Plan Gets Court Nod
META ELEKTRONIK: Court to Verify Claims December
MITTELSTADT & FISCHER: Under Bankruptcy Administration
OPTIK MARX: Creditors to Meet November
RAIFFEISEN BHG: Chemnitz Company Goes Bust

ROLAND GESELLSCHAFT: Sets First Creditors Meeting Thursday
SCHMIDT LUENEN: Succumbs to Bankruptcy
SUEDFLEISCH HOLDING: Takeover by Vion Underway
WUENSCHMANN GMBH: Court Appoints Interim Administrator


I R E L A N D

DIGISERVE LIMITED: Appoints Liquidator from Tait Walker
YBN INTERNATIONAL: Mobile Content Providers Fold up


I T A L Y

ALGOL GROUP: Risks Going into Liquidation
ALITALIA SPA: More Layoffs Expected as Fuel Prices Soar
IMPREGILO SPA: To Present First-half Report in IFRS


K A Z A K H S T A N

BANK CASPIAN: Upgraded to 'B+' on Continued Strong Performance


K Y R G Y Z S T A N

AK-JOL: Gives Creditors Until October to File Claims
DJAL-YNTYMAK: Under Bankruptcy Supervision
MERVE: Sets Deadline for Proofs of Claim
SAMAN: Last Day for Filing Claims October 18
TURISTICHESKAYA FIRMA: Creditors' Claims Due Next Month


L U X E M B O U R G

SBS BROADCASTING: Releases Shareholders Circular on Acquisition


N E T H E R L A N D S

LAURUS N.V.: Half-year Net Result Improves to EUR2 Million
ROYAL SHELL: Buyback Scheme Cuts 'A' Shares to 4,056,310,000


R U S S I A

ABRASIVES: Claims Filing Period Ends Today
BAYAMAK-GAS-SPETS-STROY: Bankruptcy Supervision Procedure Begins
BUILDING ASSEMBLY: Bankruptcy Hearing Set November
CHITA-AIR: Deadline for Proofs of Claim Set September 30
DUBNENSKIY: Assets for Public Auction Friday

EGORYEVSK-AGRO-PROM-SNAB: Proofs of Claim Deadline Set Today
GRANITE - 2: Succumbs to Bankruptcy
ORLOVSKOYE: Creditors Opt for Liquidation
OSINTSEVO: Declared Insolvent
PODKOVA: Court Brings in Insolvency Manager
RUSSIAN STANDARD: Moody's Upgrades Ratings to Ba3


S W E D E N

SKANDIA INSURANCE: Fitch Affirms Old Mutual on Takeover Bid
SKANDIA INSURANCE: Merger Could Raise Capital to GBP7.9 Billion


S W I T Z E R L A N D

SWISS INTERNATIONAL: AirTrust Squeezes out Remaining Shares


T U R K E Y

MNG BANK: 'B-' Rating Affirmed on Weak Core Profitability


U K R A I N E

BIONIKA: Bankruptcy Supervision Starts
IMAN: Temporary Insolvency Manager Steps in
MIKOLAIVSKE: Under Bankruptcy Supervision
SATELIT: Gives Creditors Until Today to File Claims
SPETSREMBUDPROEKT: Creditors' Claims Due Today


U N I T E D   K I N G D O M

ABD TRANSPORT: Names Poppleton & Appleby Liquidator
A MARSHALL: Meeting of Creditors Set Thursday
APMS MEDICAL: Members Decide on Winding-up
ARROW FABRICATION: Files for Liquidation
AVON COMMERCIAL: Hires Administrators from Ward & Co.

BAY CLOTHING: Calls in Liquidator
BOLT LONDON: Winding-up Gets Go Signal
BUKO INTERNATIONAL: Closure to Affect 90 Jobs
CABLE INSTALLATION: Administrator from DS Insolvency Moves in
CAPITAL SOUND: Administrators Take over Company

C & L MOTORS: EGM Passes Winding-up Resolution
CWMNI CIG: Goes into Liquidation
ECOTRADE OVERSEAS: Members Pass Winding-up Resolution
ELAM-T LIMITED: In Administrative Receivership
ELECTRA PRODUCTIONS: Calls in Begbies Traynor Administrator

ENIGMA VENTURES: Members Opt for Liquidation
E WALTERS: Clothing Firm Folds After Almost 50 Years in Business
FILTRONIC PLC: Forecasts Substantial Market Recovery
G H PATTINSON: Liquidators from Chantrey Vellacott Move in
HASTINGS TAVERN: Court Orders Winding-up

JARVIS PLC: Completes Key Restructuring Measure
KEN JOHNSON: P&A Partnership Liquidators Move in
L B L (COOKED MEATS): Calls in Liquidators from Blades
LE-SCOTT PRESS: Goes into Liquidation
LUNE INDUSTRIES: Hires Administrators from Tenon Recovery

MEADS SCHOOL: Appoints Tenon Recovery Liquidator
MG ROVER: Nanjing Told 'No More Chinese Whispers'
MONEYPLAN FINANCIAL: Members Call in Crawfords Liquidator
PORTER HEAD: PFK Administrators Enter Firm
PORTWAY PROPERTY: EGM Passes Winding-up Resolutions

PRIMELINE TELECOM: Members Opt for Liquidation
READING LITHO: Printing Firm Liquidates
REGAL PETROLEUM: To Shut down Greece Site Amid Labor Dispute
ROPAC (YORKSHIRE): Pattern Maker Files for Liquidation
SCULPTASTIC LIMITED: EGM Passes Winding-up Resolutions

SKYEPHARMA PLC: To Unveil Half-year Figures Later this Month
SPECTRUM MOBILE: Creditors Meeting Set Next Week
TELEWEST GLOBAL: Flextech Receives Offer from U.S. Cable Firm
T P BEESTON: Files for Liquidation
T.T.S. PERFORMANCE: Appoints Liquidators

WATERVIEW BARNES: Court Approves Liquidation
WEBB CONSTRUCTION: Crumbles into Liquidation
WEMBLEY PLC: Liquidates After Losing Rhode Island Case
WEMBLEY PLC: Company Profile
WESTCROFT HOMES: Members Opt to Wind up Business

* Large Companies with Insolvent Balance Sheets


                            *********


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


VITKOVICE STEEL: Mittal Plans to File Arbitration Suit vs. Govt
---------------------------------------------------------------
Dutch steelmaker Mittal Steel is threatening to bring the
government before an international arbitration tribunal for
snubbing its CZK9 billion offer for Vitkovice Steel.

In an interview with Czech Business Weekly, Mittal's director for
mergers and acquisitions, Ondra Otradovec, said the exclusion of
the company in the bidding violates a bilateral agreement between
the Netherlands and Czech Republic.  That agreement, according to
him, ensures fair treatment of investors in each other's
jurisdiction.

Although Mittal had offered a higher bid, the government awarded
its 99% stake to Russia's Evraz for only CZK7 billion.  Mr.
Otradovec suspects Mittal's exclusion had something to do with a
dispute over prices of pig-iron supplies from Mittal's Czech unit
VPO and Vitkovice.  "In a nutshell, our exclusion was unjust," he
told the weekly.

Karel Muzikar, who heads a team of lawyers advising the
government, believes there is no ground for the arbitration.  Eva
Kijonkova, a spokeswoman for state-owned Osinek, which actually
holds the Vitkovice stake, says the sale was conducted in accord
with E.U. laws and met all government criteria.

Mr. Otradovec, however, dismissed suggestions the dispute will
affect Mittal's plan to invest EUR500 million in a new plant that
will produce cold-rolled steel sheets for local carmakers.
There's no connection between the two matters, he said.

A court recently enjoined the sale of Vitkovice, a ruling that
Osinek has appealed.  Vitkovice is considered the third-largest
steelmaker in the country.  Heavy plates account for 85 percent
of its 2003 sales and about two-thirds of its products are
exported to E.U. countries.  Employing 1,600 staff, it booked a
profit of CZK1.6 billion in 2004.

CONTACT:  VITKOVICE STEEL a.s.
          706 02 Ostrava
          Vitkovice
          Phone: +420 59 595 6306
                 +420 59 595 1111
          Fax: +420 59 595 6830
          Web site: http://www.vitkovicesteel.com

          EVRAZ HOLDING LIMITED LIABILITY COMPANY
          Ulitsa Dolgorukovskaya 15
          Moscow 127006.
          Phone: +7 (095) 234-4631
          Web site: http://www.evrazholding.ru

          MITTAL STEEL COMPANY N.V.
          Hofplein 20, 15th Fl.
          3032 Rotterdam, The Netherlands
          Phone: +31-10-217-8800
          Fax: +31-10-217-8850
          Web site: http://www.mittalsteel.com


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


ALSTOM SA: Selling EUR400 Million Eurobonds
-------------------------------------------
Engineering giant Alstom S.A. is issuing EUR400 million in
eurobonds to refinance debt, Reuters reported on August 30.

Dresdner Kleinwort Wasserstein, HSBC, IXIS CIB and Natexis
Banques Populaires will manage the sale.  An Alstom spokeswoman
said, "This is part of the progressive refinancing of our debt
and allows us to benefit from lower interest rates."

The notes mature in 3.5 years.  Alstom issued a EUR1 billion
ten-year bond in February.

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

          DRESDNER KLEINWORT WASSERSTEIN
          20 Fenchurch St.
          London EC3P 3DB
          Phone: +44-20-7623-8000
          Fax: +44-20-7623-4069
          Web site: http://www.drkw.com

          HSBC HOLDINGS PLC
          8 Canada Sq.
          London E14 5HQ Kingdom
          Phone: +44-20-7991-8888
          Fax: +44-20-7992-4880
          Web site: http://www.hsbc.com

          IXIS CORPORATE & INVESTMENT BANK
          47 quai d'Austerlitz
          75648 Paris Cedex 13
          Phone: +33 (0) 1 58 55 15 15
          Web site: http://www.ixis-cib.com

          NATEXIS BANQUES POPULAIRES
          45, rue Saint Dominique
          75007 Paris, France
          Phone: +33-1-58-32-30-00
          Fax: +33-1-40-39-63-40
          Web site: http://www.nxbp.fr


ORGACHIM: Court-supervised Administration Begins
------------------------------------------------
Orgachim, a company specializing in agro-chemistry, has been
placed under court-supervised administration by the commercial
court in Rouen, Les Echos says.

A subsidiary of chemical group Orgasynth, Orgachim employs 20 and
represents 4% of its parent's overall turnover.  Loss-making
since 2001, the company recently filed for insolvency.

CONTACT:  ORGASYNTH GROUP - SIEGE SOCIAL
          211, bd Vincent Auriol - 75013 PARIS
          Phone: +33 1 56 61 72 80
          Fax: +33 1 56 61 72 99
          E-mail: contact@orgasynth.com
          Web site: http://www.orgasynth.com/


STEPHANE KELIAN: Loses Ground as Chinese Rivals Invade Market
-------------------------------------------------------------
The commercial court of Romans-sur-Isere has ordered the winding
up of Stephane Kelian, according to The Times.

The footwear maker filed for insolvency in August, declaring debt
of EUR3 million and blaming the entry of cheap Chinese footwear
in the local market.  Accordingly, competition has already eaten
a third of its sales since 2003.

Factory workers are angry with Chief Executive Daniel Bag-ault,
whom they accuse of paying them only the minimum wage.  Union
official Didier Guillaume said: "When you are selling pumps at
EUR1,000 a pair, don't tell me you have problems with labor
costs."

A union representative earlier insinuated that the company's
bankruptcy is bogus.  He noted that management first told staff
not to report for work, but a few days later sent all raw
materials to subcontractors in Portugal.  A spokesman for major
shareholder Alain Dusmenil has denied this, noting the company
had recently received a EUR15 million cash injection.

In November, Stephane Kelian predicted a EUR4 million net loss
for 2004 and announced job cuts to soften its impact.  Managing
director Patrick Engler said the group must drop some workers to
align the size of its workforce with sales volume.

CONTACT:  STEPHANE KELIAN
          Service Marketing - BP88 - av,
          Robert Schuman - 26302
          Bourg de Peage cedex France
          Phone: 0142778200
          Fax: 0142760597
          Web site: http://www.stephane-kelian.fr


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


AGIV REAL: Goldman Sachs Acquires Profitable Unit
-------------------------------------------------
U.S. investment bank Goldman Sachs will soon acquire the only
remaining attractive asset of collapsed Agiv Real Estate,
Financial Times Deutschland says.

Goldman Sachs will pay EUR300 million to acquire 76% of Deutsche
Real Estate (Dreag) and take over all of its debt.  Of the
purchase price, only EUR5 million will go Dreag, the rest to
creditors.

The bank is taking over a company that currently owns 44 office
buildings and holds between 10% and 70% shares in eight other
properties, all worth around EUR500 million.  Before this
acquisition, Goldman acquired a license to engage in credit
activities and has been active as a private equity investor.
Dreag will expand its areas of activity, although the company
requires further work to fully recover.  Goldman plans to buy
more properties and refinance these through the stock market, FT
Deutschland says.

Local investment group WCM holds 14% of Dreag while the rest are
in free-float.  The district court of Hamburg launched bankruptcy
proceedings against Agiv Real Estate in February and appointed
Reinhard Titz provisional administrator.  Its insolvency does not
affect Dreag.

CONTACT:  AGIV REAL ESTATE AG
          Warburgstrasse 50
          D-20354 Hamburg
          Phone: +49-40 4 15 26-0
          Fax: +49-40 4 15 26-199
          Web site: http://www.agiv.de

          Reinhard Titz, Provisional Administrator
          Speersort 4-6
          20095 Hamburg

          THE GOLDMAN SACHS GROUP, INC.
          85 Broad St.
          New York, NY 10004
          Phone: 212-902-1000
          Fax: 212-902-3000
          Web site: http://www.goldmansachs.com


B&L FASHION: Falls into Bankruptcy
----------------------------------
The district court of Tuebingen opened bankruptcy proceedings
against B&L Fashion GmbH on August 11.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 3, 2005 to register their claims
with court-appointed provisional administrator Herr Hansjorg
Wanner.

Creditors and other interested parties are encouraged to attend
the meeting on October 12, 2005, 7:45 a.m. at the district court
of Tuebingen, Aussenstelle, 72074 Tuebingen, Schulberg 14, 2. OG,
Saal 208, 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:  B&L FASHION GmbH
          Contact:
          Karsten Lingott, Manager
          Lederstrasse 122, 72764 Reutlingen

          Herr Hansjorg Wanner, Administrator
          Reutlinger Strasse 105, 72800 Eningen u.A.


DAIMLERCHRYSLER AG: U.S. Group Sales Up 5% in August
----------------------------------------------------
DaimlerChrysler AG has reported total group sales of 206,352
passenger vehicles in the U.S. for August 2005, a 5% increase
year on year.  All figures in this release are on an unadjusted
basis unless otherwise noted.

Chrysler Group, which consists of the Chrysler, Jeep(R) and Dodge
brands, posted sales of 187,085 vehicles in the U.S., an increase
of 5%.  Adjusted for one more selling day in August 2005 compared
to August 2004, sales rose 1%.

After launching a record nine new models in 2004, the Chrysler
Group is launching several new models in 2005, including the
all-new 2006 Jeep Commander.  Starting September 1, the company
began selling the all-new 2006 Dodge Ram Mega Cab, which has the
most interior room of any pickup in the market.

Mercedes-Benz USA (MBUSA) posted sales of 19,267, a 7% increase
compared to the same month last year and the best August sales in
its history.

In August, the all-new 2006 M-Class, built in Vance, Alabama,
continued its strong momentum in the market.  Arriving at
dealerships this fall, the R-Class, which represents a new
segment Mercedes calls the Grand Sports Tourer segment, will join
the M-Class and double the company's penetration in the
fast-growing luxury light truck market.  These models will
further expand MBUSA's position as offering the widest product
portfolio in the luxury vehicle market and the company expects
yet another record year.

August 2005 had 26 selling days while August 2004 had 25 selling
days.

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


GARNKAUFER GMBH: Proofs of Claim Due September 30
-------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Garnkaufer GmbH on August 17.  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 Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on October 31, 2005, 8:40 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, 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:  GARNKAUFER GmbH
          Fleher Str. 26, 40223 Duesseldorf
          Contact:
          Erika Garnkaufer

          Dr. Biner Bahr, Administrator
          Jagerhofstrasse 29, 40479 Duesseldorf


G. WIESE: Bielefeld Court Names Stefan Meyer Administrator
----------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against G. Wiese GmbH on August 15.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 5, 2005 to register their claims
with court-appointed provisional administrator Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on October 26, 2005, 9:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  G. WIESE GmbH
          Industrieweg 20, 32479 Hille
          Contact:
          Gerhard and Heiko Wiese, Managers

          Stefan Meyer, Administrator
          Ostertorstr. 7, 32312 Luebbecke


IHR PLATZ: Management-sponsored Rehab Plan Gets Court Nod
---------------------------------------------------------
The district court in Osnabruck has ruled that the management of
Ihr Platz may implement a restructuring plan without the
supervision of a provisional administrator, Die Welt says.

Management, however, will be advised by insolvency expert, Horst
Piepenburg, the paper said.  Presented in May shortly after it
declared bankruptcy, the restructuring plan entails 700 job cuts
and 80 closures.  The chain of chemist shops has over 8,000
employees and 820 shops.

"Ihr Platz says a large number of the job cuts and store closures
have already been carried out and that it is ahead of schedule in
its restructuring plans," says Die Welt.  Turnover and profits
have also stabilized and both creditors and management want to
emerge from insolvency by Christmas.

CONTACT:  IHR PLATZ GMBH + CO. KG
          CardService
          Postfach 3740
          49027 Osnabrück
          Phone: (0800) 50 35 131
          Web site: http://www.ihrplatz.de/


META ELEKTRONIK: Court to Verify Claims December
------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against meta Elektronik GmbH on August 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 31, 2005
to register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on September 26, 2005, 9:25 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report December
19, 2005, 9:15 a.m. at the same venue.

CONTACT:  META ELEKTRONIK GmbH
          Klarenbachstr. 1-4,10553 Berlin

          Dr. Dirk Wittkowski, Administrator
          Kirchblick 11, 14129 Berlin


MITTELSTADT & FISCHER: Under Bankruptcy Administration
------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Mittelstadt & Fischer Malerfachbetrieb GmbH
on August 11.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 31, 2005 to register their claims with court-appointed
provisional administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on September 26, 2005, 9:30 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
December 19, 2005, 9:20 a.m. at the same venue.

CONTACT:  MITTELSTADT & FISCHER MALERFACHBETRIEB GmbH
          Stuebbenstr. 5,10779 Berlin

          Ruediger Wienberg, Administrator
          Giesebrechtstr. 1, 10629 Berlin


OPTIK MARX: Creditors to Meet November
--------------------------------------
The district court of Saarbruecken opened bankruptcy proceedings
against Optik Marx GmbH on August 12.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 17, 2005 to register their claims
with court-appointed provisional administrator Torsten Lang.

Creditors and other interested parties are encouraged to attend
the meeting on November 7, 2005, 9:40 a.m. at the district court
of Saarbruecken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280
Sulzbach, 2. Etage, Saal 24, 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:  OPTIK MARX GmbH
          Franzosische Strasse 2, 66740 Saarlouis
          Contact:
          Werner Haag, Manager

          Torsten Lang, Administrator
          Faktoreistr. 4, 66111 Saarbruecken
          Phone: 0681- 4101-222


RAIFFEISEN BHG: Chemnitz Company Goes Bust
------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Raiffeisen BHG Glauchau eG 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 Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting on October 25, 2005, 9:30 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:  RAIFFEISEN BHG GLAUCHAU eG
          Gueterbahnhofstrasse 22, 08371 Glauchau
          Contact:
          Dieter Karch and Ingrid Harke

          Wolfgang Hauser, Administrator
          Poetenweg 36, 08056 Zwickau


ROLAND GESELLSCHAFT: Sets First Creditors Meeting Thursday
----------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against ROLAND Gesellschaft fuer Innovatives Planen und Bauen mbH
on August 10.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
September 13, 2005 to register their claims with court-appointed
provisional administrator Frank-Michael Rhode.

Creditors and other interested parties are encouraged to attend
the meeting on September 8, 2005, 10:30 a.m. at the district
court of Bremen Saal 115, Gerichtshaus (Neubau), Ostertorstr.
25-31, 28195 Bremen, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report on
October 6, 2005, 9:30 a.m. at the same venue.

CONTACT:  ROLAND GESELLSCHAFT FUER INNOVATIVES
          PLANEN UND BAUEN mbH
          Parkstr. 50, 28209 Bremen
          Contact:
          Renate Roland, Manager
          Richard-Wagner-Str. 12, 28209 Bremen
          Horst-Otto Kneifel, Manager
          Burgdammer Str. 7A, 28717 Bremen

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


SCHMIDT LUENEN: Succumbs to Bankruptcy
--------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Schmidt Luenen Geschaftsfuehrungs GmbH on August 12,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until October 6,
2005 to register their claims with court-appointed provisional
administrator Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on October 11, 2005, 2:30 p.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, 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 6, 2005, 1:30 p.m. at the same venue.

CONTACT:  SCHMIDT LUENEN GESCHAFTSFUEHRUNGS GmbH
          Frydagstr. 4, 44536 Luenen
          Contact:
          Ralf Nachtsheim, Manager

          Dr. Sebastian Henneke, Administrator
          Muelheimer Str. 100, 47057 Duisburg
          Phone: 0203/34840
          Fax: 0203/3484510


SUEDFLEISCH HOLDING: Takeover by Vion Underway
----------------------------------------------
Dutch meat group Vion is to take over debt-laden slaughterhouse
operator Suedfleisch Holding, according to Suddeutsche Zeitung.
Rumors of the takeover have been circulating since May and
Sudfleisch has just confirmed it.  Talks are expected to be
concluded within the next few weeks, the report said.  Under the
deal, Vion will initially acquire 60% of Sudfleisch's shares.

Suedfleisch has 3,300 staff.  It reported turnover of EUR1.1
billion last year.  Its three main shareholders are livestock
marketing cooperatives of northern Bavaria, Lower Bavaria and
Upper Bavaria/Swabia.

Vion is the largest operator of slaughterhouses in Germany.  It
has already taken over Sudfleisch's rivals Moksel and
Nordfleisch.  Experts fear the acquisition of Suedfleisch will
lead to the closure of slaughterhouses in Bavaria.

CONTACT:  SUEDFLEISCH HOLDING
          Phone: 49 89 72 03 0
          Fax: 49 89 72 03 410
          Web site: http://www.suedfleisch.de
          E-mail: info@suedfleisch.de


WUENSCHMANN GMBH: Court Appoints Interim Administrator
------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Wuenschmann GmbH on August 9, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 31, 2005
to register their claims with court-appointed provisional
administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on September 22, 2005, 9:00 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 22, 2005, 9:30 a.m. at the same venue.

CONTACT:  WUENSCHMANN GmbH
          Lobeckstrasse 36,10969 Berlin

          Rolf Nacke, Administrator
          Gross-Berliner Damm 73 c, 12487 Berlin


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


DIGISERVE LIMITED: Appoints Liquidator from Tait Walker
-------------------------------------------------------
At the extraordinary general meeting of DigiServe Limited, duly
convened, and held at 63 Derby Square, Douglas, Isle of Man IM1
3LR, on 9 August 2005, the following Resolutions were passed as a
Special Resolution, as Ordinary Resolutions and as an
Extraordinary Resolution respectively:

"That the Company be wound up voluntarily, that Gordon Smythe
Goldie and Allan David Kelly, of Tait Walker, Bulman House,
Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS, be and are
hereby appointed as Liquidators of the Company for the purpose of
such voluntary winding-up, that the Liquidators' remuneration
shall be fixed by reference to the time properly given by them
and their staff in attending to matters arising in the
winding-up, including those falling outside his statutory duties
undertaken at the request of Members, and that in accordance with
the Company's articles of association, the Liquidators be and are
hereby authorised to divide among the Members in specie all or
any part of the Company's assets."

M Blanche, Chairman

                            *   *   *

DigiServe operates the world's largest membership-based online
service for Irish people.  DigiServe's Web properties
http://www.online.ie,http://www.IrishAbroad.comand
http://www.IrishSites.comserve Irish people worldwide, and have
established a commanding position in their market since March
2000.  Visit http://www.digiserve.ie/for more information.

CONTACT:  DIGISERVE LTD.
          Unit 56, Guinness Enterprise Centre,
          Taylor's Lane, Dublin 8, Ireland
          Phone: +353 1 410-0744
          E-mail: info@digiserve.ie

          TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


YBN INTERNATIONAL: Mobile Content Providers Fold up
---------------------------------------------------
YBN International (Ireland) Limited and Paracletes Technologies
Limited have gone into liquidation, reports Business world.

The two companies, which were deeply involved in the development
of 3G technologies for mobile phones, particularly religious
streaming, leave debt of EUR3.5 million.  The larger of the debt,
about EUR2.2 million, belong to YBN International, the report
said.

Edward Walsh has been appointed liquidator for both companies,
according to creditors.  YBN International is connected to Global
Mobile Vision/GM Interactive.

CONTACT:  GLOBAL MOBILE VISION
          41 Lower Baggot Street
          Dublin 2, Ireland
          E-mail: info@gmvinteractive.com

          Press Office
          Mr. Alex Fitzgerald
          Phone: +353 87 0543353
          E-mail: alex.fitzgerald@gmvinteractive.com


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


ALGOL GROUP: Risks Going into Liquidation
-----------------------------------------
Trading of Algol Group shares was suspended indefinitely on
Thursday after the company warned of potential liquidation, Il
Sole 24 Ore reports.

The IT products distributor is currently beset by disputes over
potential liabilities that threaten to reduce its equity to
distressed level.  Algol's equity has already been reduced by a
third due to losses and it could fall below the legal limit if
this trend continues.

The company also faces questions over its financial reporting.
Auditor PricewaterhouseCoopers refused to certify its 2004
accounts.  The group's board of internal auditors has filed a
complaint with a Milan court.

Algol Group operates in the Information & Communication
Technology and is positioned as an "Infrastructure Solution
Company."  The company provides Network Computing Solutions with
a wide range of products and services in Italy, Germany and
France.  The Algol Group consists of four companies: parent
company Algol S.p.A., Algol Deutschland GmbH, a subsidiary
operating in the German market, and AlgolNet S.p.A.

Algol (ALGL, is listed on the Nuovo Mercato (Milan) and on
Euronext (Brussels).

The group said in June it earned consolidated revenues of
EUR137.6 million, down from EUR186.1 million in 2003 (-26%).
The year closed with a consolidated loss of EUR14.5 million,
versus a 2003 loss of EUR1.8 million.  Almost fully responsible
for that result was the subsidiary AlgolProducts S.p.A. (now
sold), which suffered losses of EUR12.3 million for the year and
cost the group EUR817,000 in goodwill amortization.

Consolidated shareholders' equity at December 31, 2004 stood at a
negative EUR2.1 million, but the sale of AlgolProducts for EUR4.8
million has brought the figure at March 31, 2005 to a positive
EUR2.1 million.

Net debt at year-end came to EUR18.7 million, an improvement on
the previous year's balance of EUR34.6 million.  Operating cash
flow was a positive EUR12.6 million.

CONTACT:  ALGOL S.p.A.
          Via Feltre 28/6
          20132 Milano
          Phone: +39 02 21 569.1
          Fax: +39 02 21 569.444
          Web site: http://www.algol.it/


ALITALIA SPA: More Layoffs Expected as Fuel Prices Soar
-------------------------------------------------------
Alitalia S.p.A. is reportedly mulling changes to its
restructuring plan in light of soaring fuel prices, Il Sole 24
Ore says.

According to the financial daily, Alitalia will likely take up at
the next board meeting on September 12 plans to offset an
additional EUR300 million to EUR400 million in fuel cost.
Although the current plan has enabled the carrier to save EUR150
million from operating and procurement costs, the surge in fuel
prices has made it necessary to look for other avenues for
savings.  Insiders say the cuts being studied by management
inevitably include labor cost.

The company has already denied rumors it will shed 2,000
employees, in addition to the 3,700 pilots, ground workers and
flight attendants previously negotiated with the unions.
Alitalia called the rumors "groundless."

Alitalia's restructuring plan includes splitting the carrier into
AZ Fly and AZ Servizi.  The carrier intends to retain full
control of AZ Fly, which will handle all flight operations after
the restructuring; and sell to state-owned Fintecna a stake in AZ
Servizi, which will handle the group's ground and maintenance
activities.

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


IMPREGILO SPA: To Present First-half Report in IFRS
---------------------------------------------------
Impregilo said its 2005 half-year report would be compliant with
the IAS/IFRS international accounting standards.

The half-year report will therefore be presented for the approval
of the Board of Directors at a meeting to be called for September
26, 2005, in accordance with current laws and regulations.  The
corporate calendar published on January 13, 2005, in which the
half-year report was to be approved by September 7, 2005, has
been amended accordingly.

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

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


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


BANK CASPIAN: Upgraded to 'B+' on Continued Strong Performance
--------------------------------------------------------------
Fitch Ratings has upgraded Kazakhstan-based Bank Caspian's Long
term rating to 'B+' from 'B'.  At the same time, the agency has
affirmed the bank's other ratings at Short-term 'B', Individual
'D' and Support '5'.  The Outlook on the Long-term rating is
Stable.

The upgrade reflects the continued strong performance of Caspian,
its sound capital ratios, good asset quality to date, diversified
funding and prudent liquidity management, as well as the bank's
successful business development.  However, the ratings remain
constrained by the bank's relatively small, although growing,
size and market share and the quite high, albeit declining,
concentration of its loan book.  The bank's ratings also reflect
the risks associated with rapid loan book growth, as well as
certain weaknesses in the operating environment.

Caspian's performance was good in 2004 and outstanding in H105,
although the latter was partially helped by low provisioning.
Profits are rising on the back of the growing volume of
high-yielding retail express lending as well as tight cost
controls.  Asset quality has been good to date but needs to be
carefully controlled, given the very rapid growth of the loan
portfolio.

The tenor of funding has been lengthening, and Caspian plans to
further increase its long-term funding through both domestic and
foreign debt placements.  The policy to keep all cumulative
liquidity gaps positive is prudent, and is supported by the large
portfolio of government securities, which can be used as
collateral to obtain additional funding.  Capitalization is
currently sound (total Basel capital adequacy ratio of 23% at
end-H105), and capital ratios are likely to stay reasonably high
in the future, despite the planned rapid growth of 50% per annum,
due to strong internal capital generation.

Upside on the ratings could result from the further profitable
growth and diversification of the bank's franchise without
deterioration in asset quality, and reduction of the
concentration in the loan book.  Downward pressure could result
from capital ratios falling below target levels, asset quality
problems or a marked increase in the bank's risk appetite.

At end of July this year, Caspian was the 8th largest commercial
bank in Kazakhstan, with an approximate 3% share of the banking
system's assets.  Initially a corporate bank, it is now rapidly
developing its retail and small and medium-sized enterprises
business, pioneering mass consumer express lending in Kazakhstan.

CONTACT:  FITCH RATINGS
          Alexei Kechko, Moscow
          Phone: +7 095 956 9901
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

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


===================
K Y R G Y Z S T A N
===================


AK-JOL: Gives Creditors Until October to File Claims
----------------------------------------------------
OJSC Ak-Jol, which recently became insolvent, will accept proofs
of claims at Chui district, Chui, Ibraimova Str. until October
18, 2005.  Call (0-3138) 5-54-62 for more information.


DJAL-YNTYMAK: Under Bankruptcy Supervision
------------------------------------------
The Inter-district Court of Chui Region for Economic Issues
commenced bankruptcy supervision procedure on Construction
Complex Djal-Yntymak on August 3, 2005.  The case is docketed as
ED-345/05-MCH-C3.  Mr. Marksbek Abdyjalilov (License 0233) has
been appointed temporary insolvency manager.

Creditors will meet at Bishkek, Moskovskaya Str. 151, Room 106 on
September 6, 2005 at 10:00 a.m.  Creditors must submit their
proofs of claim and register with the temporary insolvency
manager seven days before the meeting.  Proxies must have
authorization to vote.

CONTACT:  Mr. Marksbek Abdyjalilov
          Temporary Insolvency Manager
          Phone: (0-312) 21-67-26


MERVE: Sets Deadline for Proofs of Claim
----------------------------------------
LLC Merve, which recently became insolvent, will accept proofs of
claim at Bishkek, Kulatova Str. 5 on or before October 18, 2005.
Call (0-312) 44-24-14 for more information.


SAMAN: Last Day for Filing Claims October 18
--------------------------------------------
LLC Scientific Production Firm Saman, which recently became
insolvent, will accept proofs of claim at Bishkek, Toktogul Str.
106 on or before October 18, 2005.  Call (0-312) 65-75-07 for
more information.


TURISTICHESKAYA FIRMA: Creditors' Claims Due Next Month
-------------------------------------------------------
State Enterprise Turisticheskaya Firma Bishkek Travel of Chui
region, which recently became insolvent, will accept proofs of
claim at Bishkek, The Government House on or before October 18,
2005.  Call (0-312) 66-05-94 for more information.


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


SBS BROADCASTING: Releases Shareholders Circular on Acquisition
---------------------------------------------------------------
SBS Broadcasting S.A. (NASDAQ: SBTV; Euronext Amsterdam N.V.:
SBS) said on Friday it has commenced distribution of the
shareholders circular for the Extraordinary General Meeting of
its shareholders that is scheduled to be held on October 3, 2005
in Luxembourg.  The purpose of the Extraordinary General Meeting
is to consider the previously announced proposed acquisition of
the business of SBS by an entity owned by funds advised by two
leading international private equity firms, Permira and Kohlberg
Kravis Roberts & Co. L.P.

SBS is mailing the shareholders circular to shareholders of
record on August 24, 2005, the record date for the Extraordinary
General Meeting.  The shareholders circular is also being made
available at http://www.sbsbroadcasting.comand at SBS' s
registered offices in Luxembourg and the offices of Deutsche Bank
AG, Amsterdam Branch, its paying agent in The Netherlands at the
addresses set out below, and will be furnished to the U.S.
Securities and Exchange Commission on a Report on Form 6-K.

Subject to approval of the transaction by the shareholders of SBS
at the Extraordinary General Meeting and satisfaction of the
other conditions precedent to the closing of the transaction set
out in the Sale and Purchase Agreement entered into by SBS in
relation to the transaction, SBS expects that the closing of the
transaction will occur in late October.  As soon as practicable
after the closing date for the transaction has been set, SBS will
announce the closing date, the record date for the distribution
to shareholders of the proceeds of the transaction and certain
other amounts, and the date on which trading of SBS shares on the
Nasdaq National Market and Euronext Amsterdam will be suspended
in order to allow trades on the Nasdaq National Market and
Euronext Amsterdam to settle prior to the record date for the
distribution.

About SBS Broadcasting S.A.

SBS is a European commercial television and radio broadcasting
company with operations in Western and Central Europe.  Countries
where SBS currently has broadcasting assets include: Belgium
(Flanders), Denmark, Finland, Greece, Hungary, The Netherlands,
Norway, Romania and Sweden.  SBSs registered offices are at 8-10
rue Mathias Hardt, L-1717 Luxembourg.  SBSs paying agent in The
Netherlands for the purposes hereof is Deutsche Bank AG,
Amsterdam Branch, Herengracht 450-454, 1017 CA, The Netherlands.

                            *   *   *

As reported by TCR-Europe on Aug. 25, Moody's Investors Service
placed the Ba2 Corporate Family Rating of SBS Broadcasting on
review for possible downgrade following an announcement that the
company has entered into a definitive agreement to be acquired by
funds advised by Permira and Kohlberg Kravis Roberts (KKR).

Whilst the acquisition is subject to competition clearance and
must be approved prior to closing by two-thirds of the votes cast
by SBS shareholders, Moody's notes that the transaction has
received unanimous board approval and that SBS shareholders
representing a minimum of 21.9% of the total outstanding common
shares of SBS have entered into agreements to vote in favor of
the transaction.  Furthermore, SBS has agreed to pay Permira and
KKR liquidated damages of EUR50 million if another purchaser
prior to May 21, 2006 acquires SBS.

Moody's expects that a successful completion of the acquisition
by Permira and KKR would increase SBS' leverage above the current
level of c. 3x such that SBS's financial profile would no longer
be consistent with the Ba2 rating level.  Moody's rating review
will focus primarily on SBS' financial position, capital
structure and future operational strategy.

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

           BRAINERD COMMUNICATORS
           Phone: +1 212 986 6667

           PRYOR ASSOCIATES
           Jeff Pryor
           Phone: +1 818 338 3555

           CITIGATE DEWE ROGERSON
           Catriona Cockburn
           Phone: +44 207 282 2924


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


LAURUS N.V.: Half-year Net Result Improves to EUR2 Million
----------------------------------------------------------
Laurus N.V. has reported results for the first half of 2005
(weeks 1-24).

Highlights

(a) consolidated net result: EUR2 million (first half 2004:
    EUR15 million negative);

(b) consolidated net result excluding non-recurring items: EUR46
    million negative (first half 2004: EUR51 million negative);

(c) consolidated operating result (EBIT): EUR26 million (first
    half 2004: EUR16 million negative);

(d) consolidated operating result and net result positively
    affected in 2005 by release of EUR47 million (after tax)
    from pension provision;

(e) consolidated net sales down to EUR1.463 billion (first half
    2004: EUR1.653 billion); and

(f) further expansion of Lekker & Laag Superstore pilot with
    four stores.

Harry Bruijniks, chairman of Laurus N.V.'s Group Management
Board, said: "The Laurus organization has undergone a structural
improvement in the past three years.  Significant progress has
been made in many areas: the back-office problems are a thing of
the past.  The distribution function is performing well, as
witnesses the high service level in excess of 99%.  The
optimization of the logistics network has also reduced costs
sharply (EUR12 million compared to the cost level of 2003).

"The Purchasing Department is also functioning very efficiently,
thanks in part to working closely with Casino.  Operation Bridge,
which cut around 1,300 jobs at the stores, has achieved a
substantial reduction in staff costs, with savings of around
EUR21 million expected in 2005.  Store operation is also greatly
improved: the Superfit and Komback McKinsey projects are expected
to yield savings of around EUR4 million this year. Unfortunately,
the lower sales and narrower margins mean that the effect of the
actions we have taken has not been enough to achieve an
improvement in the operating result.

"Laurus has become lean and mean and the back office organization
is good.  The key issue for Laurus now is the low sales per
square meter, which is below the average level of other
supermarkets in the Netherlands.  This has negative implications
for outlet rentability.  The sales per square meter figure is
lowest among the Edah stores, more particularly the 'regular'
Edah outlets that have not yet been converted to the Edah Lekker
& Laag format.

"There is, however, still much work to do on the new format
which, though generating higher sales than the regular Edah
format, is still not reaching sales levels commensurate with its
low-price strategy.  The format is therefore being fine-tuned on
the basis of customer research.  Five hundred items, mainly
A-brands, are being added to the Edah Lekker & Laag range.

"Around twenty more Edah Lekker & Laag outlets will open this
year.  The model for the rollout will be the successful Edah
Lekker & Laag store in the De Bus shopping center in Helmond: a
fully stocked and well designed store offering a good selection
of fresh produce and very low prices.  This is being reflected in
higher sales per square meter, which at De Bus is an average of
60% higher than the regular Edah stores.

"The 388 Super de Boer stores are undergoing a thorough makeover,
as part of Operation Refresh Express.  So far, 179 stores have
been upgraded and updated in a new and modern style, with 40 more
to follow by the end of the year.  Further development of Super
de Boer's own brand is also part of the Refresh project.
Thousands of own-brand products have been updated with fresh,
modern packaging and 350 or more new items are planned this year,
including many in the fresh-produce category.

"Super de Boer now carries a complete and innovative selection of
own-brand chilled ready meals and meal components, totaling
around 180 items.  These products scored well in the recent
survey by the Consumentenbond, the Dutch consumer association,
with one of Super de Boer's own-brand ready meals being judged
'Best Buy'.  No less important are the substantial price cuts
Super de Boer has implemented in the past two years, the latest
being the reductions on over 600 A brand items last week, which
have made the Super de Boer full-service format considerably
cheaper.

"We have already made good progress at Super de Boer, but there
is still work to be done.  We have to raise the pace of
development of the format.  In terms of operational parameters
such as sales and leakage rates, the affiliated retailers are
performing much better than our own outlets, which are lagging
behind.

"The three Lekker & Laag Superstore pilot stores in Hoogvliet,
Doetinchem and Rijswijk -- the fourth is scheduled to open in
Almere in the fourth quarter -- are reporting significant sales
growth.  Average sales per square meter have doubled.  It should
be borne in mind, however, that each pilot store has its own
individual history, which has been influenced by different
factors.  In Hoogvliet, for example, the retail area has been
reduced, whereas in Doetinchem the area has been increased but a
Super de Boer store serving the same market has been closed.  In
Rijswijk, we swapped stores, resulting in a significant reduction
in the Lekker & Laag Superstore retail area.

"Encouraged by the success of the pilots with Lekker & Laag
Superstores, we have decided to add two more pilot outlets, which
will open early next year.  Two of the larger Edah stores have
also been selected for conversion to Lekker & Laag
Superstore pilots and are scheduled to open early 2006.

"Laurus has good store locations and, since the back-office
reorganization, a cost-efficient and reliable infrastructure. Our
task now is to win over the customer, by placing the customer at
the center of all our activities.  That's why Laurus is working
hard on its store formats in 2005.  We're expecting to invest a
total of EUR50 million in upgrading our formats this year, of
which EUR20 million is earmarked for Edah Lekker & Laag, EUR15
million for Lekker & Laag Superstores and EUR15 million for the
Refresh project at Super de Boer.  As well as investing in
upgrading the stores, Laurus will be focusing more closely on
improving customer-friendliness and achieving operational
excellence.  Once the sales volume issue is resolved, Laurus will
effectively be a new business, with great market potential.

Operating result

"The consolidated operating result for the first half of 2005
amounted to EUR26 million (first half 2004: EUR16 million
negative).  The difference between 2005 and 2004 is due mainly to
the release of the pension provision of EUR68 million (before
tax) in connection with the changes to the Laurus pension scheme,
to be reduced with EUR25 million included in the 2004 operating
result as non-recurring items.

Net result

"The consolidated net result for the first half of 2005, at EUR 2
million, was an improvement on the first half of 2004 (EUR15
million negative).  This improvement relates to the release of
pension liabilities for an amount of EUR47 million (after tax).
Gains on disposals, amounting to EUR1 million (first half 2004:
EUR11 million), related to Spain and Belgium.

Sales and Gross Margin

"Consumer sales generated by the Dutch core activities (Edah,
Konmar and Super de Boer) were down 8.8% on a like-for-like
basis.  The gross margin for the three formats declined by 0.7
percent point to 18.0%, reflecting the sustained pressure on
prices.  Net sales reported by Edah, Konmar and Super de Boer
were down at EUR1.434 billion (first half 2004: EUR1.596
billion).  Total consumer sales in the Netherlands by the Laurus
formats for the first half of 2005 amounted to EUR1.713 billion
(first half 2004: EUR1.898 billion).  Laurus' consolidated net
sales for the first half of 2005 amounted to EUR1.463 billion
(first half 2004: EUR1.653 billion).  As a consequence of these
developments, Laurus' market share was under pressure.

Formats

"Edah had 281 stores on 19 June 2005 (13 June 2004: 288), of
which 54 were operated by affiliated retailers (13 June 2004:
57).  So far, 62 of the 281 stores have been converted to the
Edah Lekker & Laag format, of which two are operated by
affiliated retailers.

Konmar

"Including two Lekker & Laag Superstores, Konmar had 43 stores on
19 June 2005 (13 June 2004: 43), of which four were operated by
affiliated retailers (13 June 2004: 4).

Super de Boer

"Super de Boer had 388 stores on 19 June 2005 (13 June 2004:
392), of which 201 were operated by affiliated retailers (13 June
2004: 207).  So far, 179 stores have been 'refreshed', of which
96 are operated by affiliated retailers.

Financial Income and Charges

"Net financial charges decreased from EUR10 million negative in
the first six months of last year to EUR6 million negative in the
same period this year, reflecting the lower level of debt and a
lower effective interest rate compared with the first half of
last year.

Taxation

"A tax charge of EUR19 million has been recognized in the first
half of 2005 (first half 2004: nil) due to movements in the
deferred tax item.  The principal movement relates to the release
of the pension provision.  A deferred tax asset relating to the
tax loss carry-forward which arose in the first half of 2005 has
not been recognized.

Pensions

"The Laurus pension plan qualifies under IFRS as a
defined-benefit obligation, which means that the difference
between the pension liabilities and the related investments has
to be carried on Laurus' balance sheet.  There are differences
between Dutch GAAP and IFRS.  Under IFRS, for example, pension
rights accruing in the future are included in the pension
liabilities and the plan assets and pension liabilities are
calculated at fair value.  Owing to these differences, the
deficit in the pension liabilities with respect to the plan
assets increased from EUR62 million at year-end 2004 to EUR68
million on 30 June 2005.

"It was announced on 17 June that the members of the Laurus
pension fund had agreed to changes in the pension plan, the most
important of which concerned the right of future indexation.  As
a result of this change, which reduced the pension liability, a
sum of EUR68 million (before tax) was released from the pension
provision.  This is accounted for in the income statement on the
line general and administrative expenses.

Financial Position

"The balance sheet total declined in the first half of 2005 from
EUR932 million (balance sheet date 2 January 2005) to EUR854
million.  This decrease is the result of a lower non-current
assets level.  Cash flow before movements in working capital and
provisions for the first half of 2005 amounted to EUR67 million,
compared with EUR43 million for the same period last year.  Cash
flow from operating activities was EUR42 million negative (first
half 2004: EUR67 million negative).  Total cash outflow from
investing activities amounted to EUR46 million, compared with
EUR15 million in the first half of 2004.  The net debt increased
to EUR323 million in the first half of 2005 (year-end 2004:
EUR234 million).

"Laurus has bank borrowing facilities of EUR530 million available
for its Dutch operations, of which EUR182 million had been drawn
down as at 19 June 2005, leaving EUR348 million still available.
This facility will be reduced by EUR50 million in 2006 and EUR50
million in 2007.  Future drawings under these facilities depend,
among others, on the development of applicable covenants.  With
respect to one of the applicable covenants (Interest Coverage
Ratio), it is expected that Laurus will not meet the requirement
at year-end 2005.  Laurus has received from the banks a waiver
for this covenant until mid 2006.  In the second half of 2005
further discussions will be held with respect to the applicable
covenants for the remaining term of the facilities (until
year-end 2007).

"The balance of the back-up facility for Spain remains unchanged
compared with year-end 2004 at EUR185 million.  Of the cash and
banks item, EUR22 million is not at the company's free disposal.
This sum is held on a third-party account in connection with the
construction of a new distribution center at Waddinxveen.
Shareholders' equity as at 19 June 2005 amounted to EUR151
million, showing little change on the position as at 2 January
2005 (EUR150 million).

Outlook

"The poor market conditions again took a heavy toll on sales and
result in the first half of the year.  The price war seems to
continue unabated and consumer confidence, after a brief revival,
has sunk again.  It is imperative that we build sales by
structurally improving the competitiveness of our formats, but in
the present market conditions there is still work to be done.  In
the light of these factors, the Group Management Board is not
expecting to end the year with a positive net result.

New Quarter Divisions

"Laurus is dividing the quarters differently as from 2005.  The
first quarter now covers the first 12 weeks instead of the first
16.  The second and third quarters also cover 12 weeks and the
fourth consists of 16 weeks.  The new divisions reflect the
change in the reporting period covered by the half-year figures
(24 weeks instead of 26), as well as making the number of weeks
in each quarter more equal.  To facilitate comparison with 2005,
the figures for the first half of 2004 have been restated and are
based on IFRS."

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

CONTACT:  LAURUS N.V.
          Parallelweg 64
          5201 AD's-Hertogenbosch, The Netherlands
          Phone: +31-73-622-3622
          Fax: +31-73-622-3636
          Web site: http://www.laurus.nl


ROYAL SHELL: Buyback Scheme Cuts 'A' Shares to 4,056,310,000
------------------------------------------------------------
On September 1, 2005, Royal Dutch Shell plc purchased for
cancellation 1,425,000 'A' Shares at a price of EUR26.69 per
share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,056,310,000.

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


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


ABRASIVES: Claims Filing Period Ends Today
------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on close joint stock company
Abrasives.  The case is docketed as A33-7108/2005.  Mr. A.
Gafarov has been appointed temporary insolvency manager.

Creditors have until September 6, 2005 to send their proofs of
claim to 660017, Russia, Krasnoyarsk, Post User Box 20647.  A
hearing will take place on November 8, 2005, 10:00 a.m. at
660021, Russia, Krasnoyarsk region, Lenina Str. 143, Room 15.

CONTACT:  ABRASIVES
          660003, Russia, Krasnoyarsk region,
          Pavlova Str. 1

          Mr. A. Gafarov
          Temporary Insolvency Manager
          660017, Russia, Krasnoyarsk region,
          Post User Box 20647


BAYAMAK-GAS-SPETS-STROY: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on close joint stock company
Bayamak-Gas-Spets-Stroy.  The case is docketed as
A07/20748/05-G-MOG.  Ms. R. Galeeva has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 453630, Russia,
Bashkortostan republic, Baymak, S. Yulaeva Str. 30, Room 12.  A
hearing will take place on November 3, 2005.

CONTACT:  BAYAMAK-GAS-SPETS-STROY
          453630, Russia, Bashkortostan republic,
          Baymak, Azanova Str. 26

          Ms. R. Galeeva
          Temporary Insolvency Manager
          453630, Russia, Bashkortostan republic,
          Baymak, S. Yulaeva Str. 30, Room 12


BUILDING ASSEMBLY: Bankruptcy Hearing Set November
--------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on limited liability company
Building Assembly Enterprise-3.  The case is docketed as
A43-14348/2005 33-260.  Mr. A. Kokorin has been appointed
temporary insolvency manager.

Creditors have until October 6, 2005 to submit their proofs of
claim to 603001, Russia, Nizhniy Novgorod region, Torgovaya Str.
14.  A hearing will take place on November 29, 2005.

CONTACT:  BUILDING ASSEMBLY ENTERPRISE-3
          607220, Russia, Nizhniy Novgorod region,
          Arzamas, Sevastopolskaya Str. 29

          Mr. A. Kokorin
          Temporary Insolvency Manager
          603001, Russia, Nizhniy Novgorod region,
          Torgovaya Str. 14


CHITA-AIR: Deadline for Proofs of Claim Set September 30
--------------------------------------------------------
The Arbitration Court of Chita region commenced bankruptcy
proceedings against Chita-Air after finding the open joint stock
company insolvent.  The case is docketed as A78-1881/02-B-471.
Mr. P. Shaposhnikov has been appointed insolvency manager.
Creditors have until September 30, 2005 to submit their proofs of
claim to 672018, Russia, Chita region, Chita-18, Airport.

CONTACT:  CHITA-AIR
          672018, Russia, Chita region,
          Chita-18, Airport

          Mr. P. Shaposhnikov
          Insolvency Manager
          672018, Russia, Chita region,
          Chita-18, Airport
          Phone: (3022) 338-098


DUBNENSKIY: Assets for Public Auction Friday
--------------------------------------------
The insolvency manager of engineering plant Dubnenskiy will sell
its property on September 9, 2005, 12:00 p.m.  The case is
docketed as A41-K2-11588/02 "G".  The public auction will take
place at 141983, Russia, Moscow region, Dubna, Zhukovskogo Str.
2.  Up for sale are 13 different properties.

The list of documentary requirements is available at Russia,
Moscow region, Dubna, Zhukovskogo Str. 2.

CONTACT:  DUBNENSKIY
          141983, Russia, Moscow region,
          Dubna, Zhukovskogo Str. 2

          Mr. V. Korobov
          Insolvency Manager/Bidding Organizer
          Russia, Moscow region,
          Dubna, Zhukovskogo Str. 2
          Phone: (09621, from Moscow - 221) 5-17-27/5-14-10


EGORYEVSK-AGRO-PROM-SNAB: Proofs of Claim Deadline Set Today
------------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on open joint stock company
Egoryevsk-Agro-Prom-Snab.  The case is docketed as
A41-K2-12220/05.  Mr. A. Bersenev has been appointed temporary
insolvency manager.

Creditors have until September 6, 2005 to submit their proofs of
claim to 125315, Russia, Moscow, Usievicha Str. 24/2, Post User
Box 13, Office 57.  A hearing will take place on October 20,
2005, 2:00 p.m. at the Arbitration Court of Moscow region located
at Russia, Moscow region, Akademika Sakharova Pr. 18, Hall 440.

CONTACT:  EGORYEVSK-AGRO-PROM-SNAB
          140300, Russia, Moscow region,
          Egoryevsk, 50 Let VLKSM, 1B

          Mr. A. Bersenev
          Temporary Insolvency Manager
          125315, Russia, Moscow region, Usievicha Str. 24/2,
          Post User Box 13, Office 57


GRANITE - 2: Succumbs to Bankruptcy
-----------------------------------
The Arbitration Court of Kabardino-Balkariya republic commenced
bankruptcy proceedings against Granite - 2 after finding the
limited liability company insolvent.  The case is docketed as
A20-2209/2005.  Mr. B. Dumanov has been appointed insolvency
manager.

CONTACT:  GRANITE - 2
          360000, Russia, Kabardino-Balkariya republic,
          Nalchik, Golovko Str. 107

          Mr. B. Dumanov
          Insolvency Manager
          360000, Russia, Kabardino-Balkariya republic,
          Nalchik, Golovko Str. 107


ORLOVSKOYE: Creditors Opt for Liquidation
-----------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Orlovskoye after finding the close joint
stock company insolvent.  The case is docketed as K/E-154/04.
Mr. A.Markelov has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 644047, Russia, Omsk-47, Post
User Box 5398.

CONTACT:  ORLOVSKOYE
          646920, Russia, Omsk region,
          Kalachinskiy region, Orlovka

          Mr. A. Markelov
          Insolvency Manager
          644047, Russia, Omsk-47,
          Post User Box 5398


OSINTSEVO: Declared Insolvent
-----------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Osintsevo after finding the open joint stock
company insolvent.  The case is docketed as A45-11656/05-10/197.
Mr. V. Makarov has been appointed insolvency manager.

CONTACT:  OSINTSEVO
          623033, Russia, Novosibirsk region,
          Chanovskiy region, Osintsevo

          Mr. V. Makarov
          Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk, Post User Box 325
          Phone: 348-53-06


PODKOVA: Court Brings in Insolvency Manager
-------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Podkova after finding the commercial company
insolvent.  The case is docketed as K/E-151/04.  Mr. A. Markelov
has been appointed insolvency manager.  Creditors may submit
their proofs of claim to 644047, Russia, Omsk-47, Post User Box
5398.

CONTACT:  PODKOVA
          644010, Russia, Omsk region,
          Leningradskaya Str. 3

          Mr. A. Markelov
          Insolvency Manager
          644047, Russia, Omsk-47,
          Post User Box 5398


RUSSIAN STANDARD: Moody's Upgrades Ratings to Ba3
-------------------------------------------------
Moody's Investors Service has raised the long-term foreign
currency debt and deposit ratings of Russian Standard Bank (RSB)
to Ba2 from Ba3 and the financial strength rating to D from D-.
Following the upgrade, the outlook on the ratings was changed to
stable from positive.  The 'Not Prime' short-term deposit rating
has not been affected.

According to Moody's, the upgrade reflects the bank's rapidly
growing countrywide franchise and its strong core profitability
with bright medium-term prospects.  Since 2003 the bank has
consistently outperformed its peers, and is expected to continue
generating above-average returns for the foreseeable future,
capitalizing on its pioneer position in the still immature
Russian consumer finance sector.  Nonetheless, Moody's cautions
that competition in the sector has been on the rise, putting
margins under pressure and possibly resulting in more lax credit
practices.

Having started its operations in Moscow, the bank has
successfully diversified its retail loan book by region, and has
established a presence in 158 towns throughout Russia,
potentially covering 93% of the Russian population.  RSB is
distinguished in Russia by its clear-cut business strategy,
capable management team and good risk management function, which
is backed by advanced information technology and one of the
country's largest consumer databases.  Following three and a half
years of rapid asset growth, RSB ranked 19th in terms of assets
and capital in Russia as at end-June 2005.

The upgrade was also supported by RSB's currently adequate asset
quality and capitalization, although these indicators need to be
closely monitored, given the bank's rapid growth.  The rising
share of non-performing loans is a concern, although the rating
agency notes that they are currently by far outweighed by very
high margins in consumer lending.

RSB relies heavily on market borrowings for funding, which makes
it susceptible to possible swings in investor sentiment; however,
its strong earning capacity and potential access to the
securitization market somewhat mitigate this susceptibility.
Moody's also notes that the bank's large currency mismatch
between assets and liabilities, which cannot be appropriately
hedged in the absence of long-tenor ruble derivatives, is a
constraint on future rating moves and a potential volatility
factor for the bank's earnings.

Russian Standard Bank is headquartered in Moscow, Russia, and
reported total assets of US$1.9 billion under IFRS at June 30,
2005.

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

          Andrey Naumenko, Vice President - Senior Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


SKANDIA INSURANCE: Fitch Affirms Old Mutual on Takeover Bid
-----------------------------------------------------------
Fitch Ratings has affirmed U.K.-based Old Mutual plc's ratings,
following its announcement of a bid to acquire Skandia, the
Swedish insurance group.  The rating Outlook remains Stable.

Harish Gohil, a Director in Fitch's Insurance team, said: "On
balance, we view the proposed Skandia acquisition positively.
The acquisition, if successful, will result in a much more
internationally diversified profile for the group, meeting one of
Fitch's key expectations."

Fitch also notes that Skandia provides a good strategic fit for
Old Mutual in geographical mix and product focus.  However, as
with any acquisition, the agency notes that there is execution
risk, but, given Skandia's limited overlap with Old Mutual's
current operations, the potential for integration risk is much
reduced.  There is some limited overlap in the U.K., where Old
Mutual has successfully built up the Selestia multi-manager fund
platform as a start-up and Skandia has a strong multi-manager
proposition.  Old Mutual plans to use the Selestia platform,
although the strong Skandia brand will be retained.

Skandia's key strengths are its dominant market positions in
Sweden, Austria and Colombia (plus top 10 unit-linked market
positions in Spain, U.K. and Germany), very strong
capitalization, business with low investment risk and
geographical diversification.  As it focuses mainly on
unit-linked business, it has limited exposure to investment and
insurance risk compared to European peers.

Offsetting factors include weak but improving recent operating
performance, negative operating cash flows and exposure to
litigation risk.  In Sweden, the reputation and franchise of the
business has suffered, primarily due to failures of corporate
governance, and market share has dropped significantly as a
result.  There is now a new senior management team in place,
which Old Mutual does not expect to change significantly.  One of
Old Mutual's key challenges will be to stabilize and rebuild the
position of the Swedish business.

Old Mutual's senior management team has significant experience in
making successful acquisitions, in roles at previous companies as
well as in their current roles (for example, the U.S. life and
U.S. asset management acquisitions).  This helps allay Fitch's
concerns about execution risk and the challenges faced by Skandia
in its home market in Sweden.

The acquisition price of SEK43.6 per share (which will comprise
SEK 16.5 in cash and 1.372 new Old Mutual Shares per Skandia
Share) values Skandia at GBP3.3 billion.  The acquisition will
give rise to goodwill of GBP1.24 billion and acquired value of
in-force of GBP1.57bn on Old Mutual plc's balance sheet. Old
Mutual's hurdle rate of 12% return is projected to be exceeded on
an embedded value basis. The acquisition will be financed through
a mix of debt (35%), equity (62%) and cash. While equity-adjusted
leverage is expected to rise over the next two years, Fitch
expects it to remain within levels commensurate with the current
ratings. Hard currency interest coverage is expected to fall to
around 3 times, but is then expected to rise as earnings from
Skandia emerge.

Following the acquisition, the enlarged group would become one of
the leading U.K. life insurance groups, ranking fourth by market
capitalization.  The transaction is expected to complete by
January 2006.

Old Mutual plc ratings:

(a) Long-term rating 'A-' (A minus) / Stable Outlook;

(b) Senior debt (global medium term note program 'A-' (A minus);

(c) GBP350 million 6.376% perpetual preferred callable
    securities 'BBB+';

(d) Short-term rating 'F2'; and

(e) Old Mutual Capital Funding L.P.:  US$750 million 8%
    preferred securities (guaranteed by Old Mutual plc): 'BBB+'.

CONTACT:  FITCH RATINGS
          Web site: http://www.fitchratings.com

          Harish Gohil, London
          Phone: +44 20 7417 4367
          E-mail: harish.gohil@fitchratings.com

          Sanjeev Shah
          Phone: +44 20 7862 4130
          E-mail: sanjeev.shah@fitchratings.com

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


SKANDIA INSURANCE: Merger Could Raise Capital to GBP7.9 Billion
---------------------------------------------------------------
Overview of Old Mutual plc's Offer

(a) Full Offer details made public to allow the Skandia board to
    make a recommendation;

(b) for every 100 Skandia Shares tendered, each Skandia
    Shareholder receives SEK1,650 in cash and 137 New Old Mutual
    Shares (equivalent to SEK16.5 in cash and 1.372 New Old
    Mutual Shares per Skandia Share);

(c) aggregate total consideration approximately SEK44.9 billion
    (GBP3.3 billion), equivalent to SEK43.60 per Skandia Share;

(d) premium to market price on 12 May 2005(2) of 25%;

(e) conditional upon the Skandia Board making public a
    favorable recommendation of the Offer no later than on 23
    September 2005;

(f) combined market capitalization of Enlarged Group: GBP7.9
    billion (SEK108.7 billion);

(g) Pro forma Embedded Value per share of the Enlarged Group:
    137 pence;

(h) letters of intent to accept the Offer have been received in
    respect of in aggregate 159,810,253 Skandia Shares,
    representing 15.6% of Skandia's issued share capital, from
    investors including Cevian Capital and Burdaras;

(i) mix and match facility with cash consideration guarantee for
    Skandia Shareholders with 1,000 or less Skandia Shares;

(j) Skandia Shareholders to represent 26% of the Enlarged Group;
    and

(k) secondary listing on the Stockholm Stock Exchange.

Background to and Reasons for the Offer

(a) consistent with internationalization strategy; compelling
    industrial logic; increased growth potential of Enlarged
    Group;

(b) excellent fit, little overlap, compatible products and
    similar philosophies;

(c) attractive demographics support volume growth;

(d) flexible model with multi brand strategy;

(e) leader in open architecture platforms and products;

(f) substantial distribution capability to deliver growth; and

(g) considerable organic growth inherent in the business.

A Powerful Combination

(a) clients' access to a wider range of skills and resources,
    benefits from increased stability and security;

(b) diversity: strong in four major markets: S.A., Sweden,
    U.S.A., U.K.;

(c) significant critical mass: assets under management GBP192
    billion (SEK 2,688 billion), Embedded Value GBP7.5 billion
    (SEK 105 billion);

(d) powerful platform: financially robust, proven management
    processes; and

(e) balanced currency and market risks.

Creates Shareholder Value

(a) expected to be Embedded Value earnings accretive in 2007;

(b) return on investment (Embedded Value basis) expected to
    exceed 12% from 2007;

(c) annual cost and tax synergies of GBP70 million (SEK960
    million);

(d) revenue synergies not included; and

(e) Dividend policy maintained

Enlarged Group

(a) detailed integration plan in place;

(b) considerable planning already undertaken, now awaiting
    Skandia management input;

(c) introduce Old Mutual's standard operating framework,
    disciplines and incentives;

(d) De-centralized management of business units with strong
    central financial control;

(e) integration risk low as little overlap between businesses;

(f) retain Skandia brand as senior product brand in Europe;

(g) Nordic and Continental Europe HQ in Stockholm and group HQ
    in London;

(h) Sweden: stability will provide environment to rebuild
    franchise and restore sales; commitment to retain Skandia
    Liv as mutual;

(i) U.K.: integrate Selestia and Skandia's leading open
    architecture business; maintain growth in growing market at
    higher margins;

(j) Rest of Europe: manage growth on path to cash earnings; and

(k) combined Embedded Value Less debt plus net present value of
    synergies.

The statements made in this section should not be interpreted to
mean that the earnings per share of Old Mutual in the financial
year following the completion of the Offer, or in any subsequent
period, will necessarily be greater than those for the relevant
preceding financial period.

The expected operational cost savings have been calculated on the
bases of the existing cost and operating structures of Old Mutual
and Skandia and by reference to current prices and exchange rates
and the current regulatory environment. The statements of
estimated costs savings and tax benefits and one-off costs of
achieving them relate to future actions and circumstances which,
by their nature, involve risks, uncertainties and other factors.
Because of this, the cost savings and tax benefits referred to
may not be achieved, or those achieved could be materially
different from those estimated.

Jim Sutcliffe, Chief Executive of Old Mutual, said: "Combining
these two great companies creates a stronger, better balanced
group with increased growth potential and a reduced risk profile.
The industrial logic of this combination is truly compelling."

                        About the Company

Skandia is one of the world's leading independent providers of
quality solutions for long-term savings.  With operations in 20
countries, Skandia offers products and services catering to
customers' needs for savings solutions and financial security in
various phases of life.

In 2004, the company reported sales of SEK98 billion, and a net
result of -SEK139 million.  It has approximately 5,800 employees.

In August, Skandia reported result for first half of 2005 was
-SEK1,047 million.  Revenues rose 15% to SEK7,829 million, while
expenses increased to -SEK8,401 million.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00

          OLD MUTUAL PLC
          Investor Relations
          Andrew Parkins
          Phone: +44 (0) 20 7002 7264
          Media Relations
          Miranda Bellord
          Phone: +44 (0) 20 7002 7133
          Web site: http://www.oldmutual.com

          COLLEGE HILL
          Alex Sandberg
          Phone: +44 (0) 20 7457 2020
          Mobile: +44 (0) 7831 851 844
          Tony Friend
          Phone: +44 (0) 20 7457 2020
          Mobile: +44 (0) 7798 864 995


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


SWISS INTERNATIONAL: AirTrust Squeezes out Remaining Shares
-----------------------------------------------------------
The Swiss company AirTrust AG has initiated a squeeze-out
procedure with respect to the remaining publicly held SWISS
shares.  Following completion of the squeeze-out procedure, the
SWISS shareholders affected by the squeeze-out will receive the
same compensation for their shares as those shareholders who
tendered their shares to AirTrust AG during the offer period.
SWISS expects the squeeze-out process to be completed by the end
of this year.

The Civil Court of Basel-Stadt announced Friday in the Swiss
Official Gazette of Commerce that AirTrust AG has initiated a
squeeze-out procedure with respect to the remaining publicly held
SWISS shares and on all other outstanding rights to acquire SWISS
shares.  SWISS has requested the court to approve the squeeze-out
action of AirTrust AG.

Following completion of the squeeze-out procedure, the SWISS
shareholders affected by the squeeze-out will receive the same
compensation for their shares as those shareholders who tendered
their shares to AirTrust AG during the offer period.  SWISS
shareholders who have deposited their shares with a bank will
automatically receive a credit of CHF 8.96 per share
automatically following completion of the squeeze-out procedure.
SWISS shareholders who keep their shares at home will be required
to contact the SWISS Share Register to receive such compensation.

CONTACT:  DEUTSCHE LUFTHANSA AG
          Corporate Communications
          Phone: +49 69 696 - 51014
          Fax: +49 69 696 - 95428F
          Web site: http://media.lufthansa.com

          SWISS INTERNATIONAL AIR LINES LTD.
          Corporate Communications
          Phone: +41 848 773 773
          Fax: +41 44 564 2127
          E-mail: communications@swiss.com


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


MNG BANK: 'B-' Rating Affirmed on Weak Core Profitability
---------------------------------------------------------
Fitch Ratings has affirmed Turkey's MNG Bank's ratings at Long
term foreign and local currency 'B-' (B minus), Short-term
foreign and local currency 'B', National Long-term 'BBB(tur)',
Individual 'D/E' and Support '5'.  The Outlook is Stable.

The Long-term, Short-term and Individual ratings reflect MNG
Bank's relatively small size in the Turkish banking system, weak
core profitability (own-account trading gains represent 27% of
operating revenue and 83% of income before tax and monetary
losses), as well as rapid loan growth.  These are balanced by the
bank's adequate capitalization, acceptable liquidity and
refocused strategy designed to enhance earnings through revenue
diversification.  According to its new business plan, the bank
has focused on small to medium companies with substantial foreign
trade volume and increased it factoring and leasing activity.
This strategy is relatively new and has yet to bring materially
improved results.

Similar to its competitors, MNG Bank's net interest margin
deteriorated sharply to 4.86% in 2004 (2003: 8.90%) due to
falling interest rates in Turkey as well as strong competition.
However, asset quality improved, with total non-performing loans
declining by 40% in 2004, equating to a NPL ratio of 2.64% (2003:
6.43%).  This ratio improved to 2.13% at end-H105 and has enabled
MNG to minimize credit loss provisions.  Due to better economic
trends and new customer retention, loans increased by nearly 50%
in 2004; Fitch notes its concern that this rate of expansion may
lead to deterioration in asset quality.  MNG Bank's
capitalization is adequate with free capital standing at 12% of
assets as of end-H105.

MNG Bank is owned by Mr. Mehmet Nazif Gunal, owner of the MNG
Group, which is mainly engaged in construction, tourism and air
cargo/logistics.  The bank provides corporate banking services to
a select group of clients, including companies with the potential
for trade finance business.  It also targets suppliers, dealers
and agents of MNG Group subsidiaries.  The bank owns subsidiaries
operating in leasing, factoring and brokerage.

CONTACT:  FITCH RATINGS
          Gulcin Orgun
          Turda Ozmen, Istanbul
          Phone: +90 212 279 1065
          Ed Thompson, New York
          Phone: +1 212 908 0364
          Banu Cartmell, London
          Phone: +44 (0)20 7417 4373

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


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


BIONIKA: Bankruptcy Supervision Starts
--------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
supervision procedure on LLC Bionika (code EDRPOU 21160713) on
July 29, 2005.  The case is docketed as 1/B-624.  Mr. V. Didich
(License Number AA 116174) has been appointed temporary
insolvency manager.  The company holds account number
26002250002002 at CB Privatbank, Ternopil branch, MFO 338783.

CONTACT:  BIONIKA
          Ukraine, Ternopil region,
          Poliska Str. 37a

          ECONOMIC COURT OF TERNOPIL REGION
          46000, Ukraine, Ternopil region,
          Ostrozski Str. 14a


IMAN: Temporary Insolvency Manager Steps in
-------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Iman (code EDRPOU 31108719) on July
22, 2005.  The case is docketed as 43/599.  Mr. Letskan
Vyacheslav (License Number AA 419239) has been appointed
temporary insolvency manager.  The company holds account number
260622603 at JSCB Legbank, Kyiv region branch, MFO 300056.

CONTACT:  IMAN
          03142, Ukraine, Kyiv region,
          Akademik Krimskij Str. 27

          Mr. Letskan Vyacheslav
          Temporary Insolvency Manager
          03057, Ukraine, Kyiv region,
          Dovzhenko Str. 16 v/42

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


MIKOLAIVSKE: Under Bankruptcy Supervision
-----------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Mikolaivske (code EDRPOU 30902380)
on July 11, 2005.  The case is docketed as 12/77-05.  Mr. Yurij
Hovrin (License Number AA 216919) has been appointed temporary
insolvency manager.

CONTACT:  MIKOLAIVSKE
          Ukraine, Sumi region,
          Romenskij district, Mikolaivka

          Mr. Yurij Hovrin,
          Temporary Insolvency Manager
          40030, Ukraine, Sumi region, a/b 282

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


SATELIT: Gives Creditors Until Today to File Claims
---------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Satelit (code EDRPOU 20602310).
The case is docketed as 114/14 b-05.  Mr. O. Levkovich (License
Number AA 04750) has been appointed temporary insolvency manager.
The company holds account number 260021352 at JSPPB Aval,
Vasilkivska branch, MFO 321994.

Creditors have until September 6, 2005 to submit their proofs of
claim to:

(a) SATELIT
    08500, Ukraine, Kyiv region,
    Fastiv, Marshal Yakubovskij Str. 66

(b) Mr. O. Levkovich
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Brovari, Gagarin Str. 11/32

(c) ECONOMIC COURT OF KYIV REGION
    01032, Ukraine, Kyiv region,
    Komintern Str. 165


SPETSREMBUDPROEKT: Creditors' Claims Due Today
----------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against LLC SPETSREMBUDPROEKT (code EDRPOU 31348320)
on July 20, 2005 after finding the limited liability company
insolvent.  The case is docketed as 19/30.  Ms. Olga Kretova
(License Number AA 487803) has been appointed
liquidator/insolvency manager.

Creditors have until September 6, 2005 to submit their proofs of
claim to:

(a) SPETSREMBUDPROEKT
    69063, Ukraine, Zaporizhya region,
    Zachinyayev Str. 158-a

(b) Ms. Olga Kretova
    Liquidator/Insolvency Manager
    69006, Ukraine, Zaporizhya region, a/b 123

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


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


ABD TRANSPORT: Names Poppleton & Appleby Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of ABD Transport Services
Limited, duly convened, and held at 32 High Street, Manchester M4
1QD, on 17 August 2005, the subjoined Extraordinary Resolution
was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Stephen James Wainwright and Stephen Lord, of Poppleton &
Appleby, 32 High Street, Manchester M4 1QD, be and are hereby
appointed Liquidators for the purposes of such winding-up."

D Hewitt, Chairman

CONTACT:  A B D TRANSPORT SERVICES LTD.
          Unit 5, Albion Trading Estate, Salford, Lancashire M6
          6LL
          Phone: 01612736364

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


A MARSHALL: Meeting of Creditors Set Thursday
---------------------------------------------
Notice is hereby given by Stephen Robert Cork and Joanne Milner
of Smith & Williamson Limited, 25 Moorgate, London EC2R 6AY, that
a Meeting of Creditors of A Marshall & Sons Limited (also trading
as Blueline Office Furniture - Company No 2059646), of Prospect
House, 2 Athenaeum Road, London N20 9YU, is to be held at the
offices of Smith & Williamson Limited, at 25 Moorgate, London
EC2R 6AY, on 8 September 2005, at 11:00 a.m.  The Meeting is an
initial Creditors' Meeting under leg paragraph 51 of Schedule
B1legx to the Insolvency Act 1986.  A proxy form should be
completed and returned to me by the date of the Meeting if you
cannot attend and wish to be represented.  In order to be
entitled to vote under Rule 2.22 at the Meeting you must give to
me, not later than 12:00 noon on the business day before the
Meeting, details in writing of your claim.

S Cork, Joint Administrator

CONTACT:  A MARSHALL & SONS LIMITED
          Slighhouses
          Duns
          Berwickshire TD11 3QA
          Phone: (01361) 882513
          Fax: (01361) 884412

          SMITH & WILLIAMSON LIMITED
          25 Moorgate, London EC2R 6AY


APMS MEDICAL: Members Decide on Winding-up
------------------------------------------
At an Extraordinary General Meeting of the Members of APMS
Medical Solutions Limited, duly convened, and held at Mackenzie
House, Coach & Horses Passage, Tunbridge Wells, Kent TN2 5NP, 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
Amanda Ireland and Peter Frowde, of McCabe Ford Williams, Bank
Chambers, 1 Central Avenue, Sittingbourne, Kent ME10 4AE, be and
are hereby appointed Joint Liquidators for the purposes of such
winding-up."

I Sait, Chairman

CONTACT:  APMS MEDICAL SOLUTIONS LIMITED
          Cobham House
          Sunderland Quay
          Culpeper Close
          Medway City Estate
          Rochester
          Phone: 01634 726644

          MCCABE FORD WILLIAMS
          Bank Chambers,
          1 Central Avenue,
          Sittingbourne, Kent ME10 4AE
          Phone: (01795) 479111
          Fax: (01795) 428810
          E-mail: sittingbourne@mfw.co.uk
          Web site: http://www.mfw.co.uk


ARROW FABRICATION: Files for Liquidation
----------------------------------------
At an Extraordinary General Meeting of the Members of Arrow
Fabrication Services Limited, duly convened, and held at Kent
House, Station Road, Ashford, Kent TN23 1PP, 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
Bernard Hoffman and Ian Douglas Yerrill, of Suite 1, Kent House,
Station Road, Ashford, Kent TN23 1PP, be and are hereby appointed
Joint Liquidators for the purposes of its voluntary winding-up."

J M Fitzpatrick, Chairman

CONTACT:  ARROW FABRICATION SERVICES LIMITED
          Unit 1
          12 Ross Way
          Folkestone
          Kent
          CT20 3UJ
          United Kingdom
          Phone: (01303) 258580

          GERALD EDELMAN BUSINESS RECOVERY
          25 Harley Street
          London W1N 2BR
          Phone: 020 7299 1400
          Fax: 020 7637 1440
          E-mails: bhoffman@GeraldEdelman.com
                   insolvency@edelman.co.uk


AVON COMMERCIAL: Hires Administrators from Ward & Co.
-----------------------------------------------------
Name: AVON COMMERCIAL SERVICES LIMITED
      (Company No 04353445)

Nature of Business: Maintenance and Repair of Motors, Freight
Transport by Road

Address of Registered Office: Bank House, Shaw Street, Worcester
WR1 3DT

Trade Classification: 5020/6024

Date of Appointment: 22 August 2005

Administrator's Name and Address: Barry J. Ward (IP No 002700),
Ward & Co, Bank House, Shaw Street, Worcester WR1 3DT

CONTACT:  AVON COMMERCIAL SERVICES
          6b Waterloo Industrial Estate, Waterloo Road,
          Alcester, Warwickshire B50 4JH
          Phone: 01789490514

          WARD & CO.
          Bank House
          Shaw Street
          Worcester
          Worcestershire WR1 3DT
          Phone: 01905 25000
          Fax: 01905 26555
          E-mail: aws@ward-co.co.uk


BAY CLOTHING: Calls in Liquidator
---------------------------------
At an Extraordinary General Meeting of the Members of Bay
Clothing Limited, duly convened and held at 50 Newhall Street,
Birmingham B3 3QE, on 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
Gagen Dulari Sharma, be and is hereby appointed Liquidator for
the purposes of such a winding-up."

F Patel, Director

CONTACT:  BAY CLOTHING LIMITED
          31 Bay Street
          Blackburn
          BB1 5NJ
          Lancashire
          Phone: 01254 54723
          Fax: 01254 54728
          Web site: http://www.bayclothingltd.co.uk

          SHARMA & CO.
          50 Newhall Street
          Birmingham
          West Midlands B3 3QE
          Phone: 0121 248 5007
          Fax: 0121 248 5010
          E-mail: gagen@sharmaandco.com


BOLT LONDON: Winding-up Gets Go Signal
--------------------------------------
Company Name: BOLT (LONDON) LTD.
              c/o Baverstocks, Lawley House,
              Butt Road, Colchester,
              Essex, CO3 3DG
              Phone: 020 7608 2608

Registration Number: 04479440

Court: Bristol District Registry

Date of Filing Petition: June 22, 2005

No. of Matter: 2593 of 2005

Date of Winding-up Order: August 17, 2005

CONTACT:  Official Receiver
          6th Floor, Sunley House,
          Bedford Park,
          Croydon, CR9 1TX
          Phone: 020 8681 5166
          Fax: 020 8667 8000


BUKO INTERNATIONAL: Closure to Affect 90 Jobs
---------------------------------------------
Glenrothes, Fife-based supermarket trolleys manufacturer Buko
International is closing due to poor trading, according The
Grocer.  The shutdown will affect 90 jobs.  The company came out
of a brief receivership only in 2001.

Buko supplies trolleys to Asda and Safeway.  It also manufactures
distribution roll containers and racking systems.  Last year it
became famous for its glow-in-the-dark shopping trolley aimed at
improving car park safety.

Buko employed more than 400 staff during its heydays, with
markets in Asia and Europe.

CONTACT:  BUKO INTERNATIONAL
          Phone: +44 (0) 1592 773977
                 +44 (0) 1592 772420
          Web site: http://www.buko.co.uk/


CABLE INSTALLATION: Administrator from DS Insolvency Moves in
-------------------------------------------------------------
Name: CABLE INSTALLATION COMPONENTS LIMITED
      (Company No 044447018)

Nature of Business: Manufacture of Electricity Distribution

Trade Classification: 3120

Date of Appointment: 16 August 2005

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

                            *   *   *

The company has been formed to provide a full supply of power
cable accessories and service to cable installation contractors
from the Utilities right through to the final installer.  Visit
http://www.cic-ltd.biz/for more information.

CONTACT:  CABLE INSTALLATION COMPONENTS LIMITED
          Unit 'E & F' Tollgate Business Centre,
          Tollgate Drive,
          Stafford ST16 3HS
          Phone: 01785 255011
          Fax: 01785 255110
          E-mail: sales@cic-ltd.biz

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


CAPITAL SOUND: Administrators Take over Company
-----------------------------------------------
Name: CAPITAL SOUND AND VISION LIMITED
      (Company No 03029509)

Nature of Business: Electrical Retailer

Trade Classification: 21

Date of Appointment: 19 August 2005

Joint Administrators' Names and Address: Antony Nygate and Shay
Bannon (IP Nos 9237 and 8777/01), BDO Stoy Hayward LLP, 8 Baker
Street, London W1U 3LL

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


C & L MOTORS: EGM Passes Winding-up Resolution
----------------------------------------------
At an Extraordinary General Meeting of C & L Motors Limited (t/a
Profile Motors), duly convened and held at Insol House, 39
Station Road, Lutterworth, Leicestershire LE17 4AP, on 17 August
2005, the subjoined Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Richard Frank Simms, of Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, be hereby appointed
Liquidator for the purposes of such winding-up."

C C Lord, Chairman

CONTACT:  C & L MOTORS LIMITED
          Clintons, Bury Green, Ware, Hertfordshire SG11 2HF
          Phone: 01279755601

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


CWMNI CIG: Goes into Liquidation
--------------------------------
Company Name: CWMNI CIG ARFON CYFYNGEDIG
              c/o KPMG, St. James Square,
              Manchester, M2 6DS
              Phone: +44 (1286) 67 32 01
              Fax: +44 (1286) 67 70 50

Registration Number: 02758256

Court: Manchester District Registry

Date of Filing Petition: August 4, 2005

No. of Matter: 1681 of 2005

Date of Winding-up Order: August 12, 2005

CONTACT:  Official Receiver
          Suite 5, 3rd Floor,
          Windsor House, Pepper Street,
          Chester, CH1 1DF
          Phone: 01244 402750
          Fax: 01244 402799


ECOTRADE OVERSEAS: Members Pass Winding-up Resolution
-----------------------------------------------------
At the extraordinary general meeting of the members of Ecotrade
Overseas Limited held at Enterprise House, 21 Buckle Street,
London E1 8NN, on 14 August 2005, the following Special
Resolution was duly passed:

"That the Company be wound up voluntarily and that Melvyn Julian
Carter and John Alexander, be and they are hereby appointed as
Joint Liquidators for the purposes of such winding-up, the
Liquidators are to act jointly and severally."

P De Martini, Director

                            *   *   *

The company specializes in merchandising of granulated blast
furnace slag and other additives for use in cement manufacturing
worldwide (limestone, pyrite ashes, fly ashes, oxyde scales of
iron).

CONTACT:  ECOTRADE INTERNATIONAL S.A.
          LUXEMBOURG Paradiso Branch
          Via San Salvatore 13
          6902 - Lugano - Paradiso
          Switzerland
          Phone: +41 (0) 91 985 26 60
          Fax: +41 (0) 91 980 94 76
          E-mail: info@ecotradeinternational.com

          CARTER BACKER WINTER
          Enterprise House, 21 Buckle Street,
          London E1 8NN
          Phone: + 44 (0) 20 7309 3800
          Fax:   + 44 (0) 20 7309 3801
          E-mail: info@cbw.co.uk
          Web site: http://www.cbw.co.uk


ELAM-T LIMITED: In Administrative Receivership
----------------------------------------------
Name: ELAM-T LIMITED
      (Registered No 3748505)

Previous Name of Company: Conception Limited

Nature of Business: Research and Development on Natural Sciences
and Engineering

Trade Classification: 08

Date of Appointment of Administrative Receivers: 23 August 2005

Name of Person Appointing the Administrative Receivers: Aberdeen
Growth VCT1 PLC

Administrative Receivers: Fraser J. Gray (Office Holder No 8905),
Kroll Limited, Afton House, 26 West Nile Street, Glasgow G1 2PF,
and Peter M. Saville (Office Holder No 9029), Kroll Limited, 10
Fleet Place, London EC4M 7RB

                            *   *   *

ELAM-T is a world leader in organic electronic materials.  It is
the first spin-out company of London South Bank University, set
up to commercialize the pioneering work of Professor P.
Kathirgamanathan and his team.  The company carries out and
research and development into materials for OLEDs.  It owns 65
patents.  Visit http://www.elam-t.com/for more information.

CONTACT:  ELAM-T LTD.
          LBIC 11-20, Innova Park
          Mollison Avenue
          Enfield EN3 7XU
          Middlesex
          Phone: 020 8350 1300
          Fax: 020 8350 1434

          KROLL GLASGOW
          Afton House 26 West Nile Street
          Glasgow, Scotland G1 2PF
          United Kingdom
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com

          KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


ELECTRA PRODUCTIONS: Calls in Begbies Traynor Administrator
-----------------------------------------------------------
Name: ELECTRA PRODUCTIONS LIMITED
      (Company No 4333458)

Nature of Business: Telecommunications

Address of Registered Office: 1 Old Hall Street, Liverpool L3 9HF

Date of Appointment: 12 August 2005

Administrator's Name and Address: David Moore (IP No 007510),
Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


ENIGMA VENTURES: Members Opt for Liquidation
--------------------------------------------
At the extraordinary general meeting of Enigma Ventures Limited,
held at Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT,
on 23 August 2005, at 11:00 a.m., the following Resolutions were
passed as a Special Resolution, as Ordinary Resolutions and as an
Extraordinary Resolution respectively:

"That the Company be wound up voluntarily, that Philip John
Gorman of Hazlewoods LLP, Windsor House, Barnett Way, Barnwood,
Gloucester GL4 3RT, be and is hereby appointed Liquidator of the
Company, that the Liquidator's remuneration shall be fixed with
reference to the time costs of the Liquidator and his staff
attending to matters arising in the winding-up of the Company
plus disbursements properly incurred, and that, pursuant with the
provisions of the Company's articles of association, the
Liquidator is authorised to distribute the whole or part of the
Company's assets to the Members in specie and to determine the
basis of any division thereof, having due regard to their class
rights."

J R A Ward, Chairman

CONTACT:  ENIGMA VENTURES LTD.
          23 Assarts Road, Malvern Wells, Malvern,
          Worcestershire WR14 4HW
          Phone: 01684569715

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


E WALTERS: Clothing Firm Folds After Almost 50 Years in Business
----------------------------------------------------------------
E Walters (Ludlow) Ltd. has fallen into administration due to a
number of business difficulties, said the Leominster Journal.

After decades of success, the clothing firm appointed Myles
Halley and Richard Flemming of KPMG Corporate Recovery as
Administrators on August 25.

In a statement, the board of E Walters expressed sadness and
regret as they informed 150 workers of the company's situation,
stressing that trading conditions in 2005 had been difficult in
the clothing and textiles industry.

They said: "Over the years, the Company has been supported in all
its activities by an excellent, loyal local workforce, for whom
the current uncertainties mean a difficult period to come."

Chief Executive Jean Walters added: "We were in the process of
restructuring our production facilities in Eastern Europe.
However, trading conditions were difficult over the quiet summer
months and we have had to seek the protection of an
administration order."

In 1957, Ed Walters established E Walters (Ludlow) Ltd. in Old
Street, Ludlow.  It started with the designing and production of
men's, ladies' and children's trousers, jeans wear, jackets and
corporate wear and uniforms.

The company then developed into a multi-million venture,
producing more than 120,000 garments a week from its central
England headquarters in Leominster, Herefordshire and with
manufacturing bases in Eastern Europe, North Africa, the Middle
East and South Asia.

It supplied clothing to major stores such as Next, British Home
Stores, Marks & Spencer and CandA, with its European wide
logistics infrastructure, which can handle over 60,000 garment
movements daily.

The company's management along with the administrators is
positive that the business would be sold quickly as a going
concern as it holds a blue chip customer base.

Myles Halley said: "We are confident that, with the ongoing
support of our customers, and suppliers, we can continue to trade
the business and achieve a sale as a going concern."

CONTACT:  E WALTERS (LUDLOW) LTD.
          Southern Avenue
          Leominster
          Herefordshire
          HR6 0LY
          United Kingdom
          Phone: +44 (0) 1568 613344
          Fax: +44 (0) 1568 610860
          E-mail: enquiries@ewalters.co.uk
          Web site: http://www.ewalters.co.uk

          KPMG LLP
          8 Salisbury Square
          London
          EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


FILTRONIC PLC: Forecasts Substantial Market Recovery
----------------------------------------------------
Filtronic plc announces preliminary results for the year ended 31
May 2005.

Financial Highlights

(a) Group sales GBP262.9 million (2004: GBP245.1 million),

(b) Operating profit GBP6.8 million (2004: GBP4.8 million)

(c) Pre-tax profit GBP5.5 million (2004: GBP0.9 million),

(d) Basic EPS 7.10p per share (2004: loss per share 2.38p),

(e) Diluted EPS 7.09p (2004: loss per share 2.38p),

(f) Final dividend maintained at 1.80p (2004: 1.80p), payable 1
    November 2005, making total dividend 2.70p (2004: 2.70p),

(g) Net gearing reduced from 51% to 41%,

(h) Bank facilities amended with Barclays and ABN AMRO and
    repayment rescheduled over five years

Operational Highlights

(a) Wireless Infrastructure:

     (i) Dominating market for base station filters with 28%
         market share,

    (ii) Supplying production quantities to all major OEMs,

   (iii) Started supply of integrated power amplifiers for base
         stations;

(b) Integrated Products:

     (i) High volume semiconductor contract supported by round
         the clock working at the foundry at Newton Aycliffe,

    (ii) New contract started with ITT for electronic warfare
         subsystem in U.S.,

   (iii) New point to point microwave links being sold to 3
         OEMs;

(c) Handset Products: In period of exclusive negotiations for
    its disposal;

(d) Board Appointments: John Roulston as Group CEO on 6
    September 2004, Charles Hindson as Group Finance Director on
    14 December 2004 and Iain Gibson joined on 21 February 2005
    and became CEO of the Integrated Products division on 6
    April 2005;

(e) Disposal of sites in Merrimack U.S.A. and Brisbane Australia
    for GBP6.3 million; and

(f) Capital expenditure of GBP13.0 million (2004 GBP11.7
    million).

Trading Outlook

Professor J. David Rhodes said: "We see continued growth
prospects for the group.  Wireless Infrastructure is experiencing
a substantial market recovery and the strategic efforts
undertaken over the past few years in power amplifiers is
increasing our presence in this important market sector.  In
Integrated Products, we have acquired volume contracts in
compound semiconductors for our foundry at Newton Aycliffe, which
now requires to meet the ramp up in its production, and
strengthened our defense position in the United States.  For the
coming year, the group is well positioned for growth, due to
strengthening markets in the communications sector."

Filtronic is a leading global designer and manufacturer of
customised microwave electronic subsystems for the wireless
telecommunications and defense industries.  Worldwide sites are
in the U.K. (North of England, Yorkshire, Midlands, Scotland),
U.S.A., Finland, China and Australia.

Filtronic is one of the world's leading independent suppliers of
transmit/receive modules for base stations and the world's
leading manufacturer of mobile handset antennas.  The
contribution to sales is: Wireless Infrastructure (64%), Handset
Products (19%), Integrated Products (17%).

CONTACT:  FILTRONIC PLC
          Professor David Rhodes, Chairman
          Phone: 01274 530622
          Mobile: 07850 827 280

          Professor John Roulston, Chief Executive Officer
          Phone: 01274 530622
          Mobile: 07800 706 318

          Charles Hindson, Group Finance Director
          Phone: 01274 530622
          Mobile: 07800 706 319

          BINNS & CO PR LTD.
          Peter Binns/Paul McManus
          Phone: 020 7786 9600
          Mobile: 07980 541 893


G H PATTINSON: Liquidators from Chantrey Vellacott Move in
----------------------------------------------------------
At the extraordinary general meeting of G H Pattinson Limited,
held at Brookside, Fox Corner, Worplesdon, Guildford, Surrey GU3
3PP, on 18 August 2005, at 3.00 pm, the following Resolutions
were passed:

"That the Company should be wound up voluntarily and that it be
wound up pursuant to the provisions of section 84(b) as a Members
' Voluntary Liquidation, and that K. A. Murphy and D. J.a Oprey
of Chantrey Vellacott DFK, 16-17 Boundary Road, Hove, East Sussex
BN3 4AN, be and are hereby appointed Joint Liquidators for the
purposes of such winding up."

S M Jackson, Chairman

CONTACT:  G. H. PATTINSON LTD.
          Beresford Road,
          Windermere, Cumbria, LA23 2JG

          CHANTREY VELLACOTT DFK
          16-17 Boundary Road,
          Hove, East Sussex BN3 4AN
          Phone: 01273 421200
          E-mail: info_hove@chantrey-vellacott.com
          Web site: http://www.cvdfk.com


HASTINGS TAVERN: Court Orders Winding-up
----------------------------------------
Company Name: HASTINGS TAVERN LTD.
              Clay Lane,
              Coventry, CV2 4LS
              Phone: 024 7645 140

Registration Number: 04579686

Court: Bristol District Registry

Date of Filing Petition: June 24, 2005

No. of Matter: 2628 of 2005

Date of Winding-up Order: August 17, 2005

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


JARVIS PLC: Completes Key Restructuring Measure
-----------------------------------------------
The Board of Jarvis plc has disclosed that the Debt for Equity
Exchange of approximately GBP378 million has been implemented
and, of the GBP50 million equity raising approved by the
Company's shareholders on 4 August 2005, approximately GBP30
million of Firm Placed Shares have been subscribed and paid for
by the Placees.

These are the key elements of the Restructuring approved by
Shareholders on 4 August 2005 that will significantly improve the
financial structure of the Group:

(a) Share Reorganization completed; the sub-division, partial
    reclassification and consolidation of the Company's share
    capital was completed immediately prior to the
    implementation of the Debt for Equity Exchange;

(b) Debt for Equity Exchange completed:

      (i) approximately GBP378 million of the Company's
          liabilities have been released in consideration for
          the issue of new equity representing 95% of the
          Enlarged Ordinary Share Capital;

     (ii) former warrant holders have been allotted 0.25% of the
          Enlarged Ordinary Share Capital in consideration for
          canceling their warrants and any further rights
          attaching to those warrants; and

    (iii) Shareholders who held 400 or more Ordinary Shares
          prior to the Debt for Equity Exchange have retained
          4.75% of the Enlarged Ordinary Share Capital;

(c) Placing completed and Open Offer to be launched:

      (i) Following the Debt for Equity Exchange approximately
          GBP30 million of New Ordinary Shares have been placed
          with and cash received from the Placees by reference
          to their post Debt for Equity Exchange shareholdings;

     (ii) Qualifying Shareholders on the register at 5.30 p.m.
          on 31 August will be invited to participate in the
          Open Offer on the basis of 19 Open Offer Shares for 1
          New Ordinary Share held post the Debt for Equity
          Exchange at a price of 35 pence per Open Offer Share;

    (iii) Qualifying Shareholders who do not participate at all
          in the Open Offer will receive a cash payment of
          GBP1.66 for every 19 Open Offer Shares for which they
          are entitled to subscribe under the Open Offer;

     (iv) The Open Offer was expected to be launched on 2
          September 2005 and a prospectus and application form
          posted on that day to Qualifying Shareholders.  The
          Open Offer has been conditionally underwritten by
          Deutsche Bank;

      (v) The Placing and Open Offer is expected to increase the
          Company's issued ordinary share capital from 7,553,284
          Ordinary Shares (the Enlarged Ordinary Share Capital)
          to 151,065,680 Ordinary Shares; and

     (vi) The Open Offer is not being made to shareholders in
          the United States, Australia, Canada or Japan.

(d) Additional Funding Facilities secured:

      (i) Up to GBP38.5 million of additional funding by way of
          an eighteen month facility has been secured from
          Deutsche Bank;

     (ii) This facility, in combination with the net proceeds
          from the Firm Placing, has been used to repay fully
          and cancel the Group's outstanding bank loans from
          JPMorgan Chase and Deutsche Bank post the Debt for
          Equity Exchange;

    (iii) As outlined in the Company's preliminary statement on
          15 July 2005, the Directors believe that, under U.K.
          GAAP, the net debt immediately following the
          Restructuring will be less than GBP20 million.

The underwriting of the Open Offer and the payment of the
cash-out alternative remain subject to the fulfillment of various
conditions, including the Admission of the Placing Shares which
requires sufficient of the Ordinary Shares to be in public hands
following the Open Offer.

Alan Lovell, Chief Executive, said: "These key events combined
with the raising of the new working capital facilities allow the
placing and open offer to be launched.  The successful completion
of the open offer will be the final stage of the financial
restructuring we announced in May and will provide the Group with
an appropriate capital structure for the business going forward."

Initial Share Capital

Share capital prior to implementation of Share Reorganization,
Debt for Equity Exchange, cancellation of warrants and Firm
Placing:

(a) Authorized: GBP9,750,000 divided into 195,000,000 ordinary
    shares of five pence each; and

(b) Issued: GBP7,192,671 divided into 143,853,409 ordinary
    shares of five pence each.

Share Reorganization

Share capital following sub-division, partial reclassification,
share capital increase and consolidation:

(a) Authorized: GBP16,750,000 divided into 191,505,372 ordinary
    shares of five pence each and 717,473,140 deferred shares of
    one penny each; and

(b) Issued: GBP7,192,671 divided into 358,781 ordinary shares of
    five pence each and 717,473,138 deferred shares of one penny
    each.

Debt for Equity Exchange and Warrant Cancellation:

(a) 7,175,620 new ordinary shares of five pence each allotted to
    the nominated allottees of Converting Creditors (or to a
    trustee on their behalf); and

(b) 18,883 new ordinary shares of five pence each allotted to
    the nominated allottees of former warrant holders.

Firm Placing: 84,676,065 new ordinary shares of five pence each
allotted to Placees (or to a trustee on their behalf).

Current Share Capital

Current share capital after Share Reorganization, Debt for Equity
Exchange, cancellation of warrants and Firm Placing:

(a) Authorized: GBP16,750,000 divided into 191,505,372 ordinary
    shares of five pence each and 717,473,140 deferred shares of
    one penny each; and

(b) Issued: GBP11,786,199 divided into 92,229,349 ordinary
    shares of five pence each and 717,473,138 deferred shares of
    one penny each.

7,553,284 ordinary shares issued in relation to the Share
Reorganization, Debt for Equity Exchange and the cancellation of
warrants have been admitted to the Official List and to trading
on the market for listed securities of the London Stock Exchange.
Admission of the ordinary shares issued in relation to the Firm
Placing and also the Open Offer is expected to take place on 29
September 2005.

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

          Bridget Fury, Merlin
          Phone: 020 7653 6620


KEN JOHNSON: P&A Partnership Liquidators Move in
------------------------------------------------
At an Extraordinary General Meeting of Ken Johnson Commercials
Limited, duly convened, and held at Scotch Corner Hotel, Junction
A1/A66, Richmond, North Yorkshire DL10 6NR, on 12 August 2005, at
10:30 a.m., the following Extraordinary Resolutions were duly
passed:

"It has been proved to the satisfaction of the Meeting that this
Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same should be wound
up, and that the Company be wound up accordingly, that Allan
Cooper and John Russell, of The P&A Partnership, 93 Queen Street,
Sheffield S1 1WF, duly qualified under the Insolvency Act 1986,
be and are hereby appointed the Liquidators of the Company for
the purposes of such winding-up, that any act required or
authorized to be done by the Liquidators is to be done by any one
or more of the Liquidators for the time being in office, and that
at a subsequent Meeting of Creditors, duly convened, and held
pursuant to sections 98, 99, 100 and 101 of the Insolvency Act
1986, the Resolutions for voluntary liquidation and the
appointment of Allan Cooper and John Russell were confirmed."

K Johnson, Chairman

CONTACT:  KEN JOHNSON COMMERCIALS LIMITED
          Gatherley Road Industrial Esta, Brompton On Swale,
          Richmond, North Yorkshire DL10 7JQ
          Phone: 01748811199

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


L B L (COOKED MEATS): Calls in Liquidators from Blades
------------------------------------------------------
At the extraordinary general meeting of L B L (Cooked Meats)
Limited, convened and held at Second Avenue, Greasley Street,
Bulwell, Nottingham NG6 8NE, on 16 August 2005, at 11:30 a.m.,
the following Resolution was passed:

"That the Company be wound up voluntarily, that Philip Anthony
Brooks and Julie Elizabeth Willetts, of Blades Insolvency
Services, Charlotte House, 19B Market Place, Bingham, Nottingham,
be appointed as Joint Liquidators for the purposes of such
winding-up."

J Smith, Chairman

CONTACT:  LBL (COOKED MEATS) LTD.
          Second Avenue, Greasley Street,
          Nottingham, Nottinghamshire NG6 8NE
          Phone: 01159271166

          BLADES
          Charlotte House
          19B Market Place
          Bingham
          Nottingham
          Nottinghamshire NG13 8AP
          Phone: 01949 831260
          Fax: 01949 831960
          E-mail: advice@bladesinsol.co.uk


LE-SCOTT PRESS: Goes into Liquidation
-------------------------------------
At an Extraordinary General Meeting of Le-Scott Press Limited,
duly convened, and held at the Waltham Abbey Marriott Hotel, Old
Shire Lane, Waltham Abbey, Essex EN9 3LX, on 18 August 2005, at
10:45 a.m., the following Resolutions were duly passed as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business and, accordingly, that the Company be wound up
voluntarily, and that Stephen John Tancock, of Smith & Williamson
Ltd., First Floor, Holbrook House, 72 Bank Street, Maidstone,
Kent ME14 1SN, be and he is hereby appointed Liquidator for the
purposes of such winding-up."

S Klimcke, Chairman

CONTACT:  LE-SCOTT PRESS LIMITED
          Le Scott House
          Gordon Road
          Waltham Abbey
          Essex
          EN9 1AF
          United Kingdom
          Phone: (01992) 707400

          SMITH & WILLIAMSON LTD.
          First Floor,
          Holbrook House, 72 Bank Street,
          Maidstone, Kent ME14 1SN
          Web site: http://www.smith.williamson.co.uk


LUNE INDUSTRIES: Hires Administrators from Tenon Recovery
---------------------------------------------------------
Name: LUNE INDUSTRIES (FOOTWEAR) LIMITED
      (Company No 00476575)

Nature of Business: Wholesale of Clothing and Footwear

Address of Registered Office: 50C Market Street, Carnforth,
Lancashire LA5 9LB

Date of Appointment: 24 August 2005

Administrators' Names and Addresses: Christopher Ratten (IP No
009338), of Tenon Recovery, Arkwright House, Parsonage Gardens,
Manchester M3 2LF, and Simon Thomas (IP No 008920), of Tenon
Recovery, Sherlock House, 73 Baker Street, London W1U 6RD

CONTACT:  LUNE INDUSTRIES (FOOTWEAR) LTD.
          Siding Road
          Fleetwood FY7 6AF
          Lancashire
          Phone: 01253 872521
          Fax: 01253 773231
          Web site: http://www.lune-footwear.co.uk

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

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


MEADS SCHOOL: Appoints Tenon Recovery Liquidator
------------------------------------------------
At an Extraordinary General Meeting of the Members of Meads
School of English Limited, duly convened, and held at Lyndean
House, 43-46 Queens Road, Brighton, East Sussex BN1 3XB, on 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
Ian Cadlock and Andrew James Pear, of Tenon Recovery, Lyndean
House, 43-46 Queens Road, Brighton BN1 3XB, be and are hereby
appointed Joint Liquidators for the purposes of such winding-up."

At the Meeting of Creditors of the Company subsequently held at
12:00 noon on 17 August 2005, the above Resolutions were duly
passed.

J Higgins, Director

CONTACT:  MEADS SCHOOL OF ENGLISH LIMITED
          2 Old Orchard Road, Eastbourne, East Sussex BN21 1DB
          Phone: 01323734335
          Web site: http://www.meadsenglish.co.uk/

          TENON RECOVERY
          Lyndean House, 43-46 Queens Road,
          Brighton, East Sussex BN1 3XB
          Phone: 01273 725566
          Fax: 01273 724502
          Web site: http://www.tenongroup.com


MG ROVER: Nanjing Told 'No More Chinese Whispers'
-------------------------------------------------
A local newspaper in Birmingham has challenged MG Rover's new
owner to come clean over its plans for the collapsed carmaker,
said The Times.

On Friday, the Evening Mail ran a front-page headline in Mandarin
that read: "No more Chinese whispers."

The paper has sought Nanjing, which bought the assets of MG Rover
for GBP53 million in July, to answer 12 questions on its plans
for the Longbridge site.  The questions were published daily last
week.  However, the paper received no reply from the Chinese
firm.  The paper said if Nanjing's director of public affairs
fails to respond, it would refer the questions to the Chinese
Embassy.

Nanjing has already agreed to build sports cars at Longbridge
with GB Sports Car Company, but it has yet to present its plans
about reviving production at the site.  It remains uncertain
whether employment will reach the 500 people GB Sports eyed or
the 1,000 to 2,000 jobs Nanjing had planned.

Steve Dyson, the newspaper's Editor, said: "The people of
Birmingham realize that there's either a chance of a few thousand
jobs, or not, but they want to know which one.  They won't want
to be messed around."

"One day we hear good rumors from partners that there might be
2,000 jobs, the next day there's a planning application for
housing up to 400 workers who, according to unions, [will be]
lifting and shifting plant machinery," he added.

Meanwhile, a source close to Nanjing said: "I think what we are
seeing here is a cultural difference, nothing more than that.
Nanjing's intention from the start has been to commit to
production of sports and saloon cars in the U.K."

The source added Nanjing made it clear that most assembly lines
would be transferred to China, which explained the presence of
Chinese staff in the site.

Last month, fears that fewer British jobs may be saved grew as
Nanjing brought in cooks from China at Longbridge.  They were to
reopen the canteen at the site because the Chinese firm's advance
team were said to have been dissatisfied with British Food.
Nanjing has also reportedly imported engineering and
manufacturing experts from its main site in Eastern China.

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

          NANJING AUTOMOBILE (GROUP) CORPORATION
          General Management Division
          Phone: 86-25-3432671
          Fax: 86-25-3111295 3417873
          E-mail: bnj3111037@jlonline.com
          Web site: http://www.nanqi.com.cn


MONEYPLAN FINANCIAL: Members Call in Crawfords Liquidator
---------------------------------------------------------
At the extraordinary general meeting of Moneyplan Financial
Services Limited, duly convened, and held at St George's House,
215-219 Chester Road, Manchester M15 4JE, on 16 August 2005, the
following Resolutions were passed as a Special Resolution, as an
Ordinary Resolution and as an Extraordinary Resolution
respectively:

"That the Company be wound up voluntarily, that David Norman
Kaye, of Stanton House, 41 Blackfriars Road, Salford, Manchester
M3 7DB, be and he is hereby appointed Liquidator for the purpose
of such winding-up and that, in accordance with the provisions of
the Company's articles of association, the Liquidator be and is
hereby authorized to divide amongst the Members in specie all or
any part of the Company's assets."

CONTACT:  MONEYPLAN FINANCIAL SERVICES LTD.
          24-26 Drake St OL16 1NT
          Phone: 01706 649201

          CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: akachani@aol.com


PORTER HEAD: PFK Administrators Enter Firm
------------------------------------------
Name: PORTER HEAD LIMITED (formerly Head Porter Limited)
      (Company No 03982660)

Nature of Business: Telecom and Advertising

Address of Registered Office: Saint Johns Innovation Center,
Cowley Road, Cambridge CB4 0WS

Date of Appointment: 17 August 2005

Joint Administrators' Names and Addresses: Philip J. Long (IP No
2086), 20 Farringdon Road, London EC1M 3AP, and Edward T Kerr (IP
No 9020), Pannell House, 159 Charles Street, Leicester LE1 1LD

CONTACT:  PKF
          Farringdon Place,
          20 Farringdon Road, London EC1M 3AP
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk

          PKF
          Pannell House,
          159 Charles Street,
          Leicester LE1 1LD
          Phone: 0117 906 4000
          Fax: 0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk


PORTWAY PROPERTY: EGM Passes Winding-up Resolutions
---------------------------------------------------
At an Extraordinary General Meeting of Portway Property
Maintenance Limited, duly convened, and held at Butcher Woods, 79
Caroline Street, Birmingham B3 1UP, 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
Roderick Graham Butcher, of Butcher Woods, 79 Caroline Street,
Birmingham B3 1UP, be and is hereby appointed Liquidator of the
Company for the purpose of the voluntary winding-up."

At a Meeting of Creditors held on 15 August 2005, the Creditors
confirmed the appointment of Roderick Graham Butcher as
Liquidator and that anything required or authorized to be done by
the Liquidator be done by him.

E N Byrne, Chairman

CONTACT:  PORTWAY PROPERTY MAINTENANCE LIMITED
          Earlswood Trading Est/Poolhead La
          Earlswood
          Solihull
          B94 5EW
          Phone: 01564 703477

          BUTCHER WOODS
          79 Caroline Street
          Birmingham
          West Midlands
          E-mail: rod.butcher@butcher-woods.co.uk
          Phone: 0121 236 6001
          Fax: 0121 236 5702


PRIMELINE TELECOM: Members Opt for Liquidation
----------------------------------------------
At an Extraordinary General Meeting of the Members of Primeline
Telecom Limited, duly convened, and held at 50 Newhall Street,
Birmingham B3 3QE, on 28 July 2005, the following Resolutions
were duly passed as an Extraordinary Resolution and as an
Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Gagen Dulari Sharma, be and is hereby appointed Liquidator for
the purposes of such a winding-up."

D Singh, Director

CONTACT:  PRIMELINE TELECOM LIMITED
          52 Blucher St
          Birmingham
          B1 1QU
          Phone: 0121-616 5058

          SHARMA & CO.
          50 Newhall Street
          Birmingham
          West Midlands B3 3QE
          Phone: 0121 248 5007
          Fax: 0121 248 5010
          E-mail: gagen@sharmaandco.com


READING LITHO: Printing Firm Liquidates
---------------------------------------
At an Extraordinary General Meeting of the Members of Reading
Litho Systems Limited, duly convened, and held at 6C Church
Street, Reading RG1 2SB, on 16 August 2005, the following
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily and that
Peter Bridger be and he is hereby appointed Liquidator for the
purposes of such winding-up."

G Childs, Chairman

                            *   *   *

Reading Litho specializes in prepress, lithographic print and
print management.  It was formed ten years ago.

CONTACT:  READING LITHO SYSTEMS LTD.
          Unit 6 Gresham Way, Gresham Way Industrial Estate
          Tilehurst
          Reading
          RG30 6AW
          Berkshire
          Phone: 0118 945 3848
          Web site: http://www.rlitho.co.uk

          BRIDGERS
          6c Church Street, Reading RG1 2SB


REGAL PETROLEUM: To Shut down Greece Site Amid Labor Dispute
------------------------------------------------------------
During August 2005, Regal Petroleum plc's subsidiary in
Greece, Kavala Oil, experienced a degree of industrial unrest,
which has recently escalated.  In an attempt to resolve this
situation the Company has met with representatives of the Union
at Kavala Oil and the relevant Ministry of the Greek Government.

The Company's actions in the face of the local difficulties are
inevitably dictated by concerns for the safety of its operations
and local staff.  Accordingly, the Company has issued
instructions for the operations to be shut down while this
dispute continues.

In addition, having experienced technical difficulties in recent
weeks resulting in disappointing production from its two recent
well workovers, PA6 and PB27, the Company has taken the decision
to suspend its well workover program.  The Company is now
studying the potential for production from the Prinos field and
options for the exploration, appraisal of existing undeveloped
oil, development opportunities and future production in Greece.

The Company discussed a number of alternative proposals in this
regard with the relevant Ministry of the Greek Government in a
meeting held on 31 August 2005 and the Greek Government is
actively considering these proposals.

In the announcement dated 29 July 2005, the Company stated that,
following the implementation of its well workover program it
expected daily production in Greece to reach 3,500 barrels of oil
per day by the end of 2005.  Following the disappointing results
of the two workovers, it is likely that the anticipated increase
in daily production rates will not be met.  This shortfall in
production is exacerbated by the current industrial dispute in
Greece.

Accordingly, given the issues described above, the Board believes
it is likely that the Company will not meet current market
expectations for the year ended 31 December 2005.

The reserves reports on the Company's proven and probable
reserves in Greece and Ukraine are still being finalized by the
respective independent auditors.  The Board expects to announce
the results of the reserve audits for Greece and Ukraine no later
than the date of its interim results on 28 September 2005.

The Company will be announcing its interim results for the six
months ended 30 June 2005 on Wednesday, 28 September 2005.  A
presentation to analysts and private client brokers will be held
at the offices of Buchanan Communications, 107 Cheapside, London
at 9:30 a.m.

                            *   *   *

In June, Regal Petroleum founder and executive chairman Frank
Timis resigned after the oil explorer revealed annual losses had
quadrupled.

A short statement from Regal said Mr. Timis, who founded the
firm in 1996, will devote more time to other business interests.
Rumors, however, were circulating he was forced out by Regal's
non-executive directors, and institutional shareholders.

The company earlier reported a loss after tax and minority
interests of US$13.7 million (GBP7.55 million) for the year
ending December 31, compared with a loss of US$2.9 million a
year earlier.  It has lost 83% of its value since March.  The
shares went down significantly at the end of April when Regal
raised GBP45 million at 390p a share following its discovery of
a gas prospect in Romania.  It sank further when a well at its
prospect in Greece was found to be not commercially viable for
exploration.

CONTACT:  REGAL PETROLEUM PLC
          4th Floor
          11 Berkeley Street
          London, England W1J 8DS
          Phone: +44 20 7647 6622
          Fax: +44 20 7629 4297
          Web site: http://www.regalpetroleum.com

          Buchanan Communications
          Phone: 020 7466 5000
          Bobby Morse
          Ben Willey


ROPAC (YORKSHIRE): Pattern Maker Files for Liquidation
------------------------------------------------------
At an Extraordinary General Meeting of the Members of Ropac
(Yorkshire) Limited, duly convened, and held at O'Hara & Co,
Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ, 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 O'Hara, of O'Hara & Co, Wesley House, Huddersfield Road,
Birstall, Batley WF17 9EJ, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

R Kettlewell, Director


SCULPTASTIC LIMITED: EGM Passes Winding-up Resolutions
------------------------------------------------------
At an Extraordinary General Meeting of Sculptastic Limited, duly
convened, and held at 1 Gray's Inn Square, Gray's Inn, London
WC1R 5AA, on Monday 22 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 the Company that
this Company cannot, by reason of its liabilities, continue its
business, and that it is desirable that the same should be wound
up and that the Company be wound up accordingly and that Shirley
Angela Jackson, of BN Jackson Norton, 1 Gray's Inn Square, Gray's
Inn, London WC1R 5AA, is hereby appointed Liquidator of the
Company for the purposes of such winding-up."

K Saldahna, Director and Chairman

CONTACT:  SCULPTASTIC LIMITED
          9 New Quebec Street
          Marylebone
          London
          W1H 7RL
          Phone: 07939 178883
          Web site: http://www.sculptastic.co.uk/
          Contact:
          Kevin Saldanha, Director


SKYEPHARMA PLC: To Unveil Half-year Figures Later this Month
------------------------------------------------------------
SkyePharma plc will announce its Interim results for the six
months ending 30 June 2005 on Wednesday 28 September 2005.  These
results will be the first presented under International Financial
Reporting Standards.

SkyePharma announced at the end of April that it had negotiated
Heads of Terms with a major global pharmaceutical company for the
U.S. rights to Flutiform(TM).  SkyePharma has now discontinued
contract negotiations with that party.  However, as indicated in
July, the April announcement created considerable competitive
interest in acquiring rights to Flutiform(TM).  As a result,
SkyePharma remains in active negotiations with several companies,
including advanced discussions with another major global
pharmaceutical company for worldwide rights to Flutiform(TM).

Michael Ashton, SkyePharma's Chief Executive, said:
"Flutiform(TM)'s prospects continue to improve as we believe its
profile will make it superior to competing products in this
fast-growing market, already worth more than US$5 billion.  A
number of companies remain actively interested in licensing the
product, within a variety of commercial structures including the
retention of co-promotion rights by SkyePharma.  Progress towards
filing of Flutiform(TM) remains on track and Phase III trials are
planned to commence early next year.  With estimated peak sales
of Flutiform(TM) well in excess of US$1 billion, we remain
convinced of our ability to deliver significant value to our
shareholders."

                            *   *   *

SkyePharma plc, headquartered in London, develops pharmaceutical
products benefiting from world- leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  In May, it reported net loss of GBP24.3 million
for 2004, a decrease of 44% compared with GBP43.2 million in
2003.

CONTACT:  SKYEPHARMA PLC
          105 Piccadilly
          London
          United Kingdom
          W1J 7NJ
          Phone: +44 20 7491 1777
          Fax: +44 20 7491 3338
          Web site: http://www.skyepharma.com

          Ian Gowrie-Smith, Non-executive Chairman
          Michael Ashton, Chief Executive Officer
          Peter Laing, Director of Corporate Communications
          Phone: +44 207 491 1777

          Sandra Haughton, U.S. Investor Relations
          Phone: +1 212 753 5780

          BUCHANAN COMMUNICATIONS
          Phone: +44 207 466 5000
          Tim Anderson/Mark Court


SPECTRUM MOBILE: Creditors Meeting Set Next Week
------------------------------------------------
Notice is hereby given by John Neville Whitfield and Gerald
Clifford Smith, of RSM Robson Rhodes LLP, Centre City Tower, 7
Hill Street, Birmingham B5 4UU, that a Meeting of Creditors of
Spectrum Mobile Services Limited (Company No 03613581)
c/o RSM Robson Rhodes LLP, Centre City Tower, 7 Hill Street,
Birmingham B5 4UU, is to be held at RSM Robson Rhodes LLP, Centre
City Tower, 7 Hill Street, Birmingham B5 4UU, on 14 September
2005 at 11:00 a.m.  The Meeting is an initial Creditors' Meeting
under leg paragraph 51 of Schedule B1legx to the Insolvency Act
1986.  A proxy form should be completed and returned to me by the
date of the Meeting if you cannot attend and wish to be
represented.  In order to be entitled to vote under Rule 2.38 at
the Meeting you must give to me, not later than 12:00 noon on the
business day before the Meeting, details in writing of your
claim.

J Whitfield, Joint Administrator

CONTACT:  SPECTRUM MOBILE SERVICES
          Anglian Road, Walsall,
          West Midlands WS9 8ET
          Phone:  01922749230

          RSM ROBSON RHODES LLP
          Centre City Tower,
          7 Hill Street,
          Birmingham B5 4UU
          Web site: http://www.robsonrhodes.co.uk


TELEWEST GLOBAL: Flextech Receives Offer from U.S. Cable Firm
-------------------------------------------------------------
Liberty Global Inc. has lodged an offer for Telewest Global,
Inc.'s Flextech business, said The Times.

The paper, however, did not provide sources nor financial
details, while Telewest was unavailable for comment.

Earlier, Reuters, in another report, revealed U.S.-based media
groups like Viacom Inc., Walt Disney Co., General Electric's NBC
Universal venture and Time Warner were planning to bid for
Flextech in their aim to expand their digital operations.

Other possible bidders for Flextech were said to be broadcaster
ITV, pay-TV BSkyB, and pan-European television broadcaster RTL.
It remains unclear though which of these companies already
submitted offers.

Meanwhile, according to Mail on Sunday, the sale of Flextech is
unlikely to raise as much as GBP1 billion, stressing the price
for the content provider, which was earlier valued between GBP500
million to GBP1 billion, could be lower than expectations.

Flextech is said to have been put up for sale as part of
Telewest's much-delayed GBP6.5 billion merger with NTL
Incorporated.

Deutsche Bank, which handles the sale, has already communicated
with interested groups.  The deadline for indicative offers has
been set early this month, according to sources privy to the
process.

About Liberty Global

Headquartered in Denver, Colorado, Liberty Global owns interests
in broadband distribution and content companies operating outside
the continental United States, principally in Europe, Asia, and
the Americas.

Through its subsidiaries and affiliates, Liberty Global is the
largest broadband cable operator outside the U.S. in terms of
subscribers.  Based on the company's consolidated operating
statistics at June 30, 2005, Liberty Global's networks passed
approximately 23.5 million homes and served approximately 14.9
million revenue generating units, including approximately 10.7
million video subscribers, 2.5 million broadband Internet
subscribers and 1.7 million telephone subscribers.

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

          Richard Williams
          Phone: 020 7299 5479

          Vani Gupta
          Phone: 020 7299 5353

          LIBERTY GLOBAL, INC.
          4643 South Ulster Street
          Suite 1300
          Denver, Colorado 80237
          Phone: (303) 220-6600
          Fax: (303) 220-6601
          E-mail: info@lgi.com
          Web site: http://www.lgi.com


T P BEESTON: Files for Liquidation
----------------------------------
At an Extraordinary General Meeting of T P Beeston & Sons
Limited, duly convened, and held at Taylor Rowlands, 8 High
Street, Yarm, Stockton on Tees TS15 9AE, on Wednesday 17 August
2005, the following 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
John Harvey Madden, of Taylor Rowlands be appointed Liquidator
for the purpose of such winding-up."

Chairman

CONTACT:  T P BEESTON & SONS LIMITED
          East Newbiggin Farm, Heighington, Darlington, County
          Durham DL2 2UH
          Phone:  01388772283

          TAYLOR ROWLANDS
          8 High Street, Yarm TS15 9AE


T.T.S. PERFORMANCE: Appoints Liquidators
----------------------------------------
At an Extraordinary General Meeting of T.T.S. Performance
Engineering Limited, duly convened, and held at the offices of
Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street,
London SW1Y 4EP, on 10 August 2005, the following Resolutions
were passed, as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind-up the same, and that
accordingly the Company be wound up voluntarily and that Robert
Derek Smailes and Stephen Blandford Ryman, of Rothman Pantall &
Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP, be
and are hereby appointed Joint Liquidators of the Company for the
purposes of such winding-up. Any act required to be taken by the
Joint Liquidators can be undertaken by either one of them acting
independently.

R R Albans, Chairman

                            *   *   *

TTS Performance Engineering is now trading as TTS Performance
Parts Ltd.  TTS is based in Silverstone.  Richard Albans opened
Towcester Tuning Shop in 1982, and quickly acquired an
international reputation for race engine building and for his
understanding of carburation.  TTS merged with precision
engineering company QTS in 1991 and became TTS Performance
Engineering.

The company now has a turnover of over GBP1 million, and
specializes in tuning high performance 4-stroke engines.  A move
into much larger (6,000 sq ft.) premises has enabled the
expansion of TTS's latest performance enhancer, the Rotrex
Supercharger.

It has a professional workforce of eleven and keep stock levels
in excess of GBO200,000.  It imports and distributes to Dynatek,
JE Pistons, and Nitrous Express.

CONTACT:  T.T.S. PERFORMANCE ENGINEERING LIMITED
          Unit 3, West End Farm, Silverstone,
          Northampton, NN12 8UY, U.K.
          Phone: +44 (0) 1327 858212
          Fax: +44 (0) 1327 858099
          Web site: http://www.tts-performance.co.uk/tts.shtml


WATERVIEW BARNES: Court Approves Liquidation
--------------------------------------------
Company Name: WATERVIEW (BARNES) LTD.
              5th Floor Walmar House,
              288 Regent Street,
              London, W1B 3AL
              Phone: 020 8748 8668
              E-mail: barnes@waterview.co.uk
              Web site: http://www.waterview.co.uk

Registration Number: 03935872

Court: Bristol District Registry

Date of Filing Petition: June 22, 2005

No. of Matter: 2594 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


WEBB CONSTRUCTION: Crumbles into Liquidation
--------------------------------------------
Company Name: WEBB CONSTRUCTION MANAGEMENT LTD.
              45 Highfield Road, Dartford,
              Kent, DA1 2JS
              Phone: 01303 812255

Registration Number: 04639031

Court: Bristol District Registry

Date of Filing Petition: June 22, 2005

No. of Matter: 2588 of 2005

Date of Winding-up Order: August 17, 2005

CONTACT:  Official Receiver
          Ground Floor, Victory House,
          Quayside, Chatham Maritime,
          Kent, ME4 4QU
          Phone: 01634 895700
          Fax: 01634 895711


WEMBLEY PLC: Liquidates After Losing Rhode Island Case
------------------------------------------------------
Gaming group Wembley plc appointed KPMG liquidator on Aug. 31,
weeks after the conviction of its former chief executive Nigel
Potter for conspiracy and fraud.

The company's shares were suspended at 557p.  It will be delisted
Sept. 29.  Mr. Potter will receive his sentence Oct. 28.  He is
believed likely to appeal and seek a third trial.

Earlier in August, the U.S. federal court in Worcester,
Massachusetts found its subsidiary LPRI LLC guilty in the Rhode
Island case and on two counts of wire fraud.  The court says LPRI
conspired to deprive the citizens of Rhode Island of the honest
services of the former Speaker of the Rhode Island House of
Representatives.  The subsidiary was acquitted on two other
charges of wire fraud.  The company said then that LPRI LLC has
US$3 million in an escrow account to cover any fines.  The
maximum fine the company now faces is US$1.5 million

The company sold its Lincoln Park casino in Rhode Island, U.S.A.,
and its U.K.-based dog track business before the trial ended last
month.  Through a combination of special dividend and
distribution by a liquidator in a members' voluntary liquidation,
shareholders will receive 878 to 915 pence per share.

CONTACT:  WEMBLEY PLC
          Elvin House
          Stadium Way
          Wembley HA9 0DW
          United Kingdom
          Phone: +44 (0) 20 8795 8003
          Fax: +44 (0) 20 8900 1046
          E-mail: corporate@wembleyplc.com
          Web site: http://www.wembleyplc.com/wembley/home.jsp

          COLLEGE HILL
          Matthew Smallwood
          Phone: 020 7457 2020


WEMBLEY PLC: Company Profile
----------------------------
NAME: Wembley plc
      Elvin House
      Stadium Way
      Wembley HA900W

PHONE: +44-20-8902-8833

FAX: +44-20-8900-1046

E-MAIL: corporate@wembleyplc.com

WEB SITE: http://www.wembleyplc.com

TYPE OF BUSINESS: Wembley plc operates a track-based gaming
business primarily in the United States.  The Company's United
States gaming division consists of operations in Rhode Island and
Colorado.  Wembley also previously operated a United Kingdom
gaming division, which consisted of six greyhound tracks located
in Manchester (Belle Vue), Birmingham (Hall Green and Perry
Barr), Oxford, London (Wimbledon) and Portsmouth.  The Company
sold this business in March 2005.

EXECUTIVES:

     Claes Hultman, Chairman
     Mark Elliott, Chief Executive
     Eric Tracey, Finance Director
     Peter Harris, Non-executive Director
     Robert Liguori, Non-executive Director
     Neil Chisman, Non-executive Director

NUMBER OF EMPLOYEES: 2,554 (as of 2004)

TURNOVER: GBP69.37 million (as of Dec. 31, 2004)

ASSETS: GBP184.8 million (as of Dec. 31, 2004)

CURRENT LIABILITIES: GBP10.588 million (as of Dec. 31, 2004)

     Trade creditors:              GBP3.398 million
     Other creditors,
       including taxation
       and social security:        GBP2.665 million
     Accruals and deferred income: GBP4.525 million

THE TROUBLE: Wembley filed for members' voluntary (solvent)
liquidation after the conviction of its former chief executive
Nigel Potter for conspiracy and fraud in a case involving its
subsidiary LPRI LLC in Rhode Island.  The company faces a maximum
fine of US$1.5 million.

MAJOR SHAREHOLDERS:

     BLB Investors LLC                    22.11
     Fidelity Investments                 10.07
     Schroder Investment Management        8.42
     JP Morgan Fleming Securities          7.78
     Deutsche                              4.8
     Bank of New York                      4.49
     Citigroup Asset Management            4.26
     Legal & General Investment Management 3.61
     Morley Fund Management                3.26

BANKER: BARCLAYS BANK PLC
        London Corporate Banking
        50 Pall Mall
        PO Box No. 15162
        London SW1 1QB
        Web site: http://www.barclays.co.uk/
        Phone: (+44) (0) 20 7116 1000

FINANCIAL ADVISOR: HAWKPOINT PARTNERS
                   4 Great St. Helen's
                   London EC3A 6HA
                   Web site: http://www.hawkpoint.com/
                   Phone: +44 (0) 20 7665 4500
                   Fax: +44 (0) 20 7665 4600

AUDITOR: KPMG Audit plc
         1 Puddle Dock
         London EC4V 3PO
         Phone: +44 (0) 20 7694 3485
         Fax: +44 (0) 20 7694 3126
         Web site: http://www.kpmg.co.uk/


WESTCROFT HOMES: Members Opt to Wind up Business
------------------------------------------------
At an Extraordinary General Meeting of the Members of Westcroft
Homes Limited, duly convened, and held at BWC Business Solutions,
8 Park Place, Leeds LS1 2RU, on 22 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
David L Cockshott and Paul A Whitwam of the firm of BWC Business
Solutions, 8 Park Place, Leeds LS1 2RU be and are hereby
appointed as Joint Liquidators for the purposes of such
winding-up."

I Holliday, Chairman

CONTACT:  WESTCROFT HOMES LIMITED
          15 Stonegate, Lady Lane Park
          Bingley, West Yorkshire BD16 4SA
          Phone: 01274567389

          BWC BUSINESS SOLUTIONS
          8 Park Place
          Leeds
          West Yorkshire LS1 2RU
          Phone: 0113 243 3434
          Fax: 0113 243 5049
          E-mail: bwc@bwc-solutions.com


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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