TCREUR_Public/050909.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, September 9, 2005, Vol. 6, No. 179

                            Headlines

B U L G A R I A

KARAT BULGARIA: Parent Decides to Liquidate Loss-making Unit


C Z E C H   R E P U B L I C

UNION BANKA: Creditor Backs up Former Receiver


F R A N C E

EMBALLAGES MIXTES: Court Okays Sale to Green Recovery


G E R M A N Y

AURELIUM TREUHANDGESELLSCHAFT: Under Bankruptcy Administration
BENEDIK GMBH: Proofs of Claim Due Next Month
B.E.W.A. GRUNDSTUECKSENTWICKLUNGS: Appoints HWW Administrator
C.S. MANAGEMENT: Declares Bankruptcy
DEVIN FLEISCHWAREN: Calls in Administrator from PKL

DIAMONDS CLUB: Creditors Meeting Set October
DIETER SCHNEIDER: Court to Verify Claims November
E LINE: Court Names Dr. Junker & Kollegen Administrator
HOKUS POKUS: Charlottenburg Court to Verify Claims December
KARSTADTQUELLE AG: Reopens Alsterhaus Jewelry House

KXX KZWANZIG: Creditors' Claims Due October
MARSEILLE-KLINIKEN: Subsidiary Wins Lease Case vs. Local Govt
NETZLAND TELEKOMMUNIKATION: Succumbs to Bankruptcy
PROSIEBENSAT.1 MEDIA: Springer Bares Offer for Preference Shares
ROWA SERVICE: Muenchen Company Goes Bust
WCM GROUP: Settles Legal Dispute with REBON


G R E E C E

OLYMPIC AIRLINES: Revenues in First Seven Months Soar by 14%
OLYMPIC AIRLINES: Maryland Airport Courting Carrier to its Lair


I T A L Y

FIAT SPA: CNH Board Appoints Permanent CEO
PARMALAT FINANZIARIA: Losses in Brazil Swell


K Y R G Y Z S T A N

DELTA+ FREE: Creditors' Claims Due Late October
FIRMA BARCHYN: Gives Creditors Until Next Month to File Claims


N E T H E R L A N D S

ROYAL SHELL: Only 4.051 Billion 'A' Shares Remain


R U S S I A

ARSENAL: Hires B. Govorov Insolvency Manager
BUY-GRAIN-PRODUCT: Declared Insolvent
CONTI-SUGAR: Claims Filing Period Ends Next Month
GEPHES: Bankruptcy Proceedings Begin
KALMANSKIY DAIRY: Succumbs to Bankruptcy

KHAROVSKAYA: Insolvency Manager Takes over Business
ONEZHSKOYE MILK: Bankruptcy Supervision Procedure Begins
PROM-STROY-MECHANIZATION: Creditors Opt for Liquidation
SIB-WOOD-TRANS: Court Brings in Insolvency Manager
STROY-WOOD: Bankruptcy Hearing Set Next Month


S W I T Z E R L A N D

STMICROELECTRONICS N.V.: Names New VPs for North America, Japan


T U R K E Y

TURKIYE IS BANKASI: Fitch Upgrades Rating to 'BB'


U K R A I N E

BAHMACH AGROTECHKONCERN: Liquidator Takes over Helm
BALAKLIYAPROMGEOFIZIKA: Bankruptcy Supervision Starts
BALTIKA-GROUP: Creditors' Claims Due Next Week
HARKIV' ENERGY-REPAIR: Goes into Liquidation
KVANTOR: Court Appoints Insolvency Manager

OJSC DNIPROENERGO: Executives Sued for Violating Dividend Policy
OLEKSANDRIVSKIJ RAJAGROHIM: Declared Insolvent
PEREMOGA: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ABBEY GARAGE: Files for Liquidation
A J FOSTER-LAURICHE: EGM Passes Winding-up Resolutions
AMAN METAL: Names Grant Thornton Liquidator
A & P PRINT: Hires Administrator from Andrew Michaels & Co.
BAE SYSTEMS: Operating Profit Improves to GBP488 Million

CITY WHARF: Mortgage Broker Winds up
COMPASS GROUP: Hires CEO for International Operations
COROFAB CONTAINERS: Calls in Liquidators
CORPACH PAPER: French Parent Shuts down Site
CYBER EMBRYONIC: Software Developer Calls in Administrator

DORLUX BEDS: Calls First Creditors Meeting
ECOQUIP LIMITED: Creditors to Meet Next Week
E WALTERS: Clothier Hires Administrator from KPMG
GALLAHER GROUP: Half-year Profit Down 4% to GBP225 Million
HYDRA PLC: Administrators from Fisher Partner Enter Firm

ITTRIUM EVENTS: Names Smith & Williamson Liquidator
J FISHWICK: Creditors Meeting Set Last Week of September
LABORE OPTIMA: Goes into Liquidation
MSD DISTRIBUTION: Calls in Administrators from Begbies Traynor
NEW NETWORKS: Files for Liquidation

OXFORD CONSOLES: Creditors Meeting Set Next Week
PANELELITE LIMITED: Hires Liquidator from Tomlinsons
PHOENIX CONSULTANTS: Creditors Meeting Set Next Week
PINE TO GO: Liquidators from Blades Enter Firm
PINEWOOD SHEPPERTON: Blames Tax Uncertainty for Troubles

POULSON ENTERPRISES: Administrator Takes over Business
R&R TECHNOLOGIES: Appoints Administrators from Vantis Numerica
STANSFIELD TRANSPORT: Administrators Move in
TEKNEK ELECTRONICS: SDI Wants Liquidator Out
U.K. COAL: Agrees to Meet Members of Bidding Consortium

U.K. COAL: Half-year Loss Balloons to GBP30.6 Million
UK LEARNING: Files for Winding-up
W.K. SHARRATT: EGM Passes Winding-up Resolution


                            *********


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


KARAT BULGARIA: Parent Decides to Liquidate Loss-making Unit
------------------------------------------------------------
Baked goods group Karat Bulgaria has gone into liquidation, local
daily Dnevnik a.m. says.

Greek parent, Elbisco, initiated the liquidation to streamline
its foreign operations.  It expects the procedure to conclude by
year's end.  Insiders say Karat has been loss-making and its
closure would slash group cost and boost sales.

In other news, Elbisco struck a partnership with Inco Foods,
allowing the latter to market its products in Bulgaria.

CONTACT:  KARAT BULGARIA LTD.
          ulica James Baucher 114 A
          1407 Sofia

          ELBISCO HOLDING S.A.
          23 Kolokotroni and Mykonou Str.
          145 62 Kifissia
          Phone: +30 210-6281200
          Fax: +30 210-6233050
          E-mail: elbisco@palace.gr
          Web site: http://www.elbisco.gr


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


UNION BANKA: Creditor Backs up Former Receiver
----------------------------------------------
Former Union Banka (UB) receiver Michaela Huserova gained support
from the bank's largest creditor, The Deposit Insurance Fund
(FPV).

According to daily Pravo, FPV, which has already received CZK2.5
billion of its CZK12.5 billion claim, disagrees with the Olomouc
High Court's decision and reason for removing Ms. Huserova.  In a
letter sent to Justice Minister Pavel Nemec, FPV said, "The Fund
cannot identify itself with such reason for dismissal because it
knows that there had not been such wrongdoing by the receiver."

FPV defended Ms. Huserova's actions, saying Czech laws do not
explicitly order receivers to draft a list of assets in the
bankruptcy file nor it set any deadline or form for such list.
Ms. Huserova confirmed she created a list of asset immediately
after UB declared bankruptcy in May 2003 and made partial lists.

FPV likewise dismissed the statement that Ms. Huserova sold UB's
assets secretly.  "The creditor committee and the court have been
informed in this bankruptcy proceedings about each individual
sale of property," it said.

The High Court removed Ms. Huserova for selling properties not
included on UB's list of bankruptcy assets, replacing her with
Lukas Raida.  Ms. Huserova appealed her removal to the Supreme
Court Friday.

CONTACT:  UNION BANKA a.s.
          Ul. 30 Dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          E-mail: union@union.cz
          Web site: http://www.union.cz


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


EMBALLAGES MIXTES: Court Okays Sale to Green Recovery
-----------------------------------------------------
A court has approved the takeover of collapsed tableware
manufacturer Emballages Mixtes et Plastiques (EMP) by
restructuring specialist Green Recovery, Les Echos says.

Green Recovery promises to absorb 109 of 140 employees, modernize
EMP's production plant, and boost exports and business through
major retailers.

EMP, now known as Tifany Industrie, filed for insolvency in April
last year, recording turnover of EUR39 million, according to the
paper.  Management expects turnover of EUR23 million in the next
12 months.  Green Recovery plans to invest EUR1 million in
equipment and hire an additional 15 people in the next two years
to boost productivity.  EMP is best known for its Tifany
disposable tableware brand.

Meanwhile, management will appeal the approval of the sale to
Green Recovery.  The management wants the sale suspended because
it has already raised the needed amount -- EUR3 million -- to
ensure EMP's continuation and retain all jobs at the group.

CONTACT:  EMBALLAGES MIXTES ET PLASTIQUES
          20 bd du comte de montalembert-bp 9
          59650 Villeneuve D Ascq
          Phone: +33 320 056 767
          Fax: +33 320 056 765


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


AURELIUM TREUHANDGESELLSCHAFT: Under Bankruptcy Administration
--------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Aurelium Treuhandgesellschaft mbH on August 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 10, 2005
to register their claims with court-appointed provisional
administrators Georg Henningsmeier and Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting on November 4, 2005, 9:00 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  AURELIUM TREUHANDGESELLSCHAFT mbH
          Waisenhausdamm 8-11, 38100 Braunschweig
          Contact:
          Andreas Boom, Manager

          Georg Henningsmeier, Administrator
          Ulrich Rosenkranz, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8078810
          Fax: 80788120


BENEDIK GMBH: Proofs of Claim Due Next Month
--------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Benedik GmbH on August 19.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 7, 2005 to register their claims
with court-appointed provisional administrator Heinrich C.
Friedhoff.

Creditors and other interested parties are encouraged to attend
the meeting on November 21, 2005, 9:45 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14, 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:  BENEDIK GmbH
          Auguste Renoir Str. 56, 52499 Baesweiler
          Contact:
          Geert and Jack Benedik, Managers
          Lijsterstraat 30, B-3620 Lanaken

          Heinrich C. Friedhoff, Administrator
          Viktoriastrasse 73-75, 52066 Aachen
          Phone: 0241/9491915
          Fax: 0241/9491919


B.E.W.A. GRUNDSTUECKSENTWICKLUNGS: Appoints HWW Administrator
-------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against B.E.W.A. Grundstuecksentwicklungs GmbH i.L. 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 Henning Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting on October 26, 2005 at the district court of Dresden,
Saal D132, Olbrichtplatz 1, 01099 Dresden, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  B.E.W.A. GRUNDSTUECKSENTWICKLUNGS GmbH i.L.
          c/o Daniela Kantor Objektbetreuung & Controlling
          Bachstrasse 23a in 85229 Markt Indersdorf
          Contact:
          Wolfgang Kassler Jr.

          Henning Schorisch, Administrator
          HWW Wienberg Wilhlem
          Wasastrasse 15, 01219 Dresden
          Web site: http://www.hww-kanzlei.de


C.S. MANAGEMENT: Declares Bankruptcy
------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against C.S. Management GmbH on August 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 28, 2005 to register
their claims with court-appointed provisional administrators
Georg Henningsmeier and Dr. Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting on October 28, 2005, 11:20 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  C.S. MANAGEMENT GmbH
          Martin-Behaim-Strasse 2, 63236 Neu-Isenburg
          Contact:
          Christian Schlesiger, Manager

          Georg Henningsmeier, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Dr. Sven-Holger Undritz, Administrator
          Jungfernstieg 51, 20354 Hamburg
          Phone: 808136-212
          Fax: 808136-119


DEVIN FLEISCHWAREN: Calls in Administrator from PKL
---------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Devin Fleischwaren Produktion und Grosshandels GmbH on
August 11.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
September 21, 2005 to register their claims with court-appointed
provisional administrator Jorg Spies.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2005 at the district court of Dresden,
Saal D132, Olbrichtplatz 1, 01099 Dresden, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  DEVIN FLEISCHWAREN PRODUKTION UND GROSSHANDELS GmbH
          Karlsruher Str. 142 in 01189 Dresden

          Jorg Spies, Administrator
          PKL Rechtsanwalte Keller Spies Partnerschaft
          Lockwitzer Str. 17, 01219 Dresden
          Web site: http://www.pkl.com


DIAMONDS CLUB: Creditors Meeting Set October
--------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Diamonds Club GmbH on August 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 23, 2005 to register
their claims with court-appointed provisional administrator Dr.
Hans-Ulrich Tittel.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 9:00 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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:  DIAMONDS CLUB GmbH
          Levelingstr. 17 in 81673 Muenchen

          Dr. Hans-Ulrich Tittel, Administrator
          Elsenheimerstr. 61, 80687 Muenchen
          Phone: 089/5472750
          Fax: 089/54729018


DIETER SCHNEIDER: Court to Verify Claims November
-------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Dieter Schneider GmbH on August 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 1, 2005 to register their
claims with court-appointed provisional administrator Hanns
Pollmann.

Creditors and other interested parties are encouraged to attend
the meeting on November 15, 2005, 9:00 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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:  DIETER SCHNEIDER GmbH
          Wendelsteinstr. 19 in 85622 Feldkirchen

          Hanns Pollmann, Administrator
          Prannerstr. 11, 80333 Muenchen
          Phone: 089/33008090
          Fax: 089/330080999


E LINE: Court Names Dr. Junker & Kollegen Administrator
-------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against E LINE -- Elektro-Electronic GmbH on August 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 20,
2005 to register their claims with court-appointed provisional
administrator Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2005, 12:00 p.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21,
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:  E LINE -- ELEKTRO-ELECTRONIC GMBH
          Kastanienring 1, 09661 Hainichen
          Contact:
          Wolfgang Konig, Manager

          Dr. Christoph Junker, Administrator
          Dr. Junker & Kollegen
          Karcherallee 25a, 01277 Dresden
          Web site: http://www.junker-kollegen.de


HOKUS POKUS: Charlottenburg Court to Verify Claims December
-----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Hokus Pokus Sportgaststatten Betriebs GmbH on
August 16.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 10, 2005 to register their claims with court-appointed
provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on October 5, 2005, 10:30 a.m. at the district court
of Charlottenburg, 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 21, 2005, 10:50 a.m. at the same venue.

CONTACT:  HOKUS POKUS SPORTGASTSTATTEN BETRIEBS GmbH
          Grossbeerenstr. 34-40,12107 Berlin

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


KARSTADTQUELLE AG: Reopens Alsterhaus Jewelry House
---------------------------------------------------
The KarstadtQuelle Group, Essen, has invested around EUR35
million in the reconstruction and realignment of its traditional
Hamburg shopping jewel -- the Alsterhaus.  After a two-year
reconstruction period, the new Alsterhaus is opening its doors on
September 7, 2005, enticing shoppers to an experience on Hamburg'
s most prominent shopping boulevard.

"This new Alsterhaus is a significant component in the strategic
realignment of our department store business," stated Dr. Thomas
Middelhoff, Chairman of the KarstadtQuelle AG, on the occasion of
the opening of the house.

At the same time, speaking of the realignment process in the
KarstadtQuelle Group Department Store segment, he emphasized,
"Our focus on the large department stores is already showing
signs of success.  The department store is developing positively
and is fully on schedule."

The new Alsterhaus is the epitome of international brands, top
culinary enjoyment and an exclusive buying experience.  "With
this top-quality alignment, the Alsterhaus has positioned itself
in the same league as Harrods in London, Galeries Lafayette in
Paris or our Kaufhaus des Westens in Berlin," continued
Middelhoff.  The unique connection of the historical building and
the modern interior design makes the store with its tradition
stretching back over 100 years an unmistakable department store
with a unique shopping experience, not just in Hamburg, but in
the whole of Germany as well.

From an architectural viewpoint, the redesign of the
Jungfernstieg fašade is particularly striking.  Opening up the
facade right up to the first sales floor gives the Alsterhaus
more transparency, providing the whole of the building with more
openness.  The new interior design meets the highest standards.
On sales space of more than 22,000 square meters, the focus is on
fashion, fragrances, fashion accessories, living and food and
drink.  The up-market range, strong international brands and the
fascinating presentation underline the exclusive positioning of
the store.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com

          Corporate Communications
          Jorg Howe
          Phone: + 49 (0)201/727-25 38
          Fax: + 49 (0)201/727-37 09
          E-mail: joerg.howe@karstadtquelle.com


KXX KZWANZIG: Creditors' Claims Due October
-------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
KXX Kzwanzig GmbH on August 18.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 14, 2005 to register their claims
with court-appointed provisional administrator Thomas Steger.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2005, 9:00 a.m. at the district court
of Bonn, Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Saal W126, 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:  KXX KZWANZIG GmbH
          Am Turm 40, 53721 Siegburg
          Contact:
          Ingeborg Schnitzler, Manager
          Oberdorsterstr. 46, 53819 Neunkirchen-Seelscheid

          Thomas Steger, Administrator
          Kolnstrasse 135, 53757 Sankt Augustin
          Phone: 02241/90600
          Fax: 02241/21048


MARSEILLE-KLINIKEN: Subsidiary Wins Lease Case vs. Local Govt
-------------------------------------------------------------
The Senioren-Wohnpark in Neuruppin, a subsidiary company of the
Marseille-Kliniken AG, has achieved a clear victory in the second
instance against the district of Ostprignitz-Ruppin in the Higher
Regional Court of Brandenburg.  The case relates to the payment
of rent arrears totaling EUR4.563 million.  Instead of paying the
sum being claimed, the Senioren-Wohnpark has to pay arrears of
only EUR510,409.69, over a quarter of a million less than
adjudicated in the first instance.  This corresponds to only 11%
of the amount originally claimed by the district authorities.

Thus, the court has largely agreed with the Senioren-Wohnparks'
legal viewpoint that following changes in the basis of a legal
contract, the financial risks have to be borne by the party,
which has caused these changes.  Since an appeal was not granted,
the verdict thereby brings to a conclusion a politically
motivated court case by the District Administrator, Christian
Gilde (SPD), which lasted several years.

Dr. Hans-Peter Ensenbach, who represented the company in the
dispute, which spanned more than five years, explained: "We're
very satisfied with the verdict.  For the state the decision is a
disaster because it will have to cover 89% of the legal costs.
That's at least EUR320,000.  So considerably more than half of
the amount it has been awarded will go into the court's coffers,
and therefore back into the state.  What a waste of taxpayers'
money! It would have been possible to avoid any court case if the
district authorities had simply listened to the experts' advice.
For them, it was a straightforward matter."

Background

On 26 August 1996, the Brandenburg state investment bank (ILB)
granted the district authorities retrospective funding of
DEM14.778 million for the development (90% of 125 places under
medical care and 40% of 20 assisted living places, whereby the
district had to fund the remaining 60%) as well as a repayable
grant for the construction costs amounting to DEM3.4 million
marks.  The district then transferred the rent back, which had
been paid by the Senioren-Wohnpark.  On 27 February 1998,
however, the district authority once again paid the funding to
the ILB.  On 21 November 2001, the funding was once again
granted, this time for EUR7.291 million.  All administrative
decisions had unanimously declared that from the time of the
first notification, the facility was fully funded.

For the Senioren-Wohnpark in Neuruppin this meant that its
residents no longer had to pay any rent for hospital and nursing
charges.  Nevertheless, for the period between Jan. 1, 1997 and
Dec. 31, 2001 the district authorities demanded rent arrears
totaling EUR4.563 million.

The court has now made it clear that the district authorities may
not expect the facility to pay twice.
It is not the first time that the District Administrator, Gilde,
has lost a court case against the Senioren-Wohnpark with
unreasonable demands.  In the 1990's, Gilde demanded full rent
from the Senioren-Wohnpark with the threat of terminating the
contract, even though rent based on occupancy had been agreed.
Initially, the Senioren-Wohnpark made the payments but then
claimed reimbursement -- and won.

                            *   *   *

In March, Standard & Poor's Ratings Services revised its outlook
on Marseille-Kliniken AG to negative from stable, following a
weakening of the group's capital base.  The 'BB-' long-term
corporate credit rating was affirmed.

CONTACT:  Matthias Soyka
          Company spokesperson
          Phone: 040 5145 9309
                 0171 8377945


NETZLAND TELEKOMMUNIKATION: Succumbs to Bankruptcy
--------------------------------------------------
The district court of Nuernberg opened bankruptcy proceedings
against Netzland Telekommunikation GmbH on August 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 3, 2005
to register their claims with court-appointed provisional
administrator Dr. Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 9:45 a.m. at the district court
of Nuernberg, Flaschenhofstr. 35, Sitzungssaal 152/I, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  NETZLAND TELEKOMMUNIKATION GmbH
          Duisburger Strasse 44, 90451 Nuernberg

          Dr. Hubert Ampferl, Administrator
          Stahlstrasse 17, 90411 Nuernberg
          Phone: 0911/951285-0


PROSIEBENSAT.1 MEDIA: Springer Bares Offer for Preference Shares
----------------------------------------------------------------
Axel Springer Verlag is next targeting the preference shares of
television group ProSiebenSat.1 Media, Die Welt says.  Its
EUR14.11 offer for each preference share follows its acquisition
of the 50.5% stake held by a group of U.S. investors led by Haim
Saban for EUR2.5 billion.  This deal gave Springer control of the
group's 88% voting rights and allowed it to acquire all
vote-carrying ordinary shares and 25% of preference shares.

According to Die Welt, Springer's long-term plan includes a
merger between the two groups, with the remaining shares in
Prosiebensat.1 to be swapped with new Springer preference shares.
The local anti-trust authority is now reviewing the plan.

ProSiebenSat.1 was formed in 2000 following the merger of
Germany's leading broadcasters, ProSieben Media AG and Sat.1.  It
is the largest and most successful television corporation with
four stations -- Sat.1, ProSieben, kabel eins and N24.

CONTACT:  PROSIEBENSAT.1 MEDIA AG
          Medienallee 7
          85774 Unterfohring
          Phone: +49 (89) 95 07-11 80
          Fax: +49 (89) 95 07-11 84

          AXEL SPRINGER VERLAG AG
          Axel-Springer-Str. 65
          10888 Berlin, Germany
          Phone: +49-30-2591-0
          Web site: http://www.asv.de


ROWA SERVICE: Muenchen Company Goes Bust
----------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against rowa Service AG on August 5.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 17, 2005 to register their claims
with court-appointed provisional administrator Dr. Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting on October 20, 2005, 11:10 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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:  ROWA SERVICE AG
          Gebaudetechnik Gebaudemanagement
          Lagerstrasse 31 in 82178 Puchheim

          Dr. Bruno Kuebler, Administrator
          Konrad-Zuse-Platz 1, 81829 Muenchen
          Phone: 99299-0
          Fax: 99299-299


WCM GROUP: Settles Legal Dispute with REBON
-------------------------------------------
WCM AG announces that a settlement has been reached between REBON
and WCM by common consent.  In the legal dispute, REBON claimed
damages of approximately EUR80 million from WCM relating to the
"realization of IVG shares on the part of the SIRIUS GmbH
bankruptcy administrator".

In the first instance the REBON action against WCM was rejected
in full.  REBON then appealed to the Frankfurt Higher Regional
Court.

As part of the settlement, WCM undertook to transfer to REBON
stakes in a third company valued at a medium single-digit amount
in millions of euro.  Furthermore, REBON has been granted the
option to buy further stakes from WCM in the third company at
market value, at a further medium single-digit amount in
millions.

The implementation of the settlement depends on REBON meeting
certain requirements.  Their fulfillment is expected in the short
term.

                        About the Company

Headquartered in Frankfurt, Germany, WCM was founded in 1766 as a
textile company, but has since then transformed into a real
estate investment group.  Its fortunes slumped dramatically in
2003 when it reported an EUR861 million loss after being forced
to write down the value of many of its shareholdings amidst a
slump in the stock market.  It is now trying to pay debt and sell
assets.

CONTACT:  WCM BETEILIGUNGS- UND GRUNDBESITZ-AKTIENGESELLSCHAFT
          Opernplatz 2
          60313 Frankfurt
          Phone: +49 (0) 69 90026-0
          Fax: +49 (0) 69 90026-110
          E-mail: info@wcm.de
          Web site: http://www.wcm.de


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


OLYMPIC AIRLINES: Revenues in First Seven Months Soar by 14%
------------------------------------------------------------
Ailing national carrier Olympic Airlines delivered a better
operating performance in the first seven months of the year,
posting a 14% hike in revenues, Reuters says.

January-July revenues rose from EUR260.5 million in 2004 to
around EUR298.6 million, mainly due to a 3.4% spike in passenger
traffic.  Average load factor rose by seven percentage points to
69%; this, despite operating only 40 planes, compared to 44 last
year.  In all, the airline carried 3.4 million passengers during
the period.

In other news, the European Union will wrap up on September 14
its probe into the illegal state aid allegedly extended to the
airline by the previous Socialist government.  Government
spokesman, Theodoros Roussopoulos, said Monday, "We are awaiting
that decision.  We will then see what the repercussions will be
on the privatization process."

The government recently signed a preliminary agreement with
Olympic Investors and its U.S. partner York Capital on the sale
of its stake in the airline.  The government wants to raise
EUR1.6 billion from the sale of Olympic and other state assets to
reduce public debt, which is one of the highest in the euro zone.

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


OLYMPIC AIRLINES: Maryland Airport Courting Carrier to its Lair
---------------------------------------------------------------
State officials in Baltimore are wooing national carrier Olympic
Airlines to expand its operations to Baltimore-Washington
International Airport (BWI), Baltimore Business Journal says.

According to sources privy to the matter, BWI is expanding its
international flight service and is currently looking for
carriers willing to fly out of the airport.  Maryland Aviation
Administration Spokesman Jonathan Dean confirmed this, adding
airport officials are working "very aggressively" on landing new
international business and "any number of international
destinations are a priority for BWI."

Targeting Olympic Airlines matches the effort by the state
government to attract Greek tourists to Maryland.  According to
the paper, Baltimore has a strong Greek connection, as evidenced
by a flourishing Greek-American community.  The city has a
Greektown, a Greek-Orthodox church, and prominent businessmen of
Greek descent like Baltimore Orioles owner Peter Angelos and
Maryland economic development chief Aris Melissaratos.

Greece recently signed a preliminary agreement to sell Olympic
Airlines to a Greek-American consortium.  Unions, however, oppose
the sale, believing it will lead to the carrier's shutdown.

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

          BALTIMORE-WASHINGTON INTERNATIONAL AIRPORT
          P.O. Box 8766
          B.W.I. Airport
          Web site: http://www.bwiairport.com


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


FIAT SPA: CNH Board Appoints Permanent CEO
------------------------------------------
The Board of Directors of CNH Global N.V. confirmed Harold
Boyanovsky as Chief Executive Officer.  Mr. Boyanovsky was
appointed interim Chief Executive Officer in February this year
when Paolo Monferino left CNH to become Chief Executive Officer
of Iveco.

Since February, Boyanovsky has been both Chief Executive Officer
as well as President of the Construction Equipment business, a
position he has held since September 2002.

"Over the past months, Harold Boyanovsky has demonstrated the
strategic leadership and ability necessary to move the
organization forward and achieve the expected efficiency and
profitability improvements," said Fiat Chief Executive Officer
Sergio Marchionne.

"His extensive knowledge of the agricultural and construction
equipment industries and of CNH will surely provide great
continuity and strength to the future of the Company."

                          About CNH

CNH is one of the world's two largest makers of agricultural
equipment, the other being Deere & Company.  It is no. 3 maker of
construction equipment behind Caterpillar and Komatsu.  Its farm
equipment (just about 70% of sales) includes tractors,
harvesters, sprayers, and hay balers.  The company also makes
light-industrial and construction equipment such as include
backhoes, excavators, forklifts, mini-loaders, and telescopic
handlers.  CNH has operations in 24 countries and sells worldwide
through about 12,000 dealers and distributors.  Italian carmaker
Fiat controls 91% of the company.

                       About Fiat S.p.A.

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

                         Status to date

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

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


PARMALAT FINANZIARIA: Losses in Brazil Swell
--------------------------------------------
Parmalat Finanziaria's Brazilian unit posted a record loss for
the first half of 2005, Investnews Brazil says.

Parmalat do Brasil's first-half net loss ballooned to BRL371.4
million from BRL135.2 million last year, despite net revenues of
BRL430.8 million, which rose 76% this year.  EBITDA fell
to -BRL12.66 million, compared to last year's BRL43.96 million.

The unit recently presented its recovery plan before the Sao
Paolo court, which proposes a capital hike and a bond issue.  It
plans to dispose of operating assets to raise additional capital
to repay part of its debt.  The plan also includes a repayment
schedule for its BRL900 million debt to suppliers and banks.

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

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


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


DELTA+ FREE: Creditors' Claims Due Late October
-----------------------------------------------
LLC Delta+ Free Economic Zone Bishkek, which recently became
insolvent, will accept proofs of claim until October 29, 2005.
Call (0-312) 42-69-90 or 54-32-86 for more information.


FIRMA BARCHYN: Gives Creditors Until Next Month to File Claims
--------------------------------------------------------------
LLC Firma Barchyn, which recently became insolvent, will accept
proofs of claim at Bishkek, Togolok Moldo Str. 31a until October
29, 2005.  Call (0-312) 27-24-16 for more information.


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


ROYAL SHELL: Only 4.051 Billion 'A' Shares Remain
-------------------------------------------------
On September 6, 2005, Royal Dutch Shell plc purchased for
cancellation 1,260,000 'A' Shares at a price of EUR26.66 per
share.  On the same date, it purchased for cancellation 390,000
'A' Shares at a price of 1,804.84 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,051,145,000.

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
===========


ARSENAL: Hires B. Govorov Insolvency Manager
--------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on industrial building company Arsenal.
The case is docketed as A41-K2-11250/05.  Mr. B. Govorov has been
appointed temporary insolvency manager.

CONTACT:  ARSENAL
          141075, Russia, Moscow region,
          Korolev, Dzerhinskogo Str. 18A

          Mr. B. Govorov
          Insolvency Manager
          115280, Russia, Moscow region,
          Avtozavoskaya Str. 32, Building 15


BUY-GRAIN-PRODUCT: Declared Insolvent
-------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Buy-Grain-Product after finding the open
joint stock company insolvent.  The case is docketed as
A31-3537/2005-18.  Mr. D. Ryndenko has been appointed insolvency
manager.

CONTACT:  BUY-GRAIN-PRODUCT
          157040, Russia, Kostroma region,
          Buy, 19th branch line

          Mr. D. Ryndenko
          Insolvency Manager
          152930, Russia, Yaroslavl region,
          Rybinsk, Post User Box 13


CONTI-SUGAR: Claims Filing Period Ends Next Month
-------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Conti-Sugar (TIN 7729026585) after finding the close
joint stock company insolvent.  The case is docketed as
A40-27996/05-38-46B.  Mr. V. Shishkin has been appointed
insolvency manager.  Creditors have until October 6, 2005 to
submit their proofs of claim to 125040, Russia, Moscow.

CONTACT:  CONTI-SUGAR
          119285, Russia, Moscow
          Pudovkina Str. 4

          Mr. V. Shishkin
          Insolvency Manager
          125040, Russia, Moscow


GEPHES: Bankruptcy Proceedings Begin
------------------------------------
The Arbitration Court of Tula region commenced bankruptcy
proceedings against Gephes after finding the open joint stock
company insolvent.  The case is docketed as A68-122/B-04.  Mr. K.
Kozhevnikov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 301280, Russia, Tula region,
Kireevskiy region, Bolokhovo, Mira Str. 32.

CONTACT:  GEPHES
          301280, Russia, Tula region, Kireevskiy region,
          Bolokhovo, Mira Str. 32

          Mr. K. Kozhevnikov
          Insolvency Manager
          301280, Russia, Tula region, Kireevskiy region,
          Bolokhovo, Mira Str. 32


KALMANSKIY DAIRY: Succumbs to Bankruptcy
----------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Kalmanskiy Dairy after finding the limited
liability company insolvent.  The case is docketed as
A03-8802/05-B.  Mr. V. Bortyakov has been appointed insolvency
manager.

CONTACT:  KALMANSKIY DAIRY
          Russia, Altay region,
          Kalmanskiy region, Kalmanka

          Mr. V. Bortyakov
          Insolvency Manager
          656002, Russia, Barnaul,
          Post User Box 3712

          The Arbitration Court of Altay region
          656015, Russia, Barnaul, Lenina Pr. 76


KHAROVSKAYA: Insolvency Manager Takes over Business
---------------------------------------------------
The Arbitration Court of Vologda region commenced bankruptcy
proceedings against Kharovskaya after finding the specialized
movable mechanized column insolvent.  The case is docketed as
A13-4902/2005-25.  Mr. G. Pogosyan has been appointed insolvency
manager.

CONTACT:  KHAROVSKAYA
          Russia, Vologda region,
          Kharovsk, Kamennaya Str. 2

          Mr. G. Pogosyan
          Insolvency Manager
          160000, Russia, Vologda region,
          Post User Box 152


ONEZHSKOYE MILK: Bankruptcy Supervision Procedure Begins
--------------------------------------------------------
The Arbitration Court of Vologda region has commenced bankruptcy
supervision procedure on limited liability company Onezhskoye
Milk.  The case is docketed as A13-5016/2005-22.  Mr. A. Kalachev
has been appointed temporary insolvency manager.  A hearing will
take place on November 23, 2005, 3:30 p.m.

CONTACT:  ONEZHSKOYE MILK
          Russia, Vologda region,
          Vytegra, Leningrasky Trakt, 23

          Mr. A. Kalachev
          Insolvency Manager
          160035, Russia, Vologda region,
          Pobedy Pr. 55, Office 7


PROM-STROY-MECHANIZATION: Creditors Opt for Liquidation
-------------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Prom-Stroy-Mechanization (TIN 7447048848)
after finding the limited liability company insolvent.  The case
is docketed as A76-19091/05-34-107.  Mr. G. Popov has been
appointed insolvency manager.

CONTACT:  PROM-STROY-MECHANIZATION
          454081, Russia, Chelyabinsk region,
          Valdayskaya Str. 2/2

          Mr. G. Popov
          Insolvency Manager
          454081, Russia, Chelyabinsk region,
          Valdayskaya Str. 2/2


SIB-WOOD-TRANS: Court Brings in Insolvency Manager
--------------------------------------------------
The Arbitration Court of Kurgan region commenced bankruptcy
proceedings against Sib-Wood-Trans after finding the limited
liability company insolvent.  The case is docketed as
A34-3296/05.  Mr. N. Leontyev has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 641920,
Russia, Kurgan region, Kargapolskiy region, Kargapolye,
Avtomobilistov Str. 14.

CONTACT:  SIB-WOOD-TRANS
          641920, Russia, Kurgan region, Kargapolskiy region,
          Kargapolye, Avtomobilistov Str. 14

          Mr. N. Leontyev
          Insolvency Manager
          641920, Russia, Kurgan region, Kargapolskiy region,
          Kargapolye, Avtomobilistov Str. 14
          Phone: 8-35256-2-13-78


STROY-WOOD: Bankruptcy Hearing Set Next Month
---------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
supervision procedure on limited liability company Stroy-Wood.
The case is docketed as A29-4690/05-3B.  Mr. A. Ragozin has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 167000, Russia,
Komi republic, Syktyvkar, Babushkina Str. 31.  A hearing will
take place on October 13, 2005, 9:15 a.m.

CONTACT:  STROY-WOOD
          Russia, Komi republic, Ust-Kulomskiy region

          Mr. A. Ragozin
          Temporary Insolvency Manager
          167000, Russia, Komi republic,
          Syktyvkar, Babushkina Str. 31
          Phone: (88212) 723858


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


STMICROELECTRONICS N.V.: Names New VPs for North America, Japan
---------------------------------------------------------------
STMicroelectronics N.V. has appointed two new Corporate Vice
Presidents, Reza Kazerounian for North America and Marco Cassis
for the Japan region.

Reza Kazerounian, currently Group Vice President and General
Manager of ST's Smart Card division, is being promoted to the
position of Corporate Vice President, North America region,
effective October 01, 2005.  Mr. Kazerounian's promotion follows
the decision of Richard J. Pieranunzi, the current Corporate Vice
President of ST North America, to retire on September 30, 2005,
after successfully managing the subsidiary since 1996.

Under Pieranunzi's leadership, ST operations in North America
have seen substantial growth, placing ST within the top ten IC
suppliers in the region, with a market share that has more than
doubled since 1995.  In 1999, STMicroelectronics, Inc. won the
prestigious Malcolm Baldrige National Quality Award, the highest
level of national recognition for quality that a U.S. company can
receive.

Mr. Kazerounian, 47, is a well-prepared successor to the position
of President of STMicroelectronics, Inc., with twenty years of
experience in the electronics industry and industry-wide acclaim
for his contribution to the development of non-volatile memory
and smartcard technologies.  His research and development
activities have been recognized with a number of patents and he
has authored and co-authored more than 20 technical publications.

Having been among the architects of start-up WaferScale
Integration's success, Mr. Kazerounian became General Manager of
ST's Programmable Systems Division after WSI was acquired in
2000.  In 2003, he was appointed Group General Vice President and
General Manager of the Smart Card IC Division.  Coupling
excellent managerial skills with profound industry knowledge and
experience, Mr. Kazerounian is perfectly qualified to continue
the success of ST operations in the North America region.

Marco Cassis, currently Vice President Automotive and a Board
Member of the Japanese subsidiary, STMicroelectronics K.K., is
being promoted to the position of Corporate Vice President of
STMicroelectronics Japan, effective October 01, 2005.  Mr.
Cassis' promotion follows the decision of Tetsuo Onikura, the
current Corporate Vice President and President of ST Japan, to
resign from the Company for personal reasons, effective September
30, 2005.

A respected authority on the semiconductor industry in Japan,
Onikura joined ST Japan as Vice President of Sales in 2002.  He
successfully consolidated the Company's sales operations by
reinforcing the distributor sales network and developing an
efficient segment-based structure for providing system solutions
to Japanese customers. Under Onikura's leadership, ST revenues in
Japan grew by more than 46% between 2002 and 2004.

Taking the baton from Onikura, Marco Cassis (born in Italy, 1963)
is a well-established member of ST Japan's senior executive team,
with twelve years of experience in Japan and knowledge of the
local business environment.  Since his arrival, he has played an
important role in expanding ST's client base in Japan and forging
strong partnerships with major Japanese manufacturers,
particularly in the automotive sector; these customers are
recognized as the world's most demanding in quality and service.
Among his broad list of achievements, Cassis was one of the key
architects of ST's strategic alliance with Pioneer in the late
1990s.

Since arriving in Japan in 1993, Cassis has successfully adapted
to his new home country and acquired a deep understanding of
Japanese social, cultural, and industrial patterns.  In his new
role, Cassis is thus well-positioned to build on Onikura's
successes and serve as a bridge between two cultures, further
extending the already universal language of microelectronics.

President & CEO of STMicroelectronics Carlo Bozotti said: "In
both the North American and Japanese organizations, we need to
establish new business partnerships, broaden our customer base,
interface with the different product groups, and keep identifying
new products to be developed for the specific needs of the
respective regional markets. Thanks to their experience and
industry know-how, Marco and Reza are ideally suited to
successfully face this challenge.

"I would also like to use this opportunity to thank Richard and
Tetsuo for their valuable contributions to the success of our
Company."

                            *   *   *

In July, STMicroelectronics N.V. reported net revenues for the
first half were US$4,245 million, an increase of 1.0% over the
2004 first half revenues of US$4,201 million.  Gross profit was
US$1,399 million, or 32.9% of net revenues, compared to US$1,530
million or 36.4% of net revenues for the 2004 first half.

Operating income was a loss of US$55 million, compared to income
of US$259 million in last year's first half.  Net income was a
loss of US$5 million, or US$0.01 per share, compared to net
income of US$225 million, or US$0.24 per diluted share in last
year's first half.  Net income included pre-tax impairment,
restructuring charges and other related closure costs of US$100
million and US$45 million for the 2005 and 2004 first half
results, respectively.

STMicroelectronics is a global independent semiconductor company,
which employs 50,000 people, 16 advanced research and
development units, 39 design and application centers, 16 main
manufacturing sites and 88 sales offices in 31 countries.

Corporate Headquarters, as well as the headquarters for Europe
and for Emerging Markets, are in Geneva.  The Company's U.S.
Headquarters are in Carrollton (Dallas, Texas); those for
Asia/Pacific are based in Singapore; and Japanese operations are
headquartered in Tokyo.

CONTACT:  STMICROELECTRONICS N.V.
          Worldwide Headquarters
          39, Chemin du Champ des Filles
          C. P. 21
          CH 1228 Plan-Les-Ouates
          GENEVA, Switzerland
          Tel: +41 22 929 29 29
          Fax: +41 22 929 29 00
          Web site: http://www.st.com/stonline/

          Stanley March
          Vice President, Investor Relations
          Phone:  +1-212-821-89-39
          Fax: +1-212-821-89-23
          E-mail: stan.march@st.com

          Benoit de Leusse
          Director, Investor Relations
          Phone: +41-22-929-58-12
          Fax: +41-22-929-69-61
          E-mail: benoit.de-leusse@st.com

          Fabrizio Rossini
          Investor Relations Senior Manager
          Phone: +41-22-929-69-73
          Fax: +41-22-929-69-61
          E-mail: fabrizio.rossini@st.com


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


TURKIYE IS BANKASI: Fitch Upgrades Rating to 'BB'
-------------------------------------------------
Fitch Ratings has upgraded Turkey-based Turkiye Is Bankasi's
Long-term local currency rating to 'BB' from 'BB-' (BB minus). At
the same time, the agency has upgraded Isbank's Individual rating
to 'C' from 'C/D' and its National Long-term rating to 'A+ (tur)'
from 'A (tur)'.  The bank's Long-term foreign currency,
Short-term foreign and local currency, and Support ratings are
affirmed at 'BB- (BB minus)', 'B' and '4', respectively.  The
Outlooks on all the Long-term ratings remain Stable.

The upgrades are driven by Isbank's stronger and consistent
profitability, continued solid funding structure, improved asset
quality measures and good capitalization.  This is balanced by
relatively low, albeit improved, free capital and a sizeable
proportion of government securities at 38% of assets.  The Long
term foreign currency rating is constrained by the Sovereign
Ceiling of 'BB- (BB minus)' while the Long-term local currency
rating is above that of the Sovereign.

Isbank recorded strong profitability with net earnings of
TRL859.8 million in 2004 (consolidated with financial companies
only) compared to TRL512.1 million in 2003.  This trend continued
into H105.  The bank benefits from an above-average net interest
margin which is aided by low funding costs and income from the
government securities portfolio, most of which is classified as
available for sale.  Efficiency improved and fees and commissions
have grown steadily.  This enabled the bank to boost its Tier 1
capital ratio to 26.28% at end-H105.  Free capital of 4.28% will
continue to improve due to the pending disposal of the bank's
stake in Petrol Ofisi.  Asset quality improved as non-performing
loans declined to 5.76% of the portfolio at H105 from 7.95% at
end-2004 while Isbank maintains reserve coverage in excess of
100%.

Isbank is the largest private sector bank in Turkey with a 13%
market share in both loans and deposits.  It is 41.5%-owned by
the bank's pension fund and 28% by the Republican People's Party.
Historically a corporate bank, Isbank has concentrated on
building its loans to the small business and retail sectors,
which tend to be more diverse and profitable.

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

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

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


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


BAHMACH AGROTECHKONCERN: Liquidator Takes over Helm
---------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Bahmach Agrotechkoncern (code EDRPOU
03764301) on August 2, 2005 after finding the open joint stock
company insolvent.  The case is docketed as 9/108 b.  Mr. Sergij
Polyakov (License Number AA 176073) has been appointed
liquidator/insolvency manager.  The company holds account number
260021680 at JSPPB Aval, Chernigiv regional branch, MFO 353348.

Creditors have until September 12, 2005 to submit their proofs of
claim to:

(a) BAHMACH AGROTECHKONCERN
    16500, Ukraine, Chernigiv region,
    Bahmach, Petrovskij Str. 82

(b) Mr. Sergij Polyakov
    Liquidator/Insolvency Manager
    Ukraine, Sumi region,
    Gorkij Str. 23/1-67

(c) ECONOMIC COURT OF CHERNIGIV REGION
    14000, Ukraine, Chernigiv region,
    Miru Avenue 20


BALAKLIYAPROMGEOFIZIKA: Bankruptcy Supervision Starts
-----------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on Subsidiary Enterprise
Balakliyapromgeofizika (code EDRPOU 01432836).  The case is
docketed as B-39/413-03.  Mr. V. Verbitskij (License Number AB
216765) has been appointed temporary insolvency manager.

Creditors have until September 12, 2005 to submit their proofs of
claim to:

(a) BALAKLIYAPROMGEOFIZIKA
    Ukraine, Harkiv region,
    Balakleya

(b) Mr. V. Verbitskij
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Gagarin Avenue 174/140

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square, 5, Derzhprom, 8th Entrance


BALTIKA-GROUP: Creditors' Claims Due Next Week
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Baltika-Group (code EDRPOU 31957891)
on May 25, 2005.  The case is docketed as 44/288-b.  Mr. Anatolij
Gunko (License Number AA 520124) has been appointed temporary
insolvency manager.  The company holds account number
2600430121771 at JSB Starokiyivskij Bank, Kyiv region branch, MFO
321477.

Creditors have until September 12, 2005 to submit their proofs of
claim to:

(a) BALTIKA-GROUP
    04050, Ukraine, Kyiv region,
    Glibochinska Str. 40

(b) Mr. Anatolij Gunko
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Brovari, Grushevskij Str. 17/55

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


HARKIV' ENERGY-REPAIR: Goes into Liquidation
--------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against OJSC Harkiv' Energy-Repair Enterprise (code
EDRPOU 05471276) on July 28, 2005 after finding the limited
liability company insolvent.  The case is docketed as B-24/85-04.
Mr. A. Zayarnij (License Number AA 484223) has been appointed
liquidator/insolvency manager.  The company holds account number
260055624 at JSPPB Aval, Harkiv branch, MFO 351589.

Creditors have until September 12, 2005 to submit their proofs of
claim to:

(a) HARKIV' ENERGY-REPAIR ENTERPRISE
    61128, Ukraine, 50-Richya SRSR Avenue 149

(b) Mr. A. Zayarnij
    Liquidator/Insolvency Manager
    61052, Ukraine, Harkiv region,
    Chervonoarmijska Str. 8/10 V
    Phone: 24-39-23

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square, 5, Derzhprom, 8th Entrance


KVANTOR: Court Appoints Insolvency Manager
------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LLC KVANTOR (code EDRPOU 32564504) on July
27, 2005 after finding the limited liability company insolvent.
The case is docketed as B-24/59-05.  Mr. I. Radik (License Number
AA 176041) has been appointed liquidator/insolvency manager.

Creditors have until September 12, 2005 to submit their proofs of
claim to:

(a) KVANTOR
    61022, Ukraine, Harkiv region,
    Svobodi Square, 7, Derzhprom, Room 595

(b) Mr. I. Radik
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Gv. Shironintsiv Str. 43-A/157
    Phone: (050) 301-29-21

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square, 5, Derzhprom, 8th Entrance


OJSC DNIPROENERGO: Executives Sued for Violating Dividend Policy
----------------------------------------------------------------
The management of OJSC Dniproenergo is facing a criminal case on
alleged abuse of authority at Zaporizhia territory, according to
Interfax.  The Interior Ministry's public relations department
said Dniproenergo officials violated the company's dividend
policy by skipping out payment to the state before distributing
to other entities.  It is reported to have paid UAH2.2 million to
limited liability companies and individuals.

Dniproenergo's bankruptcy action was brought on December 12,
2001.  It owes UAH1.39 billion to 65 companies and organizations.
Its register of creditors was approved by Zaporizhia region's
arbitration court on September 1, 2003.


OLEKSANDRIVSKIJ RAJAGROHIM: Declared Insolvent
----------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Oleksandrivskij Rajagrohim (code EDRPOU
05489490) on March 23, 2005 after finding the open joint stock
company insolvent.  The case is docketed as 10/118.  Mr. S.
Salatov (License Number AB 216837) has been appointed
liquidator/insolvency manager.  The company holds account number
26003301234 at OJSC Oshadbank, Oleksandrivka branch, MFO 323817.

Creditors have until September 12, 2005 to submit their proofs of
claim to:

(a) OLEKSANDRIVSKIJ RAJAGROHIM
    27300, Ukraine, Kirovograd region,
    Oleksandrivka, Ostrovskij Str. 4

(b) Mr. S. Salatov
    Liquidator/Insolvency Manager
    Ukraine, Kirovograd region,
    K. Marks Str. 4, Body 1
    Phone: (0522) 32-05-01


PEREMOGA: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Agricultural LLC Peremoga (code EDRPOU
30804517).  The case is docketed as 5/140-05.  Mr. Oleg Bojko
(License Number AB 176015) has been appointed temporary
insolvency manager.  The company holds account number 260097222
at JSPPB Aval, Vinnitsya branch, MFO 302247.

Creditors have until September 12, 2005 to submit their proofs of
claim to:

(a) PEREMOGA
    23040, Ukraine, Vinnitsya region,
    Barskij district, Martinivka

(b) Mr. Oleg Bojko
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Arhitektora Artinova Str. 51/2
    Phone: 35-63-98

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


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


ABBEY GARAGE: Files for Liquidation
-----------------------------------
At an Extraordinary General Meeting of Abbey Garage Doors (Derby)
Limited, duly convened, and held at the Georgian House Hotel, 34
Ashbourne Road, Derby DE22 3AD, on 24 August 2005, at 10:00 a.m.,
the following Resolutions were passed as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reasons 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 A
Graham, of Hamilton Insolvency Practitioners Limited, Omega
Court, 368 Cemetery Road, Sheffield S11 8FT, be and is hereby
appointed Liquidator of the Company for the purpose of the
voluntary winding-up."

At a Meeting of Creditors held on 24 August 2005 the Creditors
confirmed the appointment of A Graham as Liquidator and that
anything required or authorized to be done by the Liquidator be
done by him.

T Quinlan, Chairman

                            *   *   *

Abbey Garage Doors are the North East and North Yorks specialists
for all leading makes of garage doors and remote control systems.
It was established in 1996.

CONTACT:  ABBEY GARAGE DOORS
          Eastside Garage, Scotch Corner
          Middleton Tyas
          Richmond
          DL10 6NS
          North Yorkshire
          Phone: 01748 850032
          Fax: 01748 829953
          Web site: http://www.abbey-garagedoors.co.uk


A J FOSTER-LAURICHE: EGM Passes Winding-up Resolutions
------------------------------------------------------
At an Extraordinary General Meeting of A J Foster-Lauriche
Limited, duly convened, and held at 79 Caroline Street,
Birmingham B3 1UP, on 16 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 reasons 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
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 16 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.

A J Foster, Chairman

CONTACT:  A J FOSTER - LAURICHE LTD.
          Cannock Chase Enterprise Centre
          Walkers Rise
          Hednesford
          Cannock
          Staffs
          England WS12 0QU
          Phone: 011 44 1543 426025
          Fax: 011 44 1543 451472
          E-mail: andy@lauriche.demon.co.uk

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


AMAN METAL: Names Grant Thornton Liquidator
-------------------------------------------
At an Extraordinary General Meeting of Aman Metal Spinners (2000)
Limited, convened and held at the Quality Hotel, Merthyr Road,
Tongwynlais, Cardiff CF15 7LD, on 23 August 2005, at 10:30 a.m.,
the following Resolutions were duly passed, as an Extraordinary
Resolution and an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Richard Hawes and David Thomas, of Grant Thornton UK LLP, 11-13
Penhill Road, Cardiff CF11 9UP, be appointed Joint Liquidators of
the Company for the purposes of the voluntary winding-up."

P Burford, Chairman

CONTACT:  AMAN METAL SPINNERS 2000 LTD.
          Unit 10
          Hirwaun Industrial Estate
          Aberdare
          CF44 9UP
          Mid Glamorgan
          Phone: 01685 811882
          Fax: 01685 813861

          GRANT THORNTON UK LLP
          11-13 Penhill Road
          Cardiff CF11 9UP
          Phone: 02920 235591
          Fax: 02920 383803
          E-mails: richard.m.hawes@gtuk.com
                   nigel.morrison@gtuk.com


A & P PRINT: Hires Administrator from Andrew Michaels & Co.
-----------------------------------------------------------
Name: A & P PRINT FINISHERS LIMITED
      (Company No 0338406)

Nature of Business: Packaging Activities

Address of Registered Office: 114-116 High Street, Gosforth,
Newcastle upon Tyne, Tyne and Wear NE3 1HB

Date of Appointment: 24 August 2005

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

CONTACT:  A & P PRINT FINISHERS LTD.
          Newcastle Upon Tyne
          Tyne and Wear NE6 1AB
          Phone: 0191 2767600

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


BAE SYSTEMS: Operating Profit Improves to GBP488 Million
--------------------------------------------------------
BAE Systems plc has reported interim results for the six months
to 30 June 2005.

Results in Brief

From continuing operations      Six months         Six months
                                to 30 June         to 30 June
                                   2005              2004[1]

Order book[2]                 GBP52.5 billion    GBP45.2 billion

Sales[3]                     GBP6,773 million   GBP5,962 million

EBITA[4]                       GBP566 million     GBP470 million

Operating profit               GBP488 million     GBP392 million

Underlying basic earnings
per share[5]                       10.7 pence          7.7 pence

Basic earnings
per share[6]                       10.9 pence          7.4 pence

Dividend per share                  4.0 pence          3.7 pence

Net cash inflow
from operating activities      GBP586 million     GBP268 million

Net debt as defined
by the group                 GBP2,239 million   GBP1,878 million

Highlights

(a) Strategy Delivering:

      (i) unrivaled transatlantic defense position;

     (ii) global land systems business;

    (iii) recovery of U.K. programs; and

     (iv) progress on European restructuring;

(b) Strong Operating Performance:

      (i) sales up 13.6%;

     (ii) EBITA[4] up 20.4%;

    (iii) underlying earnings per share up 39%; and

     (iv) record order book; and

(c) Return to Growth Confirmed: dividend increased 8.1%.

Outlook

Looking forward to 2005 as a whole, the company now sees growth
from its defense businesses at a rate approaching that achieved
in 2004.  In addition, there will be a contribution from the full
six months second half trading of United Defense.

The company also anticipates an improved year-on-year
contribution from its Commercial Aerospace activities.  Overall,
the company is set to deliver good growth in 2005.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] as restated under International Financial Reporting Standards

[2] including share of equity accounted investments' order books
and after the elimination of intra-group orders of GBP1.0 billion
(2004 GBP1.6 billion)

[3] including share of equity accounted investments' sales

[4] earnings before amortization and impairment of intangible
assets, finance costs and taxation expense

[5] earnings per share excluding amortization and impairment of
intangible assets, non-cash finance movements on pensions and
financial derivatives, and profit in acquired inventories

[6] basic earnings per share in accordance with International
Accounting Standard 33
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                  Report of Chairman Dick Olver

Shareholders are now benefiting from our strong portfolio of
businesses with good profitable growth.

I am pleased to report that BAE Systems has made further good
progress in the first half of 2005.

We have grown the company's position in the U.S. and refocused
our business interests in Europe.  In particular, the acquisition
of United Defense has firmly established BAE Systems as a leading
supplier of defense systems in the United States.

We are now also seeing the benefits of the work over recent years
to eliminate inappropriate risk and improve returns from our
major program business with the U.K. Ministry of Defense.

In addition to the recovery in our U.K. businesses we have built
a strong position in the U.S., the world's largest defense
market.  Through a combination of organic growth and a series of
strategic acquisitions the company will have grown the sales of
its U.S. business at a compound annual rate of 27% between 2000
and the end of 2005.

This successful implementation of our strategy is now benefiting
the company's operational performance, strengthening our position
as the premier transatlantic aerospace and defense company and
underpinning the plan for future growth.

BAE Systems has come a long way in recent years.  Shareholders
are now benefiting from our strong portfolio of businesses with
good profitable growth.

Three new non-executive directors have been appointed to the
Board.  In June, Peter Weinberg, a senior director of Goldman
Sachs Inc. and former CEO of Goldman Sachs International, joined
the Board.  Mr. Weinberg has dual U.S. and U.K. citizenship.

I am also pleased to welcome Philip Carroll and Roberto Quarta
who have joined the Board.  Mr. Carroll, a U.S. citizen, is the
former chairman and chief executive officer of Fluor Corporation
and the former president and chief executive officer of Shell Oil
Company Inc.  Mr. Quarta is chairman and was formerly chief
executive of BBA plc and is a partner of the private equity firm
Clayton, Dubilier & Rice.  Based in the U.K., Mr. Quarta was born
in Italy and is a naturalized U.S. citizen.

Together these appointments bring a wealth of relevant experience
from a U.S., U.K. and international perspective and will make a
significant contribution to furthering BAE Systems strategy of
being the premier transatlantic aerospace and defense company.

The improved performance reflected in the financial results for
the first half, together with the improving growth outlook, have
enabled the Board to declare an increased interim dividend of 4.0
pence.

As we go forward we are all committed to improve our performance
in everything we do and to continue the clean execution of our
strategy.

              Report of Chief Executive Mike Turner

We are the only defense company that can grow at the very highest
level of capability in the U.S. while also deriving value from
our strong capabilities and market position in Europe.

The financial performance of the business in the first half
reflects advances made throughout the company.

A significant improvement has been achieved in the performance
from our Programs activities in the U.K., notably from the
Typhoon program.

The company's activities in North America continued to perform
well.  Businesses acquired in 2004 have been successfully
integrated and contributed to that performance.

The increased contributions from our U.K. and U.S. defense
contracts have more than offset the reduction in contribution
from export contracts.

The acquisition of United Defense was a key step in the company's
strategy to build BAE Systems position as the premier
transatlantic aerospace and defense company.  With this
acquisition BAE Systems businesses in the U.S. will have pro
forma 2005 sales of approximately US$8.5 billion.  The company is
now well placed to support the U.S. military's growing emphasis
on inter-operability, affordable transformation and force
sustainment and to meet emerging customer requirements with
increased emphasis on land systems, including the refurbishment
and upgrade of existing vehicles and equipment.

Integration of United Defense is now well underway.  The acquired
land systems activities are part of the newly formed Land &
Armaments business group, headquartered in the U.S., and
embracing the former RO Defense and Alvis activities in the U.K.
together with Hagglunds in Sweden and OMC in South Africa.

The United Defense ship repair activity is being integrated with
BAE Systems support activities in the U.S. to form an enlarged
Customer Solutions business complementing the U.K. Customer
Solutions & Support activities.

In Europe the restructuring of BAE Systems activities continues
with a reduction in the company's interest in Saab AB from 34.2%
to 20.5% generating cash of GBP125 million.  The first phase of
the Eurosystems transaction was completed involving the
progressive sale of the U.K.-based sensor systems and electronic
warfare activities of the former Avionics business group to
Finmeccanica and the restructuring of the former AMS joint
venture business to a wholly owned U.K.-based activity,
Integrated System Technologies.  This phase of the Finmeccanica
transaction was completed for a consideration of GBP357 million.

In the U.K., we continue to deliver wide-ranging support
activities in partnership with the U.K. Ministry of Defense's
Defense Logistics Organization and the armed forces.  In
particular good progress is being made on the future support
model for Tornado and the introduction of Typhoon to Royal Air
Force service has been successfully achieved with the first
Typhoon squadron based with BAE Systems for a period of initial
support.

We are progressing our business in the Kingdom of Saudi Arabia.
Further success in increasing the local content of the Al Yamamah
support program in Saudi Arabia was achieved.  The Al Yamamah
program includes support of equipment previously supplied to the
Royal Saudi Air Force by the company.  Over recent months three
Royal Saudi Air Force Tornado aircraft have been undergoing
design evaluation tests at the BAE Systems facility at Warton in
the U.K.  This work is proceeding to plan. The ultimate program
objective is to improve serviceability, address obsolescence, and
enhance and sustain the capability of the aircraft.

Good progress continues across all major programs with the
financial performance of the Programs business group benefiting
from good project execution.

The Airbus business continues to perform well with production
deliveries rising to meet airline market demand and with the
first flight of the new 550 seat Airbus A380 airliner, which took
place in April 2005.

The company continues to focus on embedding a high performance
culture and enhancing its internal processes.  As part of this we
have recently formed a company-wide Center for Performance
Excellence to provide leadership, measure performance and spread
best practice.  Work being undertaken will help define additional
performance indicators for future internal business planning and
enhanced external reporting.

Despite all the positive progress achieved in recent times there
remains much to be done to further enhance value for our
shareholders.

Pension funding is an issue for the company and employees alike.
Together we have already taken a number of important steps to
close the funding deficit and I believe that with the
constructive approach taken by all parties we will agree a plan
to fully address this issue in the near future.

I see further opportunities to build the order book and winning
new export business remains an important objective going forward.
We have also been successful in building our support business and
there are opportunities to further expand our support activities
to the mutual benefit of both our shareholders and customers.

We have made further strides in executing our strategy.  We are
the only defense company that can grow at the very highest level
of capability in the U.S. while also deriving value from our
strong capabilities and market position in Europe.

Our recent acquisition of United Defense demonstrates the
strategic strength of BAE Systems.  Less than two years ago we
had only a small foothold in land systems and now we are number
two in the world in this sector with pro forma annual sales of
approximately US$3.4 billion.

To conclude, we have achieved an excellent first half performance
and a good basis from which to deliver growth in profitability
not only for the full year but also over our forward planning
period.  We have taken significant steps towards the
implementation of our strategy.  Underpinning this is improved
operational performance right across our company.

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

CONTACT:  BAE SYSTEMS PLC
          Warwick House, Farnborough Aerospace Center
          Farnborough
          Hampshire GU14 6YU, United Kingdom
          Phone: +44-1252-373-232
          Fax: +44-1252-383-000
          Web site: http://www.baesystems.com


CITY WHARF: Mortgage Broker Winds up
------------------------------------
At an Extraordinary General Meeting of the Members of City Wharf
Associates Limited, duly convened, and held at 25 Harley Street,
London W1G 9BR, on Tuesday 23 August 2005, the following
Extraordinary Resolution was proposed and duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reasons 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 of the Company for the purposes of its
voluntary winding-up."

N Ledward, Chairman


COMPASS GROUP: Hires CEO for International Operations
-----------------------------------------------------
Compass Group plc has disclosed that Alain Dupuis is to take on a
new role as Chief Executive of emerging markets business (China,
India, Southeast Asia, Russia and Turkey).

Mr. Dupuis has, therefore, decided to stand down as a Director of
the Company, with effect from 1 October, in order to focus on
this strategically important new role.

Sir Francis Mackay, Chairman of Compass Group, said: "I would
like to thank Alain for the significant contribution he has
already made to the company as a Director and I am delighted that
he will continue with the Group to develop our business in
emerging markets."

                            *   *   *

Compass Group plc provides food, vending and related services to
clients and customers in the workplace, at school and colleges,
hospitals, on the move, at leisure and in defense, offshore and
remote locations.  It has annual revenues of GBP12 billion and
employs 400,000 people in over 90 countries.

In May, Michael J. Bailey, Chief Executive, said: "I am not happy
with our recent performance.  We need to respond more rapidly
than we have to the changes taking place in our market."

Half-year turnover was GBP6,191 million (2004: GBP5,844 million)
with like-for-like growth of 6%, in line with expectations.
However, net debt at 31 March 2005 rose to GBP2,494 million (30
September 2004: GBP2,373 million), while profit before taxation
and goodwill amortization decreased by 8% from GBP283 million to
GBP260 million.

CONTACT:  COMPASS GROUP PLC
          Compass House
          Guildford Street
          Chertsey
          Surrey
          United Kingdom
          KT16 9BQ
          Phone: +44 1932 573 000
          Fax: +44 1932 569 956
          Web site: http://www.compass-group.com


COROFAB CONTAINERS: Calls in Liquidators
----------------------------------------
At an Extraordinary General Meeting of Corofab Containers
Limited, duly convened, and held at Holiday Inn Derby-Nottingham,
M1 Jct. 25, Bostocks Lane, Sandiacre, Nottingham NG10 5NJ, on 19
August 2005, at 10:15 a.m., the following Extraordinary
Resolutions were duly passed:

"That it has been proved to the satisfaction of the Meeting that
this Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same should be wound
up, and that the Company be wound up accordingly, that Allan
Cooper and Derek Leslie Woolley, of The P&A Partnership, 93 Queen
Street, Sheffield S1 1WF, Insolvency Practitioners duly qualified
under the Insolvency Act 1986, be and are hereby appointed the
Liquidators of the Company for the purposes of such winding-up,
and 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."

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 Derek Leslie Woolley were
confirmed.

K Buxton, Chairman

CONTAC:  COROFAB CONTAINERS LTD.
         Lady Lea Works, Ladylea Road
         Horsley Woodhouse
         Ilkeston
         DE7 6AZ
         Derbyshire
         Phone: 01332 883111
         Fax: 01332 882706

         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


CORPACH PAPER: French Parent Shuts down Site
--------------------------------------------
Multinational paper maker Arjo Wiggins will close its Corpach
Paper Mill in Scotland at the end of the month due to lack of
demand for its product, British Broadcasting Corporation said.

Arjo Wiggins said in June the market for the group's product had
been "destroyed" by electronic transactions, particularly by the
credit card chip-and-pin system.  The group then launched a
60-day consultation, but declined to confirm a closure until the
process is complete.

According to Enterprise Minister Nicol Stephen, the closure will
render up to 126 employees jobless.  Mr. Stephen added special
support team has been set up to work with union leaders,
employees and management to cushion the effect of the closure.
He added a task force is also being set up to save as many jobs
as possible at the site.  He admitted employees have yet to
receive a formal redundancy notice.

CONTACT:  ARJO WIGGINS S.A.
          117 Quai du President Roosevelt
          F-92442 Issy-les-Moulineaux Cedex
          Paris
          Phone: 33 1 41 08 60 00
          Fax: 33 1 41 08 62 85


CYBER EMBRYONIC: Software Developer Calls in Administrator
----------------------------------------------------------
Name: CYBER EMBRYONIC LIMITED
      (Company No 04449246)

Nature of Business: Software Development

Address of Registered Office: 50 Newhall Street, Birmingham B3
3QE

Trade Classification: 36

Date of Appointment: 24 August 2005

Administrator's Name and Address: G. D. Sharma (IP No 9145),
Sharma & Co, 50 Newhall Street, Birmingham B3 3QE

                            *   *   *

Cyberembryonic develops high quality, intelligently designed and
competitively priced software products, solutions and services
for the travel and tourism industry.  Visit
http://www.cyberembryonic.com/for more information.

CONTACT:  CYBER EMBRYONIC
          Sharma Suite, Wembley Point, 1 Harrow Road
          Wembley, Middlesex HA9 6DE
          United Kingdom
          Contact: Manish Rawal
          Phone: +44 (0) 208 621 8481
          Fax: +44 (0) 207 317 4222

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


DORLUX BEDS: Calls First Creditors Meeting
------------------------------------------
Location: Crowne Plaza, Wellington Street, Leeds LS1 4DL, on 21
September 2005, at 10:00 a.m.

The Meeting is an initial Creditors' Meeting under paragraph 51
of Schedule B1 to the Insolvency Act 1986.  Creditors are invited
to attend.  Any Creditor unable to attend should complete a proxy
form by the above date if they wish to be represented.  To be
entitled to vote at the Meeting, you must provide details in
writing of your claim to PricewaterhouseCoopers LLP, Benson
House, 33 Wellington Street, Leeds LS1 4JP, by 12:00 noon on the
business day before the Meeting.  Any Member of the Company who
requires a copy of the proposals should send a written request to
the address above, and a copy will be sent, free of charge.

R Marsh and I D Green, Joint Administrators

CONTACT:  DORLUX BEDS LIMITED
          Sykes Mill, Keighley Road,
          Ovenden, Halifax,
          West Yorkshire HX2 8DD
          Phone: 01422 254 555
          Fax: 01422 345 025
          Web site: http://www.dorlux.co.uk/

          PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          E-mails: edward.klempka@uk.pwcglobal.com
                   steve.a.ellis@uk.pwcglobal.com
          Web site: http://www.pwcglobal.com


ECOQUIP LIMITED: Creditors to Meet Next Week
--------------------------------------------
Notice is hereby given by Vivian Murray Bairstow and Paul Michael
Davis, both of Begbies Traynor (South) LLP, 32 Cornhill, London
EC3V 3BT, the Joint Administrators, that a Meeting of the
Creditors of Ecoquip Limited is to be held at Chiltern House,
24-30 King Street, Watford WD18 0BP, on Thursday 15 September
2005, at 11:00 a.m.  The Meeting is an initial Creditor's Meeting
under paragraph 51 of Schedule B1 to the Insolvency Act 1986. Any
Creditor entitled to attend and vote at this Meeting is entitled
to do so either in person or by proxy.  Completed proxy forms
must be lodged with the Joint Administrators by the date of the
Meeting.  In order to be entitled to vote under Rule 2.38 at the
Meeting you must give to us, not later than 12:00 noon on the
business day before the day fixed for the Meeting, details in
writing of your claim.  Secured Creditors (unless they surrender
their security) should also include a statement giving details of
their security, the dates on which it was given and the estimated
value at which it is assessed.  The Resolutions to be taken at
the Meeting may include a Resolution specifying the terms on
which the Joint Administrators are to be remunerated.

V M Bairstow, Joint Administrator

                            *   *   *

Formed in 1987 under the name of North and South Installations,
the company underwent an MBO in August 2001 and renamed to
EcoQuip Ltd.  It is the first U.K. and European refrigeration
company to be awarded the coveted ISO14001 Environmental
Accreditation and is the leading supplier of commercial
refrigeration display cabinet services in the U.K.  Visit
http://www.ecoquip.co.uk/for more information.

CONTACT:  ECOQUIP LTD.
          Whitehorse Business Park,
          Stanford In The Vale, Oxon SN7 8NY
          Phone: 01367 710077
          Fax: 01367 710550
          E-mail: mail@ecoquip.com

          BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


E WALTERS: Clothier Hires Administrator from KPMG
-------------------------------------------------
Name: E WALTERS (LUDLOW) LIMITED
      (Company No 590546)

Nature of Business: Manufacture and Sale of Mens, Ladies and
Children's Outwear Clothing

Address of Registered Office: KPMG LLP, 2 Cornwall Street,
Birmingham B3 2SL

Date of Appointment: 25 August 2005

Administrators' Names and Addresses: Myles Antony Halley (IP No
6658), KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL and Richard
Dixon Fleming (IP No 8370), KPMG LLP, 1 The Embankment, Leeds LS1
4DW

                            *   *   *

E Walters Ludlow is an international and multinational private
company.  It manufactures trousers for men, women and children.
The company generates revenues of US$79.7 million.  Visit
http://www.ewalters.co.ukfor more information.

CONTACT:  E WALTERS (LUDLOW) LIMITED
          Phone: 44 1568 613344
          Fax: 44 1568 610860
          E-mail: enquiries@ewalters.co.uk

          KPMG LLP
          2 Cornwall Street
          Birmingham
          West Midlands B3 2DL
          Phone: 0121 232 3000
          Fax: 0121 232 3500

          KPMG LLP
          1 The Embankment
          Neville Street
          Leeds
          West Yorkshire LS1 4DW
          Phone: 0113 231 3332
          Fax: 0113 231 3183
          E-mail: richard.fleming@kpmg.co.uk


GALLAHER GROUP: Half-year Profit Down 4% to GBP225 Million
----------------------------------------------------------
Financial Highlights

                         2005 H1          2004 H1[2]

Volumes               82.1 billion       79.3 billion    up 3.5%

Total turnover    GBP3,946 million   GBP3,954 million  down 0.2%

Net turnover[2]   GBP1,248 million   GBP1,221 million    up 2.3%

EBITA[3]            GBP314 million     GBP309 million    up 1.8%

PBTA[4]             GBP263 million     GBP250 million    up 5.3%

Profit before tax   GBP225 million     GBP235 million  down 4.0%

Adjusted earnings
per share[5]            29.2 pence         27.4 pence    up 6.2%

Basic earnings
per share[6]            24.3 pence         25.6 pence  down 5.3%

Interim dividend        10.6 pence         10.0 pence    up 6.0%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] 2004 H1 results restated under IFRS.

[2] Total turnover less duty paid by Group companies.

[3] Total profit from operations before amortization of
intangible assets and exceptional charges.

[4] Profit before tax, amortization of intangible assets and
exceptional charges.

[5] Adjusted: before amortization of intangible assets and
exceptional charges (net of tax).

[6] Basic: includes amortization of intangible assets and
exceptional charges (net of tax).

Note: Amortization of intangible assets was GBP9 million (2004
H1: GBP6 million) and exceptional charges were GBP29 million
(2004 H1: GBP9 million).
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Chief Executive Nigel Northridge said: "Our ongoing and
successful drive to improve our efficiency and expand our
geographic base has again enhanced shareholder value.  We have
grown our volumes, profits and earnings per share, and continue
to look to the future with confidence."

Performance Highlights

Gallaher grew total volume sales by 3.5% to 82.1 billion
cigarettes (2004 H1: 79.3 billion).  This growth was driven by
market share gains across the CIS and certain European markets,
notably Poland, the Czech Republic, Denmark, Romania, Estonia,
Lithuania and Slovakia, which more than offset adverse conditions
in some key western European markets.

Adjusted earnings per share were up 6.2% to 29.2 pence (2004 H1:
27.4 pence).  These results bear the cost of investment in new
opportunities, but also benefit from returns from investments in
previous years.

Group EBITA grew 1.8% to GBP314 million (2004 H1: GBP309
million).  This growth was achieved at the same time as Gallaher
increased its total sales and marketing expenditure.  Tobacco
EBITA was up 2.6% to GBP284 million (2004 H1: GBP277 million),
while EBITA from the European distribution businesses reduced to
GBP30 million (2004 H1: GBP32 million).

Lower operating costs in the U.K. offset the impact of volume
decline of 8.1% (reflecting market decline and the phasing of
trade sales).  U.K. EBITA was stable at GBP149 million.

Trading conditions in Europe remained challenging, with
substantial market declines in a number of markets.  The volume
declines were largely offset by the Group's growth in new
markets.  Europe EBITA was GBP127 million (2004 H1: GBP130
million) of which GBP97 million (2004 H1: GBP98 million) arose
from tobacco operations and GBP30 million (2004 H1: GBP32
million) came from the distribution businesses.

CIS EBITA increased 55.4% to GBP23 million (2004 H1: GBP15
million) reflecting strong volume growth (leading to market share
gains across the region), price increases, further production
cost efficiencies and continued sales mix improvements.

In Poland, the operation has moved into profit in line with
expectations.  This, along with a good performance in Sweden
supported by lower operating costs, has broadly offset initial
investments in Denmark, Lithuania and South Africa, such that RoW
EBITA was GBP15 million (2004 H1: GBP15 million).

Gallaher maintained its position at the forefront of operational
efficiency.  Group cigarette productivity was up 5.0%.  This
enhanced productivity, together with lower leaf and NTM costs,
underpinned a real term reduction in cigarette unit costs of
3.7%.

The board has declared an interim dividend of 10.6 pence per
ordinary share (42.4 pence per ADS) - an increase of 6.0% over
the 2004 interim dividend.  Group trading is in line with
expectations.

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

CONTACT:  GALLAHER GROUP PLC  (NYSE: GLH [ADR])
          Members Hill, Brooklands Road
          Weybridge
          Surrey KT13 0QU, United Kingdom
          Phone: +44-1932-859777
          Fax: +44-1932-832792
          Web site: http://www.gallaher-group.com

          Claire Jenkins
          Director, Investor relations
          Phone: 01932 859 777

          CARDEW GROUP
          Anthony Cardew
          Phone: 020 7930 0777


HYDRA PLC: Administrators from Fisher Partner Enter Firm
--------------------------------------------------------
Name: HYDRA PLC
      (Company No 3395514)

Nature of Business: Other Computer Related Activities

Address of Registered Office: Acre House, 11-15 William Road,
London NW1 3ER

Date of Appointment: 23 May 2005

Administrators' Name and Address: Stephen M Katz (IP No 8681),
Fisher Partners, Acre House, 11-15 William Road, London NW1 3ER

CONTACT:  HYDRA PLC
          145 Cannon Street
          London EC4N 5BQ
          Phone: 020 7337 2777
          Fax: 020 7337 2772
          Web site: http://www.hydranet.co.uk/

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


ITTRIUM EVENTS: Names Smith & Williamson Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of Ittrium Events &
Exhibitions Limited, duly convened, and held at The Best Western
Russell Hotel, 136 Boxley Road, Maidstone, Kent ME14 2AE, on 25
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, 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."

A Messenger, Chairman

                            *   *   *

Ittrium Events and Exhibitions provides specialist exhibition and
display systems.

CONTACT:  ITTRIUM GROUP LTD.
          Unit D1
          Forstal Trading Estate
          St. Michaels Close
          Aylesford
          Kent
          ME20 7BU
          Phone: 00 44 (0)845 6122444
          Fax: 00 44 (0)845 6122445
          E-mail: sales@ittrium.co.uk

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


J FISHWICK: Creditors Meeting Set Last Week of September
--------------------------------------------------------
Notice is hereby given by Gordon S Goldie and Allan David Kelly,
of Tait Walker, Bulman House, Regent Centre, Gosforth, Newcastle
upon Tyne NE3 3LS, that a Meeting of Creditors of J Fishwick &
Sons Ltd. (Company No 02157031), Bulman House, Regent Centre,
Gosforth, Newcastle upon Tyne NE3 3LS, is to be held at Marriott
Hotel, High Gosforth Park, Gosforth, Newcastle upon Tyne NE3 5HN,
on 28 September 2005, at 10:30 a.m.  The Meeting is an initial
Creditors' Meeting under paragraph 51 of Schedule B1 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 day fixed for the
Meeting, details in writing of your claim.

G S Goldie, Joint Administrator

CONTACT:  J FISHWICK & SONS
          Golden Hill Garage
          Leyland, Preston PR5 2LE
          Phone: 01772 421207
          Fax: 01772 622407

          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


LABORE OPTIMA: Goes into Liquidation
------------------------------------
At an Extraordinary General Meeting of Labore Optima Limited,
duly convened, and held at Sanderling House, 1071 Warwick Road,
Acocks Green, Birmingham B27 6QT, on Wednesday 24 August 2005, at
2:30 p.m., the following Extraordinary Resolutions were duly
passed:

"That it has proved to the satisfaction of the Meeting that the
Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same be wound up
voluntarily, and that the Company be wound up accordingly, and
that Paul John Webb, of Sanderlings LLP, Sanderling House, 1071
Warwick Road, Acocks Green, Birmingham B27 6QT, be and is hereby
nominated Liquidator for the purpose of the said winding-up."

G P Meads, Chairman

CONTACT:  LABORE OPTIMA LIMITED
          14 The Square, Alvechurch, Birmingham B48 7LA
          Phone: 0121-447-8606


MSD DISTRIBUTION: Calls in Administrators from Begbies Traynor
--------------------------------------------------------------
Company Names: MSD DISTRIBUTION LIMITED
               (Company No 03931125)

               NOW INDUSTRIAL SERVICES LIMITED
               (Company No 03714128)

Nature of Businesses: Haulage

Address of Registered Office: The Old Exchange, 234 Southchurch
Road, Southend-on-Sea, Essex SS1 2EG

Date of Appointment: 19 August 2005

Joint Administrators' Names and Address: Lloyd Biscoe and David
Paul Hudson (IP Nos 009141 and 008977), both of Begbies Traynor,
The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex
SS1 2EG

                            *   *   *

The Company was founded in 1986 as Machinery Haulage and Supply
Co., providing a single vehicle for the transportation of
machinery.  Its knowledge of engineering and printing machines
gave the company an advantage over other machine movers and a
growing reputation in this sector began to attract blue chip
manufacturers and their suppliers.

In 2003, it decided to formalize the group activity under the NOW
banner and the specialist division was renamed NOW Industrial
Services Ltd.  Visit http://www.mhsukltd.co.uk/for more
information.

CONTACT:  M S D DISTRIBUTION LTD.
          Russell Gdns
          Wickford SS11 8BH
          Phone: 01268 735553

          BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


NEW NETWORKS: Files for Liquidation
-----------------------------------
At an Extraordinary General Meeting of New Networks Limited, duly
convened, and held at 86-88 South Ealing Road, London W5 4QB, on
18 August 2005, the following Extraordinary Resolution was duly
passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Peter Maurice Levy, of Levy & Partners, 86-88 South Ealing Road,
London W5 4QB, be and he is hereby appointed Liquidator for the
purposes of such winding-up."

B Akporiaye, Chairman

                            *   *   *

New Network provides event guides on mobile devices.  The guides
can be used at a major tourist attraction; or as personal tourist
guide of London on a mobile phone or PDA (Personal Digital
Assistant).  The company's corporate clients are conference
organizers, tourist attractions, department stores.

CONTACT:  NEW NETWORKS LTD.
          Devlin Court
          36 St. George Street
          Mayfair
          London
          W1S 2FW
          Phone: +44 (0) 20 7518 0393
          Fax: +44 (0) 20 7518 0302
          E-mail: info@new-networks.com
          Web site: http://www.new-networks.com/

          LEVY & PARTNERS
          86/88 South Ealing Road
          London W5 4QB
          Phone: 020 8932 1932
          Fax: 020 8932 0122
          E-mail: peter@levyandpartners.com


OXFORD CONSOLES: Creditors Meeting Set Next Week
------------------------------------------------
Company Names: OXFORD CONSOLES LIMITED
               OXFORD CONSOLES HOLDINGS LIMITED
               (formerly known as Solid State Logic Holdings
               Limited)

Notice is hereby given, pursuant to section 48 of the Insolvency
Act 1986, that a Meeting of Creditors of these companies will be
held at Grant Thornton House, Melton Street, Euston Square,
London NW1 2EP, on 13 September 2005, at 3:00 p.m.  In order for
Creditors to be able to vote, details of their claim must be
lodged at Grant Thornton House, Melton Street, Euston Square,
London NW1 2EP, not later than 12.00 noon on 12 September 2005.
In addition, any form of proxy must also be lodged prior to the
Meeting.

D Smith, Joint Administrative Receiver

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


PANELELITE LIMITED: Hires Liquidator from Tomlinsons
----------------------------------------------------
At the extraordinary general meeting of Panelelite Limited, duly
convened, and held at Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL, on 15 August 2005, the following
Resolutions were duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business and that it is advisable that the same be wound up
voluntarily, and that the Company be wound up accordingly, and
that Alan H Tomlinson, of Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL, is hereby appointed as
Liquidator for the purposes of such winding-up."

At the subsequent Meeting of Creditors held on the same date, the
Resolution was ratified, together with the appointment of Alan H
Tomlinson, of Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL, as Liquidator of the Company.

E Siarkiewicz, Chairman

CONTACT:  PANELELITE LTD.
          Unit B1, Adlington Industrial Estate,
          Macclesfield, Cheshire SK10 4NL
          Phone: 0161-351-9600

          TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


PHOENIX CONSULTANTS: Creditors Meeting Set Next Week
----------------------------------------------------
Notice is hereby given, pursuant to paragraph 51 of Schedule B1
of the Insolvency Act 1986, that a Meeting of the Creditors of
Phoenix Consultants International Limited will be held at the
office of BDO Stoy Hayward LLP, Prospect Place, 85 Great North
Road, Hatfield, Hertfordshire AL9 5BS, on 12 September 2005, at
12:00 noon, for the purposes of considering and, if thought fit,
approving the proposals of the Administrators for achieving the
aim of the Administration Order, and also to consider
establishing and, if thought fit, to appoint a Creditors'
Committee.  A person authorised under section 375 of the
Companies Act 1985 to represent a corporation must produce to the
Chairman of the Meeting a copy of the Resolution from which their
authority is derived.  The copy Resolution must be under seal of
the corporation, or certified by the Secretary or Director of the
corporation as a true copy. Please note that a Creditor is
entitled to vote only if he has delivered to the Administrators
not later than 12:00 noon on 9 September 2005, details in writing
of the debt claimed to be due from the Company, and the claim has
been duly admitted under the provisions of the Insolvency Rules
1986 and there has been lodged with the Administrators any proxy
which the Creditor intends to be used on his behalf.

G S Kinlan, Joint Administrator

CONTACT:  PHOENIX CONSULTANTS INTERNATIONAL LTD.
          9 High Street,
          Baldock, Hertfordshire SG7 6AZ
          Phone: 01462490480

          BDO STOY HAYWARD LLP
          Prospect Place, 85 Great North Road,
          Hatfield, Hertfordshire AL9 5BS
          Phone: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk


PINE TO GO: Liquidators from Blades Enter Firm
----------------------------------------------
At the extraordinary general meeting of Pine To Go Limited,
convened, and held at Charlotte House, 19B Market Place, Bingham,
Nottingham, on 23 August 2005, at 10:30 a.m., The following
resolutions were duly passed, as an extraordinary resolution and
as an ordinary resolution respectively:

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

L Aspell

CONTACT:  PINE TO GO LTD.
          Unit B6 Hartley House,
          Haydn Road,
          Nottingham, Nottinghamshire NG5 1DG
          Phone: 01159605268

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


PINEWOOD SHEPPERTON: Blames Tax Uncertainty for Troubles
--------------------------------------------------------
Commentators criticize the plan of Pinewood Shepperton Chairman
Sir Michael Grade to invest in the troubled company, according to
The Independent.

Aside from being risky, others see it as conflict of interest.
Mr. Grade is chairman of the BBC governors.  The British film
studio business needs to attract more TV production contract from
program makers such as BBC to revive its fortunes.  It is losing
money on lack of major blockbuster films.  It now only has two
productions in the making: Basic Instinct II and The Da Vinci
Code.  Recently, it had to secure a new overdraft to avoid
breaching covenants only months after a flotation to raise money
to pay debt.

The company blames its trouble on the government's review of tax
break on the film industry, the uncertainty of which they said is
scaring off big producers.  But commentators also said the
business itself is volatile and is swayed by the dollar exchange
rate.  To address the volatility, Pinewood bought Teddington
Studios.  It might be able to augment earnings if it is able to
rent out new office space to media companies, but it lacks the
cash to develop its main sites.

CONTACT:  PINEWOOD STUDIOS LTD.
          Pinewood Road, Iver Heath
          Buckinghamshire
          England SL0 0NH

          Shepperton Studios Ltd.
          Studios Road, Shepperton
          Middlesex
          England TW17 0QD
          Phone: +44 (0)1753 651700
          Web site: http://www.pinewoodshepperton.com/


POULSON ENTERPRISES: Administrator Takes over Business
------------------------------------------------------
Name: POULSON ENTERPRISES GROUP LIMITED
      (Company No 03007642)

Nature of Business: Other Computer Related Activities

Address of Registered Office: The Atrium, Park Street West,
Luton, Bedfordshire LU1 3BE

Date of Appointment: 25 August 2005

Administrator's Name and Address: Martin Dominic Pickard (IP No
6833), Mazars LLP, The Atrium, Park Street West, Luton LU1 3BE

CONTACT:  POULSON ENTERPRISES GROUP LTD.
          115 Adnitt Road,
          Northampton NN1 4NQ,
          United Kingdom
          Phone: 44(0) 8707 420702
          Fax: 44(0) 8707 420412
          E-mail: enquiries@pegroup.co.uk
          Web site: http://www.pegroup.co.uk/

          MAZARS
          The Atrium
          Park Street West,
          Luton, Bedfordshire LU1 3BE
          Phone: 01582 700700
          Fax:   01582 700701
          Web site: http://www.mazars.co.uk


R&R TECHNOLOGIES: Appoints Administrators from Vantis Numerica
--------------------------------------------------------------
Name: R&R TECHNOLOGIES LIMITED
      (Company No 03053864)

Nature of Business: Designing, Supplying and Manufacturing
Prototype Components and Moulds for the Automotive and Aerospace
Industries

Trade Classification: 07

Date of Appointment: 26 August 2005

Joint Administrators' Names and Address: Simon Elliott Glyn and
Nicholas Hugh O'Reilly (IP Nos 009159 and 008309), both of Vantis
Numerica, PO Box 2653, 66 Wigmore Street, London W1A 3RT

CONTACT:  R&R Technologies Ltd.
          Unit J2
          Knights Park Industrial Estate
          Strood ME2 2LS
          Kent, United Kingdom
          Phone: [44] 01634 726161
          Fax: [44] 01634 724404

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


STANSFIELD TRANSPORT: Administrators Move in
--------------------------------------------
Name: STANSFIELD TRANSPORT LIMITED
      (Company No 02255618)

Nature of Business: Haulage

Address of Registered Office: Bachouse, Faringdon Avenue, Harold
Hill, Romford RM3 8SP

Date of Appointment: 19 August 2005

Joint Administrators' Names and Address: Lloyd Biscoe and David
Paul Hudson (IP Nos 009141 and 008977), both of Begbies Traynor,
The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex
SS1 2EG

                            *   *   *

Founded in 1980, Stansfield Transport has built an enviable
reputation based on the reliability and professionalism of its
nationwide transport business.

CONTACT:  STANSFIELD TRANSPORT LTD.
          Armitage Road
          Armitage Road Industrial Estate
          Brighouse HD6 1SN
          Phone: +44 [0] 1484 402020
          Fax: +44 [0] 1484 401505
          E-mail: enquiries@stansfield-transport.co.uk

          BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


TEKNEK ELECTRONICS: SDI Wants Liquidator Out
--------------------------------------------
U.S. company Systems Division Inc., which has a pending claim
against Teknek Electronics, has asked the Paisley sheriff court
to replace the company's liquidator, according to The Herald.

Tom Hughes of Glasgow accountants Gerber, Lander & Gee was
appointed provisional liquidator to Teknek after the
Renfrewshire-based firm failed to pay claims related to a U.S.
infringement suit with SDI.

Teknek Electronics' principal trading arm in the U.S., Teknek
LLC, lost a US$3 million (GBP1.65 million) patent rights case
against U.S. rival Systems Divisions at a Santa Ana federal court
in the U.S. in July.  The claim has accrued an interest of
US$771,000.

Mr. Hughes believes SDI's recent move is aimed at making sure the
company can extract the payment by appointing a liquidator that
would support a motion to probe the firm's dividend payment.  It
was found out previously that Teknek Electronics was able to pay
GBP5 million in dividends to parent company Teknek Holdings
despite posting losses totaling GBP2 million in 2003 and 2004.
Teknek no longer has significant assets, and Mr. Hughes has
revoked its voting right as principal creditor at a creditors'
meeting because the California judgment against Teknek remains
under appeal.  Mr. Hughes is continuing with that appeal.  SDI
prefers BDO Stoy Hayward's David Hill over Mr. Hughes, the report
said.

The Paisley sheriff court has not yet set a date for the hearing.
SDI would have to argue that its US$3.8 million claim is
immediately due for payment.

Teknek designs products for keeping the surfaces of electronics
systems clean of dust and static electricity.  It employs more
than 150 staff, mainly at two sites in Inchinnan.  It is
controlled by group managing director Jonathan Kennett and
co-director Sheila Hamilton.

CONTACT:  TEKNEK ELECTRONICS LTD.
          River Drive
          Inchinnan Business Park
          Renfrewshire
          PA4 9RT
          Scotland, UK
          Tel: +44 (0) 141 568 8100
          Fax: +44 (0) 141 568 8101
          E-mail: teknek@teknek.com
          Web site: http://www.teknek.com/


U.K. COAL: Agrees to Meet Members of Bidding Consortium
-------------------------------------------------------
On 6 April 2005, the Board of U.K. Coal plc said it had received
a highly preliminary and tentative approach regarding a possible
offer for the Company; this approach was subject to a number of
conditions and pre-conditions.  As previously announced, the
Company sought clarification on a number of aspects of the
approach, and in the absence of such clarification, did not
pursue discussions.

Clarification has now been received on some of the issues raised
and, while in the view of the Company the proposal remains highly
preliminary and tentative, U.K. Coal has now agreed to meet with
members of the Consortium (being Alchemy Partners LLP, Morston
Assets Limited and the Buccleuch Group).

There can be no certainty that an offer will be made and, if
made, there can be no certainty as to the terms of any such
offer.

                            *   *   *

In July, U.K. Coal plc disclosed that, despite good progress on
the operational initiatives to improve performance and higher
average selling prices, the first six months of the financial
year were affected by lower mining output.

This resulted from the unplanned face gap at Daw Mill, the
closure of Ellington in January, completion of coaling at four
surface mines and lower production in certain collieries during
the planned equipping of six new coal faces in the period to
June.

The Board currently anticipates reporting a loss before tax for
the six months ended 30 June 2005 of around GBP30.0 million on
sales of approximately GBP164 million after profit on the
disposal of property of approximately GBP4.5 million and net
rental income of approximately GBP1.4 million.

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

          Inquiries
          Gavin Anderson
          Phone: 020 7554 1400


U.K. COAL: Half-year Loss Balloons to GBP30.6 Million
-----------------------------------------------------
U.K. Coal plc has reported interim results for the six months
ended 30 June 2005.

Financial Overview

(a) operating loss before exceptional items, GBP14.7 million
    (2004: loss of GBP15.8 million);

(b) loss for the period GBP30.6 million (2004: loss of GBP1.4
    million);

(c) funds outflow of GBP36.7 million after receipt of proceeds
    from sale of Monckton of GBP8.0 million and property
    disposals of GBP8.2 million;

(d) net debt at 30 June 2005 of GBP29.9 million including
    leasing and hire purchase and cash held in respect of
    insurance and surface damage liabilities (31 December 2004:
    GBP6.8 million net cash);

(e) GBP58.3 million increase in the gross valuation of the
    property portfolio (excluding investment properties)
    representing GBP189.1 million in excess of book value; and

(f) Value of Investment property portfolio increased to GBP17.8
    million (31 December 2004: GBP6.7 million).

Operational Summary

(a) deep mine production at ongoing mines 3.9 million tonnes
    (2004: 3.6 million tonnes);

(b) total deep mines production 4.0 million tonnes (2004: 6.0
    million tonnes);

(c) sales volumes 4.8 million tonnes (2004: 7.4 million tonnes);

(d) coal stocks 369,000 tonnes (31 December 2004: 647,000
    tonnes);

(e) 6 coal faces equipped during first half of the year;

(f) new workforce agreements and working arrangements
    implemented at 4 collieries;

(g) Ellington Colliery closed and decision taken to mothball
    Harworth; Rossington Colliery will also be mothballed;

(h) deep mine cost per GJ (for ongoing mines after deducting
    Coal Investment Aid and before exceptional cost of sales)
    GBP1.55 (2004: GBP1.46);

(i) surface mine production 0.6 million tonnes (2004: 1.2
    million tonnes);

(j) selling price per GJ GBP1.30 (2004: GBP1.17);

(k) property sales proceeds GBP8.2 million (2004: GBP1.9
    million); planning approvals for a further 140 acres;

(l) annualized rental income on commercial and business parks
    increased to GBP1.2 million (31 December 2004: GBP0.9
    million); and

(m) planning applications being progressed for the erection of
    up to 40 wind turbines.

                 Report of Chairman David Jones

During the six months ended 30 June 2005, the Group actively
managed the issues in the deep mines, targeting costs, management
processes, industrial relations and working practices.  Rising
sales prices and improved cost control contained losses during a
period where six coal faces were equipped.  Deep mines made a
loss of GBP44.4 million, after exceptional costs of sale of
GBP22.7 million, and an unexpected face gap at Daw Mill, which
reduced profitability.

However, property activities produced a profit of GBP10.4 million
(2004: GBP2.4 million) and our other businesses delivered a
profit of GBP3.3 million (2004: GBP1.5 million).  The profit on
disposal of our Monckton business was GBP2.9 million.  This
resulted in an overall loss after tax of GBP30.6 million (2004:
GBP1.4 million).

A decline in sales volumes, partially offset by higher coal
prices, led to a fall in turnover from continuing operations to
GBP164.1 million (2004: GBP222.4 million).  Coal sales fell to
4.8 million tonnes (2004: 7.4 million tonnes) as a result of a
reduction in production to 4.6 million tonnes (2004: 7.2 million
tonnes) reflecting colliery closures in 2004 and a reduction in
surface mine output.  Overall coal stocks held amounted to
369,000 tonnes (31 December 2004: 647,000 tonnes).

Exceptional costs incurred in the period amounted to GBP22.7
million (2004: revenue of GBP3.3 million).  These primarily arose
from costs at Kellingley and Rossington collieries, recovering
operations following force majeure events (GBP7.5 million), the
impairment of assets at Rossington (GBP5.6 million) and costs
resulting from the closure of Ellington (GBP5.1 million).

Coal Investment Aid claimed by U.K. COAL in respect of
investments to access coal reserves amounted to GBP10.4 million
of which GBP8.1 million was credited to the consolidated income
statement (2004: GBP4.4 million).  The remaining Investment Aid
was taken to deferred income and will be credited to the
consolidated income statement over the life of the assets to
which it relates.  The Investment Aid debtor at 30 June 2005
amounted to GBP11.6 million (31 December 2004: GBP11.1  million).

We made good progress on our property activities in the period,
with sales being made from developments where U.K. COAL has
extracted maximum value from the planning process.  Rental income
received in the period on our commercial and industrial lets and
farm tenancies on surface mining land held was GBP2.2 million
(2004: GBP1.7 million).  Profits on property sales were GBP4.5
million (2004: GBP1.3 million), and the Group has also recognized
GBP4.5 million increase in the value of its investment property
portfolio (2004: únil), which is now valued at GBP17.7 million
(31 December 2004: GBP6.7 million).

A property valuation has been carried out in the period, updating
the valuation of 31 December 2004.  Overall, this shows an
increase of GBP58.3 million, representing an excess over book
value of GBP189.1 million.

Cash flow and Debt

The operating loss suffered in the period contributed to an
outflow of funds amounting to some GBP36.7 million.  The net debt
position of the Group at 30 June 2005 was GBP29.9 million (31
December 2004: net cash of GBP6.8 million).  This included
leasing and hire purchase obligations, and cash of GBP54.5
million (31 December 2004: GBP55.3 million) held in respect of
insurance requirements and subsidence security funds.

Other major items affecting the cash flow in the period were
redundancy payments of GBP11.1 million, primarily in respect of
Selby and Ellington closures, surface mine restoration costs of
GBP4.8 million, and a GBP6.5 million outflow in respect of
increased net working capital, mainly as a result of reduced
trade creditors.

Liabilities in respect of shaft treatment, employers and public
liability and surface damage amounting to GBP6.6 million in total
were settled in the period.  Capital expenditure amounted to
GBP10.8 million and depreciation and impairment was GBP26.4
million.

Property and other fixed asset sales generated cash of GBP8.5
million (2004: GBP2.7 million) and the proceeds from the disposal
of businesses amounted to GBP8.0 million in the period (2004:
GBP19.4 million).

Dividend

Following the operating losses suffered in the first half of
2005, which resulted in a cash outflow and increased debt levels,
the Board is not proposing an interim dividend.  A final dividend
will be considered in April 2006.

Contingent Liability

In our Report and Accounts for the year ended 31 December 2004,
we referred to a claim against the Company to determine whether
the Company may be required to provide certain early retirement
pension related benefits on redundancy.  Neither the legal
analysis of the merits of the claim nor the difficulties inherent
in quantifying any financial cost to the Company have changed,
and therefore no provision has been made in the accounts.  The
Board considers, on the basis of legal and actuarial advice, that
the cost to the Company is now estimated to be between zero and
GBP40 million (31 December 2004: between zero and GBP30 million).

However, the complexities of the legal issues involved, and the
difficulties in quantifying financial exposure, mean there is a
possibility that the cost to the Company may exceed GBP40
million.

The increase in the range of estimated cost is principally the
result of redundancies announced since 31 December 2004, and a
better estimate of pensionable salary which could require a top
up by the Company to pensions in payment and already paid by the
former British Coal Corporation.

The case is due to be heard in the High Court during December
2005.  The Company continues to vigorously defend the claim.

Outlook

With fewer face gaps and having equipped new faces at most mines,
we expect more consistent deep mine production in the second half
of the year, assisted by the ongoing reorganization of the
workforce and working practices.

Contract re-negotiations have been concluded with all major
customers giving increased sales coverage going forward at prices
more reflective of the current international market background.
At the end of June 2005, total contracted coal sales to the end
of 2010, including an estimate of sales to non Electricity Supply
Industry markets, was 38.4 million tonnes with averaged proceeds
(in 2005 prices) ranging between GBP1.31 and GBP1.40 per
gigajoule across all years.  These prices are subject to full RPI
inflation and are dependent on the out-turn in international coal
prices.

The delays in obtaining planning consents will prevent any
improvement in surface mine production in the second half but we
will be seeking to make best use of the more favorable background
to obtain planning consents to begin improvements in surface mine
outputs in 2006.

We will continue to accelerate the exploitation of our property
portfolio and to realize the potential for our power generation
business and expect to make good progress in these areas.

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/UKCoal(H12005)(1).pdf

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


UK LEARNING: Files for Winding-up
---------------------------------
At an Extraordinary General Meeting of the Members of UK Learning
Limited (t/a Cambridge College of Learning), duly convened, and
held at Kirkdale House, Kirkdale Road, London E11 1HP, on 26
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
Zafar Iqbal, of Cooper Young, Kirkdale House, Kirkdale Road,
London E11 1HP, be and he is hereby nominated Liquidator for the
purposes of the winding-up."

H Hafiz, Chairman

CONTACT:  CAMBRIDGE COLLEGE OF LEARNING
          151-153 Curtain Road, London EC2A 3QL
          Phone: +44 (0) 20 7729 2020
          Fax: +44 (0) 20 7729 2888
          E-mail: info@camcollege.co.uk
          Web site: http://www.camcollege.co.uk/


W.K. SHARRATT: EGM Passes Winding-up Resolution
-----------------------------------------------
At an Extraordinary General Meeting of W.K. Sharratt & Co.
Limited, duly convened, and held at Tomlinsons, St John's Court,
72 Gartside Street, Manchester M3 3EL, on 23 August 2005, the
following Resolutions were duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same be wound up
voluntarily, and that the Company be wound up accordingly, and
that Alan H Tomlinson, of Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL, is hereby appointed as
Liquidator for the purposes of such winding-up."

At a subsequent Meeting of Creditors held on the same date, the
Resolution was ratified together with the appointment of Alan H
Tomlinson, of Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL, as Liquidator of the Company.

W K Sharratt, Chairman

Visit http://www.wksharratt.co.uk/for more information.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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