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        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

            Wednesday, June 8, 2005, Vol. 6, No. 112

                            Headlines

F R A N C E

DURALEX INTERNATIONAL: Under Observation for Six Months


G E R M A N Y

ADLER HOLZ: First Creditors Meeting Set August
AGIV REAL: Two more Bidders for Remaining Assets Turn up
BETTEN KING: Last Day for Filing Claims July 11
BIO.LIFE: Applies for Bankruptcy Proceedings
CSP MOBILE: Wireless Technology Developer Goes Belly up

DAIMLERCHRYSLER AG: Another Recall Looms
DAIMLERCHRYSLER AG: E.U. Okays Car Distribution Venture with MAV
GG METALLBEARBEITUNG: Proofs of Claim Due Next Week
HAEMATO-PHARM: Biotechnology Firm Files for Insolvency
H & K: Aachen Court to Verify Claims September

ITAG IMMOBILIENFONDS: Under Bankruptcy Administration
MG TECHNOLOGIES: Subsidiary Corners EUR75 Mln Worth of Contracts
NORDEX AG: Company Profile
NORDEX AG: Increases Share Capital to EUR58.8 Million
PICKUP MOTORRADZUBEHOR: Koln Court Appoints Administrator
VIP TRAVEL: Court Appoints Hendrik Rogge Administrator
WTV WIRTSCHAFTSBERATUNGS: Creditors' Claims Due Later this Month


H U N G A R Y

FEGARMY ARMS: Loses Duel with Bankruptcy


I T A L Y

ALITALIA SPA: Rehab Plan Receives E.U. Go-ahead


K Y R G Y Z S T A N

DOLUNAY: Sets Proofs of Claim Deadline
INSAIT: Creditor's Claims Due July 25
JYLDYZ SHPARTA: Replaces Temporary Insolvency Manager
SHAMS: Gives Creditors Until July 25 to File Claims
TASHKUMYR: Public Auction of Assets Set June 20
TUMAN INN: Proofs of Claim Deadline Expires July
VZRYVPROM: Entire Share Offered for Sale


N E T H E R L A N D S

ROYAL SHELL: Sakhalin II Signs 3rd Japanese Contract in a Week


N O R W A Y

PAN FISH: Nordea Sells Stake at NOK1.35 a Share


R U S S I A

AMUR-LIT-MASH: Khabarovsk Court Appoints Insolvency Manager
CENTRE-METAL-REPAIR: Undergoes Bankruptcy Supervision Procedure
DON-AGRO-KHIM-SERVICE: Bankruptcy Hearing Set September
MASHINOSTROITEL: Hires T. Ivanova Insolvency Manager
MAYKOPSKIY: Names S. Ashinov Insolvency Manager

OSTROGOZHSKAYA: Bankruptcy Hearing Set August
PLAVSK-SEL-KHOZ-KHIMIYA: Under Bankruptcy Supervision
REM-TEKHNIKA: Deadline for Proofs of Claim Set Next Week
SEREBRYANKA: Bankruptcy Hearing Set July
SEVEROMORSKIY: Murmansk Court Appoints Insolvency Manager
SHEBEKINSKOYE: Court to Review Claims August


S W E D E N

SAS GROUP: Norwegian Competition Authority Fines Unit
SWEDEN SKANDIA: Victims of Overcharging Swell to 16,000


U K R A I N E

ADGEZIV: Kyiv Court Appoints Temporary Insolvency Manager
DENIN: Mikolaiv Court Opens Bankruptcy Proceedings
HRESHATIK: Liquidator Takes Over Operations
KRIOS: Undergoes Bankruptcy Supervision Procedure
METALURGREMONT 2: Declared Insolvent
MONASTIRISHENSKIJ RAJAGROHIM: Succumbs to Insolvency
SEREDINNO-BUDSKIJ BREAD: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ALEXON GROUP: Menswear, Dolcis Ventures Suffer Sluggish Trading
ALLIED DOMECQ: Diageo Leans Toward Pernod Ricard
A M S REALISATIONS: Liquidator from Hazlewoods Moves in
ASCO PLC: Reports Second Annual Loss in as many Years
BESAT 104: Members Decide to Wind up Firm

BIO ELECTRICITY: Appoints Grant Thornton Liquidator
DYNAMO STEEL: Creditors Have Until This Month to File Claims
EGG PLC: MBNA Pursues Acquisition Plan
GARINGDELL SYSTEMS: Debt Forces IT Reseller into Administration
IGNITE INTELLIGENT: Administrator Seeks Buyer for Call Center

J.P. MORGAN: Hires Mazars Liquidator
KAMELIAN: To Emerge as Amphotonix
MG ROVER: News Conference Set Friday
OLD HOTEL: Hires Liquidator from Numerica
QUIZLINK LIMITED: Members Pass Winding-up Resolutions

RAM JAM: Appoints Liquidator from BRI (UK) Limited
ROYAL MAIL: Regulator's Review Might Scupper Investment Plan
SFI GROUP: Creditors in Exclusive Sale Talks with R20 Ltd.
WOOLWORTHS GROUP: Outlook Stays Poor as Sales Plunge 4%


                            *********


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


DURALEX INTERNATIONAL: Under Observation for Six Months
-------------------------------------------------------
The commercial court in Orleans has placed glassmaker Duralex
International France into court-supervised administration, Les
Echos says.  The court likewise placed Duralex under a six-month
observation period and set a meeting in early September to review
the group's progress.

Duralex attributed its current situation to falling sales and
cash flow problems.  A former division of Italian group Bormioli
Rocco & Figlio, Duralex manufactures glass products from its La
Chapelle-Saint-Mesmin and Rive-de-Gier sites, which former
Bormioli executive Pierre-Andre Froger, along with brand
distributors Sinan Solmaz and Andre Ioannides, acquired in 2003.
Duralex employs around 500 people.

CONTACT:  DURALEX INTERNATIONAL FRANCE
          7, rue du Petit Bois
          45380 La Chapelle Saint-Mesmin
          Phone:(33) 02 38 71 88 00
          Fax:(33) 02 38 71 88 01

          BORMIOLI ROCCO E FIGLIO
          Via San Leonardo, 41
          43100 Parma - Italy
          Phone: 0039/521/7901
          Fax: 0039/521/272859
          Phone: info_mail@bormiolirocco.com
          Web site: http://www.bormiolirocco.net


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


ADLER HOLZ: First Creditors Meeting Set August
----------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Adler Holz Im & Export GmbH on May 25.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 12, 2005 to
register their claims with court-appointed provisional
administrator Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on August 16, 2005, 11:50 a.m. at the district court
of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt
(Oder), Saal 401, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ADLER HOLZ IM & EXPORT GMBH
          Berliner Strasse 1a, 15345 Hoppegarten

          Susanne Mueller, Administrator
          Vietmannsdorfer Strasse 23, 17268 Templin


AGIV REAL: Two more Bidders for Remaining Assets Turn up
--------------------------------------------------------
Agiv Real Estate is getting a lot of interest, according to
Handelsblatt.

Real estate group IVG Holding and an unidentified local property
group have reportedly joined Citigroup and investment group
Fortress, which until recently were the only known bidders for
Agiv's remaining businesses.

IVG is allegedly interested in acquiring Agiv's largest
commercial subsidiary, Deutsche Real Estate (Dreag).  IVG,
however, has to outbid Fortress, which has earmarked US$2 billion
for property acquisitions.

Unaffected by its parent's collapsed, Dreag currently owns assets
valued between EUR450 million to EUR500 million.  Experts note
that due to favorable interest rates, a number of U.S. investment
groups may try to acquire stakes in local property groups.

The district court of Hamburg launched bankruptcy proceedings
against Agiv Real Estate in February and appointed Reinhard Titz
provisional administrator.  Energy company EnBW holds a 14.2%
stake in Agiv while investment firm WCM controls 7%.  Two
families own roughly 14% of Agiv while 53% of the real estate
group is in free float.

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

          Reinhard Titz, Provisional Administrator
          Speersort 4-6
          20095 Hamburg

          IVG IMMOBILIEN AG
          Zanderstrasse 5-7
          53177 Bonn
          Phone: +49-228-844-0
          Fax: +49-228-844-107
          Web site: http://www.ivg.de

          CITIGROUP INC.
          399 Park Ave.
          New York, NY 10043
          Phone: 212-559-1000
          Fax: 212-793-3946
          Toll Free: 800-285-3000
          Web site: http://www.citigroup.com

          FORTRESS GROUP, INC.
          245 Park Avenue
          24th Floor
          New York, NY 10167-2419
          Phone: 212 860 6606
          Fax: 212 656 1078
          Web site: http://www.fortressgroupinc.com


BETTEN KING: Last Day for Filing Claims July 11
-----------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Betten King MTZ GmbH on May 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until July 11, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting on August 8, 2005, 9:45 a.m. at the district court of
Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, 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:  BETTEN KING MTZ GMBH
          Main-Taunus-Zentrum, Ladenstrasse, 65843 Sulzbach
          Contact:
          Slava Medilovic, Manager
          Kurmainzer Strasse 60, 65929 Frankfurt-Unterliederbach

          Dr. Jan Markus Plathner, Administrator
          Lyoner Strasse 14, 60528 Frankfurt am Main
          Phone: 069/9623340
          Fax: 069/96233422


BIO.LIFE: Applies for Bankruptcy Proceedings
--------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BIO.LIFE TECHNOLOGY GMBH on May 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 20, 2005
to register their claims with court-appointed provisional
administrator Christoph Rosenmueller.

Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 9:40 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report October 18,
2005, 9:35 a.m. at the same venue.

BIO.LIFE technology, part of Swiss BIO.LIFE Group, focuses on the
development of bathing systems.  It has designed the Freelaxx(R)
Floatation Baths.

CONTACT:  BIO.LIFE TECHNOLOGY GMBH
          Haubachstrasse 33,10585 Berlin

          Christoph Rosenmueller, Administrator
          Berliner Str. 117, 10713 Berlin


CSP MOBILE: Wireless Technology Developer Goes Belly up
-------------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against CSP Mobile GmbH on May 18.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 21, 2005 to register their claims with
court-appointed provisional administrator Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 11, 2005, 9:00 a.m. at the district court of
Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, EG, Saal 13 B 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.

                            *   *   *

CSP-Mobile GmbH -- established in 1999 -- is one of the leading
companies in wireless entertainment.  It develops applications
and back-ends solutions such as mobile games, themes, OTA
delivery platforms and payment systems.  All major mobile
phones -- Motorola, Nokia, Samsung, Sharp, Siemens, and
Sony-Ericsson, including Brew, J2me, Mophun, Mophun 3d, and
Symbian -- are supported.  Some of its well-known game titles are
Courier Bob, Modarts, Hopper, Gold Rush and Incoming.

It distributes products to end-users through a worldwide network
of MNO's, aggregators, major portals and distributors.  It
employs over 50 employees and is located in Germany, United
Kingdom, Norway, The Netherlands, Australia, Portugal, Poland,
Rumania, Canada, China, Columbia and the U.S.A.  It has major
contracts with business partners from China to the U.S.A. and
from Sweden to South Africa.

CONTACT:  CSP-MOBILE GMBH
          Fabrikstrasse 3
          48599 Gronau
          Germany
          Phone: +49 2562 81 50 74
          Fax: +49 2562 71 96 03
          E-mail: info@csp-mobile.com
          Contact:
          Hajo Janse, Chief Executive Officer
          Rainer Allhenn, Board of Director
          Web site: http://www.csp-mobile.com/

          Andreas Sontopski, Administrator
          Gnoiener Platz 1, 48493 Wettringen
          Phone: 02557/9384-0
          Fax: +492557938450


DAIMLERCHRYSLER AG: Another Recall Looms
----------------------------------------
The U.S. government is beefing up its probe over the alleged
defects on the headlights of more than 800,000 DaimlerChrysler AG
minivans, said The Associated Press Monday.

The National Highway Traffic Safety Administration investigation,
opened in February, can lead to vehicle recalls.  It involves
813,597 Dodge Caravan and Grand Caravan, Plymouth Voyager and
Grand Voyager, and Chrysler Town and Country and Voyager minivans
from the 2001 and 2002 model years.

DaimlerChrysler has reportedly received 675 complaints and over
35,000 warranty claims related to problems with headlights that
flash, dim and sometimes shut down while the unit is moving.  The
defect has caused the vehicles to be towed at times.

Earlier, its Smart AG business recalled 58,000 of its forTwo
models in Germany.  The venture reportedly advised buyers to have
their minicars inspected for possible defect in the front axle
joint so the part could be replaced.  The firm learned of the
problem following complaints from customers who had figured in
accidents due to it.

The recall is aimed at German owners, though it is thought cars
in other countries such as Italy, Switzerland, Japan, Austria,
France, and Spain could also be affected.  More than 202,000
vehicles were sold when the two-seater cars were built between
1998 and 2000.

DaimlerChrysler reported first quarter earnings of EUR288
million, a 30% drop from last year.  It blamed the slide to the
Mercedes division, which booked EUR945 million in operating
losses.

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


DAIMLERCHRYSLER AG: E.U. Okays Car Distribution Venture with MAV
----------------------------------------------------------------
The European Commission has cleared under the E.U. Merger
Regulation a joint venture between DaimlerChrysler AG of Germany
and MB-Automobilvertriebsgesellschaft (MAV) of Austria for the
distribution of cars and spare parts on the Hungarian market.
The Commission concluded that the transaction will not
significantly impede effective competition in the EEA or any
substantial part of it.

The joint venture DaimlerChrysler Automotive Hungaria
Kereskedelmi Kft. (DC Hungaria) will be controlled by
DaimlerChrysler and MAV.  It will operate as a non-exclusive
importer of DaimlerChrysler cars and spare parts and accessories
for DaimlerChrysler cars to Hungary and organize the distribution
of these products to retailers.

The Commission concluded that the vertical integration of
DaimlerChrysler's distribution activities in Hungary, formerly
carried out by MAV, will not significantly change the competitive
situation on the European or Hungarian markets for the production
and distribution of cars, since there is a sufficient number of
competitors present on these markets.  It also concluded that the
concentration would not impede competition on the market for the
distribution of spare parts and accessories, not the least
because the recent Block Exemption Regulation for car
distribution (see IP/02/1073) liberalized the distribution of
spare parts, thereby facilitating market entry for new
competitors.

CONTACT:  DAIMLERCHRYSLER AG
          U.S. IR Office
          Timothy Krause
          Phone: +1/248-512-2923
          Fax: +1/248-512-2912
          E-mail: tsk@daimlerchrysler.com

          European IR Office
          Lutz Deus
          Phone: +49/711-17-92261
          Fax: +49/711-17-94109
          E-mail: lutz.deus@daimlerchrysler.com


GG METALLBEARBEITUNG: Proofs of Claim Due Next Week
---------------------------------------------------
The district court of Hildesheim opened bankruptcy proceedings
against GG Metallbearbeitung e.K. Guenter Gottschalk on May 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 17, 2005 to
register their claims with court-appointed provisional
administrator Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting on July 4, 2005, 9:35 a.m. at Saal 124, Hauptgebaude,
Kaiserstrasse 60, 31134 Hildesheim 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:  GG METALLBEARBEITUNG E.K. GUENTER GOTTSCHALK
          Hochstedt 11, 31167 Bockenem

          Torsten Gutmann, Administrator
          Zum Blauen See 5, 31275 Lehrte
          Phone: 05132/8268-38
          Fax: 05132/8268-96


HAEMATO-PHARM: Biotechnology Firm Files for Insolvency
------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against HAEMATO-pharm Gesellschaft fuer pharmazeutische
Dienstleistungen und Praparate mbH on May 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 20, 2005 to register their
claims with court-appointed provisional administrator Torben
Ottmar Herbold.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 17, 2005, 11:15 a.m. at the district court of
Potsdam, Nebenstelle Lindenstrasse 6, Saal 004 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.

The company manufactures and sells drugs for cancer therapy.  It
is involved in immunology development of innovative process
technologies for cell biological and biotechnological products.

CONTACT:  HAEMATO-PHARM GESELLSCHAFT FUER PHARMAZEUTISCHE
          DIENSTLEISTUNGEN UND PRAPARATE MBH
          Biotechnologiepark, TGZ III, 14943

          HAEMATO-PHARM GMBH
          Contact:
          Phone: + 49 33 71/6 81-3 59
          Fax: + 49 33 71/6 81-3 60
          Contact:
          Mr. Gehrmann, PhD.
          E-mail: dr.gehrmann@t-online.de

          Torben Ottmar Herbold, Administrator
          Haeckelstrasse 10, 39104 Magdeburg


H & K: Aachen Court to Verify Claims September
----------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against H & K Klimatec GbR Hensen und Hensen on May 25.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 15, 2005 to
register their claims with court-appointed provisional
administrator Dr. Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting on July 25, 2005, 10:50 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 on September 9, 2005, 9:00 a.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen, II. Etage, Raum Zimmer 21.

CONTACT:  H & K KLIMATEC GBR HENSEN UND HENSEN
          Augustastr. 82, 52070 Aachen

          Dr. Martin Dreschers, Administrator
          Juelicher Strasse 116, 52070 Aachen
          Phone: 0241/94618-0
          Fax: 0241/533562


ITAG IMMOBILIENFONDS: Under Bankruptcy Administration
-----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against ITAG Immobilienfonds Ostseeklinik Dierhagen
GbR on May 18.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
August 20, 2005 to register their claims with court-appointed
provisional administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on July 20, 2005, 10:30 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on October 19,
2005, 10:30 a.m. at the same venue.

CONTACT:  ITAG IMMOBILIENFONDS OSTSEEKLINIK DIERHAGEN GBR
          Wiesenweg 10,12247 Berlin

          Hartwig Albers, Administrator
          Luetzowstr. 100, 10785 Berlin


MG TECHNOLOGIES: Subsidiary Corners EUR75 Mln Worth of Contracts
----------------------------------------------------------------
The Energy Technology business unit of mg technologies AG has won
contracts from Qatar, China and Indonesia to build air-cooling
systems worth a total of approximately EUR75 million.  This will
enable this business, which forms part of mg's
Process Engineering segment, to continue its strong performance
after it won a record level of new orders in 2004.

"Our Energy Technology unit's consistent focus on fast growing
markets and its development of innovative technological solutions
are paying dividends," claimed Peter Schenk, a member of the
Executive Board at mg technologies ag.

"These new projects will enable us to extend our lead in the
dry-cooling market."  In order to meet the rising demand and
expand its presence in the growing Asian markets, the Energy
Technology business plans to build a production plant for
air-cooling systems in Qatar and another one in China.

This business unit has won a contract from Qatar to supply
air-cooled condensers and air coolers for a petrochemical plant.
The order is worth approximately EUR28 million and has been
awarded by a consortium of firms consisting of Technip (France)
and Chiyoda (Japan).

The plant will liquefy 7.8 million tons of natural gas per year.
In the first quarter of this year, the Energy Technology unit won
substantial orders worth a total of roughly EUR47 million from
China and Indonesia.  It is to build air-cooled condensation
plants for a large power station in Inner Mongolia, China.  The
customer is Datang International Power Generation Inc. The
business unit will also supply a wet cooling tower for another
Chinese power plant.

In Indonesia, the Energy Technology unit is equipping a plant
with air coolers and aircooled condensers for liquefying gas.
The order has been awarded by Japan Gasoline Corporation.

Mg technologies AG is an international technology group that
focuses on specialty mechanical engineering -- especially process
engineering and equipment -- and plant engineering.  Mg generated
sales of EUR4.1 billion in fiscal 2004.  At December 31, 2004, it
employed around 17,000 people and is one of the world's market
and technology leaders in 90% of its businesses.

CONTACT:  mg technologies ag
          Communications
          Phone: +49 (0) 234 980 1081
          Fax: +49 (0) 234 980 1087
          Web site: http://www.mg-technologies.com


NORDEX AG: Company Profile
--------------------------
NAME: Nordex AG

ADDRESS: Bornbarch 2
         22848 Norderstedt

         NORDEX ENERGY GMBH (DMR)
         Erich-Schlesinger-Str. 50
         18059 Rostock
         Phone: ++49 - 381-4020 -300
         Fax: ++49 - 381-4020 -339
         E-mail: info@nordex-online.com

         NORDEX ENERGY GMBH (GVZ)
         Rotorblade Factory
         Grosse Rampe 3
         18146 Rostock
         Germany
         Phone: ++49 - 381-4020 -400
         Fax: ++49 - 381-4020 -444
         E-mail: info@nordex-online.com

PHONE: ++49 - 40 - 500 98 100

FAX: ++49 - 40 - 500 98 101

E-MAIL: info@nordex-online.com

WEB SITE: http://www.nordex-online.com/

TYPE OF BUSINESS: The Nordex Group is one of the world's leading
suppliers of wind turbines.  It was launched in 1985, before the
international demand for wind turbines increased in the first
half of the nineties.  One of the founding members is today's
Sales Director, Carsten Pedersen.  From the outset, Nordex
focused on large, powerful turbines.  It has produced the largest
wind turbine in the world, the Nordex N80/2500 kW and the
powerful megawatt turbines Nordex S70/1500 kW and Nordex S77/1500
kW.

SIC: Technology - Diversified Electronics

EXECUTIVES:

(a) Managing Board

     Thomas Richterich, Spokesman of the board and CFO

     Carsten Pedersen, Sales

     Dr. Hansjorg Mueller, Production, procurement, project
                           management, service and quality

(b) Supervisory Board

    Jens-Peter Schmitt, Chairman of the Supervisory Board,
                        attorney Haan

    Dr. Hans Fechner, Supervisory Board Management Member,
                      Director Siempelkamp GmbH

    Flemming Pedersen, Supervisory Board Director of Brande
                       Investerings & Finanzierungsselkas, Give
                       (Denmark)

    Hans Berger, Member of the Supervisory Board
                 Deputy Chairman of the Management Board of
                 Landesbank Schleswig-Holstein, Kiel

    Dr. Gerd Jager, Member of the Supervisory Board
                    Member of the Management Board of RWE Power
                    AG, Essen

    Bernd Sattig, Member of the Supervisory Board Management
                  Consultant, Leonberg

NUMBER OF EMPLOYEES: 689 (as of Dec. 31, 2004)

ASSETS: EUR186.382 million (year ending Dec. 31, 2004)

DEBT:
Bank debt: EUR37.566 million (as of 2004)
Other liabilities: Tax liabilities of EUR3.356 million

COMPANY STRUCTURE:

                            NORDEX AG
                               |
                               |
                   -----------------------
                   |                      |
                   |                      |
         Nordex Energy GmbH       NPV Planung und Vertrieb GmbH
                (100%)                  (100%)

    Nordex Energy Equipment         natcon7 GmbH (75%)
    Services Co. Ltd., China        NPV Windpark Verwaltung
    (100%)                          GmbH (100%)

    Xl'an Nordex Wind Turbine       Nordex Energy B.V. (100%)
    Co. Ltd., China (40%)           - Nordex U.K. Ltd. (100%)
                                    - Nordex France SAS (100%)
    Nordex Hellas                   - Nordex Energy Iberica S.A.
    (100%)
    Monoprosopl EPE (100%)          - Nordex U.S.A. Inc. (100%)

THE TROUBLE: Weak capacity utilization was particularly to blame
for Nordex's sustained operating losses in the stub fiscal year.
The company had consolidated cumulative loss of EUR33.457 million
for the period Oct. 1, 2003 to Sept. 30, 2004.  To reinforce its
equity and debt capital situation on a sustained basis, Nordex is
implementing a comprehensive recapitalization plan.  It projects
return to profit-making territory by 2006.

Nordex's latest annual report is available free of charge at
http://bankrupt.com/misc/Nordex(StubFY2004).pdf

MAJOR SHAREHOLDERS:

CMP Fonds I GmbH                  - 44.25%
Goldman Sachs Equity Markets L.P. - 22.90%
Nordvest A.S.                     - 6.042%
West LB AG                        - 3.31%

AUDITOR:  ERNST & YOUNG AG WIRTSCHAFTSPRUFUNGS KESEUSCHAFT
          Uerdinger Strasse 88 Dusseldorf
          40474
          Germany

          ERNST & YOUNG AG
          Aeschengraben 9, Postfach, 4002 Basel
          Phone: (+41) 58/286 83 20


NORDEX AG: Increases Share Capital to EUR58.8 Million
-----------------------------------------------------
On June 2, 2005, the increase in Nordex AG's share capital
resolved by its management board with the approval of the
supervisory board to a total of EUR58.8 million (see ad hoc
bulletin of May 13, 2005) was entered in the companies register,
as a result of which it has now been executed in full.  This
means that all the elements of the recapitalization plan approved
by the shareholders at the annual general meeting of February 21,
2005 have been completely implemented.

The authorized capital of EUR17.5 million was used to issue
11,973,818 new shares in the form of a non-cash capital increase
subject to the exclusion of the shareholders' subscription rights
in return for the contribution by the financing banks of loan
receivables amounting to EUR27,899,000.  As a result, Nordex AG's
share capital rose from EUR46,845,000 (following the cash capital
increase completed at the end of March 2005) to EUR58,818,818.

Subscribed by Dresdner Bank AG, Morgan Stanley Bank International
Ltd., HSH Nordbank AG and Bayerische Hypo- und Vereinsbank AG,
the new shares should be admitted to trading until end of June
2005 and are expected to be subject to a lock-up obligation
towards Bayerische Hypo- und Vereinsbank AG until October 19,
2005.

CONTACT:  NORDEX AG
          Felix Losada
          Phone: +49 40 500 -100
          Fax: +49 40 500 - 333


PICKUP MOTORRADZUBEHOR: Koln Court Appoints Administrator
---------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
PICKUP Motorradzubehor + Bekleidung GmbH on May 12.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 16, 2005 to
register their claims with court-appointed provisional
administrator Dirk-Henning Tonnesmann.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 12:15 p.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, 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:  PICKUP MOTORRADZUBEHOR + BEKLEIDUNG GMBH
          Sandstr. 13, 50226 Frechen
          Contact:
          Karl Michael Teichert

          Dirk-Henning Tonnesmann, Administrator
          Josef-Ruhr-Str. 30, 53879 Euskirchen
          Phone: 02251/65081-22
          Fax: +4922516508125


VIP TRAVEL: Court Appoints Hendrik Rogge Administrator
------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against VIP Travel Reisevermittlungsgesellschaft mbH on May 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until July 18, 2005 to
register their claims with court-appointed provisional
administrator Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting on August 18, 2005, 9:45 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:  VIP TRAVEL REISEVERMITTLUNGSGESELLSCHAFT MBH
          Flughafenstrasse 1/3, 22335 Hamburg
          Contact:
          Metin Mercan, Manager
          Hangstrasse 6, 21075 Hamburg

          Hendrik Rogge, Administrator
          Albert-Einstein-Ring 15, 22761 Hamburg


WTV WIRTSCHAFTSBERATUNGS: Creditors' Claims Due Later this Month
----------------------------------------------------------------
The district court of Ingolstadt opened bankruptcy proceedings
against WTV Wirtschaftsberatungs-Treuhand-Vermogensverwaltungs
GmbH on May 11.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
June 30, 2005 to register their claims with court-appointed
provisional administrator Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 11, 1005, 10:05 a.m. at 85049 Ingolstadt,
Schrannenstr. 3, Sitzungssaal/Zi. 28/I of 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:  WTV WIRTSCHAFTSBERATUNGS-TREUHAND-VERMOGENSVERWALTUNGS
          GMBH
          Streiterstrasse 18 in 85049 Ingolstadt
          Contact:
          Peter Schultze

          Martin Schoebe, Administrator
          Marie-Curie-Strasse 6, 85055 Ingolstadt
          Phone: 0841/9014-200
          Fax: 0841/9014-205


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


FEGARMY ARMS: Loses Duel with Bankruptcy
----------------------------------------
Troubled gun maker Fegarmy Arms has succumbed to bankruptcy,
despite a multi-million-forint arms deal with the government,
MTI-Econews says.

The gun-maker had a chance to avert bankruptcy in 2004, when the
government ordered HUF170 million worth of small arms, but the
amount was barely enough to pay overdue salaries and finance
redundancies, Magyar Nemzet quoted liquidator Jozsef Viszkok as
saying.

Despite nearing collapse, the group managed to stay afloat
through a HUF80 million loan from state privatization agency
Allami Privatizacios Es Vagyonkezelo Rt.  A ban on weapons export
in 2004 sealed its fate.  Since its collapse, Fegarmy's assets
have been transferred to FEG-Invest Kft.

Established on February 24, 1891, the company manufactures arms
as well as gun-making equipment.  The group was privatized in May
2003.  Around 240 employees will be affected by its bankruptcy.

CONTACT:  FEGARMY ARMS FACTORY LTD.
          Soroksari St. 158.
          1095 Budapest
          Phone: 36-1/ 280-6880
                 36-1/ 280-6273
                 36-1/ 280-6604
          E-mail: fegarmy@fegarmy.hu
          Web site: http://fegarmy.hu

          ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.)
          H-1133 Budapest, Pozsonyi ut 56
          H-1399 Budapest, P.O. Box 708
          Phone:(36 1) 237 4400
          Fax:(36 1) 237 4100
          E-mail: apvrt@apvrt.hu
          Web site: http://www.apvrt.hu/english/m3.html


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


ALITALIA SPA: Rehab Plan Receives E.U. Go-ahead
-----------------------------------------------
The European commission approved with conditions Tuesday the
EUR1.2 billion rescue aid to Italian national carrier Alitalia
S.p.A., said The Guardian.

However, the recapitalization could violate competition
commissioner Neelie Kroes' five-year reform plans on state aid.
The comprehensive reforms aim at reallocating resources from
backing troubled large companies to carrying out innovation among
smaller firms.

Earlier this month, eleven European low-cost airlines sent the
Commission a joint letter of protest, fearing the approval of the
aid could prompt other airlines to seek the same assistance from
their governments.

Meanwhile, transport commissioner Jacques Barrot said the
restructuring "does not involve any state aid."  The rescue plan,
which will see the company separated into air and ground
operations, only includes the EUR400 million emergency government
loan granted to Alitalia in 2004.  Mr. Barrot noted the loan,
which will be repaid with interest by the end of 2005, had not
been spent for planes or funding loss-making routes.

He stressed both state and private investors receive the same
conditions and pricing in the capital increase of AZ Fly, the
renamed air division.  Control of the Italian government, which
seeks Alitalia's merger with Air France-KLM, will be cut from 62%
to 49%.

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


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


DOLUNAY: Sets Proofs of Claim Deadline
--------------------------------------
LLC Dolunay, which recently became insolvent, will accept all
proofs of claim until July 25, 2005.  For more information, call
(0-312) 29-67-69.


INSAIT: Creditor's Claims Due July 25
-------------------------------------
CJSC Insait, which recently became insolvent, will accept all
proofs of claim at Bishkek, Mira Ave. 4 until July 25, 2005.  For
more information, call (0-312) 21-59-73.


JYLDYZ SHPARTA: Replaces Temporary Insolvency Manager
-----------------------------------------------------
The Department for Bankruptcy Issues under the State Property
Committee of the Kyrgyz Republic appointed Mr. Askar Chotonov new
temporary insolvency manager of Jyldyz Shparta, replacing Mr.
Usenov Ch.

CONTACT:  Mr. Askar Chotonov
          Temporary Insolvency Manager
          Phone: (0-312) 24-15-05


SHAMS: Gives Creditors Until July 25 to File Claims
---------------------------------------------------
Joint Kyrgyz-Jordanian LLC Shams, which recently became
insolvent, will accept all proofs of claim at Bishkek, Chui Ave.
196/12 until July 25, 2005.  For more information, call (0-312)
21-45-91.


TASHKUMYR: Public Auction of Assets Set June 20
-----------------------------------------------
The Inter District Court on Economic Issues of Jalal-Abad region
and the Auction Commission of the State Taxation Inspection of
Tashkumyr will sell the properties of State JSC Tashkumyr on June
20, 2005, 10:00 a.m.  For sale are transport equipment, a hostel
and a trade complex.  To participate, bidders are required to
deposit an amount equivalent to 5% of the starting price to the
cashier of Ashmara on or before June 20, 2005.  For more
information, call (0-3722) 2-02-64, 2-18-18 or 2-01-41.


TUMAN INN: Proofs of Claim Deadline Expires July
------------------------------------------------
LLC Tuman Inn 01211200310073, which recently became insolvent,
will accept all proofs of claim at Osh, Sh. Rustaveli Str. 126
until July 25, 2005.

CONTACT:  TUMAN INN 01211200310073
          Osh, Sh. Rustaveli Str. 126


VZRYVPROM: Entire Share Offered for Sale
----------------------------------------
The bidding organizer and insolvency manager of JSC Vzryvprom
will sell 100% of the group's share on June 27, 2005, at 10:00
a.m. at Bishkek, Baitik Baatyra Str. 35.  Starting price is
KGS1,688,800.

To participate, bidders are required to deposit an amount
equivalent to 10% of the starting price to the account
10020002718, Promstroibank, MFO 330103328 or to the cashier of
JSC Vzryvprom.  Bidding documents must be filed on or before June
24, 2005, 4:00 p.m.

CONTACT:  VZRYVPROM
          Bishkek, Baitik Baatyra Str. 35
          Phone: (0-312) 54-44-19


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


ROYAL SHELL: Sakhalin II Signs 3rd Japanese Contract in a Week
--------------------------------------------------------------
Shell Gas & Power's joint venture Sakhalin II project signed on
Monday a full Sales and Purchase Agreement (SPA) with Toho Gas
Company Ltd. -- the third such Japanese sales agreement in the
last week.  The agreement further demonstrated Sakhalin's role as
a pivotal LNG supplier for the Asia Pacific region.

Shell Gas & Power Executive Vice President Asia, Peter de Wit,
said this was the eighth sales agreement to be signed between
Sakhalin and a major Japanese utility.  Toho Gas has decided to
take an additional 0.2 million tons per annum (mtpa) for 20
years.

Mr. de Wit said: "Shell is proud that Russia's first LNG plant
continues to provide competitive terms to customers in a growing
but ever tightening market.  As global LNG demand increases,
Sakhalin has become an increasingly pivotal future LNG supplier
to Asia and the West Coast of North America, and we look forward
to continued sales success in the near future for the remaining
unsold volumes from the first two trains.  The deal also
reinforces Japan's position as the world's largest LNG market."

Total sales volumes for Sakhalin II, which commences LNG
deliveries to customers at the end of 2007, now stand at 7.3
mtpa, which represents over 75% of total plant capacity from the
first two trains.

Sakhalin II has enjoyed a number of major marketing highlights
over the past 12 months, including:

(a) [1 June, 2005] A Heads of Agreement for the sale and
    purchase of 0.42 million tons of LNG to Tohoku Electric
    Power Company Inc;

(b) [30 May, 2005] A Heads of Agreement for the long-term sales
    and purchase of up to 210 thousand tons of LNG per annum
    to Hiroshima Gas Co Ltd.;

(c) [March, 2005] Kogas announces selection of Sakhalin II as
    supplier of up to two million tons per annum of LNG to
    Korea over 20 years;

(d) [October, 2004] Sakhalin II signs a supply contract with
    SILS for 37 million tons of LNG over 20 years for Baja
    California;

(e) [September, 2004] Tokyo Gas exercises 3.4 million tons of
    early options from 2008-13 (in addition to a previous 0.34
    exercised in June, 04); and

(f) [2004] Four previous sales agreements with Japanese
    customers (Tokyo Gas, Tokyo Electric, Kyushu Electric, Toho
    Gas) signed for long-term sales commitments for a combined
    volume of 3.4 mtpa.

Mr. de Wit added: "We congratulate Sakhalin Energy and our joint
venture partners, Mitsui and Mitsubishi on [Mon]day's agreement,
we welcome this new agreement with Toho Gas, and we look forward
to further building on Sakhalin's success story over the coming
weeks and months."

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


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


PAN FISH: Nordea Sells Stake at NOK1.35 a Share
-----------------------------------------------
Nordea Bank Norge A.S.A. received Monday an offer to acquire all
of Nordea's 567,291,209 shares in Pan Fish A.S.A. at a price per
share of NOK1.35, totaling NOK765,843,132.

In addition, the offer includes all of the 20,403,869 shares in
Pan Fish that Nordea may acquire through a conversion of the
bank's subordinated convertible loan to Pan Fish of
NOK45,908,705.25.

Nordea will receive a total consideration and a financial gain of
NOK793,388,355 resulting from the offer.

The offer has been made by Greenwich Holdings Limited, a company
controlled by Mr. John Fredriksen.

If Greenwich puts forward a voluntary or mandatory offer to
acquire all outstanding shares in Pan Fish within 6 September
2005 at a higher price per share than NOK1.35, Nordea shall
receive an additional consideration which equals the difference
between such higher price per share and NOK1.35 per share,
multiplied by the number of shares in Pan included in
Greenwhich's offer to Nordea.

Nordea has accepted the offer and gave notice to Pan Fish for
conversion of the subordinated convertible loan into 20,403,869
new shares in Pan Fish.  The transaction with Greenwich will be
completed with settlement to take place immediately.  After the
transaction has been completed, Nordea will own 0 shares in Pan
Fish.

Nordea still has a portion of a short term convertible loan to
Pan Fish amounting to NOK41,952,169, that may be converted into
new shares at a conversion price of NOK2.00 per share, which will
give Nordea a right to subscribe for up to 20,976,084 new shares
in Pan Fish, or approximately 1.69%.

Tom Ruud, member of Group Executive Management in Nordea, said:
"In connection with the refinancing of Pan Fish at the turn of
the year 2002 and 2003, Nordea and the other banks in the Pan
Fish loan syndicate became shareholders of the company.  Nordea's
intention has always been to sell its Pan Fish shares to a
company, which will take a long term view in further operating
the fish farming company.

"In our opinion the new owner will contribute in a positive way
to the future development of Pan Fish.  We regard the offer for
our shares in Pan Fish as fair, and have hence accepted this."

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

          CEO Atle Eide
          Phone: +47 911 52 977

          NORDEA BANK NORGE A.S.A.
          Hamngatan 10
          SE-10571 Stockholm, Sweden
          Phone: +46-8-614-7800
          Fax: +46-8-105-069
          Web site: http://www.nordea.com


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


AMUR-LIT-MASH: Khabarovsk Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Amur-Lit-Mash (TIN 2726000068).  The case is docketed as
A73-2552/2005-36.  Mr. A. Tregubov has been appointed temporary
insolvency manager.  Creditors may send their proofs of claim to
681032, Russia, Komsomolsk-na-Amure, GOS-32, Post User Box 24.

CONTACT:  AMUR-LIT-MASH
          681008, Russia, Komsomolsk-na-Amure,
          Kulturnaya Str. 1

          Mr. A. Tregubov
          Temporary Insolvency Manager
          681032, Russia, Komsomolsk-na-Amure,
          GOS-32, Post User Box 24


CENTRE-METAL-REPAIR: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Centre-Metal-Repair.  The case is docketed as A43-4132/2005,
33-158.  Mr. D. Gryaznov has been appointed temporary insolvency
manager.

Creditors have until June 14, 2005 to submit their proofs of
claim to 117049, Russia, Moscow, Shabolovka Str. 26, building 1.
A hearing will take place on Sept. 20, 2005, 2:30 p.m. at the
Arbitration Court of Nizhniy Novgorod region located at 603082,
Russia, Nizhniy Novgorod, Kremlin, 9, Room 238, Department 33.

CONTACT:  CENTRE-METAL-REPAIR
          Russia, Nizhniy Novgorod region,
          Vyska, OJSC BMZ, Station 1

          Mr. D. Gryaznov
          Temporary Insolvency Manager
          117049, Russia, Moscow region,
          Shabolovka Str. 26, Building 1
          Phone: 785-69-65


DON-AGRO-KHIM-SERVICE: Bankruptcy Hearing Set September
-------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on open joint stock company
Don-Agro-Khim-Service.  The case is docketed as
A53-3167/05-S2-33.  Mr. S. Orlov has been appointed temporary
insolvency manager.

Creditors may send their proofs of claim to 344095, Russia,
Rostov-na-Donu, Post User Box 7108.  A hearing will take place on
Sept. 20, 2005.

CONTACT:  DON-AGRO-KHIM-SERVICE
          Russia, Rostov-na-Donu,
          Soglasiya Str. 7

          Mr. S. Orlov
          Temporary Insolvency Manager
          344095, Russia, Rostov-na-Donu,
          Post User Box 7108


MASHINOSTROITEL: Hires T. Ivanova Insolvency Manager
----------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on open joint stock company
Mashinostroitel.  The case is docketed as A35-11308/04 g.  Ms. T.
Ivanova has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 620014, Russia,
Ekaterinburg, 8th March Str. 5.  A hearing will take place on
July 20, 2005, 2:00 p.m. at the Arbitration Court of Kursk
region.

CONTACT:  MASHINOSTROITEL
          Russia, Kursk region, Kurchatovskiy region,
          K. Libknekhta, Mira Str. 1

          Ms. T. Ivanova
          Temporary Insolvency Manager
          620014, Russia, Ekaterinburg,
          8th March Str. 5
          Phone: (343) 271-11-34


MAYKOPSKIY: Names S. Ashinov Insolvency Manager
-----------------------------------------------
The Arbitration Court of Adygeya republic has commenced
bankruptcy supervision procedure on open joint stock company
Maykopskiy.  The case is docketed as A01-B-744-2005-1.  Mr. S.
Ashinov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 385007, Russia,
Adygeya republic, Maykop, Proletarskaya Str. 2.  A hearing will
take place on Aug. 23, 2005, 11:00 a.m. at the Arbitration Court
of Adygeya republic located at 385000, Russia, Adygeya republic,
Maykop, Krasnooktyabrskaya Str. 15.

CONTACT:  MAYKOPSKIY
          Russia, Adygeya republic,
          Maykop, Gogolya Str. 2

          Mr. S. Ashinov
          Temporary Insolvency Manager
          385007, Russia, Adygeya republic,
          Maykop, Proletarskaya Str. 2


OSTROGOZHSKAYA: Bankruptcy Hearing Set August
---------------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on open joint stock company Movable
Mechanized Column - 2 Ostrogozhskaya.  The case is docketed as
A14-4121/2005-35/16b.  Mr. R. Gura has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to Russia, Voronezh,
Srednemoskovskaya Str. 6a, np1.  A hearing will take place on
Aug. 30, 2005, 10:00 a.m.

CONTACT:  MOVABLE MECHANIZED COLUMN - 2 OSTROGOZHSKAYA
          Russia, Voronezh region,
          Ostrogozhsk, K. Marksa Str. 3a

          Mr. R. Gura
          Temporary Insolvency Manager
          Russia, Voronezh region,
          Srednemoskovskaya Str. 6a, np1


PLAVSK-SEL-KHOZ-KHIMIYA: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Tula region has commenced bankruptcy
supervision procedure on open joint stock company
Plavsk-Sel-Khoz-Khimiya.  The case is docketed as A68-19/B-05.
Mr. N. Tyunin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 301130, Russia,
Tula region, Leninskiy, Zavodskaya Str. 2.  A hearing will take
place on June 30, 2005, 10:00 a.m. at the Arbitration Court of
Tula region located at Russia, Tula, Sovetskaya Str. 11, Hall 31.

CONTACT:  PLAVSK-SEL-KHOZ-KHIMIYA
          301470, Russia, Tula region,
          Plavsk, Pobedy Str. 1A

          Mr. N. Tyunin
          Temporary Insolvency Manager
          301130, Russia, Tula region,
          Leninskiy, Zavodskaya Str. 2


REM-TEKHNIKA: Deadline for Proofs of Claim Set Next Week
--------------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on open joint stock company Rem-Tekhnika
(TIN 3121060031).  The case is docketed as A08-2415/05-2 B.  Mr.
A. Myakotin has been appointed temporary insolvency manager.

Creditors have until June 14, 2005 to submit their proofs of
claim to 308014, Russia, Belgorod, N. Chumichova Str. 126, Office
304.  A hearing will take place on Sept. 12, 2005, 12:00 p.m.

CONTACT:  REM-TEKHNIKA
          Russia, Belgorod region, Stroitel,
          2nd Zavodskaya Str. 14

          Mr. A. Myakotin
          Temporary Insolvency Manager
          308014, Russia, Belgorod region,
          N. Chumichova Str. 126, Office 304
          Phone/Fax: (0722) 31-26-66


SEREBRYANKA: Bankruptcy Hearing Set July
----------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on open joint stock company Serebryanka
(TIN 3117002781).  The case is docketed as A08-914/05-2B.  Mr. V.
Rukavitsyn has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 308017, Russia,
Belgorod, K. Zaslonova Str. 181.  A hearing will take place on
July 18, 2005.

CONTACT:  SEREBRYANKA
          309740, Russia, Belgorod region,
          Rovenskoy region, Nizhnyaya Serebryanka

          Mr. V. Rukavitsyn
          Temporary Insolvency Manager
          308017, Russia, Belgorod region,
          K. Zaslonova Str. 181


SEVEROMORSKIY: Murmansk Court Appoints Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Murmansk region has commenced bankruptcy
supervision procedure on open joint stock company Severomorskiy.
The case is docketed as A42-1673/2005.  Mr. S. Malanin has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia,
Petrozavodsk, Vidanskaya Str. 15V.  A hearing will take place on
Sept. 19, 2005, 9:10 a.m.

CONTACT:  SEVEROMORSKIY
          Russia, ZATO, Severomorsk

          Mr. S. Malanin
          Temporary Insolvency Manager
          Russia, Petrozavodsk,
          Vidanskaya Str. 15V


SHEBEKINSKOYE: Court to Review Claims August
--------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on open joint stock company Shebekinskoye
Building Corporation #19.  The case is docketed as
A08-2109/05-11.  Mr. A. Ovchinnikov has been appointed temporary
insolvency manager.

Creditors may send their proofs of claim to Russia, Belgorod
region, Shebekino, Rzhevskoye Shosse Str. 11.   A hearing will
take place on Aug. 11, 2005, 2:30 p.m. at the Arbitration Court
of Belgorod region located at 308610, Russia, Belgorod, Narodnaya
Str. 135, Room 18.

CONTACT:  SHEBEKINSKOYE BUILDING CORPORATION #19
          Russia, Belgorod region,
          Shebekino, A. Matrosova Str. 2A

          Mr. A. Ovchinnikov
          Temporary Insolvency Manager
          Russia, Belgorod region,
          Shebekino, Rzhevskoye Shosse Str. 11
          Phone: (07248) 30-640


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


SAS GROUP: Norwegian Competition Authority Fines Unit
-----------------------------------------------------
Norway's competition authority has upheld its SEK20 million fine
against the Norwegian unit of troubled carrier SAS AB for alleged
unfair pricing against a domestic rival, Reuters says.

According to daily Aftenposten, the regulator accused SAS
Braathens in January of undercutting Coast Air's prices on
Olso-Haugesund route, which the carrier has denied.  SAS
protested the penalty, but the competition authority remained
firm on its ruling.  SAS Braathens expressed preparedness to
defend itself in court if necessary.

Meanwhile, the Norwegian competition authority revealed it would
separately fine SAS Braathens SEK400,000 for receiving
confidential information through e-mail from a travel agent
having ties with rival Norwegian Air Shuttle.  The e-mail
reportedly contains information on Norwegian Air's strategy.
SAS, however, said it did not solicit the information from the
travel agent and the e-mail only contained publicly available
data about Norwegian Air.  The regulator might also launch an
in-depth probe against SAS into whether it attempted to bring
down Norwegian Air through setting very low prices.  SAS,
however, denies the charges.

CONTACT:  SAS AB
          Frosundaviks Alle 1, Solna
          S-195 87 Stockholm, Sweden
          Phone: +46-8-797-00-00
          Fax: +46-8-797-16-03
          Web site: http://www.scandinavian.net

          COAST AIR AS
          Haugesund Lufthavn
          Karmoy Postboks 163
          4299 Avaldsnes
          Phone: 815 44 442
          Fax: 528 48 501
          Web site: http://www.coastair.no

          NORWEGIAN AIR SHUTTLE ASA
          Oksenoyvein 10A
          Postboks 115
          1331 Fornebu
          Norway
          Phone: +47 67 59 30 00
          Fax: +47 67 59 30 01
          E-mail: post@norwegian.no
          Web site: http://www.norwegian.no


SWEDEN SKANDIA: Victims of Overcharging Swell to 16,000
-------------------------------------------------------
Skandia Insurance Co. will have to shell out around GBP1.7
million to refund policyholders who have been overcharged for 13
years due to computer slip-up.

This came as the number of pension policyholders who were
affected by the error grew to about 16,371 from 10,000, according
to the insurer's U.K. division.

Skandia promises to reimburse victims the money plus interest at
2% over the U.K. bank rate, as it apologized for the
miscalculation.  The company, however, noted the amounts involved
were small with most cases carrying an overcharge below GBP100.

Skandia is earlier said to be pursuing three fronts in
selling its business, upon the advice of Morgan Stanley.  The
U.S. investment bank is understood to be preparing sales
memoranda for each of the insurer's three main businesses.

Nordea AB is believed to be looking at Skandia's Nordic
operations, while Old Mutual PLC of South Africa, wants to take
over the entire business.

A Skandia-Old Mutual merger would create an GBP8 billion cross-
border financial services group, one of the largest in the
business.  However, Old Mutual's major institutional shareholders
are reportedly opposed to the idea.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080
          Web site: http://www.skandia.com


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


ADGEZIV: Kyiv Court Appoints Temporary Insolvency Manager
---------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Scientific-Engineering Centre
Adgeziv (code EDRPOU 01497391).  The case is docketed as 43/321.
Mr. Igor Orlov (License Number AA 668304) has been appointed
temporary insolvency manager.  The company holds account number
2600130224402 at JSB Credit-Dnipro, MFO 305749.

CONTACT:  ADGEZIV
          02090, Ukraine, Kyiv region,
          Sosyura Str. 5

          Mr. Igor Orlov
          Temporary Insolvency Manager
          Ukraine, Kyiv region,
          Gogolivska Str. 49/30
          Phone: (044) 485-53-59

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


DENIN: Mikolaiv Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Denin (code EDRPOU 32819957) on April 26,
2005 after finding the open joint stock company insolvent.  The
case is docketed as 10/66.  Mr. O. Tomashevskij (License Number
AA 669672 of 669672) has been appointed liquidator/insolvency
manager.  The company holds account number 26004060030805 at CB
Privatbank, Mikolaiv branch.

CONTACT:  DENIN
          54029, Ukraine, Mikolaiv region,
          Nikolska Str. 22-A

          Mr. O. Tomashevskij
          Liquidator/Insolvency Manager
          Phone: (0512) 36-72-27

          ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


HRESHATIK: Liquidator Takes Over Operations
-------------------------------------------
The Economic Court of Chernivtsi region commenced bankruptcy
proceedings against Sugar Plant Hreshatik (code EDRPOU 00373126)
on April 11, 2005 after finding the open joint stock company
insolvent.  Mr. I. Dragun (License Number AA 719819) has been
appointed liquidator/insolvency manager.  The company holds
account number 260023010607 at CB Bukovina, Chernivtsi branch,
MFO 356077.

CONTACT:  HRESHATIK
          59410, Ukraine, Chernivtsi region,
          Zastanivskij district,
          Kostrizhivka, Zavodska Str. 16

          Mr. I. Dragun,
          Liquidator/Insolvency Manager
          33028, Ukraine, Rivne region,
          Soborna Str. 34/14

          ECONOMIC COURT OF CHERNIVTSI REGION
          58000, Ukraine, Chernivtsi region,
          O. Kobilyanska Str. 14


KRIOS: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Scientific Production Firm Krios
(code EDRPOU 13517118).  The case is docketed as 42/28 B.  Ms.
Natalya Vishnevska (License Number AA 668268) has been appointed
temporary insolvency manager.  The company holds account number
26001980855 at Ukrsocbank, Donetsk regionalbranch, MFO 33401.

CONTACT:  KRIOS
          83112, Ukraine, Donetsk region,
          Gorlivska Str. 2

          Ms. Natalya Vishnevska
          Temporary Insolvency Manager
          83000, Ukraine, Donetsk region,
          Komsomolskij Avenue, 15/39

          ECONOMIC COURT OF DONETSK REGION
          83048, Ukraine, Donetsk region,
          Artema Str. 157


METALURGREMONT 2: Declared Insolvent
------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Metalurgremont 2 (code EDRPOU 00192057) on
April 21, 2005 after finding the open joint stock company
insolvent.  The case is docketed as B 24/3/05.  Mr. V.
Aksyuk(License Number AA 487816) has been appointed
liquidator/insolvency manager.  The company holds account number
26007010012330 at CB Pivdenkombank, Krivij Rig branch, MFO
306889.

CONTACT:  METALURGREMONT 2
          50005, Ukraine, Dnipropetrovsk region,
          Krivij Rig, Ordzhonikidze Str. 31

          Mr. Aksyuk V.
          Liquidator/Insolvency Manager
          50027, Ukraine, Dnipropetreovsk region,
          Krivij Rig, a/b 1222

          ECONOMIC COURT OF DNIPROPETROVSK REGION
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


MONASTIRISHENSKIJ RAJAGROHIM: Succumbs to Insolvency
----------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Monastirishenskij Rajagrohim (code EDRPOU
05491592) after finding the open joint stock company insolvent.
The case is docketed as 08/3970.  Mr. Viktor Osipchuk (License
Number AA 630076) has been appointed liquidator/insolvency
manager.

CONTACT:  MONASTIRISHENSKIJ RAJAGROHIM
          Ukraine, Cherkassy region,
          Monastirishe, Lenin Str. 40

          Mr. Viktor Osipchuk
          Liquidator/Insolvency Manager
          18000, Ukraine, Cherkassy region,
          Vernigori Str. 16/11
          Phone: (0472) 65-11-28

          ECONOMIC COURT OF CHERKASSY REGION
          18005, Ukraine, Cherkassy region,
          Shevchenko Avenue, 307


SEREDINNO-BUDSKIJ BREAD: Under Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on Joint Enterprise Seredinno-Budskij Bread
Combine (code EDRPOU 01733472) on March 23, 2005.  The case is
docketed as 6/37-05.  Mr. Mikola Kaluzhnij (License Number AA
630148) has been appointed temporary insolvency manager.  The
company holds account number 260027025 at JSPPB Aval, Sumi
branch, MFO 337524.

CONTACT:  SEREDINNO-BUDSKIJ BREAD COMBINE
          Ukraine, Sumi region,
          Seredina-Buda, Persha Zavodska Str. 1

          Mr. Mikola Kaluzhnij,
          Temporary Insolvency Manager
          41800, Ukraine, Sumi region,
          Bilopillya, Karl Libkneht Str. 43
          Phone: 8 (0543) 9-28-74

          ECONOMIC COURT OF SUMI REGION
          40030, Ukraine, Sumi region,
          Shevchenko Avenue, 18/1


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


ALEXON GROUP: Menswear, Dolcis Ventures Suffer Sluggish Trading
---------------------------------------------------------------
At its Annual General Meeting Tuesday, Alexon Group plc said:
"The climate in which the Group operates has continued to be
challenging with like-for-like sales for the eighteen weeks ended
4 June 2005 down 3.6% on the prior year.  Gross margins are
slightly ahead of last year.

"Trade in Alexon Brands is satisfactory, despite the impact of
the Allders' closures; Bay Trading has seen some improved
performance, albeit against weak comparatives last year; Menswear
and Dolcis are both continuing to experience sluggish trading
conditions."

The interim results for the 26 weeks ending 30 July 2005 will be
announced on Monday 26 September 2005.

                            *   *   *

In April, Alexon warned that the collapse of department store
chain Allders could hit its earnings by GBP3 million in 2005.
The group, which owned 118 concessions in Allders outlets, has
already lost GBP2.2 million from money owed and stock and
fixtures write-downs.

The blow came amid sluggish trading at the group's Bay Trading
Fashion chains, which saw same-store sales slide 1.3% in
the last financial year.  Profits for the year ended 29 January
2005 dropped to GBP26.9 million against GBP29.4 million a year
earlier.  Like-for-like sales in the first nine weeks of the
current financial year were three percent down.

The company was optimistic about the benefits it will reap from
its initiatives, which include improving the design content and
appeal of its product line, in the second half of the year.

CONTACT:  ALEXON GROUP PLC
          40-48 Guildford Street
          Luton
          Bedfordshire
          England
          LU1 2PB
          Phone: +44 1582 723131
          Fax: +44 1582 399864

          BUCHANAN COMMUNICATIONS
          Richard Darby/Nicola Cronk
          Phone: 020 7466 5000


ALLIED DOMECQ: Diageo Leans Toward Pernod Ricard
------------------------------------------------
Diageo has fortified Pernod Ricard's GBP7.4 billion bid for wine
maker Allied Domecq.  Earlier, Diageo chief executive Paul Walsh
told the Financial Times: "If certain brands become available we
would be a well-financed player to either help the consortium [of
U.S. firm Constellation Brands] or help Pernod up their bid."

The French firm sold Diageo its Irish whiskey brand, Bushmills,
for GBP200 million, and unloaded most of Allied's New Zealand
wines portfolio, Montana, for GBP320 million, according to The
Scotsman.

Diageo had promised in return not to entertain other parties in
relation to the takeover of Allied Domecq, sending a blow to
Constellation Brands' plan of a counterbid.  Constellation's
potential offer could have benefited from a cash injection from
Diageo, according to the report.

Pernod has already obtained agreement for its 670p offer to
Allied.  It is making the bid in alliance with U.S.-based Fortune
Brands.  Constellation has until June 29 to make official its
mooted 700p offer.  It is backed by Southern Comfort owner
Brown-Forman and two U.S. private equity firms.

Allied's brands include Beefeater gin, Tia Maria and Courvoisier
cognac, as well as Ballantine's and Teacher's scotch whisky.
Diageo trades in some 180 countries around the world
employs 24,000 people globally.  Its brands include J&B, Jose
Cuervo, Captain Morgan, Tanqueray, and Beaulieu Vineyard and
Sterling Vineyards wines.

Diageo is thought to be keen on brands such as Courvoisier
cognac, according to the report.

CONTACT:  ALLIED DOMECQ PLC
          The Pavilions
          Bridgwater Road
          Bedminster Down
          BRISTOL BS13 8AR
          United Kingdom
          Phone: +44 (0)117 978 5000
          Fax: +44 (0)117 978 5291
          Web site: http://www.allieddomecq.com


A M S REALISATIONS: Liquidator from Hazlewoods Moves in
-------------------------------------------------------
At the meeting of the members of A M S Realisations Limited on
May 24, 2005, the resolution to wind up the holding company was
passed.  Creditors are required to send their names and
addresses, together with particulars of their debt or claims, and
names and addresses of their Solicitors, if any, to Philip John
Gorman, of Hazlewoods LLP, Windsor House, Barnett Way, Barnwood,
Gloucester GL4 3RT on or before July 31, 2005.

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


ASCO PLC: Reports Second Annual Loss in as many Years
-----------------------------------------------------
Oil services firm Asco plc entered its second year in the red
after downsizing operations to steady its footing.  Pre-tax loss
came to GBP9.3 million, after the company booked GBP6.6 million
in exceptional costs and losses on disposals in 2004, The Herald
says.

In 2003, Asco's losses amounted to GBP32 million.  The company
said much of last year's losses were caused by deeper cuts made
by Chairman Claude Littner on operations.  This resulted to a 25%
drop in sales, which came to GBP349 million. Mr. Littner's
strategy is to focus on the U.K. business, which he considers
"fundamentally sound."  About 452 of 1,601 jobs were cut in the
process, and GBP40 million in bank debt and loans were converted
to equity.

Asco also adjusted expenses by stopping contribution to the final
salary pension scheme after making a one-off payment of GBP2
million into the scheme and allocating a 10% holding in Asco.

Mr. Littner in his report blamed Asco's troubles to "an
ill-conceived and badly executed expansion policy in the U.S.A.,
some onerous contracts and poor leadership."  Asco lost CEO Colin
Manderson in February 2003.

Mr. Littner believed the cuts left the firm on a sound financial
basis, but the report noted that by the end of the year, Asco
just had net assets of GBP4.5 million after absorbing GBP74
million in outstanding debt.  Its net cash from operating
activities currently amounts to GBP274,000, not enough to cover
debt payments of GBP21 million due in two years.

The report said shareholders might have to inject more cash into
the company if trading does not improve to avoid further
disposals or borrowing.

CONTACT:  ASCO U.K.
          Regent Center
          Regent Road
          Aberdeen
          AB11 5NS
          Phone: +44 (0) 1224 580396
          Fax: +44 (0) 1224 576172


BESAT 104: Members Decide to Wind up Firm
-----------------------------------------
At the extraordinary general meeting of the members of Besat 104
Limited on May 23, 2005, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Mr. Bijal Shah
of ShaSens, Suite 215, Signal House, Lyon Road, Harrow, Middlesex
HA1 2AQ has been appointed liquidator of the company.

Creditors are required to send their full names and addresses and
particulars of their debt or claims to Bijal Shah of ShaSens,
Suite 215, Signal House, Lyon Road, Harrow, Middlesex HA1 2AQ on
or before June 30, 2005.

Besat 104 Limited is an investment company.  Its registered
office is located at Suite 215, Signal House, Lyon Road, Harrow,
Middlesex HA1 2AQ.

CONTACT:  SHASENS
          Suite 215
          Signal House
          Lyon Road
          Harrow
          Middlesex HA1 2AQ
          Phone: 020 8863 6697
          Fax: 020 7212 2626


BIO ELECTRICITY: Appoints Grant Thornton Liquidator
---------------------------------------------------
Name of companies:
Bio Electricity Ltd.
Corby Energy Limited
Fibronetherlands Limited
Fibroplant Limited
Fibrowatt U.S. Holdings Limited

At the meeting of these companies on May 25, 2005, the special
resolution to wind up the company was passed.  Samantha Keen of
Grant Thornton UK LLP, 31 Carlton Crescent, Southampton SO15 2EW
has been appointed liquidator of the company.

Creditors are required to submit their debt claims to Samantha
Keen of Grant Thornton UK LLP, 31 Carlton Crescent, Southampton
SO15 2EW on or before July 31, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


DYNAMO STEEL: Creditors Have Until This Month to File Claims
------------------------------------------------------------
At the extraordinary general meeting of Dynamo Steel Limited on
May 26, 2005 held at Dynamostraat 31, 3903, LK Veenendaal,
Holland, the subjoined special resolution to wind up the company
was passed.  Martin N. Widdowson of Brebner Allen & Trapp, of The
Quadrangle, 180 Wardour Street, London W1F 8LB has been appointed
liquidator of the company.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims, and the names and addresses of their
Solicitors (if any), to Martin N. Widdowson, of The Quadrangle,
180 Wardour Street, London W1F 8LB on or before June 30, 2005.

CONTACT:  BREBNER ALLEN TRAPP
          180 Wardour Street
          London W1V 4LB
          Phone: 020 7734 2244
          Fax: 020 7287 5315
          E-mail: martin.widdowson@brebner.co.uk


EGG PLC: MBNA Pursues Acquisition Plan
--------------------------------------
U.S. credit card firm MBNA has revived interest in online bank
Egg plc, according to The Observer.

MBNA is reportedly lining up a GBP900 million bid (EUR1.3
billion), and has hired advisers to help it make a formal
approach to Prudential, Egg's major owner.  The new interest came
after the failure of an auction last year, where MBNA is believed
to have vied with financial groups including Royal Bank of
Scotland.  The sticking point was thought to be the asking price,
which was set at around GBP1.6 billion (EUR2.4 billion).

According to the report, it is logical for MBNA to pursue the
acquisition.  Egg's main operation is centered on credit cards.
The business grew balances by more than GBP200 million (EUR296.4
million) in the first quarter.  MBNA has more than GBP9.5 billion
(EUR14.1 billion) outstanding on credit cards in Europe.  It has
its U.K. base in Chester.

Egg employs around 2,000 in U.K. in Derby, Dudley and London.  It
has operating profits of GBP10 million (EUR14.8 million) in first
three months of 2005.  Group profits totaled GBP5 million (EUR7.4
million).

Prudential, which owns 79% of Egg, deems the business non-core.
Analysts gleaned, it plans to distribute proceeds of the sale to
shareholders.

CONTACT:  EGG PLC
          1 Waterhouse Sq., 138-142 Holborn
          London
          EC1N 2NA, United Kingdom
          Phone: +44-20-7526-2500
          Fax: +44-20-7526-2655
          Web site: http://www.egg.com


GARINGDELL SYSTEMS: Debt Forces IT Reseller into Administration
---------------------------------------------------------------
Troubled value-added reseller Garingdell Systems has gone into
administration, after incurring a seven-figure debt, Computer
Reseller News says.

Authorities appointed Steven Draine of Moore Stephens joint
administrator of Berkshire-based Garingdell Systems on May 27,
2005.  The administrators plan to sell the group as a going
concern, saving around 36 jobs.  Once sold, the group would
constitute a new company, Moore Stephens said.  The new company
is expected to trade as Maypace Systems Limited, Computer
Reseller News added.

The group's creditors include Computacenter Distribution, ETC,
Ingram Micro, Computer 2000 and Dell.  An anonymous creditor
commented that he doubt recovering its money.  He said, "The only
way would be if the creditors got together and launched a case in
the courts against the directors.

"I can't see that happening," he added.

Established in 1983, Garingdell provides IT solutions to
companies across the U.K.

                            *   *   *

These companies offer computer related activities.  Garingdell
Systems Limited was established in 1983 to provide a full range
of Quality IT-based services and products to a range of clients,
large and small.  Since its inception, Garingdell Systems has
always been committed to providing its customers with a Total
Quality Service.  Customer satisfaction is the prime goal of
Garingdell, and the quality of people, systems and products is
fundamental to achieving this goal.  Garingdell Systems has been
ISO9002 accredited since 1993.

CONTACT:  GARINGDELL SYSTEMS LIMITED
          Unit B3
          Deseronto Estate
          St. Marys Road
          Slough SL3 7EW
          Phone: (01753) 671800
          Fax: (01753) 580662
          Web site: http://www.garingdell.com

          MOORE STEPHENS CORPORATE RECOVERY
          3/5 Rickmansworth Road
          Watford WD18 0GX
          Contact:
          Steven Mark Draine
          E-mail: steve.draine@moorestephens.com
          Phone: 01923 236622
          Fax: 01923 245660
          Web site: http://www.moorestephens.co.uk


IGNITE INTELLIGENT: Administrator Seeks Buyer for Call Center
-------------------------------------------------------------
Matthew Colin Bowker and Ian Nigel Millington of Unity Corporate
Recovery & Insolvency have been appointed administrators for
Ignite Intelligent Outsource Integration Limited on May 27.

The company is based in Hartlepool in the North East of England.
Its registered office is in Denver, Colorado, where its former
parent, outsourcing services firm Startek Inc., was based.  It
was acquired by the current management September 2004.

Ignite Intelligent operates as an inbound and outbound call
center and provides outsourced contract fulfillment service.  Its
principal customers include national utility companies, major
charities, TV stations, international computer game
manufacturers, and government departments.

The company has an annual income of US$5 million and 170
employees, making it one of Hartlepool's largest employers.

Mr. Bowker told TCR-Europe in an e-mailed statement he is
currently seeking a purchaser for the business and assets as a
going concern to try and save the workforce and maximize the
return for creditors.

He will issue a full report to creditors in two months.  A
meeting of creditors is set in ten weeks to agree on a strategy
for implementing his proposals and exiting administration.

CONTACT:  UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton
          Lancashire BL1 1ET
          Phone: 01204 395000
          Fax: 01204 383999
          Contact:
          Matthew Bowker, Senior Partner
          Phone: 01204 395000
          Fax: 01204 377530
          E-mail: matthewbowker@ubsg.co.uk


J.P. MORGAN: Hires Mazars Liquidator
------------------------------------
Name of companies:
J.P. Morgan Fleming Fund Management Limited
J.P. Morgan Fleming Fund Marketing Limited
Robert Fleming Pension Trust Limited
Robert Fleming Quest Limited
Robert Fleming Stocklending Nominees Limited

At the extraordinary general meeting of these companies on May
26, 2005 held at 125 London Wall, London EC2Y 5AJ, the subjoined
special resolution to wind up the companies was passed.  Roderick
John Weston and Christopher Rodney Ashurst of Mazars LLP, 24
Bevis Marks, London EC3A 7NR have been appointed joint
liquidators of the companies.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Phone: (44) 20 73 77 10 00
          Fax:   (44) 20 73 77 89 31
          E-mail: rod.weston@mazars.co.uk
          Web site: http://www.mazars.com


KAMELIAN: To Emerge as Amphotonix
---------------------------------
The founders of Kamelian are setting up a new firm out of the
failed laser technology company, The Scotsman reports.  Craig
Tombling and Tony Kelly have bought Kamelian's brand, patents,
stock and equipment to form Amphotonix.  The project will be
financed by a GBP800,000 funding from venture capital firm EDP,
Scottish Enterprises' business growth fund and HBOS.

Chief operating officer Craig Tombling said they plan to keep
production costs at the new company down by outsourcing
production to Optocap of Livingston.

Kamelian ended its four-year existence last year after a slump in
telecommunications market.  This was despite a GBP22 million
funding from investors including 3i, the venture capital house.

Its revival came at a time of recovery in the market for optical
devices.  Chris Gracie, the chief executive of the Scottish
Optoelectronics Association, said the market was growing at
around 9% per year.


MG ROVER: News Conference Set Friday
------------------------------------
The joint administrators of MG Rover Group Limited will be
holding a news conference on Friday 10 June at 1.30 p.m. to
provide an update on the company's affairs.

The conference, which follows the MG Rover Group Limited
creditors' meeting, will take place in the Arden Room at the
Hilton Metropole NEC Hotel, Birmingham.  Broadcast crews and
journalists will be able to set up equipment from 11 a.m.

Media are requested to respond via e-mail to either Jon Bunn or
Caroline Feltham to confirm attendance.

Journalists who are unable to attend are invited to dial-in to
the conference by following the instructions* below.  Again,
journalists are requested to register for the dial-in facility by
emailing either Jon Bunn or Caroline Feltham by Thursday 9 June.

[1] Dial-in instructions:

U.K. & Europe: 00800 2800 2002
U.S.: +1 617 614 3901

Passcode: 26696078

[2] Directions:

    Hilton Birmingham Metropole, NEC, Birmingham
    Phone: 0121 780 4242

    By road:

    From London: M40 then M42, exit at junction 6.

    From the North: M6 then M42, exit at Junction 6.

    From the SouthWest: M5 then M42, exit at junction 6.

    By rail: Birmingham International Station.

A courtesy bus runs from the station to the hotel on the hour and
half hour, or the hotel is a short walk from the station via the
NEC Walkway.

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

          PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: (44) (113) 289 4000
          Fax: (44) (113) 289 4460
          Web site: http://www.pwcglobal.com


OLD HOTEL: Hires Liquidator from Numerica
-----------------------------------------
At the extraordinary general meeting of Old Hotel Company Limited
(formerly Bells Hotel Limited) on May 16, 2005 held at South
Central, 11 Peter Street, Manchester M2 5LG, the special,
ordinary and extraordinary resolutions to wind up the company
were passed.

Creditors are required to send in their full names, their
addresses and descriptions, full particulars of their debt or
claims, and the names and addresses of their Solicitors (if any),
to David Riley of Numerica, 11 Peter Street, Manchester, Greater
Manchester M2 5LG on or before July 20, 2005.

CONTACT:  NUMERICA
          South Central
          11 Peter Street
          Manchester
          Greater Manchester M2 5LG
          Phone: 0161 833 8300
          Fax: 0161 833 8333
          E-mail: david.riley@numerica.biz


QUIZLINK LIMITED: Members Pass Winding-up Resolutions
-----------------------------------------------------
At the general meeting of the members of Quizlink Limited, the
resolutions to wind up the holding company were passed.  Finbarr
Thomas O'Connell and Jeremy Simon Spratt of KPMG LLP, of 8
Salisbury Square, London EC4Y 8BB have been appointed joint
liquidators of the company.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


RAM JAM: Appoints Liquidator from BRI (UK) Limited
--------------------------------------------------
At the extraordinary general meeting of the members of Ram Jam
Inn Limited on May 23, 2005 held at Lady Annes Hotel, 36-38 High
Street, St Martins, Stamford, Lincolnshire PE9 2LJ, the special
resolution to wind up the company was passed.  Gavin Geoffrey
Bates of BRI Business Recovery and Insolvency, 3 The Quadrant,
Coventry CV1 2DY has been appointed liquidator of the company.

Creditors are required to send their names and addresses with
particulars of their debt to Gavin Geoffrey Bates, of BRI
Business Recovery and Insolvency, 3 The Quadrant, Coventry CV1
2DY on or before June 23, 2005.

Ram Jam Inn Limited manages hotel and motels.  Its registered
office is located at BRI Business Recovery and Insolvency, 3 The
Quadrant, Coventry CV1 2DY.

CONTACT:  BRI (UK) LIMITED
          3 The Quadrant
          Coventry CV1 2DY
          Phone: 024 7663 4884
          Fax: 024 7623 1551
          E-mail: gbates@briuk.co.uk


ROYAL MAIL: Regulator's Review Might Scupper Investment Plan
------------------------------------------------------------
Postcomm's review on postal price increases could derail a major
plan by Royal Mail to invest in technology.  The courier could
face a GBP2 billion funding shortfall over the next five years if
the postal regulator finally decides on capping mail price hikes,
according to The Telegraph.

Postcomm plans to impose strict limits on future increases in
stamp prices.  It wants to put a ceiling of 34 p to protect
domestic customers.  This goes contrary to Royal Mail's proposal
to raise first class stamps prices from 30p to 48p by 2010.

Allan Leighton, the chairman of Royal Mail said management needed
to put another GBP2 billion for upgrading its operations so that
it could better compete with rivals.  Senior executives at Royal
Mail told The Sunday Telegraph it needed the investment in light
of the U.K. market's opening to new entrants early next year.
They said the firm's full recovery -- after a successful return
to profit of GBP537 million this year -- could be jeopardized.

The price freeze would only allow Royal Mail to invest GBP190
million a year.  The firm is planning to spend about GBP350
million.  Mr. Leighton said they might take the matter to the
Competition Commission if the regulator pushes with the plan.

CONTACT:  ROYAL MAIL HOLDINGS PLC
          148 Old St.
          London EC1V 9HQ
          Phone: +44-20-7250-2888
          Fax: +44-20-7250-2244
          Web site: http://www.royalmailgroup.com


SFI GROUP: Creditors in Exclusive Sale Talks with R20 Ltd.
----------------------------------------------------------
Proceeds from the sale of SFI Group will just about cover its
GBP80 million debt, leaving thousands of private shareholders
with nothing, says Mail on Sunday.

The biggest winner could be property tycoon Robert Tchenguiz,
whose R20 private equity business is in exclusive talks with SFI
creditors led by Barclays.  R20 offers around GBP75 - GBP85
million to control over two-thirds of the group that operates the
Slug & Lettuce string of bars, while the rest will fall into
administration.

In 2003, SFI discovered irregularities amounting to GBP20 million
in its accounts, which resulted to its delisting from the Stock
Market amid fears of insolvency.

It has agreed to a debt-equity swap with its banks that involved
halving its debt to GBP80 million in exchange for a 75 percent
stake.  A management team headed by rescue specialist Stuart
Lawson, and other shareholders divided the rest of the shares
between them.

Earlier this year, corporate recovery specialist Kroll and Ian
Edward failed to sell the business as some leasehold sites with
prohibitive rents discouraged bidders.

R20 mulls putting the SFI estate under the Laurel Pub Company,
which Mr. Tchenguiz acquired from Ian Payne for GBP151 million
last year.

CONTACT:  SFI GROUP
          SFI House
          165 Church Street East
          Woking
          Surrey GU21 6HJ
          Phone: 01483 227900
          Fax: 01483 227903
          Web site: http://www.sfigroup.co.uk

          LAUREL PUB COMPANY
          Porter Tun House
          500 Capability Green
          Luton
          Bedfordshire
          LU1 3LS
          Phone: 07002 528735
          Web site: http://www.laurelpubco.com


WOOLWORTHS GROUP: Outlook Stays Poor as Sales Plunge 4%
-------------------------------------------------------
At the Woolworths Group plc Annual General Meeting held Tuesday,
Chairman Gerald Corbett said: "Current trading has remained
difficult and the outlook for consumer spending on the High
Street remains poor.  In the 18 weeks to 4 June 2005, Woolworths
Mainchain like-for-like sales decreased by 4.4%.

"Excluding Entertainment (music, video, games and books), which
suffered a comparatively poor release schedule, like-for-like
sales decreased by 0.3 per cent.  Overall, the Woolworths gross
margin was slightly down on last year.  Action has been taken on
costs to limit the impact of negative sales and margin on
profitability and space allocation in store has been changed to
support product groups with higher profit densities.

"The store refurbishment program is continuing to plan with the
11 stores converted this year achieving their sales targets.
Sales and margin performance throughout the 10/10 estate has
continued to be ahead of the Mainchain.  We continue to plan to
convert 50 stores this year to the 10/10 format.

"Third party sales at Entertainment U.K. for the 18-week period
were up by 8.7% and the Company has recently succeeded in
securing the contract to supply Morrisons with music, video and
games chart product.  2entertain, the Group's 40%-owned
entertainment publishing joint venture with BBC Worldwide,
continues to trade in line with our plans.

"Since the year end, further progress has been made with the
disposal program of the out-of-town retail sites (formerly
Woolworths big W) and the process of selling MVC, the Group's
specialist chain of entertainment stores, is well underway.

"Following the end of discussions with Apax in April, the Company
has reviewed its capital structure and financing.  While the
Group's cash generative capability will continue to underpin a
progressive dividend policy, there is no current intention to
return cash to shareholders through other means.  The Group needs
to maintain the financial capability to fund the seasonal build
up in working capital ahead of the peak Christmas period.  Given
the high fixed rental charge, uncertain retail outlook and the
long-term importance of sustaining the store refurbishment
program, the Board has concluded that any special cash return to
shareholders is inappropriate at this time.

"We anticipate that the retail environment will continue to be
challenging, and against that background, the Board's focus will
remain on controlling costs and stock, generating cash and taking
action to improve the Group's businesses."

CONTACT:  WOOLWORTHS GROUP PLC
          Woolworth House, 242-246 Marylebone Rd.
          London
          NW1 6JL, United Kingdom
          Phone: +44-20-7262-1222
          Fax: +44-20-7706-5416
          Web site: http://www.woolworthsgroupplc.com

          Tulchan Group
          Kate Inverarity
          Phone: 020 7353 4200
          Celia Gordon-Shute
          Phone: 020 7353 4200


                            *********


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

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

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

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