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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

           Thursday, August 11, 2005, Vol. 6, No. 158

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Not Selling out Planes, Pilots


F I N L A N D

BENEFON OYJ: Issues Committed Option Rights to Investors


F R A N C E

CHAMATEX SA: On the way to Recovery


G E R M A N Y

ADVOKAT IMMOBILIEN: Succumbs to Bankruptcy
AVTH GMBH: Court to Verify Claims October
BAUCONCEPT MASSIVHAUS: Under Bankruptcy Administration
BELGATO VERMOGENSVERWALTUNGS: Falls into Bankruptcy
COSGUN BAU: Creditors Meeting Set Next Month

DAIMLERCHRYSLER AG: Faces Yet Another U.S. SEC Inquiry
FMK FINANZDIENSTLEISTUNG: Court Appoints Interim Administrator
GI-BETEILIGUNGS: Cottbus Court Calls in Administrator
HEIDELBERGCEMENT AG: Pre-tax Profit Doubles
INFINEON TECHNOLOGIES: IG Metall Vows to Block Closure

LEICA CAMERA: Shareholders Drop Suit Challenging Rehab Plan
PROSIEBENSAT.1 MEDIA: Moody's Hints of Possible Downgrade
SALBER HOLDING: Creditors' Claims Due Next Month
THYSSENKRUPP AG: Technology Unit Inks US$23 Mln Deal in Oman
VOLKSWAGEN AG: Manager Accused of Corruption Sues Carmaker
XPECTIT GMBH: Proofs of Claim Due Next Week
ZIPPL INNOVATION: Creditors to Meet October


H U N G A R Y

PARMALAT HUNGARIA: Sees Deal with Alfoldi Milk by September


I R E L A N D

ELAN CORPORATION: TYSABRI Test Returns No Fatal Side Effects
JSG FUNDING: EBITDA from Continuing Operations Drops


I T A L Y

ALITALIA SPA: Cabin Crew Union Calls for Another Strike
CIRIO RICERCHE: Receiver Wraps up Sale to Eureco
PARMALAT FINANZIARIA: BofA Scores Victory, but Lawsuit Stands
PARMALAT FINANZIARIA: U.S. Court Sets 2007 Trial
TISCALI SPA: Obtains EUR150 Mln Debt Financing from Silver Point
TISCALI SPA: Rating Affirmed at 'CCC+' After Refinancing News


M A C E D O N I A

MAT MACEDONIAN: Returns JAT Airways Plane


N E T H E R L A N D S

IMPRESS HOLDINGS: Outlook Stable on Improved Performance


N O R W A Y

PAN FISH: Vaccine Approval to Benefit Canadian Venture


R U S S I A

APSHERONSKIY EXPERIMENTAL: Under Bankruptcy Supervision
BUREAU: Hires S. Galyanov Insolvency Manager
KRASNOCHETAYSKAYA: Names Insolvency Manager from Chuvashiya
METIZ: Deadline for Proofs of Claim Next Week
MSO VOZNESENSKAYA: Undergoes Bankruptcy Supervision Procedure

NOVOMIKHAYLOVSKOYE: Bankruptcy Hearing Set October
OCTOBER: Declared Insolvent
TEMRYUKSKOYE: Insolvency Manager Takes over Operations
VMZ-SIB-OIL-GAS-MASH: Succumbs to Bankruptcy
VOLGOGRADSKIY: Creditors Opt for Liquidation
YUKOS OIL: Exec to Remain in Jail for Another Month
YUKOS OIL: Second-quarter Loss Down 13.5% to RUR4.204 Billion


S W E D E N

SKANDIA INSURANCE: Half-year Premiums, Deposits Up Over 20%
SKANDIA INSURANCE: Skandia Liv Q2 Sales Up 16%


S W I T Z E R L A N D

SWISSAIR: Memorabilia Auction Set September


U K R A I N E

AGROPROMTEHNIKA: Lugansk Court Hires Insolvency Manager
BUDDORMASH: Kyiv Court Opens Bankruptcy Proceedings
DAKS: Donetsk Court Freezes Debt Payments
DINAMIK: Court Appoints Insolvency Manager
DONETSK' AUTO 11422: Crashes into Insolvency

DUNAYIVTSI' SUKONNA: Under Bankruptcy Supervision
GLOBINE-AGRO: Succumbs to Insolvency
KERAMIK SERVICE: Declared Insolvent
TEMPINFORM: Falls into Liquidation
TEPLOMEREZHI: Insolvency Manager Takes over Helm


U N I T E D   K I N G D O M

24-7 SUPPORT SERVICE: Hires Administrators from Wilson Pitts
2 WIKID RECORDS: Calls in Joint Liquidators
ADVANCED TURNED: Administrators from Poppleton & Appleby Move in
ALESSANDRO PLC: Administrators Take over Operation
BLACK COUNTRY: Files for Liquidation

BRUT EUROPE: Liquidators from KPMG Step in
DRS RUGGED: Hires Liquidators from KPMG
EATRITE LIMITED: Hires Liquidator from Valentine & Co.
EURODIS DISTRIBUTION: Hires Deloitte & Touche as Administrator
EXPORTSPAS LIMITED: Administrators Enter Firm

FERNDALE AGGREGATES: In Voluntary Winding-up
FIGARO INTERIORS: EGM Passes Winding-up Resolutions
FLIGHTLEASE HOLDINGS: Foreign Reps. Want Dr. Corti's Testimony
GRAYCO LIMITED: Members Apply for Winding-up Order
HERBIE FROGG: Goes into Liquidation

HILALL LIMITED: Bishop Fleming Administrators Enter Firm
J. FITZGERALD: Appoints Begbies Liquidator
JOE'S BASEMENT: In Voluntary Winding-up
KESHAN LIMITED: Liquidators from Begbies Move in
LION CAPITAL: In Administrative Receivership

LUTTERWORTH KITCHENS: Succumbs to Liquidation
MARAWELL LIMITED: Liquidator Moves in
MARKS & SPENCER: Cuts Prices to Boost Sales
MG ROVER: Union Heads, Nanjing Officials Hold 'Positive' Talks
MICROEMISSIVE DISPLAYS: Japanese Client Goes Bust

M M P LOGISTICS: Members Opt for Liquidation
MODULAR FLOORING: Flooring Specialist Calls in Administrators
PIONEER BUILDING: Falls into Liquidation
ROBERT WISEMAN: To Buy Another Milk Business for GBP0.9 Mln
SHIPMANS ELECTRICAL: KPMG Administrators Enter Company

STARTEL LIMITED: Appoints Joint Liquidators
THOMAS HARDY: Hires Liquidator from Deloitte & Touche
TRAVELEX PLC: 'BB-' Ratings Withdrawn Following APAX Takeover
TUNED PROPERTY: HSBC Appoints Grant Thornton Receiver
UNICORN MAIL: Hires Begbies Traynor as Administrator
VINYL JAPAN: EGM Passes Winding-up Resolutions
WINDOW & DOOR: Hires Begbies to Liquidate Assets


                            *********


===========
C Y P R U S
===========


CYPRUS AIRWAYS: Not Selling out Planes, Pilots
----------------------------------------------
No pilot will lose his job or plane in the rescue plan being
prepared by Cyprus Airways (CAIR), Deputy Chairman Frixos
Savvides announced on Monday.

Mr. Savvides, in a press conference, denied claims by stewards
union SYPKA and pilots union PASIPY that management is violating
collective agreements and breaching promises.  He said union
leaders are just playing to crowd to win votes in the next union
elections.

"We have made it clear to the flying personnel that their jobs
are safe," he said, adding that while there will be job losses,

the "cuts will revolve around office staff and the catering
department.  There are so many other services where there is a
way to reduce staff."

The carrier has remained mum on its rescue plan.  It has until
September to outline recovery measures before submitting it to
the government, which controls 69.7% of the carrier, and to the
European Commission.  CAIR plans to finance its restructuring
through a state-backed EUR51 million loan, which the Commission
has already approved.

CAIR has been racking up losses for years and in 2004 it fell
CYP33.5 million in the red.  It attributed the loss to the
liberalization of air transport, high fuel prices and costly
fleet renewal.

CONTACT:  CYPRUS AIRWAYS LIMITED
          21 Alkeou Str.
          2404 Engomi
          P.O. Box 21903
          1514 Nicosia, Nicosia
          Phone: 22663054
          Fax: 22663167
          E-mail: webcentre@cyprusair.com.cy
          Web site: http://www.cyprusairways.com


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


BENEFON OYJ: Issues Committed Option Rights to Investors
--------------------------------------------------------
The Board of Benefon Oyj has decided to issue the option rights
it has committed to in its earlier three decisions, reported in
market bulletins of April 12, 2005, April 20, 2005 and July 6,
2005, to raise funding for the company in form of licensing and
leasing arrangement for R&D-deliverables and of two capital
loans.

The funding packages have been assembled by Benecap Limited, a
Jersey, U.K. company, and the actual funds have been provided by
25 investors engaged by Benecap, none of whom are close party to
the Company.  The total amount of the said committed option
rights is 7,000,000, distributed between the 25 investors in
proportion of their contributions.  The resulting amounts of
options received by investors range from 32,000 to 1,225,250.

As all of the said committed option rights have been agreed to
be exercisable at EUR0.14 per share with exercise period
expiring three years after the issuance of the options, the
Board decided to use for the purpose part of the 39,597,988
option rights decided by the extraordinary general meeting of
Feb. 26, 2004, registered in the Trade Register on Dec. 16, 2004
and which currently are parked at Octagon Capital Ltd.  All of
these options are exercisable at EUR0.14 per share until January
31, 2008.  After the now decided issuance of options, the number
of option rights parked at Octagon Capital will be 32,597,988.

Benefon Oyj
Tomi Raita
CEO

                            *   *   *

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

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


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


CHAMATEX SA: On the way to Recovery
-----------------------------------
Chairman Jean-Claude Montagnon of textile maker Chamatex S.A.
will present a continuation plan to the commercial court of
Annonay on September 6, Les Echos says.

The group has undergone significant restructuring and
transformation from an industrial firm into a service provider.
It now handles orders ten times smaller than in previous years
when it averaged 10,000 meters.  Since entering voluntary
liquidation, it has also cut workers to 125 from 445.

Chamatex expects to post a profit for the financial year ending
September 30, despite a deep cut in turnover from EUR76.5
million in 2003/2004 to EUR20 million in 2004/2005.  The group
filed for court-supervised administration on July 2, 2004.

CONTACT:  CHAMATEX S.A.
          B.P. 13
          07290 Ardoix
          Phone: 33 (0) 475 69 85 00
          Fax: 33 (0) 475 69 85 28
          Web site: http://www.chamatex.fr


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


ADVOKAT IMMOBILIEN: Succumbs to Bankruptcy
------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Advokat Immobilien GmbH i.L. on July 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 8,
2005 to register their claims with court-appointed provisional
administrator Ruediger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting on October 6, 2005, 9:30 a.m. at the district court
of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer Str.
16, 06112 Halle, 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:  ADVOKAT IMMOBILIEN GmbH i.L.
          Friedenstr. 1a, 06114 Halle

          Ruediger Bauch, Administrator
          Sternstrasse 13, D-06108 Halle
          Phone: 0345/5200111
          Fax: 0345/5200066


AVTH GMBH: Court to Verify Claims October
-----------------------------------------
The district court of Hannover opened bankruptcy proceedings
against AVTH GmbH on July 18.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 12, 2005 to register their claims
with court-appointed provisional administrator Knut Thomas
Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting on October 12, 2005, 10:30 a.m. at the district
court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude
Hamburger Allee 26, 30161 Hannover, 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:  AVTH GmbH
          Am Pferdemarkt 36c, 30853 Langenhagen
          Contact:
          Rene Frank, Manager

          Knut Thomas Hofheinz, Administrator
          Am Markte 13, 30159 Hannover
          Phone: 0511/357721-0
          Fax: 0511/357721-40


BAUCONCEPT MASSIVHAUS: Under Bankruptcy Administration
------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against BAUCONCEPT MassivHaus GmbH on July 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until September 19, 2005
to register their claims with court-appointed provisional
administrator Peter Baumgarte.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 9:15 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, 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:  BAUCONCEPT MASSIVHAUS GmbH
          Hans-Theismann-Weg 2, 30966 Hemmingen
          Contact:
          Roger Daum, Manager

          Peter Baumgarte, Administrator
          Lange-Hop-Strasse 158, 30539 Hannover
          Phone: 0511/954750
          Fax: 0511/9547599


BELGATO VERMOGENSVERWALTUNGS: Falls into Bankruptcy
---------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against BELGATO Vermogensverwaltungs GmbH on July 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 7,
2005 to register their claims with court-appointed provisional
administrator Reinhard Titz.

Creditors and other interested parties are encouraged to attend
the meeting on October 7, 2005, 9:50 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:  BELGATO VERMOGENSVERWALTUNGS GmbH
          Holzdamm 28-32, 20099 Hamburg
          Contact:
          Dr. Wilfried Dechant, Manager

          Reinhard Titz, Administrator
          Speersort 4/6, 20095 Hamburg
          Phone: 303010, Fax 30301226


COSGUN BAU: Creditors Meeting Set Next Month
--------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Cosgun Bau-GmbH on July 14.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 26, 2005 to register their claims
with court-appointed provisional administrator Herbert Duerkop.

Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2005, 11:25 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:  COSGUN BAU-GmbH
          Horner Landstrasse 358, 22111 Hamburg
          Contact:
          Norbert Fischer, Manager
          Am Gartenfeld 4, 29351 Eldingen

          Herbert Duerkop, Administrator
          Neuer Wall 86, 20354 Hamburg
          Phone: 040/361307-0


DAIMLERCHRYSLER AG: Faces Yet Another U.S. SEC Inquiry
------------------------------------------------------
The U.S. Securities and Exchange Commission has reportedly asked
DaimlerChrysler AG to clarify its involvement in the United
Nations' oil-for-food program.

According to the Associated Press, the carmaker was required to
submit a written statement and documents regarding its role in
the program launched to run the sale of Iraqi oil under Saddam
Hussein.  The U.S. SEC would like to check whether
DaimlerChrysler broke any provisions.

Daimler spokesman Toni Melfi refused to comment when reached by
AP, saying "it is an ongoing investigation."  He also did not
provide details as to the extent of the company's involvement in
the program.

Set up in 1996, the program was meant to buy humanitarian goods
and pay war damages out of the proceeds of oil sale.  Saddam was
said to have bribed former government officials and journalists,
among others, by giving them vouchers for oil that could then be
resold.  A final report on the investigation is expected to be
released in September by the Independent Inquiry Committee led
by former U.S. Federal Reserve Chairman Paul Volcker.

Meanwhile, DaimlerChrysler is reportedly cooperating with the
U.S. Justice Department's probe into claims of corruption at the
Mercedes Car Group.  The investigation involving a dozen
countries focuses on allegations of bribery.  It is said to be
related to the SEC's inquiry last year on claims by a former
Chrysler accountant that the company bribed foreign officials
through secret bank accounts.

Earlier, Berlin-based financial services regulator BaFin
launched an investigation into alleged insider trading at the
carmaker.

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


FMK FINANZDIENSTLEISTUNG: Court Appoints Interim Administrator
--------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against FMK Finanzdienstleistung GmbH on July 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until August 25, 2005 to
register their claims with court-appointed provisional
administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on October 6, 2005, 9:15 a.m. at the district court
of Chemnitz, Saal 28, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  FMK FINANZDIENSTLEISTUNG GmbH
          Contact:
          Heinz Klotzner, Manager
          Dr. Guenter Eimermacher, Falk Bertram
          Webergasse 3, 09111 Chemnitz

          Ruediger Wienberg, Administrator
          Michaelstr. 71, 09116 Chemnitz
          Web site: http://www.hww-kanzlei.de


GI-BETEILIGUNGS: Cottbus Court Calls in Administrator
-----------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against GI-Beteiligungs GmbH & Co. Wendischer Ring KG on July
19.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until August 26,
2005 to register their claims with court-appointed provisional
administrator Rolf-Dieter Klein.

Creditors and other interested parties are encouraged to attend
the meeting on September 29, 2005, 10:15 a.m. at the district
court of Cottbus, Gerichtsplatz 2, 03046 Cottbus, Saal 313, 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:  GI-BETEILIGUNGS GmbH & Co. WENDISCHER RING KG
          Corona-Schroter-Str. 33, 03172 Guben
          Contact:
          Ulrich Herbert, Manager

          Rolf-Dieter Klein, Administrator
          Schillerstrasse 58, 03046 Cottbus


HEIDELBERGCEMENT AG: Pre-tax Profit Doubles
-------------------------------------------
The economic development in the western developed countries,
particularly in Europe, has weakened as a result of the dramatic
rise in oil prices.

In the U.S., the stable economic growth continued.  The upturn
continues to be strongest in the emerging countries of East and
South-East Asia.  In Germany, domestic demand is extremely weak
this year.  A decline is expected once again for the
construction industry.  While improvement is expected in
international economic development, there is no clear sign of a
trend reversal in Germany, despite the improvement in several
indicators.

In the first half of the year, Group turnover increased by 7.9%
to EUR3,498 million (previous year: 3,241).  Adjusted for
currency and consolidation effects, the increase amounts to
7.0%.  Once again, North America recorded the strongest growth,
but a welcome improvement in turnover was also achieved in
Northern Europe and Africa-Asia-Turkey; price increases
contributed to this to a varying extent in different regions.

At EUR534 million (previous year: 485), operating income before
depreciation (OIBD) was 10.2% above the previous year's level.
North America made the strongest contribution to growth in both
OIBD and operating income.  The U.S. dollar, which rose again
recently, supported this development.  However, the other
regions were also able to at least partially compensate for the
shortfalls of the first few months, which were due to adverse
weather conditions.

The additional ordinary result of EUR15.2 million (previous
year: -0.7) essentially results from the sale of parts of our
concrete products business in the U.S.  Our French participation
Vicat considerably influenced the results from participations,
which amounted to EUR41.7 million (previous year: 29.8) in the
second quarter.

The financial results increased by EUR35 million to -EUR115
million (previous year: -150).  This was primarily due to the
fact that no foreign exchange loss was incurred at Indocement,
as it was in the previous year.

Profit before tax amounts to EUR244 million (previous year:
121).  As a result of the welcome increase in results and
revised German tax laws, taxes on income rose in the first half
of 2005 by EUR84 million to EUR106 million (previous year: 22).
As a result of the positive development of Indocement's profit
for the financial year, the minority interests total EUR25
million (previous year: 3).  The Group share in profit amounts
to EUR113 million (previous year: 96).

Takeover bid by Spohn Cement GmbH

On June 28, 2005, Spohn Cement GmbH submitted a takeover bid to
the shareholders of HeidelbergCement AG.  In a detailed
statement published on 11 July 2005, the Managing Board welcomes
the takeover bid and indicates that the bid price of 60 EURper
share is adequate.  The Managing Board feels strengthened and
supported in its strategy by the aims of Spohn Cement as
expressed in the bid document.  In a separate statement, the
Supervisory Board agreed with this assessment of the takeover
bid.

Members of the Merckle family, who have held shares in
HeidelbergCement for decades and are also represented in our
Supervisory Board, own Spohn Cement GmbH.

As of the end of the acceptance period on 26 July, the offer had
been accepted for a total of 40,788,797 shares.  This brings the
total number of HeidelbergCement shares for which the offer has
been accepted, plus the shares already held by Spohn Cement
together with persons acting in concert with them and their
subsidiaries, according to the German Securities Acquisition and
Takeover Act, to 76,982,656 shares, which corresponds to 66.8%
of the share capital and voting rights of HeidelbergCement AG.
The additional respite for accepting the takeover bid began on
July 30, and ends on August 12, 2005.

Cement and Clinker Sales Volumes

The heavy losses of the first quarter, resulting from adverse
weather conditions, were not yet completely compensated by the
end of June.  Overall, cement and clinker sales volumes rose by
2.7% to 31.5 million tons (previous year: 30.7) in the first
half of the year, as a result of continuing increases in North
America, Northern Europe and Africa-Asia-Turkey.  Excluding
consolidation effects, the total sales volumes were still
slightly below the previous year's level after six months.

Employees

In the first half of the year, HeidelbergCement employed 42,055
people (previous year: 42,698) across the Group.  The decrease
of 650 employees results from restructuring measures in almost
all regions.

Investments

In the first half of the year, cash relevant investments
increased by EUR234 million in comparison with the previous year
to EUR421 million (previous year: 187).  Of this figure, EUR208
million (previous year: 169) was invested in tangible fixed
assets and EUR213 million (previous year: 18) in financial fixed
assets.  Net cash from disinvestments amounted to EUR100 million
(previous year: 65).

Prospects

Despite the weakening of the global economic environment, we
again anticipate a moderate increase in sales volumes and
turnover for the whole of 2005.  The construction industry in
the U.S., the new EU countries and Asia remains solid.  In
Germany, growth is expected to recover next year; on the other
hand, a decline is forecast once again for construction
activity.

Due to the positive international economic development, we
expect a noticeable increase in operating activities for the
full year.  However, heavily increasing energy costs are
affecting the level of improvement in results this year.  In
Europe and the U.S., electricity prices are significantly higher
than in the previous year.  We are striving to offset increased
fuel costs through the increased use of alternative raw
materials.

Our project "win" with the aim to reduce costs and increase
efficiency will not have a significant effect until next year.
Our objective is to become cost leader.  Therefore we work very
hard to markedly reduce complexity within the organization and
to standardize core processes worldwide.  These are
prerequisites for benchmarking and the Group-wide application of
best practices.  With these measures, we strengthen the
international competitiveness of HeidelbergCement and form the
basis for further profitable growth.

Heidelberg, August 9, 2005

A copy of HeidelbergCement's first-half results can be viewed at
http://bankrupt.com/misc/heidelbergcement_1h2005.pdf

CONTACT:  HEIDELBERGCEMENT AG
          Berliner Strasse 6
          69120 Heidelberg
          Phone: +49-6221-481-227
          Fax: +49-6221-481-217
          Web site: http://www.heidelbergcement.com


INFINEON TECHNOLOGIES: IG Metall Vows to Block Closure
------------------------------------------------------
Trade union IG Metall promised to do everything it can to
prevent chipmaker Infineon Technologies from closing its Munich
Perlach plant, Suddeutsche Zeitung says.

IG Metall offered to participate in talks over a restructuring
deal, but did not rule out strikes as a last resort.  In
February, Infineon head Wolfgang Ziebart revealed plans to phase
out the site in 2007, citing falling demand for the plant's
special microchips and lagging production technology.

However, an external expert hired by IG Metall said the site's
costs and productivity were better than what Infineon had claim.
The management board reportedly told the site's 600 employees
Friday that the closure will proceed as planned.

Infineon is currently hounded by a bribery scandal involving the
former head of its memory chips division.  Founded in 1999,
Infineon Technologies employs around 36,000 employees worldwide,
7,200 of whom are involved in research and development.  In
fiscal year 2004, the group achieved EUR7.19 billion in sales
and EUR61 million in consolidated surplus.

CONTACT:  INFINEON TECHNOLOGIES AG
          P.O.  Box 80 09 49
          D-81609 Muenchen
          Phone: +49-89-234-0
          Fax: +49-89-234-2-84-82
          Web site: http://www.infineon.com

          Gunter Gaugler
          Media Relations Contact
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com

          Christoph Liedtke, U.S.A.
          Phone: +1-408-501 6790
          Fax: +1-408-501 2424
          E-mail: christoph.liedtke@infineon.com

          Kaye Lim, Asia
          Phone: +65-6876 -3070
          Fax: +65-6876-3074
          E-mail: kaye.lim@infineon.com

          Hirotaka Shiroguchi, Japan
          Phone: +81-3-5449-6795
          Fax: +81-3-5449-6401
          E-mail: hirotaka.shiroguchi@infineon.com

          Investors Relations, Europe
          Phone: +49-89-234 26655
          Phone: investor.relations@infineon.com

          Investors Relations, North America
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com


LEICA CAMERA: Shareholders Drop Suit Challenging Rehab Plan
-----------------------------------------------------------
Troubled camera maker Leica Camera has reached an out-of-court
settlement on four of five actions seeking the nullification of
the rescue measures approved in May.

Passed during a general meeting on May 31, these measures entail
a capital reduction and a subsequent capital increase.  Leica
will first one new share for three old shares and then issue new
shares at EUR1.70 apiece, providing the group EUR23 million in
fresh capital.  Leica plans to use the money to develop new
digital cameras.

The four Leica shareholders, which agreed to the settlement, are
now willing to participate in the capital hike in proportion to
their current holdings.

                            *   *   *

In February, Leica's banks partially terminated their credit
lines after the firm said it expects a loss of half of its
registered share capital in March 2005.  The group closed the
first half of its fiscal year 2004/2005 (FY end March 31) with
sales of EUR45 million, 15% below the figure in the first half
last year.

CONTACT:  LEICA CAMERA AG
          Oskar-Barnack-Strasse 11
          35606 Solms
          Deutschland
          Web site: http://www.leica-camera.com


          HERMES INTERNATIONAL
          24, Faubourg Saint-Honore
          75008 Paris
          Phone: +33-1-40-17-49-20
          Fax: +33-1-40-17-49-21
          Web site: http://www.hermes.com


PROSIEBENSAT.1 MEDIA: Moody's Hints of Possible Downgrade
---------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade the Ba1 senior unsecured and corporate family ratings
of ProSiebenSat.1 Media AG.

The rating action follows the announcement that Axel Springer AG
(Axel Springer, not rated by Moody's) is to be the new majority
owner of ProSiebenSat.1 following its agreement to acquire all
the common and preferred stock in ProsiebenSat.1 held by P7S1
Holding, and that Axel Springer had in addition made a voluntary
cash tender offer to public shareholders.  Moody's noted that
both the share purchase agreement and the voluntary public
tender offer remain subject to obtaining necessary clearances
under cartel and media-supervision law in Germany.

Ratings placed on review for possible downgrade: ProSiebenSat.1
Media AG -- the Ba1 senior unsecured bond and corporate family
ratings

Moody's said the review for possible downgrade is prompted by
the high level of debt, which is to be used to finance the
planned transaction and tender offer.  In addition to the
EUR2,470 million consideration payable for the shares owned by
P7S1 Holding, an additional EUR1.1 billion could be payable in
the event that the holders of the remaining 82 million
preference shares were to accept the tender offer.

As a result, although Moody's acknowledges the positive
implications of the merger in terms of both scale (pro forma
combined 2004 revenues of EUR4.2 billion) and diversification,
the combined entity would be significantly more leveraged than
either ProSiebenSat.1 or Axel Springer is currently on a stand
alone basis.  On the basis of 2004 pro forma numbers, and
assuming no take-up of the cash tender offer, net debt/EBITDA
has been estimated at 4.6 times.

From the perspective of the leverage of the combined group in
the medium-term, the rating agency considers positive that Axel
Springer has signaled the possibility of a preference capital
increase depending on the take-up of its voluntary tender offer.

With regard of the ratings of the Senior Notes, Moody's added
that its review would take account of the potential benefits
from the make whole provisions contained in their indentures.
ProSiebenSat.1/Axel Springer has indicated that they intend to
exercise those provisions ahead of completion of any merger in
the course of the overall refinancing of the combined group.

In the meantime, and as clarification over the timing and
elements of the refinancing develops, Moody's said its review
would take account of the extent to which Note-holders continue
to benefit from the protections afforded by their position
within ProSiebenSat.1 as a separate corporate entity under
German commercial law, and Axel Springer's intended financial
policies with respect to ProSiebenSat.1 as a controlled
subsidiary.

Moody's said the rating review would consider the strategy of
the combined group in the event that the merger is completed,
including its plans and prospects for revenue growth and any
revenue and cost synergies which might be achievable from the
combination.

The review will also take account of the new group's likely
capital structure over the medium term, including the extent to
which Axel Springer might reduce the indebtedness associated
with the acquisition and take-up of the tender offer by a
successful capital increase, or any possible asset disposals.
In this connection Axel Springer has stated it is unlikely to
access the bond capital markets in the foreseeable future.

ProSiebenSat.1 Media AG is based in Munich, Germany.  The
company's main activity is the broadcasting and production of
television programs through four German language television
channels as well as a range of ancillary activities.  Axel
Springer AG, based in Berlin, is German market leader in terms
of combined newspaper and magazine advertising revenues and
circulation.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          David G. Staples, Managing Director
          European Corporates
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Niel Bisset, Senior Vice-President
          European Corporates
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


SALBER HOLDING: Creditors' Claims Due Next Month
------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Salber Holding GmbH on July 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 8, 2005 to register
their claims with court-appointed provisional administrator Jens
Olinger.

Creditors and other interested parties are encouraged to attend
the meeting on October 4, 2005, 10:10 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21, 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:  SALBER HOLDING GmbH
          Oppenhoffallee 108, 52066 Aachen
          Contact:
          Armin Salber, Manager

          Jens Olinger, Administrator
          Eupener Strasse 181, 52066 Aachen
          Phone: 0241/6052800
          Fax: 0241/6052799


THYSSENKRUPP AG: Technology Unit Inks US$23 Mln Deal in Oman
------------------------------------------------------------
Thyssenkrupp AG, through its technology unit Uhde GmbH, has won
a US$23 million (EUR18.59 million) construction contract with
Oman firm Liwa Petrochemical Co. LLC.

Under the agreement, Thyssenkrupp will build a new ethylene
dichloride (EDC) complex in Sohar, Muscat.  The project, which
also involves the construction of a chlor-alkali electrolysis
plant, is expected to be finished by 2008.

Uhde will cover the license, basic engineering and supply of
equipment.  It will also train operating personnel and aid in
the commissioning activities.

Dr. Mohammed Al Rumhy, Chairman of Liwa Petrochemical and
Minister for Oil and Gas, said: "We hope this contract will form
the basis for a successful start to a long-term partnership
between our two companies and are convinced that Uhde will
supply us with the best technology."

Uhde, which employs more than 4,200 people worldwide, focuses on
the design and construction of chemical and industrial plants.
ThyssenKrupp is one of the world's biggest technology groups,
with a workforce of 190,100 in its main areas of steel, capital
goods and services.  It reported sales of more than EUR39
billion in fiscal 2003/2004.

The group has disposed of a large part of its real estate assets
for EUR2.1 billion.  The proceeds would be used to reduce net
debt of about EUR5.0 billion.

CONTACT:  THYSSENKRUPP AG
          August-Thyssen-Strasse 1
          D-40211 Duesseldorf
          P.O. Box 10 10 10
          Phone: +49 211 824 0
          Fax: +49 211 824 36000
          E-mail: info@thyssenkrupp.com
          Web site: http://www.thyssenkrupp.com


VOLKSWAGEN AG: Manager Accused of Corruption Sues Carmaker
----------------------------------------------------------
Former Volkswagen AG manager Klaus-Joachim Gebauer has brushed
aside the corruption claims by the carmaker against him and
former Skoda personnel head Helmut Schuster.

According to AFX news, Mr. Gebauer, whom Volkswagen fired in
June, also belied allegations that he had received bribes
involving millions of euros.  "I have nothing to reproach myself
for," he said.

Oral proceedings on his legal action regarding his dismissal are
set to open in November.  This came after an amicable settlement
with Volkswagen fell through.  Wolfgang Kubicki, the lawyer
representing Mr. Gebauer, rejected the claims, saying they were
"unbelievable" and would "dissolve into thin air."  He added if
they cannot be proven, he would file another lawsuit for damages
against Volkswagen on Mr. Gebauer's behalf.

Mr. Gebauer and Mr. Schuster are currently under investigation
for breach of trust and possible fraud.

CONTACT:  VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Phone: +49 53 61 90
          Fax:   +49 53 61 92 82 82
          Web site: http://www.volkswagen.de


XPECTIT GMBH: Proofs of Claim Due Next Week
-------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against XpectIT GmbH on July 6.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 15, 2005 to register their claims
with court-appointed provisional administrator Dr. Juergen
Wallner.

Creditors and other interested parties are encouraged to attend
the meeting on September 26, 2005, 10:00 a.m. at the district
court of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  XPECTIT GmbH
          Adolphstrasse 99 in 01900 Grossrohrsdorf

          Dr. Juergen Wallner, Administrator
          Unterer Kreuzweg 1, 01097 Dresden


ZIPPL INNOVATION: Creditors to Meet October
-------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against zippl innovation GmbH on July 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 8, 2005 to register
their claims with court-appointed provisional administrator Dr.
Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting on October 6, 2005, 10:05 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:  ZIPPL INNOVATION GmbH
          Stadthausbruecke 3, 20355 Hamburg
          Contact:
          Jesper Christiansen, Manager

          Dr. Achim Ahrendt, Administrator
          Albert-Einstein-Ring 11/15, 22761 Hamburg
          Phone: 899560
          Fax: 8995610


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


PARMALAT HUNGARIA: Sees Deal with Alfoldi Milk by September
-----------------------------------------------------------
Dairy group Alfoldi Milk Kft could take over the assets of
troubled local rival Parmalat Hungaria Dairy Rt. as early as
next month, Budapest Business Journal says.

Ferenc Somogyi, who represents liquidator TM-Line Kft, is
currently holding talks with Tibor Melykuti, chief executive of
Alfoldi.  A deal is expected by September 8, 2005, the report
states.

Alfoldi will probably retain the "Parmalat" brand, according to
the paper, adding the sale price could range between EUR6.85
million (HUF1.67 billion) and EUR7.38 million (HUF1.8 billion).
Alfoldi also plans to apply for job-retaining subsidies to keep
Parmalat's Szekesfehervar workers.

Last month, Parmalat's liquidator rejected the bid of A-Tej Kft
and called for a new tender.  The spurned bidder was backed by
dairy producers and the Italian Catone logistics company.

CONTACT:  PARMALAT HUNGARIA RT
          8000 Szekesfehervar,
          Seregelyesi ut 127
          Phone: (36-22) 540-100
          Fax: (36-22) 540-205
          Web site: http://www.parmalat.hu


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


ELAN CORPORATION: TYSABRI Test Returns No Fatal Side Effects
------------------------------------------------------------
Biogen Idec (NASDAQ: BIIB) and Elan Corporation, plc (NYSE: ELN)
said Wednesday that the findings from their safety evaluation of
TYSABRI(R) (natalizumab) in patients with multiple sclerosis
(MS) resulted in no new confirmed cases of progressive
multifocal leukoencephalopathy (PML).  The companies have
previously reported three confirmed cases of PML, two of which
were fatal.  The ongoing safety evaluation in Crohn's disease
and rheumatoid arthritis is on track to be completed by the end
of the summer.  The companies anticipate making submissions to
regulatory authorities in early fall of 2005.  The companies are
taking preliminary steps to restart clinical trials in MS.

More than 2,000 MS patients from clinical trials were eligible
for the safety evaluation.  To date, 91% of these MS patients
participated in the safety evaluation.  The remaining 9% of
patients did not participate in the safety review.  A total of
99% of patients participating in the evaluation visited their
treating physician and had a neurological exam.  In addition,
98% of participants had an MRI exam.  The safety evaluation also
included the review of any reports of potential PML in patients
receiving TYSABRI in the commercial setting.

"Our ongoing TYSABRI safety evaluation is a rigorous medical and
scientific undertaking that has been led by some of the world's
leading experts in neurology and neuroradiology," said Whaijen
Soo, MD, PhD, senior vice president, Medical Research, Biogen
Idec.  "Given the high unmet medical need in MS and the
therapeutic benefit we have seen with TYSABRI, we are encouraged
by these safety findings."

"The findings announced [Tues]day are an important milestone in
understanding the appropriate benefit-risk profile for TYSABRI.
Patient safety remains our top priority.  We are committed to
finalizing the safety evaluation for Crohn's disease and
rheumatoid arthritis, which is progressing well and on track to
be completed by the end of the summer.  We look forward to
working with regulatory authorities to determine the path
forward for TYSABRI," said Lars Ekman, MD, PhD, executive vice
president and president, Research and Development, Elan.

On February 28, 2005, Biogen Idec and Elan announced that they
voluntarily suspended TYSABRI from the U.S. market and all
ongoing clinical trials based on reports of PML, a rare and
potentially fatal, demyelinating disease of the central nervous
system.  Biogen Idec and Elan's comprehensive safety evaluation
concerning TYSABRI and any possible link to PML is ongoing.  The
results of this safety evaluation will be discussed with
regulatory agencies to determine the appropriate path forward
for TYSABRI.

About Biogen Idec

Biogen Idec creates new standards of care in oncology, neurology
and immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.  For product labeling, press releases and additional
information about the company, please visit
http://www.biogenidec.com.

About Elan

Elan Corporation, plc is a neuroscience-based biotechnology
company.  We are committed to making a difference in the lives
of patients and their families by dedicating ourselves to
bringing innovations in science to fill significant unmet
medical needs that continue to exist around the world.  Elan
shares trade on the New York, London and Dublin Stock Exchanges.
For additional information about the company, please visit
http://www.elan.com.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House
          Lincoln Place
          Dublin2
          Ireland
          Phone: +353 1 709 4000
          Fax: +353 1 709 4108
          Web site: http://www.elan.com


JSG FUNDING: EBITDA from Continuing Operations Drops
----------------------------------------------------
JSG Funding plc on Tuesday revealed results for the 3 months
ended June 30, 2005.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                       2Q'05  2Q'04  Change  2Q'05  1Q'05 Change
                        EURM   EURM      %     EURM  EURM    %
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Net sales - continuing  1,085  1,086   Unch.  1,085  1,038    5%

EBITDA* - continuing     128     133    (3%)    128    109   17%

EBITDA* Margin -
continuing            11.8%   12.2%    (3%)   11.8%  10.5%  12%



- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                          1H '05     1H '04   Change
                          EUR  M     EUR  M      %
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Net sales - continuing    2,123      2,152     (1%)

EBITDA* - continuing       238        256      (7%)

EBITDA* Margin -
continuing               11.2%      11.9%     (6%)


- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                   2Q '05  2Q '04  Change  2Q '05  1Q '05 Change
                     EUR  M  EUR  M     %    EUR  M  EUR  M    %
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Sales              1,097   1,226    (11%) 1,097  1,052    4%

EBITDA*                  129     158    (18%)   129    109   19%

EBITDA* Margin          11.8%    12.9%   (9%)  11.8%  10.3%  14%


- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                      1H '05     1H '04   Change
                      EUR  M     EUR  M      %
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Net Sales               2,148   2,426     (11%)

EBITDA*                  238     300      (21%)

EBITDA* Margin          11.1%   12.4%     (11%)


- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                   2Q '05  2Q '04  Change  2Q '05  1Q '05 Change
                     EUR  M  EUR  M     %    EUR  M  EUR  M    %
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


Free cash flow           13       70     (81%)   13    (33)   NM

Net debt at period end
(including capital
leases)                2,499   3,074    (19%) 2,499  2,621 (5%)


- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                      1H '05     1H '04   Change
                      EUR  M     EUR  M      %
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Free cash flow           (20)    83        NM

Net debt at period end
(including capital
leases)                2,499   3,074     (19%)


- - - - - - - - - - -
* Pre-exceptional EBITDA of subsidiaries only.  Continuing
operations exclude Munksjo's specialty operations and the KHCC.

* Pre-exceptional EBITDA of subsidiaries only

              Second Quarter, 2005: Summary

2005-second quarter results reflect continued generally
difficult market conditions in Europe while JSG's Latin American
operations continued to perform well and reported improved
performance on 2004 levels despite the negative translation
impact of a weaker U.S. dollar.  JSG completed the disposal of
Munksjo's speciality operations in May 2005 with the sale of the
tissue business.  The specialty paper and pulp operations had
previously been sold with effect from January 1, 2005.  The
disposal of Munksjo's specialty operations has a significant
impact on the comparison of our reported results with those of
2004.  Therefore, the focus of this release is JSG's continuing
operations, which exclude the disposed Munksjo operations as
well as The Kildare Hotel & Country Club (KHCC), which was sold
in June 2005.

Despite market conditions, JSG is reporting sales, from
continuing operations, for the second quarter, of EUR1,085
million, broadly unchanged from the comparable period in 2004.
The underlying performance is different year-on-year, however,
with higher sales in Latin America largely offset by lower sales
in Europe.  The decline in EBITDA, from continuing operations,
is a consequence of difficult market conditions in Europe and
primarily reflects lower average selling prices and, to a lesser
extent, lower sales volumes, in the second quarter of 2005.

         Second Quarter, 2005: Year-on-year Performance

Second-quarter continuing net sales of EUR1,085 million were
unchanged on the second quarter of 2004.  Second quarter
continuing EBITDA, before exceptional items, of EUR128 million
declined 3% against EUR133 million in the second quarter of 2004
representing a margin on net sales of 11.8% and 12.2%
respectively.  Pre-exceptional EBITDA in the second quarter of
2005 was enhanced by certain one-off gains, which arose
primarily in Europe.  These gains principally relate to a
successful energy supply claim, compensation for the termination
of an energy supply contract in Sweden and an adjustment to
JSG's labour costs in Norway.  Excluding these, the margin would
be approximately 10.8%.

      Second Quarter, 2005: Quarter-on-quarter Performance

Second quarter continuing net sales of EUR1,085 million
increased 5% against EUR1,038 million in the first quarter of
2005.  Improved volumes in both Europe and Latin America
resulted in second quarter continuing EBITDA, before exceptional
items, increasing 17% to EUR128 million against EUR109 million
in the first quarter of 2005 representing a margin on net sales
of 11.8% and 10.5% respectively.  Pre-exceptional EBITDA in the
second quarter of 2005, as outlined, was enhanced by certain
one-off gains, primarily in Europe.  Such items were modest in
the first quarter of 2005 as gains in Europe were offset by a
currency adjustment in Latin America, principally reflecting the
devaluation of the Venezuelan Bolivar.

Second Quarter, 2005: Summary Cash Flows & Capital Structure

Free cash flow in the second quarter of EUR13 million compares
to EUR70 million in the same period in 2004.  The decrease
reflects reduced pre-tax profits, lower add-backs in 2005 for
depreciation (reflecting mainly the absence of Munksjo's
specialty operations) and non-cash interest, lower fixed asset
sales and an increased working capital outflow year-on-year.

Net borrowing at June 30, 2005 was EUR2,499 million (including
EUR16 million capital leases), a reduction of EUR121 million
from March 2005 levels.  Debt reduction primarily reflects the
disposal of the KHCC during the second quarter.  The benefit of
this inflow was partly offset by a currency translation loss of
EUR32 million during the quarter.  This reflects an increase in
the value of non-euro denominated debt due to the relative
weakening of the euro against the U.S. dollar.  Net debt to
capitalization was 75.7% at June 30, 2005 compared to 76.9% and
77.0% at March 2005 and December 2004 respectively.

           First Half 2005: Year-on-year Performance

First half continuing net sales of EUR2,123 million declined 1%
against EUR2,152 million in the first half of 2004.  Continuing
EBITDA, before exceptional items, of EUR238 million, for the
first half, declined 7% against EUR256 million in the first half
of 2004 representing a margin on net sales of 11.2% and 11.9%
respectively.

              Corporate Activity: Sale of Assets

On June 1, 2005, JSG announced the disposal of assets comprising
The Kildare Hotel & Country Club and the site of the former
Clonskeagh paper mill.  The proceeds from the sale, of
approximately EUR115 million, before costs, were applied to debt
reduction during the quarter.  This asset sale continues JSG's
established strategy of monetizing non-core assets and
sharpening its strategic and operational focus.  The disposal
provides financial benefit to JSG in the form of reduced debt
levels and lower debt servicing costs.

On July 11, 2005, JSG finalized the agreement to sell the Pomona
Newsprint Mill.  Total proceeds, before costs, amounted to
approximately US$10.6 million (EUR9 million) and are payable
over a number of years.

                   Product Market Overview

Europe

European market conditions, in general, continued to be
difficult on both the supply and the demand side in the second
quarter.  There was some volume improvement in certain
corrugated markets towards the end of the second quarter, but
there was continuing pressure on containerboard prices, which in
turn put pressure on corrugated prices.

Kraftliner volumes declined 4% on the second quarter of 2004.
The decline in kraftliner volumes year-on-year reflects the
relative strength of the market in 2004 compared with the
current year.  On the supply side, pricing pressure reflects
increased imports of kraftliner into the European market.
European kraftliner imports include (increased) tonnage from the
U.S., which had, before 2005, been in decline. Kraftliner prices
remain under pressure.  Prices, at the end of the second
quarter, were EUR10 to EUR15 per ton below second quarter 2004
levels.  Prices continued under pressure into July.  The
performance of JSG's kraftliner mills was also negatively
impacted by increases in energy and other input costs during the
quarter.

Excluding the impact of the closure of JSG's Cordoba and
Clonskeagh mills and the sale of JSG's Voghera mill, recycled
containerboard volumes increased 1% in the second quarter of
2005 compared with the second quarter of 2004.  Growth of 1% is
in line with market growth; the absolute decline of 5% year-on-
year reflects the absence of the closed and disposed mills in
2005.  Recycled containerboard prices continued to decline
during the second quarter, reflecting new capacity growth, with
overall average prices down by approximately EUR10 per ton on
second quarter 2004 levels.  OCC prices have remained relatively
stable, during the same period, which has resulted in a margin
squeeze in recycled containerboard.

JSG's overall European corrugated volumes, in the second quarter
of 2005, increased 4% on the second quarter of 2004.  The growth
reflects the fact that Easter occurred in the first quarter of
2005 as opposed to the second quarter of 2004, with a consequent
impact of shipping days, and also specific customer issues in
particular countries -- specifically Germany and Spain.  While
there was some evidence of improved market conditions towards
the end of the quarter, we are not, as yet, seeing the emergence
of a broad-based sustained recovery.  Corrugated prices declined
marginally during the second quarter but JSG's corrugated
operations are benefiting from reduced containerboard prices,
which have helped protect margins despite difficult market
conditions.  Declining paper prices and the highly competitive
environment means that there is continued downward pressure on
corrugated pricing.

Latin America

JSG's Latin American operations continue to report improved
results reflecting strong performances in each of JSG's
countries of operation. During the second quarter, the strongest
financial performances year-on-year were in Colombia and Mexico.
Overall containerboard and corrugated volumes in the second
quarter increased 8% and 13% (corrugated increased 11% excluding
the new box plant in Chile) on the second quarter of 2004
respectively.

Colombian containerboard and corrugated volumes increased 11%
and 17% respectively in the second quarter of 2005 compared with
the second quarter of 2004.  This growth reflects the continued
strength of the Colombian economy and some export led growth. In
Mexico, following a difficult first quarter, containerboard and
corrugated volumes increased 8% and 2% respectively in the
second quarter of 2005 compared with the second quarter of 2004.
Containerboard volumes in the quarter benefited from increased
third party sales and higher integration levels, while the more
modest increase in corrugated volumes reflects underlying demand
growth in the country.

While JSG's Venezuelan containerboard volumes were broadly
unchanged, corrugated volumes were higher in the second quarter
of 2005 compared to the same period in 2004 reflecting improved
domestic demand.  JSG's results in 2005 were, however,
negatively impacted by the devaluation of the Bolivar and
significant price pressure from imports.  Reflecting the
continued recovery of the Argentinean economy, both
containerboard and corrugated volumes were higher than in the
second quarter of 2004.  JSG's investment in Chile is
progressing well although more slowly than anticipated.

      Second Quarter, 2005: Cash Flows & Capital Structure

Free cash flow in the second quarter of EUR13 million compares
to EUR70 million in 2004.  The decrease reflects lower pre-tax
profits, lower add-backs in 2005 for depreciation and non-cash
interest, lower fixed asset sales and an increased working
capital outflow year-on-year.

Without Munksjo's specialty operations in 2005, depreciation was
lower than in the second quarter of 2004 although capital
expenditure was broadly similar quarter-on-quarter.  Capital
expenditure during the second quarter was EUR45 million
representing approximately 81% of JSG's depreciation stream.
Working capital increased by EUR19 million in the quarter to
EUR349 million at June 30, 2005.  This represented 8% of
annualized net sales compared to 7.7% at March 2005 and 9.6% at
June 30, 2004.

In the second quarter of 2005, the net surplus from financing
and investment activity was EUR48 million.  This represents part
of the proceeds from the sales of Munksjo's tissue business and
the KHCC.  The total of EUR48 million comprises EUR25 million
and EUR23 million in respect of the tissue business and the KHCC
respectively, with the remaining EUR92 million of the total
proceeds for the KHCC of EUR115 million being shown as a
repayment of inter-company debt.

The net cash inflow for the second quarter of EUR61 million was
increased by EUR92 million of KHCC inter-company debt repaid and
offset by a negative currency adjustment of EUR32 million and by
accrued non-cash interest of EUR1 million.  With the redemption
of the PIK debt in early 2005, the interest add-back is
considerably lower than in 2004.

The euro weakened by 7% relative to the U.S. dollar during the
quarter.  As a consequence, the value of non-euro debt increased
by EUR32 million.  In total, net borrowing declined by EUR121
million from approximately EUR2,605 million (EUR2,621 million
including leases) at March 2005 to EUR2,483 million (EUR2,499
million including leases) at June 2005.

Financial statements are available free of charge at
http://bankrupt.com/misc/JSGFunding(Q22005).mht

                            *   *   *

Paper-based packaging group JSG Funding is an intermediate
holding companies of Ireland-based Jefferson Smurfit group.  It
is currently disposing non-core assets to pay down debt and
lower debt servicing costs.  In May, Fitch Ratings affirmed its
senior notes at 'B' and subordinated notes at 'B-'.  It said the
ratings continue to be constrained by JSG's high financial
leverage and moderate cash flow coverage.  The firm's first
quarter 2005 free cash flow was a deficit of EUR33 million due
to lower operating profits year-on-year, and adverse market
conditions.  However, Fitch notes JSG's comfortable liquidity
position.  It expects that trading conditions in Europe will
remain challenging.

CONTACT:  JEFFERSON SMURFIT
          Gary McGann
          Phone: +353 1 202 7000
          or
          Tony Smurfit
          Phone: +353 1 202 7000
          or
          Ian Curley
          Phone: +353 1 202 7000

          WHPR
          Brian Bell
          Phone: +353 87 243 6130
                 +353 1 202 7000

          K CAPITAL SOURCE
          Mark Kenny
          Phone: +353 1 631 5500
          E-mail: smurfit@kcapitalsource.com


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


ALITALIA SPA: Cabin Crew Union Calls for Another Strike
-------------------------------------------------------
The Sindicato Unitario Lavoratori Transporti (SULT) union will
launch a series of strikes against troubled national carrier
Alitalia S.p.A., Agenzia Giornalistica Italia says.

SULT made the decision after Alitalia excluded it in current
labor talks.  "Following last Friday's disgraceful events, with
Alitalia unilaterally attempting to cancel SULT and not to
acknowledge its role as a counter-party, SULT and its workers
will not sit back," the union said in a statement.

The group described Alitalia's decision as "anti-democratic,
savage act" that aims "to obscure the only dissenting party."
SULT appealed to its members to "get together and protect the
union" from "another attempt to humble the workers and their
contracts."

Alitalia's employees have in recent months repeatedly staged
strikes to demand better contracts and working conditions, each
time crippling the carrier's international and domestic flights.

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


CIRIO RICERCHE: Receiver Wraps up Sale to Eureco
------------------------------------------------
Cirio official receiver Luigi Farenga on Monday signed an
agreement to transfer Cirio Ricerche S.C.p.A. to Eureco,
according to Agenzia Giornalista Italia.  The transaction saved
jobs and healthy parts of Cirio.  It was done with the help of
Avvisor Envent.

Cirio Ricerche is part of the Cirio Group.  It is administered
externally with another Cirio company Cirio Agricola S.p.A.
After the sale, Mr. Farenga will concentrate on selling Cirio
Agricola.

Eureco CEO Antonio De Falcon said: "[T]his is an important
transaction, not only have we saved employment, we actually
increased it.  The takeover is part of our plan to fit in the
agrifood research activities, along with energy and biofuel.
Activities will also focus on environment."

Cirio Ricerche is a shareholder of Tecnoalimenti, a non-profit
research consortium specialized in food research.

CONTACT:  CIRIO RICERCHE-RICERCA AGRO-ALIMENTARE DEL GRUPPO
          CIRIO S.C.P.A.
          Tenuta la Fagianeria
          I-81015 Piana di Monte Verna
          Phone: +39 082 361 12 95
          Fax: +39 082 386 17 82
          E-mail: cirioagr@tin.it


PARMALAT FINANZIARIA: BofA Scores Victory, but Lawsuit Stands
-------------------------------------------------------------
A U.S. judge has allowed Parmalat Finanziaria S.p.A. to proceed
with its lawsuit against Bank of America Corp. (BofA), The Wall
Street Journal says.

Although Judge Lewis A. Kaplan of the U.S. District Court for
the Southern District of New York dismissed 10 of 12 claims, he
backed Parmalat administrator Enrico Bondi's claim that the bank
aided and abetted Parmalat managers in abusing their
responsibilities.  The judge also allowed Mr. Bondi to pursue
his charges that BofA and former executives engaged in looting
the company.  Judge Kaplan gave Mr. Bondi until August 22 to
appeal the dismissal of the other claims.

In a statement, BofA spokeswoman Rhiannedd Brooke said the bank
was "delighted" with the ruling, adding the dismissal of most of
the contentions "significantly narrows the claims which Mr.
Bondi may pursue against Bank of America, as well as the
potential damages that could be claimed."

BofA likewise said the ruling means Parmalat can only claim
damages to itself, not on behalf of creditors.  Ms. Brooke said
the bank had no knowledge of Parmalat's fraud and will
"vigorously" defend itself from the remaining claims.

BofA had argued that Parmalat had no standing to sue because it
participated in the wrongdoings Mr. Bondi was complaining about.
Judge Kaplan, however, dismissed this argument, saying the
precedent cited was a New York law, while the lawsuit will be
tried in North Carolina, the home state of Bank of America.

BofA is one of Parmalat's former bank creditors named in the
US$10 billion suit filed by Mr. Bondi, who claims the banks
helped former managers hide its true financial situation.  Some
of the banks have already settled, the latest was Morgan
Stanley, which agreed to pay EUR155 million.  Mr. Bondi sued the
U.S. investment bank for its role in the EUR300 million bond
sale in June 2003.

Parmalat collapsed in December 2003 after revealing EUR14
billion in debt in its balance sheet.

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

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

          BANK OF AMERICA CORPORATION
          Bank of America Corporate Center,
          100 N. Tryon St.
          Charlotte, NC 28255
          Phone: 800-432-1000
          Fax: 704-386-6699
          Web site: http://www.bankofamerica.com


PARMALAT FINANZIARIA: U.S. Court Sets 2007 Trial
------------------------------------------------
The U.S. District Court for the Southern District of New York
will hear the class action filed by shareholders against
Parmalat on April 2, 2007, The Associated Press said Monday.

U.S. Judge Lewis A. Kaplan also scheduled on the same day the
trial of a separate lawsuit filed by Parmalat administrator
Enrico Bondi against the company's auditors.

Mr. Enrico Bondi also has pending actions against Swiss UBS,
German Deutsche Bank and U.S. groups Citigroup Inc. and Bank of
America Corp.  On top of that, he also has a EUR7 billion damage
suit against Italian banks in relation to pre-collapse deals.

Parmalat collapsed in December 2003 under more than EUR14
billion of debt.  Mr. Bondi claims Parmalat's creditor banks
abetted its demise by arranging financing deals despite
knowledge of its grave condition.  The group's fall is
considered Europe's largest financial scam.

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

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


TISCALI SPA: Obtains EUR150 Mln Debt Financing from Silver Point
----------------------------------------------------------------
The Tiscali Group said Monday has completed a EUR150 million
senior secured credit facility.  The facility was structured and
provided by Silver Point Finance and its affiliates.  Silver
Point Finance, structures and provides custom financing for
large and middle market companies across all industries.

The facility comprises two tranches, with a duration of 3 years
after the initial drawing, at a rate of EURIBOR + 600bps.  The
first EUR50 million tranche is expected to be advanced in August
2005.  The second EUR100 million tranche will be made available
in September 2006, subject to customary terms and conditions.

Proceeds of the first and second tranches will be used for
general corporate purposes and to refinance the 4.25% Equity
Linked Bonds due September 2006, respectively.

"This credit facility enables us to execute the business plan in
our core markets as announced to the market in April of this
year.  These plans are focused on profitable growth of our
customer base by investing in ULL networks and offering high
quality services at a fair price to our customers.  We are
pleased to have found a partner in Silver Point, who understands
the growth potential in our business," said Ruud Huisman, Chief
Executive Officer of Tiscali S.p.A.

"After repayment of the bonds due July 7 2005, we have achieved
our objective of financing our business plan.  This facility is
structured in such a way that it enables us to meet our
commitments while at the same time providing operating
flexibility," said Massimo Cristofori, Chief Financial Officer
of Tiscali S.p.A.

UBS Investment Bank acted as exclusive financial adviser to the
Company in this transaction.

                            *   *   *

Cagliari (Sardinia, Italy) Tiscali S.p.A., (Borsa Italiana,
Milan: TIS, Euronext, Paris: 005773), is the European Internet
Communication Company providing broadband and narrowband access
for consumer and business applications as well as innovative
communications services and contents.  As of 31 March 2005,
Tiscali had 5.2 million active users in Italy, Germany, the
Netherlands, the U.K. and the Czech Republic.  1.2 million were
broadband customers, of which 235,000 received unbundled
services.

CONTACT:  TISCALI S.P.A.
          S.S. 195 Km 2.300
          09122 Cagliari
          Phone: +39 070 46011
          Fax: +39 070 4601400
          E-mail: info@it.tiscali.com
          Web site: http://www.tiscali.it


TISCALI SPA: Rating Affirmed at 'CCC+' After Refinancing News
-------------------------------------------------------------
Fitch Ratings has affirmed Tiscali S.p.A.'s ratings at Senior
Unsecured 'CCC+' with Stable Outlook and Short-term 'B'
following the announcement that the company has obtained a
three-year EUR150 million senior secured financing from Silver
Point Finance.  The rating on Tiscali Finance S.A.'s EUR209.5
million guaranteed equity-linked bonds due in September 2006 has
also been affirmed at 'CCC+'.

Stefano Podesta, Director in Fitch's European Leveraged Finance
team, said:  "The announced senior secured financing is another
step towards securing sufficient resources to support Tiscali's
business plan.  Along with the additional money raised from the
recently announced disposals of 60,000 ADSL subscribers to KPN
and the sale of Tiscali International Networks to Telecom
Italia, this new financing is, on balance, good news for
Tiscali's bondholders.

"The focus is now on management's ability to execute their
strategy successfully.  However, financial flexibility remains
quite limited.  Tiscali will have to start generating a
substantial amount of cash flow to grow their business in line
with market trends.  This may prove challenging in the absence
of additional capital to support growth."

The facility comprises two tranches: a EUR50 million tranche
expected to be drawn in August 2005 for general corporate
purposes and a EUR100 million tranche available in September
2006, subject to customary terms and conditions.  This second
tranche will be used to partly refinance the 4.25% equity-linked
bonds due September 2006.  The final maturity is three years
from the initial drawdown.

Fitch notes that for the first time Tiscali has accessed capital
on a senior secured basis.  Although this is generally negative
for unsecured bondholders, the use of the second and largest
tranche to reimburse the unsecured convertible bonds should
limit the negative effects of security grant.  Therefore,
although no details of the security package were provided, Fitch
has not notched the guaranteed equity-linked bonds down from the
senior unsecured rating at this stage.

Tiscali's reported sales of approximately EUR178 million in Q205
were 9% up on Q204, while reported EBITDA of approximately EUR19
million (11% margin) was 5% up on Q204 but down by over 10% if
compared to the EUR21.3 million (12.5% margin) of Q105.  Tiscali
blamed increased marketing expenses for causing this decline.

CONTACT:  FITCH RATINGS
          Stefano Podesta, London
          Phone: +44 (0) 20 7417 4316
          Stuart Reid
          Phone: +44 (0) 20 7417 4323
          Web site: http://www.fitchratings.com

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


=================
M A C E D O N I A
=================


MAT MACEDONIAN: Returns JAT Airways Plane
-----------------------------------------
JAT Airways has received the Boeing 737 plane that Belgrade has
ordered MAT Macedonian Airlines to return, according to Beta
News Agency.

Belgrade Minister for Capital Investment Velimir Ilic requested
the return of the plane rented by MAT Airlines due to shortage
at JAT.  The returned plane has already been included in JAT's
regular flight schedule, the report said.

Belgrade also wants MAT to return another plane and discuss its
US$7.5 million debt.  Mr. Ilic denied the move is related to the
recent arrest of Archbishop Jovan by the Macedonian authorities,
which has strained diplomatic relationship between the
countries.  He said the request was made prior to the arrest.
The bishop is arch of the Serbian patriarch in Macedonia.  He
was arrested for inciting religious hatred during services last
year for loyalists of the Serbian Orthodox Church.

Mr. Ilic said he ordered the plane grounded because the
Macedonians owed JAT rental money.

CONTACT:  MAT MACEDONIAN AIRLINES
          Skopje - Head Office
          Vasil Glavinov 3
          1000 Skopje
          Phone: ++389 2 329 23 33, ++389 2 322 95 76
          Fax: ++389 2 32 29  576
          E-mail: mathq@mat.com.mk


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


IMPRESS HOLDINGS: Outlook Stable on Improved Performance
--------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on The
Netherlands-based metal packaging group Impress Holdings B.V. to
positive from stable, reflecting the group's continued
operational improvements.

At the same time, Standard & Poor's affirmed all its ratings on
Impress, including its 'B' long-term corporate credit rating.

"Provided that the group's operational improvements are
sustained and that Impress completes its necessary refinancing
well ahead of schedule, the ratings could be raised within the
next 12 months," said Standard & Poor's credit analyst Vanessa
Brathwaite.

As one of the oldest LBOs in the sector, Impress has amortized a
significant portion of its senior facilities. Furthermore,
Impress has been successful in agreeing selling prices that
should allow it to recover most of the cost inflation of 2004.
This will mean that the benefits from the group's operational
efficiency program (about EUR20 million-EUR30 million annually)
will boost EBITDA.

At March 31, 2005, Impress had net cash debt of EUR467.2
million.  This figure excludes the group's cumulative and
special preference shares but does include the EUR76 million of
unfunded pension liabilities that Impress had at Dec. 31, 2004.
The cumulative and special preference shares are excluded from
debt at present due to their deep subordination and the
deferability of dividends.  Nevertheless, in the longer term,
once the group has passed the approaching refinancing hurdles
and the financial profile is stronger both the cumulative and
the special preference shares could start to receive cash
payments.

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

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


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


PAN FISH: Vaccine Approval to Benefit Canadian Venture
------------------------------------------------------
Pan Fish A.S.A. has disclosed that the vaccine against IHN
(infectious hematopoietic necrosis) has been officially
approved.  This vaccine was the result of a two-year partnership
between by Aqua Health, Ltd., Canada and Pan Fish, with the
former as the owner of the vaccine.

Apex-IHN(R), which is the trademark for the vaccine, provides
protection against a very severe disease hitting salmon farming
in British Columbia, Canada.  Pan Fish has carried out extensive
testing of the vaccine and documented its safety and efficacy.

The approval of the vaccine is an important milestone in
preventing IHN and in general to increase the biological
security in the fish farming business in Canada.  To Pan Fish
Canada and other farmers this provides higher stability and
basis for profitable fish farming in a region located close to
one of the world's most attractive salmon markets; the U.S. west
coast market.

                            *   *   *

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

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

          CEO Atle Eide
          Phone: +47 911 52 977


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


APSHERONSKIY EXPERIMENTAL: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Apsheronskiy Experimental Factory.  The case is docketed as A-
32-15691/05-38/239-B.  Mr. F. Yanenko has been appointed
temporary insolvency manager.

Creditors have until Aug. 16, 2005 to submit their proofs of
claim to 353560, Russia, Krasnodar region, Slavyansk-na-Kubani,
Grinya Str. 212.  A hearing will take place on Dec. 5, 2005,
11:00 a.m.

CONTACT:  APSHERONSKIY EXPERIMENTAL FACTORY
          Russia, Krasnodar region, Apsheronsk

          Mr. F. Yanenko
          Insolvency Manager
          353560, Russia, Krasnodar region,
          Slavyansk-na-Kubani, Grinya Str. 212


BUREAU: Hires S. Galyanov Insolvency Manager
--------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on close joint stock company
Bureau.  The case is docketed as A43-13798/2005,33-257.  Mr. S.
Galyanov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia, Nizhniy
Novgorod region, Dzerzhinsk, Tsiolkovskogo Str. 55, Office 4.  A
hearing will take place on Nov. 29, 2005, 1:45 p.m.

CONTACT:  BUREAU
          Russia, Nizhniy Novgorod region,
          Perevoz, Tsentralnaya Str. 20

          Mr. S. Galyanov
          Temporary Insolvency Manager
          Russia, Nizhniy Novgorod region, Dzerzhinsk,
          Tsiolkovskogo Str. 55, Office 4


KRASNOCHETAYSKAYA: Names Insolvency Manager from Chuvashiya
-----------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on state unitary enterprise
Krasnochetayskaya Sel-Khoz-Tekhnika.  The case is docketed as
A79-4291/2005.  Mr. V. Alalykin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 611000, Russia,
Kirov, Moskovskaya Str. 25a.  A hearing will take place on Oct.
4, 2005, 1:15 p.m.

CONTACT:  KRASNOCHETAYSKAYA SEL-KHOZ-TEKHNIKA
          Russia, Chuvashiya republic,
          Krasnochetayskiy region, Kranyj Chetai

          Mr. V. Alalykin
          Insolvency Manager
          611000, Russia, Kirov region,
          Moskovskaya Str. 25a


METIZ: Deadline for Proofs of Claim Next Week
---------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Metiz.  The case is docketed as A43-14233/05-18-295.  Mr. A.
Kharitonov has been appointed temporary insolvency manager.

Creditors have until Aug. 16, 2005 to submit their proofs of
claim to 603016, Russia, Nizhniy Novgorod, Monastyrka Str. 21.
A hearing will take place on Nov. 15, 2005, 3:00 p.m. at Russia,
Nizhniy Novgorod, Kremlin, Building 9.

CONTACT:  METIZ
          603016, Russia, Nizhniy Novgorod region,
          Monastyrka Str. 21

          Mr. A. Kharitonov
          Insolvency Manager
          603016, Russia, Nizhniy Novgorod region,
          Monastyrka Str. 21


MSO VOZNESENSKAYA: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company Mso
Voznesenskaya.  The case is docketed as A43-8642/2005, 33-217.
Mr. L. Tanklevskiy has been appointed temporary insolvency
manager.

Creditors may send their proofs of claim to Russia, Nizhniy
Novgorod region, Voznesenskaya, Vostochnaya Str. 2b.  A hearing
will take place on Oct. 25, 2005.

CONTACT:  MSO VOZNESENSKAYA
          Russia, Nizhniy Novgorod region,
          Voznesenskaya, Vostochnaya Str. 2b

          Mr. L. Tanklevskiy
          Temporary Insolvency Manager
          Russia, Nizhniy Novgorod region,
          Voznesenskaya, Vostochnaya Str. 2b


NOVOMIKHAYLOVSKOYE: Bankruptcy Hearing Set October
--------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on limited liability company
Novomikhaylovskoye.  The case is docketed as A43-10280/05-24-
227.  Mr. V. Borodin has been appointed temporary insolvency
manager.

Creditors have until Aug. 16, 2005 to send their proofs of claim
to 603005, Russia, Nizhniy Novgorod, Oktyabrskaya Square, 1.  A
hearing will take place on Oct. 11, 2005, 10:45 a.m. at the
Arbitration Court of Nizhniy Novgorod region.

CONTACT:  NOVOMIKHAYLOVSKOYE
          Russia, Nizhniy Novgorod region,
          Lukoyanovskiy region, Novomikhaylovskoye

          Mr. V. Borodin
          Temporary Insolvency Manager
          603005, Russia, Nizhniy Novgorod region,
          Oktyabrskaya Square, 1


OCTOBER: Declared Insolvent
---------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against October after finding the close
joint stock company insolvent.  The case is docketed as A43-
2871/04-33-451.

CONTACT:  OCTOBER
          607121, Russia, Nizhniy Novgorod region,
          Pavlovksiy region, Grudtsion, Zavodskoy Per. 22


TEMRYUKSKOYE: Insolvency Manager Takes over Operations
------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Temryukskoye.  The case is docketed as A-32-18101/2005-1/255-B.
Ms. O. Rostovtseva has been appointed temporary insolvency
manager.

Creditors have until Aug. 16, 2005 to submit their proofs of
claim to:

(a) TEMRYUKSKOYE
    353503, Russia, Krasnodar region,
    Temryuk, Kubanskaya Str. 1a

(b) Temporary Insolvency Manager
    350040, Russia, Krasnodar region,
    Post User Box 176

(c) The Arbitration Court Of Krasnodar region
    350063, Russia, Krasnodar region,
    Krasnaya Str. 6

A hearing will take place on Sept. 21, 2005, 10:00 a.m.


VMZ-SIB-OIL-GAS-MASH: Succumbs to Bankruptcy
--------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Vmz-Sib-Oil-Gas-Mash after finding the close
joint stock company insolvent.  The case is docketed as A-70-
4557/3-2005.  Ms. V. Vorotnikova has been appointed insolvency
manager.  Creditors have until Aug. 16, 2005 to submit their
proofs of claim to Russia, Tyumen, Gazovikov Str. 19-81.

CONTACT:  VMZ-SIB-OIL-GAS-MASH
          Russia, Tyumen region,
          Yamskaya Str. 105

          Ms. V. Vorotnikova
          Insolvency Manager
          Russia, Tyumen region,
          Gazovikov Str. 19-81


VOLGOGRADSKIY: Creditors Opt for Liquidation
--------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Volgogradskiy (TIN 3443001256) after finding
the motor factory insolvent.  The case is docketed as A12-
8912/04-s55.  Mr. I. Zaytsev has been appointed insolvency
manager.  Creditors have until Sept. 16, 2005 to submit their
proofs of claim to 119607, Russia, Moscow, Post User Box 79.

CONTACT:  VOLGOGRADSKIY
          400048, Russia, Volgograd region,
          Aviatorov Shosse, 8

          Mr. I. Zaytsev
          Insolvency Manager
          119607, Russia, Moscow region,
          Post User Box 79


YUKOS OIL: Exec to Remain in Jail for Another Month
---------------------------------------------------
A Vilnius court has extended by one month the detention of Igor
Babenko, a Yukos executive arrested for embezzlement, according
to The Baltic Times.

Mr. Babenko, manager of Yukos bank Menatep Sankt Peterburg
Stavropol, was detained in Vilnius on July 1.  He will remain in
jail until at least Sept. 8, 2005.  The court extended his jail
term at the request of Lithuanian prosecutors who sought
additional documents from Russia to support a request for his
extradition.  Mr. Babenko is under suspicion of embezzling
EUR9.6 million between 2002 and 2005.  Lithuanian authorities,
however, think the accusations against him might be politically
motivated.

In June, Yukos Oil's founder Mikhail Khodorkovsky was sentenced
to nine years imprisonment for charges including tax evasion and
fraud.  He was found guilty by a three-judge panel of massive
fraud, tax evasion and embezzlement in relation to his business
activities in the 1990s.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


YUKOS OIL: Second-quarter Loss Down 13.5% to RUR4.204 Billion
-------------------------------------------------------------
Yukos Oil trimmed down its quarterly loss due to higher
operating and extraordinary income in recent months, according
to RosBusinessConsulting.

The company reported second-quarter net loss of RUR4.204 billion
(US$147.8 million) calculated according to Russian business
accounting standards.  The result is 13.5% lower than figures
for the same period last year.  It is also a decrease from a net
loss of RUB4.863 billion (US$170.9 million) in the first
quarter.

In 2004, Yukos reported net loss of RUR417.5 billion (US$14.68
billion) due to taxes, penalties and fines related to tax claims
for 2000-2003.  This is in contrast with 2003 results when the
firm registered net profit of RUB37.4 billion (US$1.3 billion).

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It listed $12,276,000,000 in total assets and $30,790,000,000 in
total debt when it filed for chapter 11 protection in December.
The case was rejected in February.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


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


SKANDIA INSURANCE: Half-year Premiums, Deposits Up Over 20%
-----------------------------------------------------------
Skandia Insurance Company Ltd.'s total premiums and deposits
rose during the second quarter to SEK32.8 billion, compared with
SEK23.4 billion during the same period in 2004.  The increase
corresponds to 40% in Swedish kronor and 39% in local currency.

Unit linked premiums written rose 44% in local currency, to
SEK22.6 billion (15.7).  New sales of unit linked assurance rose
25% in local currency, to SEK3.0 billion (2.3).  Mutual fund
deposits increased to SEK9.5 billion (7.2).

Skandia's total premiums and deposits rose during the first half
of the year to SEK59.9 billion (48.7).  The increase corresponds
to 23% in Swedish kronor and 24% in local currency.

Unit linked assurance premiums and deposits rose 29% in local
currency, to SEK41.5 billion (32.6).  New sales of unit linked
assurance rose 22% in local currency, to SEK5.7 billion (4.7).
Mutual fund deposits increased to SEK 17.1 billion (15.1).

UK, Asia Pacific & Offshore

Premiums and deposits in the U.K. (including Royal Skandia)
totaled SEK33.4 billion (27.1) during the first half of the
year, an increase of 25% in local currency.  Of this total, unit
linked assurance accounted for SEK28.0 billion (21.6), while
mutual funds accounted for SEK5.4 billion (5.4).  New sales of
unit linked assurance rose 27% in local currency during the
first half of the year, to SEK3.5 billion (2.8).

The trend from previous periods continues, with robust sales of
single premium unit linked bonds and pension products.  Royal
Skandia continues to note success in the area of new inheritance
tax solutions.

In Australia, mutual fund deposits decreased by 3% in local
currency during the first half of the year.  Deposits during the
second quarter reached were on a par with the same period a year
ago.

Europe & Latin America

Total premiums and deposits rose during the first half of the
year to SEK13.7 billion, an increase of 27% in local currency
compared with the same period a year ago.  Unit linked premiums
written totaled SEK6.3 billion, an increase of 16% in local
currency.  This is mainly attributable to a larger customer base
in Germany, which is generating a higher share of regular
premium business, and greater premium income derived from the
strong growth in France.

New sales of unit linked assurance rose 16% in local currency
during the first half of the year.  Demand, which affected sales
during the fourth quarter of 2004 and first quarter of 2005, was
exceptional in the German operation, in association with a
change in Germany's tax legislation.  As a natural result of
this, new sales were down sharply during the second quarter.
This entails that the German operation is moving into a
transitional period, initially with substantial overcapacity in
relation to the lower level of new sales.  France continues to
make a positive contribution to the increase in new sales.

Mutual fund deposits rose a full 39% in local currency during
the first half of the year, to SEK6.5 billion (4.5), mainly
attributable to Spain and Colombia.  In Spain, two major
distributors began selling Skandia's fund products, contributing
to strong growth during the second quarter.

Nordic

Combined premiums and deposits for the Nordic division
(excluding Skandia Liv) amounted to SEK7.7 billion (6.6) during
the first half of the year.  Unit linked premiums written rose
20% in local currency, to SEK5.7 billion (4.8).

New sales of unit linked assurance were up 7% in local currency
during the first half of the year as a result of strong new
sales in Sweden during the second quarter of 2005, which rose
27%.  The completed action program is beginning to yield
results.  Introduction of the new "kapitalpension" product also
made a strong contribution to the favorable sales trend.

Skandia's interim report for the first half of 2005 will be
released on 22 August 2005.

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

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

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


SKANDIA INSURANCE: Skandia Liv Q2 Sales Up 16%
----------------------------------------------
The second quarter of 2005 showed a strong upswing compared with
a year earlier both in terms of total premiums and new sales of
unit linked assurance in the Swedish market.

Total premiums and deposits (excluding Skandia Liv) rose 31%
compared with the same quarter a year ago, to SEK3.3 billion
(2.5).  During the first half of 2005 premiums and deposits
(exclu