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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, August 24, 2005, Vol. 6, No. 167

                            Headlines

C Z E C H   R E P U B L I C

UNION BANKA: Court Names Replacement of Ousted Receiver


F R A N C E

CHARLES JOURDAN: French Shoemaker Files for Bankruptcy
EUROTUNNEL SA: Hires Chief Operating Officer


G E R M A N Y

ARNOLD HEILAND: Bankruptcy Court Appoints Interim Administrator
AUTOHAUS SCHARNAGL: Proofs of Claim Due Next Week
BD GERUESTBAU: Hamburg Firm Succumbs to Bankruptcy
DMT DIESEL: Sets Creditors Meeting October
GARTEN- UND LANDSCHAFTSBAU: Under Bankruptcy Administration

GHW-TECHNIK: Last Day for Filing Claims October 28
INFINEON TECHNOLOGIES: Ships FTTx BIDI Biz to Taiwan's EZconn
JUST IN TIME: Creditors' Claims Due Friday
LU-PE: Creditors Meeting Set Next Month
METALLBAU GMBH: Stralsund Company Goes Bust

SIQURITY SERVICES: Frankfurt Court Appoints Administrator
TV.BERLIN: Signs off
VPS PERSONAL: First Meeting of Creditors Set November


I T A L Y

ALITALIA SPA: Watchdog Says Planned SULT Strike Illegal
ALITALIA SPA: Other Unions Rally Behind SULT
PARMALAT FINANZIARIA: Court Releases BofA Exec


L A T V I A

LATEKO BANKA: Fitch Affirms Low-B Currency Ratings
LATVIJAS KRAJBANKA: Fitch Notes Shaky Liquidity in Rating Action


L U X E M B O U R G

SBS BROADCASTING: Permira, KKR Dangle EUR2.1 Billion Cash
SBS BROADCASTING: On CreditWatch Negative After Sale News


N E T H E R L A N D S

PETROPLUS INTERNATIONAL: Moody's Withdraws Ratings
ROYAL SHELL: Remaining 'A' Shares Total 4,065,400,000


P O L A N D

ELEKTRIM SA: ZE PAK Workers Question Ownership Transfer


R U S S I A

AUTO-CAMPING: Insolvency Manager Takes over Company
GARNET: Succumbs to Bankruptcy
KHATANGSKIY: Declared Insolvent
LEADER: Gives Creditors Until Next Month to File Claims
LENA-RECH-ENERGO: Names A. Baranov Insolvency Manager

NAVASHINSKIY DAIRY: Claims Filing Period Ends Next Month
ORG-STROY-INVEST: Insolvency Manager Enters Firm
RODINSKAYA MACHINE-TECHNOLOGICAL: Under Bankruptcy Supervision
ROTOR-METAL: Undergoes External Management Procedure
RYAZANSKIY: Bankruptcy Supervision Begins
YUKOS OIL: U.S. Court Okays Fulbright & Jaworski's US$3 Mln Fees


S W E D E N

SKANDIA INSURANCE: Posts SEK1,047 Mln First-half Loss


S W I T Z E R L A N D

ABB LTD.: US$1.4 Bln Asbestos Settlement Plan Good to go
SAIRGROUP: Liquidator Releases Circular No. 6


T U R K E Y

HSBC BANK: Gets 'BB-' Rating, Stable Outlook


U N I T E D   K I N G D O M

AAC CONSULTING: High Court Issues Winding-up Order
AL-AMIR INDIAN: Bristol Court Accepts Winding-up Petition
ANDREW MOORE: Boat Builder Appoints Administrators
ATOM R.F.: Files for Liquidation
AVIONIC SERVICES: Air Traffic Expert Winds up in Administration

BG PRINT: Calls in Liquidator from Elwell Watchorn
BIG LUKES: Restaurant Hires Tait Walker as Administrator
BRIGHTER BUSINESS: Goes into Liquidation
BRITISH ENERGY: 'BB+' Ratings, Stable Outlook Affirmed
CELTIC F.C.: Season, Turnover Head South

C & S LOGISTICS: Appoints Moore Stephens Liquidator
CUSTOMVIS PLC: Sells Second Pulzar Z-1 Solid State Laser
EAST WEST: Appoints DTE Leonard Curtis Administrator
EURODIS ELECTRON: Sells Customer, Supplier Data to Abacus
EUROPEAN COMMUNICATION: Files for Liquidation

FEDERAL-MOGUL: U.S. Court Pegs Asbestos Liability at US$9.4 Bln
FREDERICK RESTALL: Furniture Decides to Liquidate
GATE GOURMET: Bankruptcy Not a Distant Possibility, Says Parent
GOCOM MEDIA: High Court Issues Winding-up Order
G.R. 1980: Appoints PKF Liquidator

HIGHERSTATE LTD.: In Liquidation
INSPIRE IT: Owners Decide to Wind up Firm
IN-TECH PLANT: EGM Passes Winding-up Resolutions
JUMP GROUP: Files for Liquidation as Mortgage Crisis Worsens
KLAUSSNER FURNITURE: German Owner to the Rescue

L S RETAIL: Appoints Administrator from Antony Batty
MG ROVER: Crisis Hits Scotland's Biggest Car Dealer
MJP COATINGS: Files for Liquidation
PELHAM SLOANE: Members Opt for Liquidation
PERICOM HOLDING: Liquidator from Mercer & Hole Takes over Firm

PGM STAFFING: Administrators from BDO Stoy Hayward Enter Firm
PINNACLE INTERIORS: Names Administrator from Norton Practice
PITTARDS PLC: To Manage Ethiopia's Largest State-owned Tannery
R & A BENTRONICS: Liquidator Moves in
RENTOKIL INITIAL: No Approach from Raphoe Yet

RIGHT MOVES: Members Opt to Liquidate Firm
S & M CAFE: General Meeting of Creditors Set Next Month
UBINETICS HOLDINGS: Deloitte & Touche Liquidators Move in
VMT LIMITED: Hires Administrators from Grant Thornton
WADE SMITH: Founder Could Buy back Firm


                            *********


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


UNION BANKA: Court Names Replacement of Ousted Receiver
-------------------------------------------------------
Rostislav Krhut, deputy chairman of the Ostrava Regional Court,
has appointed a new receiver for Union Banka (UB), Czech
Happenings says.

Lukas Raida replaces Michaela Huserova, who was removed by the
High Court in Olomouc for selling properties not included on
UB's list of bankruptcy assets.  For his first official action,
Mr. Raida stopped all payments and sale of assets.  He plans to
revise the list and consult the creditors' committee and the
court supervising the bankruptcy before making any move.

According to UB spokesman Oldrich Babicky, Mr. Raida was part of
Ms. Huserova's team, in charge of legal issues.  He noted,
however, that Mr. Raida "has not done any bankruptcy [by
himself] yet."

Ms. Huserova appealed her removal to the Supreme Court Friday.
A spokesman for the Olomouc High Court, Petr Angyalossy, argued,
however, there is no appeal in cases like this, adding Ms.
Huserova can only file a constitutional complaint.

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


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


CHARLES JOURDAN: French Shoemaker Files for Bankruptcy
------------------------------------------------------
French shoemaker Charles Jourdan filed for bankruptcy at the
commercial court in Romans-sur-Isere in Drome, southeastern
France on August 22, AFP says.

According to managing director Christophe Beranger, the
bankruptcy filing includes three companies: Charles Jourdan
industrie, the manufacturing unit; Charles Jourdan France, the
marketing and administration division; and Sodepar, which runs
the boutiques and factory shops.

The 80-year-old company, which employs 532, has accumulated debt
of EUR9 million (US$11 million), according to the report.

CONTACT:  CHARLES JOURDAN
          Web site: http://www.charles-jourdan.fr/


EUROTUNNEL SA: Hires Chief Operating Officer
--------------------------------------------
Eurotunnel S.A. has appointed Jean-Pierre Trotignon to the newly
created post of chief operating officer (COO) with effect from
17 August 2005.  He assumes responsibility for the
Infrastructure, Shuttle, Freight Commercial, Passenger
Commercial, Purchasing and Human Resources Divisions.

Jean-Pierre Trotignon (54) is a graduate of the l'Ecole
Polytechnique and also holds a Master of Science degree from the
University of California, Berkeley.  He is a civil engineer by
profession having graduated from the Ecole Nationale des Ponts
et Chaussees.

After having begun his career with the Ministry of the
Equipment, and the Cabinet of the Transport Minister, he was
successively deputy managing director of the Dunkerque Port
Authority (and chairman of its Board, 1999-2003), deputy
managing director of Autoroutes du Sud de la France, and
managing director, Signature S.A. (Groupe Plastic Omnium).

In 1998, he joined Caisse des Depots Developpement (C3D), a
development agency, where he held various responsibilities
including that of director, Continental Europe at Transdev SA, a
public transport operator.  His most recent appointment was
managing director of Ubifrance, an agency for the development of
French industry overseas.

Jacques Gounon, Eurotunnel chief executive, said: "I am
delighted that Jean-Pierre Trotignon has joined us.  His
professional experience in the transport sector, including
logistics, public transport, and the cross-Channel market will
be a valuable addition to the company's management team."

Eurotunnel has also announced two new management appointments:

(a) Patrick Etienne, who led a project team under the chief
    executive, has been appointed purchasing director; and

(b) Jean-Pierre Ramirez, previously financial controller of the
    Railways Division, becomes director, railway access
    contracts.

They replace Charles Barral and Jerome Requillart respectively,
both of whom have left the company.

                            *   *   *

Despite posting a 2% earnings growth in the first half of 2005,
Eurotunnel S.A.'s debt of GBP6.4 billion proved to be of greater
concern to both shareholders and creditors.  Investors were more
interested on how the company will refinance its debt, as its
interest bill reached GBP298 million in 2004.

Eurotunnel earlier warned that failure to conclude an agreement
with creditors by October could spell bankruptcy.  It is said to
be facing financial adjustments in the next few years, which
could only aggravate its troubles.

In July, the company said this year started well and that it was
on track to meet or even beat expectations.  It registered
revenues of GBP286 million for the six months to June, up from
GBP263 million in 2004, benefiting from the collapse of a berth
at the Calais ferry port and the timing of the Easter break.

CONTACT:  EUROTUNNEL S.A.
          Cheriton Park
          Cheriton High Street
          Folkestone
          Kent CT19 4QS
          United Kingdom
          Phone: +44-1303-288-750
          Fax: +44-1303-850-360
          Web site: http://www.eurotunnel.co.uk

          Press Office
          Phone: + 44 (0) 1303 288728
                 or + 44 (0) 1303 288737
          E-mail: press.uk@eurotunnel.com

          Investor Inquiries
          Xavier Clement
          Phone: + 331 55 27 36 27
          E-mail: xavier.clement@eurotunnel.com


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


ARNOLD HEILAND: Bankruptcy Court Appoints Interim Administrator
---------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Arnold Heiland Installationsbetrieb fuer
Zentralheizungsbau, Gas- und Olfeuerungsanlagen GmbH on July 28.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 28,
2005 to register their claims with court-appointed provisional
administrator Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2005, 11:10 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report December
12, 2005, 10:40 a.m. at the same venue.

CONTACT:  ARNOLD HEILAND INSTALLATIONSBETRIEB
          FUER ZENTRALHEIZUNGSBAU, GAS-
          UND OLFEUERUNGSANLAGEN GmbH
          Gatower Strasse 127 - 129,13595 Berlin

          Sebastian Laboga, Administrator
          Einemstr. 24, 10785 Berlin


AUTOHAUS SCHARNAGL: Proofs of Claim Due Next Week
-------------------------------------------------
The district court of Weilheim i.OB opened bankruptcy
proceedings against Autohaus Scharnagl GmbH on August 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 30, 2005
to register their claims with court-appointed provisional
administrator Hans G. Hanel.

Creditors and other interested parties are encouraged to attend
the meeting on September 6, 2005, 10:03 a.m. at the district
court of Weilheim i.OB, SS E 020, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  AUTOHAUS SCHARNAGL GmbH
          Muenchner Str. 96 in 82362 Weilheim

          Hans G. Hanel, Administrator
          Hauptstr. 37, 82380 Peissenberg
          Phone: 08803/63660
          Fax: 08803/636677


BD GERUESTBAU: Hamburg Firm Succumbs to Bankruptcy
--------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against BD Geruestbau Beate Dankert GmbH on July 28.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 16,
2005 to register their claims with court-appointed provisional
administrator Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting on October 21, 2005, 10:45 a.m. at the district
court of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083
Hamburg, Saal 1, 2. Ebene (Zi. 2.18), at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  BD GERUESTBAU BEATE DANKERT GmbH
          Wilhelm-Bergner-Strasse 23, 21031 Hamburg
          Contact:
          Hans-Werner Dankert, Manager
          Beate Dankert, Manager

          Dr. Olaf Buechler, Administrator
          Herrengraben 3, 20459 Hamburg
          Phone: 36968351
          Fax: 36968383


DMT DIESEL: Sets Creditors Meeting October
------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against DMT Diesel Motoren Technik Handelsgesellschaft mbH on
July 28.  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 Veit Schwierholz.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 9:30 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:  DMT DIESEL MOTOREN TECHNIK HANDELSGESELLSCHAFT mbH
          Hammer Strasse 27, 22041 Hamburg
          Contact:
          Ralf Kupfermann, Manager

          Veit Schwierholz, Administrator
          Heuberg 1, 20354 Hamburg
          Phone: 040/350169-0
          Fax: 35016915


GARTEN- UND LANDSCHAFTSBAU: Under Bankruptcy Administration
-----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Garten- und Landschaftsbau Berlin Buch GmbH
on August 1, 2005.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until October 31, 2005 to register their claims with court-
appointed provisional administrator Dr. Christoph Schulte-
Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on September 15, 2005, 9:30 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  GARTEN- UND LANDSCHAFTSBAU BERLIN BUCH GmbH
          Schwanebecker Chaussee 5-9,13125 Berlin

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Str. 48, 10785 Berlin


GHW-TECHNIK: Last Day for Filing Claims October 28
--------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against GHW-Technik GmbH Gas-, Wasser-, Heizungs-
und sanitare Anlagen on July 22.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 28, 2005 to register their claims
with court-appointed provisional administrator Dr. Petra
Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on September 15, 2005, 9:25 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
December 22, 2005, 9:05 a.m. at the same venue.

CONTACT:  GHW-TECHNIK GmbH GAS-, WASSER-, HEIZUNGS-
          UND SANITARE ANLAGEN
          Oraniendamm 16,13469 Berlin

          Dr. Petra Hilgers, Administrator
          Goethestr. 85, 10623 Berlin


INFINEON TECHNOLOGIES: Ships FTTx BIDI Biz to Taiwan's EZconn
-------------------------------------------------------------
EZconn Corporation, a leading manufacturer of interconnect
components for broadband access applications, signed a
definitive agreement to acquire the FTTx BIDI(r) business of
Infineon Technologies AG, the pioneer for developing
Bidirectional Transceiver and Optical Sub-Assemblies (OSA).

As part of the acquisition, EZconn will take over Infineon's
leading technologies including the wafer level micro-module
processes, an enabling technology for the next generation of
higher performance and more efficient volume OSA manufacturing.

"This acquisition will strengthen our worldwide market access by
combining Infineon's excellent technology and market position in
Europe and North America with EZconn's cost effective production
capabilities in Taiwan and China," commented J.Y. Liu, President
and CEO of EZconn.

"Selling our BIDI(r) business to EZconn combines the technical
strengths and proven track record of Infineon Fiber Optics with
the efficient semi-automated manufacturing technologies of
EZconn to form a strong player in the FTTx market ensuring
seamless support to our customers," says Ayad Abul-Ella, General
Manager and Vice President of Infineon Fiber Optics.

Under the terms of this agreement, EZconn will acquire all
assets and IP needed to continue and to grow the business with
FTTx products.  Furthermore EZconn will open a design and
marketing center in Berlin, Germany retaining key employees of
Infineon to continue serving Infineon's & EZconn's customers.

About EZconn

For more than 30 years of solid performance in high volume
precision manufacturing, EZconn Corporation offers optical
communication components, RF components, and OEM/ODM solutions
for a wide range of applications in cable television, satellite,
wireless communications, home theater, and fiber-to-the-home
(FTTH).  Headquartered in Taipei, EZconn has plants based in
Taipei, Chia-Yi, and Ning-Bo (China), as well as branch offices
in China, Germany, and Japan in order to better serve our
customers.  More information is available at
http://www.ezconn.com

CONTACT:  EZCONN
          No. 12 Lane 121 Li-Der Rd.
          Peito District, Taipei, Taiwan
          Phone: +886-2-2897-1007
          E-mail: sales@ezconn.com
          Web site: http://www.ezconn.com/

          INFINEON TECHNOLOGIES AG
          Worldwide Headquarters
          P.O. Box 80 09 49
          D-81609 Muenchen
          Germany
          Web site: http://www.infineon.com
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com

          For Investors and Analysts based in Europe:
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          For Investors and Analysts based in North America:
          Phone: +-1-408 501 6800
          E-mail: investor.relations@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: +65-6840-0689
          Fax: +65-6840-0073
          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


JUST IN TIME: Creditors' Claims Due Friday
------------------------------------------
The district court of Bamberg opened bankruptcy proceedings
against just in time Zeitarbeit GmbH on July 29.  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 Robert Wartenberg.

Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2005, 2:15 p.m. at the district
court of Bamberg, Sitzungssaal 317, Synagogenplatz 1, 96047
Bamberg, 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:  JUST IN TIME ZEITARBEIT GmbH
          Lange Str. 13 in 96047 Bamberg, HRB 4911

          Robert Wartenberg, Administrator
          Friedrichstrasse 15, 96047 Bamberg
          Phone: 0951/29743-0
          Fax: 0951/29743-29


LU-PE: Creditors Meeting Set Next Month
---------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against lu-pe Buerobedarfs- und Druckerzeugnishandel
GmbH on August 1, 2005.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until October 14, 2005 to register their claims with court-
appointed provisional administrator Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting on September 12, 2005, 9:05 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
December 12, 2005, 9:25 a.m. at the same venue.

CONTACT:  LU-PE BUEROBEDARFS- UND DRUCKERZEUGNISHANDEL GmbH
          Warnemuender Str.51,13059 Berlin

          Sebastian Laboga, Administrator
          Einemstr. 24, 10785 Berlin


METALLBAU GMBH: Stralsund Company Goes Bust
-------------------------------------------
The district court of Stralsund opened bankruptcy proceedings
against Metallbau GmbH Ruegen on July 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 2, 2005 to register
their claims with court-appointed provisional administrator
Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting on September 28, 2005, 2:00 p.m. at the district
court of Stralsund, Frankendamm 17, Haus A, 4. OG, Saal A4 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:  METALLBAU GmbH RUEGEN
          Contact:
          Gerd Luedtke und Karl-Heinz Wolter, Managers
          Bergener Str. 4, 18573 Samtens

          Berthold Brinkmann, Administrator
          Sechslingspforte 2, 22087 Hamburg


SIQURITY SERVICES: Frankfurt Court Appoints Administrator
---------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Siqurity Services GmbH on July 22.
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 Miguel Grosser.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 10:40 a.m. at the district
court of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse
20, 60313 Frankfurt am Main, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  SIQURITY SERVICES GmbH
          Prinzenallee 7, 40549 Duesseldorf
          Contact:
          Nagat El-Baraka, Manager
          Berkersheimer Hohl 1, 60435 Frankfurt am Main

          Miguel Grosser, Administrator
          Muenchener Strasse 13, 60329 Frankfurt am Main
          Phone: 069/2400650
          Fax: 069/24006510


TV.BERLIN: Signs off
--------------------
The district court of Charlottenburg opened bankruptcy
proceedings against TV.BERLIN NEU Produktionsgesellschaft mbH on
August 1, 2005.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until October 26, 2005 to register their claims with court-
appointed provisional administrator Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2005, 9:55 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
December 21, 2005, 9:55 a.m. at the same venue.

CONTACT:  TV.BERLIN NEU PRODUKTIONSGESELLSCHAFT mbH
          Panoramastr.1a,10178 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


VPS PERSONAL: First Meeting of Creditors Set November
-----------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against VPS Personal Service GmbH on July 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 8, 2005
to register their claims with court-appointed provisional
administrator Peter Jost.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2005, 9:40 a.m. at the district
court of Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse
20, 60313 Frankfurt am Main, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  VPS PERSONAL SERVICE GmbH
          Stiftstrasse 6, 60313 Frankfurt am Main

          Peter Jost, Administrator
          Bleichstrasse 2-4, 60313 Frankfurt/Main
          Phone: 069/2097390
          Fax: 069/20973929


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


ALITALIA SPA: Watchdog Says Planned SULT Strike Illegal
-------------------------------------------------------
Italy's independent commission on industrial action warns the
union representing Alitalia's flight attendants against pushing
through with the strike next week.

Commission President Antonio Martone said the action violates
the mandatory ban on transport strikes between July 27 and
September 5, when passenger traffic is at its peak due to the
holidays.  He offered to mediate to settle the row.

Alitalia has stopped recognizing the Sindicato Unitario
Lavoratori Transporti (SULT) union and excluded it in latest
labor talks, prompting the group to declare a strike on August
30 and 31.  Mr. Martone says the union faces a fine of EUR25,000
and the employees up to EUR500 a day if they join the illegal
strike.

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


ALITALIA SPA: Other Unions Rally Behind SULT
--------------------------------------------
Alitalia's radar operators support the planned strike by cabin
crew next week, Agenzia Giornalistica Italia says.

The group called Air Traffic Management Professional Project
says the exclusion of the Sindicato Unitario Lavoratori
Transporti (SULT) union in labor talks violates the
constitutional right of workers to be represented in
negotiations.

This view is shared by several other unions -- Anpcat, Licta,
Cila A.V. and Sacta -- which have appealed to President Carlo
Azeglio Ciampi, House Speakers Marcelo Pera and Pierferdinando
Casini to treat SULT members equitably without "discrimination
and abuse."  The government owns majority of Alitalia.

Transport and Infrastructure Minister Pietro Lunardi recently
promised to do his best to prevent the strike, adding the row is
simply a misunderstanding precipitated by a communication
problem.  The SULT union threatened to stage the strike on
August 30 and 31.

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


PARMALAT FINANZIARIA: Court Releases BofA Exec
----------------------------------------------
Former Bank of America (BofA) manager Luca Sala was released
Thursday pending the start of his trial, English Business News
says.

Judge Libero Mancuso ordered his release, noting his cooperation
with authorities.  The judge also saw no threat that he could
tamper with the evidence.

The former BofA exec spent 16 days in jail for allegedly
siphoning EUR52 million off Parmalat's accounts.  Investigators
also accused him of helping management hide losses at the
Brazilian unit, earning thousands of dollars in return.

Mr. Sala denied pocketing the amount, but admitted earning part
of it in commissions from insurance and private-placement
contracts he handled for Parmalat in his capacity as BofA's
local chief in 2003.  He later resigned and joined Parmalat as a
consultant.

During the investigation, Mr. Sala reportedly revealed the
recipients of around US$37.5 million that vanished from
Parmalat's books.  The company collapsed in December 2003 under
more than EUR14 billion in debt.  Parmalat administrator Enrico
Bondi claims creditor banks, including BofA, abetted its demise
by arranging financing deals despite knowledge of its grave
condition.

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


===========
L A T V I A
===========


LATEKO BANKA: Fitch Affirms Low-B Currency Ratings
--------------------------------------------------
Fitch Ratings has affirmed Latvia-based Lateko Banka's ratings
at Long-term foreign currency 'B+', Short-term foreign currency
'B', Individual 'D' and Support '5'.  The Outlook is Stable.

The Long-term, Short-term and Individual ratings reflect
Lateko's small size in absolute terms, high operational risk due
to its non-resident activities and the risks associated with
fulfilling its new strategy.  The bank's ratings also consider
improved profitability, low loan losses and efforts to increase
the domestic business.

Fitch views as positive Lateko's attempt to diversify away from
its traditional non-resident business, although this new
strategy has its risks and it is too early to say whether it
will be successful.  Its traditional business is potentially
volatile and given transparency issues there was the risk of
money laundering.

Since March 2005, it has targeted domestic consumer loans and
cards and raising domestic funding through local customer
deposits.  Its profitability has been strong with higher ROE and
improving cost to income ratios, however, Lateko will be tested
to maintain its profitability as costs may increase to support
the new strategy and the net interest margin may come under
pressure in the competitive environment.

Banu Cartmell, Director in Fitch's Financial Institutions Group,
said: "If Lateko can maximize the benefits of Latvia's high
growth prospects and successfully implement the new strategy and
build sufficient critical mass, this should result in a more
stable business.

"However, challenges exist given the competition especially from
the larger Latvian banks as well as the risks attached to
entering a new business without sufficient experience."

While the bank has strengthened its anti-money laundering
procedures, and closed numerous non-resident accounts due to
non-abidance to its procedures, operational risks remain as
offshore companies, which, by their nature offer limited
transparency, continue to account for a meaningful part of its
business.  Non-resident deposits still equated to a high 84% of
end-H105 customer deposits, and could still prove volatile.

Lateko's liquidity appears adequate, but under pressure.  While
loan losses are low, market risk may increase with growth in
proprietary trading.  The bank's capital adequacy ratio is under
pressure and it may fall further as the bank increases its risk-
weighted assets.

Lateko is a relatively small bank, ranking the ninth largest
bank in Latvia by total assets at end-H105.  It is directly and
indirectly 86% owned by two private individuals.

CONTACT:  FITCH RATINGS
          Banu Cartmell
          Tim Beck, London
          Phone: +44 (0)20 7417 4222.
          Web site: http://www.fitchratings.com

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


LATVIJAS KRAJBANKA: Fitch Notes Shaky Liquidity in Rating Action
----------------------------------------------------------------
Fitch Ratings has assigned Latvia-based Latvijas Krajbanka
ratings of Long-term foreign currency 'B+', Short-term foreign
currency 'B' and Individual 'D'.  The bank's Support rating is
affirmed at '5'.  The Outlook is Stable on the Long-term rating.

The Long-term, Short-term and Individual ratings reflect
Krajbanka's small size within the Latvian banking system, its
average profitability due to a high cost base, concerns on rapid
loan growth, which may lead to a weakening in asset performance,
deteriorating liquidity and low capitalization.  The ratings
also consider its improving revenues and low level of market
risk.

Krajbanka has benefited from the continuing high GDP growth in
Latvia.  The bank's new strategy is to focus on aggressive loan
growth, especially in retail loans to medium- to lower-level
income customers. While this should boost its net interest
income, the bank lacks scale relative to its large branch
network.  This has resulted in high costs and a significant
constraint on profitability.

In Fitch's opinion, the bank needs to successfully capitalize on
Latvia's growth prospects without jeopardizing its liquidity and
capital ratios, in order to boost its economies of scale, which
will in turn reduce its cost base.

Krajbanka's risk management is adequate for the bank's size and
business lines.  Although loan losses are low they may increase
with rapid loan growth as loans season.  Its market risk is
considered low.  Liquidity appears adequate but under pressure.
The bank's capitalization is low with a capital adequacy ratio
of 10.8% at end-H105.  Unless sufficient capital is injected to
support the bank's growth, the ratings of Krajbanka may come
under pressure.

Krajbanka is a small bank, ranking as Latvia's 11th largest by
assets at end-H105.  It is a universal bank serving mainly
small- to medium-sized enterprises and individuals.  It has a
wide ownership structure with the largest 10 shareholders
holding 86% of the bank.  This makes it difficult to establish
who the ultimate shareholders are and the potential connections
between the shareholders.

CONTACT:  FITCH RATINGS
          Banu Cartmell
          Tim Beck, London
          Phone: +44 (0)20 7417 4222
          Web site: http://www.fitchratings.com

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


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


SBS BROADCASTING: Permira, KKR Dangle EUR2.1 Billion Cash
---------------------------------------------------------
SBS Broadcasting S.A. (NASDAQ: SBTV; Euronext Amsterdam N.V.:
SBS) entered into a definitive agreement for its business to be
acquired by funds advised by Permira and affiliates of Kohlberg
Kravis Roberts & Co. (KKR) in a transaction valuing SBS, on an
enterprise value basis, at approximately EUR2.094 billion
(US$2.549 billion).  An acquisition company jointly held by
Permira and KKR has agreed to pay SBS EUR1.691 billion in cash
for substantially all of SBS's assets, and to assume
substantially all of its liabilities, resulting in a total
transaction value, excluding minorities, of approximately
EUR1.864 billion (US$2.269 billion).  SBS's business activities
will be continued under ownership of Permira and KKR.

Following completion of the acquisition, SBS will be liquidated
and the cash purchase price, together with proceeds from the
exercise of options, distributed to shareholders.  The
liquidation and the distribution are expected to occur in
November 2005.  SBS shareholders and option holders are expected
to receive in the liquidation approximately EUR46 per fully
diluted share (or the dollar equivalent at the time of
liquidation), in the case of option holders net of the exercise
price of the options.  All dollar amounts in this press release
have been converted from the Euro at a rate of EUR1=$1.2175,
last Friday's closing exchange rate.  At this exchange rate, a
EUR46 per share distribution would be equivalent to
approximately $56 per share.

Harry Evans Sloan, Executive Chairman of SBS, stated: "This
transaction caps a tremendous period of growth and value
creation for SBS.  A EUR46 per share distribution would
represent a premium of 15.9% above the share price on August 12,
2005 (the last trading day before the publication of an article
containing a rumor regarding the possible sale of SBS) and 37.8%
above the share price six months prior to that date.

"Since its founding 15 years ago and its listing in 1993, SBS
has grown dramatically from three start-up Scandinavian
television stations into one of Europe's largest broadcasting
companies, reaching over 100 million people across nine
countries.  This achievement was only accomplished with the
invaluable financial support of our investors and the hard work
and dedication of our management team and employees.

"This investment by Permira and KKR is an endorsement of our
company, our business model of providing content across all
media platforms and our growth strategy.  I am proud to turn the
company's ownership over to two world class private equity firms
who are committed to building upon SBS's success."

Markus Tellenbach, Chief Executive Officer of SBS, stated:
"Since joining SBS four years ago, I have worked with Harry and
our management team to prudently expand our footprint, diversify
our revenue streams and improve our cash flow generating
ability, while strengthening our margins and balance sheet.
Permira and KKR have exceptional track records in building
businesses, and I am pleased to have the opportunity to work
with them in building on SBS's position as one of the leading
media groups in Europe."

In a joint statement, Gotz Mauser, Partner at Permira, and
Dominic Murphy, Managing Director at KKR, said: "We are
delighted to acquire such a high quality business founded and
built by Harry Sloan and led by CEO Markus Tellenbach and SBS's
strong management team.  We believe that SBS's multi-territory
presence, cross-media expertise and leading positions in high
growth markets are excellent differentiators in a competitive
environment.  Both Permira and KKR are committed, long-term
investors, and we look forward to working with management to
build on SBS's success."

The transaction was unanimously approved by a special committee
of independent directors of SBS, as well as by the company's
board of directors.  Deutsche Bank, financial advisor to the
special committee, has provided an opinion that the purchase
price is fair from a financial point of view to SBS
shareholders.

SBS shareholders representing a minimum of 21.9% of the total
outstanding common shares of SBS, including SBS's largest
shareholder Liberty Global and all directors and certain
officers of the company, have entered into agreements to vote in
favor of the transaction.

Under the acquisition agreement, SBS is required to pay Permira
and KKR liquidated damages of EUR50 million if SBS is acquired
by another purchaser prior to May 21, 2006 and in certain other
circumstances.

The transaction is subject to competition clearance and must be
approved prior to closing by two-thirds of the votes cast by SBS
shareholders at an extraordinary meeting, which is expected to
take place in October 2005.  Upon completion of the transaction,
SBS is expected to delist its common shares from Nasdaq and
Euronext Amsterdam and commence voluntary liquidation
proceedings.

Additional information about the asset sale, liquidation process
and other important matters will be described in a shareholder
circular to be distributed in connection with the extraordinary
shareholders meeting to be held to consider the transaction.

Deutsche Bank is acting as financial advisor to the special
committee of SBS, and Sullivan & Cromwell LLP and Arendt &
Medernach are acting as the committee's legal advisors.  Lehman
Brothers is acting as financial advisor to Permira and KKR, and
Freshfields Bruckhaus Deringer and Simpson Thacher & Bartlett
LLP are acting as their legal advisors.  Barclays Capital,
Lehman Brothers and Royal Bank of Scotland will provide debt
financing for the transaction.

Conference Call

SBS will host a teleconference to discuss the transaction on
August 22, 2005 at 10:00 a.m. New York time/3:00 p.m. London
time/4:00 p.m. CET time.  To access the teleconference, please
dial +1-888-811-2256 (U.S. callers) or +1-973-935-2409
(international callers) ten minutes prior to the start time.
The teleconference will also be available via live at
http://www.sbsbroadcasting.com. If you cannot listen to the
teleconference at its scheduled time, there will be a replay
available through August 29, 2005 that can be accessed by
dialing +1-877-519-4471 (U.S. callers) or +1-973-341-3080
(international callers), Passcode: 6405396.  A replay will also
be archived on the company's Web site.

About SBS Broadcasting S.A.

SBS is a European commercial television and radio broadcasting
company with operations in Western and Central Europe.  The
company was founded by Executive Chairman, Harry Evans Sloan, in
1989 when he purchased interests in television channels in
Denmark, Norway and Sweden.  In 1993, the company listed on the
Nasdaq Stock Market, raising EUR46 million which was used to
expand further into television and radio throughout Scandinavia.
SBS's footprint has since grown to include 16 television
stations, 21 premium pay channels and 11 radio networks,
reaching 100 million people in nine countries across Western and
Central Europe, including Belgium (Flanders), Denmark, Finland,
Greece, Hungary, The Netherlands, Norway, Romania and Sweden.

For further information about SBS, visit
http://www.sbsbroadcasting.com

About Permira

Permira is a leading European-based private equity firm.
Permira acts as advisor to the 18 Permira Funds, totaling
approximately EUR11 billion, that have been raised since 1985.
These funds have invested in over 260 transactions in 15
different countries, in companies across a variety of sectors
and geographies, at all stages of the business lifecycle.

Visit http://www.permira.comfor more information about Permira.

About KKR

KKR is one of the world's oldest and most experienced private
equity firms specializing in management buyouts, with offices in
New York, Menlo Park, California and London, England.  Over the
past 28 years, KKR has invested in more than 130 transactions
with a total value of over US$162 billion.

Visit http://www.kkr.comfor further information about KKR.  A
copy of the sale and purchase agreement is available at
http://bankrupt.com/misc/SBSBroadcasting_SaleAgreement.pdf

CONTACT:  SBS BROADCASTING
          Investors:
          Chris Plunkett/Jon Lesko

          Brainerd Communicators
          Phone: +1 212 986 6667


SBS BROADCASTING: On CreditWatch Negative After Sale News
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit rating on Luxembourg-based European media
company SBS Broadcasting S.A. on CreditWatch with negative
implications, following an announcement that the company is to
be acquired by private equity firms Permira and Kohlberg Kravis
Roberts & Co.

"The CreditWatch placement reflects our expectation that the
ratings on SBS are most likely to fall several notches, possibly
to the 'B' category, after the acquisition is completed," said
Standard & Poor's credit analyst Olli Rouhiainen.

This is based on an acquisition price valuing the company at
EUR2.1 billion and comparison with previous similar transactions
in the media industry.

"We expect the future capital structure to include senior,
second-lien, and mezzanine tiers.  Syndication is expected to
take place in mid-September after which SBS' capital structure
should become clearer," Mr. Rouhiainen added.

Standard & Poor's will monitor the progress of the transaction
and evaluate the new capital structure. To retain the 'BB+'
ratings, SBS would need to maintain lease-adjusted total debt to
EBITDA below 3.5x and lease-adjusted funds from operations to
total debt of 20%.  We expect to resolve the CreditWatch within
the next three months.

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


PETROPLUS INTERNATIONAL: Moody's Withdraws Ratings
--------------------------------------------------
Moody's Investors Service withdrew the ratings of Petroplus
International B.V. and Petroplus Funding B.V.  The action
follows the acquisition of Petroplus International by RIVR
Acquisitions B.V. in the first quarter of 2005 and subsequent
delisting of Petroplus International from Euronext.

Following the company's tender for its 10.5% Senior Unsecured
Notes due 2010 issued by Petroplus Funding B.V., only 1.33% of
the original issue remains outstanding.  The remaining notes are
expected to be retired at the first call option in October 2005.

Moody's has withdrawn these ratings for business reasons at the
request of the company.  Please refer to Moody's Withdrawal
Policy on moodys.com.

Petroplus International B.V.: Corporate Family Rating of B1

Petroplus Funding B.V.: Senior Unsecured Notes Rating of B3

Petroplus International BV, headquartered in Rotterdam,
Netherlands, is an independent midstream oil company
specializing in refining, storage and marketing in the European
oil market.  Petroplus Funding BV is a wholly owned financing
vehicle of Petroplus International.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          David G. Staples, Managing Director
          Corporate Finance Group

          London
          Amanda Neff, VP - Senior Credit Officer
          Corporate Finance Group

          For Journalists
          Phone: 44 20 7772 5456


ROYAL SHELL: Remaining 'A' Shares Total 4,065,400,000
-----------------------------------------------------
On 19 August 2005, Royal Dutch Shell plc purchased for
cancellation 1,000,000 'A' Shares at a price of 26.38 euros per
share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,065,400,000.

As of that date, 2005 2,759,360,000 'B' Shares of Royal Dutch
Shell plc were in issue.

                            *   *   *

Shell's buyback scheme is understood to be aimed at reviving
shareholders' and investors' confidence.  The buyback program
follows a damaging reserves overestimation scandal last year.

                        About the Company

Royal Dutch Shell plc is incorporated in England and Wales, has
its headquarters in The Hague and is listed on the London,
Amsterdam, and New York stock exchanges.  Shell companies have
operations in more than 145 countries with businesses including
oil and gas exploration and production; production and marketing
of Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.

                           The Trouble

Shell had admitted it overstated its proved reserves by almost
6.0 billion barrels between January 2004 and February this year.
The crisis resulted to the ouster of three top executives,
including former chairman Philip Watts.  It was fined EUR150
million in total after investigations launched by U.S. and
British regulators.  Shell has said it had revised the method by
which it calculates reserves to comply with U.S. regulations.
Shell's proved reserves stood at 10.2 billion barrels at the end
of 2004.

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


===========
P O L A N D
===========


ELEKTRIM SA: ZE PAK Workers Question Ownership Transfer
-------------------------------------------------------
Trade unions in the ZE PAK power plant are questioning the
transfer of the group shares through the recent sale of Elektrim
Embud.

Elektrim S.A. sold Embud, a company that holds the last of its
key asset, to Inwestycje Polskie this month.  Embud holds shares
in the power plant group so that when it was sold PAK shares
were also transferred to new owners.  The transaction left
Elektrim with only 3% shares in ZE PAK, according to stockmarket
newspaper Parkiet.  The unions sent a letter to the Treasury
Minister Jacek Socha, Zygmunt Solorz Zak and Elektrim demanding
an explanation on why this is so.  Under a privatization
agreement, Elektrim was bound to keep the shares until it
provided all its promised investment.  In addition, the Treasury
had to give its final consent on the sale of the shares.

According to Warsaw Business Journal, the State Treasury has
already begun legal proceedings against Elektrim in Arbitration
Court of the Polish Chamber of Commerce.

Work in ZE PAK resumed only in May after a year of suspension
due to lack of funds and disagreements between Elektrim and the
Ministry regarding deadlines.  ZE PAK previously received a loan
for EUR227 million from banks and EUR224 million from
environmental protection agency NFOSiGW to continue building its
new power plant complex.

ZE PAK reported adjusted consolidated loss of over PLN95 million
(US$28.430 million) in 2004.  Since 1999 Elektrim has
implemented the far-reaching restructuring program in order to
improve its operational efficiency and strengthen its position
in the market.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99
          Web site: http://www.elektrim.pl


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


AUTO-CAMPING: Insolvency Manager Takes over Company
---------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Auto-Camping after finding the limited
liability company insolvent.  The case is docketed as A33-
9685/2005.  Mr. D. Dublyak has been appointed insolvency
manager.

CONTACT:  AUTO-CAMPING
          662100, Russia, Krasnoyarsk region, Achinsk,
          Yuzhnaya Prom. Zone, Block 2, Building 1A

          Mr. D. Dublyak
          Insolvency Manager
          660125, Russia, Krasnoyarsk region,
          Post User Box 27540


GARNET: Succumbs to Bankruptcy
------------------------------
The Arbitration Court of Vologda region commenced bankruptcy
proceedings against Garnet after finding the limited liability
company insolvent.  The case is docketed as A13-5363/2005-22.
Mr. S. Kobzev has been appointed insolvency manager.

CONTACT:  GARNET
          Russia, Vologda region,
          Gorkogo Str. 86-16

          Mr. S. Kobzev
          Insolvency Manager
          162610, Russia,
          Cherepovets, Pobedy Pr. 3


KHATANGSKIY: Declared Insolvent
-------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Krasnogvardeyets after finding the close
joint stock company insolvent.  The case is docketed as A33-
7086/04-s4.  Mr. E. Dmitriev has been appointed insolvency
manager.  Creditors have until Sept. 23, 2005 to submit their
proofs of claim to 663606, Russia, Krasnoyarsk region, Kansk-6,
Post User Box 670.

CONTACT:  KRASNOGVARDEYETS
          647460, Russia, Taymyrskiy (Dolgano-Nenetskiy)
          autonomous region, Khatanga, Sovetskaya Str. 42

          Mr. E. Dmitriev
          Insolvency Manager
          663606, Russia, Krasnoyarsk region,
          Kansk-6, Post User Box 670


LEADER: Gives Creditors Until Next Month to File Claims
-------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Leader (TIN 5249006546) after
finding the limited liability company insolvent.  The case is
docketed as A43-9848/03-18-40.  Mr. V. Pyatykh has been
appointed insolvency manager.  Creditors have until Sept. 23,
2005 to submit their proofs of claim to 603003, Russia, Nizhniy
Novgorod, Post User Box 4.

CONTACT:  LEADER
          Russia, Dzerzhinsk, Budennogo Str. 5-5

          Mr. V. Pyatykh
          Insolvency Manager
          603003, Russia, Nizhniy Novgorod,
          Post User Box 4


LENA-RECH-ENERGO: Names A. Baranov Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Lena-Rech-Energo after finding the limited
liability company insolvent.  The case is docketed as A19-
12331/05-49.  Mr. A. Baranov has been appointed insolvency
manager.  A hearing will take place on Dec. 14, 2005, 10:30 a.m.

CONTACT:  LENA-RECH-ENERGO
          666784, Russia, Irkutsk region,
          Ust-Kut, Molodezhnyj Per. 2

          Mr. A. Baranov
          Insolvency Manager
          664082, Russia, Irkutsk region,
          Post User Box 325


NAVASHINSKIY DAIRY: Claims Filing Period Ends Next Month
--------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Navashinskiy Dairy (TIN 5247015440).  The case is docketed as
A75-5523/2005.  Mr. A. Gasparyan has been appointed temporary
insolvency manager.  Creditors have until Sept. 23, 2005 to
submit their proofs of claim to 607650, Russia, Nizhniy Novgorod
region, Kstovo, Polevaya Str. 6/1, Apartment 72.

CONTACT:  NAVASHINSKIY DAIRY
          607000, Russia, Nizhniy Novgorod region,
          Navashino, Trudovaya Str. 105

          Mr. A. Gasparyan
          Temporary Insolvency Manager
          607650, Russia, Nizhniy Novgorod region,
          Kstovo, Polevaya Str. 6/1, Apartment 72


ORG-STROY-INVEST: Insolvency Manager Enters Firm
------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on limited liability company
Org-Stroy-Invest.  The case is docketed as A43-11937/2005-24-44.
Mr. A. Ershov has been appointed temporary insolvency manager.

CONTACT:  ORG-STROY-INVEST
          Russia, Nizhniy Novgorod region, Balakhninskiy region,
          Gidrotorf, Administrativanaya Str. 16

          Mr. A. Ershov
          Insolvency Manager
          606000, Russia, Nizhniy Novgorod region,
          Dzerzhinsk, Chkalova Pr. 27, Apartment 117


RODINSKAYA MACHINE-TECHNOLOGICAL: Under Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on limited liability company Rodinskaya
Machine-Technological Station.  The case is docketed as A03-
8228/05-B.  Mr. O. Marchenko has been appointed temporary
insolvency manager.  A hearing will take place on Dec. 19, 2005.

CONTACT:  RODINSKAYA MACHINE-TECHNOLOGICAL STATION
          Russia, Altay region, Rodinskiy region,
          Rodino, 40 Let Pobedy Str. 25

          Mr. S. Pupkov
          Insolvency Manager
          656002, Russia, Altay region, Barnaul,
          Vorovskogo Str. 140, Post User Box 130


ROTOR-METAL: Undergoes External Management Procedure
----------------------------------------------------
The Arbitration Court of Altay region has commenced external
management bankruptcy procedure on limited liability company
Rotor-Metal.  The case is docketed as A03-14605/04-B.  Mr. V.
Fonoberov has been appointed external insolvency manager.

CONTACT:  ROTOR-METAL
          656906, Russia, Barnaul

          Mr. V. Fonoberov
          External Insolvency Manager
          656906, Russia, Barnaul

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


RYAZANSKIY: Bankruptcy Supervision Begins
-----------------------------------------
The Arbitration Court of Ryazan region has commenced bankruptcy
supervision procedure on open joint stock company Ryazanskiy
factory of automobile gear.  The case is docketed as A65-
1358/05S20.  Mr. R. Chirkov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 105082, Russia,
Moscow, Rubtsovskaya Quay, 4, building 1, 30.  A hearing will
take place on Nov. 1, 2005.

CONTACT:  RYAZANSKIY
          Russia, Ryazan region,
          Moskovskoye Shosse, 6

          Mr. R. Chirkov
          Temporary Insolvency Manager
          105082, Russia, Moscow region,
          Rubtsovskaya Quay, 4, building 1, 30


YUKOS OIL: U.S. Court Okays Fulbright & Jaworski's US$3 Mln Fees
----------------------------------------------------------------
Fulbright & Jaworski L.L.P. sought and obtained the U.S.
Bankruptcy Court for the Southern District of Texas' approval to
allow its fees and expenses, totaling $3,045,925:

    * professional fees for $2,611,845 for professional services
      rendered for the period December 14, 2004, through
      February 28, 2005; and

    * reasonable and necessary expenses for $434,080.

Zack A. Clement, Esq., at Fulbright & Jaworski, L.L.P., in
Houston, Texas, previously reminded the Court that the firm
quickly developed a primary strategy to deal with the Yukos Oil
Company's case.  Fulbright & Jaworski tried to:

    (a) enforce the automatic stay to stop the tax sale and
        possible future similar tax sales of other assets;

    (b) refer the Russian Government Tax Claim dispute to an
        international arbitration; and

    (c) confirm a Plan of Reorganization that hopes for the best
        -- reorganization as a going concern -- and prepares
        simultaneously for the worst -- continued dismemberment
        by the Russian Government -- necessitating a Litigation
        Trust to continue pursuing causes of action to recover
        recompense for the dismemberment.

Headquartered in Houston, Texas, Yukos Oil Company is an open
joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in the energy industry
substantially through its ownership of its various subsidiaries,
which own or are otherwise entitled to enjoy certain rights to
oil and gas production, refining and marketing assets.  The
Company filed for chapter 11 protection on Dec. 14, 2004 (Bankr.
S.D. Tex. Case No. 04-47742).  Zack A. Clement, Esq., C. Mark
Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq.,
Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright &
Jaworski, LLP, represent the Debtor in its restructuring
efforts.  When the Debtor filed for protection from its
creditors, it listed $12,276,000,000 in total assets and
$30,790,000,000 in total debt.  On Feb. 24, 2005, Judge Letitia
Z. Clark dismissed the Chapter 11 case.  (Yukos Bankruptcy News,
Issue No. 24; Bankruptcy Creditors' Service, Inc., 215/945-7000)

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: Posts SEK1,047 Mln First-half Loss
-----------------------------------------------------
First-half Highlights

(a) the result for the period was -SEK1,047 million (1,290).
    Goodwill in Bankhall was written down by -SEK1,135 million.
    The result was charged with -SEK471 million for discontinued
    operations.  The result for the first half of 2004 was
    favorably affected by SEK833 million pertaining to the sale
    of the Japanese operation;

(b) revenues rose 15%, to SEK7,829 million (6,821).  Expenses
    increased to -SEK8,401 million (-6,487).  Excluding the
    goodwill write-down of -SEK1,135 million, expenses rose 12%;

(c) earnings per share before dilution were -SEK1.03 (1.26), of
    which -SEK0.46 (0.81) pertained to discontinued operations.
    The return on shareholders' equity was -9% (7%); and

(d) cash flow from operating activities (excluding changes in
    deposits and lending in the banking operation) amounted to
    -SEK0.2 billion (-1.6).

Improved Embedded Value Result for Unit Linked Assurance during
First-half:

(a) the group's result of operations (including financial
    effects) was SEK2,129 million (1,937);

(b) the result of operations for unit linked assurance increased
    to SEK2,320 million (1,860);

(c) the present value of new business (VNB) for unit linked
    assurance grew by 34% in local currency, to SEK1,082 million
    (812).  VNB for the second quarter alone was up slightly
    compared with the same period a year ago;

(d) net asset value per share increased to SEK31.19, compare
    with SEK29.44 at the start of the year; and

(e) the calculated profit margin for new sales increased during
    the first half of the year to 19.2% (17.2%).  During the
    second quarter alone, the profit margin was 14.9% (17.8%).
    The decline is mainly due to the dramatically changed market
    conditions for the German operation.  The profit margin
    increased in Sweden and was essentially unchanged in the
    U.K.

Rate of Growth for Operations Increased during Second Quarter;

(a) premiums and deposits rose 24% in local currency during the
    first half of the year.  New sales of unit linked assurance
    rose 20% in local currency.  New sales during the second
    quarter rose 25%;

(b) the U.K. showed continued growth with an increase in new
    sales;
(c) actions taken in Sweden are beginning to generate results.
    During the second quarter, new sales of unit linked
    assurance rose 27% compared with the same period a year ago;

(d) in Germany, operations have moved into a transitional period
    following a period of exceptional demand; and

(e) funds under management grew by 17% in local currency, to
    SEK481,641 million as per 30 June 2005, thanks to a larger
    inflow and favorable growth in value.

Hans-Erik Andersson, President and CEO, said: "Our rate of
growth increased further during the second quarter.  The
favorable financial markets notwithstanding, this demonstrates
that our strategy and business concept work.  As I have said
many times in the past, we have an attractive geographic
composition of business, which gives stability and growth
potential.

"Now as Germany moves into a transition period following a
period of unprecedented growth, our other markets are picking up
the slack.  It is particularly gratifying that the Swedish
operation is showing a significant recovery following a
prolonged downturn.  We were cautiously optimistic already after
the first quarter, and now that sales have risen for three
consecutive quarters -- toward ever higher levels month by month
-- it appears we have turned the corner.  Our banking business
also continues to perform well, both in customer numbers and
deposits and lending.

"Clearly it can be held that the recent sales successes in
Germany are attributable to external factors.  But it's not that
simple.  Germany is an example of an operation in which we have
fully capitalized on market conditions.  Thanks to the recent
sales boost, the operation has reached such a level of funds
under management that the cost situation for the operation as a
whole has improved considerably, which exceeded our
expectations.  This in turn has set the stage for investments in
new product segments.  Granted, this put a dent on the profit
margin during the second quarter, but from an overall
perspective, earnings and profitability in Germany are very
satisfactory.

"The U.K., Asia Pacific & Offshore division continued to show
robust growth during the second quarter, and our market
positions improved further.  Our Offshore business grew the
fastest during the second quarter, at the same time that the new
line of unit linked bonds as well as an array of new pension
products in the U.K. made a strong contribution to the sales
growth.  This strengthens our position in the market, not least
in view of coming changes in the U.K. pensions market in 2006.

"Bankhall's performance has naturally been a disappointment,
even though we share that development with other players engaged
in distribution.  However, we must adapt the operation to
today's conditions, which have changed dramatically compared
with when the acquisition was made public in December 2001.  We
previously reported that Bankhall's business plan would be
overhauled in 2005.  Following an in-depth analysis, our
conclusion is that anticipated future profits and synergies are
considerably lower than what was originally anticipated.

"Another problem area from the past is American Skandia.  Even
though the preliminary settlement that has now been reached with
respect to market timing will eventually affect cash flow and
thus in a way hit Skandia harder than the goodwill charges taken
for Bankhall, it is positive that we can hopefully put this
behind us.  Winding up old obligations is both resource-
intensive and costly.

"The more time and energy we can focus on developing our
business, the greater opportunities we have to achieve our
mission of creating long-term value-added.  Our business has
good prospects for continued growth, albeit over the long term
at a lower level than thus far this year.  We have successively
created value-added in our underlying business in recent years.
Our earnings performance and profitability -- especially in our
core unit linked assurance business, but also in our mutual fund
and banking operations -- have improved over time.  More
important, we have identified potential for further earnings and
profitability improvements in a number of areas.  As earlier, I
am convinced that we are on track toward further strengthening
Skandia's position in the growing market for long-term savings."

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

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


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


ABB LTD.: US$1.4 Bln Asbestos Settlement Plan Good to go
--------------------------------------------------------
A U.S. bankruptcy court has approved ABB Ltd.'s US$1.4 billion
asbestos settlement plan, said Reuters.

The Swiss engineering group, which creates industrial robots and
electric motors, is expected to present the scheme to claimants
following the court endorsement.

ABB Ltd. said: "If they [claimants] approve it, the plan will go
back to the court for confirmation.  The confirmation hearing is
set for September 29."

Shares in ABB rose 1.7% to CHF9.13 on Monday following the court
decision.  The company has seen its stock go up over 40% so far
this year.

Alessandro Migliorini, from research firm Helvea, said: "This is
an important first step which hopefully keeps the company on
track to solving Combustion Engineering's asbestos related
problems by the first quarter 2006."  He added that it would
allow the company to return to being a "normal company" again.

Meanwhile, ABB is said to be eager to survive one of the final
hurdles on its road to recovery.  The latest plan involved an
additional US$232 million, after the court rejected the original
scheme last year.  The issue, which resulted from ABB's usage of
cancer-causing asbestos in its products, is expected to be
resolved by the end of 2005, according to the group's chief
executive.

CONTACT:  ABB LTD.
          Affolternstrasse 44
          8050 Zurich, Switzerland
          Phone: +41 43 317 7111
          Fax:   +41 43 317 4420
          Web site: http://www.abb.com

          ABB Corporate Communications
          Zurich
          Wolfram Eberhardt, Thomas Schmidt
          Phone: +41 43 317 6568
          Fax: +41 43 317 7958
          E-mail: media.relations@ch.abb.com

          Investor Relations
          Switzerland
          Phone: +41 43 317 3804
          Sweden
          Phone: +46 21 325 719
          USA
          Phone: +1 203 750 7743
          E-mail: investor.relations@ch.abb.com


SAIRGROUP: Liquidator Releases Circular No. 6
---------------------------------------------
SAIRGROUP In Debt Restructuring Liquidation
Circular no. 6

Ladies and Gentlemen

This Circular provides information on the progress of the
SAirGroup debt restructuring liquidation since mid-March 2005

I. Sale of Arireal AG

In Circular no. 4, I was able to announce to creditors that a
sale and purchase agreement for the takeover of Avireal AG by
Burgring Immobilien AG had been concluded in January 2005.  The
transaction has since been approved by the Creditors' Committees
of SAirGroup and SAirLines and the sale went through at the end
of April 2005.

The deal for the shares, the "Avireal" brand, and the loans from
SAirGroup and SAirLines is worth CHF269,018,199.38.  The
proceeds will be divided as follows between SAirGroup and
SAirLines.

(a) SAirGroup

Repayment of loan, after set-off of counter-claims by Avireal
AG: CHF95,763,760.48

"Avireal" brand and building rights for Oberhau: CHF600,000.00

(b) SAirLines

Repayment of loan: CHF12,600,000.00
Shares in Avireal AG: CHF160,054,438.90

Reciprocal claims between the Avireal companies, SAirGroup and
SAirLines have also ben settled as part of the sale of Avireal
AG.  In connection with the sale, SAirGroup received a payment
of CHF3,078,715.85 from Avireal SA, suisse Romande, originating
from the settlement of property management charges for the
period from 5 October 2001 to 31 December 2002.

II. Real Estate in Switzerland

1. Catering Building in Geneva

In Section 2.1 of Circular no. 3 (December 2004), I notified
creditors of the assignment to Gate Gourment Switzerland of
SAirGroup's rights to the catering building in Geneva, at a
price of CHF5.8 million.  The deal has since been executed.

2. Villa in Bex

On 19 July 2002, SAirGroup acquired the "Villa Sereny" plot no.
832 La Colline, chemin des Clouds 2, Bex from Dr. and Mrs. Mario
Corti at a price of CHF4.5 million.  The purchase price was set
off against SAirGroup's loan claim against Dr. Corti, which
arose from the 19 March 2001 agreement on Dr. Corti's activities
as the company's CEO.  The market value of the property was
estimated by Ernst & Young AG to be CHF4.85 million as at 15
September 2002.

In August 2002, SAirGroup instructed a local real estate agent
to sell the villa.  It became clear in the course of efforts to
sell the property that it would not fetch the target selling
price of over CHF4.5 million, however.  In May 2005, a buyer was
finally found who was prepared to buy the property at a price of
CHF3.85 million.  In the meantime, a contract of sale has been
concluded at this price.  The Creditors' Committee has approved
the contract, and the deal has gone through.

III. Real Estate Abroad

1. Property at 41 Pinelawn Road, Melville New York

The present SAirGroup, then still known as Swissair Swiss Air
Transport Company Ltd., purchased the property at 41 Pinelawn
Road, Melville, New York in 1991.  The existing building was
then demolished and a new building erected.  Title to the
property was subsequently transferred to the Suffolk Couty
Development Agency in order to save taxes.  The property was
also encumbered by a right of lien relating to a US$5 million
bond issued by the Suffolk County Development Agency to Gebruder
Lincke AG (now Avireal AG).  The bond had a maturity of 1 June
2006 and a coupon of 7.35%.  The USD 5 million was never paid,
however.  It is to be inferred from an internal paper that all
interest and capital "payments" were fictitious.

Following the Swissair group's restructuring into a holding
company in May 1997, the Melville property was used by (the new)
Swissair and carried as an asset in its books.  Swissair bore
all of the costs of maintenance, etc.  SAirGroup received no
rental payments from Swissair and ceased to submit tax returns
in New York as of the 1997 financial year.  For its part,
Swissair did not pay any withholding tax on any potential
purchase price or rental which would have been payable to
SAirGroup.

These circumstances meant that, with the granting of the
provisional debt restructuring moratorium and the confirmation
of the debt restructuring agreement for Swissair and SAirGroup
respectively, the actual owner of the Melville property -- and
thus the company entitles to the proceeds of its sale -- was
unclear.  Independently of one another, both the Liquidator of
SAirGroup and the Deputy Liquidator of Swissair, Dr. Niklaus
Mueller (attorney-at-law), had the ownership situation of the
Melville property assessed by experts.

The experts concurred unanimously that, under applicable U.S.
law, Swissair is the owner of the Melville property and is thus
entitled to receive the proceeds from its sale.  From the
SAirGroup point of view, it will thus not be possible to include
the proceeds of the sale in its disposable assets.  The legal
situation is unequivocal.

In early 2005, Swissair was able to conclude a contract from the
sale of the Melville property with OSI Pharmaceuticals Inc.  The
purchase price is US$11,250,000 and the deal went through at the
end of April.

2. Condominium units on the second and fourth floor of Via Po 10
in Rome

The present SAirGroup, then still known as Swissair Swiss Air
Transport Company Ltd., bought two condominium units on the
second and fourth floor of the commercial building at Via Po 10
in Rome in 1980.  Following Swissair group's restructuring into
a holding company, the condominium units were used by the (new)
Swissair.  Swissair paid no rent to SAirGroup, but bore the
costs and taxes accruing to the two units.  The two units were
carried as assets in the Swissair balance sheet.  No transfer of
the properties from SAirGroup to Swissair was ever registered
and completed in the Italian land register, however.

During the debt restructuring moratorium the two condominium
units were sold in 2002 and 2003 with the approval of the debt
restructuring judges in Zurich and Buelach respectively.  The
proceeds of the sale were paid into a "SAirGroup/Swissair"
escrow account at the Zuercher Kantonalbank.

With the approval of the two debt restructuring judges, it was
also agreed between SAirGroup and Swissair that the allocation
of the sale proceeds would be determined in the context of the
debt restructuring liquidation.  The Deputy Liquidator of
Swissair has had the ownership situation of the two condominium
units at Via Po 10 in Rome reviewed from the Swissair
perspective.  The legal expert appointed by him, Prof. Fabio
Bortolotti, conducted that title to both units is with
SAirGroup.  the total net proceeds of CHF4,601,651.57 (after the
deduction of value-added tax, administration and realization
costs) yielded by the sale of the two condominium units in Rome
thus goes to SAirGroup.

SAirGroup and Swissair have agreed that the costs and income
accruing to real estate abroad after 5 October 2001 will be
divided between the parties separately for each property at the
same time and in the same proportions as the sale proceeds are
distributed.  In this connection, SAirGroup and Swissair have
concluded a settlement agreement covering these points:

(a) SAirGroup will reimburse Swissair the costs totaling \
    CHF410,556.18 relating to the two condominium units at Via
    Po 10 in Rome that Swissair paid from 5 October 2001
    onwards;

(b) There will be no further settlement of costs and income
    accruing prior to 5 October 2001 in connection with the two
    condominium units at Via Po 10 in Rome;

(c) Insofar as Swissair has made payments of any type to
    SAirGroup for the book transfer of the two condominium units
    at Via Po 10 in Rome from SAirGroup to Swissair, these
    payments will be recognized as creditors' claims in the
    SAirGroup liquidation proceedings and either set of against
    any creditors' claims by SAirGroup against Swissair or
    included in the schedule of claims as 3rd class claims.
    Reciprocal creditors' claims will be settled as part of the
    work to draw up the schedule of claims.

IV. Assertion of responsibility claims

1. Ruling of the Federal Supreme Court regarding the assertion
of direct loss by creditors

Recent newspaper reports stated that the Swiss Federal Supreme
Court had rejected a responsibility claim lodged by creditors of
SAirGroup.  These points must be noted in this connection:

(a) The creditors who filed the action claimed that they had
    sustained a direct loss as a result of the actions of the
    defendant governing and executive bodies.  The Commercial
    Court of Zurich and the Federal Supreme Court ruled that
    there was no casual relationship between the alleged actions
    of the governing and executive bodies and the loss that was
    subject of the action.  They therefore rejected the claim;

(b) This Federal Supreme Court ruling does not affect
    SAirGroup's responsibility claims against its governing and
    executive bodies.  Such responsibility claims relate to
    actions on the part of these governing and executive bodies
    that resulted in a loss for SAirGroup and thus only
    indirectly to creditors.  In such cases, only an adequate
    causal relationship between the actions of the governing and
    executive bodies and the loss sustained by the company need
    to be established.  Neither the Commercial Court of Zurich
    nor the Federal Supreme Court made any statement with regard
    to this issue in either of their respective judgments.

2.  Status of investigations

The investigations into responsibility claims against the
governing and executive bodies of SAirGroup have continued over
recent months.  Draft writs on the various matters are currently
being finalized.

The conciliation hearing concerning the responsibility claims
arising from the Roscor transaction (see Circular no. 5, section
IV) took place in early May 2005.  The defendant governing and
executive bodies dispute the responsibility claims that have
been asserted.  Neither party raised specific objections to the
grounds for the responsibility claims that are given in the
draft writ, however.  The action will now be logged with the
district Court of Zurich in the next few weeks.

Creditors will be kept informed on further progress with regard
to the assertion of responsibility claims.

V.  Assertion of Avoidance Claims

1.  Avoidance claims against KPMG companies

Creditors were notified in Circular no. 2, issued in June 2004,
that an action against several KPMG companies had been lodged
with the Commercial Court of the Canton of Zurich.  By this
action fee payments of around CHF45 million that were made by
SAirGroup to KPMG on 25 and 27 September 2001 were challenged.
In the respective court proceedings, SAirGroup claimed that,
given their consultancy activities for the group, the KPMG
companies were aware of SAirGroup's desperate financial
situation as at the end of September 2001, and should thus also
have been able to recognize that they were being favored by
these payments to the detriment of the other creditors.

The KPMG companies disputed these claims in their written
defense, and pleaded that the Commercial Court should reject the
claim.  A hearing took place before the Commercial Court on 18
January 2005.  The reporting judges of the Commercial Court
presented their evaluation of the case on the basis of the
statement of the action and the statement of defense.  The
judges largely upheld the reasoning presented by SAirGroup and
the Court assessed the litigation risk for SAirGroup as being
between 20 and 25%.

Settlement negotiations between the parties began in February
2005.  They ultimately led in early May 2005 to a settlement
agreement in principle.  The terms of the corresponding
agreement are:

(a) The KPMG companies will pay SAirGroup CHF35.5 million;

(b) The KPMG companies will waive their revived fee claims,
    equal to the amount of the payment; and

(c) For its part, SAirGroup will refrain from making any further
    claims against the KPMG companies.

This settlement duly considers the litigation risks as stated to
the parties by the Commercial Court.  an excellent result has
been achieved  for the SAirGroup creditors.  In evaluating the
settlement, it must be borne in mind that a successful avoidance
action for the payments to the KPMG companies revives the fee
claims that had been settled with the original payments.  If
these claims had to be recognized as par of the schedule of
claims, the KPMG companies would be entitled to a dividend.
Under the terms of the settlement, the KPMG companies have now
waived any claims that may be revived and therefore no longer
hold any claims against SAirGroup.  With an expected average
dividend of 9%, the KPMG companies' waiver is worth around CHF3
million.

The Creditors' Committee approved the settlement and a written
settlement agreement has since been concluded and executed.

2. Avoidance claims against Deutsche Bank AG

In Circular no. 3, I informed creditors of SAirGroup's avoidance
claim against Deutsche Bank AG, concerning payments of around
CHF87 million and EUR20 million net that were made between early
March and late September 2001 in connection with an equity swap
of SAirGroup registered shares.  The avoidance action against
Deutsche Bank AG will be submitted in the coming weeks.

3.  Other Avoidance claims

The necessary steps have been taken to safeguard the rights of
SAirGroup concerning the other avoidance claims being pursued by
it (see Circular no. 5, section I.12).  The grounds for claims
in each individual case are currently being examined.  Once this
process has been completed, a final decision will be taken on
which avoidance claims SAirGroup will finally pursue by filing a
lawsuit.  Should the liquidation bodies decide not to pursue
such claims in individual cases, creditors will be offered the
assignment of the right to take legal action.

VI. Offers for the Purchase of Claims Against SAirGroup

It has come to my attention that a number of finance companies,
most recently VonWin Capital, have been making offers to
SAirGroup creditors to purchase their claims.  I should like to
make these remarks on this subject:

(a) These finance companies find out about registered claims
(creditors, including their addresses and the amount claimed) by
exercising the right to inspect the company's files, which they
have as SAirGroup creditors;

(b) These companies are acting without any assistance from
myself;

(c) As Liquidator of SAirGroup, I am not permitted to recommend
to creditors how they should respond to such offers.  I would
simply refer you to my circulars, specifically Circular no. 4,
including the SAirGroup liquidation status as at 31 December
2004.

Further information on proceedings is scheduled to be sent out
to creditors in the autumn of 2005.

Yours sincerely
SAirGroup in debt restructuring liquidation
The Liquidator

Karl Wuethrich


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


HSBC BANK: Gets 'BB-' Rating, Stable Outlook
--------------------------------------------
Fitch Ratings has affirmed Turkey-based HSBC Bank A.S.'s Long-
term foreign and local currency ratings at 'BB-' (BB minus) and
'BB+', respectively.  Its other ratings are affirmed at Short-
term foreign and local currency 'B' and Support '3'.  At the
same time, the agency has assigned the bank an Individual 'C'
rating and National Long-term 'AA- (AA minus) (tur)' rating.
The Outlook is Stable on all the Long-term ratings.

The International Long- and Short-term, National Long-term and
Support ratings reflect HSBC Bank's ownership by HSBC Bank plc
(rated 'AA').  HSBC has a very high propensity to support but
its ability to do so might in certain circumstances be
constrained by the transfer risk attached to Turkey.  The
support rating is therefore constrained at '3'.  HSBC Bank's
LTLC rating is two notches above Turkey's sovereign rating of
'BB-' (BB minus).  The Individual rating reflects the bank's
stable asset quality, good capitalization and sound funding
structure.  These are offset by rapid growth in the loan
portfolio that has resulted in reduced equity measures.

HSBC Bank's profitability diminished in 2004 due to compression
in net interest earnings, higher credit loss provisions and
weaker non-interest revenues, but 2005 has been a much better
year.  Expenses remain under control and trading income is
strong.  The bank benefits from low funding costs and solid
interest margins.  Loans grew by a rapid 69% during 2004 due to
the bank's emphasis on consumer credit, which more than doubled.
While impaired lending increased in absolute terms, non-
performing loans were only 1.59% of the portfolio and reserve
coverage improved to 108% compared with 1.97% and 96%,
respectively, in the previous year.

HSBC Bank has adopted the conservative credit and market risk
management policies of HSBC, which are reflected in its positive
track record.  Capital is managed on a global basis and HSBC
allocates capital according to needs of each subsidiary.  HSBC
Bank maintains healthy, albeit reduced, capital measures. Its
regulatory capital ratio (mostly Tier 1) was 32% at end-2004.

HSBC Bank is the 10th largest private commercial bank in Turkey
with total assets of approximately US$3.9 billion at end-2004.
It has leading market shares in investment banking and consumer
lending and management anticipates building presence in all its
chosen products.  The bank is 100%-owned by HSBC.  In 2001, HSBC
acquired the failed Demirbank and merged it into HSBC Bank.

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

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


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


AAC CONSULTING: High Court Issues Winding-up Order
--------------------------------------------------
Company Name: AAC Consulting Ltd
              27 Atlantic House, Waterson Street
              London, E2 8HE
              Web site: http://www.aac-consulting.co.uk/

Registration Number: 04744088

Court: High Court of Justice

Date of Filing Petition: 20 June 2005

No. of Matter: 004051 of 2005

Date of Winding-up Order: 10 August 2005

Official Receiver's Address: 21 Bloomsbury Street
                             London, WC1B 3SS


AL-AMIR INDIAN: Bristol Court Accepts Winding-up Petition
---------------------------------------------------------
Company Name: Al-Amir Indian Cuisine Ltd.
              38-40 Clifton Street, Blackpool
              Lancashire, FY1 1JP
              Phone: 01253 752212

Registration Number: 04577429

Court: Bristol District Registry

Date of Filing Petition: 15 June 2005

No. of Matter: 2492 of 2005

Date of Winding-up Order: 10 August 2005

Official Receiver's Address: 1st Floor, Newfield House
                             Vicarage Lane, Blackpool, FY4 4WB


ANDREW MOORE: Boat Builder Appoints Administrators
--------------------------------------------------
Name: ANDREW MOORE BOATS LIMITED
      (Company No 04928697)

Nature of Business: Boat Builders

Address of Registered Office: 1 The Centre, High Street,
Gillingham, Dorset SP8

Trade Classification: 11

Date of Appointment: 8 August 2005

Administrators' Names and Address: Michael Robert Fortune and
Carl Derek Faulds (IP Nos 8831 and 008767), both of Portland
Business & Financial Solutions Ltd., Abacus House, Acorn
Business Park, Tower Park, Poole, Dorset BH12 4NZ

CONTACT:  ANDREW MOORE BOATS LIMITED
          Workshops Chilton Cantelo Nr Yeovil,
          Somerset, BA22 8BQ
          Phone: (Admin) 01749 676533,
          Fax: 01749 670072
          E-mail: enquiries@andrewmooreboats.com
          Web site: http://www.andrewmooreboats.com

          PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley
          Fareham
          Hampshire PO15 7AH
          Phone: 01489 550 440
          E-mails: carl.faulds@portland-solutions.co.uk

          FORTUNE PEAT
          Abacus House
          Acorn Business Park
          Tower Park, Poole, Dorset
          Phone: 01202 380300
          Fax:   01202 380400
          E-mail: mikefortune@fortunepeat.co.uk
          Web site: http://www.fortunepeat.co.uk


ATOM R.F.: Files for Liquidation
--------------------------------
At an Extraordinary General Meeting of the Members of Atom R.F.
Systems Limited, duly convened, and held at 30 Derby Street,
Ormskirk, Lancashire L39 2BY, on 2 August 2005, the following
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily and that
Eileen T F Sale, of Sale Smith & Co Ltd., be and she is hereby
appointed Liquidator for the purposes of such winding-up."

At a subsequent Meeting of Creditors held later that day and at
the same venue the above Resolutions were also approved.

M Gray, Director

                            *   *   *

Atom RF Systems Ltd., based in Speke, South Liverpool, is a
highly experienced team with over 50 years experience in the
Design, Manufacture and Installation of RFI, EMC, EMI, NEMP and
Tempest Shielding Systems, Structural Steelwork, Custom
Fabrications, Shielded Containerized Systems and Associated
Components, to both the military and commercial markets.

CONTACT:  ATOM RF SYSTEMS LTD.
          Unit 3
          The Old BT Building
          Edwards Lane Industrial Estate
          Speke
          Liverpool, L24 9HX
          Phone: +44 (0) 151 486 1555
          Fax: +44 (0) 151 486 3151
          Web site: http://www.atomrfsystems.com
          E-mail: contact@atomrfsystems.com

          SALE SMITH & CO.
          Carmella House,
          3 & 4 Grove Terrace,
          Walsall, West Midlands WS1 2NE
          Phone: 01922 624777
          Fax: 01922 720528
          E-mail: etfs@salesmith.demon.co.uk


AVIONIC SERVICES: Air Traffic Expert Winds up in Administration
---------------------------------------------------------------
Name: AVIONIC SERVICES PLC
      (Company No 02706470)

Nature of Business: Air Traffic Engineering

Address of Registered Office: 17-19 Foley Street, London W1W 6DW

Date of Appointment: 10 August 2005

Administrators' Names and Address: Andrew Gordon Stoneman and
Paul John Clark (IP Nos 8728 and 8570), both of Menzies
Corporate Restructuring, 17-19 Foley Street, London W1W 6DW

                            *   *   *

Avionic Services is recognized internationally for its technical
expertise in air traffic engineering.  It provides air traffic
engineering services for complete turnkey projects for a wide
range of airport radar, navigation, communication,
meteorological, air traffic systems, airfield ground lighting
systems, and ATC Control Towers.  The company offers all types
of airfield/air traffic consultancy, engineering, manufacturing
and maintenance services.  Its Flight Inspection Service started
in 2004.  Visit http://www.avionicservices.co.uk/for more
information.

CONTACT:  AVIONIC SERVICES PLC
          53 Portland Road
          Kingston, Surrey KT1 2SH
          United Kingdom
          Phone: +44 (0) 20 8974 5225
          Fax: +44 (0) 20 8974 5023
          E-mail: Marketing@avionicservices.co.uk

          MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


BG PRINT: Calls in Liquidator from Elwell Watchorn
--------------------------------------------------
At an Extraordinary General Meeting of BG Print (Midlands)
Limited, duly convened, and held at the offices of Elwell
Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire
LE12 7NN, on 10 August 2005, the subjoined Extraordinary
Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
John Michael Munn and Joseph Gordon Maurice Sadler, of Elwell
Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire
LE12 7NN, be and are hereby appointed Joint Liquidators for the
purposes of such winding-up."

G S Buxton, Director

CONTACT:  B G PRINT MIDLANDS LTD.
          Regent Street NUNEATON
          Warwickshire CV11 4BL
          Phone: 024 76381319
          Web site: http://www.bgprintmidlands.co.uk

          ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


BIG LUKES: Restaurant Hires Tait Walker as Administrator
--------------------------------------------------------
Name: BIG LUKES TEXAS RESTAURANT (METRO CENTRE) LIMITED
      (Company No 03425021)

Nature of Business: Restaurant

Trade Classification: 55300

Date of Appointment: 12 August 2005

Administrators' Names and Address: Gordon S. Goldie and Allan D.
Kelly (IP Nos 5799 and 9156), both of Tait Walker, Bulman House,
Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS

CONTACT:  BIG LUKES
          80-82 Russell Way,
          Metro Centre,
          Gateshead, Tyne and Wear NE11 9XX
          Phone: 0191 460 7000
          Web site: http://www.biglukes.com/

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


BRIGHTER BUSINESS: Goes into Liquidation
----------------------------------------
Company Name: Brighter Business Solutions Ltd.
              2 Thelby Close, Limbury Mead Estate
              Luton, Bedfordshire, LU3 2UF

Registration Number: 04148446

Court: Bristol District Registry

Date of Filing Petition: 20 June 2005

No. of Matter: 2562 of 2005

Date of Winding-up Order: 10 August 2005

Official Receiver's Address: 1st Floor, Trident House, 42-48
                             Victoria Street, St Albans, AL1 3HR


BRITISH ENERGY: 'BB+' Ratings, Stable Outlook Affirmed
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit ratings on U.K.-based nuclear generator British
Energy Holdings PLC and its subsidiary British Energy Group PLC.
The outlook remains stable for both entities.

In addition, Standard & Poor's also affirmed its 'BB' senior
unsecured debt rating on BEH's GBP550 million of bonds due 2022.

"The group's financial performance for fiscal 2005 was weak but
cash flow is expected to be positive during fiscal 2006," said
Standard & Poor's credit analyst Beatrice de Taisne.  "We expect
cash flow coverage to improve due to higher wholesale prices and
a higher volume of generation."

The ratings on BEH continue to reflect the exposure of the
company's cash flows to volatile wholesale electricity market
prices and the risk of unplanned outages and weaker-than-
expected operational performance.  The ratings are also
constrained by the group's market position as a price-taker in
the wholesale power market and its weak cash flow coverage for
fiscal 2005.

These risks are offset to an extent by BEH's good liquidity,
albeit that any raising of the rating into the investment-grade
category would lead to the disappearance of covenants requiring
maintenance of the cash balance of GBP290 million, which would
be detrimental to the group's liquidity.  Other positive rating
factors include the group's supportive covenants; fuel supply
agreements, which provide a partial hedge against low
electricity prices risk; and large improvement in its base-load
wholesale power prices.

The senior unsecured debt rating is one notch below the
corporate credit rating, reflecting the presence of other
secured creditors that would take precedence in recovery after a
default, including secured lenders to Eggborough Power Ltd. (a
receivables purchase facility) and the Nuclear Liabilities Fund
(NLF).

The stable outlook reflects the likelihood that the group's cash
flows will be supported by sustainable power prices and a return
to more normal production levels from fiscal 2006 onward.
Standard & Poor's has not factored in any benefit that might
arise from the group's capital expenditure plans that are
intended to improve plant performance.

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
          InfrastructureEurope@standardandpoors.com


CELTIC F.C.: Season, Turnover Head South
----------------------------------------
The Celtic Football Club has reportedly booked a higher pretax
loss in 2005 due to its early exit from Europe and fewer local
matches.

According to AFX News, the club's yearly loss climbed to GBP7.73
million from GBP7.47 million last year.  Turnover dropped almost
10% to GBP62.17 million after the club failed to advance beyond
the group stage in the UEFA Champions League.

Profit from operations plunged from GBP4.87 million to GBP4.10
million, while debt rose to GBP19.5 million from GBP15.8 million
a year earlier.  The poor performance was also blamed on fewer
home games and only three UEFA Cup games played in the second
half of last season.

Chairman Brian Quinn noted football and multimedia revenues were
influenced by the club's failure to play deep into the UEFA
Champions League or the UEFA Cup.  The team also failed to
defend its Bank of Scotland Premier league title.  Nonetheless,
Mr. Quinn remains positive about the club's future, saying the
long-term picture looks better, as evidenced by the steady
revenue growth in the last five years.  He is also counting on
the team's strong showing in local tournaments and the expansion
of the Celtic brand.

While he said that "last year marked a pause in the remarkable
run of success enjoyed by Celtic in recent years," Mr. Quinn
stressed that the club had learned its lessons, which involve
the careful handling of cost and contracts.

CONTACT:  CELTIC FOOTBALL CLUB
          Celtic Park
          Glasgow
          G40 3RE
          Scotland
          United Kingdom
          Phone: 0845 671 1888
          Fax: +44 (0)141 551 8106
          Web site: http://www.celticfc.co.uk


C & S LOGISTICS: Appoints Moore Stephens Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of C & S Logistics Solutions
Limited, duly convened, and held at the offices of Moore
Stephens, Corporate Recovery, Victory House, Admiralty Place,
Chatham Maritime, Kent ME4 4QU, on Friday 29 July 2005, the
subjoined Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting,
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly, that the Company be wound up voluntarily, and that
David Ronald Elliott, of Moore Stephens, Corporate Recovery,
Victory House, Admiralty Place, Chatham Maritime, Kent ME4 4QU,
be and is hereby appointed Liquidator for the purposes of such
winding-up."

C Richards, Chairman

CONTACT:  C & S LOGISTICS SOLUTIONS LIMITED
          Transfesa Road, Paddock Wood
          Tonbridge, Kent TN12 6UT
          Phone: 01892837444

          MOORE STEPHENS CORPORATE RECOVERY
          Victory House
          Admiralty Place
          Chatham Maritime
          Kent ME4 4QU
          Phone: +44 (01634) 895100
          Fax: +44 (01634) 895101
          Web site: http://www.moorestephens.com


CUSTOMVIS PLC: Sells Second Pulzar Z-1 Solid State Laser
--------------------------------------------------------
CustomVis plc received a deposit confirming a further sale of a
Pulzar Z-1 solid state laser.  This sale is the second to Korea
and the third for the quarter.  Shipment is expected before the
end of August 2005.  Negotiations are continuing in relation to
further sales into Asia, Europe and South America.

The sale is expected to help stave off insolvency at the
company, according to Sharecast.  In July, the company said that
at 30 June 2005 the Group had GBP1.95 million in cash.  The cash
burn rate has been reduced to below GBP250,000 per month but, as
a result of the lack of revenue flow, with only one laser sale
to date, the Group is to take further cost cutting measures.

The cash burn rate will be cut to approximately GBP150,000 per
month, (excluding one-off restructuring cash outflows which are
estimated at less than GBP150,000).  The cost cutting measures
will include a substantial reduction in total director
remuneration compensated by issuing options exercisable at the
current share price.  Discussions will be held with key staff
along similar lines.  The cost cutting enables the Group to
trade until October 2005.

CustomVis makes and sells laser optical equipment for use within
the laser vision correction industry.  Its banker is Clydesdale
Bank plc, and its auditor is PKF (UK) LLP.  It is being advised
on financial matters by Collins Stewart Ltd., and on legal
issues by Hammonds.

CONTACT:  CUSTOMVIS PLC
          Devonshire Square
          Cutlers Gardens
          London
          EC2M 4YH
          United Kingdom
          Phone: (0870) 839 0000
          Fax: (0870) 839 1001
          E-mail: info@customvis.com
          Contact:
          Paul van Saarloos
          Phone: +61 410 497 456

          TAVISTOCK COMMUNICATIONS
          Christian Taylor-Wilkinson
          Rachel Drysdale
          Phone: 0207 7920 3150


EAST WEST: Appoints DTE Leonard Curtis Administrator
----------------------------------------------------
Name: EAST WEST INTERNATIONAL LIMITED
      (Company No 04221798)

Nature of Business: Other Wholesale

Address of Registered Office: Peninsula House, Green Lane,
Heywood, Lancashire OL10 2DY

Trade Classification: 15

Date of Appointment: 4 August 2005

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

                            *   *   *

East-West Int'l Ltd. specializes in new and used electrical
Generators/Turbines located around the world in all forms and
sizes.

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


EURODIS ELECTRON: Sells Customer, Supplier Data to Abacus
---------------------------------------------------------
Abacus Group said it has acquired from the Eurodis Administrator
in the U.K. for GBP1.6 million, certain intangible assets
connected with customer and supplier information.  As a
consequence, Abacus expects to add a proportion of the Eurodis
sales in the U.K. to its own business.  In addition, Abacus has
employed four ex-Eurodis sales staff in the Nordic region
engaged in the distribution of display components and has
secured distribution agreements in the region with certain
display suppliers.

The combination of these two former Eurodis business activities
is expected to provide Abacus with material new business
opportunities in the near and mid-term.

Martin Kent, Abacus Group Chief Executive, said: "We are pleased
to have been able to react so promptly to the opportunity
offered by the placing of Eurodis into Administration.  The
former Eurodis business taken on in the U.K. and the Nordic
region, where Abacus will now have critical mass, will be
important and should assist Abacus grow its business in 2006."

                            *   *   *

On 15 July 2005, Neville Barry Kahn and Nicholas Guy Edwards (of
Deloitte & Touche LLP) were appointed joint administrators of
Eurodis Electron PLC.

CONTACT:  ABACUS GROUP PLC
          Phone: 01635 36222
          Martin Kent, Chief Executive
          Peter Allen, Finance Director

          BUCHANAN COMMUNICATIONS
          Phone: 020 7466 5000
          Mary-Jane Johnson

          DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


EUROPEAN COMMUNICATION: Files for Liquidation
---------------------------------------------
At an Extraordinary General Meeting of the Members of European
Communication Corporation Plc, duly convened, and held at 48
Langham Street, London W1W 7AY, on 8 August 2005, the following
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

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

C Bayley, Chairman

                            *   *   *

European Communication is included in the list of top 100 mobile
phone companies in the U.K.

CONTACT:  EUROPEAN COMMUNICATION CORPORATION PLC
          Suite 1 2 Shad Thames
          London SE1 2YU
          Phone: (020 7378 9488)


FEDERAL-MOGUL: U.S. Court Pegs Asbestos Liability at US$9.4 Bln
---------------------------------------------------------------
In a Memorandum Opinion and Order released Friday, August 19,
2005, Judge Rodriguez estimated the total amount of contingent
and unliquidated claims against Turner and Newall Limited for
personal injury or death caused by exposure to asbestos at US$9
billion in the United States and GBP229 million (about US$411
million) in the United Kingdom, including pending and future
claims.

A full-text copy of Judge Rodriguez's 64-page Memorandum Opinion
and two-page Order is available free of charge at:

         http://bankrupt.com/misc/fmoasbestosopinion.pdf

As previously reported, the Official Committee of Asbestos
Claimants and the Legal Representative For Future Asbestos
Claimants' expert, Dr. Mark Peterson, estimated T&N's United
States liability at US$11.1 billion and T&N's liability for
present and future claims in the United Kingdom at GBP226
million or about US$405.6 million.

In contrast, Dr. Robin Cantor, the Asbestos Property Damage
Committee's expert, placed the net present value of all pending
and future United States claims at US$2.5 billion.  Neither the
PD Committee nor Dr. Cantor estimated the aggregate liability in
the United Kingdom because the claims "are only a small fraction
of the United States claims, and will not significantly affect
recoveries for property damage claimants."

                    English Law Considerations

Judge Rodriguez notes that in an attempt to efficiently and
thoroughly resolve the liability concerns in the United States,
the PI Committee and the Futures Representative submitted
evidence that they hope will provide some persuasive reference
to the concurrent administration (bankruptcy) proceedings in the
United Kingdom.

Recently, the English solicitors for the Administrators of the
English companies in the Federal-Mogul Group applied to Justice
David Richards of the English High Court of Justice for
directions that concerned various issues of conflicts of law
pursuant to section 14(3) of the Insolvency Act 1986.  After a
hearing, the High Court indicated that it could be assisted on
the issues after the U.S. District Court renders its estimation
judgment.

To that end, Judge Rodriguez believes that Barbara Dohmann,
Q.C., a barrister at the Bar of England and Wales and a member
of the Blackstone Chambers, provided credible and well-reasoned
expert testimony as to the choice of law for liability and
damages that would apply if T&N's personal liability claims,
based on events in the United States, were considered by an
English court.

Ms. Dohmann opined that a Court in the United Kingdom would
apply the law of the relevant United States jurisdiction to
determine T&N's liability for asbestos claims asserted against
it based on exposure and injury occurring in the United States.
Judge Rodriguez accepts her testimony as credible and
persuasive.

According to Judge Rodriguez, the PD Committee correctly
established during cross-examination that as of this moment the
laws of the United Kingdom would control the quantification of
damages issue.  "Nevertheless, the Court accepts the testimony
of Ms. Dohmann, and concurs with her opinion that the House of
Lords will ultimately decide that United States claims against
T&N would be assessed and quantified, in an English
administration, under the applicable law of a United States
jurisdiction, regardless of whether the claims are considered
under [Private International Law (Miscellaneous Provisions) Act
1995] or common law."

                        Estimation Process

Judge Rodriguez notes that the Bankruptcy Codes does not
establish the manner in which contingent or unliquidated claims
are to be estimated.  "Courts in the Third Circuit have recently
grappled with the manner in which an estimation should be
conducted in the asbestos-bankruptcy context."

Judge Rodriguez points out that in the In re Armstrong World
Industry estimation, it was stated that "estimating future
claims is more an imprecise art than a science, and the best way
anyone can do is try to find an estimate that is not
unreasonable." In re Armstrong World Indus., Case No. 00-04471,
slip. op. 45, Docket No. 6256 (Bankr. D. Del. December 19, 2003)

The In re Owens Corning estimation provides a useful analog to
the estimation in Federal-Mogul's case, Judge Rodriguez notes.
The court pegged Owens Corning's liability as "somewhere in
between," and consequently, assessed its liability at $7
billion.

In re Owens Corning, 322 B.R. at 725.  Judge Rodriguez observes
that this was in-line with other major asbestos bankruptcy
estimations -- the estimate in the Babcox & Wilcox case was
US$7.1 billion to US$9.0 billion, in Armstrong World Industry it
was US$4.7 billion to US$6.5 billion, in Raytech it was US$7
billion, and in Eagle-Pitcher it was US$2.5 billion.

However, Judge Rodriguez relates, the Memorandum and Order in
Owens Corning's case does not give a roadmap to its US$7 billion
dollar figure; this, despite the enormous variations in the four
estimates provided, US$2-US$11 billion dollars.  Judge Rodriguez
clarifies that this is not a criticism of the Owens Corning
court, but rather, a recognition that each expert used a
different set of assumptions and methods for determining
historic levels of compensation, the values of that
compensation, and how the universe of claims was evaluated.

Similarly, Judge Rodriguez notes, he is confronted with two
estimates that are submitted by two well-respected experts, but
are based upon radically different assumptions.

According to Judge Rodriguez, the task, therefore, cannot be to
simply determine which expert makes a more compelling argument
as to a particular variable in their formula, insert the most
credible figure, and then continue with the calculus.

"The task is made more difficult because the parties have spent
considerable time criticizing the other expert's assumptions and
the methodology used to compute each variable.  After
consideration of the expert reports in this matter, it is
evident that the Court must make reasonable adjustments based on
the record created at trial and embrace the methodology it finds
more reliable, while remaining vigilant to the potential bias
that a party's expert may have on his or her estimation
figures."

Judge Rodriguez believes that a workable framework was developed
in In re Eagle Pitcher, 189 B.R. 681 (Bankr. S.D. Ohio 1995).
The Eagle Pitcher court set out what an estimating court should
consider in the asbestos estimation process.

In considering prepetition, unpaid claims, Judge Rodriguez
asserts that the only sound approach is to begin with what is
known -- the data in the T&N Database.

Judge Rodriguez found the Eagle Pitcher court's seven
considerations for estimating future claims persuasive:

   1. The estimate should be primarily based on the company's
      history.  This consideration does not, however, rule out
      the desirability of considering trends general to the
      industry, particularly regarding the rate of filing of
      claims.

   2. The total number of claims to be expected should be
      estimated.

   3. The estimation of claims should categorize them by disease
      and occupation, as well as other factors.

   4. Valuation of claims should be based on settlement values
      for claims close to the filing date of the bankruptcy
      case.

   5. A reasonable rate for indemnity increase with time must be
      determined so that a future value of filing date indemnity
      values can be comparable.

   6. A lag time gleaned from the tort system must be determined
      in order that there be accuracy in projecting future
      values.

   7. A discount rate must then be applied in order to bring the
      future nominal value of claims back to the filing date.

Despite the significant difference in estimates, Judge Rodriguez
observes that there are some areas where Dr. Peterson and Dr.
Cantor agree.  Both generally agree on the number of historical
claims filed, and an approximate value of unpaid, unresolved
pending claims.  Also, each expert "transitions" the data for
those claims that were unspecified in the T&N Database.  In
addition, the experts both derive a "nonmalignant multiplier"
for projecting the number of future nonmalignant claims as a
multiple of cancer claims; namely, Dr. Peterson uses 10.2 for
his Increasing model and Dr. Cantor uses 12.9.  They both
generally agree on the historical dismissal rates, which they
both use to determine the number of pending and future claims
that will be compensated.

After considering the evidence and the testimony of the experts,
Judge Rodriguez has determined that Dr. Peterson's estimate
comes closest to the criteria enumerated in In re Eagle-Pitcher.

Judge Rodriguez says he places more reliance on the methodology
and testimony of Dr. Peterson.  "However, the reliance is
tempered by the Court's consideration of the criticisms levied
by the PD Committee of Dr. Peterson's Increasing model.  In
addition, the Court cannot ignore the lack of funding that has
befallen numerous asbestos personal injury trusts, and was
persuaded by the testimony that indicated that the asbestos
containing products manufactured, distributed, marketed, and
mined by T&N reached countless United States' job sites and
affected hundreds of thousands of persons.  It is for these
reasons that a figure between Dr. Peterson's No Increasing
estimate -- US$8.2 billion -- and his Increasing estimate --
US$11.1 billion -- is reasonable and in keeping with the
purposes of [Section 502(c) of the Bankruptcy Code]."

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.
At Dec. 31, 2004, Federal-Mogul's balance sheet showed a
US$1.925 billion stockholders' deficit.  At Mar. 31, 2005,
Federal-Mogul's balance sheet showed a US$2.048 billion
stockholders' deficit, compared to a US$1.926 billion deficit at
Dec. 31, 2004.  Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford. (Federal-Mogul
Bankruptcy News, Issue No. 91; Bankruptcy Creditors' Service,
Inc., 215/945-7000)

CONTACT:  TURNER & NEWALL LIMITED
          Manchester International Office
          Centre Styal road
          Manchester M22 5TN


FREDERICK RESTALL: Furniture Decides to Liquidate
-------------------------------------------------
Company Name: Frederick Restall Limited
              Wilson Field, The Annexe, The Manor House, 260
              Ecclesall Road South, Sheffield, S11 9PS
              Web site: http://www.restall.co.uk

Registration Number: 00143184

Court: Leeds District Registry

Date of Filing Petition: 20 July 2005

No. of Matter: 790 of 2005

Date of Winding-up Order: 5 August 2005

Official Receiver's Address: 3rd Floor West, Ladywood House,
                             45/6 Stephenson Street, Birmingham
                             B2 4UP


GATE GOURMET: Bankruptcy Not a Distant Possibility, Says Parent
---------------------------------------------------------------
Gate Gourmet's British operations may file for bankruptcy if it
fails to reach a new commercial deal with British Airways, says
The Telegraph.

The U.S. catering company admitted Monday that its U.K. arm
faces the prospect of going out of business if talks with its
biggest client collapse.  The company, owned by Texas Pacific
Group of Fort Worth, has already sent home more than 600
employees, following their protest over working conditions.
This led to an unofficial strike by 1,000 British Airways ground
staff at Heathrow last week, leaving over 110,000 passengers
stranded.

The caterer also failed to reach an agreement with the Transport
and General Workers Union, raising the risk of bankruptcy.  "At
the moment, Gate Gourmet is not a viable commercial organization
and so (bankruptcy) administration has to be a real
probability," Gate Gourmet Director Andy Cook told BBC TV's
Breakfast program.

"As disappointing as it is, you know, we're faced with losing
GBP25 million (US$45 million) a year.  We're faced with having
no contract with British Airways that gives us commercial terms
that we need, and so we'll end up in a situation of having
absolutely no choice," he added.

Tony Woodley, the TGWU general secretary, earlier said:
"[British Airways] must now play a part in the resolution of
this situation . . . It is our belief that [it] cannot do a
Pontius Pilate on this issue."

Meanwhile, according to the Times, creditors are intent on
collecting their loan after Gate Gourmet defaulted on monthly
interest payments on a CHF300 million (GBP132 million)
"mezzanine" loan since January.  The creditors are said to be
eyeing a debt-for-equity swap that will give them 65% of Gate
Gourmet, plus CHF150 million in cash in exchange for writing off
the debt.  Otherwise, the creditors, who have lent almost CHF700
million to Gate Gourmet, may call in their loans.

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


GOCOM MEDIA: High Court Issues Winding-up Order
-----------------------------------------------
Company Name: Gocom Media Limited
              24 Grosvenor Gardens,
              London,
              SW1W 0DH
              Phone: 08715208054

Company Registration Number: 4393680

Court: High Court of Justice

Date of Filing Petition: 24 June 2005

No. of Matter: 004196 of 2005

Date of Winding-up Order: 10 August 2005

Official Receiver's Address: 21 Bloomsbury Street
                             London, WC1B 3SS


G.R. 1980: Appoints PKF Liquidator
----------------------------------
At an Extraordinary General Meeting of the Members of G.R. 1980
Limited, duly convened, and held at 52 Mount Pleasant, Liverpool
L3 5UN, on 8 August 2005, the following Resolutions were duly
passed, as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily and that
Jonathan D Newell and Kerry Franchina Bailey, of PKF (UK) LLP,
Sovereign House, Queen Street, Manchester M2 5HR, be and they
are hereby appointed Joint Liquidators for the purposes of such
winding-up and that they are empowered to act jointly and
severally in all matters."

G C Carr, Chairman

CONTACT:  G.R. 1980 LTD.
          Unit 9 Blackburn Street
          Garston Industrial Estate
          Liverpool
          L19 8JB
          Phone: 0151 - 4278511

          PKF
          Pannell House
          6 Queen Street
          Leeds
          West Yorkshire LS1 2TW
          Phone: 0113 228 0000
          Fax: 0113 228 4242
          E-mail: ian.schofield@uk.pkf.com


HIGHERSTATE LTD.: In Liquidation
--------------------------------
Company Name: Higherstate Ltd.
              3 Redman Court, Bell Street
              Princes Risborough
              Buckinghamshire, HP27 0AA

Company Registration Number: 04068239

Court: Bristol District Registry

Date of Filing Petition: 17 June 2005

No. of Matter: 2540 of 2005

Date of Winding-up Order: 10 August 2005

Official Receiver's Address: 1st Floor, Trident House, 42-48
                             Victoria Street, St Albans, AL1 3HR

Higherstate Ltd. trades as Turret Engineering Services  (Web
site: http://www.turretengineering.com/;Phone: 01494 461888;
Fax: 01494 461282; E-mail: info@turretengineering.com)


INSPIRE IT: Owners Decide to Wind up Firm
-----------------------------------------
At an Extraordinary General Meeting of the Members of Inspire IT
Solutions Limited, duly convened, and held at Abacus House,
Acorn Business Park, Tower Park, Poole, Dorset BH12 4NZ, on 9
August 2005, the following Resolutions were duly passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Carl Derek Faulds and Michael Robert Fortune, of Portland
Business & Financial Solutions Ltd, 1640 Parkway, Solent
Business Park, Whiteley, Fareham, Hampshire, be and they are
hereby appointed Joint Liquidators of the Company and that any
act required or authorised to be done by the Liquidators, is to
be done by both or either of them for the time being holding
office."

B D Hailes, Director

CONTACT:  INSPIRE IT SOLUTIONS LIMITED
          94 High Street, POOLE, Dorset BH15 1DB
          Phone: 01202675122

          PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley
          Fareham
          Hampshire PO15 7AH
          Phone: 01489 550 440
          E-mails: carl.faulds@portland-solutions.co.uk
                   james.tickell@portland-solutions.co.uk


IN-TECH PLANT: EGM Passes Winding-up Resolutions
------------------------------------------------
At an Extraordinary General Meeting of In-Tech Plant Hire
Limited, convened, and held at the offices of Royce Peeling
Green Limited, The Copper Room, Deva Centre, Trinity Way,
Manchester M3 7BG, on 11 August 2005, at 11:00 a.m., the
following Resolutions were duly passed, as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That the Company cannot, by reason of its liabilities, continue
its business, and that the Company be wound up voluntarily and
that Roderick Michael Withinshaw and Peter Jones, of Royce
Peeling Green Limited, The Copper Room, Deva Centre, Trinity
Way, Manchester M3 7BG, be appointed Joint Liquidators of the
Company for the purposes of such winding-up."

R F Taylor, Chairman

                            *   *   *

The company manufactures fully bunded fuel tanks, static, road
tow, site tow.

CONTACT:  IN-TECH PLANT HIRE LIMITED
          In-Tech House, Warth Road, Bury BL9 9NG
          Phone: 0161 7610000
          Fax: 0161 7610011

          ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Phone: 0161 6080000
          Fax:   0161 608 0001
          E-mail: info@rpg.co.uk
          Web site: http://www.rpg.co.uk


JUMP GROUP: Files for Liquidation as Mortgage Crisis Worsens
------------------------------------------------------------
About 2% of companies within the real estate sector are in
liquidation, while 3% have County Court Judgments filed against
them, said ICC Credit.

The report came as Jump Group Ltd. fell into administration
early this month, joining other real estate firms like
Centerpoint Development Ltd. and Amornite Estates Ltd.

Matthew Debbage, Head of Product and Marketing, ICC Credit,
said: "If the rise in mortgage debt and falling house prices
keep going, we might experience a significant economy slowdown,
which will push the number of companies failing in this sector
up."

Leeds-based Jump Group was established in 1995 with an issued
capital of GBP390,448.  Through its 30 branches across
Lincolnshire and Yorkshire, the company engaged in property
dealing, property renovation and the provision of financial
services.  In 2004, it had a turnover of GBP146 million, with a
profit of GBP0.5 million.

In August 4, the company appointed Paul Andrew Whitwam and
Gary Edgar Blackburn, of BWC Business Solutions, joint
administrators.

CONTACT:  JUMP GROUP LTD.
          5-6 Hepton Court
          York Road
          Leeds LS9 6PW
          Phone: 0113 391 8420
          Fax: 0113 391 8401
          E-mail: cath.darlow@jumpnow.co.uk
          Web site: http://www.jumpnow.co.uk/

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


KLAUSSNER FURNITURE: German Owner to the Rescue
-----------------------------------------------
The German founder of insolvent furniture company Klaussner
Furniture has raised GBP5 million to rescue its subsidiary at
St. Helens, according to the Daily Post.

Hans Klaussner took the funding from its bigger American
business.  The fresh capital will save 120 jobs at the company,
and allow the reopening of the St. Helens factory, as well as 34
shops in the U.K.  Klaussner will continue to trade under Sofa
Company, but it will be managed by a new set of executives.

The firm called in receivers from BDO Stoy three weeks ago.  The
collapse led to the redundancy of 250 factory and office staff
at Merseyside.  At the time the company had 2,000 customers who
were owed money.  The number now is down to 1,200.  The receiver
said they will focus on refunding the customers.

The firm's demise is blamed on sluggish consumer spending, and
the fall in demand for its high-end customized sofas and soft
furnishings.

CONTACT:  KLAUSSNER FURNITURE
          Lea Green Industrial Estate
          St Helens
          Lancashire
          WA9 4QA
          Phone: 01744 810110
          Fax: 01744 819969
          Web site: http://www.klaussner.com/


L S RETAIL: Appoints Administrator from Antony Batty
----------------------------------------------------
Name: L S RETAIL LIMITED
      (Company No 05001691)

Nature of Business: Specialized Retail Store

Address of Registered Office: Bank Chambers, 156 Main Road,
Biggin Hill, Kent TN16 3BA

Date of Appointment: 8 August 2005

Administrator's Name and Address: William Antony Batty, (IP No
1049), of Antony Batty & Company, New House, Suite 24, 67-68
Hatton Garden, London EC1N 8JY

CONTACT:  ANTONY BATTY & COMPANY
          New House
          Suite 24
          67-68 Hatton Garden
          London EC1N 8JY
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


MG ROVER: Crisis Hits Scotland's Biggest Car Dealer
---------------------------------------------------
MG Rover's collapse combined with the slump in consumer spending
has reportedly spelled lower half-year profits for Arnold Clark
Automobiles Ltd.

According to The Scotsman, earnings for the Glasgow-based dealer
fell below the GBP57 million it posted last year.  Arnold Clark
is set to release interim results this week.

Finance director Kenny Maclean said the company has been forced
to set several million pounds in provision to cover Rover's
warranty payments, which the latter could no longer shoulder.
The good news is that none of its ten Rover dealerships faces
closure.  Mr. Mclean said: "Many of them were dual-franchised;
and we were able to switch them to single franchise."

He added interest rates had bitten car sales following five rate
increases in one year, which could result to a further drop in
new U.K. car sales in 2005.  Mr. Mclean is happy about the Bank
of England's move to trim interest rates in August to 4.5%.

Arnold Clark, which controls more than 130 dealerships, had a
turnover of GBP1.6 billion in 2004.  Based on latest figures
published, the company has a cash-pile of GBP42 million, and is
debt-free.

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

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


MJP COATINGS: Files for Liquidation
-----------------------------------
At an Extraordinary General Meeting of MJP Coatings Limited,
duly convened, and held at Butcher Woods Corporate Recovery, on
10 August 2005, the following Resolutions were duly passed, as
an Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
that accordingly the Company be wound up voluntarily and that
Roderick Graham Butcher, of Butcher Woods, 79 Caroline Street,
Birmingham B3 1UP, be and is hereby appointed Liquidator of the
Company for the purpose of the voluntary winding-up."
At a Meeting of Creditors held on 10 August 2005, the Creditors
confirmed the appointment of Roderick Graham Butcher as
Liquidator and that anything required or authorised to be done
by the Liquidator be done by him.

M J Preece, Chairman

CONTACT:  MJP COATINGS LTD.
          Sheldon House
          Third Avenue
          The Pensnett Estate
          Kingswinford
          DY6 7FF

          Phone: 01384 286830
          Fax: 01384 288414
          Web site: http://www.mjpcoatings.com/

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


PELHAM SLOANE: Members Opt for Liquidation
------------------------------------------
Company Names:
PELHAM SLOANE LIMITED
PELHAM SLOANE PARTNERS LIMITED

We, being the members of these companies, hereby resolve and
agree that the following Resolutions shall take effect, the
first as a Special Resolution, pursuant to section 381A of the
Companies Act 1985:

"That the Company be wound up voluntarily, and that Patrick
Joseph Brazzill and Elizabeth Anne Bingham, of Ernst & Young
LLP, 1 More London Place, London SE1 2AF, be and they are hereby
appointed Liquidators for the purposes of such winding-up and
any power conferred on them by law or by this Resolution, may be
exercised and any act required or authorised under any enactment
to be done by them, may be done by them jointly or by each
alone."

J A Jensen Jnr, duly authorized for and on behalf of Pelham
Sloane Partners Limited.

                            *   *   *

Pelham Sloane designs, manufactures and markets patent-protected
desktop computers.  Visit http://www.pelhamsloane.com/for more
information.

CONTACT:  PELHAM SLOANE LIMITED
          12 Harbour Yard
          Chelsea Harbour
          London SW10 0XD
          United Kingdom
          Phone: +44 (0) 20 7349 2090
          Fax: +44 (0) 20 7349 2091
          E-mail: info@pelhamsloane.com

          ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


PERICOM HOLDING: Liquidator from Mercer & Hole Takes over Firm
--------------------------------------------------------------
Company Names: PERICOM HOLDING PLC
               PERICOM SOFTWARE PLC

At the extraordinary general meeting of the members of these
companies, held at Mock Beggars, Bedham, Pulborough, West Sussex
RH2 1JP, on 5 August 2005, at 3:00 p.m. and 3:30 p.m.
respectively, the following special resolution was duly passed:

"That the Company be wound up voluntarily, and that Peter John
Godfrey-Evans, of Mercer & Hole, Silbury Court, 420 Silbury
Boulevard, Central Milton Keynes MK9 2AF, be and is hereby
appointed Liquidator for the purposes of such winding-up."

                            *   *   *

Pericom Software has been a leading specialist in the
development of enterprise connectivity and terminal emulation
software for over 27 years.  It has wide range of products to
provide complete solutions to all your desktop-to-host, PC,
H/PC, Pocket PC, Thin Client and Unix.  Visit
http://www.pericom-software.com/for more information.

CONTACT:  PERICOM SOFTWARE PLC
          The Stables, Cosgrove,
          Milton Keynes MK19 7JJ
          United Kingdom
          Phone: +44 (0) 1908 267111
          Fax: +44 (0) 1908 267112

          MERCER & HOLE
          Silbury Court
          420 Silbury Boulevard
          Milton Keynes
          Buckinghamshire MK9 2AF
          Phone: 01908 605552
          Fax: 01908 677433
          E-mail: peterdogfrey-evans@mercerhole.co.uk


PGM STAFFING: Administrators from BDO Stoy Hayward Enter Firm
-------------------------------------------------------------
Name: PGM STAFFING SOLUTIONS LIMITED
      (Company No 04554996)

We, Martha H Thompson and Mark Peter George Roach, (IP Nos
8678/01 and 009231), both of BDO Stoy Hayward LLP, Kings Wharf,
20-30 Kings Road, Reading, Berkshire RG1 3EX, give notice that
we were appointed as administrators of the above Company on: 9
August 2005.

11 August 2005

CONTACT:  P G M STAFFING SOLUTIONS
          35 Chester Road, Slough,
          Berkshire SL1 3JS
          Phone: 01753552150

          BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


PINNACLE INTERIORS: Names Administrator from Norton Practice
------------------------------------------------------------
Name: PINNACLE INTERIORS LIMITED
      (Company No 3607955)

Nature of Business: Construction

Address of Registered Office: The Courtyard, High Street, Ascot,
Berkshire SL5 7HP

Trade Classification: 23

Date of Appointment: 11 August 2005

Administrator's Name and Address: David William Tann (IP No
8101), of The Norton Practice, 1 Wesley Gate, 70 Queens Road,
Reading RG1 4AP

CONTACT:  PINNACLE INTERIORS LTD
          Pinnacle House, Roebuck Road
          Chessington Industrial Estate
          Chessington KT9 1EU
          Surrey
          Phone: 020 8397 5000

          THE NORTON PRACTICE (INSOLVENCY SERVICES) LTD
          1 Wesley Gate
          70 Queens Road
          Reading
          Berkshire RG1 4AP
          Phone: 0118 957 6464
          Fax: 0118 959 5560
          E-mail: d.tann@nortonp.co.uk


PITTARDS PLC: To Manage Ethiopia's Largest State-owned Tannery
--------------------------------------------------------------
Pittards plc has been awarded a contract by the Privatization &
Public Enterprises Supervising Authority of Ethiopia to manage
the Ethiopia Tannery Share Company, the largest of the state
owned tanneries in that country.  ETSC is a major supplier of
sheepskins to Pittards Yeovil for the production of gloving
leather.

As indicated in the Chairman's Statement in the 2004 Report &
Accounts, the group is carrying out progressively more of its
initial processing closer to source.  The principal objective of
the contract, which is for five years, is to grow ETSC's value
added production and export revenues through the provision of
procurement, technical, management, selling, training and
marketing expertise, and the development and implementation of
managerial systems.

Under the terms of the contract, Pittards will be remunerated
through a management fee, profit share and a royalty in respect
of a brand license and technology transfer.

The contract provides Pittards and ETSC with expanded market and
product opportunities across a range of leathers for gloves,
shoes and leathergoods.

                            *   *   *

In March, trading conditions proved tougher than Pittards'
hides, as the leather firm dipped into the red.  The leather
producer, which saw turnover drop 14.3 percent to GBP73.2
million in 2004, posted a pre-tax loss of GBP5.5 million in the
year to December 31 against profits of GBP1 million in 2003.  It
blamed the depressed international leather market and the cost
of closing its raw materials division in Dumfries.

Chairman Stephen Boyd has admitted market conditions have not
been good for the company over the last 18 months with firms
from other countries expanding.  With more than half of its
revenues in dollars, the company has also been hit by currency
fluctuations.

The company, which underwent restructuring last year, has
already sent home 170 employees, downsizing its staff to fewer
than 600.  It has also moved from the main London stock market
to the Alternative Investment Market.

CONTACT:  PITTARDS PLC
          Sherborne Road
          Yeovil
          Somerset
          BA21 5BA
          United Kingdom
          Phone: +44 1935 474321
          Fax: +44 1935 427145
          E-mail: pittardsenquire@pittards.com
          Web site: http://www.pittardsleather.com


R & A BENTRONICS: Liquidator Moves in
-------------------------------------
At an Extraordinary General Meeting of R & A Bentronics Limited
(t/a Cashmaker), convened, and held at 46 Moorlands Business
Centre, Balme Road, Cleckheaton BD19 4EW, on 12 August 2005, at
10.00 am, the following Resolutions were duly passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
J N Bleazard, of XL Business Solutions Ltd, 46 Moorlands
Business Centre, Balme Road, Cleckheaton BD19 4EW, be appointed
Liquidator of the Company for the purposes of the voluntary
winding-up."

R Bennewitz, Chairman

CONTACT:  R & A BENTRONICS LIMITED
          8 Chippendale Rise, Bradford
          West Yorkshire BD8 0NB
          Phone: 01422-330309


RENTOKIL INITIAL: No Approach from Raphoe Yet
---------------------------------------------
The Board of Rentokil Initial plc has noted the announcement by
Raphoe Management Limited that it intends to approach the
Company to discuss the possibility of making an offer for
Rentokil.  At this stage (Monday) no such approach has been
received.

The Board will consider any proposal that Raphoe makes in the
context of the value available to shareholders from the plans
that the new executive team has for the Company.

Shareholders will be kept informed of the Board's view of any
proposal received, and are advised in the meantime to take no
action.

In a separate statement, the Board of Raphoe, an acquisition
vehicle controlled and chaired by Sir Gerry Robinson, revealed
that having taken soundings from certain shareholders of
Rentokil Initial plc, it intends to approach the Board of
Rentokil to discuss the possibility of making an offer for the
company and to seek discussions with the trustees of the
Rentokil pension funds.

It added that the announcement does not constitute a firm
intention to make an offer and, accordingly, there can be no
certainty that any offer will be made.  A further announcement
will be made when appropriate.

                            *   *   *

Rentokil's restructuring took effect in June and the new
New Rentokil Initial shares were admitted to the Official List
and to trading on the London Stock Exchange's market for listed
securities at that time.

In May, non-executive chairman Brian McGowan, said: "In trading
terms, the year has started off largely as expected, with a
deterioration in profits compared with the first four months of
2004.  This was due to the full effect of the significant
increases in the investment in sales, marketing, service, I.T.
and H.R., which were progressively fed in from May 2004 as well
as the ongoing challenges of a difficult, price competitive
market place.  These trends are likely to continue into the
second half."

CONTACT:  RENTOKIL INITIAL PLC
          Felcourt
          East Grinstead
          West Sussex RH19 2JY
          Phone: +44-1342-833-022
          Fax: +44-1342-326-229
          E-mail: pr@rentokil-initial.co.uk
          Web site: http://www.rentokil-initial.com


RIGHT MOVES: Members Opt to Liquidate Firm
------------------------------------------
At an Extraordinary General Meeting of the Members of Right
Moves Limited, duly convened, and held at Trafalgar House,
Grenville Place, London NW7 3SA, on 11 August 2005, the
following Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily and that
Filippa Connor, of B & C Associates, Trafalgar House, Grenville
Place, Mill Hill, London NW7 3SA, is hereby appointed Liquidator
for the purposes of such winding-up."

C Wheeler, Director

CONTACT:  RIGHT MOVES LTD.
          37 Avenue Road, Harold Wood
          Romford, Essex RM3 0SS
          Phone: 01708344876

          B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


S & M CAFE: General Meeting of Creditors Set Next Month
-------------------------------------------------------
Company Names: S & M CAFE (ISLINGTON) LIMITED
               S & M CAFE LIMITED

Notice is hereby given, pursuant to section 48 of the Insolvency
Act 1986, that a General Meeting of the unsecured Creditors of
these companies will be held at the offices of BDO Stoy Hayward
LLP, 8 Baker Street, London W1U 3LL, on 6 September 2005, at
10:00 a.m., for the purpose of having a report laid before the
Meeting and of hearing any explanation that may be given by the
Administrative Receivers.  Creditors whose claims are wholly
secured are not entitled to attend or be represented.  Please
note that a Creditor is entitled to vote only if he has
delivered to the Administrative Receivers at BDO Stoy Hayward
LLP, 8 Baker Street, London W1U 3LL, not later than 12:00 noon
on 5 September 2005, details in writing of the debt claimed to
be due from the Company, and the claim has been duly admitted
under the provisions of the Insolvency Rules 1986, and there has
been lodged with the Administrative Receivers any proxy which
the Creditor intends to be used on his behalf.

D H Gilbert, Joint Administrative Receiver

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


UBINETICS HOLDINGS: Deloitte & Touche Liquidators Move in
---------------------------------------------------------
At the extraordinary general meeting of UbiNetics Holdings
Limited held at 11 Pilgrim Street, London EC4V 6RW, on 12 August
2005, at 10:00 a.m., the following Resolutions were duly passed,

as a Special Resolution and as an Ordinary Resolution
respectively:

"That the Company be wound up voluntarily, and that James Robert
Drummond Smith and Nicholas James Dargan, of Deloitte & Touche
LLP, Athene Place, 66 Shoe Lane, London EC4A 3WA, be and are
hereby appointed Joint Liquidators of the Company, and that the
Liquidators be and hereby are authorized to act jointly and
severally."

B Pitman, Chairman

                            *   *   *

UbiNetics is a world leader and key driving force in the
development of 3G mobile wireless technology.  Visit
http://www.ubinetics.comfor more information.

CONTACT:  UBINETICS HOLDINGS LIMITED
          Cambridge Technology Centre,
          Melbourn, Hertfordshire, SG8 6DP
          United Kingdom
          Phone: +44 (0) 1763 262222
          Fax: +44 (0) 1763 267320
          E-mail: marketing@ubinetics.com

          DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


VMT LIMITED: Hires Administrators from Grant Thornton
-----------------------------------------------------
Name: VMT LIMITED
      (Company No 03268853)

Nature of Business: Manufacturer of Computers

Address of Registered Office: Grant Thornton UK LLP, Grant
Thornton House, Melton Street, Euston Square, London NW1 2EP

Date of Appointment: 5 August 2005

Administrators' Names and Address: Andrew Hosking and Martin
Ellis (IP Nos 9009 and 8687), both of Grant Thornton UK LLP,
Grant Thornton House, Melton Street, Euston Square, London NW1
2EP

CONTACT:  V M T LTD
          Time Technology Park,
          Blackburn Road, Burnley,
          Lancashire BB12 7TG
          Phone: 01282776611

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


WADE SMITH: Founder Could Buy back Firm
---------------------------------------
Wade Smith former owner Robert Wade-Smith is among the
contenders to buy the designer retailer from receivers,
according to Daily Post.

Wade Smith, which began trading in the early 1980s, called in
administrative receivers from PKF on July 15 after failing to
secure additional financial backing from banks.  The firm has
been hurt by huge additional costs due to increased rents, and
the closure earlier this year of its Trafford Centere store.
The shutdown left it with obsolete stocks to dispose of.

The firm's administrators are Ian J. Gould, Jonathan D. Newell
and Kerry F. Bailey.

Principal features of the company include an established,
popular store in the heart of Liverpool's Cavern Quarter; 15,000
sq. ft. of leasehold premises over five floors; and substantial
Men's and Junior's designer fashions range including, Hugo Boss,
Prada, cK, Nike, Adidas, Armani, and FCUK.

It has 53 employees including brand and line experts, and
turnover for twelve months ending February 2005 of GBP12.2
million.  Stock holding is valued at GBP2.1 million at cost
price.

CONTACT:  WADE-SMITH
          Mathew Street
          Liverpool L2 6RA
          Phone: 0151 255 1077

          PKF
          New Guild House
          45 Great Charles Street
          Queensway
          Birmingham
          West Midlands B3 2LX
          Phone: 0121 212 2222
          Fax: 0121 212 2300
          E-mail: ian.gould@uk.pkf.com

          PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


                            *********


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

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

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

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