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

                           E U R O P E

          Thursday, September 1, 2005, Vol. 6, No. 173

                            Headlines

C Y P R U S

HELLENIC BANK: Financial Woes Continue; Ups Provision by 75%


G E R M A N Y

AIP ALTENBURGER: Succumbs to Bankruptcy
DAIMLERCHRYSLER AG: Ballard Shareholders Okay German Unit Sale
DAIMLERCHRYSLER AG: Raises Stake in Chinese Joint Venture
FOOD & BEVERAGE: Appoints Administrator from Henningsmeier
GETIFIX JUERGEN: Creditors' Claims Due this Month

GVG GMBH: Court to Verify Claims October
HIFI-STUDIO: Last Day for Filing Claims September 7
H&W: Creditors to Meet November
HOCHBAU GEISS: Creditors' Claims Due 3rd Week of September
HU MA: Under Bankruptcy Administration

JENOPTIK AG: Spending EUR14 Mln on New Laser Diodes Plant
LEICA CAMERA: Registers EUR13.5 Million Capital Increase
LOHMENER IMMOBILIENVERWALTUNG: Falls into Bankruptcy
META PASSOW: Rostock Company Goes Bust
PROSIEBENSAT.1 MEDIA: Survives Weak Advertising Market in Q2

P&S PROJEKTMANAGEMENT: Creditors Meeting Set October
STANLEY PERSONALDIENSTLEISTUNGS: Declared Insolvent
THOMAS COOK: Selling Indian Operations
VOLKSWAGEN AG: To Merge with Wolfsburg Subsidiary


H U N G A R Y

MALEV HUNGARIAN: Fifth Sale Attempt Fails
NITROKEMIA 2000: On the Auction Block Again


I T A L Y

PARMALAT FINANZIARIA: Slaps Intesa, UniCredito with Another Suit


N E T H E R L A N D S

ROYAL SHELL: Cancels Another 1,030,000 'A' Shares


R U S S I A

AGRO-PROM-DOR-STROY: Last Day for Filing Claims September 30
ANAPA-AGRO-PROM: Declared Insolvent
BALTASI-CERAMIC-STROY-TAPS: Succumbs to Bankruptcy
BRYANSK-SLATE: Public Auction Set Next Week
COMBINER PLANT: Appoints Insolvency Manager

CONTACT: Names I. Sayfutdinov Insolvency Manager
IZHEVSKIY BREAD: Bankruptcy Hearing Set December
KULSHARIPOVSKAYA: Insolvency Manager Takes over Firm
MASLOVO-PRISTANSKIY: Claims Filing Period Ends September 30
OAO ROSNEFT: Paper Finds Evidence Linking Govt to Yugansk Sale

OAO ROSNEFT: Obtains Loan to Finance Gazprom Stake Buyback
VURNARSKIY STARCH: Bankruptcy Supervision Procedure Begins
YUKOS OIL: Court Upholds US$246 Mln Back-tax Claim vs. Unit
YUKOS OIL: Units Selling Interest in Banks

* Euler Hermes Partners with ROSNO in Moscow


S W E D E N

SKANDIA INSURANCE: Old Mutual Admits Takeover Discussions


S W I T Z E R L A N D

SWISS INTERNATIONAL: Partners with Darwin Airline in Lugano
SWISS INTERNATIONAL: To Outsource Ground Handling in Lugano


U K R A I N E

ALLIANCE: Proofs of Claim Deadline Nears
AUTO TRANSPORT 10971: Court Appoints Insolvency Manager
BUILDING CONSTRUCTIONS: To Hold Public Auction Next Week
CRIMEAN INDUSTRIAL: Proofs of Claim Deadline Expires Saturday
DOLINA' MILK PLANT: Creditors' Claims Due Next Week

PROM-ENERGO-SNAB: Under Bankruptcy Supervision
RODNIK: Temporary Insolvency Manager Takes over Helm
UKR-ATOM-PROM: Gives Creditors Until Saturday to File Claims
UKRINMET: Bankruptcy Supervision Starts


U N I T E D   K I N G D O M

A A S GARDEN: Winding-up Gets Go Signal
ACCESS FABRICATIONS: Hires Administrators from Leonard Curtis
ADVANCED TECHNOLOGIES: Manufacturer Calls in Administrator
AMAZING EVENTS: Event Organizer Hires Administrator
ANGLOCUT LIMITED: Specialist Joinery Manufacturer Winds up

ANIMAL HOUSE: Administrator from X L Business Moves in
AQUARIUS INNOVATIONS: Members Decide to Wind up Firm
ASSOCIATED ACCESS: Administrator from Bond Partner Enters Firm
BARRY REED: Wholesaler Hires B N Jackson Norton Administrator
B & D SERVICES: Electrical Work Contractor Liquidates

BESTBUY (2000): EGM Passes Winding-up Resolution
BOOKCHASE (UK): Publishing Firm Winds up
CHRYSALIS FIBRES: Textile Manufacturer Files for Liquidation
CIRCLE HOUSING: Members Opt for Liquidation
COLERAINE F.C.: Opts to go into Administration

CORY YACHTS: Boatbuilder Files for Liquidation
DORDON BRICK: Falls into Liquidation
E-INITIATIVE GROUP: IT Consultant Goes Belly up
FRANKFORM INTERNATIONAL: Names Rothman Pantall Administrators
GATECROSS RESTAURANTS: Goes into Liquidation

HOME AND OFFICE: Appoints Bond Partners Administrator
INFOGRAMES ENTERTAINMENT: Buys Humongous Stake
INTERVISION UK: Court Issues Winding-up Order
LTG TECHNOLOGIES: Cuts Half-year Loss; Closes Chicago Operations
MACMILLAN LONDON: Administrator Takes over Business

MARKS & SPENCER: Non-executive Director Steps down
MEDWAY MANOR: Files for Winding-up
NCN HIGHWAY: Court Approves Liquidation
NORTHERN FOODS: Appoints New Non-executive Director
PERSONALLY TAILORED: Hires Administrators from Portland Business

PETER COOK: Administrators from Tait Walker Move in
RENTOKIL INITIAL: Raphoe Still Contemplating Offer
R K FORKNALL: Administrators from PKF Take over Operations
STANDARD LIFE: Outlook Changed on Strong Business Position
TORVER ENGINEERING: Calls in Administrator

TOUCHPOINT CONTACT: Call Center Files for Administration
V.I.P COMMUNICATIONS: Administrator from Frost Business Comes in
WADE SMITH: Takeover by Founder Saves 35 Jobs


                            *********


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


HELLENIC BANK: Financial Woes Continue; Ups Provision by 75%
------------------------------------------------------------
Hellenic Bank Group reports more than 75% increase in provisions
charge during the second quarter, from CYP5.23 million a year
ago to CYP9.19 million in 2005.  This translates to a CYP2.17
million loss for the quarter.  For the first half, bad debt
provisions increased by 36% year-on-year to CYP14.26 million
from CYP10.5 million a year ago.  Net profits were down 63% to
CYP794,000 in the first half of 2005 compared to CYP2.12 million
in 2004.

To recall, earlier this month, Moody's Investors Service
downgraded to D from D+ Hellenic Bank's financial strength
rating.  The rating agency said the action is based on the
erosion in the bank's financial fundamentals, primarily
reflecting a deteriorating credit portfolio quality, weak
profitability and reduced capitalization.

In Greece, turnover rose slightly to CYP14.57 million from
CYP14.14 million, but pre-tax losses also increased
significantly to CYP5.7 million from CYP1.35 during the same
period a year ago.  The company fared better in Cyprus,
registering a 20% increase in turnover year-on-year to CYP82.8
million, and a 52.7% increase in pre-tax profit to CYP6.25
million.

Total income during the first half improved by 11% to CYP56.9
million from CYP51.2 million.  Core profits were up 16% year-on-
year to CYP15.56 million.

CONTACT:  HELLENIC BANK LTD.
          200, Lemesos Avenue & Athalassas Avenue
          P.O. Box 24747,1394 Nicosia, Nicosia
          Phone: 22860000
          Fax: 22762716
          E-mail: hellenic@hellenicbank.com
          Web site: http://www.hellenicbank.com


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


AIP ALTENBURGER: Succumbs to Bankruptcy
---------------------------------------
The district court of Gera opened bankruptcy proceedings against
aip Altenburger Ingenieur- und Planungsgesellschaft mbH on
August 8.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
September 21, 2005 to register their claims with court-appointed
provisional administrator Gorge Scheid.

Creditors and other interested parties are encouraged to attend
the meeting on October 11, 2005, 9:40 a.m. at the district court
of Gera, Rudolf-Diener-Str. 1, Zimmer 301, 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:  AIP ALTENBURGER INGENIEUR-
          UND PLANUNGSGESELLSCHAFT mbH
          Rudolf-Breitscheid-Str. 11a, 04600 Altenburg

          Gorge Scheid, Administrator
          Rudolf-Diener-Str. 9, 07545 Gera


DAIMLERCHRYSLER AG: Ballard Shareholders Okay German Unit Sale
--------------------------------------------------------------
Shareholders of Ballard Power Systems Inc. have reportedly
agreed on the sale of the firm's German unit to DaimlerChrysler
AG and Ford Motor Co.  Both carmakers hold stakes in the
Canadian firm.

According to Reuters, the deal, which was expected to close
yesterday, is part of a shakeup of Ballard's relationship with
the two companies.  It also intends to focus on the development
of fuel cell stacks.  Ballard has said the sale of its German
subsidiary, which works on engine technology, will reduce annual
cash consumption by about GBP25 million.

The transaction will see Ballard call off the 7.6 million shares
it was set to issue to DaimlerChrysler, and will buy back GBP9
million shares owned by Ford.  The firm will also be repaid
about US$20 million to cover expenses at the unit since August
last year.  Meanwhile, DaimlerChrysler and Ford will put US$59
million into Ballard's research and development.  Their 35%
combined shareholding in Ballard will drop to 32.7%.

Dennis Campbell, Ballard's president and CEO, earlier said:
"When we acquired that business we thought there would be a
broad market for the fuel cell support system.  What we found
out is no automaker wants to buy that support system from
anybody.  They view that as something they have to do."

Ballard will continue to be responsible for the design,
development and manufacture of vehicular fuel cells for its
alliance partners, while DaimlerChrysler and Ford will be
jointly responsible for the design, development and manufacture
of the vehicular fuel cell support system.

Gerhard Schmidt, vice-president of Ford's research and advanced
engineering, said: "This agreement also enables us to develop
and refine our systems engineering in a way that maximizes the
unique attributes of our vehicles and allows us to integrate the
systems knowledge gained from our successful hybrid electric
vehicle development."

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

          BALLARD POWER SYSTEMS INC.
          4343 North Fraser Way
          Burnaby, BC V5J 5J9
          Canada
          Phone: 604.454.0900
          Fax: 604.412.4700
          Web site: http://www.ballard.com


DAIMLERCHRYSLER AG: Raises Stake in Chinese Joint Venture
---------------------------------------------------------
DaimlerChrysler AG has raised its shareholding in a joint
venture with Beijing Automotive Industry Corp., The Associated
Press says.

The transaction, reportedly valued at several millions of euros,
will increase the German firm's stake in Beijing Benz
DaimlerChrysler Automotive from 42% to 50%.  The factory, which
began construction in 2004, is expected to produce 25,000
vehicles annually.

DaimlerChrysler intends to launch in China its first Mercedes
Benz E-class sedans by November.  This will be followed by the
C-class, while other Chrysler and Mitsubishi models will be made
there.

All roads are said to be leading to China as foreign luxury car
producers race to improve sales there.  DaimlerChrysler is
eyeing a 20% improvement in Mercedes sales in China this year.
In 2004, General Motors started creating Cadillacs in Shanghai,
while BMW has been producing sedans in China for two years
already.  Other firms like Ferrari and Bentley have established
sales networks in the country.

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


FOOD & BEVERAGE: Appoints Administrator from Henningsmeier
----------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against FOOD & BEVERAGE MANAGEMENT GmbH on August 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 26,
2005 to register their claims with court-appointed provisional
administrator Dr. Martin Dietrich.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2005, 9:45 a.m. at the district court
of Dresden, Olbrichtplatz 1, 01099 Dresden, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  FOOD & BEVERAGE MANAGEMENT GmbH
          Altmickten 2 in 01139 Dresden
          Contact:
          Gerd Ostermeier, Manager

          Dr. Martin Dietrich, Administrator
          Konigsbruecker Str. 73, 01099 Dresden
          Web site: http://www.henningsmeier.de


GETIFIX JUERGEN: Creditors' Claims Due this Month
-------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against GETIFIX Juergen Fahnel GmbH on August 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until September 13, 2005
to register their claims with court-appointed provisional
administrator Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting on October 12, 2005, 10:45 a.m. at the district
court of Cottbus, Gerichtsplatz 2, 03046 Cottbus, Saal 210, 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:  GETIFIX JUERGEN FAHNEL GmbH
          Pestalozzistrasse 34, 03238 Finsterwalde

          Dr. Christoph Junker, Administrator
          Karcherallee 25 a, 01277 Dresden


GVG GMBH: Court to Verify Claims October
----------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against GVG GmbH Mierendorfplatz on August 12.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until September 30, 2005
to register their claims with court-appointed provisional
administrator Dr. Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting on October 31, 2005, 9:00 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  GVG GmbH MIERENDORFPLATZ
          c/o Trimborn Tackenberg Partner GbR
          Feldmuehleplatz 9, 40545 Duesseldorf,
          Contact:
          Ursula Schmittt, Manager
          Kempener Str. 3, 40474 Duesseldorf

          Dr. Paul Fink, Administrator
          Rheinort 1, 40213 Duesseldorf


HIFI-STUDIO: Last Day for Filing Claims September 7
---------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Hifi-Studio GmbH Rostock on August 1.  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
Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 9:30 a.m. at the district court
of Rostock, Zochstrasse, 18057 Rostock, Saal 330, 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:  HIFI-STUDIO GmbH ROSTOCK
          Contact:
          Karl-Reinhard and Wolfgang Frentz, Managers
          Lessingstrasse 1, 18055 Rostock

          Ulrike Hoge-Peters, Administrator
          Rosa-Luxemburg-Strasse 8, 18055 Rostock


H&W: Creditors to Meet November
-------------------------------
The district court of Wilhelmshaven opened bankruptcy
proceedings against h&w it-systeme GmbH on August 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 18,
2005 to register their claims with court-appointed provisional
administrator Michael Waculik.

Creditors and other interested parties are encouraged to attend
the meeting on November 8, 2005, 9:00 a.m., at the district
court of Wilhelmshaven, Saal 109, Altbau, Marktstrasse 15, 26382
Wilhelmshaven, 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:  H&W IT-SYSTEME GmbH
          Alsterstrasse 16, 26419 Schortens
          Contact:
          Claus Dirks, Manager

          Michael Waculik, Administrator
          Muehlenstr. 16, 26441 Jever
          Phone: 04461/745750
          Fax: 04461/745751


HOCHBAU GEISS: Creditors' Claims Due 3rd Week of September
----------------------------------------------------------
The district court of Kaiserslautern opened bankruptcy
proceedings against HOCHBAU Geiss GmbH on August 1.
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 Paul Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2005, 11:00 a.m. at the district
court of Saal 8, Bahnhofstrasse 24, 67655 Kaiserslautern, 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:  HOCHBAU GEISS GmbH
          Hauptstr. 21, 66871 Etschberg
          Contact:
          Karl-Ernst Geiss, Manager
          An der Weid 6, 66871 Etschberg

          Paul Wieschemann, Administrator
          Flickerstal 2, 67657 Kaiserslautern
          Phone: 0631/341950
          Fax: 0631/470269


HU MA: Under Bankruptcy Administration
--------------------------------------
The district court of Saarbruecken opened bankruptcy proceedings
against Hu Ma Tec GmbH on August 9.  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 Klaus
Hassdenteufel.

Creditors and other interested parties are encouraged to attend
the meeting on September 15, 2005, 2:20 p.m. at the district
court of Saarbruecken, Aussenstelle Sulzbach, Vopeliusstrasse 2,
66280 Sulzbach, 1. Etage, Saal 13, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report on October 20, 2005, 2:15 p.m. at the
same venue.

CONTACT:  HU MA TEC GmbH
          Hochstrasse 1, 66265 Heusweiler
          Contact:
          Elisabeth Marx and Reiner Huck, Managers

          Klaus Hassdenteufel, Administrator
          Kardinal-Wendel-Strasse 12, 66440 Blieskastel
          Phone: (06842) 4021
          Fax: (06842) 3962


JENOPTIK AG: Spending EUR14 Mln on New Laser Diodes Plant
---------------------------------------------------------
On Aug. 30, JENOPTIK Diode Lab GmbH laid the cornerstone for its
new production facility for laser diodes in Berlin-Adlershof.
Immediately following the ceremony, the neighboring Ferdinand-
Braun-Institut fuer Hochstfrequenztechnik (FBH) is officially
opening its new laboratory rooms.

It is no coincidence that FBH und JENOPTIK Diode Lab GmbH
combined their facility-opening ceremonies, as this reflects
many years of productive cooperation.  In fact, JENOPTIK Diode
Lab itself was founded in February 2002 as a spin-off resulting
from the close cooperative work between Jenoptik and FBH.  The
new company is an excellent example for successful know-how and
technology transfer, producing optoelectronic semiconductor
components for diode lasers, based on research conducted by the
Ferdinand-Braun-Institut.

At the new facility, the company will, in a process common to
semiconductor production, structure 3-inch gallium arsenide
wafers (GaAs) for later processing into high-performance diode
lasers in Jena.  In addition to providing for its own production
needs, Jenoptik will supply external customers with these laser
bars as well.  The company will invest a total of around EUR14
million in the project, with M+W Zander Gebaudetechnik GmbH
serving as general contractor.  40 new jobs will arise with the
beginning of production in early summer 2006.

Diode Lab's new Berlin production facility will allow the
Jenoptik Photonics Group to respond flexibly to the necessities
of the market.  The Jenoptik subsidiary is well integrated into
a widespread network of research facilities and innovative
companies at Berlin-Adlershof.  The Berlin site was chosen
chiefly due to its close proximity to FBH, the company's
scientific partner, and since it is possible to expand
production there whenever necessary.

New output record: Successful symbiosis of research and
industry.

High-performance diode lasers are the most effective artificial
sources of light today.  While the FBH conducts world-class
research in this field, Jenoptik is one of only a few companies
in the world that produces large quantities of state-of-the-art
high-performance diode lasers with great reliability and in top
quality.  Due to their close cooperative relationship, Jenoptik
is able to rapidly translate FBH research into industrial
production.  At the same time, Jenoptik also conducts its own
additional research on technology specifically for industrial
use.

Only a few days ago, Jenoptik was able to announce a new output
record, as 454 watts were produced by a 10x2-millimeter
semiconductor bar.  JENOPTIK Diode Lab GmbH supplied the
semiconductor material for the bar.  As part of a research
project, Jenoptik is currently testing the semiconductor bars of
different providers for their maximum output, and for the
capacity limits of the material, layers, assembly technology,
and cooling systems involved.

High-performance diode lasers are used as pump sources for
solid-state lasers, in materials processing, display technology,
and in medical applications.  These diode lasers are
advantageous in many respects with their high conversion-
efficiency of electrical energy into light, their compact
structure that allows for mass production, and their little
drive-voltage.  Laser properties may be easily adapted to
individual application, making this type of laser one of the
most important for future development.

The particular performance of JENOPTIK Diode Lab's laser diodes
is a result of their high beam quality, narrow spectral line
width, and high output power.  The Ferdinand-Braun-Institut
develops and manufactures a wide variety of designs for high-
brilliance diode lasers with complex structures, comprising a
wide spectrum of wavelengths from 635 to 1200 nanometers.

About Ferdinand-Braun-Institut fuer Hochstfrequenztechnik.

The Ferdinand-Braun-Institut fuer Hochstfrequenztechnik (FBH) is
one of the leading institutes for applied research in microwaves
and optoelectronics.  Based on III-V semiconductors it
manufactures high-frequency devices and circuits for
communication and sensor technology as well as high-brilliance
diode lasers for materials processing, laser technology, medical
technology and high-precision metrology.  In order to assure
rapid transfer of technology FBH works closely with partners and
customers in industry and the scientific community.  The
institute has a staff of 150 employees and a budget of EUR13
million.  It is part of the Forschungsverbund Berlin e.V. (FVB)
and is a member of the Leibniz Association (http://www.fbh-
berlin.com)

About JENOPTIK Diode Lab GmbH

JENOPTIK Diode Lab GmbH is a 100% subsidiary of JENOPTIK
Laserdiode GmbH within Jenoptik's Photonics business division.
JENOPTIK Diode Lab was founded three years ago as a spin-off of
the Ferdinand-Braun-Institut fuer Hochstfrequenztechnik in
Berlin-Adlershof, and currently employs a staff of ten.  The
company specializes in the production of semiconductor elements
for use by JENOPTIK Laserdiode in the development and production
of high-performance diode lasers.

Sales in Jenoptik's Photonics business division increased to
over EUR350 million in fiscal year 2004, and are expected to
rise to between EUR385 million and EUR400 million in 2005.  Some
2,600 employees work for the business division in its laser,
high-performance optics, and sensorics units.  Jenoptik
develops, manufactures and distributes photonics components,
modules, system solutions, and entire facilities, always putting
light to use as an industrial tool (http://www.diodelab.com)

Glossary: Diode lasers, high-performance diode lasers

Diode lasers can be found in nearly every household.  They are
used in electronic entertainment systems and in personal
computers, making it possible to access audio, image, and video
data without a hitch.  These lasers are made of semiconductor
materials and offer a great many advantages: They are small,
energy-saving, and, compared to other types of lasers,
excellently suitable for mass production, making them cost-
effective as well.  When used in CD players, diode lasers show
only a small fraction of their potential.

In spite of its small size a single FBH-laser emits up to 20
watts: 5000 times greater power than a laser in a CD-player.
Applications of these brilliant light sources are versatile,
ranging from medicine to measurement to sensors.  When single
lasers are combined into laser bars, they deliver an output
power of up to 475 watts.

Facility financing is provided by the LEG
Landesentwicklungsgesellschaft Nordrhein-Westfalen; equipment
financing provided by JENOPTIK Laserdiode GmbH.

Total investment: approximately EUR14 million

Facility figures: Gross floor area: approx. 2,000 sq. m,
Production area: 540 sq. m. (incl. clean rooms*)

- - - - - - - - - -
* The various working areas are equipped with clean rooms in
classes of between 100 and 1000 particles per cubic foot,
corresponding to the requirements of each process step.  The
clean room facilities house the complete production line for the
processing of GaAs components.

      Construction dates:
      Ground-breaking: July 2005
      Cornerstone: August 2005
      Topping-out: October 2005
      Production to begin: Summer 2006
      General contractor: M+W Zander Gebaudetechnik GmbH,
                          Stuttgart

                            *   *   *

In May, Standard & Poor's Ratings Services lowered its corporate
credit rating on Jenoptik AG to 'B' from 'B+', reflecting
continued uncertainty regarding the company's business strategy.
At the same time, the rating on Jenoptik's EUR150 million senior
secured bond was lowered to 'B' from 'B+' and the rating on
Jenoptik's EUR62 million senior unsecured bond was lowered to
'CCC+' from 'B-'.  The ratings were removed from CreditWatch,
where they were placed on Oct. 13, 2004.  The outlook is stable.

CONTACT:  JENOPTIK AG
          Katrin Lauterbach, Public Relations
          Phone: +49-3641-652360
          E-mail: pr@jenoptik.com
          Petra Immerz, M.A. Communications & Marketing
          Ferdinand-Braun-Institut fuer Hochstfrequenztechnik
          Phone: +49-30-6392-2626
          E-mail: petra.immerz@fbh-berlin.de


LEICA CAMERA: Registers EUR13.5 Million Capital Increase
--------------------------------------------------------
The capital increase of Leica Camera AG, Solms, has been entered
into the Wetzlar Register of Companies on August 30, 2005.  This
entry has increased the Company's share capital and has provided
a dependable basis for the Company's repositioning.

As already announced in the ad hoc announcement of August 30,
2005, the new shares have been completely placed. Within the
next few days, the settling agent, HSBC Trinkaus & Burkhardt
KGaA, Dusseldorf, will transfer the new shares to the respective
shareholders entitled to subscribe.

According to information given by the settling agent, a total of
11,833,131 new shares have been allotted based on the regular
subscription rights.  The remaining 1,666,869 shares have been
distributed to the shareholders as an excess subscription.
Requests to subscribe for excess subscription shares have been
submitted for a total volume of 6,195,570 shares.  Hence it
follows that subscription requests for a total volume of
4,528,701 could not be satisfied.  This corresponds to an
oversubscription of the total capital increase by 33.5%.

The increase of the share capital of Leica Camera AG, Solms, by
EUR13.5 million to EUR15.0 million, as resolved by the General
Meeting of May 31, 2005, has been effected by the issue of 13.5
million new shares, each with a proportional interest in the
share capital of EUR1.00.  Based on the issue price of EUR1.70
the Company now has EUR22.95 million of fresh capital at its
disposal.

The Company's Board of Management has expressed its thanks to
the shareholders for the trust shown in the Company.  The Board
considers this a confirmation of the favorable mid-term
perspective for the Company based on the successful marketing of
its digital and analogue photo products, as well as its
innovative sports optics solutions.

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


LOHMENER IMMOBILIENVERWALTUNG: Falls into Bankruptcy
----------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Lohmener Immobilienverwaltung Illig & Dikau GbR on July
28.  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 Dr. Mark Zeuner.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 10:00 a.m. at the district
court of Rostock, Zochstrasse, 18057 Rostock, Saal 330, 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:  LOHMENER IMMOBILIENVERWALTUNG ILLIG & DIKAU GbR
          Contact:
          Dietmar Illig and Bernd Dikau, Managers
          Dorfstrasse 20a, 18276 Lohmen

          Dr. Mark Zeuner, Administrator
          John-Brinckmann-Strasse 9, 18055 Rostock


META PASSOW: Rostock Company Goes Bust
--------------------------------------
The district court of Rostock opened bankruptcy proceedings
against META Passow/Bobsin GmbH on July 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 9, 2005 to register
their claims with court-appointed provisional administrator Dr.
Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 9:00 a.m. at the district court
of Rostock, Zochstrasse, 18057 Rostock, Saal 330, 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:  META PASSOW/BOBSIN GmbH
          Contact:
          Thomas Bobsin and Rudolf Passow, Managers
          Bauernreihe 17, 18069 Lambrechtshagen

          Dr. Achim Ahrendt, Administrator
          Bluecherstrasse 39, 18055 Rostock


PROSIEBENSAT.1 MEDIA: Survives Weak Advertising Market in Q2
------------------------------------------------------------
Television group ProSiebenSat.1 Media AG reports a huge jump in
second-quarter net profit despite a sluggish advertising market,
Dow Jones Newswires says.

Net profit for the period rose 51% from EUR47.6 million a year
earlier to EUR71.7 million, besting the EUR61.5 million analysts
forecasted earlier.  CEO Guillaume de Posch now expects to
"perform better than the market" in 2005, both in increasing
revenue and profit.

The strong result was achieved notwithstanding the slump in the
advertising market.  In May, the company had to lower its
forecast for the German TV-advertising market by 2%.  What
boosted the earnings was the savings on interest payments as a
result of last year's bond buyback.

Sales grew 2.4% to EUR507.8 million from EUR496 million a year
earlier, partly because of the acquisition of Euvia Media AG,
which was included in the accounts as of June 1, Dow Jones said.
Euvia added quiz channel 9Live to ProSiebenSat.1's stable of
channels.  The group also reported an increase in its share of
the key 14-to-49-year-old audience in July.  At 30%, this market
share is the best figure in five years, the report said.

Axel Springer AG is currently in talks with ProSiebenSat.1 to
acquire 88% of its ordinary shares.  According to a previous
TCR-Europe report, a deal must be consummated before March 2006
to avoid violating an agreement with the insolvency
administrator of Kirch, ProSiebenSat.1's former owner.

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

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

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


P&S PROJEKTMANAGEMENT: Creditors Meeting Set October
----------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
P&S Projektmanagement GmbH on August 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 9, 2005 to register
their claims with court-appointed provisional administrator Dirk
Halbauer.

Creditors and other interested parties are encouraged to attend
the meeting on October 4, 2005, 1:15 p.m. at the district court
of Gera, Rudolf-Diener-Str. 1, Zimmer 301, 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:  P&S PROJEKTMANAGEMENT GmbH
          Saalfelder Str. 12-14, 07381 Possneck

          Dirk Halbauer, Administrator
          Blankenburger Str. 3, 07318 Saalfeld


STANLEY PERSONALDIENSTLEISTUNGS: Declared Insolvent
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Stanley Personaldienstleistungs GmbH on
August 8.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 11, 2005 to register their claims with court-appointed
provisional administrator Knut Rebholz.

Creditors and other interested parties are encouraged to attend
the meeting on September 28, 2005, 9:45 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 January
4, 2006, 9:30 a.m. at the same venue.

CONTACT:  STANLEY PERSONALDIENSTLEISTUNGS GmbH
          Strelitzer Strasse 65-66,10115 Berlin

          Knut Rebholz, Administrator
          Cicerostr. 22, 10709 Berlin


THOMAS COOK: Selling Indian Operations
--------------------------------------
Thomas Cook is withdrawing from its Indian operations, The
Economic Times says.

Sources privy to the matter say the tour operator has approached
potential buyers for its 60% stake in Thomas Cook India.  They
include tour operators Kuoni Travel, Cox & Kings and private
equity funds Blackstone, ICICI Venture Funds and Carlyle.

According to the report, the Indian operations is an ideal fit
for Kuoni or Cox & Kings, but it is unclear if they will want to
assume the unit's foreign exchange activity.  As for private
investors, the unit presents an attractive acquisition
considering India's potential to become a big tourism market and
the increasing tendency of Indians to travel overseas.

Thomas Cook Overseas owns the 60% stake being sold.  Thomas Cook
India is being advised by Kotak Investment Banking and Ambit
Corporate Finance on the sale process.  The sale price is still
undetermined, but the operation is valued at INR7.958 billion
(US$159 million).  The other shareholders of Thomas Cook India
are State Bank of India, with 8.92%; various financial
institutions, 15.35%; and the public, 21.05%.

Although the unit is one of Thomas Cook's most profitable
operations, analysts say the German parent is selling it to
realize value.  Lufthansa and KarstadtQuelle, which is
undergoing restructuring, equally split ownership of Thomas
Cook.

CONTACT:  THOMAS COOK AG
          Zimmersmuehlenweg 55
          61440 Oberursel
          Phone: +49-6171-6500
          Fax: +49-6171-652-125
          Web site: http://www.thomascook.de

          KUONI TRAVEL HOLDING LTD.
          Neue Hard 7
          CH-8010 Zurich, Switzerland
          Phone: +41-44-277-44-44
          Fax: +41-44-271-52-82
          Web site: http://www.kuoni.com

          COX & KINGS TRAVEL LIMITED
          Gordon House
          10 Greencoat Place
          London SW1P 1PH
          Web site: http://www.coxandkings.co.uk

          THE BLACKSTONE GROUP L.P.
          345 Park Ave.
          New York, NY 10154
          Phone: 212-583-5000
          Fax: 212-583-5712
          Web site: http://www.blackstone.com

          ICICI BANK LIMITED
          ICICI Bank Phone Banking Centre
          P. O. Box No. 20
          Banjara Hills P. O.
          Hyderabad 500 034, India
          Web site: http://www.icicibank.com

          THE CARLYLE GROUP
          1001 Pennsylvania Ave. NW,
          Ste. 220 South
          Washington, DC 20004-2505
          Phone: 202-729-5626
          Fax: 202-347-1818
          Web site: http://www.thecarlylegroup.com

          KOTAK INVESTMENT BANKING
          3rd Floor, Bakhtawar,
          229, Nariman Point,
          Mumbai - 400 021
          Phone: (022) - 56341100
          Fax: (022) - 22826632
          Web site: http://www.kmcc.co.in


VOLKSWAGEN AG: To Merge with Wolfsburg Subsidiary
-------------------------------------------------
Volkswagen AG has disclosed plans to merge with its wholly owned
subsidiary Volkswagen Beteiligungs-Gesellschaft mbH domiciled in
Wolfsburg, without liquidation of the company, which will be
wholly merged in accordance with (S) 2 No. 1, (S)(S) 60 ff., 68
Paragraph 1 No. 1 in conjunction with (S)(S) 46 ff. Conversion
Law.

The Shareholders Meeting of Volkswagen Beteiligungs-Gesellschaft
mbH scheduled for 11 October 2005 will decide whether to approve
the merger agreement.  Because the nominal capital of the
predecessor company, Volkswagen Beteiligungs-Gesellschaft mbH is
wholly held by the acquiring company, Volkswagen AG, an approval
of the merger agreement with Volkswagen Beteiligungs-
Gesellschaft mbH by the Meeting of Stockholders of Volkswagen AG
is not required.

It is therefore not necessary to call a Meeting of Stockholders
of Volkswagen AG to adopt a decision on the merger.  For the
same reason there exists no requirement for a merger report,
merger audit or merger audit report, (S)(S) 8 Paragraph 3
Sentence 1 Main Clause 2, 9 Paragraphs 2 and 3, 12 Paragraph 3,
60 Paragraph 1 Conversion Law.

However, shareholders of Volkswagen AG with shares jointly
amounting to a twentieth of the capital stock of Volkswagen AG
may demand the calling of a Meeting of Stockholders to decide on
approval of the intended merger.

Volkswagen AG shareholders may now for the period of one month
inspect the draft of the merger agreement and the last three
years' annual financial statements and management reports of
Volkswagen AG and Volkswagen Beteiligungs-Gesellschaft and the
semi-annual balance sheet of Volkswagen AG of 30 June 2005 at
the business premises of Volkswagen AG, Berliner Ring 2, 38440
Wolfsburg, in the offices of K-FR-3.  Volkswagen AG shareholders
may receive a copy of these documents immediately on request.

                            *   *   *

In August, Volkswagen reported half-year operating profit
increased 61.6% year-on-year to EUR1.4 billion (previous year:
EUR851 million).  At 4.5%, ratio of investments in property,
plant and equipment (capex) to sales revenue in the Automotive
Division was significantly lower than in 2004 (6.0%), lifting
net cash flow to EUR658 million (previous year: EUR 270
million).  It also revealed a further improvement in net
liquidity of the Automotive Division to -EUR1.1 billion.

The company admitted that there was no significant improvement
in the economic environment in the first six months of
2005.  Although the German passenger car market developed better
in the second quarter of 2005 than in the first three months,
the overall situation in the most important automotive markets
remained difficult.  Despite the slight improvement in exchange
rates for eurozone exporters in recent months, the global
situation remains unfavorable for Volkswagen AG.

In addition, the company expects that competitive pressures will
tend to increase and that the cost of raw materials --
especially steel and plastics -- will remain at high levels.
Moreover, it believes that the high oil price and the consequent
jump in fuel prices to new record highs will further dampen
automotive consumer confidence.

It is systematically continuing the Group-wide ForMotion program
and will achieve its goal of a EUR3.1 billion earnings
contribution in 2005.  In this context, Volkswagen has initiated
measures to restore its competitive position and return to
profitability in the U.S.A.  In addition, it will restructure
its business in China.

For this reason, it continues to expect a year-on-year
improvement in both 2005 operating profit after special items
and profit before tax.

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


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


MALEV HUNGARIAN: Fifth Sale Attempt Fails
-----------------------------------------
The government has once more scrapped the sale of national flag
carrier Malev Hungarian Airlines, Reuters says.

State privatization agency Allami Privatizacios Es Vagyonkezelo
Rt. (APV), which evaluated the bidders, said the offers were
unsatisfactory.  The government will instead revive its search
for a strategic partner to save the troubled carrier.

The latest attempt had two final bidders: Airbridge, a
consortium led by Russian carrier KrasAir; and Aviation Solution
(ASBK), a consortium made up of former Malev managers.
According to APV, one offered HUF150 million (USD$755,000) to
buy the airline and inject HUF9 billion (USD$45.3 million) in
fresh capital; the other offered HUF1 billion (USD$5 million)
and capital of HUF4 billion (USD$20.1 million).  Both offered to
absorb HUF13 billion (USD$65.4 million) in debt and repay HUF19
billion (USD$95.6 million) in loans to Hungarian Development
Bank.

Malev's unions, as well as Hungary's opposition party, which is
leading in opinion polls for next year's election, are opposed
to the sale.  They believe the carrier will fetch a higher price
if the government defers its sale for two years, enough time for
the carrier's restructuring plan to bear fruit.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Konyves Kalman korut 12-14,
          H-1097 Budapest
          Phone: +36 1 235 3100
          Fax: +36 1 235-3255
          E-mail: malev@malev.hu
          Web site: http://www.malev.hu

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

          OAO KRASNOYARSK AIRLINES
          663021, Krasnoyarsk region,
          Emeljanivo-1, Krasnoyarsk Airport
          Phone: +7 (3912)635-110
          Fax: +7 (3912)635-181
          E-mail: krasair@krasair.ru

          AIRBDRIDGE CARGO
          119048, Usacheva Str. 35A
          Moscow, Russia
          Phone: + 7 095 7862613
          Fax: + 7 095 7556851
          E-mail: info@airbridgecargo.com
          Web site: http://www.airbridgecargo.com


NITROKEMIA 2000: On the Auction Block Again
-------------------------------------------
Vectigalis Rt. is opening another tender for troubled chemical
group Nitrokemia 2000 Rt., New World Publishing says.  This
time, the liquidator will include Fzfoi Power Plant Kft, which
supplies Nitrokemia.

The liquidator is hoping the sale will generate HUF4.5 billion
(EUR18 million), enough money to repay some 400 creditors, who
are owed HUF4.2 billion.  It hopes to find a new owner by
autumn, according to Vectigalis representative Judit Kemerle.

The Veszprem Coubtz Court ordered Nitrokemia's liquidation in
December 2004.  As part of its restructuring plan, Vectigalis
resumed production, but sent home 10 workers.

CONTACT:  NITROKEMIA 2000 RT.
          8184 Fuzfogyartelep,
          Nike Korut 1.,
          Veszprem Megyei Birosag 6
          Phone: (88) 543-700
          Fax: (88) 451-423
          E-mail: nitrokemia2000@nitrokemia.hu
          Web site: http://www.nitrokemia.hu

          VECTIGALIS ALTALANOS VALLALKOZASI RESZVENYTARSASAG
          1051 Budapest,
          Merleg u. 12. V.7-8.


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


PARMALAT FINANZIARIA: Slaps Intesa, UniCredito with Another Suit
----------------------------------------------------------------
Parmalat Finanziaria has filed another damage suit, this time
versus Banca Intesa S.p.A. and a unit of UniCredito Italiano
S.p.A., says Reuters.

The lawsuit seeks around EUR1.9 billion in damages -- EUR1.6
billion from Intesa's Caboto unit and EUR300 million from
UniCredito's merchant-banking unit UBM.  According to Intesa,
the claims relate to their role as arrangers and relevant
dealers of Parmalat debt in 2001-2002 and co-lead managers of
bonds issued in the first half of 2002.  Specifically, the suit
refers to the EUR1.87 billion in medium-term Parmalat bonds
issued between mid-2001 and 2003, UniCredito said.  Both banks
dismissed the claims as groundless and said they won't make
provisions for the claims.

Parmalat is also seeking a refund of around EUR1 billion in fees
paid to Banca Intesa, Cassa di Risparmio di Parma e Piacenza,
Cassa di Risparmio di Biella e Vercelli and Banca CIS.  The
action is anchored on a local law that allows administrators of
collapsed companies to recover money paid to financial
institutions, if proven the latter knew of the impending
insolvency.

Earlier this month, Parmalat also named UniCredito in its EUR4.4
billion damage suit against J.P. Morgan Chase & Co.  Both banks
denied any wrongdoing.

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

          BANCA INTESA S.p.A.
          Via Monte di Pieta, 8
          20121 Milan, Italy
          Phone: +39-02-879-11
          Fax: +39-02-879-42587
          Web site: http://www.bancaintesa.it

          UNICREDIT S.p.A.
          Via Dante, 1
          16121 Genoa, Italy
          Phone: +39-02-8862-1
          Fax: +39-02-8862-8503
          Web site: http://www.credit.it


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


ROYAL SHELL: Cancels Another 1,030,000 'A' Shares
-------------------------------------------------
On August 26, 2005, Royal Dutch Shell plc purchased for
cancellation 1,030,000 'A' Shares at a price of EUR25.93 per
share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,059,960,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


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


AGRO-PROM-DOR-STROY: Last Day for Filing Claims September 30
------------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Agro-Prom-Dor-Stroy Kukmorskiy after finding
the open joint stock company insolvent.  The case is docketed as
A65-27931/2004-SG4-31.  Mr. V. Shevelev has been appointed
insolvency manager.  Creditors have until Sept. 30, 2005 to
submit their proofs of claim to 420029, Russia, Tatarstan
republic, Kazan, Post User Box 44.

CONTACT:  Mr. V. Shevelev
          Insolvency Manager
          420029, Russia, Tatarstan republic,
          Kazan, Post User Box 44


ANAPA-AGRO-PROM: Declared Insolvent
-----------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Anapa-Agro-Prom after finding the close
joint stock company insolvent.  The case is docketed as A-32-
18173/05-38-240-B.  Ms. V. Kokurina has been appointed
insolvency manager.

CONTACT:  ANAPA-AGRO-PROM
          53456, Russia, Anapa, Pionerskiy Pr. 30

          Ms. V. Kokurina
          Insolvency Manager
          350075, Russia, Krasnodar region,
          Stasova Str. 180


BALTASI-CERAMIC-STROY-TAPS: Succumbs to Bankruptcy
--------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Baltasi-Ceramic-Stroy-Taps (TIN 1612004780)
after finding the close joint stock company insolvent.  The case
is docketed as A65-28757/2004-SG4-35.  Mr. S. Myasnikov has been
appointed insolvency manager.  Creditors have until Sept. 30,
2005 to submit their proofs of claim to 422540, Russia,
Tatarstan republic, Zelenodolsk, Frunze, 9.

CONTACT:  BALTASI-CERAMIC-STROY-TAPS
          422250, Russia, Tatarstan republic,
          Baltasinskiy region, Nizhnyaya Ushma,
          Zavodskaya Str. 1

          Mr. S. Myasnikov
          Insolvency Manager
          422540, Russia, Tatarstan republic,
          Zelenodolsk, Frunze, 9


BRYANSK-SLATE: Public Auction Set Next Week
-------------------------------------------
The bidding organizer of open joint stock company Bryansk-Slate'
will sell its property on Sept. 7, 2005, 12:00 noon.  The public
auction will take place at 242610, Russia, Bryansk region,
Fokino, Krupskoy Str. 1.  Up for sale are ten lots of buildings
and rights of claim.  The list of documentary requirements is
available at Russia, Bryansk, Fokina Str. 63.

CONTACT:  BRYANSK-SLATE
          242610, Russia, Bryansk region,
          Fokino, Krupskoy Str. 1

          LLC IN-SERVICE (TIN 3207013643)
          Bidding Organizer
          Russia, Bryansk, Fokina Str. 63
          Phone: (0832) 64-95-30/22-93-33/8-910-735-45-20


COMBINER PLANT: Appoints Insolvency Manager
-------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
external management bankruptcy procedure on limited liability
company Combiner Plant (TIN 0256012799).  The case is docketed
as A07-9740/04-G-RSA/KhRM.  Ms. R. Laburtseva has been appointed
external insolvency manager.

CONTACT:  Ms. R. Laburtseva
          External Insolvency Manager
          453500, Russia, Bashkortostan republic,
          Beloretsk, Post User Box 25
          Phone: (34792) 4-55-98

          The Arbitration Court of Bashkortostan republic:
          450057, Russia, Ufa region,
          Oktyabrskoy Revolyutsii Str. 63a


CONTACT: Names I. Sayfutdinov Insolvency Manager
------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Contact.  The case is docketed as A07-13270/05-G-ADM.  Mr. I.
Sayfutdinov has been appointed temporary insolvency manager.  A
hearing will take place on Sept. 26, 2005 at the Arbitration
Court of Bashkortostan republic.

CONTACT:  CONTACT
          Russia, Bashkortostan republic,
          Sibay, Kuybysheva Str. 22

          Mr. I. Sayfutdinov
          Temporary Insolvency Manager
          450000, Russia, Bashkortostan republic,
          Ufa, Post User Box 1174


IZHEVSKIY BREAD: Bankruptcy Hearing Set December
------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Izhevskiy Bread Baking Plant #2 (TIN 1835016676, KPP 183501001).
The case is docketed as A71-44/2005-G26.  Mr. S. Matveev has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) IZHEVSKIY BREAD BAKING PLANT #2
    426063, Russia, Udmurtiya republic,
    Izhevsk, Ordzhonikidze Str. 1

(b) Temporary Insolvency Manager
    426008, Russia, Udmurtiya republic,
    Izhevsk, Post User Box 3051

(c) The Arbitration Court of Udmurtiya republic
    426057, Russia, Udmurtiya republic, Izhevsk,
    Svobody Str. 139

A hearing will take place on Dec. 19, 2005, 9 a.m. at Russia,
Izhevsk, Lomonosova Str. 5, Room 105.  For more information call
(3412) 63-73-27.


KULSHARIPOVSKAYA: Insolvency Manager Takes over Firm
----------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on close joint stock company
Kulsharipovskaya.  The case is docketed as A65-147721/2005-SG4-
27.  Mr. Z. Vildanov has been appointed temporary insolvency
manager.  A hearing will take place on Nov. 29, 2005, 2 p.m.

CONTACT:  KULSHARIPOVSKAYA
          423401, Russia, Tatarstan republic,
          Almetyevskiy region, Kulsharipovo

          Mr. Z. Vildanov
          Temporary Insolvency Manager
          423827, Russia, Tatarstan republic,
          Naberezhnye Chelny, Yun. Leintsev Avenue, 1,
          Apartment 803


MASLOVO-PRISTANSKIY: Claims Filing Period Ends September 30
-----------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Maslovo-Pristanskiy after finding the
factory of reinforced concrete constructions insolvent.  The
case is docketed as A08-916/05-2 "b".  Mr. F. Vinnikov has been
appointed insolvency manager.  Creditors have until September
30, 2005 to submit their proofs of claim to Russia, Belgorod,
Vezelskaya Str. 156.

CONTACT:  MASLOVO-PRISTANSKIY
          Russia, Belgorod region,
          Shebekinskiy region, Maslova Pristan

          Mr. F. Vinnikov
          Insolvency Manager
          Russia, Belgorod region,
          Vezelskaya Str. 156


OAO ROSNEFT: Paper Finds Evidence Linking Govt to Yugansk Sale
--------------------------------------------------------------
Rosneft used a loan from state savings bank Sberbank to buy the
main production asset of Yukos Oil in December, business daily
Vedomosti says.

Citing Rosneft's annual report released last week, the paper
said the company borrowed US$1.8 billion from Sberbank and
issued US$800 million in promissory notes.  Sberbank's annual
report confirmed this and revealed that the annual interest for
the RUB24.7 billion loan is 8%.

Vedomosti speculated the money was used to help buy Yugansk.
Rosneft bought the asset from a little known company OOO
Baikalfinansgroup last year for US$9.4 billion -- three times
its book value.

The paper also discovered that Rosneft guaranteed US$5.3 billion
in promissory notes issued by several units in 2004.  The notes
were bought by Trade-Express.  Trade-Express may have been
backed by Vneshekonombank, the report said.  The same units also
lent Rosneft US$6.7 billion interest-free loan for a year.
Rosneft officials were not available for comment, the paper
said.

Vedomosti earlier linked the finance ministry to the purchase of
the US$5.3 billion promissory notes.  It said the state bank
probably funded the deal using the ministry's money intended for
servicing foreign debt.

Rosneft's net debt is pegged at US$22.65 billion, up from US$4.2
billion in 2003.

CONTACT:  OAO ROSNEFT OIL COMPANY
          26/1, Sofiyskaya embankment,
          1, GSP-8 115998, Moscow, Russia
          Tel: 777-44-22
          Fax: 777-44-44
          Telex: 114405 DISVO.RU
          E-mail: postman@rosneft.ru
          Web site: http://www.rosneft.ru/


OAO ROSNEFT: Obtains Loan to Finance Gazprom Stake Buyback
----------------------------------------------------------
State-owned Rosneftegaz has agreed on the terms of a US$7.5
billion syndicated loan that will be used to pay part of a
planned Gazprom stake buyback, Interfax reports citing an
unnamed official.  Rosneftegaz is the special purpose vehicle
set up to finance the state buyback of a 10.7% stake in Gazprom.

The one-year loan, which matures in December 2006, will be used
to pay the balance of the US$7.15 billion Gazprom share buyback
that was not covered by the government's US$570 million down
payment in July.  The loan will be priced at 1.55 percent over
LIBOR, the report said.  Banks are entitled to a commission of
0.5%, secured "exclusively" on Rosneft shares.

Reports say a 49% stake in Rosneft is being used as collateral
for the company's biggest ever loan.  The company plans an
initial public offering of a minority stake in 2006 to raise
money to repay the loan.

In July, S&P affirmed Rosneft's 'B-' corporate credit and senior
unsecured debt ratings.  The ratings were removed from
CreditWatch with negative implications.  Banks in the loan
syndicate are Morgan Stanley, ABN Amro, JP Morgan Chase,
Barclays, BNP Paribas and Dresdner Kleinwort Wasserstein.

CONTACT:  OAO ROSNEFT OIL COMPANY
          26/1, Sofiyskaya embankment,
          1, GSP-8 115998, Moscow, Russia
          Tel: 777-44-22
          Fax: 777-44-44
          Telex: 114405 DISVO.RU
          E-mail: postman@rosneft.ru
          Web site: http://www.rosneft.ru/


VURNARSKIY STARCH: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on limited liability company
Vurnarskiy Starch Factory.  The case is docketed as A79-
4350/2005.  Mr. V. Ivanov has been appointed temporary
insolvency manager.  A hearing will take place on Oct. 18, 2005,
3:15 p.m.

CONTACT:  VURNARSKIY STARCH FACTORY
          429201, Russia, Chuvashiya republic,
          Vurnanskiy region, Kumashi

          Mr. V. Ivanov
          Insolvency Manager
          Russia, Chuvashiya republic, Cheboksary,
          Moskovskiy Pr. 14, Apartment 90


YUKOS OIL: Court Upholds US$246 Mln Back-tax Claim vs. Unit
-----------------------------------------------------------
The arbitration court of appeals has upheld the decision of the
Federal Tax Service to assess Samaraneftegaz, a Yukos
subsidiary, US$246 million in back taxes for 2003, RIA Novosti
reports.

In December, the Federal Tax Service decided to charge
Samaraneftegaz US$168.8 million in back taxes, US$32.9 million
in interest, and US$45.7 million in fines.  The company is
accused of tax evasion through Yukos subsidiaries based in tax-
exempt areas (the Evenki autonomous area).

Samaraneftegaz appealed the decision in Moscow's arbitration
court, and the court partially granted the request, reducing the
claims from US$246 million to US$105 million.  Unsatisfied with
the court's decision, Samaraneftegaz lawyers and the tax
officials then took the case to the appeals court.  The court
upheld the tax authorities' decision to charge the company
US$246 million in arrears.

                        About the Company

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D.
Tex. Case No. 04-47742).  But the case was dismissed in February
24, 2005.  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.

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

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


YUKOS OIL: Units Selling Interest in Banks
------------------------------------------
Shareholders of Yukos Oil subsidiaries Irkutsknefteprodukt,
Novokuibyshev Refinery, and Syzran Refinery want to sell stakes
in a number of commercial banks, RosBusinessConsulting reported
citing official documents.  The shares will be offered at market
value to be determined by an independent assessor, according to
the report.

Yukos' main unit was sold by the government in December to a
little-known firm OOO Baikalfinansgroup for US$9.35 billion
(RUR260.75 billion).  The disposal was aimed at extracting
payment for the firm's US$27.5 billion tax bill for 2000-2003.
The company's tax debt stood at US$10.5 billion as of the end of
June.  All the money that comes to it is used to reducing the
burden.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D.
Tex. Case No. 04-47742).  But the case was dismissed in February
24, 2005.  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.

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


* Euler Hermes Partners with ROSNO in Moscow
--------------------------------------------
Euler Hermes, the leading credit insurance company in Russia,
took a big step forward to provide private market credit
insurance cover to companies exporting to Russia as well as
firms in Russia.  It opened a representative office at its
partner ROSNO, one of the largest Russian insurance companies.

The opening of a representative office in Moscow will deepen the
strong partnership between Euler Hermes and ROSNO and will allow
ROSNO to extend the cover and to increase reinsurance capacity,
thus creating additional opportunities for the further
development of credit insurance as well as domestic and
international businesses of the clients.

One of the major objectives of the new representative office of
Euler Hermes in Russia is to establish direct communication
between the two companies and to enhance information exchange
channels.  It is the first stage of a long-term co-operation,
which includes Russian credit insurance market research and
analysis, elaboration of a common approach to financial analysis
of debtors and credit risk assessment techniques.  Within such
co-operation ROSNO will also benefit from Euler Hermes's
extensive global database of debtors.  The database contains
information on more than 40 million companies.

"The fast development of the Russian economy is indicative for
the large potential of the credit insurance market in Russia.
Our local presence and our expanding co-operation with our
strong partner ROSNO enable us to support our clients in the
environment of a fast growing market," said Jochen Daimler,
Management Board member in charge of international business at
Euler Hermes Kreditversicherungs-AG, which is responsible for
the Central and Eastern European markets within the Euler Hermes
group.

The cooperation between the two credit insurers is unique in the
Russian insurance market.  Such an alliance, based on Euler
Hermes' long-term worldwide experience and ROSNO's in-depth
knowledge of the Russian market, will enable the partners to
significantly expand credit insurance business, which is in an
early stage of its development in Russia.

The economists of Euler Hermes rate Russia as a promising but
risky market.  Russia's macroeconomic fundamentals continue to
strengthen, boosted by rising oil revenues and supported by
solid economic policy and prudent debt management.  GDP growth
is forecasted about 5.5% for 2005.

Nonetheless substantial risks remain.  The economy is highly
exposed to global market prices for raw materials, particularly
oil and gas, which account for more than 50% of exports and
nearly half of government revenues.  This dependence, along with
sluggish reforms, continues to raise questions over the ability
to generate medium-term sustainable, high growth.  In fact,
recent growth figures appear less impressive in the light of
particularly high oil prices over the past two years.  Moreover,
domestic demand, although sometimes strong, is not sufficiently
robust to guarantee self-sustained growth.

Euler Hermes is the worldwide leader in credit insurance and one
of the leaders in bonding and guarantees.  With 5,400 employees
in 40 countries, Euler Hermes offers a complete range of
services for the management of customer receivables and posted a
consolidated turnover of EUR1.9 billion in 2004.  The North
American subsidiary (Euler Hermes ACI) is headquartered in
Owings Mills, MD.  For more information visit
http://www.eulerhermes.com/usa

Euler Hermes, a subsidiary of AGF and a member of Allianz, is
listed on Euronext Paris.  Standard & Poor's rates the group and
its principal credit insurance subsidiaries AA-.

CONTACT:  EULER HERMES ACI
          U.S. Press
          Rick Ostopowicz
          Public Relations and Communications Specialist
          Phone: (410) 753-0652
          E-mail: rick.ostopowicz@eulerhermes.com

          EULER HERMES
          Paris Press
          Nadia Mounier, Group Communications
          Phone: +33.1.40.70.54.31
          E-mail: nadia.mounier@eulerhermes.com


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


SKANDIA INSURANCE: Old Mutual Admits Takeover Discussions
---------------------------------------------------------
Old Mutual plc has noted the recent press speculation concerning
a possible offer for Skandia Insurance Company Ltd.

Old Mutual confirms that it has held discussions with Skandia
and a number of Skandia's major shareholders during the course
of the past week concerning a possible offer at a price of
approximately SEK42 per share, comprising 40% in cash and 60% in
Old Mutual shares.  It also believes after discussions with
these large shareholders that a majority of them would welcome
such a proposal.

Old Mutual is keen to secure a recommendation from the Board of
Skandia and is considering selected modifications to the
proposal to address issues raised by the Board of Skandia.  A
further announcement will be made as soon as possible.

This press release does not constitute a public offer for shares
or other financial instruments under the Swedish takeover rules
or otherwise.  These materials are not an offer to purchase or
sell securities in the United States.

                            *   *   *

Skandia's major shareholders are Fidelity Mutual Funds with 5%
of its shares, Icelandic investment firm Burdaras with 3.6%,
Nordea Mutual funds at 3.5%, Swedish venture capital firm Cevian
with 3.4%, and the Second National Pension Fund with 3.2%.

In May, TCR-Europe reported an GBP8 billion cross-border
financial services group could emerge if Old Mutual succeeds in
buying out Skandia.  This came after the South African company
confirmed the takeover talks with the insurer.

Sought for comments, a Skandia spokesman told CityWire: "As a
standalone business, Skandia is attractive, but we are also
willing to discuss any opportunities with any other company
which may arise.  There has been a lot of interest.  We're
pleased with our geographical presence, but we're also
interested in markets in Asia."

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

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.

"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."

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

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

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

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

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


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


SWISS INTERNATIONAL: Partners with Darwin Airline in Lugano
-----------------------------------------------------------
Swiss International Air Lines has a new partner for its Zurich-
Lugano route: the four daily services connecting Canton Ticino
with SWISS' Zurich hub will be operated by Darwin Airline from
the start of the 2005/06 winter schedules on October 30.  SWISS'
current collaboration with Cirrus Airlines will expire at the
end of the present summer schedules.

SWISS has a new partner - Darwin Airline - for its services
between Zurich and Lugano.  The Ticino-based carrier will assume
operating responsibility for the route's four daily frequencies
from current SWISS partner Cirrus Airlines with the start of the
2005/06 winter schedules on October 30.  All departure and
arrival times remain unchanged.

The new wet-lease arrangement for SWISS' Zurich-Lugano services
is a logical extension of an existing partnership: SWISS and
Darwin Airline already collaborate on the technical maintenance
of Darwin Airline's Saab 2000 aircraft.

"I am very happy with our team-up with our new partner," says
SWISS CEO Christoph Franz. "And I am especially pleased that we
have chosen a Ticino-based airline to operate the services that
link Lugano into the SWISS network."

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com


SWISS INTERNATIONAL: To Outsource Ground Handling in Lugano
-----------------------------------------------------------
Swiss International Air Lines is to focus on its core business
at Lugano Airport and entrust its ground handling to the City of
Lugano.  The parties concluded a Memorandum of Understanding on
Thursday specifying the overall parameters of the new
arrangement.

SWISS currently maintains its own ground handling organization
and a sales office at Lugano Airport.  The company now intends
to dispose of these activities to focus on its core business. A
Memorandum of Understanding (MoU) was concluded between SWISS
and the City of Lugano on Thursday specifying the terms of their
transfer.

Under the MoU, the parties have agreed that the City of Lugano
will take over SWISS's present ground handling activities at the
beginning of 2006. The sales office will continue to be operated
by SWISS until the end of next year.  It should then be taken
over by the new airport company in 2007.

SWISS's present Lugano workforce of some 25 employees should be
retained.  SWISS will also be actively supporting the transition
to ensure a smooth and seamless transfer of these activities.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com


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


ALLIANCE: Proofs of Claim Deadline Nears
----------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Alliance (code EDRPOU 30688148) on May 20,
2005 after finding the limited liability company insolvent.  The
case is docketed as B 40/26/45/04.  Mr. Denis Stupan (License
Number AA 783010) has been appointed liquidator/insolvency
manager.  The company holds account number 26008201140100 at
JSPPB Aval, Dnipropetrovsk regional branch, MFO 305653.

Creditors have until September 5, 2005 to submit their proofs of
claim to:

(a) ALLIANCE
    49000, Ukraine, Dnipropetrovsk region,
    Naberezhna Pobedi Str. 32

(b) Mr. Denis Stupan
    Liquidator/Insolvency Manager
    49055, Ukraine, Dnipropetrovsk region,
    Kirov Avenue, 98-D

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


AUTO TRANSPORT 10971: Court Appoints Insolvency Manager
-------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Auto Transport Enterprise 10971 (code EDRPOU
03115985) on July 12, 2005 after finding the open joint stock
company insolvent.  The case is docketed as 11/71 b.  Mr. Andrij
Belikov (License Number AB 216770) has been appointed
liquidator/insolvency manager.

Creditors have until September 5, 2005 to submit their proofs of
claim to:

(a) AUTO TRANSPORT ENTERPRISE 10971
    93200, Ukraine, Lugansk region,
    Pervomajsk, Bahmutskij Str. 26

(b) Mr. Andrij Belikov
    Liquidator/Insolvency Manager
    91031, Ukraine, Lugansk region,
    Oboronna Str. 6

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square, 3a


BUILDING CONSTRUCTIONS: To Hold Public Auction Next Week
--------------------------------------------------------
The Branch of Agency of Bankruptcy Questions in Zaporizhya
region and the sanction manager of OJSC Building Constructions
Combine will sell its properties on September 7, 2005, 10:00
a.m. at 69002, Ukraine, Zaporizhya region, Lenin Avenue, 77,
Office 95.

For sale are buildings and constructions located at 71111,
Ukraine, Zaporizhya region, Berdyansk, Bahchisarajska Str. 6.
Starting price is UAH1,552,088.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to account number 2600827020 at JSPPB
Aval, Zaporizhya regional branch, MFO 313827, EDRPOU 26252756;
and pay a registration fee of UAH17 to account number 260082431
at JSPPB Aval, Zaporizhya regional branch, MFO 313827, EDRPOU
26252756 on or before September 2, 2005.

Participants must submit competitive propositions on or before
September 2, 2005 to 69002, Ukraine, Zaporizhya region, Lenin
Avenue, 77, Office 95.

CONTACT:  AUCTION COMMITTEE
          69002, Ukraine, Zaporizhya region,
          Lenin Avenue, 77, office 95
          Phone: 8 (0612) 64-36-22, 20-42-07


CRIMEAN INDUSTRIAL: Proofs of Claim Deadline Expires Saturday
-------------------------------------------------------------
The Economic Court of Sevastopol region commenced bankruptcy
proceedings against Crimean Industrial Company (code EDRPOU
24694094) on July 9, 2005 after finding the limited liability
company insolvent.  The case is docketed as 20-4/228-2/004-
9/135.  Ms. Svitlana Bikova (License Number AA 116147) has been
appointed liquidator/insolvency manager.

Creditors have until September 3, 2005 to submit their proofs of
claim to:

(a) CRIMEAN INDUSTRIAL COMPANY
    99043, Ukraine, AR Krym region,
    Sevastopol, Komunariv Str. 17-95

(b) Ms. Svitlana Bikova
    Liquidator/Insolvency Manager
    Ukraine, AR Krym region,
    Sevastopol, Gorpishenko Str. 92/3

(c) ECONOMIC COURT OF SEVASTOPOL REGION
    99011, AR Krym region, Sevastopol,
    Pavlichenko Str. 5


DOLINA' MILK PLANT: Creditors' Claims Due Next Week
---------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on OJSC Dolina' Milk Plant
(code EDRPOU 00445699) on July 18, 2005.  The case is docketed
as B-7/121.  Mr. Volodimir Stepanov (License Number AA 520149)
has been appointed temporary insolvency manager.  The company
holds account number 260004317 at JSPPB Aval, Ivano-Frankivsk
branch, MFO 336462.

Creditors have until September 5, 2005 to submit their proofs of
claim to:

(a) DOLINA' MILK PLANT
    77503, Ukraine, Ivano-Frankivsk region,
    Dolina, Naftovikiv Str. 11

(b) Mr. Volodimir Stepanov
    Temporary Insolvency Manager
    Ukraine, Ivano-Frankivsk region,
    Ternopil, a/b 97

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Shevchenko Str. 16a


PROM-ENERGO-SNAB: Under Bankruptcy Supervision
----------------------------------------------
The Economic Court of Cherkassy region has commenced bankruptcy
supervision procedure on LLC Prom-Energo-Snab (code EDRPOU
30476338).  Mr. Igor Nogovskij has been appointed temporary
insolvency manager.

Creditors have until September 3, 2005 to submit their proofs of
claim to:

(a) PROM-ENERGO-SNAB
    Ukraine, Cherkassy region,
    Shevchenko Str. 15

(b) Mr. Igor Nogovskij
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Blagovisna Str. 414/1

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


RODNIK: Temporary Insolvency Manager Takes over Helm
----------------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
supervision procedure on LLC Rodnik (code EDRPOU 31452611) on
June 29, 2005.  The case is docketed as 6/106.  Ms. Olga Rudenko
(License Number AA 419494) has been appointed temporary
insolvency manager.

Creditors have until September 5, 2005 to submit their proofs of
claim to:

(a) RODNIK
    Ukraine, Uzhgorod region,
    Krasnodontsiv Str. 36

(b) Ms. Olga Rudenko
    Temporary Insolvency Manager
    Ukraine, Uzhgorod region,
    Chornovol Str. 45/17

(c) ECONOMIC COURT OF ZAKARPATSKA REGION
    88000, Ukraine, Uzhgorod region,
    Kotsubinski Str.2a


UKR-ATOM-PROM: Gives Creditors Until Saturday to File Claims
------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against LLC Ukr-Atom-Prom (code EDRPOU 30345334) on
June 22, 2005 after finding the limited liability company
insolvent.  The case is docketed as 19/43(05).  Mr. Dmitro
Belyanin (License Number AA 116105) has been appointed
liquidator/insolvency manager.

Creditors have until September 3, 2005 to submit their proofs of
claim to:

(a) UKR-ATOMP-ROM
    69057, Ukraine, Zaporizhya region,
    Lenin Str. 158-b

(b) Mr. Dmitro Belyanin
    Liquidator/Insolvency Manager
    69076, Ukraine, Zaporizhya region,
    Yuvilejnij Avenue

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


UKRINMET: Bankruptcy Supervision Starts
---------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Industrial-Financial Company
Ukrinmet (code EDRPOU 30660426) on July 19, 2005.  The case is
docketed as B 24/146/05.  Mr. V. Kozachenko (License Number AB
249591) has been appointed temporary insolvency manager.  The
company holds account number 26005457050100 at JSPPB Aval,
Dnipropetrovsk regional branch, MFO 305653.

Creditors have until September 5, 2005 to submit their proofs of
claim to:

(a) UKRINMET
    49070, Ukraine, Dnipropetrovsk region,
    Mironov Str. 5, office 2

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


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


A A S GARDEN: Winding-up Gets Go Signal
---------------------------------------
Company Name: A A S GARDEN MAINTENANCE LTD.
              77 West Street, Dunstable,
              Bedfordshire, LU6 1ST
              Phone: 01582 673322

Registration Number: 04871797

Court: Bristol District Registry

Date of Filing Petition: June 23, 2005

No. of Matter: 2618 of 2005

Date of Winding-up Order: 17th August 2005

CONTACT:  Official Receiver
          1st Floor, Trident House,
          42-48 Victoria Street,
          St Albans AL1 3HR
          Phone: 01727 832233
          Fax: 01727 732400


ACCESS FABRICATIONS: Hires Administrators from Leonard Curtis
-------------------------------------------------------------
Name: ACCESS FABRICATIONS LIMITED
      (Company No 04836950)

Nature of Business: General Construction and Civil Engineering

Registered Office of Company: DTE House, Hollins Mount, Bury BL9
8AT

Date of Appointment: 17 August 2005

Joint Administrators' Names and Address: A. Poxon and P. Reeves
(IP Nos 8620 and 9343), both of DTE Leonard Curtis, DTE House,
Hollins Mount, Bury BL9 8AT

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


ADVANCED TECHNOLOGIES: Manufacturer Calls in Administrator
----------------------------------------------------------
Name: ADVANCED TECHNOLOGIES GROUP LIMITED
      (Company No 3176068)

Nature of Business: Manufacture of Aircraft

Date of Appointment: 4 August 2005

Joint Administrators' Names and Addresses: Nigel John Hamilton-
Smith (IP No 2093), Vantis Business Recovery, Torrington House,
47 Holywell Hill, St Albans, Hertfordshire AL1 1HD; and Timothy
John Edward Dolder and Paul Michael Davis (IP Nos 9008 and
7805), both of Begbies Traynor, Exchange House, 4th Floor, 494
Midsummer Boulevard, Milton Keynes MK9 2EA

                            *   *   *

ATG is an aerospace company based at Cardington, Bedford, U.K.
Its technical management has an extensive background in Lighter-
Than-Air (LTA) technology going back to 1972.  ATG leads the
world in the field of modern technology LTA vehicles.  These
airships have been sold and certified around the world including
Japan, Korea, Australia, and by the U.S. Department of Defense,
and U.K. MoD.  Visit http://www.atg-airships.com/for more
information.

CONTACT:  ADVANCED TECHNOLOGIES GROUP
          No. 2 Hangar,
          Cardington Field,
          Shortstown, Bedford MK42 0TJ
          United Kingdom
          Phone: +44 (0) 1234 744900
          Fax: +44 (0) 1234 743582
          E-mail: Info@atg-airships.com

          VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Phone: 01727 811111
          Fax: 01727 810057
          E-mail: nhamiltons@aol.com
          Web site: http://www.vantismt.com

          BEGBIES TRAYNOR SOUTH LLP
          4th Floor, Exchange House,
          494 Midsummer Boulevard,
          Milton Keynes MK9 2EA
          Phone: 01908 687 800
          Fax:   01908 687 801
          Web site: http://www.bakertilly.co.uk


AMAZING EVENTS: Event Organizer Hires Administrator
---------------------------------------------------
Name: AMAZING EVENTS LIMITED
      (Company No 03651377)

Nature of Business: Events Organizer

Trade Classification: 39

Date of Appointment: 12 August 2005

Joint Administrators' Names and Address: Graham David Randall
and Simon Edward Jex Girling (IP Nos 9051 and 9283), both of BDO
Stoy Hayward LLP, Fourth Floor, One Victoria Street, Bristol BS1
6AA

                            *   *   *

Amazing Events was formed in 1996 and is based at Coombe Lodge,
a beautiful Jacobean Style Country House situated just a few
miles from the center of Bristol at the foot of the Mendip
Hills.  Visit http://www.amazingevents.co.uk/for more
information.

CONTACT:  AMAZING EVENTS
          Coombe Lodge
          Blagdon, Bristol BS40 7RG
          Phone: +44 (0) 1761 462080
          Fax: +44 (0) 1761 463316
          E-mail: infor@amazingevents.co.uk

          BDO STOY HAYWARD LLP
          Fourth Floor
          One Victoria Street
          Bristol BS1 6AA
          Phone: 0117 934 2800
          Fax: 0117 922 5191
          E-mail: graham.randall@numerica.biz


ANGLOCUT LIMITED: Specialist Joinery Manufacturer Winds up
----------------------------------------------------------
At an Extraordinary General Meeting of Anglocut Limited, duly
convened, and held at Allen House, 1 Westmead Road, Sutton,
Surrey SM1 4LA, on 18 August 2005, the following Extraordinary
Resolutions were duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
that accordingly the Company be wound up voluntarily, and that
Martin Charles Armstrong, of Turpin, Barker Armstrong, Allen
House, 1 Westmead Road, Sutton, Surrey SM1 4LA, be appointed
Liquidator for the purposes of such winding-up."

W Simpson, Chairman

CONTACT:  ANGLOCUT LTD.
          Unit 9/Camberwell Trading Est/117-119 Denmark Rd
          Brixton
          SE5 9LB
          Phone: 020 7738 7779

          TURPIN BARKER ARMSTRONG
          Allen House
          1 Westmead Road, Sutton, Surrey SM1 4LA
          Phone: +44 (0) 20 8661 7878
          Fax:   +44 (0) 20 8661 0598
          E-mail: tba@turpinba.co.uk
          Web site: http://www.turpinba.co.uk


ANIMAL HOUSE: Administrator from X L Business Moves in
------------------------------------------------------
Name: ANIMAL HOUSE (U.K.) LIMITED
      (Company No 01854772)

Nature of Business: Aquatic Retail and Mail Order

Trade Classification: 22

Date of Appointment: 15 August 2005

Administrator's Name and Address: J. N. Bleazard (IP No 9354),
of XL Business Solutions Limited, 46 Moorlands Business Centre,
Balme Road, Cleckheaton BD19 4EW

CONTACT:  ANIMAL HOUSE (UK) LTD.
          QBM Business Park,
          Gelderd Road, Birstall,
          Batley, West Yorkshire WF17 9QD
          England

          X L BUSINESS SOLUTIONS LTD.
          46 Moorlands Business Centre
          Balme Road
          Cleckheaton BD19 4EW
          West Yorkshire
          Phone: 01274 870 101
          Fax: 01274 870 606
          E-mail: jbleazard@XLBS.co.uk


AQUARIUS INNOVATIONS: Members Decide to Wind up Firm
----------------------------------------------------
At an Extraordinary General Meeting of the Members of Aquarius
Innovations Limited, duly convened, and held at 50 Newhall
Street, Birmingham B3 3QE, on 15 August 2005, the following
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

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

A Aleali, Director

CONTACT:  AQUARIUS INNOVATIONS LIMITED
          24 Proctor St
          Birmingham
          B7 4EE
          Phone: 0121-359 8267

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


ASSOCIATED ACCESS: Administrator from Bond Partner Enters Firm
--------------------------------------------------------------
Name: ASSOCIATED ACCESS CONSULTANCY LTD.
      (Company No 04199544)

Nature of Business: Structural Engineers

Registered Office of Company: 14 Warden Road, Rochester, Kent
ME1 2JL

Date of Appointment: 12 August 2005

Administrator's Name and Address: T. Papanicola (IP No 005496),
of Bond Partners LLP, The Grange, 100 High Street, London N14
6TG.

CONTACT:  ASSOCIATED ACCESS CONSULTANCY LTD.
          14 Warden Road
          Rochester, Kent ME1 2JL
          Great Britain
          Phone: 01634 815 500
          E-mail: info@associatedaccessconsultancy.com
          Web site: http://associatedaccessconsultancy.com/

          BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: tp@bondpartners.co.uk


BARRY REED: Wholesaler Hires B N Jackson Norton Administrator
-------------------------------------------------------------
Name: BARRY REED LIMITED
      (Company No 1595358)

Nature of Business: Wholesale of Clothing and Footwear

Trade Classification: 5142

Date of Appointment: 16 August 2005

Administrator's Name and Address: Graham Lindsay Down, (IP No
6600), of BN Jackson Norton, 14 Orchard Street, Bristol BS1 5EH

                            *   *   *

Barry Reed is a major supplier of uniforms.  Customer's range
from 2,000 to 5,000 uniformed personnel, using standard or
customized stock lines, with delivery throughout the United
Kingdom.  Visit http://www.barryreed.co.uk/for more
information.

CONTACT:  BARRY REED LTD.
          Unit 14/16, Burcott Road
          Burcott Business Park
          Hereford HR4 9JQ
          Hereford and Worcester
          Phone: 01432 342453
          Fax: 01432 342423

          B N JACKSON NORTON
          14 Orchard Street
          Bristol
          Avon BS1 5EH
          Phone: 0117 905 5110
          Fax: 0117 905 5384
          E-mail: gdown@bnjn.com


B & D SERVICES: Electrical Work Contractor Liquidates
-----------------------------------------------------
At an Extraordinary General Meeting of B & D Services Limited,
duly convened, and held at Poppleton & Appleby, The Old Barn,
Caverswall Park, Caverswall Lane, Stoke-on-Trent ST3 6HP, on 16
August 2005, at 11:00 a.m., the following 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
Ian Michael Rose and Robert Michael Young, of Poppleton &
Appleby, The Old Barn, Caverswall Park, Caverswall Lane, Stoke-
on-Trent ST3 6HP, be and are hereby appointed Joint Liquidators
for the purposes of such winding-up, and the Joint Liquidators
be authorised to act jointly and severally in the Liquidation."

T Burford

CONTACT:  B & D SERVICES LIMITED
          3 Parsons Lane
          Hinckley
          Leicestershire
          LE10 1XT
          Phone: 01455632184

          THE P&A PARTNERSHIP
          The Old Barn, Caverswall Park, Caverswall Lane
          Stoke on Trent ST3 6HP
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


BESTBUY (2000): EGM Passes Winding-up Resolution
------------------------------------------------
At an Extraordinary General Meeting of Bestbuy (2000) Limited,
duly convened and held at Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, on 18 August 2005, the
subjoined Extraordinary Resolution was duly passed, viz:

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

M J J Dainty, Chairman

CONTACT:  BESTBUY (2000) LIMITED
          Kettering
          Northamptonshire NN16 9QG
          Phone: 01536 484191

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


BOOKCHASE (UK): Publishing Firm Winds up
----------------------------------------
At an Extraordinary General Meeting of the Members of Bookchase
(UK) Limited, duly convened and held at Chiltern House, 24 to 30
King Street, Watford WD18 0BP, 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
accordingly that the Company be wound up voluntarily, and that
Richard Andrew Segal, and Paul Michael Davis, of Begbies Traynor
(South) LLP, 32 Cornhill, London EC3V 3BT, be and hereby are
appointed Joint Liquidators of the Company for the purpose of
the voluntary winding-up, and any act required or authorized
under any enactment to be done may be done by any one or more
persons holding the office of Liquidator from time to time."

A R Azzam, Chairman

CONTACT:  BOOKCHASE (UK) LIMITED
          Grove House 320 Kensal Rd
          North Kensington
          London
          W10 5BZ
          Phone: 020 8968 2900

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


CHRYSALIS FIBRES: Textile Manufacturer Files for Liquidation
------------------------------------------------------------
At an Extraordinary General Meeting of Chrysalis Fibres Limited,
duly convened, and held at 32 Brook Street, Warwick CV34 4BL, on
17 August 2005, the following Resolutions were duly passed, as
an Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly the Company be wound up voluntarily, and that Duncan
Roderick Morris, of The Till Morris Partnership, 32 Brook
Street, Warwick CV34 4BL, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

T A Jenkins, Chairman

CONTACT:  CHRYSALIS FIBRES LIMITED
          Minster Mills, Walley Street, Stoke On Trent,
          Staffordshire ST8 6EA
          Phone: 01782512800

          THE TILL MORRIS PARTNERSHIP
          32 Brook Street
          Warwick
          Warwickshire CV34 4BL
          Phone: 01926 497 722
          Fax: 01926 497 733
          E-mail: duncan.morris@tillmorris.co.uk


CIRCLE HOUSING: Members Opt for Liquidation
-------------------------------------------
At an Extraordinary General Meeting of the Members of Circle
Housing UK Limited, duly convened and held at Emerald House, 20
Anchor Road, Aldridge, Walsall WS9 8PH, on 16 August 2005, the
following Resolutions were duly passed, as an Extraordinary
Resolution and as an Ordinary Resolution:

"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 C
H I Moore, be and he is hereby appointed Liquidator for the
purposes of such winding-up."

K Odedra, Director

CONTACT:  CIRCLE HOUSING UK LIMITED
          64-70 Smith Street
          Coventry, West Midlands CV6 5EL
          Phone: 024-7668-2333

          K. J. WATKIN & CO.
          Emerald House
          20-22 Anchor Road
          Aldridge
          Walsall
          West Midlands WS9 8PH
          Phone: 01922 452881
          Fax: 01922 450525
          E-mail: chim@kjwatkin.co.uk


COLERAINE F.C.: Opts to go into Administration
----------------------------------------------
The High Court gave Coleraine Football Club a 24-hour reprieve
on Tuesday after filing an application for administration.

According to BBC News, the hearing on the application was set
yesterday.  If approved, the winding-up petition earlier filed
by the Inland Revenue, which is owed GBP365,000, would be
shelved.  For the application to push through, a judge has to
approve it.  The tax agency has vowed to oppose the move.

Bankruptcy Master Charles Redpath said "time (was) of the
essence" as Coleraine continues to sell season tickets, while
deadline for the transfer of players was due yesterday.

Coleraine manager Marty Quinn said: "We have a very hard working
committee and I think they are making the right presentations to
the right people.  I have a gut feeling things will be resolved
and the club will continue."

Inland Revenue had petitioned for the winding-up of the club
with debt of about GBP1 million.  Earlier this month, Mr.
Redpath awarded Coleraine a 20-day reprieve following a new
rescue proposal.  Raymond Kirk, chairman of the Friends of
Coleraine, presented before the court a GBP90,000 pledge by
supporters and businessmen.  He was confident that a new
business strategy for the club will work.

CONTACT:  COLERAINE F.C.
          The Showgrounds
          Ballycastle Road
          Coleraine
          Phone: +44 02870 35 36 55
          Fax: +44 02870 32 91 88
          E-mail: info@colerainefc.com
          Web site: http://www.colerainefc.com


CORY YACHTS: Boatbuilder Files for Liquidation
----------------------------------------------
At an Extraordinary General Meeting of the Members of the above-
named Company, duly convened, and held at 60-62 Old London Road,
Kingston upon Thames, Surrey KT2 6QZ, on 17 August 2005, the
following Resolutions were duly passed as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Andrew John Whelan, of Marks Bloom, 60-62 Old London Road,
Kingston upon Thames, Surrey KT2 6QZ, be and he is hereby
appointed Liquidator for the purposes of such winding-up."

S R Cory, Director

CONTACT:  CORY YACHTS INTERNATIONAL LIMITED
          Bridge Wharf,
          Ramsgate Road,
          Sandwich, Kent,
          CT13 9QR
          UK
          Phone: +44 (0)1304 613412
          Fax: +44 (0)1304 619087

          MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames, Surrey KT2 6QZ
          Phone: +44 (0) 20 85499951
          Fax:   +44 (0) 20 85496218
          Web site: http://www.marksbloom.co.uk


DORDON BRICK: Falls into Liquidation
------------------------------------
At an Extraordinary General Meeting of the Members of Dordon
Brick & Tile Cutting Ltd., duly convened, and held at Emerald
House, 20-22 Anchor Road, Aldridge, Walsall WS9 8PH, on 12
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 C
H I Moore be and he is hereby appointed Liquidator for the
purposes of such winding-up."

M A Bird, Director

CONTACT:  DORDON BRICK AND TILE CUTTING LTD.
          Unit 41 Fourways
          Carylon Road Industrial Estate
          Atherstone
          CV9 1LH
          Warwickshire
          Phone: 01827 714123
          Fax: 01827 715343

          K. J. WATKIN & CO.
          Emerald House
          20-22 Anchor Road
          Aldridge
          Walsall
          West Midlands WS9 8PH
          Phone: 01922 452881
          Fax: 01922 450525
          E-mail: chim@kjwatkin.co.uk


E-INITIATIVE GROUP: IT Consultant Goes Belly up
-----------------------------------------------
At an Extraordinary General Meeting of E-Initiative Group
Limited, duly convened, and held at 66 Wigmore Street, London
W1U 2SB, on 12 August 2005, at 11:00 a.m., the following
Resolutions were duly passed as an Extraordinary Resolution and
as Ordinary Resolutions 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 Birch and Nicholas O'Reilly, of Vantis Numerica, 66
Wigmore Street, London W1U 2SB, be and are hereby appointed
Joint Liquidators for the purposes of such winding-up, and that
anything required or authorized to be done by the Joint
Liquidators be done by both or either of them."

J Birch, Chairman

CONTACT:  E-INITIATIVE GROUP LTD.
          1c Harlequin Centre, Southall Lane, Southall,
          Middlesex UB2 5NH
          Phone: 02085749545

          VANTIS NUMERICA
          Web site: http://www.vantismt.com


FRANKFORM INTERNATIONAL: Names Rothman Pantall Administrators
-------------------------------------------------------------
Name: FRANKFORM INTERNATIONAL GROUP LIMITED
      (Company No 02721439)

Nature of Business: Data Base Activities

Address of Registered Office: The Administration Building, The
Wharf, South Street, Midhurst, West Sussex GU29 9PX

Trade Classification: 38

Date of Appointment: 18 August 2005

Administrators' Names and Address: R. D. Smailes and S. B.
Ryman, (IP Nos 8975 and 4731), both of Rothman Pantall & Co.,
Clareville House, 26-27 Oxendon Street, London SW1Y 4EP

CONTACT:  FRANKFORM INTERNATIONAL LTD.
          The Administration Building
          The Wharf
          Midhurst, West Sussex GU29 9PX
          Phone: +44 (0) 1730 81 12 34
          Fax: +44 (0) 1730 81 47 35
          Web site: http://www.frankform.com/

          ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


GATECROSS RESTAURANTS: Goes into Liquidation
--------------------------------------------
Company Name: GATECROSS RESTAURANTS LIMITED
              6 Oxford Street
              Nottingham, NG1 5BH
              Phone: 01159418467

Registration Number: 4397005

Court: Manchester District Registry

Date of Filing Petition: June 30, 2005

No. of Matter: 1581 of 2005

Date of Winding-up Order: August 15, 2005

CONTACT:  Official Receiver
          The Frontage, 4th Floor,
          Queen Street,
          Nottingham, NG1 2BL
          Phone: 0115 852 5000
          Fax: 0115 852 5199


HOME AND OFFICE: Appoints Bond Partners Administrator
-----------------------------------------------------
Name: HOME AND OFFICE LIMITED
      (Company No 3883202)

Address of Registered Office: The Grange, 100 High Street,
London N14 6TG

Date of Appointment: 12 August 2005

Administrator's Name and Address: T. Papanicola, (IP No 005496),
of Bond Partners LLP, The Grange, 100 High Street, London N14
6TG

CONTACT:  BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: tp@bondpartners.co.uk


INFOGRAMES ENTERTAINMENT: Buys Humongous Stake
----------------------------------------------
Infogrames Entertainment acquired assets of Humongous Inc., from
Atari, Inc. (93.7%) and Atari Interactive (6.3%), including
rights to the characters and themes of highly popular U.S.
family and children games such as the Backyard Sports franchise,
Freddi Fish, Pajama Sam, Spy Fox, etc.

The change in ownership is part of a general corporate strategy
aimed at streamlining the operations of Infogrames and its U.S.
subsidiary and at reassigning some of the Group's activities.
Under the acquisition agreement, which treats the transaction as
a contribution in kind, Infogrames Entertainment becomes the
sole owner of all Humongous Inc. shares.

"This transfer is part of an effort to refocus our operations
announced several months ago by the Group.  Our purpose is
simply to extend the reach of the Humongous line by working with
international partners on new developments and new software
formats," commented Infogrames Entertainment chairman Bruno
Bonnell.

The transferred assets have a value of EUR9,032,782.97 and will
be paid for with 6,229,505 new Infogrames Entertainment shares
(a 3.3% increase in capital), based on the stock's average
trading price of EUR1.45 over the three days immediately
preceding the signature of the agreement.  The value of the
assets was independently appraised (by a Commissaire aux
Apports), as required by article L. 225-147 of the French
Commercial Code.

The share issue was approved by the Infogrames board of
directors on August 22, under the authority granted to it by
resolution 11 of the shareholders' meeting of January 19, 2005.
There is no lock-up period and the new shares may be freely
traded. Application has been made for the new shares to be
admitted to trading as of August 31, 2005.

About Infogrames Entertainment and Atari

Infogrames Entertainment (IESA), the parent company of the Atari
Group, is listed on the Paris Euronext stock exchange (ISIN
code: FR-0000052573) and has two principal subsidiaries: Atari
Europe, a privately held company, and Atari, Inc., a United
States corporation listed on NASDAQ (ATAR).

The Atari Group is a major international producer, publisher and
distributor of interactive entertainment software for all market
segments and in all existing game formats (Microsoft, Nintendo
and Sony) and on CD-ROM for PCs. Its games are sold in more than
60 countries.

The Atari Group's extensive catalog of popular games is based on
original franchises (Driver, Alone in the Dark, V- Rally,, Test
Drive, Roller Coaster Tycoon, etc.) and international licenses
(Matrix, Dragon Ball Z, Donjons & Dragons).

CONTACT:  INFOGRAMES ENTERTAINMENT
          Web site: http://www.atari.com

          Cecile Sornay
          Phone: + 33 (4) 37 64 30 00
          Fax: + 33 (4) 37 64 30 35
          E-mail: cecile.sornay@atari.com

          Philippe Dujardin
          Phone: 33 (4) 37 64 30 00
          Fax: + 33 (4) 37 64 30 35
          E-mail: philippe.dujardin@atari.com


INTERVISION UK: Court Issues Winding-up Order
---------------------------------------------
Company Name: INTERVISION (UK) LTD.
              Tudor House,
              Lower Street, Haslemere,
              Surrey, GU27 2PE
              Phone: +44 (0) 1480 498-777
              Fax: +44 (0) 1480 498-444
              Web site: http://intervisionuk.net

Registration Number: 04368295

Court: High Court of Justice

Date of Filing Petition: June 10, 2005

No. of Matter: 003825 of 2005

Date of Winding-up Order: July 27, 2005

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


LTG TECHNOLOGIES: Cuts Half-year Loss; Closes Chicago Operations
----------------------------------------------------------------
LTG Technologies plc has trimmed its half-year pre-tax loss to
GBP1.5 million from GBP4.5 million last year, with sales rising
from GBP20 million to GBP22.5 million in 2005.

According to ShareCast, this came following the heavy
retrenchment carried out by the print management specialist
since 2003.  The company also attributed improved operating
result and absence of operating exceptional items.

LTG's brand management services arm Imagelinx achieved an
operating profit for the first time as margins increased.
However, its print machinery unit LTG Mailaender incurred losses
and saw orders drop "due to business seasonality."

Chairman David Straker-Smith said: "The trading environment for
LTG Mailaender has proven more difficult.  In response to low
order intake in the first half-year and a general lowering of
demand from customers, management has decided to implement a
series of cost reduction measures to offset lower sales."

Meanwhile, Chief Executive Albert Klein said: "Demand for LTG
Mailaender products has been unexpectedly weak and we are taking
steps to protect our results there.  (On the other hand),
Imagelinx, has been able to grow by 69% its sales to consumer
goods businesses.  These services are provided to a client list
including Gillette, Diageo, Procter & Gamble and Colgate
Palmolive.  Demand for Imagelinx unique service offering is
increasing."

Mr. Klein, however, added: "In contrast, demand for products and
services from packaging goods companies have been lower.  Sales
of Imagelinx pre-press and plate-making services to U.S. Can and
other packaging goods companies have declined by 42% (including
sales of our Neenah facility which was closed in 2004).

"We are exiting from the Chicago operations which we operated
mainly for the United States Can Company, Chicago, a major U.S.
supplier of metal packaging.  These operations have proven loss
making since the contract was signed with U.S. Can in September
2002.  In addition, a dispute about the extent of contractual
responsibilities developed between U.S. Can and Imagelinx.  This
has resulted in us terminating the contract and closing the
operations."

With operations in the U.K. and Germany, and offices in U.S.,
Korea, and Japan, LTG Technologies creates metal decorating
machinery, including printing presses, coaters, drying ovens and
exhaust air purification equipment which are principally
supplied to the metal packaging industry.  It employs more than
400 people.

CONTACT:  LTG TECHNOLOGIES PLC
          c/o Imagelinx
          Julias Way, Station Park
          Lowmoor Road, Kirkby-in-Ashfield
          Nottinghamshire
          NG17 5HN
          United Kingdom
          Phone: ++ (0)1623 689500
          Fax: ++ (0)1623 689700
          E-mail: p.williams@iliuk.com
          Web site: http://www.ltg-technologies.com


MACMILLAN LONDON: Administrator Takes over Business
---------------------------------------------------
Name: MACMILLAN LONDON HAIR STUDIOS LTD.
      (Company No 04030104)

Nature of Business: Hairdressing and Beauty Treatment

Address of Registered Office: The Grange, 100 High Street,
London N14 6TG

Date of Appointment: 2 August 2005

Administrator's Name and Address: T Papanicola, (IP No 005496),
of Bond Partners LLP, The Grange, 100 High Street, London N14
6TG

CONTACT:  BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: tp@bondpartners.co.uk


MARKS & SPENCER: Non-executive Director Steps down
--------------------------------------------------
Marks & Spencer Group plc has disclosed the resignation of
Anthony Habgood, Non-Executive Director, to enable him to focus
on business commitments outside Marks & Spencer.  He steps down
from the Board with immediate effect.

Anthony Habgood said: "It is with great regret that I have
resigned as a director of Marks & Spencer.  As Chairman of
Whitbread and after unexpectedly having had to resume the
Executive Chairmanship of Bunzl in June, I have found it
impossible to fulfill the time commitments necessary to remain
on the Board."

Paul Myners, Chairman, said: "We fully understand that in these
circumstances Tony felt he could not continue as a Non-Executive
Director.  I would like to thank him for his service on the
Board during the last year."

                            *   *   *

Marks & Spencer Group plc has reportedly carried out aggressive
price cutbacks in an effort to recover from declining
sales.  The prices of its ladieswear clothing brands have been
reduced by 25%.  Chief Executive Stuart Rose said M&S had become
uncompetitive in the past, despite its good-better-best pricing
scheme.

Earlier, The Guardian reported that M&S could benefit from the
collapse of the Littlewoods chain.  A survey by research group
TNS showed that about 17.5% of Littlewoods' customers will
transfer to M&S if the company closes; 5.2% will go to Bhs, and
another 3.3% to Next.

Last month, the company reported that U.K. Retail Sales for the
14 weeks to 9 July 2005 were down 3.1% in total, with General
Merchandise down 10.3% and Food up 5.0%.  Clothing was down 9.2%
and Home down 22.3%.  Like-for-like sales were down 5.4% in
total, with General Merchandise down 11.2% and Food up 0.7%.

Mr. Rose said: "While the trading environment remains very
challenging, better buying, stock and cost control should enable
us to make further progress."

CONTACT:  MARKS & SPENCER GROUP PLC
          Michael House
          47-67 Baker Street
          London
          England
          W1U 8EP
          Phone: +44 20 7935 4422
          Fax: +44 20 7487 2679
          Web site: http://www.marksandspencer.com


MEDWAY MANOR: Files for Winding-up
----------------------------------
At an Extraordinary General Meeting of Medway Manor Hotel
Limited held at 332-336 Holloway Road, London N7 6NJ, on 18
August 2005, the following Resolutions were duly passed as an
Extraordinary Resolution and as Ordinary Resolutions
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 it is advisable that the same be wound up
voluntarily, and that the Company be wound up accordingly, and
that Neil Richard Gibson and Geoff Robbins, of CBA, Lichfield
Place, 435 Lichfield Road, Aston, Birmingham B6 7SS, be and are
hereby appointed Joint Liquidators for the purpose of such
winding-up, and that the Joint Liquidators be and are hereby
empowered to act jointly and severally."

A St John Devine, Chairman

CONTACT:  MEDWAY MANOR HOTEL LIMITED
          14-16 New Road
          Rochester
          Kent
          ME1 1BG
          England
          United Kingdom
          Phone: 01634 847 985

          CBA
          435 Lichfield Road
          Aston Birmingham B6 7SS
          Phone: (0121) 326 0880
          Fax: (0121) 328 6456
          E-mail: bham@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


NCN HIGHWAY: Court Approves Liquidation
---------------------------------------
Company Name: NCN HIGHWAY LTD.
              19-20 Bourne Court,
              Southend Road, Woodford Green,
              Essex, IG8 8HD
              Phone: 020 8501 4666
              Fax: 020 8501 5577

Registration Number: 04533477

Court: High Court of Justice

Date of Filing Petition: May 4, 2005

No. of Matter: 002925 of 2005

Date of Winding-up Order: August 10, 2005

CONTACT:  Official Receiver
          21 Bloomsbury Street,
          London, WC1B 3SS
          Phone: 020 7637 1110
          Fax: 020 7637 6390


NORTHERN FOODS: Appoints New Non-executive Director
---------------------------------------------------
Northern Foods plc has appointed Ronnie Bell as a Non-executive
Director to the Board with effect from 1 September 2005.

Ronnie Bell held a series of key senior appointments at Kraft
Foods before retiring in 2004.  He was latterly President of
Kraft Foods Europe, a position he held for five years.  In this
role, he was responsible for its coffee, chocolate and grocery
brands.  Prior to this, his responsibilities included President
of Kraft Foods, Northern Europe; Managing Director of Kraft
Foods U.K./Ireland; and Vice President, Marketing and Business
Development, Kraft General Foods Europe.

Ronnie Bell is 55 and is also a Non-executive Director of
Gallaher Group plc and Ansell Limited, an international
healthcare group with a primary listing on the Australian Stock
Exchange.

Tony Hobson, Chairman, said: "I am delighted to welcome Ronnie
to the Northern Foods Board.  He has enjoyed an extraordinarily
successful career in the food industry and brings a wealth of
experience which will be invaluable to us as we seek to deliver
our plans and ambitions."

Ronnie Bell has nothing to declare in relation to Listing Rule
9.6.13, paragraphs 1 to 6.

                            *   *   *

Leeds-based Northern Foods plc is one of U.K.'s leading food
producers with a turnover of GBP1.5 billion and over 22,000
employees based in sites across the U.K. and Ireland.

Northern Foods began restructuring and refocusing its business
in Autumn 2003.  It appointed Chief Executive, Pat O'Driscoll,
at the end of March 2004.  It has also launched a comprehensive
strategic review of the business, established a new management
team, and simplified its business structure and  factory
reorganization.

CONTACT:  NORTHERN FOODS PLC
          2180 Century Way, Thorpe Park
          Leeds
          LS15 8ZB, United Kingdom
          Phone: +44-113-390-0110
          Fax: +44-113-390-0211
          Web site: http://www.northern-foods.co.uk


PERSONALLY TAILORED: Hires Administrators from Portland Business
----------------------------------------------------------------
Name: PERSONALLY TAILORED YACHTS CHARTERS LIMITED
      (Company No 5043515)

Nature of Business: Boat Charter

Trade Classification: 7499

Date of Appointment: 16 August 2005

Administrators' Names and Address: Peter Robin Bacon and Carl
Derek Faulds, (IP Nos 009279 and 008767), both of Portland
Business & Financial Solutions Ltd., 1640 Parkway, Solent
Business Park, Whiteley, Fareham, Hampshire PO15 7AH

CONTACT:  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


PETER COOK: Administrators from Tait Walker Move in
---------------------------------------------------
Name: PETER COOK TRANSPORT LIMITED
      (Company No 01725912)

Nature of Business: Road Transport, Haulage and Storage

Trade Classification: 60249

Date of Appointment: 16 August 2005

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

CONTACT:  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


RENTOKIL INITIAL: Raphoe Still Contemplating Offer
--------------------------------------------------
In response to the statement made by the Board of Rentokil
Initial plc on 26 August 2005 and to recent media and other
comment, the Board of Raphoe Management Limited confirms that it
has been in touch with the Board of Rentokil and with its
advisers and it remains Raphoe's intention to discuss the
possibility of making an offer to the shareholders of Rentokil.

Further to its statement of 22 August 2005, Raphoe continues to
seek discussions with the Trustees of the Rentokil Pension
Funds.  Raphoe considers this to be essential given recent
changes in U.K. legislation governing pensions and, in
particular, certain powers that U.K. pension fund trustees and
the newly appointed Pensions Regulator now have, in certain
circumstances, on the change of control of a company.

Further to its statement of 22 August 2005 that it had taken
soundings from certain shareholders of Rentokil, Raphoe is
continuing to take such soundings in the light of the content of
the interim results announcement of Rentokil and associated
comments by Rentokil.

Raphoe has noted speculation in the media concerning the support
it may have from certain shareholders.  Raphoe has not at any
time made any announcement concerning such support and will only
do so in accordance with the provisions of The City Code on
Takeovers and Mergers.

Raphoe has also noted speculation in the media concerning the
structure of any offer it may make.  Raphoe has at no time
announced or disclosed what the structure of any such offer
might be and thus such speculation should be ignored.  If Raphoe
decides to disclose details of the structure of any offer it
might make this will be done in accordance with the provisions
of The City Code on Takeovers and Mergers.

This announcement does not constitute an announcement of a firm
intention to make an offer and there can be no certainty that
any offer will be made.  A further announcement will be made
when appropriate.

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the City Code, any person
who, alone or acting together with any other person(s) pursuant
to an agreement or understanding (whether formal or informal) to
acquire or control relevant securities of Rentokil, owns or
controls, or becomes the owner or controller, directly or
indirectly, of 1% or more of any class of securities of Rentokil
is required to disclose, by not later than 12:00 noon (London
time) on the London business day following the date of the
relevant transaction, dealings in such securities of that
company (or in any option in respect of, or derivative
referenced to, any such securities) during the period to the
date on, which the offer becomes or is declared unconditional as
to acceptances or lapses or is otherwise withdrawn.

Under the provisions of Rule 8.1 of the City Code, all dealings
in relevant securities of Rentokil by Raphoe or Rentokil, or by
any of their respective "associates" (within the meaning of the
City Code) must also be disclosed.

If you are in any doubt as to the application of Rule 8, contact
an independent financial adviser authorized under the Financial
Services and Markets Act 2000, consult the Panel's Web site at
http://www.thetakeoverpanel.org.ukor contact the Panel on
telephone number +44 20 7638 0129; fax +44 20 7236 7013.

                            *   *   *

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.

It recently reported turnover in the first half of 2005 was up
3.2% to GBP1,167.2 million, while operating income was down
33.0% to GBP119.2 million.  Profit before tax plunged 40.3% to
GBP93.2 million.

Doug Flynn, Chief Executive, said:  "When I joined the company
less than five months ago I initiated a comprehensive review of
the Group.  We believe we know what the issues are and the
necessary actions to achieve a turnaround have commenced.
Throughout everything we have done, we have been open minded on
how to deliver shareholder value.  We have a great opportunity
to revive this business and I intend to take it."

Brian McGowan, Chairman, said: "The programs we are implementing
will provide real and lasting improvements in operational and
financial performance and thereby generate the value inherent in
the Company which rightly and fully belongs to its current
shareholders."

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


R K FORKNALL: Administrators from PKF Take over Operations
----------------------------------------------------------
Name: R K FORKNALL & SONS LIMITED
      (Company No 03780979)

Nature of Business: Fencing

Registered Office of Company: Pannell House, 159 Charles Street,
Leicester LE1 1LD

Date of Appointment: 18 August 2005

Administrators' Names and Address: Edward T. Kerr and Ian J.
Gould (IP Nos 9020 and 7866), both of PKF (UK) LLP, 159 Charles
Street, Leicester LE1 1LD

CONTACT:  R.K. FORKNALL & SONS LTD.
          Unit 9
          Melton Road
          Thurmaston, Leicester LE4 8BX
          United Kingdom
          Phone: 0116-260 3446
          Fax: 0116-260 3447

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


STANDARD LIFE: Outlook Changed on Strong Business Position
----------------------------------------------------------
Fitch Ratings has changed the outlook on the U.K. mutual life
insurer Standard Life Assurance Company's Insurer Financial
Strength (IFS) and Long-term ratings to Positive from Stable.
At the same time, the agency has affirmed Standard Life's
ratings at IFS 'A-(A minus)', Long-term 'BBB+' and subordinated
debt issues 'BBB' (see full list below).

The Positive Outlook reflects Standard Life's resilience in
maintaining a strong business position as a leading player in
the life and pensions market in the U.K., its improved capital
position and the agency's belief that the demutualization
process is on track.  Key factors driving an upgrade will be
further evidence and progress on these issues as well as
disclosure on profitability.

Other positive factors supporting the ratings are the
repositioning of Standard Life's U.K. Life and Pensions business
with an increasing focus on profitability and its relatively
good geographic and business diversification.

Standard Life managed to stabilize its business position in the
U.K. life and pensions market, with market share reaching an
estimated 8.3% at June 2005.  Annual premium equivalent (APE)
sales in the U.K. Life and Pensions business increased by 10% to
GBP459 million for the six months to June 2005.  About 24% of
total APE in H1 2005 came from non-U.K. businesses, reflecting
the importance of the group's international operations, the two
major contributors being Canada and Germany.

Standard Life's progress towards demutualization in 2006 has
seen an increasing focus on profitability.  The company has cut
commissions on IFA-sold business and repriced its healthcare
offering.  In addition, Standard Life has developed
relationships with intermediaries, entering the multi-tie market
with partners like Barclays Financial Planning and Fidelity.
Fitch views this positively and, as regards subsidiary
businesses, notes that Standard Life Bank and Standard Life
Healthcare are now profitable.

The agency remains concerned that Standard Life's attempt to
enter the very competitive protection market may lead to losses.
Standard Life is developing strong position on the Self-Invested
Personal Pension (SIPP) market, but further competition may
reduce profitability.

Based on the new regulatory basis that came into force at end-
2004, which allows for realistic reserving, Standard Life's
total capital resources of GBP6.4 billion at June 2005 covered
the capital requirements of GBP2.8 billion by 2.25 times (2.18x
at-end 2004).  While credit for implicit items has reduced to
GBP500 million at year-end 2004 from GBP1 billion in 2003, this
is offset by the GBP550 million MACS issue last October.  Within
the with-profits fund, Standard Life's realistic "surplus
assets" amounted to GBP3.5 billion, backing liabilities of
GBP38.2 billion.

SL Finance Plc

- GBP500 million, 6.75% bonds, undated 'BBB'
- EUR750 million, 6.375% bonds, due 2022 'BBB'

SL MACS Plc

- EUR360 million, 5.314% bonds, undated 'BBB'

SL MACS (No. 2) Plc

- GBP300 million, 6.546% bonds, undated 'BBB'

CONTACT:  FITCH RATINGS
          Sanjeev Shah, London
          Phone: +44 20 7862 4130
          E-mail: sanjeev.shah@fitchratings.com

          Vanessa Re, Paris
          Phone: +33 1 44 29 91 42
          E-mail: vanessa.re@fitchratings.com

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

          Media Relations
          James Jockle, New York
          Phone: +1 212-908-0547
          Web site: http://www.fitchratings.com


TORVER ENGINEERING: Calls in Administrator
------------------------------------------
Name: TORVER ENGINEERING LIMITED
      (Company No 1660422)

Nature of Business: Other Construction Work Involving Special
Trades

Trade Classification: 45250

Date of Appointment: 5 August 2005

Joint Administrators' Names and Address: Daniel Paul Hennessy
and Gordon Craig (IP Nos 1388 and 0978), both of Cresswall
Associates Limited, Bridge House, Marsh Lane, Huddersfield HD8
8AE

CONTACT:  CRESSWALL ASSOCIATES LIMITED
          Bridge House, Marsh Lane,
          Huddersfield HD8 8AE


TOUCHPOINT CONTACT: Call Center Files for Administration
--------------------------------------------------------
Name: TOUCHPOINT CONTACT CENTRES LIMITED
      (Company No 04793968)

Nature of Business: Call Centre

Registered Office of Company: Cardinal House, Park Road,
Rickmansworth, Hertfordshire

Date of Appointment: 15 August 2005

Administrators' Names and Address: Robert C. Keyes and Gareth W.
Roberts (IP Nos 1016 and 1162), both of Hurst Morrison Thomson,
5 Fairmile, Henley-on-Thames, Oxfordshire RG9 2JR

                            *   *   *

Touchpoint Contact Centres specialize in the provision of high
quality, outsourced, customer contact management services.  Our
experience and passion for delivery ensures high quality results
and cost effective solutions.  Touchpoint helps companies
achieve a greater share of their market and of customers through
the use of our specialized customer acquisition and retention
programs.

CONTACT:  TOUCHPOINT CONTACT CENTRES LIMITED
          Phone: 0870 099 4642
          E-mail: barrie.collins@touchpointcc.co.uk

          HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley on Thames,
          Oxfordshire RG9 2JR
          Phone: +44 (0) 1491 579866
          Fax:   +44 (0) 1491 573397
          E-mail: hmt@hmtgroup.co.uk


V.I.P COMMUNICATIONS: Administrator from Frost Business Comes in
----------------------------------------------------------------
Name: V.I.P COMMUNICATIONS LIMITED
      (Company No 03585006)

Nature of Business: Telecommunications

Registered Office of Company: Square Root Business Centre, 102
Windmill Road, Croydon CR0 2XQ

Trade Classification: Division 7-38 Other Business Services

Date of Appointment: 18 August 2005

Administrator's Name and Address: Jeremy Frost (IP No 9091),
Frost Business Recovery Limited, Square Root Business Centre,102
Windmill Road, Croydon CR0 2XQ

CONTACT:  FROST BUSINESS RECOVERY LIMITED
          Square Root Business Centre,
          102 Windmill Road, Croydon CR0 2XQ


WADE SMITH: Takeover by Founder Saves 35 Jobs
---------------------------------------------
All 35 jobs at Wade Smith Ltd. have been saved as administrators
sold back the retailer to its founder Robert Wade Smith, said
Creditman.

In July, the Liverpool-based men's fashion and sports business
called in administrators Jon Newell, Kerry Bailey and Ian Gould
of PKF (UK) LLP after failing to secure additional financial
backing from banks.

Mr. Bailey said: "The brand of Wade Smith is recognized
throughout the Merseyside region and beyond and we are delighted
to have found a buyer for the business as well as securing all
35 jobs."

Wade Smith, which began trading in the early 1980s, has been
hurt by huge additional costs due to increased rents, and the
closure earlier this year of its Trafford Centre store.  The
shutdown left it with obsolete stocks to dispose of.

"The problems of the retail sector have received much comment in
the press and even established businesses such as Wade Smith are
not immune from these competitive pressures," Mr. Bailey added.

The company has reported turnover for twelve months ending
February 2005 of GBP12.2 million.  Stock holding is valued at
GBP2.1 million at cost price.

Its principal features 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.

CONTACT:  WADE SMITH LTD.
          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


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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-
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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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