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

                           E U R O P E

            Wednesday, April 13, 2005, Vol. 6, No. 72

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Rejects Offers for Hellas Jet


C Z E C H   R E P U B L I C

SKYWALKER S.R.O.: Huge Debt Mow down Engineering Firm


F R A N C E

ALCATEL: Moody's Upgrades Debt Ratings to Ba1
AMENAGEMENT MENUISERIE: Administrator Takes over Helm
ILE REUNION: Restaurateur Yields to Liquidator
MARIONNAUD PARFUMERIES: E.U. Approves Sale to AS Watson
RHODIA SA: Strengthens Textile Fibers Business


G E R M A N Y

ALLGEMEINE ELEKTROTECHNIK: Sets Creditors Meeting Mid-June
BAUEN + LEBEN: Gives Creditors Two Months to File Claims
BAUGESCHAFT ENGELMANN: Leipzig Court Appoints Administrator
BIOVOG VERWALTUNGSGESELLSCHAFT: Declares Bankruptcy
DUERR AG: Moody's Downgrades Senior Implied Rating to B1

KARSTADTQUELLE AG: Debt Down 16% to EUR2.83 Billion
MATEC DIENSTLEISTUNGEN: Administrator's Report Out May
OTTI-SB: Creditors' Claims Due Tomorrow
RIMM KANHAUSSER: Hof Court Appoints Interim Administrator
RING-MESSEHAUS AG: Under Bankruptcy Administration

S.R. NATURSTEIN: Calls First Creditors Meeting
UNION BANDSTAHL: Creditors May File Claims Until May 6
WALTER BAU: Alpine Mayreder Acquires Civil Engineering Arm
WCM GROUP: Narrows Net Loss to EUR108.9 Million


G R E E C E

ANTENNA SA: Moody's Changes Outlook to Stable


I R E L A N D

ELAN CORPORATION: To Bare First-quarter Results April 28


I T A L Y

ALITALIA SPA: E.U. Decision by May Still in Doubt
PARMALAT FINANZIARIA: Debt of Travel Agencies Hit EUR1 Billion
SEAT PAGINE: Considers Refinancing Senior Bank Loan
SEAT PAGINE: Increases Share Capital by EUR2.4 Million


K Y R G Y Z S T A N

AREKA: Sets Proofs of Claim Deadline
EXTOL COMMUNITY: Claims Filing Deadline Expires June
MAIS: Admits Insolvency; Calls Meeting to Formalize Declaration
NEMAN-SEZ: Gives Creditors Until June to File Claims
TECHNICAL SERVICE MAKSAT: Under Bankruptcy Supervision


N E T H E R L A N D S

KONINKLIJKE AHOLD: Closes Asset Disposal Program in Brazil


R U S S I A

AUTO-COLUMN-1467: Deadline for Proofs of Claim Next Month
BUJ-WOOD-PROM: Hires A. Petrosyan as Insolvency Manager
KIGINSKOYE: Undergoes Bankruptcy Supervision Procedure
LELECHINSKOYE: Last Day for Filing Claims May 12
MOKSHANSKIY: Declared Insolvent

NIKOLOGORSKOYE: Bankruptcy Proceedings Begin
OAO MAGNITOGORSK: Long-term Corporate Credit Affirmed at 'BB-'
REINFORCED CONCRETE: Tyumen Court Opens Bankruptcy Proceedings
SYUMSI-AGRO-KHIM: Under Bankruptcy Supervision
USOLYE SIBIRSKIY: Irkutsk Court Appoints Insolvency Manager

UST-ORDYNSKAYA: Undergoes Bankruptcy Supervision Procedure
YUKOS OIL: Grooms East Siberian Asset for Potential Sale
YUKOS OIL: Ruling on Ex-CEO's Criminal Case Out Later this Month


U K R A I N E

ADEKSS: Declared Insolvent
BERDICHIV' COMBI: Creditors' Claims Due Next Week
BILOPILLYA' MACHINE: Court Begins Bankruptcy Supervision
DUBOGAIVSKE: Liquidator Takes over Helm
INFOKOM-SATELLITE: Under Bankruptcy Supervision

KARLA MARKSA: Applies for Bankruptcy Proceedings
KNYAZHA KRINITSYA: Insolvency Manager Takes over Helm
MAJNICHI: Lviv Court Opens Bankruptcy Proceedings
PERVOMAJSKE REPAIR: Succumbs to Bankruptcy
SOSNITSKIJ FOOD: Chernigiv Court Appoints Insolvency Manager

TRANSENERGO: Last Day for Filing Claims April 19
UMS: Claims Filing Period Ends Next Week
ZHABOKRITSKE: Temporary Insolvency Manager Steps in


U N I T E D   K I N G D O M

10 MANCHESTER: Hires Liquidator from David Rubin & Partners
101 COMMUNICATIONS: Hires Liquidator from Mazars
A E LEWIS: Calls in Liquidator from Stringer & Co.
ALLWAYS GLASS: Hires Elwell Watchorn & Saxton as Administrator
ALTAMAR ONE: Liquidator from Leonard Curtis Moves in

BUGSY FABRICS: Creditors Meeting Set Later this Month
CENTRADIA GROUP: Hires Baker Tilly as Liquidator
CESTRIAN LIMITED: Names Baker Tilly Administrator
COMITY LIMITED: Liquidators from P&A Partnership Enter Firm
COURTS PLC: Selling International Operations

DBM ENGINEERING: Hires KPMG to Liquidate Assets
EXPRESSON BIOSYSTEMS: Soon to Join List of Biotech Busts
FIREFLY TECHNOLOGY: Members Pass Winding-up Resolutions
FRESHA BAKERIES: Hires KPMG as Administrator
GADGET SHOP: More Shops Close as Buyer Remains Elusive

HI GLOSS: Appoints Grant Thornton Administrator
HORNBEAM TRADING: Members Decide to Wind up Firm
IMAGEMEDIX LIMITED: Hires Administrators from David Rubin
LEWIS HAMPSHIRE: Members Call in Liquidator from Stringer & Co.
LIBERTY HOTELS: Falls into Administration

MBM HIRE: Final Creditors Meeting Set Later this Month
MG ROVER: Phoenix 4 Offer Help
MG ROVER: Keeping Workforce May Prove Expensive in Short Term
MG ROVER: Aussies Invite Workers to Relocate 'Down Under'
NAPIER INDUSTRIES: Creditors Meeting Set Next Week

PROSUMER SOLUTIONS: Winding-up Report Due First Week of May
RMJR (HOLDINGS): Hires Liquidator from Begbies Traynor
ROHA LIMITED: Calls in Liquidator from Vantis Redhead French
SIGMA FOODS: Appoints Liquidator from PKF
THINK-EM LIMITED: Liquidator to Present Report Next Week

THIRSTY WORK: Creditors Meeting Next Week
TOPOLOGY UK: Hires Joint Administrators from Begbies Traynor
TUBEREX EXHAUST: Names PricewaterhouseCoopers Administrator
WEST BAY: Appoints Ernst & Young Liquidator
WESTERN THOMSON: Deadline for Proofs of Claim May 6
WINDWARD ONE: Liquidators from Ernst & Young Move in


                            *********


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


CYPRUS AIRWAYS: Rejects Offers for Hellas Jet
---------------------------------------------
Hellas Jet will remain with Cyprus Airways after offers to
acquire the subsidiary failed to impress management.

Cyprus Airways has been looking for buyers for Hellas Jet to
strengthen its tattered finances and return to profitability.
The carrier, in a stock exchange disclosure, said it will submit
a specific proposal to Hellas Jet's board of directors.  An annou
ncement will be made as soon as Hellas' board reaches a decision.

The group has been posting losses in recent years, booking
CYP33.5 million in net loss for 2004.  It blames last year's huge
loss to the liberalization of air transport, high fuel prices and
costly fleet renewal.  It is currently waiting for the European
Commission to rule on a EUR50 million bridging loan.

The government, which holds a 69.62% stake, has been trying to
bail out the carrier.  It recently named a technocrat and a
senior economist to the board, which lost three members following
an impromptu strike by cabin crew.  Management is now
implementing cost-cutting measures, which include redundancies,
division spin-offs and, until recently, the sale of Hellas Jet.

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


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


SKYWALKER S.R.O.: Huge Debt Mow down Engineering Firm
-----------------------------------------------------
Creditors of Skywalker s.r.o. have until April 29 to register
their claims, receiver Martin Litvan announced recently.

The debt-ridden company, according to Czech News Agency, declared
bankruptcy on March 29.  Lubomir Soudek founded the company
shortly after leaving Skoda Plzen, the engineering group he led
as CEO.

Skywalker is into metallurgy and heavy engineering works,
according to its Web site.

CONTACT:  SKYWALKER s.r.o.
          Pod Strazi 10
          323 22 Plzen
          Phone: 377220331
          Fax: 377329507
          E-mail: skywalker.ls@volny.cz
          Web site: http://www.skywalker.cz/


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


ALCATEL: Moody's Upgrades Debt Ratings to Ba1
---------------------------------------------
Moody's Investors Service upgraded to Ba1 from Ba3 the ratings
for Alcatel's Eurobonds, convertible bonds, Euro-medium term
notes, its EUR1.0 billion revolving credit facility, and the
company's senior implied rating.  The Not-Prime rating of Alcatel
for its commercial paper was affirmed.

The outlook for the ratings is positive as a return to
investments grade is considered possible over the next 12 to 18
months, if Alcatel continues on its path towards strengthening
operating profitability and cash flows, while maintaining its
financial flexibility.  Possible corporate activity, like new
industrial cooperation, investments in or other associations with
large corporations has not been factored into this rating and its
outlook.  The action concludes a rating review that was initiated
on 24 February, 2005.

The rating upgrade reflects:

(a) Alcatel's progress in achieving cost savings and operating
    flexibility through the downsizing of owned production
    capacities, the outsourcing of manufacturing, and spinning-
    off of loss-making and non-core operations;

(b) an expectation of stabilizing revenues supported by
    Alcatel's mix of businesses, which mitigate the weakness of
    the fixed networks activities;

(c) its balance sheet strength evidenced by maintenance of net
    cash position and well spread debt maturities; and

(d) continued improvements in key metrics, notably a return to
    revenue growth of 5.7% (after a decline in 2003) versus
    restated 2003 sales, a strengthening in operating-margin to
    8% (up from 2.7%) and in Moody's adjusted retained cash flow
    (pre working capital) to net adjusted debt ratio to 30%
    (after a negative RCF in 2003).

In Moody's views a return to investment grade of Alcatel's
ratings over the next 12 to 18 months as conceivable, if
important criteria are met in the current or next financial year.
These criteria include:

(a) growth in revenues prior to all adjustments;

(b) an operating margin approaching the 10% target of the
    company;

(c) the absence of large new restructuring programs, which would
    indicate deteriorating markets and additional adjustment
    needs;

(d) working capital needs rising significantly less than product
    deliveries adjusted for outsourcing;

(e) generation of a material free cash flow from core
    operations; and

(f) maintenance of a strong liquidity position without
    consideration of extraordinary distributions to
    shareholders.

Adjusted for divested businesses, Alcatel has returned to revenue
growth in 2004 with a 6% increase.  This growth was based on
mobile and private communications rising in the double-digit
range mitigating a slightly shrinking fixed line communication
business.  For 2005, we expect less growth in mobile and private
systems, so that a strengthening fixed line business accounting
for 40% of total would be key for revenue growth at Alcatel.

Following 3 years of drastic restructuring, Alcatel has returned
to a reasonable operating margin of 8% in 2004.  The adjustments
did not only serve to lower the company's break-even point well
below current revenues, but also increased operating flexibility
by: (i) improved processes in supply, production and collection
of receivables, (ii) outsourcing of volume manufacturing, and
(iii) tighter control of invested capital in working capital of
fixed assets.  This process is scheduled to continue through
2005, when further 5% savings of operating cost and, as a result,
an operating margin (French GAAP equivalent) of 10% is targeted.

Absent a marked deterioration of its market environment, Alcatel
has the potential to generate sizable free cash flows (FCF),
given limited capital requirements for its lean manufacturing
base.  The cash flow in 2005 will still be burdened by the tail
end of cash cost for restructuring, but FCF should already be
significantly positive, if the targeted cost savings are realized
and working capital is controlled tightly.  By 2006, FCF could
make up a double-digit percentage of gross adjusted debt (EUR6.4
billion in 2004).

A key feature of an investment grade rated technology/telecom
equipment companies is also a strong and very liquid balance
sheet providing the flexibility to absorb the seasonal, cyclical,
and technology-related volatility of cash flows.  During the
recent downcycle, Alcatel has kept high cash balances usually
exceeding balance sheet debt.  Maintaining this conservative
financial strategy in a phase when the business starts to
generate cash and shareholders may call for distributions will be
a challenge for management, but also important for bondholder
protection.

Headquartered in Paris, France, Alcatel had sales of EUR12.3
billion and a net profit of EUR281 million in fiscal year 2004
and is one of the world leaders in providing advanced solutions
for telecommunications systems and equipment.

CONTACT:  MOODY'S DEUTSCHLAND GMBH
          Frankfurt
          Michael West
          Managing Director
          Corporate Finance Group

          Frankfurt
          Wolfgang Draack
          Senior Vice President
          Corporate Finance Group
          For Journalists:
          Phone: 44 20 7772 5456

          ALCATEL
          54, rue La Boetie
          75008 Paris, France
          Phone: +33 1 40 76 10 10
          Fax:   +33 1 40 76 14 05
          Web site: http://www.alcatel.com


AMENAGEMENT MENUISERIE: Administrator Takes over Helm
-----------------------------------------------------
The Commercial Court of Dijon placed Amenagement Menuiserie
Stores International under administration on March 31, 2005 and
appointed Jean-Jacques Deslorieux administrator.  Creditors are
urged to submit their proofs of claim within two months following
the ruling's publication in BODACC.

CONTACT:  AMENAGEMENT MENUISERIE STORES INTERNATIONAL
          3, rue des Vignes
          Pierre-de-Bresse,
          71270 Pierre-de-Bresse

          Jean-Jacques Deslorieux, Administrator
          44, rue de la Republique
          71640 Givry

          COMMERCIAL COURT OF CHALON-SUR-SAONE
          01 B, rue de Bourgogne
          71331 Chalon-sur-Saone


ILE REUNION: Restaurateur Yields to Liquidator
----------------------------------------------
The Commercial Court of Dijon ordered the liquidation of Ile De
La Reunion on March 29, 2005 and appointed Bissieux Jean-Joachim
liquidator.  Creditors are urged to file their proofs of claim to
the liquidator as soon as possible.

CONTACT:  ILE DE LA REUNION
          6, Rue Jean-Renoir
          21000 Dijon

          Bissieux Jean-Joachim, Liquidator
          36, Rue Jeannin,
          21000 Dijon


MARIONNAUD PARFUMERIES: E.U. Approves Sale to AS Watson
-------------------------------------------------------
The European Commission has cleared under the E.U. Merger
Regulation the public bid by AS Watson -- owned by Hutchinson
Whampoa Limited -- for all the shares in Marionnaud Parfumeries,
a company mainly active in the retail sale of luxury perfumes and
cosmetics.  The Commission concluded that there were minimal
overlaps of activities and as such the acquisition would not
significantly impede effective competition in the EEA or any
substantial part of it.

AS Watson operates retail chain stores offering food and
household items, health and beauty products and consumer
electrical goods in the E.U. and Asia.  In the E.U. the group is
mainly active in the sale of health and beauty products through
chains of drugstores in a number of E.U. countries, and it also
retails luxury perfumes and cosmetics in the Netherlands, Belgium
and Luxembourg under the trade name ICI Paris XL.

Marionnaud Parfumeries operates retail outlets for the sale of
luxury perfumes and cosmetics in a number of E.U. countries
although a majority is in France.  It also has limited sales of
non-luxury health and beauty products in a small number of
countries.

The Commission found that the activities of the two parties in
the retail sale of luxury perfumes and cosmetics did not
geographically overlap.  However, both parties were active in the
retail sale of non-luxury health and beauty products in the Czech
Republic, Poland and Hungary.  The Commission considered that the
combined market share of the parties on a national level would
not present any competition concerns in any of these countries
and that even if the geographic market for these products were
local, the increase in market share, which would result from the
concentration would be minimal.  The Commission therefore
concluded that the proposed transaction did not raise any
competition concerns.

CONTACT:  MARIONNAUD PARFUMERIES S.A.
          5 Avenue de Paris
          94300 Vincennes
          Phone: +33 (0) 1 48 08 69 69
          Fax: +33 (0) 1 48 08 01 51
          Web site: http://www.marionnaud.com


RHODIA SA: Strengthens Textile Fibers Business
----------------------------------------------
Rhodia S.A. and Snia signed a letter of intent with RadiciGroup
to establish an alliance between their respective businesses in
the textile fibers area (polyamide, polyester, elasthanne, and
acrylic).  Under the deal, Nylstar, of which Rhodia and Snia
holds a 50% interest each, will combine with RadiciGroup's
RadiciFibres.

The new joint venture formed through this alliance will be mostly
owned by RadiciGroup, Rhodia and Snia will share the remaining
capital.  With more than 4,000 employees, the new company is
projected to generate annual sales of more than EUR800 million.

The alliance will put Nylstar and RadiciFibres in a stronger
position to face the growing impact of imported goods from Asia.
The new company will be able to more fully respond to the present
and future needs of its customers with a broader and more
comprehensive product range.

This letter of intent represents the first step towards a binding
agreement that should be finalized in the coming months once
legal and financial documentations have been formalized and the
legal approvals obtained.

RadiciGroup, a multinational group present in 15 countries around
the globe, is one of the most active leading Italian operators at
an international level.  Its production focuses on the chemicals
sector, plastics, and the synthetic fibers chain.  The Group,
with 45 production units and around 5,100 employees worldwide,
closed its 2004 operations with a consolidated turnover of
EUR1,068 million.  RadiciFibres S.p.A. is the synthetic fibers
division of RadiciGroup: it reported a 2004 turnover of around
EUR588 million.

Rhodia is a global specialty chemicals company recognized for its
strong technology positions in applications chemistry, specialty
materials & services and fine chemicals.  Partnering with major
players in the automotive, electronics, fibers, pharmaceuticals,
agrochemicals, consumer care, tires and paints & coatings
markets, Rhodia offers tailor-made solutions combining original
molecules and technologies to respond to customers' needs.
Rhodia generated net sales of EUR5.3 billion in 2004 and employs
20,000 people worldwide.  Rhodia is listed on the Paris and New
York stock exchanges.

SNIA currently operates mainly in the chemicals industry through
its subsidiary Caffaro (turnover of around EUR100 million),
following a split in January 2004 that resulted in the de-merger
of its medical technologies which passed to the stock-exchange
listed company Sorin.  Furthermore, SNIA has significant real
estate assets.

Nylstar, a company jointly owned by Rhodia (France) and SNIA
(Italy), is a European player in the nylon textile yarn industry.
The joint venture, with a total of approximately 2,700 employees,
generated net sales of EUR428 million in 2004.

CONTACT:  RHODIA S.A.
          Press relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          Investor relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08

          RADICIGROUP
          Press Office
          E-mail: pressoffice1@radicigroup.com

          SNIA
          Press relations:
          E-mail: giuseppe.raciti@snia.it


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


ALLGEMEINE ELEKTROTECHNIK: Sets Creditors Meeting Mid-June
----------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Allgemeine Elektrotechnik Janke GmbH on March 23, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 10, 2005 to
register their claims with court-appointed provisional
administrator Dr. Wolfgang Delhaes.

Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 9:00 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne 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:  ALLGEMEINE ELEKTROTECHNIK JANKE GMBH
          Neusser Landstr. 134
          50769 Cologne
          Contact:
          Ingo Janke, Manager

          Dr. Wolfgang Delhaes, Administrator
          Im Media Park 6 A
          50670 Cologne
          Phone: 0221/574 379 04
          Fax: +4922157437939


BAUEN + LEBEN: Gives Creditors Two Months to File Claims
--------------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against BAUEN + LEBEN MASSIVHAUS GMBH on March 29.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 13, 2005 to
register their claims with court-appointed provisional
administrator Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting on June 14, 2005, 9:15 a.m. at the district court of
Krefeld Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage, Raum
214 at which time the administrator will present his first report
of the insolvency proceedings.  The court will verify the claims
set out in the administrator's report on August 9, 2005, 10:00
a.m. at the same venue.

CONTACT:  BAUEN + LEBEN MASSIVHAUS GMBH
          Am Strathhof 34, 47839 Krefeld
          Contact:
          Jens Gehlings, Manager
          Am Strathhof 34, 47839 Krefeld

          Eberhard Stock, Administrator
          Wilhelmshofallee 75, 47800 Krefeld
          Phone: (02151) 5813-140
          Fax: +4921515813134


BAUGESCHAFT ENGELMANN: Leipzig Court Appoints Administrator
-----------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Baugeschaft Engelmann GmbH on March 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 13, 2005 to
register their claims with court-appointed provisional
administrator Dr. Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting on June 13, 2005, 1:30 p.m. at Saal 145, Amtsgericht
Leipzig 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:  BAUGESCHAFT ENGELMANN GMBH
          Contact:
          Werner Engelmann, Manager
          Leisenauer Dorfstr. 7, 04668 Grossbothen

          Dr. Volkhard Frenzel, Administrator
          Magdeburger Str. 23, 06112 Halle


BIOVOG VERWALTUNGSGESELLSCHAFT: Declares Bankruptcy
---------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against BIOVOG Verwaltungsgesellschaft mbH on March 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 23, 2005 to
register their claims with court-appointed provisional
administrator Dr. Lucas F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on June 20, 2005, 10:00 a.m. at Saal 145, Amtsgericht
Leipzig 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:  BIOVOG VERWALTUNGSGESELLSCHAFT MBH
          Dieskaustr. 15, 04229 Leipzig
          Contact:
          Uwe Franke, Manager

          Dr. Lucas F. Flother, Administrator
          Nikolaistrasse 3-5, 04109 Leipzig


DUERR AG: Moody's Downgrades Senior Implied Rating to B1
--------------------------------------------------------
Moody's Investors Service downgraded all of the ratings of Duerr
AG reflecting poorer than expected operating performance and cash
flow generation and Moody's concern that the weak automotive
industry trading environment may hinder significant margin
improvement over the coming months.  This concludes the review
initiated on 9 November 2004.  Outlook for all ratings is stable.

Ratings affected are:

(a) Senior implied rating is downgraded to B1 from Ba3;

(b) Issuer rating is downgraded to Caa1 from B3;

(c) The 5 Year EUR400 million senior secured revolving credit
    and guarantee facilities due June 2009 downgraded to B1 from
    Ba3;

(d) The EUR200 million 9.75% Senior Subordinated Notes due 2011
    downgraded to B3 from B2;

The downgrade reflects the significant negative impact of the
unexpected costs incurred during the second half of FY 2004 (as
per the company's announcement in November 2004), on Duerr's
current credit profile and cash flow.  However Moody's takes
comfort that the merger of the various assembly businesses in the
U.S. and France and the four Ecoclean businesses in the U.S. is
expected to significantly improve the quality of project
management and control and thus prevent the recurrence of such
project related unforeseen costs in the future.

Duerr's poor operating performance and cash flow generation in
2004 was significantly below Moody's expectations as at the time
of the initial rating assignment in July 2004, particularly in
respect of operating margin contraction, a lower than planned
retention rate of the "Sprint2" realized cost savings, rising
debt and negative free cash flow.  Furthermore, Moody's does not
expect any significant margin improvement in the short term given
the constraints of the weak European and North American
automotive markets.

On the other hand, Moody's views the recently announced business
reorganization as positive, in particular the successful sale of
Premier in March 2005, the proceeds of which will be applied to
reduce senior bank borrowings.  Post application of sale
proceeds, the Total Debt/EBITDA ratio should fall to a level of
approximately 4.0x.  Duerr's working capital position can also be
expected to improve over the coming months following the sale,
since Premier was a highly working capital-intensive business.

The merger of Paint Systems and Final Assembly Systems to form
the new division, Paint and Assembly Systems, and the combination
of Ecoclean and Measuring Systems to form the Measuring and
Process Systems business should yield further opportunities for
cost savings through increased operational efficiency and reduced
structural complexity.  Estimated incremental cost savings of
Euro 10 million are expected to be realized by 2006, which should
help underpin operating margin growth in the medium term.

Despite the recent poor profitability record, liquidity remains
satisfactory and is currently provided by the company's adequate
cash balance and good availability under the revolving senior
credit facility.  Currently, compliance with senior credit
facility financial covenants is not a concern of Moody's.

Moody's continues to take comfort from the company's global
presence and leading positions in all of its core business
segments, high barriers to entry for new comers and management's
recent strategic reorientation towards increasing revenues from
non automotive sectors such as the aerospace, general industrial
and energy industries.

Rating Outlook

Moody's view is that Duerr is well positioned within the current
rating category given the lower profitability and cash flow
levels achieved in 2004 and the likelihood that the difficult
market environment will continue to hamper significant margin
growth.  The stable outlook reflects the group's leading market
positions, and in particular the fact that as a supplier of paint
and assembly systems, the group enjoys a high degree of shelter
from volume related market weakness, given that the primary
driver of new business is the OEMs' quest for increased capacity
utilization efficiency rather than vehicle production volumes.
Other positive factors include strong order books for 2005 and
2006 and the positive changes effected as part of the recent
business reorganization, which should bode well for moderate
growth over the medium term.

Upward rating pressure would result from sustainable rises in
Duerr's EBITDA margin to around 5%, a sustainable rise in free
cash flow for 2005 to approximately EUR30 million to EUR35
million, and an increase in the retained cash flow/Net Debt ratio
to within the low to mid teens range.

Downward rating pressure would arise were margins to suffer
further deterioration from current levels and, post application
of asset sale proceeds, balance sheet debt were to begin to rise
once again taking the Total Debt/EBITDA ratio towards 5.0x or
more.

Duerr AG is headquartered in Stuttgart, Germany, and is the
holding company for a global supplier of production systems and
manufacturing support services primarily to the automotive
industry.  The group develops and manufactures paint finishing
plants, final assembly and conveyor systems as well as measuring
systems.  Other services include paint process and manufacturing
support services such as parts cleaning and coolant recycling
under its Ecoclean division.

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

          London
          Susie Maidment
          Asst Vice President - Analyst
          European Corporate Finance Group

          For Journalists
          Phone: 44 20 7772 5456

          DUERR AG
          Otto-Durr-Strasse 8
          70435 Stuttgart - Zuffenhausen
          Deutschland
          Stephan Haas
          Corporate Communications & Investor Relations
          Phone: +49 (0)711 136-1785
          Fax: +49 (0)711 136-1034
          E-mail: corpcom@durr.com


KARSTADTQUELLE AG: Debt Down 16% to EUR2.83 Billion
---------------------------------------------------
KarstadtQuelle AG is well on schedule with its strategy for
realigning the entire Group, ending 2004 with better sales and
earnings figures than planned.

"Our financial position is sound and assured, the reorganization
which we initiated in September 2004 is on track, and, with these
initial successes behind us, we will continue to consistently
implement the program in 2005," said the company's Chief
Financial Officer, Harald Pinger, at the presentation of the 2004
Annual Results in Essen on April 12, 2005.

These key elements of reorganization have been initiated and
already fully or partly implemented:

(a) Net debt was reduced by 16% to EUR2.83 billion.   Working
    capital was significantly reduced to EUR1.35 billion in
    2004;

(b) Divestments with a liquidity effect of EUR400 million have
    already been realized.  Offers are expected from interested
    parties with regard to the sale of the 75 small department
    stores.  The company expects to reach an agreement in the
    third quarter of 2005;

(c) Several letters of intent have already been received for the
    sale of the SinnLeffers, Wehmeyer, Runners Point and Golf
    House specialty stores.  At present, due diligence is being
    conducted, after which the negotiating phase will begin.  We
    expect an agreement on SinnLeffers in the third quarter of
    2005.

(d) On personnel costs measures are being implemented which will
    generate savings totaling EUR760 million in the period
    2005 to 2007.  This goes hand in hand with a staff reduction
    by 5,700 employees; and

(e) As a further measure to increase profitability, we improved
    our gross margin by 0.9 percentage points to 47.5% in 2004
    through, amongst other things, shifting the product lines
    towards higher-margin consumer areas.  In 2005, a further
    improvement to 48.5% is planned.

"We have acted decisively and proactively in the year of crisis
2004 to make a fresh start.  2005 will be a year of
implementation, and here we are partly performing better than
planned.  From 2006 onwards, the KarstadtQuelle Group with its
totally new profile will achieve growth again," said Mr. Pinger.

"Additional measures aimed at stimulating sales and increasing
the pace of reorganization and realignment will be implemented."

Earnings in the 2004 Financial Year Better Than Planned

KarstadtQuelle's business performance in 2004 was overshadowed by
weak domestic demand, high unemployment in Germany and radical
changes in the business portfolio.  With sales of EUR13.45
billion (-6.8% compared with 2003), the Group performed better in
2004 than forecast.  KarstadtQuelle considerably exceeded its set
target for earnings before tax and amortization of goodwill
(EBTA), including the discontinued business segments, showing a
loss of EUR191 million (previous year: EUR9 million).  The
company had forecast an EBTA of -EUR280 million to -EUR295
million.  Including special factors of EUR1.44 billion, mainly
restructuring charges, EBTA in 2004 is -EUR1.63 billion.

Earnings before interest, tax, depreciation and amortization of
goodwill (EBITDA), after adjustment, (i.e. not including
extraordinary items and non-recurrent effects) was EUR373 million
in 2004, compared to EUR711 million in the previous year.
Including special negative factors, mainly from reorganization
charges, EBITDA, was -EUR428 million after EUR972 million in the
previous year.  The company will use EBITDA in the future as a
key indicator for its earnings performance.

The Development in 2004 in Detail

The "Over-the-counter retail" business segment -- 220 department
and sports stores in German city centers -- achieved sales of
EUR5.7 billion in 2004 after EUR6.13 billion in the previous year
(-7%).  The specialty stores are not included in reported sales,
due to their forthcoming sale.

In the department store segment, sales (after adjustment for
sales space) declined by 5.6%.  EBITDA also declined as a result
of restructuring charges (EUR409 million) to -EUR387 million,
compared to EUR34 million in 2003.  Excluding extraordinary
items, EBITDA was EUR22 million (previous year: EUR56 million).

Mail Order in 2004 achieved sales of EUR7.4 billion, 6.8% less
than in the previous year.  Whilst Specialty mail order improved
its sales by 0.8% to EUR1.61 billion, sales with the main
catalogues declined by 11.3% to EUR4.52 billion.  Sales in
markets outside Germany improved by 2.6%, resulting in a
contribution of foreign markets to total sales of 26.5%, compared
to 24.1% in the previous year.  Our E-commerce business performed
particularly well, with sales growth of 11.8% to EUR1.71 billion.

The strong sales decrease in Universal mail order had a negative
effect on Mail order earnings.  Adjustment EBITDA was -EUR8
million, after EUR263 million in the previous year.  Including
extraordinary items of EUR219 million, due mainly to
restructuring charges, EBITDA stood at -EUR227 million (previous
year: EUR226 million).

In particular due to the divestments already realized and
outsourcing of IT, sales in the Services segment decreased from
EUR1.43 billion to EUR1.24 billion (-13.4%).  EBITDA declined
from EUR92 million to EUR28 million, including extraordinary
items of EUR40 million.

Outlook 2005

In the first quarter of 2005 KarstadtQuelle once more gained
ground in February and March, following a weak start in January.
According to provisional figures, Group sales in the first
quarter were about 5% below plan (8.6% compared with the first
quarter 2004).

Less promising and unprofitable operations were divested.
Against this background, the company expects sales to stabilize
in 2005, with a decrease in the lower to middle single-digit
percentage range for the full year.  Because of the positive
performance of the "KarstadtQuelle Neu" program the company
expects operating EBITDA of over EUR500 million in 2005,
representing a slight improvement on the November 2004 forecast.

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

          Detlef Neveling
          Head of Investor Relations
          Phone: + 49 (0)201/727-98 17
          Fax: + 49 (0)201/727-98 54
          E-mail: detlef.neveling@karstadtquelle.com


MATEC DIENSTLEISTUNGEN: Administrator's Report Out May
------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against MATEC Dienstleistungen GmbH on March 24, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 27, 2005
to register their claims with court-appointed provisional
administrator Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 11:25 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne 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:  MATEC DIENSTLEISTUNGEN GMBH
          Taunusstrasse 35
          51105 Cologne
          Contact:
          Leonardo Vasapolli, Manager
          Rosrather Str. 592
          51107 Cologne

          Angelo Licco, Manager
          Hagedornweg c/o Vollmer 47
          51067 Cologne

          Andreas Amelung, Administrator
          Im Mediapark 6 B
          50670 Cologne
          Phone: 57437910
          Fax: +4922157437938


OTTI-SB: Creditors' Claims Due Tomorrow
---------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Otti-SB-Mobel-GmbH on March 16, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 14, 2005 to register their
claims with court-appointed provisional administrator Arne Brumm.

Creditors and other interested parties are encouraged to attend
the meeting on May 12, 2005, 11:10 a.m. at the district court of
Magdebrg, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  OTTI-SB-MOBEL-GMBH
          Neinstedter Str. 9
          06502 Thale
          Contact:
          Wolfgang Hellwig, Manager
          Hauptstr. 163
          09474 Crottendorf

          Arne Brumm, Administrator
          Jahnring 29
          39104 Magdeburg
          Phone: 0391/5971240
          Fax: 0391/5971241


RIMM KANHAUSSER: Hof Court Appoints Interim Administrator
---------------------------------------------------------
The district court of Hof opened bankruptcy proceedings against
Grimm & Kanhausser GmbH on March 23, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 8, 2005 to register their
claims with court-appointed provisional administrator Dr. Bernd
Schneiderbanger.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 1:15 p.m. at the district court of
Hof, Berliner Platz 1, 95030 Hof 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:  GRIMM & KANHAUSSER GMBH
          Schonwalder Strasse 3
          95100 Selb

          Dr. Bernd Schneiderbanger, Administrator
          Schillerstrasse 2
          95028 Hof
          Phone: 09281/71550
          Fax: 09281/715555


RING-MESSEHAUS AG: Under Bankruptcy Administration
--------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Ring-Messehaus AG on March 23.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 17, 2005 to register their claims with
court-appointed provisional administrator Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting on June 17, 2005, 11:40 a.m. at Saal 056, Amtsgericht
Leipzig 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:  RING-MESSEHAUS AG
          Contact:
          Dr. Michael Schulte
          c/o Rechtsanwalte
          Dr. Schulte pp
          Erich-Zeigner-Allee 20
          04229 Leipzig, AG Leipzig

          Michael C. Frege, Administrator
          Augustusplatz 9, 04109 Leipzig


S.R. NATURSTEIN: Calls First Creditors Meeting
----------------------------------------------
The district court of Kiel opened bankruptcy proceedings against
S.R. Naturstein-GmbH on March 18, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 1, 2005 to register their
claims with court-appointed provisional administrator Ute Jacob.

Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 11:00 a.m. at the district court of
Kiel 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:  S.R. NATURSTEIN-GMBH
          Dorfstr. 11
          24146 Kiel,
          Contact:
          Stephan Reimer, Manager

          Ute Jacob, Administrator
          Lorentzendamm 19
          24103 Kiel


UNION BANDSTAHL: Creditors May File Claims Until May 6
------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Union Bandstahl GmbH on March 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 6, 2005 to register their
claims with court-appointed provisional administrator Dr. Rainer
Maus.

Creditors and other interested parties are encouraged to attend
the meeting on May 19, 2005, 10:10 a.m. at the district court of
Wuppertal Hauptstelle, Eiland 4, 42103 Wuppertal, 3. Etage, Saal
388 - Altbau Amtsgericht 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:  UNION BANDSTAHL GMBH
          Walzenstrasse 2, 42555 Velbert
          Contact:
          Peter Piela, Manager
          Walzenstrasse 2, 42555 Velbert

          Dr. Rainer Maus, Administrator
          Turmhof 15, 42103 Wuppertal
          Phone: 0202/49 37 00
          Fax: 0202/45 13 66


WALTER BAU: Alpine Mayreder Acquires Civil Engineering Arm
----------------------------------------------------------
Walter Bau has sold another subsidiary, this time to Austrian
engineering firm Alpine Mayreder, Borsen Zeitung says.

The splintering construction group sold civil engineering arm
Stump Spezialtiefbau for an undisclosed sum.  The subsidiary
contributes EUR50 million annually to Walter Bau and employs 300
people.

The sale is the second to be approved by the creditors committee
in a span of one week.  Austrian builder Strabag Bauholding last
week was awarded the Dywidag Holding division, which is composed
of four businesses and has a total business volume of EUR1.2
billion.  Walter expects this sale to fetch between EUR80 million
and EUR100 million.

Walter Bau declared insolvency in February after creditor banks
refused to approve its restructuring plan, denying it access to a
EUR1.5 billion credit line.

CONTACT:  WALTER BAU AG
          Boheimstr. 8
          86153 Augsburg
          Phone: +49 (0)8 21/55 82-00
          Fax: +49 (0)8 21/55 82-3 20
          Web site: http://www.walter-bau.de

          ALPINE MAYREDER BAU GMBH
          Alte Bundesstrasse 10
          5071 Salzburg-Wals
          Austria
          Phone: 0662/8582-0
          Fax: 0662/8582-31
          Web site: http://www.alpine.at

          BAUHOLDING STRABAG AG
          Ortenburgerstrasse 27
          9800 Spittal/Drau
          Austria
          Phone: +43-47-62-62-00
          Fax: +43-47-62-49-62
          Web site: http://www.bauholding.at


WCM GROUP: Narrows Net Loss to EUR108.9 Million
-----------------------------------------------
In 2004, the key features of the balance sheet and profit and
loss account of WCM Group and WCM AG are the disposal of the
Residential Property division in December 2004 and disposal of
other equity holdings.

As a result of the disposals, net liabilities to banks were
reduced from EUR1.3 billion to below EUR0.2 billion.  Group
financial results declined from EUR124.5 million to EUR67.6
million.  Group EBITDA is positive at EUR30.1 million, after
-EUR98.6 million in the previous year.  Group EBIT improved to
-EUR19.3 million after -EUR190.3 million in the previous year and
the Group result of ordinary business activities was
-EUR82.0 million after -EUR286.5 million.  The Group net loss was
EUR108.9 million after EUR306.7 million in the previous year.

It was primarily the disposal of the Residential Property
division, which resulted in a considerable reduction of loans

The net loss for the year is made up primarily of book losses in
connection with the sale of the Residential Property division and
WCM AG financing costs.

WCM is on track to becoming an internationally focused industrial
group.  In the future, WCM AG will be a pure-play holding
company, holding the stakes in Klockner-Werke AG (current stake
78%).  The main operating activity of Klockner-Werke AG is the
planning, construction and installation of filling and packaging
systems for the beverages and other industries.  The Group also
owns mechanical engineering companies, which build special
machines for confectionary, hard rubber parts, rubber injection
and shoe machines as well as robot systems for plastic machines.
Currently, WCM also holds various equity holdings, which are
available for sale in the short to medium-term.

Status in Merging WCM and Klockner

WCM AG and Klockner-Werke AG retain the objective of a corporate
amalgamation of the two companies.  Pending suits and a dispute
with the tax authorities at WCM AG regarding a tax receivable of
the HM Vermogensverwaltungsgesellschaft mbH & Co.
Beteiligungs-KG, Wackerow, subsidiary (see also the ad hoc
notification dated 25 February 2005) result in uncertainties
regarding the valuation of the companies involved, which is why
the planned legal merger is being postponed until these
uncertainties have been resolved.

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


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


ANTENNA SA: Moody's Changes Outlook to Stable
---------------------------------------------
Following the recent release of 2004 results, Moody's Investors
Service changed the outlook for the ratings of Antenna S.A. to
stable from negative.

Ratings affected are:

(a) Senior implied rating of B1,

(b) Senior unsecured issuer rating of B1,

(c) EUR150 million of 9.75% senior unsecured notes due 2008
    rated B1 (EUR8.6 million outstanding),

(d) EUR120 million of 7.25% senior unsecured notes due 2015
    rated B1,

(e) Outlook changed from negative to stable

The outlook stabilization reflects the improvements that the
company has made in its operational performance and Moody's
belief that the company will aim to maintain leverage at reduced
levels in the future.  It further factors in Moody's expectation
that Antenna can maintain its leading position is terms of
audience and advertising shares in the Greek TV market and that
cash outflows for programming remain relatively stable and
closely related to the related P&L amortization.  Antenna's
strategy remains focused on the development of its core Greek TV
and programming business and its other Greek media interests,
complemented by carefully implemented international
diversification steps such as the 2000 acquisition of Bulgarian
TV station Nova.

During 2004 Antenna's revenues increased by EUR17.8 during 2004,
or 9.9%, to EUR198.3 million (2003: EUR180.4 million) and EBITD,
after programming amortization, increased EUR9.4 million or 45%
to EUR30.2 million (2003: EUR20.8 million).  As a consequence Net
Debt/EBITD improved from 6.4x at the end of 2003 to 4.0x at the
end of 2004.

Antenna TV S.A. is one of the leading media groups in Greece.
The company operates: (i) Antenna TV, the leading television
broadcaster and producer of television programming in Greece;
(ii) Antenna FM, a radio station in the greater Athens area; and
(iii) Daphne, a publishing company which publishes 13 magazines.

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

          London
          Christian Rauch
          Senior Vice President
          Corporate Finance

          For Journalists: 44 20 7772 5456

          ANTENNA TV S.A.
          Kifissias Ave. 10-12, Maroussi
          151 25 Athens, Greece
          Phone: +30-210-688-6100
          Fax: +30-210-689-0304
          Web site: http://www.antenna.gr


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


ELAN CORPORATION: To Bare First-quarter Results April 28
--------------------------------------------------------
Elan Corporation plc announced on April 11 that it will report
its first quarter 2005 financial results on April 28, 2005,
before U.S. and European financial markets open.  The results
announcement will be followed by a conference call at 8:30 a.m.
Eastern Time (ET), 1:30 p.m. British Summer Time (BST) with the
investment community to discuss Elan's first quarter 2005
financial results.  Live audio of the conference call will be
simultaneously broadcast over the Internet and will be available
to investors, members of the news media and the general public.
This event will be Web cast live and can be accessed by going to
the Investor Relations section at http://www.elan.com.

Elan will hold its Annual General Meeting at 10:00 a.m. BST on
May 26, 2005 at the Westin Hotel, Westmoreland Street, Dublin 2,
Ireland.  This event will also be Web cast live and can be
accessed by going to the Investor Relations at
http://www.elan.com.

Elan has filed with the U.S. Securities and Exchange Commission
its Form 20-F for the fiscal year ended December 31, 2004 and has
published its Annual Report for the fiscal year ended December
31, 2004.  Both these documents are available at
http://www.elan.com.

About Elan

Elan Corporation, plc is a neuroscience-based biotechnology
company that is focused on discovering, developing, manufacturing
and marketing advanced therapies in neurology, autoimmune
diseases, and severe pain. Elan (NYSE: ELN) shares trade on the
New York, London and Dublin Stock Exchanges.

CONTACT:  ELAN CORPORATION
          Investors:
          Emer Reynolds
          Phone: 353-1-709-4000 / 800-252-3526

          Media:
          Anita Kawatra
          Phone: 212-407-5740

          Elizabeth Headon
          Phone: 353-1-498-0300


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


ALITALIA SPA: E.U. Decision by May Still in Doubt
-------------------------------------------------
The European Commission has yet to set the date for a ruling on
Alitalia's restructuring plan, Reuters says.

Transport Minister Pietro Lunardi earlier said EU Transport
Commissioner Jacques Barrot assured him of a ruling between May
10 and 12.  Mr. Lunardi optimistically said, "(Mr.) Barrot told
me they are going ahead with the examination of the documentation
sent by Alitalia in response to the observations made by
competitors."

"I'd say that the road seems downhill from here," Mr. Lunardi
said, commenting on the possibility that the regulator would
approve Alitalia's plan.

The European Commission, however, downplayed the minister's
comments.  Stefaan de Rynck, spokesman for Mr. Barrot, said,
"It's a possibility to have a decision in May, but the Commission
cannot guarantee a decision in May."

Mr. de Rynck stressed the ruling would depend on the information
submitted by the Italian government.  He added Italy has yet to
submit several documents regarding AZ Fly's recapitalization,
including letters of guarantee from banks and an evaluation by an
independent expert.

Alitalia's restructuring plan has been under tight scrutiny by
European Commission for possible traces of illegal state aid.
Rivals Ryanair and British Airways last month joined the flock of
carriers opposing the plan, which they claim violates the "one
time, last time" rule.  Alitalia expects the European Commission
to approve its restructuring plan next month, paving the way for
a massive job cut, split of the carrier's flight and ground
divisions and a EUR1.2 billion capital increase.

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


PARMALAT FINANZIARIA: Debt of Travel Agencies Hit EUR1 Billion
--------------------------------------------------------------
Tour operators Parmatour and Hit, subsidiaries of collapsed dairy
giant Parmalat, have incurred around EUR1 billion in debt, Il
Sole 24 Ore says.

According to the list of creditors filed with bankruptcy
magistrate Pasquale Liccardo, Parmatour and Hit have amassed
EUR657 million and EUR390 million in debt respectively.  The list
was recently finalized after a year of review.

Included in the list were local telecommunications company
Telecom Italia, railway operator Trenitalia, beverage giant Coca
Cola, rival Alpitour and a number of local banks.  Regional bank
Banca Agricola Mantovana made it to the list, with EUR173 million
in claims.

Meanwhile, the magistrate refused to include Francesca Tanzi,
daughter of erstwhile Parmalat chairman Calisto Tanzi, in the
list.  The magistrate reasoned that Ms. Tanzi was a former
Parmalat director, thus she also played a part in the group's
collapse in December 2003.

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


SEAT PAGINE: Considers Refinancing Senior Bank Loan
---------------------------------------------------
On April 8, the Board of Directors of SEAT Pagine Gialle S.p.A.,
with the assistance of BNP Paribas (Italian branch), began
analyzing a refinancing operation, under better economic and
operating terms compared to the current ones, of the Company's
current senior debt, amounting to EUR2,616 million as of March
31, 2005.

The sole purpose of the transaction under examination -- expected
to be finalized in the next few weeks -- is to replace the
existing bank debt and it should not generate any additional
debt.

This operation was considered in light of the Company's strong
cash flow generation performance, allowing for a renegotiation of
the loan under substantially better economic and operating terms.

                            *   *   *

In March, Standard & Poor's Ratings Services revised its outlook
on SEAT PagineGialle to stable from negative, reflecting the
group's good operating progress during 2004 and its steady
application of discretionary cash flows to debt reduction.  At
the same time, Standard & Poor's affirmed its 'BB-' long-term
corporate credit rating on SEAT and its 'B' senior unsecured debt
rating on related entity Lighthouse International Co. S.A.

CONTACT:  SEAT PAGINE GIALLE
          Communications
          Phone: +39 011 435.3030
          Fax: +39 011 435.3040
          E-mail: Comunicazione.stampa@seat.it

          Investor Relations
          Phone: +39.011.435.2600
          E-mail: Investor.relations@seat.it

          Legal and Corporate Affairs
          E-mail: ufficio.societario@seat.it

          BARABINO & PARTNERS
          Phone: +39 02 72 02 35 35
          Fax: +39 02 89 00 519
          Contact:
          Federico Steiner
          E-mail: f.steiner@barabino.it

          Niccolo Moschini
          E-mail: n.moschini@barabino.it


SEAT PAGINE: Increases Share Capital by EUR2.4 Million
------------------------------------------------------
The Board of Directors of SEAT Pagine Gialle S.p.A. passed on
April 8 a resolution to increase the share capital:

(a) by a maximum par value of EUR150,000, through the issue of a
    maximum of 5,000,000 ordinary shares, covering an equal
    number of options assigned to the Chief Executive Officer
    under the 2005 Stock Option Plan, awarded to him;

(b) by a maximum par value of EUR2,250,000, through the issue of
    a maximum of 75,000,000 ordinary shares, covering an equal
    number of options assigned to the employees of Seat Pagine
    Gialle S.p.A. and of the Seat Group who are considered of
    particular interest.

The options of both plans -- to be exercised from September 2006
up to June 2010 -- have been assigned at a strike price of
EUR0.3221.

CONTACT:  SEAT PAGINE GIALLE
          Communications
          Phone: +39 011 435.3030
          Fax: +39 011 435.3040
          E-mail: Comunicazione.stampa@seat.it

          Investor Relations
          Phone: +39.011.435.2600
          E-mail: Investor.relations@seat.it

          Legal and Corporate Affairs
          E-mail: ufficio.societario@seat.it

          BARABINO & PARTNERS
          Phone: +39 02 72 02 35 35
          Fax: +39 02 89 00 519
          Contact:
          Federico Steiner
          E-mail: f.steiner@barabino.it

          Niccolo Moschini
          E-mail: n.moschini@barabino.it


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


AREKA: Sets Proofs of Claim Deadline
------------------------------------
LLC Areka, which recently became insolvent, will accept all
proofs of claim until June 7, 2005.  For more information, call
(0-312) 97-71-79 or (0-502) 51-76-71.


EXTOL COMMUNITY: Claims Filing Deadline Expires June
----------------------------------------------------
LLC Extol Community Services, which recently became insolvent,
will accept all proofs of claim until June 7, 2005.  For more
information, call (0-312) 62-31-46.


MAIS: Admits Insolvency; Calls Meeting to Formalize Declaration
---------------------------------------------------------------
Agricultural Farm Mais will hold a creditors meeting on May 4,
2005 at Bishkek, Chui Avenue, 265, Science Academy building, 3rd
Floor, Room 352.

Agenda:

(a) Declaration of insolvency,

(b) Commencement of bankruptcy supervision procedure, and

(c) Appointment of a temporary insolvency manager

For more information, call (0-312) 24-28-49.


NEMAN-SEZ: Gives Creditors Until June to File Claims
----------------------------------------------------
Neman-Sez, which recently became insolvent, will accept all
proofs of claim until June 7, 2005.  For more information, call
(0-312) 66-34-01.


TECHNICAL SERVICE MAKSAT: Under Bankruptcy Supervision
------------------------------------------------------
The Inter District Court on Economic Issues of Chui region
commenced bankruptcy supervision procedure on Technical Service
Maksat on March 23, 2005.  Mr. Kubanychbek Sulaimanov (License
Number 0302) has been appointed temporary insolvency manager.

A creditors meeting has been set for April 26, 2005, 11:00 a.m.
at Kemin region, Kara-Bulak, local government building.
Creditors are required to submit their proofs of claim and
register with the temporary insolvency manager seven days prior
to the meeting.  Proxies must have authorization to vote.

CONTACT:  Mr. Kubanychbek Sulaimanov
          Temporary Insolvency Manager
          Phone: (0-502) 62-46-55


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


KONINKLIJKE AHOLD: Closes Asset Disposal Program in Brazil
----------------------------------------------------------
Royal Ahold has completed the sale of its remaining Brazilian
operation, G. Barbosa Comercial Ltda.  The sale agreement with an
affiliate of ACON Investments, a U.S.-based investment firm, was
announced on December 31, 2004.

The divestment of G. Barbosa completes Ahold's divestiture
program in Brazil.

                            *   *   *

Based in Zaandam, the Netherlands, Ahold is a leading
international food provider, with operations in Europe and the
United States.  Its net loss for full year 2004 was EUR443
million (2003: net loss EUR1 million) impacted by total
exceptional items of EUR582 million (2003: EUR136 million).  In
2003, the company reported revenues in excess of EUR56 billion.

CONTACT:  KONINKLIJKE AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


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


AUTO-COLUMN-1467: Deadline for Proofs of Claim Next Month
---------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Auto-Column-1467 after finding the open joint
stock company insolvent.  The case is docketed as A08-9274/04-11.
Mr. V. Poluyanov has been appointed insolvency manager.
Creditors have until May 5, 2005 to submit their proofs of claim
to 308015, Russia, Belgorod, Gostenskaya Str. 1, Office 1.

CONTACT:  AUTO-COLUMN-1467
          309850, Russia, Belgorod region,
          Alekseevka, P. Yuschenko Str. 55

          Mr. V. Poluyanov
          Insolvency Manager
          308015, Russia, Belgorod region,
          Gostenskaya Str. 1, Office 1


BUJ-WOOD-PROM: Hires A. Petrosyan as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Buj-Wood-Prom after finding the wood chemical
complex insolvent.  The case is docketed as A31-5178/18.  Mr. A.
Petrosyan has been appointed insolvency manager.  Creditors have
until May 12, 2005 to submit their proofs of claim to 157000,
Russia, Kostroma region, Buj, 1st Maya Str. 2.

CONTACT:  BUJ-WOOD-PROM
          157000, Russia, Kostroma region,
          Buj, 1st Maya Str. 2

          Mr. A. Petrosyan
          Insolvency Manager:
          157000, Russia, Kostroma region,
          Buj, 1st Maya Str. 2


KIGINSKOYE: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Kiginskoye (TIN 0230000238).  The case is docketed as
A07-43259/04-G-ADM.  Mr. G. Yaparov has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to Russia, Bashkortostan republic, Beloretsk, Lenina Str. 69,
Room 406.

CONTACT:  KIGINSKOYE
          Russia, Bashkortostan republic,
          Kiginskiy region, Verkhniye Kigi

          Mr. G. Yaparov
          Temporary Insolvency Manager
          Russia, Bashkortostan republic,
          Beloretsk, Lenina Str. 69, Room 406


LELECHINSKOYE: Last Day for Filing Claims May 12
------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Lelechinskoye after finding the close joint
stock company insolvent.  The case is docketed as
A41-K2-14160/04.  Mr. A. Nikolskiy has been appointed insolvency
manager.  Creditors have until May 12, 2005 to submit their
proofs of claim to 107078, Russia, Moscow, Sadovaya-Spasskaya
Str. Building 2, Office 300.

CONTACT:  LELECHINSKOYE
          Russia, Moscow region,
          Egoryevskiy region, Lelechi

          Mr. A. Nikolskiy
          Insolvency Manager
          107078, Russia, Moscow region,
          Sadovaya-Spasskaya Str. Building 2, Office 300


MOKSHANSKIY: Declared Insolvent
-------------------------------
The Arbitration Court of Penza region commenced bankruptcy
proceedings against Mokshanskiy after finding the bakery
insolvent.  The case is docketed as 49-3322/02-101B/20.  Ms. O.
Volkova has been appointed insolvency manager.  Creditors have
until May 12, 2005 to submit their proofs of claim to Russia,
Penza region, Mokshan, Stroiteley Str. 1.

CONTACT:  MOKSHANSKIY
          Russia, Penza region,
          Mokshan, Stroiteley Str. 1

          Ms. O. Volkova
          Insolvency Manager
          Russia, Penza region,
          Mokshan, Stroiteley Str. 1


NIKOLOGORSKOYE: Bankruptcy Proceedings Begin
--------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
proceedings against Nikologorskoye after finding the
repair-building enterprise insolvent.  The case is docketed as
A11-10548/2004-K1-64B/9B.  Mr. V. Shumilov has been appointed
insolvency manager.  Creditors have until May 12, 2005 to submit
their proofs of claim to 602209, Russia, Vladimir region,
Muromskiy region, Mekhanizatorov, 40A.

CONTACT:  NIKOLOGORSKOYE
          Russia, Vladimir region, Vyaznikovskiy region,
          Nikologory, Tekstilnyj Per. 4

          Mr. V. Shumilov
          Insolvency Manager
          602209, Russia, Vladimir region,
          Muromskiy region, Mekhanizatorov, 40A


OAO MAGNITOGORSK: Long-term Corporate Credit Affirmed at 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Russia-based steel company OAO
Magnitogorsk Metallurgical Kombinat, following a strong
performance in 2004.

The rating was also removed from CreditWatch, where it was placed
on Dec. 23, 2004, after a group of investors affiliated with MMK
management acquired a 17.8% stake in MMK from the Russian
government for US$790 million and a 16.7% stake in MMK from
Mechel Group for US$780 million, plus US$90 million compensation
to waive any claims between Mechel and MMK.  The outlook is
stable.

"The rating actions reflect Standard & Poor's opinion that MMK's
favorable operating and financial performance in 2004, together
with the broadly stable-to-positive outlook for the steel
industry in 2005, should help offset the risks presented by the
recent acquisition and its potential impact on MMK's financial
profile and policy," said Standard & Poor's credit analyst Elena
Anankina.

In 2004, MMK generated US$1.7 billion EBITDA (36% margin), US$1.4
billion funds from operations (FFO), and US$553 million free cash
flow.  MMK's International Financial Reporting Standards reports
show total debt of US$1.3 billion and cash of US$1.9 billion at
Dec. 31, 2004.

It is not clear, however, how the significant price of the share
acquisitions was financed. Therefore, Standard & Poor's has to
take the most conservative approach by adding US$1.66 billion to
MMK's overall debt position, assuming that the price of the share
purchases will be eventually financed by the company itself.  For
example, MMK plans to pay out a large dividend of US$513 million
in 2005.  Even on that conservative basis, MMK's net cash
position on the balance sheet at the beginning of 2005 means that
its financial parameters are likely to remain compatible with the
'BB-' rating, with FFO to net debt at 1.3x in 2004.
Nevertheless, MMK might not generate meaningful free cash flows
in 2005 after expected capital expenditures of about US$500
million and the large dividend referred to earlier.

Standard & Poor's expects that the company will retain its
competitive cost position, while free cash flow generation
through the cycle is likely to be constrained by ongoing heavy
capital expenditures.  After the change in MMK's shareholding
structure, Standard & Poor's will closely focus on the company's
financial policy in areas such as dividends, debt, and M&A
(particularly regarding vertical integration into raw materials).
The current rating has limited room for any additional
acquisitions.  Standard & Poor's views the $513 million dividend
declared by MMK on 2004 income (subject to shareholders'
approval) in the context of the transactions with MMK shares in
December 2004.

"The key factor that will drive the rating and outlook in the
next couple of years is whether or not the shareholders will
refinance the share purchase made in December 2004 from the
company's funds (for example, via dividends) or through selling
their shares (for example, via an IPO)," said Ms. Anankina.

Ratings information is available to subscribers of RatingsDirect,
Standard & Poor's Web-based credit analysis system, at
http://www.ratingsdirect.com. It can also be found at
http://standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media
may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

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

          OAO MAGNITOGORSK METALLURGICAL KOMBINAT
          92 Kirov St.
          Magnitogorsk Chelyabinsk Region
          Russia 455002
          Web site: http://www.mmk.ru


REINFORCED CONCRETE: Tyumen Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Reinforced Concrete Service after finding the
limited liability company insolvent.  The case is docketed as
A70-8653/3-2004.  Mr. V. Materov has been appointed insolvency
manager.  Creditors have until May 5, 2005 to submit their proofs
of claim to 625062, Russia, Tyumen, Chaplina Str. 126, Apartment
210.

CONTACT:  REINFORCED CONCRETE SERVICE
          626150, Russia, Tobolsk, BSI-1

          Mr. V. Materov
          Insolvency Manager
          625062, Russia, Tyumen region,
          Chaplina Str. 126, Apartment 210


SYUMSI-AGRO-KHIM: Under Bankruptcy Supervision
----------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Syumsi-Agro-Khim.  The case is docketed as A71-172/2004-G26.  Mr.
S. Matveev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Syumsi-Agro-Khim
    Russia, Udmurtiya republic,
    Syumsi, Mayakovskogo Str. 16a

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

(c) The Arbitration Court Of Udmurtiya Republic
    426057, Russia, Izhevsk,
    Svobody Str. 139

A hearing will take place on May 23, 2005, 9:00 a.m. at Russia,
Izhevsk, Lomonosova Str. 5, Room 105.


USOLYE SIBIRSKIY: Irkutsk Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on open joint stock company Usolye
Sibirskiy Silicone.  The case is docketed as A19-513/05-29.  Mr.
K. Sobolev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 664011, Russia,
Irkutsk, Post User Box 176.  A hearing will take place on May 26,
2005.

CONTACT:  USOLYE SIBIRSKIY SILICONE
          Russia, Irkutsk region, Usolye-Sibirskoye,
          Post office 8, Post User Box 100

          Mr. K. Sobolev
          Temporary Insolvency Manager
          664011, Russia, Irkutsk region,
          Post User Box 176


UST-ORDYNSKAYA: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on open joint stock company Ust-Ordynskaya.
The case is docketed as A19-28915/04-29.  Mr. L. Firyulin has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 664081, Russia,
Irkutsk, Post User Box 54.  A hearing will take place on May 5,
2005, 10:00 a.m. (local time) at the Arbitration Court of Irkutsk
region located at 664024, Russian Irkutsk, Gagarina Avenue, 70,
room 303.

CONTACT:  UST-ORDYNSKAYA
          669121, Russia, Ust-Ordynskiy Buryatskiy autonomous
          region, Boyandaevskiy region, Boyanday,
          Bulyunaeva Str. 2

          Mr. L. Firyulin
          Temporary Insolvency Manager
          664081, Russia, Irkutsk region,
          Post User Box 54


YUKOS OIL: Grooms East Siberian Asset for Potential Sale
--------------------------------------------------------
Yukos Oil asked bailiffs to remove attachments in the control it
holds in East Siberian Oil and Gas Company (VSNK) in preparation
for a possible sale, Kommersant has learned.

Yukos' 70.77% stake in VSNK is included in the assets frozen by
Russian authorities in relation to the firm's tax dispute with
the government.

UK Unikor, former Metalloinvest holds 28.74% of VSNK, and it may
benefit from pre-emptive right for the stocks, the report says.
But Unikor said it has received no offer to buy additional stake
in VSNK.  The shares are currently kept in nominal holding with
Impexbank.

Evenki Governor Boris Zolotarev, who announced the sale Thursday,
said VSNK's pipelining project from Yurubcheno-Tokhomskoe field
to Karabul station was temporarily set aside until a buyer is
found.  Production in Yurubcheno-Tokhomskoe field will stop
mid-April.  Yukos spokesman Alexander Shadrin confirmed the
US$500 million pipeline project has been terminated for lack of
funds.

"If the attachment is not removed, it will ruin the north
delivery to Evenkia and to the northern Krasnoyarsk Region," a
source close to Yukos told Kommersant.

A VSNK representative said a decision could come before June.

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

          Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

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


YUKOS OIL: Ruling on Ex-CEO's Criminal Case Out Later this Month
----------------------------------------------------------------
Former Yukos Oil CEO Mikhail Khodorkovsky maintains he is
innocent of the charges brought against him by Russian
authorities at the concluding hearing of his case Thursday.

Mr. Khodorkovsky and his business partner Platon Lebedev are
charged of extortion, and tax evasion in what most consider a
politically motivated case.  Two weeks ago, tax authorities
levied a US$647 million bill against the accused for what they
said were unpaid taxes.  Prosecutors want them served with
10-year prison sentences.  The court will pronounce its verdict
April 27.

Mr. Khodorkovsky has been jailed since 2003.  At his concluding
statement, he said he could have left Russia when the first
arrests connected with Yukos began, but chose not to.  Mr.
Lebedev did not give a statement.

Yukos, once the largest Russian oil producer, has been stripped
of its assets to settle a US$28 billion (EUR21 billion) tax bill.

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

          Press Service:
          Alexander Shadrin
          Phone: +7 095 785-08-55
          E-mail: pr@yukos.ru

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


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


ADEKSS: Declared Insolvent
--------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Adekss (code EDRPOU 33143949) on March 11,
2005 after finding the limited liability company insolvent.  The
case is docketed as 43/200.  Mr. Vyacheslav Letskan (License
Number AA 419239) has been appointed liquidator/insolvency
manager.  The company holds account number 260040308600 at JSB
Brokbiznesbank, MFO 300249.

Creditors have until April 18, 2005 to submit their proofs of
claim to:

(a) ADEKSS
    081320, Ukraine, Kyiv region,
    Vishneve, Lomonosov Str. 34

(b) Mr. Vyacheslav Letskan
    Liquidator/Insolvency Manager
    03057, Ukraine, Kyiv region,
    Dovzhenko Str. 16 v/42

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


BERDICHIV' COMBI: Creditors' Claims Due Next Week
-------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Berdichiv' Combi Provender Plant (code EDRPOU
00951511) on February 3, 2005 after finding the open joint stock
company insolvent.  The case is docketed as 5/34 B.  Mr. Leonid
Kachanivskij (License Number AA 250063) has been appointed
liquidator/insolvency manager.

Creditors have until April 17, 2005 to submit their proofs of
claim to:

(a) BERDICHIV' COMBI PROVENDER PLANT
    13300, Ukraine, Zhitomir region,
    Berdichiv, Nizgiretska Str. 111

(b) Mr. Leonid Kachanivskij
    Liquidator/Insolvency Manager
    13300, Ukraine, Zhitomir region,
    Berdichiv, Karastoyanova Str. 2/17

(c) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir region,
    Putyatinski Square, 3/65


BILOPILLYA' MACHINE: Court Begins Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on Bilopillya' Machine-Building Plant (code
EDRPOU 24001872) on January 26, 2005.  The case is docketed as
7/139-04.  Mr. Roman Udovenko (License Number AA 719777) has been
appointed temporary insolvency manager.  The company holds
account number 260021601 at JSPPB Aval, Sumi regional branch, MFO
337483.

Creditors have until April 18, 2005 to submit their proofs of
claim to:

(a) BILOPILLYA' MACHINE-BUILDING PLANT
    41800, Ukraine, Sumi region,
    Bilopillya, Makarenko Str. 1

(b) Mr. Roman Udovenko
    Temporary Insolvency Manager
    40030, Ukraine, Sumi region,
    Kirov Str. 25, 4-th floor
    Phone: (0542) 34-51-74

(c) ECONOMIC COURT OF SUMI REGION
    40477, Ukraine, Sumi region,
    Ribalko Str. 2


DUBOGAIVSKE: Liquidator Takes over Helm
---------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Dubogaivske (code EDRPOU 03798464) on
February 8, 2005 after finding the limited liability company
insolvent.  The case is docketed as 5/159B/79B.  Ms. Irina Stuk
(License Number AA 485235) has been appointed
liquidator/insolvency manager.

Creditors have until April 19, 2005 to submit their proofs of
claim to:

(a) DUBOGAIVSKE
    17590, Ukraine, Chernigiv region,
    Prilutskij district, Dubovij Gaj, Lenin Str. 50

(b) Ms. Irina Stuk
    Liquidator/Insolvency Manager
    41008, Ukraine, Chernigiv region,
    Nahimov Lane, 50

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


INFOKOM-SATELLITE: Under Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on CJSC Infokom-Satellite Communications
(code EDRPOU 22915605) on January 24, 2005.  The case is docketed
as 43/139.  Mr. Letskan Vacheskav (License Number AA 419239) has
been appointed temporary insolvency manager.  The company holds
account number 2600730196 at Prominvestbank, MFO 300012.

Creditors have until April 19, 2005 to submit their proofs of
claim to:

(a) INFOKOM-SATELLITE COMMUNICATIONS
    02192, Ukraine, Kyiv region,
    Shalet Str. 1

(b) Mr. Letskan Vacheskav
    Temporary Insolvency Manager
    03057, Ukraine, Kyiv region,
    O. Dovzhenko Str. 16-v/42
    Phone: (044) 494-21-85, 422-10-33

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


KARLA MARKSA: Applies for Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Biznes Centr Na Karla Marksa (code EDRPOU
30008653) on February 22, 2005 after finding the limited
liability company insolvent.  The case is docketed as 19/27 b.
Mr. Andrij Kulik has been appointed liquidator/insolvency
manager.  The company holds number 2600506000407 at CB
Praveksbank, Lugansk branch, MFO 304579.

Creditors have until April 18, 2005 to submit their proofs of
claim to:

(a) Mr. Andrij Kulik
    Liquidator/Insolvency Manager
    Ukraine, Lugansk region,
    Shelkovskij Str. 35
    Phone: (0642) 59-97-06

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


KNYAZHA KRINITSYA: Insolvency Manager Takes over Helm
-----------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on LLC Agrofirm Knyazha Krinitsya (code
EDRPOU 32256592).  The case is docketed as 01/596.  Mr. Oleksandr
Holostij has been appointed temporary insolvency manager.  The
company holds account numbers 260076652 and 260095316 at JSPPB
Aval, Uman branch, MFO 354411.

Creditors have until April 19, 2005 to submit their proofs of
claim to:

(a) KNYAZHA KRINITSYA
    Ukraine, Cherkassy region,
    Monastirishenskij district, Knyazha Krinitsya

(b) Mr. Oleksandr Holostij
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Vernigora Str. 29/8

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


MAJNICHI: Lviv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against OJSC Majnichi (code EDRPOU 20767301) on
February 28, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/20-4/4.  Mr. Marchuk
Genadij (License Number AA 250466) has been appointed
liquidator/insolvency manager.

Creditors have until April 19, 2005 to submit their proofs of
claim to:

(a) MAJNICHI
    Ukraine, Lviv region,
    Sambirskij district, Majnichi

(b) Mr. Marchuk Genadij
    Liquidator/Insolvency Manager
    79032, Ukraine, Lviv region, Pasichna Str. 185/7
    Phone: (0322) 240-81-06

(c) ECONOMIC COURT OF LVIV REGION
    79010, Ukraine, Lviv region,
    Lichakivska Str. 81


PERVOMAJSKE REPAIR: Succumbs to Bankruptcy
------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Pervomajske Repair-Transport
Enterprise (code EDRPOU 03762420) on December 24, 2004.  The case
is docketed as B-19/101-04.  Mr. Chipizhenko Yevgen (License
Number AA 419260) has been appointed temporary insolvency
manager.  The company holds account number 26008301239 at
Oshadbank, Pervomajskij first branch, MFO 350017.

Creditors have until April 19, 2005 to submit their proofs of
claim to:

(a) PERVOMAJSKE REPAIR-TRANSPORT ENTERPRISE:
    64100, Ukraine, Harkiv region,
    Pervomajskij, Uchitelska Str. 1

(b) Mr. Chipizhenko Yevgen
    Temporary Insolvency Manager
    61002, Ukraine, Harkiv region,
    Sumska Str. 82, Office 17
    Phone: 714-22-16

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


SOSNITSKIJ FOOD: Chernigiv Court Appoints Insolvency Manager
------------------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Sosnitskij Food Products Plant after finding
the limited liability company insolvent.  The case is docketed as
4/109B.  Ms. Irina Stuk (License Number AA 485235) has been
appointed liquidator/insolvency manager.

Creditors have until April 19, 2005 to submit their proofs of
claim to:

(a) SOSNITSKIJ FOOD PRODUCTS PLANT
    16100, Ukraine, Chernigiv region,
    Sosnitsya, Chernigivska Str. 84

(b) Ms. Irina Stuk
    Liquidator/Insolvency Manager
    41008, Ukraine, Chernigiv region,
    Nahimov Lane, 50

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


TRANSENERGO: Last Day for Filing Claims April 19
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against TRANSENERGO (code EDRPOU 30489085) after
finding the close joint stock trading house insolvent.  The case
is docketed as 24/311-b.  Mr. G. Vronska (License Number AA
484232) has been appointed liquidator/insolvency manager.

Creditors have until April 19, 2005 to submit their proofs of
claim to:

(a) TRANSENERGO
    Ukraine, Kyiv region,
    Shovkovichna Str. 42/44

(b) Mr. G. Vronska
    Liquidator/Insolvency Manager
    Phone: (044) 228-88-68

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


UMS: Claims Filing Period Ends Next Week
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against UMS (code EDRPOU 4916399) on March 4, 2005
after finding the limited liability company insolvent.  The case
is docketed as 43/159.  Mr. Roman Nesterenko has been appointed
liquidator/insolvency manager.  The company holds account number
26007104271101 at LLC CB Expobank, Kyiv region branch, MFO
322294.

Creditors have until April 18, 2005 to submit their proofs of
claim to:

(a) UMS
    Ukraine, Kyiv region,
    Strutinskij Str. 8

(b) Mr. Roman Nesterenko
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Shlihter Str. 14A/75
    Phone: (044) 422-25-36

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


ZHABOKRITSKE: Temporary Insolvency Manager Steps in
---------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Agricultural LLC Zhabokritske (code
EDRPOU 30803324) on February 22, 2005.  The case is docketed as
10/11-05.  Mr. Vasil Glebov (License Number AA 630087) has been
appointed temporary insolvency manager.  The company holds
account number 260054860740001 at CB Privatbank, Vinnitsya
branch, MFO 302689.

Creditors have until April 19, 2005 to submit their proofs of
claim to:

(a) ZHABOKRITSKE
    24640 Ukraine, Vinnitsya region,
    Krizhopilskij district, Zhabokrich

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


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


10 MANCHESTER: Hires Liquidator from David Rubin & Partners
-----------------------------------------------------------
At the extraordinary meeting of the members of 10 Manchester
Street Hostelerie Limited on March 30, 2005 held at the offices
of David Rubin & Partners, Pearl Assurance House, 319 Ballards
Lane, London N12 8LY, the extraordinary resolution to wind up the
company was passed.  David Rubin of David Rubin & Partners, Pearl
Assurance House, 319 Ballards Lane, London N12 8LY has been
nominated liquidator of the company.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


101 COMMUNICATIONS: Hires Liquidator from Mazars
------------------------------------------------
Name of companies:
101 Communications Limited
IT Events Limited

At the extraordinary general meeting of these establishments on
March 29, 2005 held at Regency House, 3 Grosvenor Square,
Southampton, the special, ordinary and extraordinary resolutions
to wind up the companies were passed.  Timothy Colin Hamilton
Ball of Mazars has been appointed liquidator of these companies.

CONTACT:  MAZARS LLP
          Clifton Down House
          Beaufort Buildings
          Clifton Down, Clifton
          Bristol, Avon BS8 4AN
          Phone: 0117 973 4481
          Fax: 0117 974 5203
          E-mail: tim.ball@mazars.co.uk


A E LEWIS: Calls in Liquidator from Stringer & Co.
--------------------------------------------------
At the Extraordinary General Meeting of the members of A E Lewis
& Son (Hampshire) Limited on April 4, 2005 held at Canada House
Business Centre, 1 Carrick Way, New Milton, Hampshire BH25 6UD,
the special resolution to wind up the company was passed.  David
John Stringer has been appointed liquidator of the company.

Creditors are required to send in their names and addresses, with
particulars of their debt of claims, and the names and addresses
of their Solicitors (if any) to David John Stringer, of 5 Bassett
Wood Drive, Southampton SO16 3PT on or before May 31, 2005.

CONTACT:  STRINGER & CO.
          5 Bassett Wood Drive
          Southampton
          Hampshire SO16 3PT
          Phone: 023 8076 7241
          Fax: 023 8076 7241


ALLWAYS GLASS: Hires Elwell Watchorn & Saxton as Administrator
--------------------------------------------------------------
Graham Stuart Wolloff and Richard John Elwell (IP Nos 8879 and
6057) have been appointed joint administrators for Allways Glass
And Joinery Limited.  The appointment was made April 1, 2005.

CONTACT:  ELWELL WATCHORN & SAXTON
          2 Axon, Commerce Road,
          Lynchwood, Peterborough PE2 6LR
          Phone: (+44) 01733 235253
          Fax: (+44) 01733 236391
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


ALTAMAR ONE: Liquidator from Leonard Curtis Moves in
----------------------------------------------------
At the extraordinary general meeting of Altamar One Limited
(formerly Calibre Limited) on March 21, 2005, the ordinary and
extraordinary resolutions to wind up the company were passed.
Andrew Poxon of DTE Leonard Curtis, DTE House, Hollins Mount,
Hollins Lane, Bury BL9 8AT has been appointed liquidator of the
company.

Creditors are required to send details in writing of any claim
against the company to Andrew Poxon of DTE Leonard Curtis, DTE
House, Hollins Mount, Hollins Lane, Bury BL9 8AT on or before
July 31, 2005.

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


BUGSY FABRICS: Creditors Meeting Set Later this Month
-----------------------------------------------------
The creditors of Bugsy Fabrics Ltd. will meet on April 25, 2005
at 10:15 a.m.  It will be held at the offices of KPMG, 2 Cornwall
Street, Birmingham B3 2DL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG, 2 Cornwall Street, Birmingham B3 2DL not
later than 12:00 noon, April 22, 2005.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


CENTRADIA GROUP: Hires Baker Tilly as Liquidator
------------------------------------------------
Name of companies:
Centradia Group Limited
Centradia Limited
Centradia Services Limited

At the meeting of these companies, the special and ordinary
resolutions to wind up said establishments were passed.  Ross
David Connock and Geoffrey Lambert Carton-Kelly of Baker Tilly,
Spectrum House, 20-26 Cursitor Street, London EC4A 1HY have been
appointed joint liquidators of the companies.

CONTACT:  BAKER TILLY
          Spectrum House
          20-26 Cursitor Street, London EC4A 1HY
          Phone: 020 7405 2088
          Fax: 020 7831 2206
          Web site: http://www.bakertilly.co.uk


CESTRIAN LIMITED: Names Baker Tilly Administrator
-------------------------------------------------
Lindsey Jane Cooper and Stephen Mark Quinn (IP Nos 008931,
005761) have been appointed joint administrators for Cestrian
Limited.  The appointment was made March 24, 2005.

The company makes signs, displays and offer related services.
Its registered office is located at Baker Tilly, Brazennose
House, Lincoln Square, Manchester M2 5BL.

CONTACT:  BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


COMITY LIMITED: Liquidators from P&A Partnership Enter Firm
-----------------------------------------------------------
At the extraordinary general meeting of Comity Limited on April
1, 2005 held at the offices of Russell & Creswick, Bells Square,
off Trippett Lane, Sheffield, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Andrew Philip Wood and John Russell of 93 Queen Street, Sheffield
S1 1WF have been appointed joint liquidators of the company.

Creditors are required to send in their full names, addresses,
full particulars of their claims and the names and addresses of
their Solicitors (if any) to Andrew Philip Wood, of The P&A
Partnership, 93 Queen Street, Sheffield S1 1WF on or before April
29, 2005.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


COURTS PLC: Selling International Operations
--------------------------------------------
The administrator of Courts plc is planning to sell healthy parts
of the furniture retailer's business abroad, according to Europe
Intelligence Wire.  KPMG had recently gone over potential
candidates to advise it on a possible deal, the report said.

The assets for sale are in the Caribbean and Asia-Pacific,
extending on one side from St. Lucia to Barbados and the other
from Thailand to Singapore.  They have a wide variety of
offerings, from financial services to electrical products.

Courts fell into administration in November after failing to
revive its British arm.  Its 88 British stores are currently
being run by retail specialist SB Capital, pending a winding down
of domestic business.

CONTACT:  COURTS PLC
          The Grange
          1 Central Rd.
          Morden Surrey SM4 5PQ
          Phone: +44-20 8640 3322
          Fax: +44-20 8410 9444
          Web site: http://www.courtsplc.com


DBM ENGINEERING: Hires KPMG to Liquidate Assets
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF DBM Engineering Management Services (Scotland)
                             Limited

Notice is hereby given that on March 16, 2004, I, Blair Carnegie
Nimmo, 1 Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EG,
United Kingdom was appointed liquidator of DBM Engineering
Management Services (Scotland) Limited by resolution of a meeting
of creditors, pursuant to section 109 of the Insolvency Act 1986.

CONTACT:  KPMG LLP
          Saltire Court
          20 Castle Terrace
          Edinburgh EH1 2EG
          Phone: (0131) 222 2000
          Fax: (0131) 527 6666
          Web site: http://www.kpmg.co.uk


EXPRESSON BIOSYSTEMS: Soon to Join List of Biotech Busts
--------------------------------------------------------
A leading biotech company in Scotland is in danger of falling
into insolvency next week without an immediate cash injection,
The Herald reports.

ExpressOn BioSystems was due to receive a GBP1 million funding to
commercialize its products, but a deal flopped when one backer,
Bioscience VCT, failed to win board approval for its investment.

"The whole round was contingent on closing at GBP1 million," said
founder and chief executive officer Dr. Peter Estibeiro.

He added: "MMI's official position is that the decision is not a
definitive one.  But (ExpressOn) directors have lost confidence
that the deal will close and have taken the decision to begin
winding-up proceedings."  A creditors meeting is set Tuesday.

ExpressOn is based at the Roslin Biocentre in Midlothian.  It is
involved in developing antisense reagent technology that could
potentially treat diseases such as cancer and certain
neurological disorders including Alzheimer's disease.

Dr. Estibeiro set up the firm in 1999 with business partner and
fellow professor at Edinburgh University, Eleanor Barnard, who
served as the company's chief operating officer.  Together they
tried to find ways to bring their activities to the market more
effectively, hiring former DuPont U.K. executive Kevin Daish in
January as commercial director.  They also appointed Michael
Angarita as vice-president of sales in the U.S.

Dr. Estibeiro declined to reveal ExpressOn's debt, but said
Roslin BioCentre is owed outstanding rent.  The firm's seven
staff had all been laid off.  Late in 2000, ExpressOn already
received a second-round funding of GBP675,000 from stakeholders
including Scottish Enterprise, the Edinburgh Technology Fund,
Yorkshire Fund Managers and Generics Asset Management.  Public
and private sector investors have also invested in the firm's
early stage ventures since 2002 through Scottish Co-Investment
Fund.

CONTACT:  EXPRESSON BIOSYSTEMS
          Logan Building
          Roslin Biocentre
          Roslin, Midlothian
          EH25 9TT, U.K.
          Phone (USA): 618-558-5557
          Phone (UK): +44 (0) 131 527 4607
          Fax: +44 (0) 131 527 4521

          Sales and Orders: sales@expresson.co.uk
          General Enquiries: info@expresson.co.uk
          Technical Support: techsupport@expresson.co.uk
          Web site: http://www.expresson.com


FIREFLY TECHNOLOGY: Members Pass Winding-up Resolutions
-------------------------------------------------------
At the extraordinary general meeting of the members of Firefly
Technology 2004 Limited on April 1, 2005 held at 47 London
Street, Reading, Berkshire RG1 4PS, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
John Arthur Kirkpatrick has been appointed liquidator of the
company.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims and the names and addresses of their
Solicitors (if any) to John Arthur Kirkpatrick of 47 London
Street, Reading RG1 4PS on or before May 6, 2005.

CONTACT:  BRIDGERS
          47 London Street,
          Reading, Berkshire RG1 4PS
          Phone: 0118 9512131
          Fax: 0118 9512161
          E-mail: john.kirkpatrick@bridgers.co.uk


FRESHA BAKERIES: Hires KPMG as Administrator
--------------------------------------------
Name of companies:
Fresha Bakeries Limited
Fresha Properties Limited
Harvestime Limited
New Rathbones Limited
Rathbones Bakeries Limited

Richard John Hill (IP No 8027) and Myles Antony Halley (IP No
6658) have been appointed administrators for these companies.
The appointment was made April 1, 2005.  These companies
manufacture bread and manage real estate properties.  They share
the same registered office at 100 Temple Street, Bristol BS1 6AG.

CONTACT:  KPMG LLP
          100 Temple Street
          Bristol BS1 6AG
          Phone: (0117) 905 4000
          Fax: (0117) 905 4001
          Web site: http://www.kpmg.co.uk

          KPMG LLP
          2 Cornwall Street
          Birmingham
          West Midlands B3 2DL
          Phone: 0121 232 3000
          Fax: 0121 232 3500
          E-mail: myles.halley@kpmg.co.uk


GADGET SHOP: More Shops Close as Buyer Remains Elusive
------------------------------------------------------
Gadget shop may collapse if it fails to clinch a deal with a
potential buyer by Wednesday, says The Scotsman.

The news came with the announcement that PKF, the company's
administrator, has closed another ten stores.  The latest
closure, which brings the total to 20, affected 76 jobs at some
of the chain's most visible stores in London's Brent Cross
shopping centre and Birmingham's Bullring centre.

Shops in Huddersfield, Basingstoke, Bath, Bromley in Kent,
Carlisle, Ealing in London, Eldon Square shopping centre in
Newcastle and the St David's Centre in Cardiff round up the rest
of the stores.  A total of 176 employees have lost their jobs in
the continuing saga.

"These steps have been necessary to preserve as many of the
remaining 552 jobs and 45 stores as possible," explains joint
administrator Bryan Jackson.

Gadget Shop unraveled when a potential buyer withdrew from a
deal, fearing a protracted boardroom row will undermine its
future hold of the company.  At the time of the talks, minority
shareholders Peter Wilkinson and John Wood, who between them own
40%, had a pending lawsuit against Tom Hunter.

According to Troubled Company Reporter-Europe, the dispute goes
back to the acquisition of Birthdays by Mr. Hunter.  Messrs.
Wilkinson and Wood claim Mr. Hunter prejudiced their interest
when he acquired the greeting card company using his own
investment vehicle.  Birthdays was the first acquisition target
of The Gadget Shop, which was established in 1991 to takeover
local retail chains.  Mr. Hunter eventually sold Birthdays to
rival Clinton Cards in November for about GBP14 million less than
it was bought for.

Founded by Hull entrepreneur Jonathan Elvidge who spotted a gap
in the market for a shop selling quirky gifts and presents,
Gadget Shop opted to enter administration last month to resolve
its future.  The company is headquartered in Scotland, but
maintains its warehouse and distribution centre in Hull.

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 4295900
          Fax: 0141 4295901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk

          Karen Christoforou
          E-mail: karen.christoforou@uk.pkf.com

          THE GADGET SHOP LIMITED
          Europa House
          184 Ferensway
          Hull HU1 3UT
          United Kingdom
          Phone: 0870 8400 567
           or (International): + 44 (0) 1482 595 100
          Fax: + 44 (0) 1482 595 110
          E-mail: shop@thegadgetshop.co.uk
          Web site: http://www.gadgetshop.com


HI GLOSS: Appoints Grant Thornton Administrator
-----------------------------------------------
Keith Hinds and Leslie Ross (IP Nos 6745, 7244) have been
appointed joint administrators for Hi Gloss Laminators Limited.
The appointment was made April 1, 2005.  The company is into
print, finishing and laminating business.

CONTACT:  GRANT THORNTON UK LLP
          St Johns Centre
          110 Albion Street
          Leeds
          West Yorkshire LS2 8LA
          Phone: 0113 245 5514
          Fax: 0113 246 0828
          E-mail: keith.hinds@gtuk.com


HORNBEAM TRADING: Members Decide to Wind up Firm
------------------------------------------------
At the extraordinary general meeting of the members of Hornbeam
Trading Limited on April 4, 2005 held at Well Court, 14-16
Farringdon Lane, London EC1R 3AU, the special resolution to wind
up the company was passed.  Mark Philip Bassford of Maurice J.
Bushell & Co., Well Court, 14-16 Farringdon Lane, London EC1R 3AU
has been appointed liquidator of the company.

CONTACT:  MAURICE J. BUSHELL & CO.
          Well Court
          14-16 Farringdon Lane
          London EC1R 3AU
          Phone: 020 7688 7700
          Fax: 020 7688 7720
          E-mail: bassfordm@mjb.co.uk


IMAGEMEDIX LIMITED: Hires Administrators from David Rubin
---------------------------------------------------------
David Rubin and Asher Miller (IP Nos 2591, 9251) have been
appointed joint administrators for advertising company Imagemedix
Limited (t/a Mediadrive).  The appointment was made March 25,
2005.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


LEWIS HAMPSHIRE: Members Call in Liquidator from Stringer & Co.
---------------------------------------------------------------
At the extraordinary general meeting of the members of Lewis
Hampshire (Holdings) Limited on April 4, 2005 held at Canada
House Business Centre, 1 Carrick Way, New Milton, Hampshire BH25
6UD, the special resolution to wind up the company was passed.
David John Stringer has been appointed liquidator of the company.

Creditors are required to send in their names and address and
particulars of their debt or claims and the names and addresses
of their Solicitors (if any), to me, David John Stringer, of 5
Bassett Wood Drive, Southampton SO16 3PT on or before May 31,
2005.

CONTACT:  STRINGER & CO.
          5 Bassett Wood Drive
          Southampton
          Hampshire SO16 3PT
          Phone: 023 8076 7241
          Fax: 023 8076 7241


LIBERTY HOTELS: Falls into Administration
-----------------------------------------
Kevin Roy Mawer and Joseph Peter Francis McLean (IP Nos 7241,
8903) have been appointed joint administrators for Liberty Hotels
Limited.  The appointment was made April 1, 2005.  The hotel
handles accommodation with private members club.

CONTACT:  GRANT THORNTON UK LLP
          St Johns Centre
          110 Albion Street
          Leeds
          West Yorkshire LS2 8LA
          Phone: 0113 245 5514
          Fax: 0113 246 0828
          E-mail: keith.hinds@gtuk.com


MBM HIRE: Final Creditors Meeting Set Later this Month
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF MBM Hire Limited
                          (In Liquidation)

Notice is hereby given, pursuant to Section 146 of the Insolvency
Act 1986, that the Final General Meeting of the Creditors of MBM
Hire Limited will be at Ten George Street, Edinburgh EH2 2DZ on
April 29m 2005 at 10:00 a.m. to receive my report on the
winding-up and determine whether or not I should be released as
Liquidator.

Creditors are entitled to attend in person or alternatively by
proxy.  A creditor may vote only if his claim has been submitted
to me and that claim has been accepted in whole or in part.  A
resolution will be passed only if a majority of those voting in
person or by proxy vote in favor.  Proxies and claims must be
lodged with me at or before the meeting.

G. Christie, Liquidator

CONTACT:  ERNST & YOUNG LLP
          Ten George Street
          Edinburgh EH2 2DZ
          Phone: +44 [0] 131 777 2000
          Fax: +44 [0] 131 777 2001
          Web site: http://www.ey.com


MG ROVER: Phoenix 4 Offer Help
------------------------------
Directors of Phoenix Venture Holdings have offered assets and
stake to tide over the company, pending the formulation of a
rescue proposal for the business, reports say.

The so-called Phoenix 4, who were earlier criticized for
receiving big payouts at a time the carmaker was losing heavily,
sent a letter to MG Rover's administrators expressing their
intention.

"We are not sure what the correct legal process is to achieve the
above but presume it can be achieved in a legal manner without
exposing any directors (including our non-executive director) to
challenge," the letter reads.

The Phoenix 4 consists of Midlands businessmen who bought MG
Rover from BMW for GBP10 four years ago.  They includes Chief
Executive Kevin Howe and Non-executive Director Nigel Petrie.

Phoenix's assets include conference and banqueting center Studley
Castle.  It was unclear how much the assets were worth as of
Monday evening, but Phoenix venture values it at more than GBP49
million, excluding charges.  Potential charges include GBP25
million in "collateralized cash" for MG Rover's troubled
financial position.

The directors also offered their controlling stake to a trustee
should administrator PricewaterhouseCoopers turn down the
original plan.  They want to give the asset "for benefit of
families of Longbridge workforce."

Partners from PwC declined to comment, except to say they were
considering a number of options and offers.  They admitted they
were able to save some 5,300 workers after the announcement of a
GBP6.5 million loan from the government on Sunday, two days after
the company called in administrators.

Tony Woodley, general secretary of the Transport and General
Workers' Union said: "[A]ny revenues are good news," though there
may be legal constraints on how the money could be spent during
administration.

MG Rover halted production last week after suppliers refused to
make deliveries on fears they would not be paid.  MG's collapse
follows the break down of talks with prospective investor
Shanghai Automotive Industry Corporation.

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


MG ROVER: Keeping Workforce May Prove Expensive in Short Term
-------------------------------------------------------------
MG Rover's administrator warned running costs at the firm could
still run up to GBP80 million before his team could come up with
a rescue plan for the carmaker.

Tony Lomas of PricewaterhouseCoopers said they need at least two
weeks to draft a new proposal to China's Shanghai Automotive
Industry Corporation.  Further, a formal agreement may take more
than two months.

The administrators have already received a GBP6.5 million loan to
cover the cost of this week's wages, but Mr. Lomas said some
GBP70 million to GBP80 million is still needed to keep MG Rover's
workforce through the negotiations.  MG Rover is reportedly
losing up to GBP25 million a month.

The Telegraph says administrators might propose a sale to SAIC,
although the latter appeared halfhearted about pursuing joint
venture negotiations.  MG Rover called in administrators on
Friday after talks with SAIC fell through.  The Chinese did not
warm up to the idea of investing in the company despite an offer
of a GBP100 million bridging loan from the government.

Authorities still had some explaining to do with the European
Commission regarding the loan.  It was provided without approval
from the anti-trust body.

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


MG ROVER: Aussies Invite Workers to Relocate 'Down Under'
---------------------------------------------------------
Workers from MG Rover's Longbridge plant facing redundancy and
those working in support and supplier channels have something to
look forward to -- a new life in Australia.

The dire skilled labor shortage "down under" means skilled
British workers, like those from MG Rover, are in high demand.
"Workers from the Midlands who have been functioning at the
Rover plant as engineers and those working as automotive
electricians, fitters, fabricators, machinists, tool makers,
motor mechanics, panel beaters, sheet metal workers, vehicle
painters, welders, electrical and mechanical engineers, air
conditioning mechanics and plant engineers are all in demand in
Australia," said Oonagh Baerveldt, spokesperson for the
Australian Visa Bureau.

"If workers feel they are not in a position to retrain, they can
apply to immigrate to Australia with the skills and experience
they already have.  Australia has a carefully managed immigration
system; their economy is ready to absorb skilled workers."

Under Australia's point style system of immigration, workers and
trades people on Australia's skills shortage list are given
additional points and priority processing through the Australian
Department of Immigration and Multicultural and Indigenous
Affairs (DIMIA).

Australia has been welcoming British skilled migrants in record
numbers over the last decade.  In 2003-2004 Australia welcomed
upwards of 18,000 U.K. nationals to its shores.  The Government
is currently reviewing its immigration numbers, and is said to be
considering increasing immigration levels by an extra 20,000
places this year alone.  The country's drive to attract skilled
labor has not gone unnoticed.

"Declining birth rates and ageing populations mean a future lack
of skilled employees in the market place," said Ms. Baerveldt.

"Australia, Britain, Canada and New Zealand are fighting to
attract the best and brightest immigrants.  Governments are doing
whatever they can to keep as well as attract skilled employees.
Australia has been particularly aggressive in their marketing.
But for many Brits, it's an easy sell.  The country offers a
great quality of life -- good weather and good value on the part
of the Aussie dollar."

"Rover workers who are under 45, and who meet the skills
requirement are in an excellent position to move to Australia,"
said Ms. Baerveldt.

"The visa process can be lengthy, so I would strongly suggest
anyone who is interested visit the Australian Visa Bureau at
http://www.visabureau.co.uk/australia/assessment/skilledand fill
in the online assessment to see if they meet the eligibility
requirements."

CONTACT:  AUSTRALIAN VISA BUREAU
          Oonagh Baerveldt, Communications Manager
          Australian Visa Bureau
          Mobile: +44-(0)-787-634-3664
          or
          Andrew (Andy) Harwood, CEO, Australian Visa Bureau
          Mobile: +44-(0)-775-367-1482


NAPIER INDUSTRIES: Creditors Meeting Set Next Week
--------------------------------------------------
Name of companies:
Napier Industries Group Limited
Napier Industries Limited

The unsecured creditors of these companies will meet on April 22,
2005 at 10:00 a.m.  It will be held at Hilton Hotel, Elton Way,
Watford WD25 8HA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Deloitte & Touche LLP, PO Box 810, 66 Shoe Lane,
London EC4A 3WA not later than 12:00 noon, April 21, 2005.

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


PROSUMER SOLUTIONS: Winding-up Report Due First Week of May
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Prosumer Solutions Limited
                        (In Liquidation)

Notice is hereby given pursuant to section 146 of the Insolvency
Act 1986, that the Final Meeting of Members and Creditors of
Prosumer Solutions Limited will be held on May 3, 2005 at 11:00
a.m. within the offices of Cowan & Partners, 60 Constitution
Street, Leith, Edinburgh EH6 6RR, for the purpose of receiving
the Liquidator's final report showing how the winding-up has been
conducted and of hearing any explanations that may be given by
the Liquidator.

All Creditors are entitled to attend in person or by proxy, and a
resolution will be passed when the majority of those voting have
voted in favor of it.  Creditors may vote where claims and
proxies have been submitted and accepted at the meeting or lodged
beforehand at the office below.

David F. Rutherford, Liquidator

CONTACT:  COWAN & PARTNERS
          60 Constitution Street
          Edinburgh EH6 6RR
          Phone: 0131 554 0724
          Fax: 0131 553 2267
          E-mail: mail@cowanandpartners.co.uk

          David Forbes Rutherford
          E-mail: david.rutherford@cowanandpartners.co.uk


RMJR (HOLDINGS): Hires Liquidator from Begbies Traynor
------------------------------------------------------
At the extraordinary general meeting of RMJR (Holdings) Limited
on April 4, 2005 held at 2-3 Pavilion Buildings, Brighton, East
Sussex BN1 1EE, the resolutions to wind up the company were
passed.  G. W. Rhodes of Begbies Traynor, 2-3 Pavilion Buildings,
Brighton, East Sussex BN1 1EE has been appointed liquidator of
the company.

CONTACT:  BEGBIES TRAYNOR
          2-3 Pavilion Buildings
          Brighton
          Sussex BN1 1EE
          Phone: 01273 747847
          Fax: 01273 747743
          E-mail: geoff.rhodes@begbies-traynor.com


ROHA LIMITED: Calls in Liquidator from Vantis Redhead French
------------------------------------------------------------
At the extraordinary general meeting of Roha Limited on March 24,
2005 held at 82 St John Street, London EC1M 4JN, the special and
ordinary resolutions to wind up the company were passed.  Jeremy
Stuart French of Vantis Redhead French, 43-45 Butts Green Road,
Hornchurch, Essex RM11 2JX has been appointed liquidator of the
company.

CONTACT:  VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX
          Phone: 01708 458211
          Fax: 01708 442308
          E-mail: jeremy.french@vantisredheadfrench.co.uk


SIGMA FOODS: Appoints Liquidator from PKF
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Sigma Foods Limited

Notice is hereby given that on March 23, 2005, I, Bryan A
Jackson, PKF, 78 Carlton Place, Glasgow G5 9TH was appointed
liquidator of Sigma Foods Limited by resolution of a meeting of
creditors, pursuant to section 109 of the Insolvency Act 1986.

Bryan A. Jackson, Liquidator

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 429 5900
          Fax: 0141 429 5901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk

          Bryan Alan Jackson
          E-mail: bryan.jackson@uk.pkf.com


THINK-EM LIMITED: Liquidator to Present Report Next Week
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF Think-Em Limited
                         (In Liquidation)

Notice is hereby given pursuant to Section 106 of the Insolvency
Act 1986, that the Final Meeting of Members and Creditors of
Think-Em Limited will be held on April 21, 2005, 10:30 a.m.
within the offices of Cowan & Partners, 60 Constitution Street,
Leith, Edinburgh EH6 6RR, for the purpose of receiving the
Liquidator's final report showing how the winding-up has been
conducted and of hearing any explanations that may be given by
the Liquidator.

All creditors are entitled to attend in person or by proxy, and a
resolution will be passed when the majority of those voting have
voted in favor of it.  Creditors may vote where claims and
proxies have been submitted and accepted at the meeting or lodged
beforehand at the address below.

David Forbes Rutherford, Liquidator

CONTACT:  COWAN & PARTNERS
          60 Constitution Street
          Edinburgh EH6 6RR
          Phone: 0131 554 0724
          Fax: 0131 553 2267
          E-mail: mail@cowanandpartners.co.uk

          David Forbes Rutherford
          E-mail: david.rutherford@cowanandpartners.co.uk


THIRSTY WORK: Creditors Meeting Next Week
-----------------------------------------
The unsecured creditors of Thirsty Work Watercoolers Limited will
meet on April 22, 2005 at 10:30 a.m. and 10:45 a.m.  It will be
held at Apollo Hotel, Aldermaston Roundabout, Basingstoke,
Hampshire RG24 9NU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to RSM Robson Rhodes LLP, 186 City Road, London EC1V
2NU not later than 12:00 noon, April 21, 2005.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


TOPOLOGY UK: Hires Joint Administrators from Begbies Traynor
------------------------------------------------------------
Timothy John Edward Dolder and Paul Michael Davis (IP Nos 9008,
7805) have been appointed joint administrators for Topology UK
Limited.  The appointment was made March 31, 2005.

The company handles consultancy and supply of software.  Its
registered office is located at Unit 9 Lane End Industrial Park,
Lane End, High Wycombe, Buckinghamshire HP14 3BY.

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


TUBEREX EXHAUST: Names PricewaterhouseCoopers Administrator
-----------------------------------------------------------
D. M. Hammond and R. J. Hunt (IP Nos 5897, 9355) have been
appointed joint administrators for Tuberex Exhaust Systems
Limited.  The appointment was made March 30, 2005.

The company manufactures exhaust systems.  Its registered office
is located at Airfield Industrial Estate, Hixon, Stafford ST18
0PF.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


WEST BAY: Appoints Ernst & Young Liquidator
-------------------------------------------
At the meeting of the members of West Bay Road Investments on
March 16, 2005, the extraordinary and ordinary resolutions to
wind up the company were passed.  Patrick Joseph Brazzill and
Alan Lovett of Ernst & Young LLP, 1 More London Place, London SE1
2AF have been appointed liquidators of the company.

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


WESTERN THOMSON: Deadline for Proofs of Claim May 6
---------------------------------------------------
At the extraordinary general meeting of the members of Western
Thomson Controls Limited on March 30, 2005 held at 47 London
Street, Reading, Berkshire RG1 4PS, the special, ordinary and
extraordinary resolutions to wind up the company were passed.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims and the names and addresses of their
Solicitors (if any) to John Arthur Kirkpatrick, of 47 London
Street, Reading RG1 4PS on or before May 6, 2005.

CONTACT:  BRIDGERS
          47 London Street,
          Reading, Berkshire RG1 4PS
          Phone: 0118 9512131
          Fax: 0118 9512161
          E-mail: john.kirkpatrick@bridgers.co.uk


WINDWARD ONE: Liquidators from Ernst & Young Move in
----------------------------------------------------
At the meeting of Windward One Investments on March 16, 2005, the
special, ordinary and extraordinary resolutions to wind up the
company were passed.  Patrick Joseph Brazzill and Alan Lovett of
Ernst & Young LLP, 1 More London Place, London SE1 2AF have been
appointed liquidators of the company.

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


                            *********


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

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

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

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