---

        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

             Monday, April 18, 2005, Vol. 6, No. 75

                            Headlines

A U S T R I A

VA TECHNOLOGIES: Chairman, Finance Chief Leaving July


C Y P R U S

MERACRAFT INVESTMENTS: Creditors' Claims Due Second Week of May


F R A N C E

ACTIV CASH: Dijon Court Sanctions Reorganization
COMMUNICATION RECHERCHE: Court Orders Reorganization


G E R M A N Y

BIRKLE + THOMER: Provisional Administrator Takes over Helm
CONRENTA VERWALTUNGS: Succumbs to Bankruptcy
DUERR AG: Downsizing Management Board
EMP INDUSTRIES: Creditors to Meet June
FKR RODECK: Administrator's Report Out June 6

FORST- UND LANDSCHAFTSPFLEGE: Sets Deadline for Filing of Claims
GEORG REINARTZ: Proofs of Claim Deadline May 27
INTERMEAT HANDELSGES: Sets Creditors Meeting June
KARSTADTQUELLE AG: Reorganization on Track, Adviser Says
LENGERICHER HANDELSDRUCKEREI: Under Bankruptcy Administration

MEROTEC METALLVERARBEITUNG: Claims Verification Set Mid-June
METATEC ANLAGEN: Munster Court Appoints Interim Administrator
OL-HOTEL: Creditors Meeting Set Third Week of June
TEC SITZTECHNIK: Bielefeld Court Stays All Pending Lawsuits
TRONIC ENTWICKLUNG: Declared Insolvent
WENDELIN HOTEL: Claims Deadline Nears


I R E L A N D

ELAN CORPORATION: TYSABRI-AVONEX Tests Positive


L U X E M B O U R G

THIEL LOGISTIK: Cuts EBIT Forecast to EUR36 Million


N E T H E R L A N D S

KONINKLIJKE AHOLD: Net Loss Down EUR7 Mln in Revised Report


R O M A N I A

RAIFFEISEN BANK: Financial Strength Rating Upgraded to D-
ROMPETROL GROUP: 2004 Results Up Significantly


R U S S I A

FACTORY OF ELECTRICAL: Declared Insolvent
KIROVSKIYE GOODS: Kirov Court Opens Bankruptcy Proceedings
METROMEDIA INTERNATIONAL: Has Until June to Avert Default
MODUS: Undergoes Bankruptcy Supervision Procedure
SOYUZ-OBSHE-MASH-BANK: Deadline for Proofs of Claim May

SPETS-ENERGO-MONTAZH: Bankruptcy Hearing Resumes Next Week
TALASHKINO: Appoints L. Grishaneko Insolvency Manager
TALITSA: Bankruptcy Hearing Set Today
UNIVERSAL-LIFT: Bankruptcy Supervision Begins
VERKHNEE-LENSKOYE: Declared Insolvent
VODOKANAL: Creditors Have Until May to File Claims
YUKOS OIL: Subsidiary Selling Large Chunk of Asset


S W E D E N

SAS GROUP: SAS AB Skips 2004 Dividend


U N I T E D   K I N G D O M

APA TRAVEL: Sets Creditors Meeting Next Week
ARAXIS LTD.: Liquidators from RSM Robson Rhodes Move in
BAE SYSTEMS: Moody's Wary About UDI Purchase, But Keeps Ratings
BELLEBETE LIMITED: Members Call in Administrators
BHOC LTD.: Hires Hurst Morrison Thomson as Liquidator

DARAY LIGHTING: Administrator from Marlor Walls Moves in
DAVID PRINCE: Members Decide to Liquidate Business
DGM 1: Opts for Liquidation
DMINISTRATE LIMITED: Hires Administrators from Begbies Traynor
EFFERIES EUROPE: Liquidator from Mercer & Hole Enters Firm

ELD MEDIA: Sets Meeting of Unsecured Creditors April 29
FORTNUM & MASON: Shifts Focus to Growing Food Business
GADGET SHOP: Talks with Potential Buyers Falter
HUMPHRIES HOMESTYLE: Administrator from Milsted Langdon Moves in
ILLBRUCK LIMITED: Hires PricewaterhouseCoopers as Liquidator

IMAGINE FINANCE: Appoints Begbies Traynor Administrator
LOAN PROCESSING: Financial Agency Calls in Administrator
MCCOWAN: Sally Gardens Buys Firm Out of Receivership
MCNULTY OFFSHORE: Business for Sale
NEWLANDS FARM: Liquidator from Grant Thornton Moves in

NIRVANA PRINT: Creditors Meeting Set This Week
P G LIGHTFOOT: Names Moore Stephens Liquidator
PLUM ORCHARD: Liquidator from Begbies Traynor Moves in
S&C LABELS: Calls in Administrators from Kroll
TELTRON LIMITED: Hires Leonard Curtis & Co. as Administrator

THORNS GROUP: Catering Company Appoints Administrator
TRENRATE LIMITED: Creditors Meeting Set Next Week
UNIQUE COMMERCE: Appoints Hodgsons Administrator
VISUAL LINK: In Administrative Receivership
VL SYSTEMS: Calls in Administrators from Baker Tilly
WASTE MANAGEMENT: Proofs of Claim Deadline Set Mid-May
WATERFORD WEDGWOOD: Notes Demoted to 'CC' on Financial Concerns

* FSCS Declares 38 Firms in Default


                            *********


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


VA TECHNOLOGIES: Chairman, Finance Chief Leaving July
-----------------------------------------------------
VA TECHNOLOGIES AG Chairman Klaus Sernetz and Group CFO Hanno M.
Bastlein ask for the immediate conditional termination of their
contracts by July 31, 2005; and following Supervisory Board
agreement, offer to leave until this date.

Christian Habegger will subsequently act as the interim speaker
of the Managing Board with Erich Ennsbrunner (VAI) as an interim
deputy Board member for Finance.

Q1/2005 (preliminary figures): order intake +25% at EUR1,614
million, order backlog at record level of EUR5,300 million, sales
8% higher at EUR990 million, Group Q1 result positive for the
first time at  EUR16 million.

Forecast for the Group result of unchanged EUR66 million receives
additional confirmation.

At the VA TECH AG Ordinary General Shareholders' Meeting held on
April 12, 2005 in Linz, these new members were elected to the
Supervisory Board: Wolfram Littich (Chairman, Allianz Elementar
Versicherung), Peter Mitterbauer (Chairman, MIBA AG), Christian
Nowotny (professor, Vienna University of Economics), Siegfried
Sellitsch (Chairman, Wiener Stadtische Versicherung ret.) and
Johann Zwettler (Chairman, Bank fur Arbeit und Wirtschaft).

Peter Michaelis (Chairman of the Board, OIAG) and Rainer Wieltsch
(Member of the Board, OIAG) and Wolfgang Leitner
(attorney-at-law, Member of the Board, Osterreichischer
Schutzverband der Wertpapierbesitzer) were re-elected.  Rudolf
Scharinger (Chairman, Raiffeisen Landesbank OOe) will remain a
member of the VA TECH Supervisory Board, as will the employees'
representatives Anton Beneder, Ernst Artner, Anita Beneder,
Johann Kreimer and Siegfried Tromaier.

At the subsequent meeting of the newly constituted Supervisory
Board, Christian Nowotny was elected as Chairman and Peter
Michaelis as Deputy Chairman.

Following the reaching of an agreement concerning the immediate,
conditional termination of the contracts of Klaus Sernetz and
Hanno M. Bastlein, the Supervisory Board agreed to the suggestion
made by Messrs. Sernetz and Bastlein that they take leave until
July 31, 2005.  The mutually agreed termination of contract is
tied to the condition that the closing of the takeover of VA TECH
by Siemens Osterreich has been completed by this date.

Klaus Sernetz's assignments will be temporarily assumed by
Christian Habegger as speaker of the Managing Board in addition
to his current management functions of the Power Generation and
Transmission and Distribution Divisions.  Hanno M. Bastlein's
activities will be taken over by Erich Ennsbrunner, in tandem
with his post as VAI CFO.  Gerhard Falch remains Deputy Chairman
of VA TECH and Chairman of VAI and Jurgen Wild will continue as a
member of the VA TECH Managing Board with responsibility for the
Infrastructure Division and as Chairman of VA TECH ELIN EBG.

On the basis of preliminary figures for the first quarter, VA
TECH AG order intake rose by 25% to EUR1,614 million (Q1 2004:
EUR1,295 million).  In addition, as at March 31, 2005, order
backlog reached a record level of EUR5,300 million, 14% up on the
comparable figure for the preceding year (Q1 2004: EUR4,652
million).  Sales in the first quarter of 2005 were 8% higher at
EUR990 million (Q1 2004: EUR914 million).  For the first time,
the Group achieved a preliminary positive result in the first
quarter of a financial year of EUR16 million (Q1 2004: -EUR7.6
million).

This further underpins the published result forecast for 2005,
which foresees an unchanged Group profit of over EUR66 million.

The listed VA Technologie AG (VA TECH) is a focused technology
and services company, which provides value to customers
throughout the entire plant life cycle.  Leading international
positions are held in Metallurgy, Power Generation, Transmission
and Distribution and Infrastructure.

Following the announcement on December 10, 2004, by Siemens AG
Osterreich of a takeover bid for VA TECH, the general period of
acceptance terminated on February 25, 2005.  About 97.15% of VA
TECH stock was tendered to Siemens at a price of EUR65.

Consequently, one precondition for a takeover by Siemens has been
fulfilled.  However, until the anti-trust authorities in the
E.U., U.S.A. and Canada approve the takeover, both VA TECH and
Siemens are subject to a prohibition on the concentration
process.

CONTACT:  VA TECHNOLOGIES AG
          Bettina Pepek
          Press Officer
          Phone: +43 1/89100-3400
          Fax: +43 1/89100-4103
          E-mail: bettina.pepek@vatech.at

          Wolfgang Schwaiger
          Communications and Investor Relations
          Phone: +43 70/6986-9222
          Fax: +43 70/6980-3416
          E-mail: wolfgang.schwaiger@vatech.at


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


MERACRAFT INVESTMENTS: Creditors' Claims Due Second Week of May
---------------------------------------------------------------
        IN THE MATTER OF THE CYPRUS COMPANIES LAW CAP 113

                               and

              IN THE MATTER OF Meracraft Investments

Notice is hereby given that the creditors of Meracraft
Investments, which is being voluntarily wound up, are required on
or before May 11, 2005 to send in their full names, their
addresses and descriptions, full particulars of their debt or
claims and the names and addresses of their solicitors, if any to
George Foradaris of PricewaterhouseCoopers, Julia House, 3
Themistocles Dervis Street, CY-1066 Nicosia, P.O. Box 21612,
CY-1591 Nicosia, Cyprus, the liquidator of the company, if so
required by the company and if so required by notice in writing
from the liquidator, to come in and prove their debt or claims at
such time and place shall be specified at such notice, or in
default thereof, they will be excluded from the benefit of any
distribution made before such debt are proved.

George Fodararis, Liquidator
April 12, 2005

CONTACT:  PRICEWATERHOUSECOOPERS
          Julia House
          3 Themistocles Dervis Street
          CY-1066 Nicosia
          Cyprus

          Mailing Address:
          P.O. Box 21612
          CY-1591 Nicosia
          Cyprus
          Phone: (357) 22555000
          Fax: (357) 22555001
          Web site: http://www.pwcglobal.com


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


ACTIV CASH: Dijon Court Sanctions Reorganization
------------------------------------------------
The Commercial Court of Dijon placed Activ Cash Finance S.A. into
judicial reorganization on March 29, 2005.  Me Ph. Maitre has
been appointed to represent creditors during the company's
observation period.  Proofs of claim must be submitted to the
creditors' representative as soon as possible.

CONTACT:  ACTIV CASH FINANCE S.A.
          18, Avenue Foch
          21000 Dijon

          Me Ph. Maitre
          19, Avenue Albert-Camus
          21000 Dijon


COMMUNICATION RECHERCHE: Court Orders Reorganization
----------------------------------------------------
The Commercial Court of Dijon placed Communication Recherche
Information SARL into judicial reorganization on March 29, 2005.
SCP Cure-Thiebaut has been appointed to represent creditors
during the company's observation period.  Proofs of claim must be
submitted to the creditors' representative as soon as possible.

CONTACT:  COMMUNICATION RECHERCHE INFORMATION SARL
          41, Avenue du Lac
          21000 Dijon

          SCP Cure-Thiebaut,
          78, Avenue Victor-Hugo
          BP 81556, 21015 Dijon cedex


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


BIRKLE + THOMER: Provisional Administrator Takes over Helm
----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Birkle + Thomer GmbH Malereibetriebe on March
31, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
June 30, 2005 to register their claims with court-appointed
provisional administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on May 3, 2005, 10:00 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin 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:  BIRKLE + THOMER GMBH MALEREIBETRIEBE
          Nestorstrasse 36 a
          10709 Berlin

          Hartwig Albers, Administrator
          Lutzowstr. 100
          10785 Berlin


CONRENTA VERWALTUNGS: Succumbs to Bankruptcy
--------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against CONRENTA Verwaltungs-GmbH on March 31, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 30, 2005 to
register their claims with court-appointed provisional
administrator Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 1:35 p.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund 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:  CONRENTA VERWALTUNGS-GMBH
          Caldenhofer Weg 192
          59063 Hamm
          Contact:
          Adolf Eggendorf, Manager
          Am Kleihang 5
          59073 Hamm

          Achim Thomas Thiele, Administrator
          Bronnerstrasse 7
          44141 Dortmund
          Phone: 54110
          Fax: 5411266


DUERR AG: Downsizing Management Board
-------------------------------------
A proposal will be submitted to the Supervisory Board of Duerr AG
for discussion at the meeting on April 20, 2005.  As part of the
realignment of the Group structure, the Board of Management
membership will be reduced from four to three members.

In February, Duerr announced it was creating a leaner corporate
structure and, since March 1, 2005, has operated through two
divisions: Paint and Assembly Systems as well as Measuring and
Process Systems.  Duerr was previously subdivided into five
business units.  The smaller Board of Management would thus be
more appropriate to the new Group structure.

Stephan Rojahn, 56, CEO and Chairman of the Board of Management
of Duerr AG is likewise responsible for the newly merged Paint
and Assembly Systems division.  Ralf Dieter, 44, is Board member
in charge of the Measuring and Process Systems division.  Dr.
Norbert Klapper, 42, hitherto responsible for the Services
(Premier) business unit now sold to the Voith Group and for the
Final Assembly Systems business unit, which has now been merged
with Paint Systems, has asked that his contract, which runs until
September 30, 2005, not be renewed, as he wishes to dedicate
himself to other challenges.

The previous CFO Kay Bonisch, 44, will be retiring from office by
mutual agreement as of April 20, 2005.  Martin Hollenhorst, 46,
is to be appointed new CFO of Duerr AG.

After studying business administration, Mr. Hollenhorst spent six
years as a senior consultant with Deloitte and Touche, before
working for the Vossloh Group in an executive capacity for seven
years.  From 2000 to 2002, Mr. Hollenhorst worked in the United
States for various companies.  From 2002 to 2004 he was initially
CFO at Lion Bioscience AG and then Co-CEO.

CONTACT:  DUERR AG
          Stephan Haas
          Corporate Communications & Investor Relations
          Phone:  +49 (0) 711 136-1785
          Fax: +49 (0) 711 136-1034
          E-mail: corpcom@durr.com


EMP INDUSTRIES: Creditors to Meet June
--------------------------------------
The district court of Dresden opened bankruptcy proceedings
against EMP Industries GmbH on March 23, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 2, 2005 to register their
claims with court-appointed provisional administrator Hubert
Haarbeck.

Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 9:15 a.m. at the district court of
Dresden, Olbrichtplatz 1, 01099 Dresden at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  EMP INDUSTRIES GMBH
          Industriestrasse 25
          01640 Coswig

          Hubert Haarbeck, Administrator
          Anton-Graff-Str. 17
          01309 Dresden


FKR RODECK: Administrator's Report Out June 6
---------------------------------------------
The district court of Essen opened bankruptcy proceedings against
FKR Rodeck GmbH on April 1, 2005.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 16, 2005 to register their claims with
court-appointed provisional administrator Georg F. Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on June 6, 2005, 9:20 a.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen 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:  FKR RODECK GMBH
          Huestr. 140
          45309 Essen
          Contact:
          Brigitte Bellendorf, Manager

          Georg F. Kreplin, Administrator
          Limbecker Platz 1
          45127 Essen
          Phone: 0201 220 05 02
          Fax: 0201 220 05 40


FORST- UND LANDSCHAFTSPFLEGE: Sets Deadline for Filing of Claims
----------------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Forst- und Landschaftspflege GmbH i.L. on
March 24, 2005.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
May 24, 2005 to register their claims with court-appointed
provisional administrator Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 9:20 a.m. at the district court of
Thuringer Str. 16, 06112 Halle at which time the administrator
will present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  FORST- UND LANDSCHAFTSPFLEGE GMBH I.L.
          Charlottenstrasse 1
          06618 Naumburg

          Dr. Stephan Thiemann, Administrator
          Schorlemmerstr. 2
          04155 Leipzig
          Phone: 0341/4903650
          Fax: 0341/4903699


GEORG REINARTZ: Proofs of Claim Deadline May 27
-----------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Georg Reinartz GmbH & Co. KG on March 31, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 27, 2005 to
register their claims with court-appointed provisional
administrator Dirk Obermuller.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 11:10 a.m. at the district court of
Bonn, Wilhelmstrasse 21, 53111 Bonn 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:  GEORG REINARTZ GMBH & CO. KG
          Am Paulusacker 4
          53117 Bonn
          Contact:
          Kathrin Kussmaul, Manager

          Dirk Obermuller, Administrator
          Godesberger Allee 125-127
          53175 Bonn
          Phone: 81 000 45
          Fax: 81000820


INTERMEAT HANDELSGES: Sets Creditors Meeting June
-------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
INTERMEAT Handelsges. mbH on March 24.  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 Andreas Muller-Stein.

Creditors and other interested parties are encouraged to attend
the meeting on June 2, 2005, 9:25 a.m. at the district court of
Koln Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 12. Etage,
Raum 1240 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:  INTERMEAT HANDELSGES. MBH
          Zeissstrasse 32, 50171 Kerpen
          Contact:
          Uwe Mann, Manager
          von-Groote-Strasse 4, 53332 Bornheim

          Andreas Muller-Stein, Administrator
          Schutzenstr. 5, 50126 Bergheim
          Phone: 02271-7691-0
          Fax: +492271769110


KARSTADTQUELLE AG: Reorganization on Track, Adviser Says
--------------------------------------------------------
The reconstruction of the KarstadtQuelle Group is well on track
and showing recognizable results.  This is the conclusion reached
in a report prepared by the management consultants Roland Berger
and submitted to the company's lending banks in Essen on Monday.

The basic concept for reorganization of KarstadtQuelle AG has
been confirmed, the report further states.  Following revision of
the broad plan of November, the planned measures are now
considerably more up-to-the-minute and more secure.

"The report shows that KarstadtQuelle is well on track," said
Finance Director Harald Pinger after the presentation in Essen.
"We are entering the next phase of reconstruction with a sound
plan and sound financing."

The representatives of the banks and commercial credit insurers
responded positively to the progress made by the reorganization
and other measures.

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


LENGERICHER HANDELSDRUCKEREI: Under Bankruptcy Administration
-------------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against Lengericher Handelsdruckerei Jurgen Bossemeyer GmbH &
Co.KG on April 1.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
May 30, 2005 to register their claims with court-appointed
provisional administrator Hubertus Bange.

Creditors and other interested parties are encouraged to attend
the meeting on June 20, 2005, 10:00 a.m. at the district court of
Munster 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:  LENGERICHER HANDELSDRUCKEREI JURGEN BOSSEMEYER GMBH &
          CO.KG
          Otto-Hahn-Strasse 9, 49525 Lengerich
          Contact:
          Jurgen Bossemeyer, Manager
          Bahnhofstrasse 61, 49525 Lengerich

          Hubertus Bange, Administrator
          Kardinal-von-Galen-Str. 5, 48268 Greven
          Phone: 02571/865-0
          Fax: +4925718645


MEROTEC METALLVERARBEITUNG: Claims Verification Set Mid-June
------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Merotec Metallverarbeitung GmbH on April 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 27, 2005 to
register their claims with court-appointed provisional
administrator Andreas Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting on June 17, 2005, 9:30 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld 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:  MEROTEC METALLVERARBEITUNG GMBH
          Hellweg 203-205
          33758 Schloss Holte-Stukenbrock
          Contact:
          Matthias Hermann Mewes, Manager

          Andreas Stratenwerth, Administrator
          Lemgoer Str. 4
          33604 Bielefeld


METATEC ANLAGEN: Munster Court Appoints Interim Administrator
-------------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against METATEC Anlagen- und Apparatebau GmbH on April 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 12, 2005 to
register their claims with court-appointed provisional
administrator Heinrich Stellmach.

Creditors and other interested parties are encouraged to attend
the meeting on June 2, 2005, 10:55 a.m. at the district court of
Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, EG, Saal 13 B at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  METATEC ANLAGEN- UND APPARATEBAU GMBH & CO.KG
          Schlavenhorst 28, 46395 Bocholt

          METATEC ANLAGEN- UND APPARATEBAU GMBH
          Schlavenhorst 28, 46395 Bocholt
          Contact:
          Michael Hund, Manager
          Schlavenhorst 28, 46395 Bocholt

          Heinrich Stellmach, Administrator
          Salierstrasse 4, 46395 Bocholt
          Phone: 02871/2183-0
          Fax: +4928712183410


OL-HOTEL: Creditors Meeting Set Third Week of June
--------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against OL-Hotel-Betriebs-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. Rolf-Dieter Monning.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 9:45 a.m. at the district court of
Dresden, Olbrichtplatz 1, 01099 Dresden at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  OL-HOTEL-BETRIEBS-GMBH
          Uferweg 2
          02779 Grossschonau
          Contact:
          Klaus Woll, Manager

          Dr. Rolf-Dieter Monning, Administrator
          Heideparkstrasse 4
          01099 Dresden


TEC SITZTECHNIK: Bielefeld Court Stays All Pending Lawsuits
-----------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against TEC Sitztechnik GmbH on April 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 18, 2005 to register their
claims with court-appointed provisional administrator Stefan
Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 11:00 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld 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:  TEC SITZTECHNIK GMBH
          Brandenburger Ring 2 - 4
          32339 Espelkamp
          Contact:
          Burkard Heinz, Manager
          Am Buckeberg 32
          31655 Stadthagen

          Stefan Meyer, Administrator
          Ostertorstr. 7
          32312 Lubbecke


TRONIC ENTWICKLUNG: Declared Insolvent
--------------------------------------
The district court of Sulzbach opened bankruptcy proceedings
against M-Tronic Entwicklung, Produktion und Vertrieb von
elektronischen Geraten GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 29, 2004 to register their
claims with court-appointed provisional administrator
Jean-Olivier Boghossian.

Creditors and other interested parties are encouraged to attend
the meeting on May 17, 2005, 9:30 a.m. at the district court of
Saarbrucken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280
Sulzbach, 1. Etage, Saal 13 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will verify the claims set out in the administrator's
report on May 31, 2005, 10:00 a.m. at the same venue.

CONTACT:  M-TRONIC ENTWICKLUNG, PRODUKTION UND VERTRIEB VON
          ELEKTRONISCHEN GERATEN GMBH
          Industriegebiet 32, 66453 Gersheim
          Contact:
          Roland Muller, Manager

          Jean-Olivier Boghossian, Administrator
          Kapellenstrasse 18, 66271 Kleinblittersdorf
          Phone: 06805-909-0
          Fax: 06805-909-100


WENDELIN HOTEL: Claims Deadline Nears
-------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Wendelin Hotel- und Gastronomiebetriebe GmbH on March 30,
2005.  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 Rainer U. Muller.

Creditors and other interested parties are encouraged to attend
the meeting on June 3, 2005, 9:10 a.m. at the district court of
Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlaa 1,
86150 Augsburg 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:  WENDELIN HOTEL- UND GASTRONOMIEBETRIEBE GMBH
          Hochstr. 74
          86399 Bobingen
          Contact:
          Walter Kurzmann, Manager

          Rainer U. Muller, Administrator
          Schiessstattenstr. 15
          86159 Augsburg


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


ELAN CORPORATION: TYSABRI-AVONEX Tests Positive
-----------------------------------------------
One-year data from the Phase III SENTINEL trial, presented at the
57th annual American Academy of Neurology (AAN) meeting in Miami
Beach, FL, demonstrated that when TYSABRI(R) (natalizumab) was
added to AVONEX(R) (Interferon beta-1a) in patients with
relapsing forms of multiple sclerosis (MS), the annualized
clinical relapse rate was reduced by 54% over the effect of
AVONEX alone (p<0.001).  In addition, these data, presented for
the first time at a major medical meeting, demonstrated that the
addition of TYSABRI to AVONEX resulted in significantly fewer new
or newly enlarging T2-hyperintense lesions and
gadolinium-enhancing lesions than AVONEX alone, and that the
proportion of TYSABRI/AVONEX patients who remained relapse-free
was significantly higher than in the AVONEX group.

On February 28, 2005, Biogen Idec and Elan Corporation, plc
announced that they voluntarily suspended TYSABRI from the U.S.
market and all ongoing clinical trials.  This decision was based
on reports of progressive multifocal leukoencephalopathy (PML), a
rare and frequently fatal, demyelinating disease of the central
nervous system.  Biogen Idec and Elan's comprehensive safety
evaluation concerning TYSABRI and any possible link to PML is
ongoing.  The results of this safety evaluation will be discussed
with regulatory agencies to determine possible re-initiation of
dosing in clinical trials and future commercial availability.

"SENTINEL is a large, well-designed clinical trial that for the
first time evaluated the efficacy of add-on therapy for MS
patients who continued to experience disease activity despite
interferon therapy," said Richard Rudick, MD, lead investigator
of the SENTINEL trial and director of the Mellen Center for MS
Treatment and Research at Cleveland Clinic Foundation.  "We look
forward to learning more from the ongoing evaluation of TYSABRI."

SENTINEL One-Year Results

SENTINEL is a two-year, randomized, multi-center,
placebo-controlled, double-blind study of 1,171 AVONEX-treated
patients in 123 clinical trial sites worldwide.  AVONEX-treated
patients who continued to experience disease activity were
randomized to add TYSABRI (n=589) or placebo (n=582) to their
standard regimen.

The primary endpoint at one-year was the reduction in the rate of
clinical relapses.  The addition of TYSABRI to AVONEX resulted in
a 54% reduction in the rate of clinical relapses over the effect
of AVONEX alone (p<0.001).  The annualized relapse rate was 0.36
for patients receiving TYSABRI when added to AVONEX versus 0.78
with AVONEX plus placebo.

Analysis of annualized relapse rate by pre-specified subgroups of
disease severity, including baseline Expanded Disability Status
Scale (EDSS) (measured on a scale 0-10) or relapse history,
supported the primary endpoint finding.  In patients with an EDSS
greater than or equal to 4.0, TYSABRI reduced the relapse rate by
51%, while in patients with an EDSS less than 4.0, it reduced the
relapse rate by 53%.  Additionally, in patients with more than
two relapses in the year prior to study entry, TYSABRI reduced
the annualized relapse rate by 55%, while in patients with one
relapse, TYSABRI reduced the annualized relapse rate by 53
percent.

SENTINEL also met all secondary endpoints, including MRI
measures.  In the group treated with TYSABRI plus AVONEX, 67
percent of patients developed no new or newly enlarging
T2-hyperintense lesions compared to 40% in the AVONEX plus
placebo group (p<0.001).  On the one-year MRI scan, 96% of
TYSABRI plus AVONEX-treated patients had no gadolinium-enhancing
lesions compared to 76% of AVONEX plus placebo-treated patients
(p<0.001).  The proportion of patients who remained relapse-free
was 67% in the TYSABRI plus AVONEX-treated group compared to 46%
in the AVONEX plus placebo-treated group (p<0.001).

TYSABRI One-Year Safety

The adverse event profile in SENTINEL and AFFIRM were similar at
one year.  Common adverse events included headache, fatigue,
urinary tract infection, depression, lower respiratory tract
infection, joint pain and abdominal discomfort.  The rate of
infection was approximately one per patient-year in both
TYSABRI-treated patients and placebo-treated patients.  Serious
infections occurred in 1.3% of placebo treated patients and 2.1%
of TYSABRI-treated patients.  TYSABRI has been associated with
hypersensitivity reactions, including serious systemic reactions,
which occurred at an incidence of less than 1% of patients.

The two PML cases reported in MS were in patients treated with
more than two years of AVONEX plus TYSABRI.

TYSABRI Immunogenicity

All biologics have the potential to induce antibody formation.
Analysis of the one-year results indicated a low level of
immunogenicity associated with TYSABRI.  Patients were tested for
antibodies every 12 weeks in the AFFIRM and SENTINEL trials.
Antibodies were detected in approximately 10% of patients at
least once during treatment, with 6% of patients remaining
persistently positive.  Persistently positive antibodies were
associated with a substantial decrease in efficacy and an
increase in certain infusion-related adverse events.  Almost all
patients who tested positive for antibodies did so within the
first 12 weeks of treatment.

"The one-year results from SENTINEL add to the compelling data
set for TYSABRI.  At the conclusion of our extensive safety
evaluation, we hope to have a clearer understanding of the
product's efficacy and safety profile and the prudent next
steps," said Burt Adelman, MD, executive vice president,
Development, Biogen Idec.

"Patient safety remains our first priority in all matters and
these data will be considered within the context of our ongoing
safety evaluation to determine the most appropriate future
course," said Lars Ekman, MD, PhD, executive vice president and
president, Research and Development, Elan.

GLANCE Results

Results from GLANCE, a Phase II study evaluating the safety and
pharmacokinetics of TYSABRI when added to Copaxone(R) (glatiramer
acetate), were also presented at the AAN meeting. GLANCE is a
24-week study that enrolled 110 MS patients who were relapsing on
Copaxone.  When TYSABRI was added to Copaxone, there was no
increase in the rate of new active MRI lesion formation, a safety
measure and the primary endpoint of the study.  Because of the
short duration of this study, further study would be necessary to
evaluate the safety and efficacy of TYSABRI when added to
Copaxone.

About TYSABRI

Biogen Idec and Elan are collaborating equally on the development
of TYSABRI in MS, Crohn's disease, and rheumatoid arthritis.  On
February 28, 2005, Biogen Idec and Elan announced that they
voluntarily suspended TYSABRI from the U.S. market and all
ongoing clinical trials.  Worldwide regulatory agencies are being
kept informed of developments related to TYSABRI.

Information about TYSABRI, including the voluntary suspension of
marketing, U.S. prescribing information and support services, is
available through a single toll-free number (1-800-456-2255), and
via http://www.TYSABRI.com.

About Multiple Sclerosis

MS is a chronic disease of the central nervous system that
affects approximately 400,000 people in North America and more
than one million people worldwide.  It is a disease that affects
more women than men, with onset typically occurring between 20
and 40 years of age.  Symptoms of MS may include vision problems,
loss of balance, numbness, difficulty walking and paralysis.

About Biogen Idec

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

About Elan

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

CONTACT:  ELAN CORPORATION
          Media Contacts:
          Anita Kawatra or Brian McGlynn
          Phone: 212-407-5740
              Or 800-252-3526

          Investor Contacts:
          Emer Reynolds
          Phone: 353 1 709 4000
              Or 800-252-3526

          BIOGEN IDEC
          Amy Brockelman
          Phone: 617-914-6524

          Elizabeth Woo
          Phone: 617-679-2812


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


THIEL LOGISTIK: Cuts EBIT Forecast to EUR36 Million
---------------------------------------------------
The lower than expected business performance in the Automotive
and Sudkraft business units in January and February of this year,
which Thiel Logistik reported on already at the Press Conference
on March 10, has continued since then.

Cyclical developments are primarily responsible for this.
Coupled with unexpected start-up losses of a new furniture
distribution center, these have led to an unsatisfactory earnings
performance in the Furniture business unit.  The Executive Board
has therefore revised its estimates for expected operating result
for the year.  Accordingly, the Board is now assuming an EBIT
(per IFRS) of EUR36 million for fiscal year 2005 following "EUR50
million plus" at the start of the year.

"Despite this start to the year," comments CEO Klaus Eierhoff,
"Thiel Logistik will continue to grow this year and improve the
result over last year.  Besides organic growth, we are also
targeting selective acquisitions in the regions of Eastern Europe
and Asia.  And moreover, the strategic alliances will also be
expanded."

Thiel Furniture is to a large degree dependent on the economic
situation of the furniture industry, which is characterized by
shakeout competition and heavy pressure on costs.  At the same
time, stagnating consumption resulting from the tight economic
situation is acting as a brake on the furniture business.  On top
of this comes the impact of start-up difficulties with the new
furniture distribution center in Lemgo-Vossheide, where the level
of productivity aimed for has not yet been achieved.  Talks are
currently underway with the works council and the trade union on
a cost-cutting program in order additionally to achieve a
competitive level of wages and salary at the site.

Thiel Automotive is suffering from the continuing weak economy in
the automotive sector, which is making it more difficult to
acquire new customers.  For the financial viability of the
Heppenheim site the continued utilization of the capacity of the
halls there from mid-2005 on after a customer contract expires
must be secured through a follow-on contract.  Intense efforts
are being made to acquire further contracts for this site, with
promising talks underway.  The strategy has been redefined with a
new management in order to focus the operating business more
strongly.

Sudkraft is particularly heavily impacted by a weak domestic
economy in Germany that is leading to tighter price competition
with sinking margins.  As part of the consolidation the new
management has introduced a strategic realignment in order to
improve the earnings situation.

This realignment will concentrate the business unit in future on
the competency fields of contract logistics, road freight and
tank and silo transportation, enhanced by innovative value added
services.

About Thiel Logistik AG

Thiel Logistik AG of Grevenmacher, Luxembourg, develops complete
logistics and service solutions as an external partner for
industry and commerce.  In 2004, the Thiel Group achieved sales
of EUR1.7 billion and currently employs more than 8,900 people in
44 countries.  With more than 446 locations on all continents,
Thiel Logistik operates in the major European markets and in
every important procurement and sales market worldwide.

The Group's business segments are Industry Solutions, Air & Ocean
with its focus on air and sea freight, and Regional Logistics
Services, whose areas of operation extend from Germany and the
Benelux countries via Austria and Switzerland to the countries of
Central and Eastern Europe.  The Industry Solutions comprise
THIEL Automotive, THIEL FashionLifestyle, THIEL Media and THIEL
Furniture.  Thiel Logistik AG ranks among the market leaders in
its business segments.  Thiel Logistik AG is listed on the MDAX
segment of the German Stock Exchange.  The principle shareholder
is DELTON AG, Bad Homburg, Germany, with 50.26% of the share
capital.

CONTACT:  THIEL LOGISTIK AG
          ZIR Potaschberg
          5, an de Laengten
          6776 Grevenmacher
          Luxembourg
          Web site: http://www.thiel-logistik.com

          Hans Dettmar
          Head of Corporate Communication
          Phone: 00352 / 719690-1360
          Fax: 00352/719690-1359
          E-mail: ir-info@thiel-logistik.com

          Tino Fritsch
          Head of Media Relations
          Phone: 00352/71 96 90 -1353
          Fax: 00352 / 71 96 90 -1359
          E-mail: presse-kontakt@thiel-logistik.com


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


KONINKLIJKE AHOLD: Net Loss Down EUR7 Mln in Revised Report
-----------------------------------------------------------
On April 14, 2005 Royal Ahold published its 2004 Annual Report in
English and Dutch.  The report is available in print and online
at http://www.ahold.com. We intend to file our Annual Report on
Form 20-F with the United States Securities and Exchange
Commission during the course of the U.S. business day.

We also published today (April 14, 2005) the agenda for the
Annual General Meeting of Shareholders (AGM).  This agenda is
available in print and online at http://www.ahold.com. The
meeting will be held on May 18, 2005 in the Lucent Danstheater,
Dr. Anton Philipszaal, Spuiplein 150, 2511 DG Den Haag, The
Netherlands, and will start at 10:00 a.m. CET.  The agenda
includes the adoption of the 2004 financial statements and the
proposed appointment of four new members to the Supervisory
Board, effective May 18, 2005.

2004 Annual Report

The 2004 Annual Report contains the audited consolidated
financial statements for 2004.  Compared to the 2004 results
release of March 29, 2005, we have made a change relating to the
divestment of our BI-LO/Bruno's Arena, resulting in a EUR7
million decrease in the company's net loss from that previously
announced and a corresponding increase in shareholders' equity.
In the audited consolidated financial statements for 2004, we
also reclassified certain expenses from general and
administrative expenses to goodwill and intangible asset
amortization, which had no impact on the company's net loss or
shareholders' equity.

The 2004 Annual Report also includes certain U.S. GAAP
information.  Net income for 2004 under U.S. GAAP was EUR110
million versus a net loss of EUR436 million under Dutch GAAP.  As
indicated in the March 29 press release, this more favorable U.S.
GAAP result mainly is a consequence of differences in the
accounting for divestments and the ICA put transaction under U.S.
GAAP versus Dutch GAAP.  In the 2004 Annual Report, we restated
net loss and shareholders' equity under U.S. GAAP for 2003 and
2002 to correct certain unintentional accounting errors we
identified after the issuance of our 2003 financial statements.
As a consequence, our net loss for 2003 decreased by EUR58
million and our net loss for 2002 increased by EUR17 million.  A
description of the principal differences between U.S. GAAP and
Dutch GAAP relevant to us and information about the restatement
of the U.S. GAAP comparative information for 2003 and 2002 can be
found in Note 31 to the consolidated financial statements
contained in the 2004 Annual Report.

In 2004, we have made further improvements to our internal
controls.  We have two material weaknesses with respect to our
internal controls and we have taken steps to address and
compensate for these.  More information on internal controls can
be found in the Corporate Governance section of the 2004 Annual
Report.

Proposed New Members to the Supervisory Board

These are the proposed members of the Supervisory Board:

Mr. D.C. Doijer

Derk Doijer was born on October 9, 1949 and is a Dutch national.
He is a business executive by profession.  He was a member of the
Executive Board of Directors of SHV Holdings N.V. and prior to
that he held several executive positions in the Netherlands and
South America.  He is a member of the Investment Committee of NPM
Capital N.V. and a member of the Supervisory Board of Corio N.V.
He holds no shares in Ahold.

Ms. Myra Hart PhD

Professor Myra Hart was born on August 5, 1940 and is a U.S.
national.  She is an academic (professor of entrepreneurship) by
profession.  She holds the MBA Class of 1961 Chair of
Entrepreneurship at Harvard Business School.  Prior to joining
Harvard in 1995, Dr. Hart was on the founding team of Staples the
Office Superstore, serving as Vice President of Growth and
Development from launch through initial public offering.  She is
a member of the Board of Office Depot, Nina McLemore and
eCornell.  She is a trustee of Cornell University, a director of
the Center for Women's Business Research and a member of the
Committee of 200.  She holds no shares in Ahold.

Mr. B. Hoogendoorn

Benno Hoogendoorn was born on May 21, 1945 and is a Dutch
national.  He was Co-President and CEO of Mars, Inc. Prior to
that he held several general management and executive positions
in Europe.  He is an advisor to the Board of Mars, Inc. and a
member of its Audit Committee and Remuneration Committee. Mr.
Hoogendoorn holds no shares in Ahold.

Ms. S.M. Shern

Stephanie Shern was born on January 7, 1948 and is a U.S.
national.  She was with Ernst & Young for over 30 years, most
recently as Vice Chairman and Global Director of Retail and
Consumer Products and a member of Ernst & Young's Board and
Management Committee.  She is a member of the Board and Chair of
the Audit Committee of Game Stop, Nextel Communications, Scotts
Lawn and Garden and The Vitamin Shoppe and a member of the
Governance Committee of Nextel Communications.  She is a member
of the Advisory Board of Pennsylvania State University: School of
Business.  She holds no shares in Ahold.

The proposed appointments are for a term ending on the day of the
Annual General Meeting of Shareholders, to be held in the fourth
year after the year of appointment.  The curricula vitae of each
of the proposed members are available for inspection at our
offices and the offices of ABN AMRO Bank N.V. in Amsterdam.

The Ahold Supervisory Board currently consists of:
(a) Rene Dahan (Chairman, formerly Executive Vice-President and
    Director ExxonMobil);

(b) Jan Hommen (Vice-Chairman, CFO Philips);

(c) Dr. Cynthia Schneider (formerly U.S. ambassador to the
    Netherlands);

(d) Lodewijk de Vink (formerly Chairman Warner-Lambert Company);

(e) Karel Vuursteen (formerly Chairman Heineken N.V.);

(f) Karen de Segundo (formerly CEO Shell Renewables and
    President Shell Hydrogen).

Dr. Schneider and Messrs. De Vink and Vuursteen will step down as
Supervisory Board members at the AGM on May 18, 2005.

"The proposed members fit very well in the profile for the
Supervisory Board.  They bring the kind of experience and
expertise that should greatly contribute to the general
competence and effectiveness of the Supervisory Board," Mr. Dahan
said.

Divestments

As part of our divestment program, we have decided to divest our
50% stake in our Spanish winery joint venture Bodegas Williams &
Humbert, S.A.  Consequently, we are currently in negotiations to
sell our stake to Jose Medina y Cia S.A., which holds the
remaining 50% stake.

CONTACT:  KONINKLIJKE AHOLD
          Corporate Communications
          Phone: +31.75.659.5720


=============
R O M A N I A
=============


RAIFFEISEN BANK: Financial Strength Rating Upgraded to D-
---------------------------------------------------------
Moody's Investors Service raised the financial strength rating
(FSR) for Raiffeisen Bank S.A. of Romania to D- from E+.  The
foreign currency deposit ratings are not affected by this rating
action and remain unchanged at the Ba2/Not-Prime country ceiling
for long- and short-term foreign currency deposits in Romania,
respectively.  The Ba2 long-term deposit rating has a positive
outlook and the FSR has a stable outlook.

Raiffeisen Bank S.A. is 99.4% owned by Raiffeisen International
Bank -- Holding AG -- a subsidiary owned by Raiffeisen
Zentralbank Oesterreich (RZB), the central institution of the
Austrian Raiffeisen Banking Group (86%), Regional Raiffeisen
Banks (6%), the European Bank for Reconstruction and Development
(EBRD) 4% and International Finance Corporation (IFC) 4%.

Moody's said that the FSR upgrade reflects the progress made by
Raiffeisen Bank in developing its infrastructure and internal
systems, as well as its improving financial fundamentals.  The
bank has adopted IT systems and processes common with those used
at sister banks operating in central/eastern Europe and benefits
from operational support from its parent.  It has a good
corporate client base and is growing strongly its personal and
consumer lending, as well as mortgage lending -- even though it
was late to enter the mortgage lending market.

Raiffeisen's manifold access to foreign currency funding, from
its parent as well as IFIs (EBRD, IFC) and the international
syndicated market, has enabled it to meet the demand for hard
currency loans and grow strongly over the last couple of years.
This trend continues in 2005.  Although appreciating the bank's
drive to build up market share, Moody's is concerned about the
rapid pace of lending, especially in foreign currency to
borrowers with no foreign currency inflows.  Although this
remains the overall market practice in Romania, Moody's believes
that if the Leu devalues, the currency risk assumed by such
borrowers may turn into increased credit risk for the bank and
thus negatively affect the bank's overall financial health.

Raiffeisen Bank S.A. is headquartered in Bucharest, Romania and
reported total assets of ROL82,126 billion (EUR2.1 billion) as at
end-2004.

CONTACT:  MOODY'S INVESTORS SERVICE CYPRUS LIMITED
          Limassol
          Adel Satel
          General Manager
          Financial Institutions Group

          Mardig Haladjian
          Senior Vice President
          Financial Institutions Group

          For Journalists
          Phone: 44 20 7772 5456


ROMPETROL GROUP: 2004 Results Up Significantly
----------------------------------------------
The IAS audit report released on Tuesday by Rompetrol Rafinare
shows a 2004 gross revenue of US$1.44 billion (a US$306 million
increase compared to 2003), operational profit (EBITDA) of
US$86.4 million (5.4 times higher compares to 2003) and a net
profit of US$11.8 million.  These results exceed the preliminary
figures published by the company in January 2005.  The financial
results are certified by independent auditors Deloitte & Touche.

The Rompetrol Group N.V., the parent company of Rompetrol
Rafinare, also released its audited financial results showing
significant improvements in 2004.  The gross revenue for TRG in
2004 stands at US$1.61 billion (a US$336 million increase
compared to 2003), while the operational profit (EBITDA) reached
US$101.4 million (3.7 times higher compared to 2003).  In 2004
TRG maintained its position as the largest private company in
Romania by revenues.

"The IAS financial results confirm the outstanding operational
performance achieved by TRG in 2004.  This comes to show again
that TRG is a solid, growing company with a positive balance
sheet, an excellent track record, and outstanding development
prospects on the regional market," says Dinu Patriciu, Chairman
and CEO of The Rompetrol Group.

"By taking advantage of a high margin environment and deep
discounts on our Urals-only crude slate, we improved the
efficiency of refining and trading activities in particular.
This led to a five-fold increase of operational profit for our
main refinery in 2004 compared to the previous year.  These
financial results are a testament to our sustainable growth and
successful business model," added TRG Deputy CEO Philip
Stephenson.

Rompetrol Rafinare (RRC) is traded on the Romanian Stock Exchange
and has been included on the ROTX index launched on the Vienna
Stock Exchange.

                            *   *   *

In June, Fitch Ratings assigned The Rompetrol Group N.V. (TRG),
the second largest oil company in Romania, a Senior Unsecured
'B-' rating with a Stable Outlook.  At the same time, the agency
assigned TRG's proposed EUR150 million senior unsecured notes a
'B-' rating with Stable Outlook.  The notes were to be
unconditionally and irrevocably guaranteed by all TRG's material
operating subsidiary companies.

The rating reflects TRG's high financial leverage, very limited
track record of profitability as well as the challenges of the
Romanian market, including low fuel prices and margins, which are
indirectly controlled by the state through fuel market leader,
state-owned SNP Petrom (rated 'BB-'), Rating Watch Positive).
The rating also takes into account favorable location of the
Petromidia refinery, and the strategic advantage it provides both
in terms of crude oil supplies as well as easy access to export
markets.

CONTACT:  ROMPETROL GROUP
          Rompetrol Building
          222 Calea Victoriei
          010099 Bucharest
          Romania
          Phone: +40 21 30 30 800
          Phone: +40 21 30 30 801
          Fax: +40 21 31 22 490
          E-mail: office@rompetrol.com


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


FACTORY OF ELECTRICAL: Declared Insolvent
-----------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Factory Of Electrical Installation Goods#1
(TIN 5410130620, OGRN1025403904877) after finding the close joint
stock company insolvent.  The case is docketed as
A45-3322/05-27/12.  Mr. S. Tsarev has been appointed insolvency
manager.

CONTACT:  FACTORY OF ELECTRICAL INSTALLATION GOODS#1
          630010, Russia, Novosibirsk region,
          B. Khmelnitskogo Str. 90

          Mr. S. Tsarev
          Insolvency Manager
          630011, Russia, Novosibirsk region,
          Post User Box 10
          Phone: (383-2) 100-530


KIROVSKIYE GOODS: Kirov Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Kirovskiye Goods after finding the regional
state unitary enterprise insolvent.  The case is docketed as
A28-156/03-395/10.  Mr. A. Krotov has been appointed insolvency
manager.  Creditors have until May 12, 2005 to submit their
proofs of claim to 610016, Russia, Kirov, Schorsa Str. 95, 117.

CONTACT:  KIROVSKIYE GOODS
          Russia, Kirov region,
          Oktyabrskiy Pr. 139

          Mr. A. Krotov
          Insolvency Manager
          610016, Russia, Kirov region,
          Schorsa Str. 95, 117


METROMEDIA INTERNATIONAL: Has Until June to Avert Default
---------------------------------------------------------
Metromedia International Group, Inc. said on Thursday it received
notice from the trustee of its 10 1/2% Senior Notes Due 2007
concerning non-compliance with certain covenants in the indenture
governing the Senior Notes.  The trustee reported that it had not
received these documents from the Company:

(a) The Company's Annual Report on Form 10-K for the fiscal year
    ended December 31, 2004 (the Current Annual Report);

(b) An Officers' Certificate executed by the Company's Chief
    Executive Officer and Chief Financial Officer containing
    management's representations that the Company has complied
    with the covenants of the Indenture; and

(c) A certificate executed by the Company's independent public
    accountants representing that nothing has come to their
    attention that leads them to believe that the Company failed
    to comply with the covenants of the Indenture.

Under the terms of the Indenture, the Company must resolve these
compliance matters no later than June 3, 2005 in order to avoid
an event of default.  If such an event of default were to occur,
the trustee or holders of at least 25% of the aggregate principal
amount of the Senior Notes outstanding could declare all Senior
Notes to be due and payable immediately, and should that happen,
the Company would not have sufficient corporate cash to meet this
obligation.

In making this announcement, Ernie Pyle, Chief Financial Officer
of MIG, commented: "The Company is currently completing
preparation of its Current Annual Report and anticipates filing
such report with the United States Securities and Exchange
Commission within the next three weeks.  As such, we anticipate
curing the outstanding compliance items with respect to the
Indenture before June 3rd."

With respect to the Company's ability to timely file future
reports with the U.S. SEC, Mr. Pyle added: "The Company does not
presently have sufficient financial personnel and resources
within Russia and Georgia to prepare and finalize, on a timely
basis, the U.S. GAAP financial results for the Company's business
ventures located within these countries.  The recruitment and
retention of qualified U.S. GAAP accountants in these countries
is difficult today due to the high demand for individuals with
these skills in this part of the world.  Accordingly, the Company
may continue to experience difficulties in timely filing reports
with the U.S. SEC."

About Metromedia International Group

Through its wholly owned subsidiaries, the Company (OTCBB: MTRM)
(PINK SHEETS: MTRMP), owns interests in communications businesses
in the countries of Russia and Georgia.  Since the first quarter
of 2003, the Company has focused its principal attentions on the
continued development of its core telephony businesses, and has
substantially completed a program of gradual divestiture of its
non-core cable television and radio broadcast businesses.  The
Company's core telephony businesses include PeterStar, the
leading competitive local exchange carrier in St. Petersburg,
Russia, and Magticom, Ltd., the leading mobile telephony operator
in Tbilisi, Georgia.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          Ernie Pyle
          Phone: 704-321-7380
          E-mail: investorrelations@mmgroup.com


MODUS: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on open joint stock company Modus.  The
case is docketed as A41-K2-2390/05.  Mr. A. Portnykh has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 141090, Russia,
Moscow, Lubyanskiy Proezd, 5, Building 1.  A hearing will take
place on June 28, 2005.

CONTACT:  MODUS
          140406, Russia, Moscow region,
          Kolomna, Polevaya Str. 3

          Mr. A. Portnykh
          Temporary Insolvency Manager
          141090, Russia, Moscow region,
          Lubyanskiy Proezd, 5, Building 1


SOYUZ-OBSHE-MASH-BANK: Deadline for Proofs of Claim May
-------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Soyuz-Obshe-Mash-Bank after finding the open
joint stock company insolvent.  The case is docketed as
A40-4213/05-38-8B.  Creditors have until May 12, 2005 to submit
their proofs of claim to 123022, Russia, Moscow, Post User Box
11.

CONTACT:  SOYUZ-OBSHE-MASH-BANK
          123022, Russia, Moscow region,
          Stolyarnyj Per. 3, Building 3

          The representative of insolvency manager
          123022, Russia, Moscow region,
          Post User Box 11
          Phone: (095) 425-50-44, 589-40-88


SPETS-ENERGO-MONTAZH: Bankruptcy Hearing Resumes Next Week
----------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on limited liability company
Spets-Energo-Montazh.  The case was docketed as
A76-34433/04-60-26.  Mr. V. Strizhkov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 454021, Russia,
Chelyabinsk, Pobedy Str. 380-44.  A hearing will take place on
April 28, 2005.

CONTACT:  SPETS-ENERGO-MONTAZH
          Russia, Chelyabinsk region, Troitsk

          Mr. V. Strizhkov
          Temporary Insolvency Manager
          454021, Russia, Chelyabinsk region,
          Pobedy Str. 380-44


TALASHKINO: Appoints L. Grishaneko Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Smolensk region commenced bankruptcy
proceedings against Talashkino after finding the close joint
stock company insolvent.  The case is docketed as A62-570-N/04.
Mr. L. Grishanenko has been appointed insolvency manager.
Creditors may submit their proofs of claim to 214014, Russia,
Smolensk, Isakovskogo Str. 12/1, Apartment 2.

CONTACT:  TALASHKINO
          Russia, Smolensk region, Talashkino

          Mr. L. Grishanenko
          Insolvency Manager
          214014, Russia, Smolensk region,
          Isakovskogo Str. 12/1, Apartment 2


TALITSA: Bankruptcy Hearing Set Today
-------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on limited liability company
Talitsa (TIN 3447016550).  The case is docketed as
A12-277/05-s58.  Mr. V. Kochnev has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 400050, Russia,
Volgograd, Parkhomenko Str. 64.  A hearing will take place on
April 18, 2005, 10:00 a.m.

CONTACT:  TALITSA
          400069, Russia, Volgograd region,
          Kirova Str. 96, Apartment 273

          Mr. V. Kochnev
          Temporary Insolvency Manager
          400050, Russia, Volgograd region,
          Parkhomenko Str. 64


UNIVERSAL-LIFT: Bankruptcy Supervision Begins
---------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on limited liability company
Universal-Lift.  The case was docketed as A65-23341/04-SG4-27.
Mr. I. Sytdykov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 420104, Russia,
Kazan, Post Office Post 553.  A hearing will take place on April
26, 2005.

CONTACT:  UNIVERSAL-LIFT
          Russia, Kazan, Rodiny Str. 8

          Mr. I. Sytdykov
          Temporary Insolvency Manager
          420104, Russia, Kazan,
          Post Office Post 553


VERKHNEE-LENSKOYE: Declared Insolvent
-------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Verkhnee-Lenskoye after finding the river
steam navigation insolvent.  The case is docketed as
A19-32264/04-29.  Mr. S. Sizov has been appointed insolvency
manager.  A hearing will take place on Jan. 26, 2006, 10:00 a.m.
at the Arbitration Court of Irkutsk region located at Russia,
Irkutsk, Gagarina Avenue, 70, Room 303.

CONTACT:  VERKHNEE-LENSKOYE
          666780, Russia, Irkutsk region,
          Ust-Kut, Proletarskaya Str. 1A

          Mr. S. Sizov
          Insolvency Manager
          666780, Russia, Irkutsk region,
          Ust-Kut, Proletarskaya Str. 1A


VODOKANAL: Creditors Have Until May to File Claims
--------------------------------------------------
The Arbitration Court of Kareliya republic commenced bankruptcy
proceedings against Vodokanal after finding the municipal unitary
enterprise insolvent.  The case is docketed as A26-2694/04-18.
Mr. E. Mashtaler has been appointed insolvency manager.
Creditors have until May 12, 2005 to submit their proofs of claim
to 185030, Russia, Petrozavodsk, Post User Box 82.

CONTACT:  VODOKANAL
          186000, Russia, Kareliya republic,
          Olonets, 30 Letie Pobedy Str. 2

          Mr. E. Mashtaler
          Insolvency Manager
          185030, Russia, Petrozavodsk,
          Post User Box 82

          The Arbitration Court of Kareliya republic
          186610, Russia, Petrozavodsk,
          Krasnoarmeyskaya Str. 24A


YUKOS OIL: Subsidiary Selling Large Chunk of Asset
--------------------------------------------------
A Yukos Oil subsidiary is disposing more than half of its total
assets in the Talakan oil field, according to daily Vedomosti.

Sakhaneftegaz oil company is to sell an unfinished pipeline that
costs US$44 million to Surgutneftegaz, Vice president Igor
Chikachev said.  The project spans 110 kilometers from the
Talakan oil field in the Amur region to a terminal on the Lena
river.  It is to be operational in the summer.

Sakhaneftegaz's property at the oil field costs US$81 million in
total.

The firm is also to dispose two oil wells at Talakan roads and
several other facilities.  Its subsidiary Lenaneftegaz, which
also owns oil wells at the Talakan field, may make similar
decisions, Mr. Chikachev said.

Experts warn the deal could remain hanging until Yukos' assets
are unfrozen.

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


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


SAS GROUP: SAS AB Skips 2004 Dividend
-------------------------------------
On Thursday, the Annual General Meeting, in accordance with the
proposal from the Nominations Committee, reelected all members of
the Board of SAS AB: Egil Myklebust (Chairman), Berit Kjoll,
Fritz H. Schur, Anitra Steen, Lars Rebien Sorensen and Jacob
Wallenberg.

In addition, Timo Peltola was elected as a new member.  Timo
Peltola is also Chairman of Ilmarinen Mutual Pension Insurance
Company (supervisory board) and AW-Energy Oy, Deputy Chairman of
Nordea AB (publ) and a member of the Boards of such companies as
TeliaSonera AB (publ), Finnish Fair Corporation and the CVC
Capital Partners Advisory Board.

It was also decided that the nominations committee shall comprise
seven members and shall prepare a proposal to be presented for
decision at the Annual General Meeting in 2006, defining the
number of Board members, persons nominated as Board members and
Chairman, remuneration for the Board, divided between the
Chairman, Vice Chairman, other members, any remuneration for work
on Board committees, auditors' fees and an election committee for
the Annual General Meeting in 2007.

These persons were elected to the nominations committee: Eva
Halvarsson, Ministry of Swedish Industry for the Swedish
Government; Jacob Heinsen, Ministry of Finance, for the Danish
Government; Reier Soberg, Norwegian ministry Trade and Industry,
for the Norwegian Government; Palle Olsen for Pen-Sam Liv
Forsikringsaktieselskab; Rune Selmar for Folketrygdfondet; Pia
Rudengren for the Wallenberg Foundations; and Jarl Ulvin for Odin
Forvaltning.

Auditing firm Deloitte & Touche AB was reelected as SAS AB's
auditors for a statutory mandate period of four years until the
close of the Annual General Meeting in 2009.

The Meeting decided that no dividend would be paid to
shareholders for 2004.

In the matter of the Articles of Association and other matters,
the Annual General Meeting voted in favor of the proposals in the
notification of the Meeting.

CONTACT:  SAS GROUP
          Sture Stolen, Head of Investor Relations
          Phone: +46 8 797 1451


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


APA TRAVEL: Sets Creditors Meeting Next Week
--------------------------------------------
The creditors of APA Travel Service Limited will meet on April
25, 2005 at 2:30 p.m.  It will be held at Thurrock Hotel, Ship
Lane, Aveley, Essex RM19 1YN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KSA, 228 Shoreditch High Street, London E1 6PJ not
later than 12:00 noon, April 22, 2005.

CONTACT:  KEITH STOUT AND ASSOCIATES
          8-10 Eastern Road
          Romford
          Essex RM1 3PJ
          Phone: 01708 730475
          Fax: 01708 732432
          E-mail: restructure@ksabr.com


ARAXIS LTD.: Liquidators from RSM Robson Rhodes Move in
-------------------------------------------------------
At the extraordinary general meeting of Araxis Ltd. on
April 6, 2005 held at 13a Close Cubbon, Peel, Isle of Man IM5
1NS, the special, ordinary and extraordinary resolutions to wind
up the company were passed.  Adrian Gerald Paul Howlett and Simon
Peter Bower of RSM Robson Rhodes LLP, 186 City Road, London EC1N
2NU have been appointed joint liquidators of the company.

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


BAE SYSTEMS: Moody's Wary About UDI Purchase, But Keeps Ratings
---------------------------------------------------------------
Moody's Investors Service confirmed its long term debt ratings of
BAE SYSTEMS plc (BAE) at Baa2 and its P-2 short term rating.  The
rating outlook is negative.  This action completes the rating
review initiated on March 7, 2005 that was prompted by the
announcement that BAE had agreed to purchase United Defense
Industries (UDI) in an all cash transaction valued at $4.2
billion.

The Baa2 rating considers that while BAE's debt metrics have
recently been improving as a result of initiatives taken to
strengthen its core operations, the purchase of UDI including the
use of current liquidity and incremental borrowing to fund a
portion of the transaction will offset recent debt reduction,
weaken debt protection measurements and constrain anticipated
improvements in financial metrics.

The rating acknowledges the potential benefits of the acquisition
in fulfilling BAE's strategy to diversify its defense businesses,
the company's issuance of GBP400 million of new equity to fund a
portion of the transaction, and anticipates that BAE will
maintain a sound liquidity profile upon closing the transaction.
Nevertheless, the company's financial metrics will deteriorate as
a result of the acquisition and BAE will need to further improve
margins and free cash flow generation during the intermediate
term to better support its current rating.

Debt protection metrics are expected to deteriorate with the
acquisition but because of the company's strong backlog of stable
defense related contracts, and expected ability to further
improve margins and cash flow generation in its core units the
ratings have been confirmed at this time.  Moody's ratings prior
to the acquisition anticipated a rebuilding of the company's
retained and free cash flow generation in line with an improving
operating performance.  Although BAE will be incurring
substantial additional debt in order to complete the all cash
acquisition of UDI, a meaningful portion of the purchase price is
expected to be funded by a combination of the use of some of the
company's large cash balances and the proceeds from the company's
GBP400 million equity offering.

Cash and marketable securities stood at GBP1.7 billion as of the
end of 2004 vs. less than GBP1.0 billion at the end of 2003.
While pre-delivery deposits on export contracts have been a
factor in this cash increase, payments under the company's Al
Yamamah contract in Saudi Arabia have increased substantially as
a result of higher than expected oil prices.  This cash, plus
proceeds from the GBP400 million equity issue, are expected to
mitigate the degree of debt financing needed to complete the UDI
acquisition.  Retained cash flow to net debt is expected to
remain above 15%.

BAE's most recent financial filings indicate a large underfunded
pension liability (approximately GBP3 billion).  Adjusting debt
for this obligation results in a ratio of retained cash flow to
debt of approximately 7%.  Both metrics are considered weak for
the current rating and are expected to improve over the course of
the next two years.

The acquisition of UDI and its tracked vehicle production
capability is expected to complement BAE's existing U.K. tracked
vehicle manufacturing capacity (Alvis plc).  The acquisition of
UDI also continues the company's policy of increasing its
investments in the U.S. and to increase its revenues from the
growing U.S. Department of Defense budget.  It is expected that
UDI (2004 reported revenues of $2.3 billion and EBIT of $298
million) will benefit from the need to repair the Bradley
Fighting Vehicles (one of its primary contracts) being used in
Iraq and Afghanistan.  This revenue stream could weaken when
operational activity in either of these countries is reduced.
However, this decline may be offset by enhancements to these
vehicles under the Army's Future Combat Systems program.

BAE's liquidity is expected to remain adequate after the
acquisition.  Cash flow is expected to be positive and cash
balances are expected to remain well above GBP500 million.  A
GBP1.5 billion unused line of credit provides additional
liquidity.  The company has put in place a short-term line of
credit to assist, if necessary, in funding the acquisition and it
continues to maintain an GBP3 billion commercial paper program.
Pension obligations have increased substantially year over year.
Moody's notes that short term contribution requirements to
pension plans are expected to increase this year and that the
company has taken steps, including increasing the contribution
made by employees, to reduce its longer term obligations under
these plans.

International partnerships including the company's investment in
Airbus Industries have and are expected to continue to perform
well.  Airbus' contribution is expected to continue to increase
as aircraft deliveries grow over the intermediate term.  Moody's
notes that BAE's stake in Airbus has considerable value that is
not entirely reflected on the balance sheet.  The company's
investments in MBDA (missiles), AMS (command and control and
radar systems), Saab (integrated defense systems and Gripen
International (combat aircraft) are expected to continue to
provide positive earnings and cash flow.

A concentration risk exists in the company's customer solutions
and support segment, which provided 16% of 2004 revenues but 50%
of consolidated cash flow (GBP1 billion).  This level of cash
flow is not expected to continue.  If oil prices remain at their
current levels, Moody's estimates that the long-term receivables
being repaid will be fully extinguished in 2005.  While this
business segment is expected to continue to perform well, cash
flow is not anticipated at this level.  The rating anticipates
that the cash flow decline from this segment will be partially
offset over time with increased cash flow from the programs
segment and growth in cash flow from the company's North American
acquisitions.

The negative outlook reflects a number of factors including the
integration risks associated with the acquisition of UDI and
continued relatively high level of debt in relation to cash flow
and the need for rebuilding the company's debt metrics to
stabilize its ratings at their current levels.  Cash flow and
earnings growth are expected to remain constrained due to
programs on which the company is currently booking no profit
(e.g. Astute, Nimrod, Typhoon, Type 45 destroyer, etc.)
Operating margins are expected to remain stable but somewhat weak
due to the long term nature of these programs noted above.
Moody's notes that the risk of losses on these programs has been
substantially reduced due to renegotiation of contracts with the
MoD.  Over the long term, the completion of these programs should
reduce the drag on margins and cash flow.

The outlook and the ratings would be positively affected by a
rapid reduction in gross balance sheet debt or an increase in
cash flow such that the ratio of retained cash flow to total debt
increased above 20%.

The ratings would be negatively affected by continued acquisition
activity before UDI is integrated, unexpected integration
problems with UDI, a meaningful reduction in existing cash
liquidity for purposes other than debt reduction or declines in
the company's operating margins below the current level of 7%.  A
decline of retained cash flow to total debt below 10% would
precipitate a ratings review.

Ratings confirmed are:

(a) BAE Systems plc - senior unsecured debt ratings and Issuer
    rating at Baa2;

(b) BAE Systems Finance, Inc. - guaranteed senior debt and its
    guaranteed MTN program at Baa2;

(c) BAE Systems Holdings, Inc. - senior debt at Baa2, guaranteed
    by BAE Systems plc; and

(d) The company's short term rating was confirmed at P-2

BAE SYSTEMS plc, headquartered in Farnborough, England, is a
major aerospace/defense company.

CONTACT:  MOODY'S INVESTORS SERVICE
          New York
          Michael J. Mulvaney
          Managing Director
          Corporate Finance Group

          New York
          Richard Bittenbender
          Senior Vice President
          Corporate Finance Group

          For Journalists
          Phone: 212-553-0376


BELLEBETE LIMITED: Members Call in Administrators
-------------------------------------------------
Martin C. Armstrong (IP No 6212), Paul D. Williams and Paul J.
Clark (IP Nos 9294, 8750) have been appointed joint
administrators for Bellebete Limited.  The appointment was made
April 4, 2005.  The store sells clothing.  Its registered office
is located at Allen House, 1 Westmead Road, Sutton, Surrey SM14
4LA.

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

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


BHOC LTD.: Hires Hurst Morrison Thomson as Liquidator
-----------------------------------------------------
At the extraordinary general meeting of BHOC Ltd. on April 5,
2005 held at Thames Valley Economic Partnership, Green Park,
Reading, the extraordinary resolution to wind up the company was
passed.  Paul William Ellison and Gareth Wyn Roberts of Hurst
Morrison Thomson Corporate Recovery LLP, 5 Fairmile,
Henley-on-Thames, Oxfordshire RG9 2JR have been appointed joint
liquidators of the company.

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


DARAY LIGHTING: Administrator from Marlor Walls Moves in
--------------------------------------------------------
E. Walls (IP No 009113) has been appointed administrator for
Daray Lighting Limited.  The appointment was made March 29, 2005.
The company manufactures and retails medical equipment.  Its
registered office is located at Commerce Way, Stanbridge Road,
Leighton Buzzard, Bedfordshire LU7 4RW.

CONTACT:  MARLOR WALLS & COMPANY
          C12 Marquis Court
          Marquis Way
          Team Valley
          Gateshead
          Tyne And Wear NE11 0RU
          Phone: 0191 482 3343
          Fax: 0191 491 3062
          E-mail: arm@marlorwalls.co.uk


DAVID PRINCE: Members Decide to Liquidate Business
--------------------------------------------------
At the extraordinary general meeting of David Prince & Sons
Limited on March 30, 2005 held at 4th Floor, Sitwell House,
Sitwell Street, Derby, Derbyshire DE1 2JT, the special resolution
to wind up the company was passed.  Gary Edgar Blackburn of BWC
Business Solutions, 8 Park Place, Leeds LS1 2RU has been
appointed liquidator of the company.

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


DGM 1: Opts for Liquidation
---------------------------
Name of companies:
DGM 1 Limited
DGM 3 Limited
DGM Food Group Limited

At the extraordinary general meeting of these companies on March
30, 2005 held at M & W Mack Limited, Transfesa Road, Paddock
Wood, Kent TN1 6UT, the subjoined special resolutions to wind up
the companies were passed.  Dermot Brendan Coakley and Andrew
Beckingham of BDO Stoy Hayward LLP, Park House, 102-108 Above
Bar, Southampton, Hampshire SO14 7NH have been appointed joint
liquidators of the companies.

CONTACT:  BDO STOY HAYWARD LLP
          Park House, 102-108 Above Bar,
          Southampton, Hampshire SO14 7NH
          Phone: 023 8035 6000
          Fax: 023 8035 6111
          E-mail: southampton@bdo.co.uk
          Web site: http://www.bdo.co.uk


DMINISTRATE LIMITED: Hires Administrators from Begbies Traynor
--------------------------------------------------------------
Paul Stanley and Richard William Traynor (IP Nos 8123, 6730) have
been appointed administrators for non-holding company Dministrate
Limited.  The appointment was made March 31, 2005.  Its
registered office is located at Raydean House, Western Parade,
Great North Road, Barnet EN5 1AJ.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


EFFERIES EUROPE: Liquidator from Mercer & Hole Enters Firm
----------------------------------------------------------
At the extraordinary general meeting of Efferies Europe Company
Limited on March 30, 2005 held at Bracken House, One Friday
Street, London EC4M 9JA, the special resolution to wind up the
company was passed.  Steven Leslie Smith of Mercer & Hole,
Gloucester House, 72 London Road, St Albans, Hertfordshire AL1
1NS has been appointed liquidator of the company.

CONTACT:  MERCER & HOLE
          Gloucester House
          72 London Road
          St Albans
          Hertfordshire AL1 1NS
          Phone: 01727 869141
          Fax: 01727 869149
          E-mail: stevesmith@mercerhole.co.uk


ELD MEDIA: Sets Meeting of Unsecured Creditors April 29
-------------------------------------------------------
The unsecured creditors of Eld Media Limited will meet on April
29, 2005 at 10:30 a.m.  It will be held at 41 Castle Way,
Southampton SO14 2BW.  Creditors who want to be represented at
the meeting may appoint proxies.  Proxy forms must be submitted
together with written debt claims to 41 Castle Way, Southampton
SO14 2BW not later than 12:00 noon, April 28, 2005.

CONTACT:  FANSHAWE LOFTS
          41 Castle Way
          Southampton
          Hampshire SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mail: sa@fanshawe-lofts.co.uk
                  arf@fanshawe-lofts.co.uk


FORTNUM & MASON: Shifts Focus to Growing Food Business
------------------------------------------------------
London's veteran upmarket retailer Fortnum & Mason is closing its
clothing range to focus on food business, as part of its
turnaround strategy, The Scotsman reports.

The firm will replace its fashion department in Piccadilly with
an expanded food department, though it will retain its lingerie
and fashion accessories lines.  The move is aimed at reviving
profits, which has been in decline in all but two of the last
eight years.

Fortnum & Mason's full-year profits have fallen more than 90%
below their GBP3.6 million peak in 1997 due generally to the cost
of implementing its international strategy.  It is now
distributing products overseas directly to retailers rather than
via wholesalers.  Accounts filed with Companies House show the
approach has cut overseas turnover by GBP2.08 million in 2004,
forcing an operating loss in the overseas business of GBP387,000.
Operating profits in the previous year were GBP288,000.

Pre-tax profits were halved to GBP351,000 from GBP638,000 the
year before in the year to July 2004.  This is despite a strong
performance in the U.K. business, driven mainly by buoyant sales
in the food business.  Operating profits were up GBP447,000 from
GBP71,000 the year before.  Food accounts for 70% of total sales.

The decision to concentrate on competitive product is the
brainchild of new managing director Beverley Aspinal, who joined
the group in February.  Under the plan, Fortnum & Mason will
modernize its 80-year-old shop and launch new products.  Fortnum
& Mason is run by the Weston family.  It is famous for its
specialty teas, luxury products, and Christmas hampers.  In 2007,
the firm will celebrate its 300th anniversary.

CONTACT:  FORTNUM & MASON
          181 Piccadilly
          London W1A 1ER,
          United Kingdom
          Phone: +44 0 20 7734 8040
          Fax: +44 0 20 74373278
          Web site: http://www.fortnumandmason.com


GADGET SHOP: Talks with Potential Buyers Falter
-----------------------------------------------
Two bidders, which recently approached Gadget Shop, have decided
to withdraw their offer, citing disappointing trends in retail
spending and doubts over the company's inventory.

Bryan Jackson, joint administrator from PKF, said: "The potential
buyers we spoke to all expressed concern that they could not
clearly estimate how long it would take them to source, purchase
and make available suitable stock."

PKF will now close the firm's 45 remaining shops in the next four
weeks, leaving more than 620 jobless.  The company closed ten
shops last month.  Administrators will also launch closing-down
sales to recover money to pay creditors.  They have already sold
the firm's properties, company name, and Web site.

Gadget shop fell into administration last month due to a fallout
between major shareholders on the acquisition and sale of the
retail venture Birthdays.  It has debt of GBP3 million.

CONTACT:  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


HUMPHRIES HOMESTYLE: Administrator from Milsted Langdon Moves in
----------------------------------------------------------------
Timothy Alexander Close (IP No 8023) has been appointed
administrator for retailer Humphries Homestyle Limited.  The
appointment was made March 31, 2005.  Its registered office is
located at One Redcliff Street, Bristol BS1 6NP.

CONTACT:  MILSTED LANGDON
          Winchester House
          Deane Gate Avenue
          Taunton
          Somerset TA1 2UH
          Phone: 01823 445566
          Fax: 01823 445555
          E-mail: risaacs@milsted-langdon.co.uk


ILLBRUCK LIMITED: Hires PricewaterhouseCoopers as Liquidator
------------------------------------------------------------
At the meeting of Illbruck Limited on April 4, 2005, the special
and ordinary resolutions to wind up the company were passed.  R.
V. Y. Setchim and T. G. Walsh of Plumtree Court, London EC4A 4HT
have been appointed joint liquidators of the company.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


IMAGINE FINANCE: Appoints Begbies Traynor Administrator
-------------------------------------------------------
Paul Stanley and Richard William Traynor (IP Nos 8123, 6730) have
been appointed administrators for Imagine Finance Limited.  The
appointment was made March 31, 2005.  Its registered office is
located at Raydean House, Western Parade, Great North Road,
Barnet EN5 1AJ.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


LOAN PROCESSING: Financial Agency Calls in Administrator
--------------------------------------------------------
Paul Stanley and Richard William Traynor (IP Nos 8123, 6730) have
been appointed administrators for financial agency The Loan
Processing Centre Limited.  The appointment was made March 31,
2005.  Its registered office is located at Raydean House, Western
Parade, Great North Road, Barnet EN5 1AJ.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


MCCOWAN: Sally Gardens Buys Firm Out of Receivership
----------------------------------------------------
Receivers of McCowan's Ltd. have sold the confectionery firm,
which went into receivership last month, to Sally Gardens,
according to Daily Record.  Financial details were not disclosed.

Graham Martin of PricewaterhouseCoopers said: "It is extremely
satisfying that a solution has been found to allow the business
to develop under new ownership.  The deal saved 100 jobs.

The 80-year old toffee company, which collapsed due to high costs
of raw materials, will continue to trade as McCowan.

Established in the early 1920s by Andrew McCowan, the company is
one of the best-known confectionary makers in Scotland.  It was
sold to Nestle in the 1960s, and underwent several management buy
out, the first being in the 1980s.  In the mid-90s, Dutch company
Phideas took over the company and operated it until 2003, when it
yielded to a management buyout.  Last year, the company got a
GBP125,000 Regional Selective Assistance Grant to fund its
expansion project.

CONTACT:  MCCOWAN'S LTD.
          44 Tryst Road
          Stenhousemuir
          Larbert
          Stirlingshire FK5 4HA
          Phone: (01324) 562158
          Fax: (01324) 552667


MCNULTY OFFSHORE: Business for Sale
-----------------------------------
The joint administrators of McNulty Offshore Contractors Limited
offer for sale its business and assets.  The group specializes in
offshore construction and project management services.

Principal features:

(a) Turnover to Dec. 31, 2004: GBP35 million;

(b) Specialists in:

    (i) F.P.S.O. Conversions and Topsides Process Fit Out,

   (ii) F.P.S.O. and Conversion management,

  (iii) Conversion/Upgrading of semi-submersible vessels, and

   (iv) Fabrication, fit out, pre-commissioning and
        commissioning of offshore modules and pre-assembled
        rack/units.

(c) Trading from 22-acre site on the south bank of River Tyne at
    South Shields with 580-meter quay;

(d) Two on-site fabrication shops;

(e) Experienced direct workforce available, currently standing
    at 140 operatives; and

(f) CAD design facility and project management expertise,
    currently employing 80 personnel.

CONTACT:  KPMG LLP
          1 The Embankment
          Neville Street
          Leeds LS1 4DW
          Phone: (0113) 231 3000
          Fax: (0113) 231 3200
          Web site: http://www.kpmg.co.uk

          Stephanie Sutton
          E-mail: stephanie.sutton@kpmg.co.uk
          Phone: (0113) 231 3512
          Fax: (0113) 231 3183


NEWLANDS FARM: Liquidator from Grant Thornton Moves in
------------------------------------------------------
At the extraordinary general meeting of Newlands Farm Limited on
April 1, 2005 held at 3010 Great Western Court, Hunts Ground
Road, Stoke Gifford, Bristol BS34 8HP, the special resolution to
wind up the company was passed.  Samantha Keen of Grant Thornton
UK LLP, 31 Carlton Crescent, Southampton SO15 2EW has been
appointed liquidator of the company.

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


NIRVANA PRINT: Creditors Meeting Set This Week
----------------------------------------------
The creditors of Nirvana Print Solutions Limited will meet on
April 22, 2005 at 12:00 noon.  It will be held at The Grange, 100
High Street, London N14 6TG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to The Grange, 100 High Street, London N14 6TG not
later than 12:00 noon, April 21, 2005.

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


P G LIGHTFOOT: Names Moore Stephens Liquidator
----------------------------------------------
At the extraordinary general meeting of P G Lightfoot
(Properties) Ltd. on April 7, 2005 held at 3-5 Rickmansworth
Road, Watford, Hertfordshire WD18 0GX, the resolutions to wind up
the company were passed.  Steven Draine and David Rolph of Moore
Stephens Corporate Recovery have been appointed joint liquidators
of the company.

CONTACT:  MOORE STEPHENS
          3/5 Rickmansworth Road
          Watford
          Hertfordshire WD18 0GX
          Phone: 01923 236622
          Fax: 01923 245660
          E-mail: steve.draine@moorestephens.com


PLUM ORCHARD: Liquidator from Begbies Traynor Moves in
------------------------------------------------------
At the meeting of Plum Orchard Limited, the special and ordinary
resolutions to wind up the company were passed.  Ian E. Walker of
Begbies Traynor, Balliol House, Southernhay Gardens, Exeter,
Devon EX1 1NP has been appointed liquidator of the company.

CONTACT:  BEGBIES TRAYNOR
          Balliol House,
          Southernhay Gardens,
          Exeter EX1 1NP
          Web site: http://www.begbies.com


S&C LABELS: Calls in Administrators from Kroll
----------------------------------------------
D. J. Whitehouse and S. Wilson (IP Nos 8699, 8963) have been
appointed administrators for printing company S&C Labels Limited.
The appointment was made April 7, 2005.  Its registered office is
located at Knowle House, 4 Norfolk Park Road, Sheffield, South
Yorkshire S2 3QE.

CONTACT:  KROLL MANCHESTER
          1 Oxford Court Bishopsgate Place
          Manchester M2 3WR
          United Kingdom
          Phone: 44 (0) 161 228 6622
          Fax: 44 (0) 161 228 1199
          Web site: http://www.krollworldwide.com


TELTRON LIMITED: Hires Leonard Curtis & Co. as Administrator
------------------------------------------------------------
S. D. Swaden and N. A. Bennett (IP Nos 2719, 9083) have been
appointed administrators for Teltron Limited.  The appointment
was made April 7, 2005.  Its registered office is located at 18
Bentinck Street, London W1M 5RL.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


THORNS GROUP: Catering Company Appoints Administrator
-----------------------------------------------------
Andrew John Tate and John David Ariel (IP Nos 8960, 7838) have
been appointed administrators for Thorns Group Plc.  The
appointment was made March 31, 2005.  The company is hired for
catering equipment.

CONTACT:  BAKER TILLY
          12 Gleneagles Court
          Brighton Road
          Crawley
          Sussex RH19 6AD
          Phone: 01403 251666
          Fax: 01403 251466


TRENRATE LIMITED: Creditors Meeting Set Next Week
-------------------------------------------------
The creditors of Trenrate Limited will meet on April 25, 2005 at
11:00 a.m.  It will be held at One Great Cumberland Place, Marble
Arch, London W1H 7LW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to One Great Cumberland Place, Marble Arch, London
W1H 7LW not later than 12:00 noon, April 22, 2005.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


UNIQUE COMMERCE: Appoints Hodgsons Administrator
------------------------------------------------
David E. M. Mond and Lawrence I. Freedman (IP Nos 002340, 006749)
have been appointed administrators for Unique Commerce Limited.
The appointment was made April 6, 2005.

The factory manufactures, distributes and sells second skin
clothing products.  Its registered office is located at Omega
House, Unit 2, Forth Avenue, Trafford Park, Manchester M17 1DB.

CONTACT:  HODGSONS
          George House
          48 George Street
          Manchester
          Greater Manchester M1 4HF
          Phone: 0161 228 7444
          Fax: 0161 228 735
          E-mail: dmond@hodgsons.co.uk


VISUAL LINK: In Administrative Receivership
-------------------------------------------
The Bank of Scotland appointed Simon Wilson and David John
Whitehouse (Office Holder Nos 008963, 008699) have been appointed
administrative receivers for The Visual Link Limited (Reg No
1618300, Trade Classification: 41).  The application was filed on
March 31, 2005.

CONTACT:  KROLL MANCHESTER
          1 Oxford Court Bishopsgate Place
          Manchester M2 3WR
          United Kingdom
          Phone: 44 (0) 161 228 6622
          Fax: 44 (0) 161 228 1199
          Web site: http://www.krollworldwide.com


VL SYSTEMS: Calls in Administrators from Baker Tilly
----------------------------------------------------
Lindsey Jane Cooper and Stephen Mark Quinn (Ip Nos 008931,
005761) have been appointed administrators for VL Systems
Limited.  The appointment was made March 30, 2005.  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


WASTE MANAGEMENT: Proofs of Claim Deadline Set Mid-May
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Waste Management International Plc

Pursuant to Rule 4.182A of the Insolvency Rules 1986, notice is
hereby given that the liquidator intends to make a first and
final distribution to creditors of Waste Management International
Plc and that the last date for proving debt against the company
is on May 17, 2005, by which date claims must be sent to the
undersigned Andrew Dave Conquest of Grant Thornton U.K. LLP,
Grant Thornton House, Melton Street, Euston Square, London NW1
2EP, the liquidator of the company.

After May 17, 2005, the liquidator may distribute the assets of
the company without regard to the claim of any person in respect
of an unproven debt.

Andrew David Conquest, Liquidator
April 5, 2005

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

          Andrew David Conquest
          E-mail: andrew.d.conquest@gtuk.com
          Phone: 020 7383 5100
          Fax: 020 7383 4077


WATERFORD WEDGWOOD: Notes Demoted to 'CC' on Financial Concerns
---------------------------------------------------------------
Fitch Ratings downgrades Waterford Wedgwood's EUR165 million
9.875% mezzanine notes due 2010 to 'CC' from 'CCC+'.  Following
the downgrade, the rating Outlook is now Negative.

At the same time Fitch has downgraded Waterford Wedgwood's Senior
Unsecured ratings to 'CCC' from 'B-', and Short-term 'C' from
'B'.  The rating on its senior secured debt has been downgraded
to 'B-' from 'B+'.

The downgrade reflects the material deterioration in financial
performance in recent months and Fitch's expectation that results
are unlikely to improve materially in the next 12-18 months.
Although Waterford has achieved its targeted working capital
improvements, this has been offset by the negative impact of
currency movements and the weaker-than-expected results at the
beginning of 2005.  The benefits of the recent acquisition of
Royal Doulton, which are likely to accrue in the second half of
financial year 2006, are unlikely to be sufficient to return
Waterford to positive free cash flow generation.

Waterford completed a rights issue in 2005 to fund its
acquisition of Royal Doulton and it is considered likely that the
company may require further support of its principal shareholders
to fund its liquidity position over the next 12 months.

Fitch expects that there is limited potential for improvements in
profitability through further cost cutting until the decline in
sales is reversed.  The Negative Outlook reflects Fitch's view
that the negative trend in sales is likely to continue in FY06
against a backdrop of continuing U.S. Dollar weakness.

Waterford is a leading designer and manufacturer of luxury goods
including crystal and ceramics.  For the half year ended
September 2004, sales and EBITDA before restructuring charges
were EUR356 million and minus EUR3.7 million respectively.

CONTACT:  FITCH RATINGS
          Daragh Murphy, London
          Phone: +44 (0) 20 7417 6344

          Rachel Hardee
          Phone: +44 (0) 20 7417 6322

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 4084


* FSCS Declares 38 Firms in Default
-----------------------------------
Consumers may be entitled to compensation of up to GBP48,000 if
they have lost money as a result of their dealings with any one
of 38 firms recently declared in default by the Financial
Services Compensation Scheme (FSCS).  FSCS is the UK's statutory
fund of last resort for customers of regulated financial services
firms.

"This highlights the importance of a fund of last resort for
those consumers who would otherwise have nowhere else to turn,"
says Loretta Minghella, Chief Executive.

"If they have had dealings with one of these firms, we may be
able to help."

Declaring a firm in default opens the way for customers who have
lost money, as a result of dealings with such a firm, to make a
claim for compensation to FSCS.  It is the final part of a
process whereby a regulated firm, for example, a financial
adviser, is deemed by FSCS to be unable to pay claims for
compensation against it.  The U.K.'s independent financial
watchdog, the Financial Services Authority (FSA), regulates
authorized financial services firms.  Consumers who believe they
may have a claim should contact the Scheme on 020 7892 7300.  The
service is free.  The limit for investment compensation is
GBP48,000.

A list of the 38 investment firms is attached.  Full address
details are available at http://www.fscs.org.uk. Consumers can
also use the default database on the Web site to check to see if
a firm they have dealt with previously has already been declared
in default by the Scheme.

FSCS covers:

(a) Investments,

(b) Deposits,

(c) Insurance,

(d) Mortgage advice and arranging, and

(e) Advice about general insurance and the arranging of
    policies.

                  Default Declarations by FSCS

East England

(a) John D Dwyer, formerly trading as John Dwyer (Life &
    Pensions), Ongar CM5 9JA;

(b) Merritt Financial Limited, Rainham RM13 8AS;


(c) Shipmans Financial Services Limited, formerly Ken Shipman
    Financial Services Limited, Norwich NR3 1HA; and

(d) Stuart & Verity (Life & Pensions) Limited, Cambridge CB4 5UL

Midlands

(a) Bridford Life And Pensions Limited, formerly Stanford & Wood
    (Life & Pensions) Limited, Birmingham B3 2HB;

(b) Byron Millard & Cooper Limited, formerly Byron Robert & Co
    Limited, Birmingham B15 1PH;

(c) Financial Management And Training Limited, Derby DE1 3HB;

(d) G R Cooke & Associates Limited, Solihull B93 8BZ;

(e) J T White (Investments) Limited, formerly J T White
    (Insurance Brokers) Limited, Wolverhampton WV7 3JA;

(f) Michael Wilks, formerly trading as Priory Financial
    Management, Long Eaton NG10 1JE;

(g) Mr. T D B Walton And Ms H A Walton, formerly trading as A A
    C Mortgage & Insurance Consultants, Leicester LE1 5JN; and

(h) Shire Brokers Limited, Leicester LE1 7JA.

North West

(a) Central Stockbrokers Limited, Manchester M60 2EN;

(b) Cook & Smith (Insurances) Limited, subsequently G H Smith &
    Associates Limited, Clitheroe BB7 2AA;

(c) J W L Academy Investment Management Limited, formerly J W L
    Asset Management Limited, Wirral CH48 1NP;

(d) P F I Consultants Limited, Manchester M2 6AY;

(e) Mr. R S Webb, formerly trading as R S Webb Insurances,
    Southport PR8 2HN; and

(f) S J Taylor And Associates Limited, Altrincham WA14 1QE.

Scotland

(a) Euan Wallace & Partners (Hyndland) Limited, now trading as
    Euan Wallace Residential Limited, Glasgow G12 9JA;

(b) Methven Burrell Limited, Edinburgh EH2 3NS; and

(c) Renfrew Insurance Agents Limited, formerly Renfrew Insurance
    Brokers Limited, Renfrew PA4 8QD.

South East (including London)

(a) Alex Dega (Finance & Investment) Limited, London NW4 1QN;

(b) Bishopscourt (B B & Co) Limited, London EC2M 5TQ;

(c) Cinque Ports Investment Services Limited, Chatham ME4 4QU;

(d) Corporate Planning Limited, Fareham PO15 7AG;

(e) Donald Saffer & Michael Maurice Kaye, formerly trading as
    Claremont Savile, Ascot SL5 7HZ;

(f) Helm Insurance Brokers Limited, formerly Helm Insurance
    Consultants Limited, Feltham TW13 4AU;

(g) Ian Harvey trading as Tudor Financial Services, Basingstoke
    RG21 1EN;

(h) Kings Financial Services (Sevenoaks) Limited, Maidstone ME15
    6NF

(i) Mr. M J Driscoll and Mr. J G Havens, formerly trading as The
    Right to Buy Centre, Oxford OX9 1XP;

(j) McInric Limited, formerly Flint & Co (Wallingford) Limited,
    Oxon OX10 9PY;

(k) Planned Investments (Sussex) Limited, Battle TN33 0EA;

(l) Roger Charles William Abbott, formerly trading as Roger
    Abbott & Company, Worthing BN12 5EA; and

(m) Temple Court (UK) Limited (In Liquidation), formerly
    Marchmont Welsh & Co Limited, Romsey SO51 8JH.

South West

(a) Mr. Barry John D'Cruz, formerly trading as Abbot Associates,
    Hambrook BS16 1RB; and

(b) Mr. Ross Frank Wood, formerly trading as Ross Wood
    Independent Financial Services, Bournemouth BH8 9JB

Wales

(a) LG Financial Management Limited, formerly Sceptre
    Independent Brokers Limited, Cardiff CF10 2AR; and

(b) Carnell Brown Limited, Cardiff CF4 8AA

CONTACT:  FINANCIAL SERVICES COMPENSATION SCHEME
          7th Floor Lloyds Chambers
          1 Portsoken Street
          London E1 8BN
          E-mail enquiries@fscs.org.uk
          Web site: http://www.fscs.org.uk

          Phone: +44 (0) 20 7892 7300
          Fax: + 44 (0) 20 7892 7301
          Web site: http://www.fscs.org.uk

          Suzette Browne
          Phone: 020 7892 7372
          E-mail: Suzette.Browne@fscs.org.uk

          Heather Tilston
          Phone: 020 7892 7370
          E-mail: H.Tilston@fscs.org.uk


                            *********


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

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

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

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