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

                           E U R O P E

            Thursday, April 21, 2005, Vol. 6, No. 78

                            Headlines

F I N L A N D

BENEFON OYJ: Inks Product Development Licensing Deal
METSO CORPORATION: Submits 2004 Report Under IFRS


F R A N C E

ARNAY SPORTS: Court Sanctions Reorganization
DEMOISY EQUIPEMENTS: Applies for Reorganization
JARREAU CORDEDDA: Shakes up Operation
OTOR SA: Reports EUR3 Million Full-year Net Loss


G E R M A N Y

ADMIRAL EVENT: Court to Verify Claims August
DIGEFA SERVICE: Sets Creditors Meeting July
GFS GESELLSCHAFT: Gives Creditors Until May to File Claims
GS-BAUSTOFFE GMBH: Applies for Bankruptcy Proceedings
G. U. H. KLEMENT: Mannheim Court Confirms Bankruptcy

IESY GMBH: Corporate Credit Rating Affirmed at 'B'
IESY REPOSITORY: New Senior Notes Rated (P)Caa1
IHR BROTLAND: Under Bankruptcy Administration
JENOPTIK AG: Meets 2004 Financial Targets
K.L. MULLER: Creditors Have Until May 6 to File Claims

MOBEL EXPRESS: Creditors Claims Due May
OS LOGISTIC: Provisional Administrator Takes over Operations
SECURITOS BETEILIGUNGS: Under Bankruptcy Administration


G R E E C E

OLYMPIC AIRLINES: Attracts Four Buyers


H U N G A R Y

MALEV HUNGARIAN: Full-year Net Loss Down 50%


I T A L Y

FIAT SPA: Eases Market Concern on Ability to Service Debt
PARMALAT FINANZIARIA: Tanzi Looking at 3-year Minimum Jail Time


N E T H E R L A N D S

HAGEMEYER N.V.: Rabo Analysts Expect Sales Growth in Q1
ROYAL SHELL: Expects to Raise US$1.75 Bln from Asset Sales


R U S S I A

BAYKALSKIY MARBLE: Declared Insolvent
BRATSKOYE: Bankruptcy Proceedings Begin
INTECO: Deadline for Proofs of Claim May 19
KEMEROVO-GRAZHDAN-STROY: Names V. Dolgikh Insolvency Manager
KYZYLSKAYA: Under Bankruptcy Supervision

LESHUKONSKIY WOOD-PROM-KHOZ: Last Day for Filing Claims May 19
NAVASHINSKIY DAIRY: Bankruptcy Hearing Resumes May 10
SEL-KHOZ-SNAB: Altay Court Appoints Insolvency Manager
SEMENOVSKOYE: Altay Court Opens Bankruptcy Proceedings
VOLOKOLAMSKIY: Deadline for Proofs of Claim Nears
YUKOS OIL: Court Seizes Remaining Assets


S W E D E N

CONCORDIA BUS: Delays Publication of Q4, FY2004 Results
CONCORDIA BUS: In Refinancing Talks with Senior Noteholders


S W I T Z E R L A N D

ABB LTD.: Exposes Anomalies at U.S. Software Arm


U K R A I N E

ALMA: Appoints Temporary Insolvency Manager
CHERKASSY' CHEMICAL: Proofs of Claim Deadline Nears
KRYMPRODMASH: Gives Creditors Until Next Week to File Claims
PLUS: Under Bankruptcy Supervision
SPECIALIZED BUILDING 53: Succumbs to Bankruptcy

TEHNIKA PLUS: Declared Insolvent
UKRAINA BANK: President to Personally Probe Collapse
ZAPORIZHYA' AUTOMOBILE: Sets Proofs of Claim Deadline
ZOLOCHIVSKIJ TIN: Proofs of Claim Deadline Expires Next Week


U N I T E D   K I N G D O M

3-DIRECT LIMITED: Names David Horner & Co. Liquidator
ALCHEMY CONSULTING: Members Decide to Wind up Firm
ARCHSTORE LIMITED: Names Liquidator from UHY Hacker Young
BRAMLEY MAILING: Hires Stringer & Co. Liquidator
BURMAH CASTROL: Hires PricewaterhouseCoopers Liquidator

CELSIUS TECHNOLOGIES: Members Hire Liquidator from Carter Clark
CONSTRUCTION & BUILDING: Names Begbies Traynor Administrator
COPPERAS STREET: Calls in Administrators from Portland Business
DERRYMORE TRADING: Names Panos Eliades Liquidator
DIAL PLUS: Members Pass Winding-up Resolutions

EASYSERVICE LIMITED: Administrator from Milner Boardman Moves in
EQUITABLE LIFE: Former Auditor Cries Hypocrisy
EVOLUTION PERFORMANCE: Members Decide to Wind up Firm
FORTH CONSERVATORIES: Winding-up Report Out May
GKC COMMUNICATIONS: Names Administrators from Begbies Traynor

HT ASSOCIATES: Members Hire Liquidator from Smith Cooper
HUGH MACKAY: Closes Door to Carpet Making
IN2CONNECT LIMITED: Meeting of Creditors Set Next Week
INDEPENDENT MASTERS: CD Factory Hires Baker Tilly Administrator
J F G VENTURES: Members Pass Winding-up Resolution

LIBRETTO ONE: Liquidator from Smith Cooper Moves in
LITTLE PETALS: Appoints Turpin Barker Armstrong Liquidator
MEYNARD FRERES: Owner Faces Suit for Unpaid Debt
MG ROVER: Tax Holiday Proposed for Dealers
MICRONAID TRAINING: Members Pass Winding-up Resolutions

NASHUA IMAGING: Appoints Liquidators from PwC
NUTRI-TECH: Sets Final Meeting of Creditors
SHELDON INVESTMENTS: Proofs of Claim Deadline Set May
STAFFORD MEWS: Liquidator from Tomlinsons Moves in
UNITED VEGETABLES: Names Bulley Davey Liquidator


                            *********


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


BENEFON OYJ: Inks Product Development Licensing Deal
----------------------------------------------------
The Board of Benefon Oyj has decided to enter into a product
development licensing arrangement with a leasing company.  The
arrangement comprises the acquisition by such leasing company
from outside suppliers of certain deliverables needed in the new
product program mentioned in the FY2004 result report on February
24, 2005.

These deliverables will be licensed to Benefon for utilization in
the said new product program.  The minimum monthly license fees
will range between EUR12,500 and EUR25,000 per month depending
upon the extent and amount of such licenses as approved by the
leasing company, and there will be a structure in place for
Benefon to buy out the ownership of these operating licenses with
agreed terms and conditions.  The deliverables include such items
as the operating system, the mold, Bluetooth software, and other
mobile software.

In accordance with the terms of such operating license, the Board
decided further to commit to issue a maximum of 2,340,000 option
rights, which shall be based on the actual amount of the licenses
extended.  The Options will be issued to the said leasing company
and certain third parties for the agreed performance and
deliverables.  The exercise price of these options will be 0.14
euros per share, and the exercise period will expire three years
after the issuance of the options.

BENEFON OYJ
Tomi Raita
CEO

                            *   *   *

Benefon's operating result in period July to September 2004
before one-off items was -EUR590,000.  The comparable figure in
the previous quarter April to June 2004 was -EUR865,000; and in
the same quarter July to September 2003 a year before
was -EUR1,016,000.  The net result in period July to September
2004 was -EUR1,700,000.

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


METSO CORPORATION: Submits 2004 Report Under IFRS
-------------------------------------------------
Regarding its transition to International Financial Reporting
Standards (IFRS), Metso published annual comparative information
for the year 2004 on March 31, 2005.  The attachment to this
release describes the 2004 comparative quarterly information for
the consolidated income statement, balance sheet and key ratios
as well as segment information for net sales and operating
profit.

In March 2005, Metso agreed on the sale of mechanical power
transmission manufacturer Metso Drives, which was part of Metso
Ventures business area.  From Jan. 1, 2005 Metso will apply the
IFRS 5 standard, under which Metso Drives shall be classified as
a discontinued operation and its net result shall be presented on
one line in the income statement below the net result for
continuing operations.  In the releases describing Metso's
transition to IFRS, Metso Drives is still included in the
continuing operations, but in the first interim report for 2005,
which will be published on April 27, 2005, it will be transferred
to discontinued operations also for the comparison year 2004.
The net sales and operating profit of Metso Drives in accordance
with IFRS for 2004 are presented separately after segment
information in the attachment.

Metso is a global technology corporation serving customers in the
pulp and paper industry, rock and minerals processing, the energy
industry and selected other industries.  In 2004, the net sales
of Metso Corporation were approximately EUR4 billion, and it has
some 22,000 employees in more than 50 countries.  Metso's shares
are listed on the Helsinki and New York Stock Exchanges.

A copy of the financial statements is available at
http://bankrupt.com/misc/MetsoCorporation(2004).pdf

CONTACT:  METSO CORPORATION
          Olli Vaartimo
          Executive Vice President and CFO
          Phone: +358 204 84 3010

          Reijo Kostiainen
          Senior Vice President, Financial Control
          Phone: +358 204 84 3127


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


ARNAY SPORTS: Court Sanctions Reorganization
--------------------------------------------
The Commercial Court of Beaune ordered the reorganization of SARL
Arnay Sports on April 1, 2005.  Me Jean-Joachim Bissieux 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.  The group sells, repairs and
leases sports items.

CONTACT:  SARL ARNAY SPORTS
          7, rue President-Carnot
          21230 Arnay-le-Duc

          Me Jean-Joachim Bissieux
          36, rue Jeannin
          21000 Dijon


DEMOISY EQUIPEMENTS: Applies for Reorganization
-----------------------------------------------
The Commercial Court of Beaune ordered the reorganization of S.A.
Demoisy Equipements on April 8, 2005.  Me Maurice Picard 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.  Demoisy sells, repairs and
leases agricultural equipment.

CONTACT:  S.A. DEMOISY EQUIPEMENTS
          41, Route de Seurre
          21200 Beaune

          Me Maurice Picard
          22, Rue du Cordier
          01003 Bourg-en-Bresse


JARREAU CORDEDDA: Shakes up Operation
-------------------------------------
The Commercial Court of Le Creusot ordered the reorganization of
SARL Jarreau Cordedda on April 5, 2005.  Jean-Jacques Deslorieux
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:  SARL JARREAU CORDEDDA
          26D, rue de Chanzy
          71200 Le Creusot

          Jean-Jacques Deslorieux,
          BP 3, 71640 Givry


OTOR SA: Reports EUR3 Million Full-year Net Loss
------------------------------------------------
Packaging group Otor booked EUR3 million in net loss for 2004,
Les Echos says.

Last year's figures were a far cry from Otor's results in 2003
when it posted EUR4.3 million in profit.  Though the group's
turnover swelled by 4.1% to ERU422 million, its operating income
dropped 11.9% to EUR43.5 million, allowing Otor to post an
operating margin of 10.3%.

Meanwhile, the rift continues between Otor's management and U.S.
investment firm Carlyle, which has been trying to take over the
group.  Carlyle holds a 20% stake in Otor.   The company is
considered the second largest producer of corrugated board in the
country.  It is also the local industry leader for production of
recycled containerboard.

CONTACT:  OTOR S.A.
          70 boulevard de Courcelles
          75017 Paris
          Web site: http://www.otor.com

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


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


ADMIRAL EVENT: Court to Verify Claims August
--------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Admiral Event & Personal Service GmbH on
March 29.  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 Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 10:35 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on August 24, 2005,
10:30 a.m.

CONTACT:  ADMIRAL EVENT & PERSONAL SERVICE GMBH
          Binger Str. 16,14197 Berlin

          Rolf Nacke, Administrator
          Gross-Berliner Damm 73 c, 12487 Berlin


DIGEFA SERVICE: Sets Creditors Meeting July
-------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against DiGeFa Service GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 8, 2005 to register their
claims with court-appointed provisional administrator Gerrit
Holzle.

Creditors and other interested parties are encouraged to attend
the meeting on July 8, 2005, 10:00 a.m. at the district court of
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:  DIGEFA SERVICE GMBH
          Gildeweg 6, 46562 Voerde
          Contact:
          Gisela van Dellen and Frank Suceska, Managers

          Gerrit Holzle, Administrator
          Rheinstrasse 75, 47623 Kevelaer


GFS GESELLSCHAFT: Gives Creditors Until May to File Claims
----------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against GfS Gesellschaft fur Sanitar, Heizung, Luftung
Verwaltungs GmbH on March 31.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 19, 2005 to register their claims with
court-appointed provisional administrator Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 8:15 a.m. at the district court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, 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:  GFS GESELLSCHAFT FUR SANITAR, HEIZUNG,
          LUFTUNG VERWALTUNGS GMBH
          Markusstr. 5, 45699 Herten
          Contact:
          Winfried Kroger, Manager
          Berghover Weg 31, 48249 Dulmen

          Wolfgang Lorisch, Administrator
          Kurt Schumacher-Strasse 48, 45699 Herten
          Phone: 02366 /10820
          Fax: 02366 108282


GS-BAUSTOFFE GMBH: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against GS-Baustoffe GmbH & Co. KG on April 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 6, 2005 to
register their claims with court-appointed provisional
administrator Markus Ernestus.

Creditors and other interested parties are encouraged to attend
the meeting on June 27, 2005, 9:00 a.m. at the district court of
Mannheim, 68149 Mannheim, Schloss, Westflugel (Bismarckstrasse
14), 1. Stock, Zimmer 232 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:  GS-BAUSTOFFE VERWALTUNGS GMBH
          Contact:
          Saskia Geiss, Manager
          An der B 36/B 39, 68809 Neulussheim

          Markus Ernestus, Administrator
          O3, 11+12, 68161 Mannheim
          Phone: 0621/16680


G. U. H. KLEMENT: Mannheim Court Confirms Bankruptcy
----------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against G. u. H. Klement GmbH on March 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 6, 2005 to register their
claims with court-appointed provisional administrator Michael
Bohlander.

Creditors and other interested parties are encouraged to attend
the meeting on June 27, 2005, 11:00 a.m. at the district court of
Mannheim, 68149 Mannheim, Schloss, Westflugel (Bismarckstr. 14),
1. Stock, Zimmer 232 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:  G. U. H. KLEMENT GMBH
          Contact:
          Gunther und Helmut Klement, Managers
          Industriestr. 13, 68526 Ladenburg

          Michael Bohlander, Administrator
          Goethestr. 8, 68161 Mannheim
          Phone: 0621/4017100


IESY GMBH: Corporate Credit Rating Affirmed at 'B'
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on German cable-TV operator New iesy
GmbH.  The outlook is positive.

At the same time, Standard & Poor's affirmed its 'B' senior
secured bank loan rating on iesy Hessen GmbH & Co. KG's increased
EUR1.05 billion senior secured credit facility and its 'CCC+'
subordinated debt rating on iesy Repository GmbH.  All ratings
were removed from CreditWatch, where they had been placed on
March 11, 2005.

In addition, Standard & Poor's assigned its 'CCC+' rating to the
proposed EUR525 million (US$623 million) equivalent subordinated
notes maturing in 2015 to be issued by iesy Repository.

"The CreditWatch resolution and affirmation reflect Standard &
Poor's opinion that the intended acquisition of Kabelnetz NRW
HoldCo GmbH & Co. KG (ish) is consistent with earlier rating
expectations, particularly with respect to capital structure,
liquidity, and business plan," said Standard & Poor's credit
analyst Simon Redmond.  "Once completed, the acquisition could
lead to an upgrade, subject to future performance, financial
policy, and balance sheet management."

The ratings on both iesy and the combined entity reflect the
highly leveraged capital structure, which is sustainable only
thanks to the stability of iesy's core cable-TV revenues and cash
flows.

The group's high leverage -- with pro forma lease-adjusted total
debt to EBITDA of about 7.1x -- is a key credit factor, as are
risks associated with increasing competition from other
technology platforms and cable operators, regulation, and further
potential industry consolidation.  The ratings are, however,
supported by the stable revenues of the established, utility-like
analogue TV business; iesy's good margins; and its positive cash
flow generation.

Standard & Poor's recognizes the possibility of strong
operational performance, in addition to a strengthened business
profile and cash generation ahead of expectations.  Financial
policy and leverage expectations will be critical to any future
rating actions.

A change to a significantly more aggressive network modernization
strategy in the absence of clear demand for enhanced services --
especially if this resulted in negative cash flow -- would,
however, be viewed negatively by Standard & Poor's.

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

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


IESY REPOSITORY: New Senior Notes Rated (P)Caa1
-----------------------------------------------
Moody's Investors Service assigned a provisional rating of
(P)Caa1 to the proposed issuance of senior notes due 2015 to be
launched by Iesy Repository GmbH in the euro equivalent amount of
EUR525 million.  The company's B2 senior implied rating, the Caa2
senior unsecured issuer rating and the Caa1 rating on the
existing EUR215 million issue of senior subordinated notes have
been affirmed.  The outlook on all ratings is stable.

Iesy currently plans to issue EUR525.0 million (euro equivalent)
in senior subordinated notes due 2015 as a part of the new
financing package which also includes up to EUR820 million of
senior secured bank facilities to finance the acquisition of a
cable operator Kabelnetz NRW Holdco GmbH (ish).  The notes will
be issued in euro and U.S. dollar tranches.

The notes will be secured by a second-priority pledge of the
capital stock in New iesy GmbH (an intermediate holding company),
iesy Hessen (operating company) and iesy Hessen Finanz-Management
GmbH (a general partner of Iesy Hessen) and of any inter-company
loan made by the issuer to iesy Hessen with proceeds from the
issuance of the notes on a second-priority basis.  The notes will
also benefit from subordinated guarantees from iesy Hessen, New
iesy GmbH, iesy Hessen-Finanz Management GmbH and, following the
closing date of the ish acquisition, from Kabelnetz NRW HoldCo
GmbH.  The acquisition is subject to regulatory approval.

The notes will rank pari-passu with the existing EUR215 million
of senior subordinated notes and will be junior in right of
payment to the senior secured bank facilities in the total amount
of EUR1.05 billion, of which EUR950 million will be drawn at the
close of the transaction.  The bank facilities will include a
Tranche A in the amount of EUR225 million, a Tranche B in the
amount of EUR250 million (in addition to the existing EUR200
million), a Tranche C in the amount of EUR275 million and a
revolving credit facility in the amount of EUR100 million.

Following the notes issuance, the proceeds will be deposited to
the Escrow account and will be released to finance the
acquisition subject to certain conditions.  In the event that the
acquisition does not consummate on or prior to 31 July 2005, the
notes will be subject to the mandatory redemption.

Moody's notes that iesy's acquisition of ish is in line with the
company's strategy to benefit from consolidation opportunities in
the fragmented German cable market.  The combination of the two
groups results in the second-largest Level 3 operator in Germany,
with leading market shares in the federal regions of Hessen and
North-Rhine Westphalia through a total subscriber base of 5.3
million.  Iesy's subscriber revenues would increase to EUR486.3
million on a pro-forma 2004 consolidated basis from EUR121.9
million on a stand-alone basis.

Furthermore, the rating agency believes that iesy-ish group is
well positioned to achieve operating synergies going forwards as
well as to benefit from the group's larger scale in offering new
products such as Internet and telephony services.  At the same
time, Moody's notes a certain degree of execution and integration
risk associated with the acquisition as well as fierce
competition in internet and telephony markets with various
providers, including the incumbent Deutsche Telekom AG, with the
competition presenting certain risk to the company's growth
trajectory over the medium term.

Following the acquisition, iesy's leverage will be at 6.4x Total
Debt to EBITDA on a pro-forma 2004 consolidated basis (an
increase from 6.2x prior to the acquisition), well within the
debt incurrence test of 7.0x Total Debt to EBITDA embedded in the
proposed draft terms and conditions.  Moody's acknowledges that
this level of leverage is in line with the company's guidance to
the market at the time of the original bond issuance.  At the
time of the rating assignment, the company was weakly positioned
in its rating category, largely due to the uncertainties
surrounding the potential acquisition of ish.

Taking into account the acquisition announcement and the
visibility as regards its price and financing, Moody's regards
the company as firmly positioned in the rating category assuming
that it successfully completes the ish acquisition.  The stable
outlook reflects Moody's expectation that iesy-ish will generate
sufficient cash flow to service its debt obligations and that it
will be able to gradually reduce leverage levels through cash
flow generation.

Additionally, the rating agency notes that following the
acquisition, the company is likely to undertake a corporate
restructuring resulting in a streamlining of its organizational
structure.  Moody's does not expect there to be any material
impact on the security package and the notes guarantees as a
result of this restructuring.

The assigned ratings assume that there will be no material
variations to the draft legal documentation reviewed by Moody's
and that these agreements are legally valid, binding and
enforceable.

Based in Germany, iesy is the largest cable television provider
in the federal region of Hessen.  In 2004, the company generated
approximately EUR135.9 million in revenues with a 41.6% EBITDA
margin and a subscriber base of 1.2 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          David G. Staples
          Managing Director
          Corporate Finance Group
          For Journalists
          Phone: 44 20 7772 5456

          MOODY'S INVESTORS SERVICE
          New York
          Jenya Brown
          Associate Analyst
          Corporate Finance Group
          For Journalists
          Phone: 212-553-0376


IHR BROTLAND: Under Bankruptcy Administration
---------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Ihr Brotland Backwarenvertrieb GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 13, 2005 to
register their claims with court-appointed provisional
administrator Michael Plossner.

Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 11:30 a.m. at the district court of
Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1. Stock,
Saal W126, 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 June 29, 2005,
12:30 p.m.

CONTACT:  IHR BROTLAND BACKWARENVERTRIEB GMBH
          Lannesdorfer Str. 2-4, 53177 Bonn
          Contact:
          Detlef Knappke

          Michael Plossner, Administrator
          Hausdorffstrasse 11, 53129 Bonn
          Phone: 0228 / 911 51 11
          Fax: 9115199


JENOPTIK AG: Meets 2004 Financial Targets
-----------------------------------------
At the Balance Sheet Press Conference in Jena Tuesday, Jenoptik
AG's Executive Board Chairman Alexander von Witzleben, said:
"With an EBIT of around EUR81 million which exceeded our
expectations, sales slightly in excess of EUR2.5 billion, as well
as net debt reduced by more than EUR130 million, we have kept our
word on everything that we had announced a year ago."

In terms of sales, earnings and order intake, both business
divisions together posted the best result in the company's
history.

Information on the further development of the Jenoptik Group was
provided by Alexander von Witzleben, Jurgen Giessmann, Deputy
Chairman of the Jenoptik Executive Board and simultaneously
Chairman of the largest Jenoptik subsidiary M+W Zander Holding
AG, and Norbert Thiel who has responsibility on the Executive
Board for the Photonics business division.

In the future, Jenoptik intends to concentrate on its traditional
core business, the Photonics business division.  The realignment
and clear focusing of the technology group on its core expertise
of using light as an industrial tool, is to be realized by the
phased separation of the Clean Systems business division, which
is formed by the M+W Zander Group, from JENOPTIK AG.

Jenoptik Group records leap in sales and profits in 2004.  Order
intake increased by comparison with the previous year.  Group
sales rose by 31.3% to EUR2.52 billion (previous year EUR1.92
billion).  Foreign sales accounted for around 41% of this figure.
Both business divisions, Clean Systems and Photonics, contributed
towards the marked rise in sales.

The EBITDA (earnings before tax, financial result and
depreciation) reached EUR128.8 million (previous year EUR50.9
million), the Jenoptik Group EBIT (earnings from operating
activities) totaled EUR81.1 million (previous year EUR9.0
million).  A number of factors contributed towards the leap in
earnings:  the increase in sales, strong growth in earnings at
Clean Systems, particularly in the electronics area, plus
internal growth at Photonics as well as a positive contribution
towards earnings by the two new companies Wahl optoparts and
Lechmotoren, acquired by Jenoptik at the end of 2003, as well as
cost savings.

Earnings before tax in 2004, at EUR37.4 million, were EUR80.7
million higher in absolute terms than in the previous year
(previous year -EUR43.3 million).  There was a corresponding
increase in the taxes on group income and earnings, which rose to
a total of EUR11.2 million (previous year EUR5.0 million).

During the course of the changeover to the international
reporting standard for consolidated accounts, IFRS, for the first
time the Jenoptik Group posted deferred and thus non-cash taxes
in the sum of EUR7.2 million (previous year -EUR2.4 million.
Earnings after tax accordingly reached EUR19.0 million (previous
year -EUR45.9 million).

In 2004, Jenoptik succeeded in even slightly exceeding the record
order intake achieved in the previous year despite the major
order of EUR380 million awarded by AMD to M+W Zander in 2003.
The Group order intake reached EUR2.37 billion (previous year
EUR2.21 billion).  The Group order backlog as at the end of 2004
was EUR1.87 billion (previous year EUR2.29 billion).  The reason
for the reduction in the order backlog is the high level of sales
recorded in 2004 plus the deconsolidation of the Technical
Facility Systems unit at the yearend, with an order backlog in
excess of EUR200 million.

Group Net Debt Reduced by More Than EUR130 million

As announced, in the preceding fiscal year, Jenoptik succeeded in
sharply reducing its net debt by EUR133.6 million to EUR238.8
million (previous year EUR372.5 million).  In addition to a
positive cash flow surplus of around EUR40 million, the
cancellation of general leasing agreements for real estate as
well as the sale of the SC300 stake taken by M+W Zander in 2000
as part of a project with Infineon also contributed towards this
debt reduction.

Shareholders' Equity Ratio Markedly Above 20%

The shareholders' equity ratio, at 23.7%, was again markedly
above the 20% mark (previous year 20.5%).  The shareholders'
equity of EUR369 million (previous year EUR359.8 million) was
strengthened by the net profit and by the capital increase
through contributions in kind.  In autumn 2004, Jenoptik paid the
second installment of the purchase price for Wahl optoparts in
shares.

The convertible bond for EUR62.1 million issued in summer 2004
further improved the Jenoptik Group's financing structuring.  The
proportion of long-term financial liabilities (loans, bonds and
finance lease) as part of the Group's financial liabilities was
almost 82% as at the end of December 2004.

CONTACT:  JENOPTIK AG
          Carl-Zeiss-Strasse 1
          07739 Jena, Germany
          Phone: +49-3641-65-0
          Fax: +49-3641-42-4514
          Web site: http://www.jenoptik.com


K.L. MULLER: Creditors Have Until May 6 to File Claims
------------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against Karl Muller GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 6, 2005 to register their claims with
court-appointed provisional administrator Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting on June 20, 2005, 11:00 a.m. at the district court of
Mannheim, 68149 Mannheim, Schloss, Westflugel (Bismarckstr. 14),
1. Stockwerk/Raum 232 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:  K.L. MULLER GMBH
          Contact:
          Karl Muller, Manager
          Speckweg 69, 68305 Mannheim

          Tobias Hoefer, Administrator
          Soldnerstr. 2, 68219 Mannheim, 0621/877080


MOBEL EXPRESS: Creditors Claims Due May
---------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Mobel Express GmbH on March 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 4, 2005 to register their
claims with court-appointed provisional administrator Joachim
Falk.

Creditors and other interested parties are encouraged to attend
the meeting on June 23, 2005, 10:00 a.m. at the district court of
Chemnitz, Furstenstrasse 21, in Chemnitz, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  MOBEL EXPRESS GMBH
          Rudelswalder Strasse 3, 08459 Neukirchen
          Contact:
          Gunter Schumann

          Joachim Falk, Administrator
          Zwickauer Strasse 351, 09117 Chemnitz


OS LOGISTIC: Provisional Administrator Takes over Operations
------------------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against OS Logistic & Consulting GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 6, 2005 to
register their claims with court-appointed provisional
administrator Thorsten Konrad.

Creditors and other interested parties are encouraged to attend
the meeting on June 27, 2005, 8:30 a.m. at the district court of
Mannheim, 68149 Mannheim, Schloss, Westflugel (Bismarckstrasse
14), 1. Stock, Zimmer 232 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:  OS LOGISTIC & CONSULTING GMBH
          Contact:
          Stefan Haase, Manager
          Scheffelstr. 79, 68723 Schwetzingen

          Thorsten Konrad, Administrator
          Saarburger Ring 10-12, 68229 Mannheim
          Phone: 0621/483240


SECURITOS BETEILIGUNGS: Under Bankruptcy Administration
-------------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against Securitos Beteiligungs GmbH & Co. KG on April 1.
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 Gordon Rapp.

Creditors and other interested parties are encouraged to attend
the meeting on June 27, 2005, 9:45 a.m. at the district court of
Mannheim 68149 Mannheim, Schloss, Westflugel, 2. Stockwerk, Raum
232 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:  SECURITOS BETEILIGUNGS GMBH & CO. KG
          Contact:
          Peter Benz, Manager
          1. Industriestr. 1-3, 68804 Altlussheim

          Gordon Rapp, Administrator
          Gaisbergstr. 6, 69115 Heidelberg
          Phone: 06221/97370


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


OLYMPIC AIRLINES: Attracts Four Buyers
--------------------------------------
Greek national carrier Olympic Airlines received four approaches
from potential buyers last week.  The offers came from the Dutch
fund Sures Estates, the consortium Olympic Investors, the German
airline company DBA, and the Greek private airliner Aegean
Airlines.

A short list is expected to be out soon, although terms of the
bids have not been released yet.  Sale talks are also expected to
start in the next few days.

The Greece government has put up the airline for sale earlier
this month, as part of a privatization program to raise US$2.1
billion.   Olympic Airlines was formed last year by the previous
Socialist government after efforts to sell the nearly bankrupt
Olympic Airways failed.

Lazard, National Bank of Greece, Emporiki Investment Bank and
Alpha Finance are acting as financial advisers for the
privatization of the airline and Olympic Airways Services, a
merger of the ground handling and maintenance services of Olympic
Airways.

CONTACT:  OLYMPIC AIRLINES S.A.
          Web site: http://www.olympicairlines.com


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


MALEV HUNGARIAN: Full-year Net Loss Down 50%
--------------------------------------------
The financial situation at loss-making national carrier Malev
Hungarian has improved even though net loss for 2004 still runs
in the billions of Forints, Reuters says.

The carrier managed to halve its net loss to EUR2.11 billion,
down from EUR4.3 billion a year ago.  This despite losing the
battle with budget airlines, which have narrowed its share of
traffic in Budapest from 56.5% in 2003 to 49% in 2004.  Ticket
sales continued to rise, however, by 4% to HUF75.8 billion.

"Malev can definitely stay stable until at least the end of 2006
and does not require state support," news agency MTI quoted Chief
Executive Janos Gonci.

The government, which recently shelved its fourth attempt to
privatize the loss-making carrier, is now holding direct talks
with potential buyers.  But unless a major restructuring and
massive cost cut is implemented at the carrier, experts believe a
sale is unlikely.

Around 14 investors have expressed interest in acquiring Malev,
but only six are considered serious bidders.  They include
Krasair, Argus Capital, Air Europe, Euroinvest, Aviation Solution
and an unidentified Portuguese group.  Aviation Solution, a
company led by former Malev CEO Ferenc Kovacs, had participated
in the government's first privatization tender but failed to win.
Mr. Kovacs' group offers to cover more routes in the region if
successful.

Meanwhile, Malev says it needs more than HUF157 billion to fund
infrastructure projects until 2009.  Part of the amount will be
used to renovate its Budapest and Sarmellek hubs.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Hotline: 06-40-212121
          Web site: http://www.malev.hu

          ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.)
          H-1133 Budapest, Pozsonyi ut 56
          H-1399 Budapest, P.O. Box 708
          Phone:(36 1) 237 4400
          Fax:(36 1) 237 4100
          E-mail: apvrt@apvrt.hu
          Web site: http://www.apvrt.hu/english/m3.html


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


FIAT SPA: Eases Market Concern on Ability to Service Debt
---------------------------------------------------------
Carmaker Fiat S.p.A. denies rumors that it is having a hard time
meeting the terms of a convertible loan.

"Recent speculations about the fate of the EUR3 billion mandatory
convertible loan are unfounded," the Daily Telegraph quoted CEO
Sergio Marchionne.

He said the plan to convert the loan into shares this September
will push through.  He expects the firm to return to profit this
year despite "difficult trading environment in the first half of
the year."

Fiat's sales figure in March was the worst among major car groups
in Europe.  Records at the European automobile association shows
March sales dropped 16.9% year-on-year.  Prof. Garyl Rhys at
Cardiff Business School predicts sales will continue to slide as
customers shift to bigger car models.

"[T]hey've seen their market share cut from 70% to 35% in their
home market," he said.

The firm's share price has fallen by more than 85% over the past
five years.

CONTACT:  FIAT S.p.A.
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


PARMALAT FINANZIARIA: Tanzi Looking at 3-year Minimum Jail Time
---------------------------------------------------------------
It remains unclear how long Parmalat founder Calisto Tanzi will
spend in jail if prosecutors accept his plea bargain,
International Herald Tribune says.

Lawyers pleading for Mr. Tanzi and Milan prosecutors have yet to
reach an agreement.  Mr. Tanzi's lawyers are seeking for the
former chairman's freedom while prosecutors are bent on a minimum
term of three years.  Mr. Tanzi is facing a maximum of 15 years
in jail if convicted on charges of market-rigging, releasing
false information and obstructing stock market regulator Consob.
His lawyers are anchoring their argument on Mr. Tanzi's failing
health, adding a long prison term will worsen his heart
condition.

Mr. Tanzi was jailed on Dec. 27, 2003 and was placed under house
arrest four months later in April 2004.  The former chairman was
granted temporary liberty in September 2004.

"We are trying to reach an agreement, though we are still far
apart on the jail term," lawyer Giampiero Biancolella said.

Francesco Greco, lead prosecutor on the case, says both sides
were not close to striking a deal.  He said, "There is no basis
for an agreement."

Prosecutors accepted Tuesday the plea bargains of former Parmalat
lawyer Gian Paolo Zini and former board member Franco Gorreri,
giving the former a two-year prison sentence and the latter an
11-month jail term.

Parmalat collapsed in December 2003 after revealing EUR14 billion
in net debt, eight times than what the group had reported.  This
financial fraud is considered one of the largest in Europe.

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

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


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


HAGEMEYER N.V.: Rabo Analysts Expect Sales Growth in Q1
-------------------------------------------------------
Analysts at Rabo Securities on Tuesday kept Hagemeyer N.V. at
"neutral" as they paint a bright first quarter for the company.
The target price is EUR2.

The analysts said Hagemeyer is likely to report accelerated sales
growth in Germany and the U.K. in its upcoming trading update for
the first quarter.  The restructuring of the U.K. operations is
important in its quest to hit return on investment target of 9%.

Hagemeyer focuses on the business-to-business segment of
maintenance, repair and operating, such as electrical materials
and safety equipment.  In February, it reported net loss for the
fiscal year 2004 of EUR164 million.

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69
          1411 GE Naarden
          The Netherlands
          Phone: +31 (0)35 6957676
          Fax: +31 (0)35 6944395
          Web site: http://www.hagemeyer.com


ROYAL SHELL: Expects to Raise US$1.75 Bln from Asset Sales
----------------------------------------------------------
Shell Generating (Holding) B.V., a subsidiary of The Royal
Dutch/Shell Group, and Bechtel Enterprises Energy B.V., a
subsidiary of Bechtel Group, Inc., signed Tuesday an agreement to
sell InterGen N.V. and 10 of its power plants to a partnership
between AIG Highstar Capital II L.P. and Ontario Teachers'
Pension Plan for US$1.75 billion.  Excluded from the sale are
InterGen's assets in the United States, Colombia, and Turkey,
which will be reorganized prior to financial closing and retained
by Shell and Bechtel pending further review.  The transaction is
expected to close mid-2005 and is subject to certain conditions
and regulatory approvals.

The InterGen plants to be sold are located in the U.K., the
Netherlands, Mexico, the Philippines, China, and Australia.
InterGen's equity share in these plants amounts to 5,500
megawatts of production capacity.

Shell owns 68% of InterGen, with the rest held by privately owned
engineering and construction firm Bechtel.

About Citigroup Global Markets Inc.

Citigroup Global Markets Inc. is acting as financial adviser for
Shell, Bechtel, and InterGen in connection with the proposed
transaction.  Deutsche Bank Securities Inc. is acting as
financial advisers for AIG Highstar and Ontario Teachers' Pension
Plan.

About InterGen

InterGen currently has interests in 17 plants in operation in 9
countries (U.K., Mexico, Colombia, Australia, Philippines,
U.S.A., Turkey, China, and the Netherlands), with a total of 9.3
gigawatts of installed capacity (InterGen equity share).
InterGen has corporate offices near Boston, Massachusetts, and
employs some 650 staff worldwide.

The transaction includes 10 power stations in 6 countries (U.K.,
the Netherlands, Mexico, Australia, the Philippines, and China)
together with the corporate offices and management capabilities.
The InterGen business has been sold as a going concern.  InterGen
as sold has approximately US$2.7 billion of debt in its
consolidated subsidiaries, and the buyer will assume any related
obligations.  InterGen's proportion of the debt in its
unconsolidated subsidiaries, as sold, is approximately US$0.4
billion.

About AIG Highstar Capital

AIG Highstar Capital, II, L.P. is a private equity fund sponsored
by AIG Global Investment Group, an indirect subsidiary of
American International Group, Inc.  AIG Global Investment Group
(AIGGIG) comprises a group of international investment adviser
companies, which provide advice, investment products and asset
management services to clients around the world.  The members of
AIGGIG are subsidiaries of American International Group, Inc.

About the Ontario Teacher's Pension Plan

The Ontario Teachers' Pension Plan is one of Canada's largest
financial institutions with net assets of US$85 billion.  It
invests to secure the retirement income of 255,000 active and
retired teachers in the province of Ontario, Canada.  With global
infrastructure and timberland assets of US$3 billion, Ontario
Teachers' is actively seeking opportunities to expand its
portfolio.

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


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


BAYKALSKIY MARBLE: Declared Insolvent
-------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Baykalskiy Marble (TIN 3837049215) after
finding the open joint stock company insolvent.  The case is
docketed as A19-14286/01-29.  Mr. K. Sobolev has been appointed
insolvency manager.  Creditors have until May 19, 2005 to submit
their proofs of claim to 644011, Russia, Irkutsk, Post User Box
176.

CONTACT:  BAYKALSKIY MARBLE
          Russia, Irkutsk region, Slyud,
          Krasnogvardeytsev Str. 61

          Mr. K. Sobolev
          Insolvency Manager
          644011, Russia, Irkutsk region,
          Post User Box 176


BRATSKOYE: Bankruptcy Proceedings Begin
---------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Bratskoye (TIN 3823004084) after finding the
poultry farmer insolvent.  The case is docketed as A19-2021/04-8.
Mr. A. Ilyin has been appointed insolvency manager.

Creditors may submit their proofs of claim to 665732, Russia,
Irkutsk region, Bratsk, Post User Box 1779.  A hearing will take
place on Feb. 27, 2006, 10:30 a.m. at the Arbitration Court of
Irkutsk region located at 664000, Russia, Irkutsk, Gagarina
Avenue, 70, Room 317.

CONTACT:  BRATSKOYE
          665700, Russia, Irkutsk region,
          Vikhorevka, Pionerskaya Str. 18

          Mr. A. Ilyin
          Insolvency Manager
          665732, Russia, Irkutsk region,
          Bratsk, Post User Box 1779


INTECO: Deadline for Proofs of Claim May 19
-------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Inteco after finding the close joint stock
company insolvent.  The case is docketed as A33-8457/04-s4.  Mr.
G. Ten has been appointed insolvency manager.  Creditors have
until May 19, 2005 to submit their proofs of claim to 660005,
Russia, Krasnoyarsk, Krasnodarskaya Str. 15-66.

CONTACT:  INTECO
          660049, Russia, Krasnoyarsk region,
          P-Kommuny Str. 40

          Mr. G. Ten
          Insolvency Manager
          660005, Russia, Krasnoyarsk region,
          Krasnodarskaya Str. 15-66


KEMEROVO-GRAZHDAN-STROY: Names V. Dolgikh Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Kemerovo-Grazhdan-Stroy (TIN/KPP
4207006373/420501001) after finding the open joint stock company
insolvent.  The case is docketed as A27-8227/2003-4.  Mr. V.
Dolgikh has been appointed insolvency manager.  Creditors have
until May 19, 2005 to submit their proofs of claim to 650099,
Russia, Kemerovo, Kirova Str. 14.

CONTACT:  KEMEROVO-GRAZHDAN-STROY
          Russia, Kemerovo region,
          Kirova Str. 14

          Mr. V. Dolgikh
          Insolvency Manager
          650099, Russia, Kemerovo region,
          Kirova Str. 14


KYZYLSKAYA: Under Bankruptcy Supervision
----------------------------------------
The Arbitration Court of Tyva republic has commenced bankruptcy
supervision procedure on state unitary enterprise Kyzylskaya.
The case is docketed as A69-421/05-3.  Mr. A. Khertek has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 667009, Russia,
Tyva republic, Kyzyl, Rovenskaya Str. 26.  A hearing will take
place on June 2, 2005, 10:00 a.m.

CONTACT:  Mr. A. Khertek
          Temporary Insolvency Manager
          667009, Russia, Tyva republic,
          Kyzyl, Rovenskaya Str. 26


LESHUKONSKIY WOOD-PROM-KHOZ: Last Day for Filing Claims May 19
--------------------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy proceedings against Leshukonskiy Wood-Prom-Khoz after
finding the open joint stock company insolvent.  The case is
docketed as A05-6130/04-27.  Mr. S. Matyugin has been appointed
insolvency manager.

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

(a) Insolvency Manager
    Russia, Arkhangelsk, K. Marksa Str. 31,
    Building 1, Office 56

(b) The Arbitration Court of Arkhangelsk Region
    Russia, Arkhangelsk, Loginova Str. 17

(c) Leshukonskiy Wood-Prom-Khoz
    Russia, Arkhangelsk region, Leshukonskiy region,
    Leshukonskoye, Oktyabrskaya Str. 26


NAVASHINSKIY DAIRY: Bankruptcy Hearing Resumes May 10
-----------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Navashinskiy Dairy (TIN 5427015440).  The case is docketed as
A-43-1846/05-243-90.  Mr. A. Gasparyan has been appointed
temporary insolvency manager.

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

(a) Navashinskiy Dairy
    Russia, Nizhniy Novgorod region,
    Navashino, Trudovaya Str. 98

(b) The Temporary Insolvency Manager
    Russia, Nizhniy Novgorod region,
    Kstovo, Polevaya Str. 6/1, Apartment 72

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


SEL-KHOZ-SNAB: Altay Court Appoints Insolvency Manager
------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on open joint stock company Sel-Khoz-Snab.
The case is docketed as A03-839/05-B.  Mr. S. Pupkov has been
appointed temporary insolvency manager.

CONTACT:  SEL-KHOZ-SNAB
          656037, Russia, Altay region,
          Barnaul, Lenina Pr. 156a

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


SEMENOVSKOYE: Altay Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Semenovskoye after finding the close joint
stock company insolvent.  The case is docketed as A03-592/05-B.
Mr. A. Generalov has been appointed insolvency manager.  A
hearing will take place on July 18, 2005.

CONTACT:  SEMENOVSKOYE
          Russia, Altay region,
          Kulundinskiy region, Semenovka

          Mr. A. Generalov
          Insolvency Manager
          656015, Russia, Altay region,
          Barnaul-15, Post User Box 3923


VOLOKOLAMSKIY: Deadline for Proofs of Claim Nears
-------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Volokolamskiy after finding the poultry farm
insolvent.  The case is docketed as A41-K2-2930/05.  Mr. V. Popov
has been appointed insolvency manager.  Creditors have until May
19, 2005 to submit their proofs of claim to 143600, Russia,
Moscow region, Volokolamsk, Yamskaya Str. 14.

CONTACT:  VOLOKOLAMSKIY
          143600, Russia, Moscow region,
          Volokolamsk, Yamskaya Str. 14

          Mr. V. Popov
          Insolvency Manager
          143600, Russia, Moscow region,
          Volokolamsk, Yamskaya Str. 14


YUKOS OIL: Court Seizes Remaining Assets
----------------------------------------
The remaining assets of Yukos were put on hold Tuesday by the
Moscow court, as it considered a legal claim against the oil
company.

According to The Telegraph, the court decision to freeze Yukos'
assets, the third for the company, is a victory for Rosneft.  The
state-owned oil company has filed a GBP1.2 billion lawsuit
against Yukos for damages related to Yuganskneftegaz, Yukos' main
oil production business now owned by Rosneft.

Yukos spokesman Claire Davidson said: "What this move shows is
that it appears the analysts are right when they say Rosneft
would try to take control of Yukos' remaining assets."

Ms. Davidson added it is extraordinary for Rosneft "that has
stolen a Yukos asset to turn around and use Russian law against
it."

Yukos, once the largest oil producer in Russia, employs 80,000
people and produces 20% of the country's crude oil.  Last year,
it failed to pay the government GBP14.5 billion in taxes.

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
===========


CONCORDIA BUS: Delays Publication of Q4, FY2004 Results
-------------------------------------------------------
Concordia Bus AB has decided to postpone the announcement of its
fourth quarter and full-year ending 2004 results due to ongoing
financing restructuring process with respect to Concordia Bus AB.

The intention is to publish the results as soon as possible and,
if possible, to combine the announcement of the results with a
status update concerning the restructuring process.  The New date
for the fourth-quarter results announcement will be posted on the
company Web site (http://www.concordiabus.fi/)in due course.

CONTACT:  CONCORDIA BUS
          Frode Larsen, Chief Executive Officer
          Phone:+ 47 67 83 29 33
          Mobile: + 47 92 80 00 02


CONCORDIA BUS: In Refinancing Talks with Senior Noteholders
-----------------------------------------------------------
Concordia Bus Nordic AB is now in discussions with an ad hoc
group of Senior Noteholders, which hold a majority of the Senior
Notes.

The Company and the ad hoc group have held an initial meeting and
since then Close Brothers and Bingham McCutchen, the financial
and legal advisers respectively to the ad hoc group, have been
carrying out due diligence in cooperation with the Company's
management.

The ad hoc group have confirmed that they wish, as Senior
Noteholders, to be supportive of the Company in any steps that it
may pursue in conjunction with its creditors to strengthen its
finances and have accordingly instructed their advisers to assess
how best the Company's finances could be strengthened.

The Company regards the preliminary indications it has received
from the ad hoc group as encouraging and has decided to extend
the deadline for expiry of the consent solicitation to 29 April
2005.  In the meantime and in parallel the Company understands
that its ultimate parent Concordia Bus AB (publ) plans to
continue its consultation with the subordinated noteholders and
their advisers with a view to making a further announcement of
progress as soon as practicable.

CONTACT:  CONCORDIA BUS
          Frode Larsen, Chief Executive Officer
          Phone:+ 47 67 83 29 33
          Mobile: + 47 92 80 00 02


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


ABB LTD.: Exposes Anomalies at U.S. Software Arm
------------------------------------------------
ABB Ltd. said Tuesday it has made a voluntary disclosure to the
U.S. Department of Justice and the Securities and Exchange
Commission of certain suspicious payments amounting to some
US$560,000 made by employees of ABB network management, a
specialized U.S.-based subsidiary.

The payments became apparent during an internal investigation
following the dismissal of two managers from the company in
mid-2004.  The payments were made to intermediaries in Latin
America and in the Middle East in connection with the company's
business, which is control software for utility customers.

Fred Kindle, President and CEO of ABB, said: "We have a zero
tolerance policy on compliance and business ethics issues, take
action quickly and report fully to underline our commitment to
transparency and proper business conduct.  Our enhanced
compliance procedures helped us identify and address this issue."

Based in Sugarland, Texas, the company was acquired in January
1999 and employs about 150 people.  As is common practice in such
cases, ABB will continue its investigation and compliance review
of this business.  ABB intends to cooperate fully with the DoJ
and U.S. SEC review of this matter.

ABB is a leader in power and automation technologies that enable
utility and industry customers to improve performance while
lowering environmental impact.  The ABB Group of companies
operates in around 100 countries and employs about 102,000
people.

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


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


ALMA: Appoints Temporary Insolvency Manager
-------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Alma (code EDRPOU 32746143) on March
10, 2005.   The case is docketed as B 40/21/05.  Mr. Koloshin
Vadim (License Number AA 779332) has been appointed temporary
insolvency manager.  The company holds account number 26006302229
at CJSC FSBank, MFO 305987.

Creditors have until April 25, 2005 to submit their proofs of
claim to:

(a) ALMA
    Ukraine, Dnipropetrovsk region,
    Danilo Nechaj Str. 17/67

(b) Mr. Koloshin Vadim
    Temporary Insolvency Manager
    49000, Ukraine, Dnipropetrovsk region,
    Robocha Str. 152/47

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


CHERKASSY' CHEMICAL: Proofs of Claim Deadline Nears
---------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Cherkassy' Chemical Reagents State Plant
(code EDRPOU 00205104).  The case is docketed as 10/563.  Ms.
Olena Borejko (License Number AB 779203) has been appointed
temporary insolvency manager.  The company holds account number
2600802300987 at LLC Ukrprombank, Kyiv branch, MFO 321228.

Creditors have until April 25, 2005 to submit their proofs of
claim to:

(a) CHERKASSY' CHEMICAL REAGENTS STATE PLANT:
    18000, Ukraine, Cherkassy region,
    Chigirinska Str. 21

(b) Ms. Olena Borejko
    Temporary Insolvency Manager
    18008, Ukraine, Cherkassy region,
    Homenko Str. 22/63
    Phone: (0472) 63-68-98

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


KRYMPRODMASH: Gives Creditors Until Next Week to File Claims
------------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on OJSC Krymprodmash (code EDRPOU
14315144).  The case is docketed as 2-8/666-2005.  Ms. Svitlana
Meteleva (License Number AA 047900) has been appointed temporary
insolvency manager.  The company holds account number
26001301321072 at Prominvestbank, MFO 324430.

Creditors have until April 25, 2005 to submit their proofs of
claim to:

(a) KRYMPRODMASH
    95006, Ukraine, AR Krym region,
    Simferopol, Yevpatorijske Shoes Str. 8

(b) Ms. Svitlana Meteleva
    Temporary Insolvency Manager
    95050, Ukraine, AR Krym region,
    Simferopol, Vishneva Str. 60

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


PLUS: Under Bankruptcy Supervision
----------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Multiprofile Firm Plus (code EDRPOU
21923855).  The case is docketed as B 15/27/04.  Mr. V. Bespalov
(License Number AA 140430) has been appointed temporary
insolvency manager.  The company holds account number
26005039760101 at JSPPB Aval, Pavlograd branch, MFO 306726.

Creditors have until April 25, 2005 to submit their proofs of
claim to:

(a) MULTIPROFILE FIRM PLUS
    51400, Ukraine, Dnipropetrovsk region,
    Pavlograd, Verstatobudivnikiv Str. 1-a

(b) Mr. V. Bespalov
    Temporary Insolvency Manager
    49081, Ukraine, Dnipropetrovsk region,
    Vorontsov Str. 75/232

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


SPECIALIZED BUILDING 53: Succumbs to Bankruptcy
-----------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on CJSC Specialized Building Firm 53 (code
EDRPOU 01271103).  The case is docketed as 01/1004.  Mr. O. Kotko
has been appointed temporary insolvency manager.  The company
holds account number 26003001499002 at JSC Ukrinbank, Cherkassy
branch, MFO 354314.

Creditors have until April 25, 2005 to submit their proofs of
claim to:

(a) SPECIALIZED BUILDING FIRM 53
    18000, Ukraine, Cherkassy region,
    Surikov Str. 12

(b) Mr. O. Kotko
    Temporary Insolvency Manager
    20700, Ukraine, Cherkassy region,
    Smila, Krondshtatska Str. 16/82

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


TEHNIKA PLUS: Declared Insolvent
--------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Tehnika Plus (code EDRPOU 23713990) on March
15, 2005 after finding the close joint stock company insolvent.
The case is docketed as 23/202-b.  Mr. Viktor Sunitsya (License
Number AA 668343) has been appointed liquidator/insolvency
manager.

Creditors have until April 25, 2005 to submit their proofs of
claim to:

(a) TEHNIKA PLUS
    03055, Ukraine, Kyiv region,
    Peremogi Avenue, 19

(b) Mr. Viktor Sunitsya
    Liquidator/Insolvency Manager
    03039, Ukraine, Kyiv region,
    Golosiyivskij Avenue, 8
    Phone: (044) 525-29-12

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


UKRAINA BANK: President to Personally Probe Collapse
----------------------------------------------------
Ukrainian President Viktor Yuschenko plans to look into the
bankruptcy of Ukraina Bank, Interfax Ukraine Business Daily said
Friday.

At a press conference in Dnipropetrovsk last week, President
Yuschenko said: "In several days it is necessary to write down a
list of those creditors, sitting today in the Verkhovna Rada, who
led the bank to bankruptcy.  We are prepared to give the list of
creditors from late 1996 that are in the balance of Ukraina bank
who have not redeemed assets on their credits and, due to
manipulations with the Prosecutor General's Office and the
Interior Ministry, led the bank to bankruptcy."

The President cited his four-year work experience in the bank as
he vowed to pioneer its bankruptcy case.  He dedicated his
efforts to the many people who helped put up the bank from
scratch, especially Vadym Hetman, former governor of the NBU who
was killed in April 1998.

He said the bank leads others in terms of assets, capital, and
dividend when he left it in 1992.  This was in response to
Interior Minister Yuriy Lutsenko's statement that the President
may be held accountable if proven guilty of his role in the
bank's collapse.

"Nothing has been connecting me to the bank for 13 years and I
know that swindlers were brought to the bank in 1996-1998 who
cleaned the bank," he said.  "Even after the gang had worked
there, all individuals received their deposits, all assets were
paid to the budget, all premises were given out including in
Dnipropetrovsk region."

CONTACT:  UKRAINA BANK
          10 Rulskoho prov.
          Phone: (044) 244-1616


ZAPORIZHYA' AUTOMOBILE: Sets Proofs of Claim Deadline
-----------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on State Enterprise Zaporizhya' Automobile
Repair Plant (code EDRPOU 08011078) on February 2, 2005.  Mr.
Oleksandr Plahotnik (License Number AA 630147) has been appointed
temporary insolvency manager.  The company holds account number
2600130012378 at JSCB Ukrsocbank, Zaporizhya regional branch, MFO
313010.

Creditors have until April 25, 2005 to submit their proofs of
claim to:

(a) ZAPORIZHYA' AUTOMOBILE REPAIR PLANT
    69039, Ukraine, Zaporizhya region,
    Uralska Str. 1, GSP-161

(b) Mr. Oleksandr Plahotnik
    Temporary Insolvency Manager
    Ukraine, Dnipropetrovsk region,
    Dniprodzerzhinsk, Lenin Avenue, 56/22

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



ZOLOCHIVSKIJ TIN: Proofs of Claim Deadline Expires Next Week
------------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Zolochivskij Tin Plant (code EDRPOU 05522430)
on February 15, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/91-4/34.  Mr. Ivan Skochko
(License Number AA 484209) has been appointed
liquidator/insolvency manager.

Creditors have until April 25, 2005 to submit their proofs of
claim to:

(a) ZOLOCHIVSKIJ TIN PLANT
    80700, Ukraine, Lviv region,
    Zolochiv, L. Ukrainki Str. 2

(b) Mr. Ivan Skochko
    Liquidator/Insolvency Manager
    80700, Ukraine, Lviv region,
    Zolochiv, Shashkevich Str. 76/1

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


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


3-DIRECT LIMITED: Names David Horner & Co. Liquidator
-----------------------------------------------------
At the extraordinary general meeting of the members of 3-Direct
Limited on April 7, 2005 held at Moorgate House, Clifton
Moorgate, York YO30 4WY, the extraordinary and ordinary
resolutions to wind up the company were passed.  David Anthony
Horner of David Horner & Co, 11 Clifton Moor Business Village,
James Nicolson Link, Clifton Moor, York YO30 4XG has been
appointed liquidator of the company.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


ALCHEMY CONSULTING: Members Decide to Wind up Firm
--------------------------------------------------
At the extraordinary general meeting of the members of Alchemy
Consulting Limited on April 7, 2005 held at 1 Park Place, Canary
Wharf, London E14 4HJ, the special resolution to wind up the
company was passed.  Robert Stephen Palmer has been appointed
liquidator of the company.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims and the names and addresses of their
Solicitors (if any), to Robert Stephen Palmer, of PO Box 698, 2nd
Floor, Titchfield House, 69-85 Tabernacle Street, London EC2A 4RR
on or before May 31, 2005.

CONTACT:  GALLAGHERS
          PO Box 698, 2nd Floor,
          Titchfield House,
          69-85 Tabernacle Street,
          London EC2A 4RR


ARCHSTORE LIMITED: Names Liquidator from UHY Hacker Young
---------------------------------------------------------
At the extraordinary general meeting of Archstore Limited (t/a A1
Shatterscreen) on April 13, 2005 held at St James Building, 79
Oxford Street, Manchester M1 6HT, the extraordinary and ordinary
resolutions to wind up the company were passed.  R. E. C. Cook of
UHY Hacker Young, St James Building, 79 Oxford Street, Manchester
M1 6HT has been appointed liquidator of the company.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Phone: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


BRAMLEY MAILING: Hires Stringer & Co. Liquidator
------------------------------------------------
At the extraordinary general meeting of Bramley Mailing Services
Limited on April 11, 2005 held at The Professional Centre,
Sundridge Close, Cosham, Portsmouth, Hampshire PO6 3JL, the
extraordinary and ordinary resolutions to wind up the company
were passed.  David John Stringer of Stringer & Co, 5 Bassett
Wood Drive, Southampton SO16 3PT has been appointed liquidator of
the company.

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


BURMAH CASTROL: Hires PricewaterhouseCoopers Liquidator
-------------------------------------------------------
Name of companies:
Burmah Castrol Fuels Limited
Flightneeds.Com Limited
Kalec UK Limited
Trouw Great Britain Limited

At the extraordinary general meeting of these companies on April
11, 2005, the special and ordinary resolutions to wind up the
companies were passed.  Jonathan Sisson and Richard Setchim of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the companies.

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


CELSIUS TECHNOLOGIES: Members Hire Liquidator from Carter Clark
---------------------------------------------------------------
At the extraordinary general meeting of the members of Celsius
Technologies Limited on April 12, 2005 held at Meridian House, 62
Station Road, North Chingford, London E4 7BA, the extraordinary
and ordinary resolutions to wind up the company were passed.  A.
J. Clark of Carter Clark, Meridian House, 62 Station Road, North
Chingford, London E4 7BA has been appointed liquidator of the
company.

CONTACT:  CARTER CLARK
          Meridian House
          62 Station Road
          North Chingford
          London E4 7BA
          Phone: 020 8524 1447
          Fax: 020 8524 1457
          E-mail: recovery@carterclark.co.uk


CONSTRUCTION & BUILDING: Names Begbies Traynor Administrator
------------------------------------------------------------
Mark Robert Fry (IP No 008588) has been appointed joint
administrator for Construction & Building Contracts Limited.  The
appointment was made April 13, 2005.

The company specializes in commercial fit out.  Its registered
office is located at The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


COPPERAS STREET: Calls in Administrators from Portland Business
---------------------------------------------------------------
James Richard Tickell and Carl Derek Faulds (IP Nos 8125, 008767)
have been appointed joint administrators for Copperas Street
Development Limited.  The appointment was made April 7, 2005.

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


DERRYMORE TRADING: Names Panos Eliades Liquidator
-------------------------------------------------
At the extraordinary general meeting of Derrymore Trading Limited
on April 5, 2005 held at Albany House, 18 Theydon Road, London E5
9NZ, the subjoined extraordinary resolution to wind up the
company was passed.  Mr. S. Franklin of Panos Eliades Franklin &
Co., Albany House, 18 Theydon Road, London E5 9NZ has been
appointed liquidator of the company.

CONTACT:  PANOS ELIADES FRANKLIN & CO.
          18 Theydon Road
          London E5 9NA
          Phone: 020 8815 4000
          Fax: 020 8815 4040


DIAL PLUS: Members Pass Winding-up Resolutions
----------------------------------------------
At the extraordinary general meeting of the members of Dial Plus
Limited on April 7, 2005 held at Moorgate House, Clifton
Moorgate, York YO30 4WY, the extraordinary and ordinary
resolutions to wind up the company were passed.  David Anthony
Horner of David Horner & Co, 11 Clifton Moor Business Village,
James Nicolson Link, Clifton Moor, York YO30 4XG has been
appointed liquidator of the company.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


EASYSERVICE LIMITED: Administrator from Milner Boardman Moves in
----------------------------------------------------------------
Colin Burke (IP No 8803) has been appointed administrator for
Easyservice Limited.  The appointment was made April 11, 2005.

The company offers other service activities.  Its registered
office is located at 6 Oxford Street, Nottingham, Nottinghamshire
NG1 5BH.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


EQUITABLE LIFE: Former Auditor Cries Hypocrisy
----------------------------------------------
Ernst & Young cried hypocrisy Tuesday against Equitable Life's
new board as the latter's negligence case against the accountancy
firm continues.

Jonathan Gaisman QC, representing E&Y, claimed before the high
court that Equitable Life issued "two totally irreconcilable and
inconsistent statements" on April 15, 2002.

He said on the same day, Equitable chief executive Charles
Thomson both signed the company's 2001 accounts, which included a
statement supporting the provision of GBP200 million in 1999, and
another statement which alleged that the 1999 accounts did not
show a "true and fair view."

Equitable Life's former auditor and 15 former directors are
facing a GBP2 million lawsuit filed by the insurer for their
alleged involvement in its downfall.

The insurer claims E&Y did not inform the company of its need to
reserve a substantial amount in its accounts for three years from
1997-99 to cover some policyholders' income guarantees, which
made them suffer huge losses.

CONTACT:  THE EQUITABLE LIFE ASSURANCE SOCIETY
          Walton Street
          Aylesbury
          Buckinghamshire HP21 7QW
          United Kingdom
          Phone: +44-870-901-0052
          Web site: http://www.equitable.co.uk


EVOLUTION PERFORMANCE: Members Decide to Wind up Firm
-----------------------------------------------------
At the extraordinary general meeting of the members of Evolution
Performance UK Ltd. on April 8, 2005 held at Gable House, 239
Regents Park Road, Finchley, London N3 3LF, the extraordinary and
ordinary resolutions to wind up the company were passed.  D. L.
Platt has been appointed liquidator of the company.

CONTACT:  SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF
          Phone: 020 8371 5000
          Fax: 020 8346 8588
          E-mail: mike@spwca.com


FORTH CONSERVATORIES: Winding-up Report Out May
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Forth Conservatories & Windows Ltd.
                         (In Liquidation)

Notice is hereby given, pursuant to Section 146 of the Insolvency
Act 1986, that a final meeting of the creditors of the above
named company will be held at Bruntsfield House, 6 Bruntsfield
Terrace, Edinburgh EH10 4EX on May 12, 2005 at 11:00 a.m. for the
purpose of showing how the winding-up has been conducted and the
property of the company disposed of, and of hearing an
explanation that may be given by the Liquidator, and also of
determining the manner in which the books, accounts and documents
of the company and of the Liquidator shall be disposed of.

T. Ritchie Campbell, Liquidator
April 8, 2005

CONTACT:  SCOTT & PATERSON
          Bruntsfield House
          6 Bruntsfield Terrace
          Edinburgh EH10 4EX
          Phone: 0131 229 2392
          Fax: 0131 228 5587
          E-mail: mail@scottandpaterson.co.uk
          Web site: http://www.scottandpaterson.co.uk


GKC COMMUNICATIONS: Names Administrators from Begbies Traynor
-------------------------------------------------------------
David Paul Hudson and Lloyd Biscoe (IP Nos 008977, 009141) have
been appointed joint administrators for telecommunications
company GKC Communications Limited.  The appointment was made
April 7, 2005.  Its registered office is located at The Old
Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


HT ASSOCIATES: Members Hire Liquidator from Smith Cooper
--------------------------------------------------------
At the extraordinary meeting of the members of HT Associates
Limited on April 11, 2005 held at The Moss Room, Derbyshire
County Cricket Club, County Cricket Ground, Nottingham Road,
Derby DE21 6DA, the extraordinary and ordinary resolutions to
wind up the company were passed.  Simon Gwinnutt of Wilmot House,
St James Court, Friar Gate, Derby DE1 1BT has been appointed
liquidator of the company.

CONTACT:  SMITH COOPER
          Wilmot House
          St James Court
          Friar Gate, Derby
          Derbyshire DE1 1BT
          Phone: 01332 332021
          Fax: 01332 290439
          E-mail: smg@smithcooper.co.uk


HUGH MACKAY: Closes Door to Carpet Making
-----------------------------------------
Durham's last carpet factory, Hugh Mackay, closed on Friday after
falling into administration the second time since last year,
Northern Echo (U.K.) reports.

Hugh Mackay has been under administration since last month.  It
was being manned by a skeleton crew of 11 before it was shut down
last week.  Eight employees were laid off in addition to around
130 axed in March.

Joint administrator Hunter Kelly of Ernst & Young said Hugh
Mackay's collapse came as no surprise considering the degree of
its cash crisis and losses due to difficult trading conditions.
The company's position has been in decline for the past 15 years.
It owes millions to banks.

Hugh Mackay in Meadowfield Industrial Estate weaved carpets for a
string of high-profile customers during its heyday.  It has held
a royal warrant since 1972.  The name is now for sale.

The firm's closure marks the end of Durham's 300-year old history
of carpet making.

CONTACT:  ERNST & YOUNG
          PO Box 61, Cloth Hall Court
          14 King Street, Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com


IN2CONNECT LIMITED: Meeting of Creditors Set Next Week
------------------------------------------------------
The creditors of In2Connect Limited will meet on April 28, 2005
at 10:00 a.m.  It will be held at The Village Hotel & Leisure
Club, Brailsford Way, Nottingham, Nottinghamshire NG9 6DL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Ernst & Young LLP, PO Box 61, Cloth Hall Court, 14
King Street, Leeds LS1 2JN not later than 12:00 noon, April 27,
2005.

CONTACT:  ERNST & YOUNG
          PO Box 61, Cloth Hall Court
          14 King Street, Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com


INDEPENDENT MASTERS: CD Factory Hires Baker Tilly Administrator
---------------------------------------------------------------
Matthew Richard Meadley Wild and Lindsey Jane Cooper (IP Nos
009300, 008931) have been appointed joint administrators for
Independent Masters Limited.  The appointment was made April 5,
2005.  The factory produces master compact discs.

CONTACT:  BAKER TILLY
          The Clock House, 140 London Road,
          Guildford, Surrey GU1 1UW
          Phone: 01483 307000
          Fax: 01483 569 281
          Web site: http://www.bakertilly.co.uk


J F G VENTURES: Members Pass Winding-up Resolution
--------------------------------------------------
At the extraordinary general meeting of the members of J F G
Ventures Limited on April 8, 2005 held at 3-5 Rickmansworth Road,
Watford, Hertfordshire WD18 0GX, the extraordinary resolution to
wind up the company was passed.  Steven Draine and David Rolph
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


LIBRETTO ONE: Liquidator from Smith Cooper Moves in
---------------------------------------------------
At the extraordinary meeting of the members of Libretto One
Limited on April 11, 2005 held at The Moss Room, Derbyshire
County Cricket Club, County Cricket Ground, Nottingham Road,
Derby DE21 6DA, the extraordinary and ordinary resolutions to
wind up the company were passed.  Simon Gwinnutt of Wilmot House,
St James Court, Frair Gate, Derby DE1 1BT has been appointed
liquidator of the company.

CONTACT:  SMITH COOPER
          Wilmot House
          St James Court
          Friar Gate, Derby
          Derbyshire DE1 1BT
          Phone: 01332 332021
          Fax: 01332 290439
          E-mail: smg@smithcooper.co.uk


LITTLE PETALS: Appoints Turpin Barker Armstrong Liquidator
----------------------------------------------------------
At the extraordinary general meeting of Little Petals
Childrenswear Limited on April 7, 2005 held at 11 Lime Hill Road,
Tunbridge Wells, Kent TN1 1LJ, the extraordinary resolutions to
wind up the company were passed.  Martin Charles Armstrong of
Turpin Barker Armstrong, Allen House, 1 Westmead Road, Sutton,
Surrey SM1 4LA has been appointed liquidator of the company.

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


MEYNARD FRERES: Owner Faces Suit for Unpaid Debt
------------------------------------------------
The owner of Meynard Freres is being sued for repeatedly
defaulting on loans made in the insolvent firm's name, Mail on
Sunday reports.

Businessman Mark More O'Ferral is suing Kevin Maxwell at the High
Court to demand payment for GBP200,000 in loans.  He is accusing
Mr. Maxwell for repeatedly failing to keep a promise to deliver
cash and shares to settle obligations last year.

According to him, he lent Meynard Freres GBP30,000 in April 2004
with guarantee that it will be repaid later in the month with
GBP2,000 interest.  But the firm did not repay the loan.  Mr.
Maxwell made a partial payment with 12 million shares in
technology Cater Barnard.  Mr. O'Ferral said he waived the
outstanding balance in return for another 2 million Cater shares,
but Meynard Freres defaulted on it.  The offers were increased to
4 million and then to 6 million Cater shares when the payments
were not made in June and October.  The debt remained
outstanding.

Three other claims, with interest, total more than GBP200,000.


MG ROVER: Tax Holiday Proposed for Dealers
------------------------------------------
Dealers of MG Rover, the carmaker which recently went into
receivership, could get tax breaks to help them avoid possible
collapse, The Guardian reports.

Sir Digby Jones, chairman of the task force formed to address the
concern, said he will ask Customs & Excise and the Inland Revenue
to give the network VAT and income tax holiday.

MG Rover has 280 dealers.  Mr. Jones said half of U.K.'s 260 main
agents, and other independent dealers are in danger of going
under without government help.  He said the sector is suffering
"acute cash flow" crisis.  The precarious situation puts 8,500
jobs at stake.

Mr. Jones suggested setting up a government-backed scheme that
would oversee the redeployment of 2,000 trainees employed across
the dealer network, including 500 on the government's modern
apprenticeship scheme.

A Treasury spokesman said a scheme offering VAT referrals has
already been put in place.  A meeting is set within a week to
enable the task force to make a full report to the DTI within two
weeks.


MICRONAID TRAINING: Members Pass Winding-up Resolutions
-------------------------------------------------------
At the extraordinary general meeting of the members of Micronaid
Training Limited on April 5, 2005 held at Lakeside Moat House
Hotel, High Road, North Stifford, Grays, Essex RM16 5UE, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Andrew W. Thompson and Daniel P. Hennessy of The
Thompson Partnership, 30 Derby Street, Ormskirk L39 2BY have been
appointed joint liquidators of the company.

CONTACT:  THOMPSON SHAW ASSOCIATES
          The Old Halsall Arms
          2 Summerwood Lane
          Halsall
          Merseyside L39 8RJ
          Phone: 01704 841870
          Fax: 01704 841811


NASHUA IMAGING: Appoints Liquidators from PwC
---------------------------------------------
At the extraordinary general meeting of Nashua Imaging Supplies
(UK) Limited, on April 7, 2005, the special and ordinary
resolutions to wind up the company were passed.  Tim Walsh and
Jonathan Sisson of PricewaterhouseCoopers LLP, One Kingsway,
Cardiff CF10 3PW have been appointed joint liquidators of the
company.

CONTACT:  PRICEWATERHOUSECOOPERS
          1 Kingsway
          Cardiff
          Glamorgan CF10 3PW
          Phone: 029 2023 7000
          Fax: 029 2080 2405


NUTRI-TECH: Sets Final Meeting of Creditors
-------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Nutri-Tech (Scotland) Limited
                        (In Liquidation)

Notice is hereby given pursuant to section 146 of the Insolvency
Act 1986 that a final meeting of the creditors of Nutri-Tech
(Scotland) Limited will be held at 1 Royal Terrace, Edinburgh EH7
5AD on May 12, 2005 at 10:00 a.m. for the purposes of receiving
the Liquidator's report on the winding-up and to determine
whether the Liquidator should be released.

T. C. MacLennan, Liquidator

CONTACT:  TENON RECOVERY
          2-4 Blythswood Square
          Glasgow G2 4AD
          Phone: 0141 272 8000
          Fax: 0141 272 8001
          E-mail: glasgow@tenongroup.com
          Web site: http://www.tenongroup.com

          Thomas Campbell MacLennan
          E-mail: tom.maclennan@tenongroup.com


SHELDON INVESTMENTS: Proofs of Claim Deadline Set May
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Sheldon Investments Limited
                          (In Liquidation)

Notice is hereby given that at an Extraordinary General Meeting
of the Shareholders of Sheldon Investments Limited held on April
12, 2005 these Special Resolutions were passed:

(a) That the Company be wound up voluntarily; and

(b) That Andrew John Taberner, Chartered Accountant, of Canada
    Court, Upland Road, St. Peter Port, Guernsey be appointed
    sole Liquidator of the Company.

All persons having claims against or indebted to the above named
Company are hereby requested to send details thereof to me at
Canada Court, Upland Road, St Peter Port, Guernsey, on or before
May 12, 2005.

Andrew John Taberner, Liquidator

CONTACT:  Andrew John Taberner
          Canada Court, Upland Road,
          St. Peter Port, Guernsey


STAFFORD MEWS: Liquidator from Tomlinsons Moves in
--------------------------------------------------
At the extraordinary general meeting of Stafford Mews Limited on
April 4, 2005 held at Wilson Patten Street, Warrington WA1 1HN,
the resolutions to wind up the company were passed.  Alan H.
Tomlinson of Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL has been appointed liquidator of the company.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


UNITED VEGETABLES: Names Bulley Davey Liquidator
------------------------------------------------
At the extraordinary general meeting of the contributories of
United Vegetables Limited (an Industrial and Provident Society)
on April 1, 2005 held at Manor Road, Kirton, Boston,
Lincolnshire, the special and ordinary resolutions to wind up the
company were passed.  Michael Perkins of Bulley Davey, 69-75
Lincoln Road, Peterborough E1 2SQ has been appointed liquidator
of the company.

CONTACT:  BULLEY DAVEY
          69-75 Lincoln Road,
          Peterborough PE1 2SQ
          Phone: 01733 569494
          Fax: 01733 565250
          Web site: http://www.bulleydavey.co.uk


                            *********


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

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

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

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