---

        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 28, 2005, Vol. 6, No. 83

                            Headlines

C Z E C H   R E P U B L I C

JIHOCESKE PAPIRNY: Synex Acquires Government Stake


D E N M A R K

NYCOMED: Moody's Lowers Ratings, But Keeps Stable Outlook


F I N L A N D

BENEFON OYJ: Wants to Shorten Reorganization Program
BENEFON OYJ: Raising EUR1.2 Mln to Close Restructuring


G E R M A N Y

AK BAU-GMBH: Creditors Have Until June to File Claims
BACKEREI JUNG: Kaiserslautern Court Appoints Administrator
BALZAT DIAMANT: Appoints Thomas Krafft Interim Administrator
B.R.M. KARTOFFELHOF: Calls First Creditors Meeting
ELEKTRO HAAS: Court to Verify Claims July

FFT GMBH: Sets Creditors Meeting July
FUHRMANN METALLBAU: Proofs of Claim Due Next Month
HARTMANN & MULLER: Wiesbaden Court Stays All Pending Lawsuits
INFINEON TECHNOLOGIES: Absorbs EUR114 Mln 2nd-qtr. Net Loss
IN UND AN: Gives Creditors Until Next Week to File Claims

KARL WIGGERMANN: Creditors Meeting Set May 19
KIRCHMEDIA GMBH: To Receive EUR65 Mln for Media Rights
KLINGBEIL STEINSTRASSENBAU: Creditors Claim Due May 18
KUCHEN KRUMME: Court Appoints Insolvency Administrator
MIBA MINERALIEN: Under Bankruptcy Administration

M UND R BAUUNTERNEHMUNG: Succumbs to Bankruptcy
OMEGA VERMOGENSVERWALTUNGSGESELLSCHAFT: Declared Insolvent
SCHRADER-ELEKTRO: Hildesheim Court Confirms Bankruptcy


I T A L Y

PARMALAT SPA: Antitrust Watchdog Extends Probe on Eurolat Merger


N E T H E R L A N D S

PETROPLUS INTERNATIONAL: S&P Heeds Request to Withdraw Ratings
ROYAL SHELL: Risks Losing Oman Oilfield Deal


R U S S I A

ARSK-AGRO-KHIM-SERVICE: Succumbs to Insolvency
BELMOL: Krasnodar Court Appoints Insolvency Manager
BELORECHENSK-STROY: Under Bankruptcy Supervision
CERAMIC: Tula Court Names R. Kutlin Insolvency Manager
COMBINE OF BUILDING MATERIALS: Under Bankruptcy Supervision

ELIZOVSKOYE PASSENGER: Creditors' Claims Due Third Week of May
KEMEROVO-EXPLOSION-PROM: Deadline for Filing Claims May 19
KOSTROMSKOY: Bankruptcy Proceedings Begin
MONOLITH: Penza Court Opens Bankruptcy Proceedings
NEFTEYUGANSKAYA: Gives Creditors Until Next Month to File Claims

NOVOROSSIYSKIY: Declared Insolvent
NYANDOMSKAYA TIMBER: Court Starts Bankruptcy Supervision
OAO DALSVYAZ: 'B' Rating Affirmed; Outlook Changed to Stable
OAO LUKOIL: Senior Implied Rating Raised to Ba1; Outlook Stable
PROJECT-GAS-STROY: Bankruptcy Hearing Set Next Month

SEL-KHOZ-KHIMIYA: Proofs of Claim Deadline Expires May
STROY-DETAIL: Kostroma Court Opens Bankruptcy Proceedings
YUKOS OIL: Selling Stake in Lithuanian Plant for US$800 Million


S L O V A K   R E P U B L I C

SLOVENSKE ELEKTRARNE: E.U. Commission Approves Sale to Enel


U N I T E D   K I N G D O M

ALLIED DOMECQ: Board Accepts Pernod Ricard's GBP7.4 Bln Offer
ALLIED DOMECQ: Sale to Pernod Bad for Bondholders, Says Fitch
ARCHVIEW LIMITED: Creditors Meeting Set Next Week
AUTOSIMULATIONS LIMITED: Hires Liquidators from PwC
BACK TO THE SIXTIES: Restaurant Calls in Administrators

BRADTBY LIMITED: Appoints Administrator from Berley
CONTINENTAL SHELF: Hires Liquidator from KPMG
EASYNET GROUP: Expects to End Year on High Note
EDINGTON CREDIT: Members General Meeting May
EQUITABLE LIFE: CEO Admits E&Y Audit Looked Normal

EUROTUNNEL PLC: Reports GBP570 Million Net Loss for 2004
EXCHANGE TRAVEL: Liquidator's Final Report Out May
FIRST BUSINESS: Final Meeting Set Third Week of May
GEODIS OVERSEAS: Sets Final Meeting June
GEOFFREY PIKE: Liquidator's Report Out Mid-May

GOLDSBURY INTERNATIONAL: Liquidator from Mazars Moves in
HAZELTWIST DESIGN: Hires Administrators from Bridgestones
KIRKMAN & BUTCHER: Appoints Administrator from Crawfords
PADIHAM GROUP: In Administrative Receivership
PARKMORE HOTELS: Members Decide to Wind up Firm

PATTERN EQUIPMENT: Calls in Administrators from PKF
PERSEVERANCE MILLS: Bank of Scotland Appoints PKF Receiver
PLAUTIUS (OPTIONS TRADING): Hires Liquidator from Tomlinsons
POLAR ENTERPRISES: Members Hire Liquidator from Marks Bloom
PURELY PLASMA: Administrators from Milner Boardman Move in

RA'ALLOY FABRICATION: National Westminster Appoints Receiver
RAILTON SHOES: Creditors to Meet Late May
REGUS GROUP: S&P Affirms Corporate Credit Rating at 'B-'
RENTOKIL INITIAL: Shareholders to Tackle Shakeup Next Month
RENTOKIL INITIAL: Search for Replacement of Retiring CFO Begins

ROYAL & SUNALLIANCE: Mulls Scrapping Execs' Share Options
R & R ROOFING: Names Tenon Recovery Administrator
RUSSELL BROOKES: Printing Company Hires Administrator
SOILCO LIMITED: Liquidator to Deliver Report May
S. SCOTT: Winding-up Report Out Next Month

TILLERPOINT LIMITED: Sets Final Meeting May 27
UK COAL: Expects to Meet First-quarter Performance Target
UNITED NETWORKS: In Administrative Receivership
W. BARNWELL: Members General Meeting May
XYZ124 LIMITED: Sets Creditors Meeting Next Week


                            *********


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


JIHOCESKE PAPIRNY: Synex Acquires Government Stake
--------------------------------------------------
Bailout agency Ceska Konsolidacni Agentura (CKA) has sold the
government's 38.89% stake in loss-making paper maker Jihoceske
Papirny a.s. Vetrni to Synex.

Synex, according to a CKA statement, paid CZK183 million for the
stake and its purchase included the government's CZK171 million
claim against Jihoceske.

Based in South Bohemia, Jihoceske reported a net loss of around
CZK14 million in the first half.  It is considered one of the
country's largest paper producers.  It has won numerous awards,
including an EN ISO 9002 testimonial from auditors BVQI.

CONTACT:  JIHOCESKE PAPIRNY a.s. VETRNI
          CZ - 382 11 Vetrni cp. 2
          Phone: +420 380 909 111
          Fax +420 380 909 234
          Web site: http://www.jip.cz


=============
D E N M A R K
=============


NYCOMED: Moody's Lowers Ratings, But Keeps Stable Outlook
---------------------------------------------------------
Moody's Investors Service downgraded the senior implied rating of
Nycomed from B1 to B2.  The outlook on all ratings is stable.
This concludes the review initiated on 11 March 2005.  Nycomed
A/S has acquired the share capital of Nyco Holdings, which is the
indirect parent company of Nyco 2 Holdings ApS and its operating
subsidiaries, collectively known as "Nycomed" or "the group."

Ratings affected are:

(a) Senior implied rating downgraded from B1 to B2 and
    reassigned from Nyco Holdings ApS to Nycomed A/S,

(b) Issuer rating downgraded from B3 to Caa1 and reassigned from
    Nyco Holdings 2 ApS to Nycomed A/S,

(c) EUR225 million 11.5% Senior Notes due 2013 issued by Nyco
    Holdings 2 ApS confirmed at B3

The outlook for all ratings is stable.

The rating action follows the group's change in ownership and
subsequent issuance of EUR400 million of PIK notes at Nycomed
A/S.  On 10 March 2005, the equity sponsors of Nycomed (i.e.
Blackstone Partners and DLJ Merchant Banking III) agreed to sell
Nyco Holding A/S to Nycomed A/S, a vehicle established by Nordic
Capital Ventures (NCV).  The transaction is not expected to close
until the end of April 2005 but it is expected that at that time,
NCV will own between 40% and 51% of Nycomed A/S and the original
equity consortium and management will own the remaining shares.

Assuming the transaction closes as expected, consideration for
the equity will be EUR1,260.5 million, which combined with
assumed net debt, translates to an acquisition multiple of 14.2x
2004 EBITDA compared with the multiple of 10.5x 2002 EBITDA paid
in the November 2002 buy-out.  Funding is provided through the
issuance of EUR400 million of senior PIK notes, equity invested
by NCV of c. EUR455 million (based on the assumption of 51%
ownership) and the re-investment of EUR486.6 million of equity
and warrants by the original equity consortium.  Approximately
EUR51.6 million of Mezzanine notes have been redeemed while
EUR351.4 million of existing senior credit facilities and EUR225
million of senior notes remain in place.

The senior implied and issuer ratings have been re-assigned to
Nycomed A/S to reflect the changed capital structure.  Going
forward, Nycomed A/S will be the issuer of the group's
consolidated accounts.

The downgrade reflects Moody's view that the transaction has
heightened the financial risk of the group.  Moody's notes the
fact that the PIK notes are deeply subordinated to the group's
senior notes, do not benefit from any enforcement rights and
cannot trigger an acceleration of Nycomed's other debt
obligations.  However, the PIK notes represent a considerable
debt obligation to the group which will be classified as debt in
the group's consolidated statements and which we have captured as
debt in our calculations.

Nycomed's pro forma FY04 total leverage (i.e. total debt adjusted
for pension obligations and leases/EBITDAR) is 7.9x compared with
5.4x before the transaction, which was already higher than our
expectations for FY04 at initial issuance.  While Nycomed's
ability to generate cash from operations has improved over the
past three years, free cash flow has been minimal due to its high
interest costs and significant capital expenditure/investment
requirements.  As the group continues to invest in in-licensing
and expansion opportunities, free cash flow is expected to
continue to be constrained over the medium-term.

Total leverage is not expected to reduce meaningfully over the
medium term as mandatory amortizations under the group's Term
Loan A facility will be offset by drawings under the revolver and
in-licensing facility.  Furthermore, the Consolidated Leverage
Ratio of 7:1 for two years after issuance and 6:1 thereafter
under the PIK indenture allows the group considerable flexibility
to maintain debt at a high level.

Interest on the PIK notes may, at the group's option, be paid in
cash or through the issuance of additional notes.  The restricted
payments basket under the EUR225 million Senior Notes due 2013
has benefited from the receipt of funds (from the current
transaction and in 2004 from an asset disposal), which were used
to repay the Mezzanine Notes.  As a result, Moody's calculates
that the restricted payments basket at Nyco Holdings 2 ApS is now
close to a position where dividends can be upstreamed to Nycomed
A/S.  As a result, the group has the flexibility to service the
PIK interest in cash, although the group's ongoing capital needs
are such that cash interest on the PIK would appear unlikely
until 2007.

Liquidity is considered satisfactory given the group's cash on
balance sheet as of 31 December 2004 of EUR23.7 million and
availability under its EUR40 million revolving credit facility
and a EUR70 million in-licensing facility, of which EUR10.5
million was drawn as of year end.  In addition, the group has an
equity position in NPS Pharmaceuticals that is not subject to a
lock-up period and which can be sold at any time.  The market
value of this position was EUR10.5 million as of 11 March 2005.

The PIK notes' indenture allows the group to issue up to EUR125
million of Contingent Shareholder Loans, or 30% of the expected
proceeds from a litigation, which is currently underway.  The
loans would become effective within 30 days of a settlement and
mature one year after the maturity of the PIK notes.  Interest on
such loans would accrete at 200bps in excess of the effective
yield under the PIK notes.  Up to EUR75 million of these loans
could be refinanced through the issuance of EUR75 million
Additional PIK notes, provided that up to EUR150 million of debt
at Nyco 2 Holdings and its subsidiaries is repaid with proceeds
from the litigation.

The B3 rating of the senior notes issued by Nyco Holdings 2 ApS
reflects their structural, effective and contractual
subordination to a substantial amount of secured bank debt, both
that which is currently drawn and available drawings.  The
group's bank facility is not rated by Moody's.  However, the
differential between the group's senior implied rating and the
rating on the senior notes has been narrowed to one notch to
reflect Moody's expectation that in a downside scenario, the PIK
creditors would likely absorb substantial losses ahead of the
senior note holders.

The outlook for all ratings is stable reflecting the group's
solid and improving margins, benefits from its product and
geographic diversification and relatively lower risk product
pipeline strategy, which is focused on product extensions and
in-licensing rather than research and discovery.  Ratings could
rise if the group uses proceeds of an IPO to repay debt and free
cash flow becomes positive on a sustainable basis.  Conversely,
ratings could fall if growth from new products does not
materialize as expected, if operating margins deteriorate from
the FY04 level of 3.1% or ROA does not improve from the current
low level of 1.8%.  The rating on the senior notes is weakly
positioned and could fall if interest on the PIK notes becomes a
cash drain to the detriment of the debt protection metrics at
Nyco Holdings 2 ApS and its subsidiaries.

Headquartered in Copenhagen, Denmark, Nycomed is a pan-European,
mid-sized, marketing-driven pharmaceutical company.  In the year
ended 31 December 2004, Nycomed generated net turnover of
EUR644.6 million.

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

          London
          Amanda Neff
          VP - Senior Credit Officer
          Corporate Finance Group


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


BENEFON OYJ: Wants to Shorten Reorganization Program
----------------------------------------------------
Benefon Oyj, its reorganization supervisor, Mr. Sakari Sorri, and
FOS agreed to apply for the amendment of the company's
reorganization program at the District Court of Turku.  The
amendment is in the meaning of 63S of the Finnish Corporate
Reorganization Act.

FOF is composed of Finnvera Oyj, OKO Osuuspankkien Keskuspankki
Oyj and Sampo Pankki.

Amendment of the reorganization program requires that the
creditors support the amendment and the District Court approves
the amendment proposal.

The Company will propose to the District Court that the
reorganization program is amended to end already on June 30, 2005
instead of the prior confirmed Dec. 31, 2008.

Providing that the District Court approves the proposed program
amendment, the Company will pay off all non-collateralized debt
in advance upon the decision of the District Court becoming
legally enforceable.  With the same, the non-collateralized
creditors of the Company will be paid additional payment share,
which will more than double the payments to the
non-collateralized creditors determined in the reorganization
program.

Providing that the District Court approves the program amendment,
the Supervisor will manage the said payments to creditors, both
those in the program and the additional payment shares.  The
needed funds have already been provided and deposited into an
escrow account at the Supervisor.

In case the District Court decides to amend the re-organization
program in accordance with the application, the Supervisor will
pull back the regression suits filed in the District Court of
Helsinki and reported by the Company in a market bulletin
released on Dec. 16, 2004.

Further, the Company and FOS have agreed about certain financial
covenants upon fulfillment of which, but not later than Sept. 30,
2008, FOS will waive all claims towards and receivables from the
Company and release all collateral provided to them.

Benefon Oyj
Tomi Raita
CEO

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


BENEFON OYJ: Raising EUR1.2 Mln to Close Restructuring
------------------------------------------------------
In connection with the agreement for an advanced reorganization
exit of Benefon Oyj, the company is raising a capital loan of
EUR1.2 million to finance the agreement.  The loan is granted by
Benecap Limited, a Jersey, Channel Islands, company and certain
third party investors assigned by it.  The loan carries no
interest and it will be paid back at the end of 2007, as latest,
subject to legal limitations pertaining to capital loans.

As a part of the negotiated terms and conditions of the loan, the
Board commits to issue 2.16 million option rights to be directed
to the lenders.  The exercise price with these options will be
EUR0.14 per share, and the exercise period will expire three
years after the issuance of the options.

Benefon Oyj
Tomi Raita
CEO

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


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


AK BAU-GMBH: Creditors Have Until June to File Claims
-----------------------------------------------------
The district court of Kiel opened bankruptcy proceedings against
AK Bau-GmbH on April 5.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until June 9, 2005 to register their claims with
court-appointed provisional administrator Reinhold
Schmid-Sperber.

Creditors and other interested parties are encouraged to attend
the meeting on June 23, 2005, 11:00 a.m. at the district court of
Kiel Saal: 4 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.

AK BAU-GMBH CONTACT:  AK BAU-GMBH
          Holzkoppelweg (Haus 50) 33, 24118 Kiel

          Reinhold Schmid-Sperber, Administrator
          Lessingplatz 4, 24116 Kiel


BACKEREI JUNG: Kaiserslautern Court Appoints Administrator
----------------------------------------------------------
The district court of Kaiserslautern opened bankruptcy
proceedings against Backerei Jung GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 20, 2005 to
register their claims with court-appointed provisional
administrator Jean-Olivier Boghossian.

Creditors and other interested parties are encouraged to attend
the meeting on June 20, 2005, 2:15 p.m. at Saal 15,
Justizzentrum, Bahnhofstrasse 24, 67655 Kaiserslautern at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  BACKEREI JUNG GMBH
          Wahrbachstr. 4, 66887 St. Julian
          Contact:
          Andreas Jung, Manager
          Hauptstr. 29, 66887 St. Julian

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


BALZAT DIAMANT: Appoints Thomas Krafft Interim Administrator
------------------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against Balzat Diamant Kernbohrtechnik GmbH on March 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 3, 2005 to
register their claims with court-appointed provisional
administrator Thomas Krafft.

Creditors and other interested parties are encouraged to attend
the meeting on June 7, 2005, 10:15 a.m. at the district court of
Cottbus, Saal 210, Gerichtsplatz 2, Cottbus, 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:  BALZAT DIAMANT KERNBOHRTECHNIK GMBH
          Ringstr. 2, 01968 Senftenberg
          Contact:
          Frau Grit Jana Balzat

          Thomas Krafft, Administrator
          Jagerallee 37 H, 14469 Potsdam


B.R.M. KARTOFFELHOF: Calls First Creditors Meeting
--------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against B.R.M. Kartoffelhof GmbH on April 1, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 20, 2005 to
register their claims with court-appointed provisional
administrator Herbert Hulsbergen.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 11:00 a.m. at the district court of
Rostock 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:  B.R.M. KARTOFFELHOF GMBH
          Bornkoppelweg 1
          18184 Broderstorf

          Herbert Hulsbergen, Administrator
          Graf-Schack-Strasse 14
          18055 Rostock


ELEKTRO HAAS: Court to Verify Claims July
-----------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Elektro Haas Hamburg GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 21, 2005 to register their
claims with court-appointed provisional administrator Detlef
Helmut Sturmann.

Creditors and other interested parties are encouraged to attend
the meeting on May 12, 2005, 10:30 a.m. at the district court of
Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen 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 July
14, 2005, 9:00 a.m.

CONTACT:  Elektro Haas Hamburg GmbH
          Walther Jacobs Str. 1, 28309 Bremen
          Contact:
          Harald Krumm, Manager
          Farmsener Landstr. 44 A, 22359 Hamburg

          Detlef-Helmut Sturmann, Administrator
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


FFT GMBH: Sets Creditors Meeting July
-------------------------------------
The district court of Kaiserslautern opened bankruptcy
proceedings against FFT GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 6, 2005 to register their
claims with court-appointed provisional administrator Paul
Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 10:20 a.m. at Saal 8, Amtsgericht,
Bahnhofstrasse 24, 67655 Kaiserslautern at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  FFT GMBH
          Alsenzstr. 11, 67722 Winnweiler
          Contact:
          Thomas Fattler, Manager

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


FUHRMANN METALLBAU: Proofs of Claim Due Next Month
--------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Fuhrmann Metallbau GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 25, 2005 to register their
claims with court-appointed provisional administrator Manfred
Siebke.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 12:30 p.m. at the district court of
Braunschweig, An der Martinikirche 8, 38100 Braunschweig, 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:  FUHRMANN METALLBAU GMBH
          Porschestrasse 18, 38112 Braunschweig
          Contact:
          Uwe Fuhrmann, Manager
          Leipziger Strasse 52 b, 38124 Braunschweig

          Manfred Siebke, Administrator
          Damm 34, D-38100 Braunschweig
          Phone: (0531) 18088
          Fax: (0531) 13532


HARTMANN & MULLER: Wiesbaden Court Stays All Pending Lawsuits
-------------------------------------------------------------
The district court of Wiesbaden opened bankruptcy proceedings
against Hartmann & Muller OHG on April 1, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors had until April 27, 2005 to
register their claims with court-appointed provisional
administrator Ulrich Maschmann.

Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 8:00 a.m. at the district court of
Wiesbaden, Moritzstrasse 5, Hinterhaus, 65185 Wiesbaden 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:  HARTMANN & MULLER OHG
          Obergasse 26
          65510 Idstein

          Ulrich Maschmann, Administrator
          Martha-von-Opel-Weg 9
          65307 Bad Schwalbach
          Phone: 06124/70670
          Fax: 06124/2341


INFINEON TECHNOLOGIES: Absorbs EUR114 Mln 2nd-qtr. Net Loss
-----------------------------------------------------------
Highlights of second-quarter and first-half results:

(a) Second quarter revenues were EUR1.61 billion, down 12%
    sequentially.  Excluding license income of EUR118 million
    realized in the first quarter from the settlement with
    ProMOS, revenues declined 5% sequentially, reflecting
    reduced revenues of the Communication and Memory Products
    segments;

(b) Net loss in the second quarter was EUR114 million, down from
    net income of EUR142 million sequentially; second quarter
    EBIT decreased to negative EUR117 million from positive
    EUR211 million in the prior quarter.  First quarter EBIT
    included a net aggregate positive impact of EUR116 million
    resulting primarily from the license settlement with ProMOS.
    Second quarter EBIT was negatively impacted by a net
    aggregate charge of EUR74 million resulting primarily from
    the reorganization measures in the Communication segment;
    and

(c) Total revenues for the first half of financial year 2005
    were EUR3.42 billion, up 4% from EUR3.29 billion in the same
    period last year.  Net income for the first half of the 2005
    financial year amounted to EUR28 million, compared to EUR73
    million in the prior year.  EBIT in the first half of
    financial year 2005 was EUR94 million, a decrease from
    EUR141 million in the same period last year.

In the second quarter of financial year 2005, Infineon
Technologies AG (FSE/NYSE:IFX) reported, as expected, a
sequential decrease in overall revenues.  The decrease, excluding
license income of EUR118 million realized in the first quarter
from the settlement with ProMOS, was primarily due to reduced
revenues in its Communication and Memory Products segments.  In
the Communication segment, sales volumes decreased as a result of
a seasonal slow- down of the worldwide mobile phone market
coupled with a greater than seasonal decline in demand from some
customers.  In the Memory Products segment, revenues declined
primarily due to the non-recurrence during the second quarter of
license income of EUR118 million from the settlement with ProMOS,
and the strong decline of memory prices.  Revenues in the
Automotive, Industrial and Multimarket segment remained flat when
compared to the previous quarter, mainly due to higher sales
volume in the automotive and industrial market and despite strong
pricing pressure in the chip-card business.  All of the company's
segments were impacted by pricing pressure.

EBIT declined in the company's three primary segments, as was
noted in the outlook from the prior quarter.  The sequential EBIT
decrease was partially driven by lower sales volumes in the
Communication segment, and by the strong decline in memory
prices.  In addition, EBIT was negatively impacted by a net
aggregate charge of EUR74 million resulting primarily from the
reorganization measures in the Communication segment.  EBIT in
the first quarter included a net aggregate positive impact of
EUR116 million resulting primarily from the license settlement
with ProMOS, which did not recur in the second quarter.

"Our cautious assessment of market conditions and the outlook for
the last quarter unfortunately turned out to be accurate.  In
this difficult environment, we concentrated our efforts on
optimizing our business setup, and have already achieved several
milestones," said Dr. Wolfgang Ziebart, CEO and President of
Infineon Technologies AG.  "Back in the first quarter of this
financial year, we took immediate action and implemented the fast
and effective Smart Savings program.  We then simplified the
organization to create leaner structures and faster decision
paths to allow us to better serve our customers.  As a third
step, we are focusing on restructuring non-profitable
businesses."

Market Position

In calendar year 2004, Infineon improved its position on the
worldwide semiconductor market from rank 7 to rank 4 according to
the market research institute iSuppli.

Employee Data

As of March 31, 2005, Infineon had approximately 36,000 employees
worldwide, including approximately 7,200 engaged in Research and
Development.

Outlook for the Third Quarter of Financial Year 2005

Infineon anticipates no major improvement in demand in the third
quarter of financial year 2005.  The company expects continued
pricing pressure, especially for chip-card ICs, memory, and
mobile phone products.  However, growth in shipments, primarily
in Memory Products, should partially offset the impact of pricing
pressure on revenues and operating results.  Results of
operations are expected to be negatively affected by further
charges related to the planned phase-out of production at Munich
Perlach, which the company cannot currently quantify due to the
early stage of discussions with the workers' council.

"As there are no near-term catalysts for growth in demand,
especially in the memory and mobile phone businesses, in the
third quarter we will continue to focus on cost-cutting measures
and on restructuring non-profitable businesses," commented Dr.
Ziebart.  "While this is a very difficult transition period, we
believe that our pipeline of innovative products and the steps we
have taken to further strengthen the company will put us into an
improved competitive position next year."

Business Groups' 2005 Second-quarter Performance and Outlook

In the second quarter of financial year 2005, Infineon reports
for the first time its financial position and results of
operations under its new organizational structure, which became
effective on January 1, 2005.  The Mobile and Wireline
Communication segments have been combined into the new
Communication segment to align the company's structure with
market developments.  At the same time, the security and
chip-card activities and the ASIC & Design Solutions business
have been integrated into the extended Automotive, Industrial and
Multimarket segment.  The results of prior periods have been
reclassified to conform to the current period presentation.

Automotive, Industrial and Multimarket

Despite the overall slow-down in the segment's end market,
revenues in the Automotive, Industrial and Multimarket segment
remained flat when compared to the previous quarter, primarily
due to higher sales volumes in the automotive and industrial
business.  Revenues and earnings of the Automotive, Industrial
and Multimarket segment were negatively impacted by strong
pricing pressure in the company's security and chip-card
business, which could not be entirely offset by productivity
gains.  Margins in the automotive and industrial business were in
line with the outlook provided last quarter.

Automotive, Industrial and Multimarket's Outlook for the
Third-quarter of Financial Year 2005

As the third quarter of the financial year typically shows
seasonally strong demand in the automotive industry, Infineon
expects further growth in its automotive business in the third
quarter of 2005.  On the other hand, the company anticipates
continuing pricing pressure in its industrial business and
therefore expects earnings to decrease slightly in the upcoming
quarter.  In its security and chip-card business, Infineon
anticipates continued weakness in the third quarter of financial
year 2005, in line with the worldwide chip-card market.  While
the price decline for chip-card ICs is very hard to predict,
Infineon anticipates that productivity improvements would be
sufficient to offset the pressure on revenues and EBIT caused by
falling prices.  All in all, the company expects revenues and
earnings of the segment to remain stable.

Communication

While revenues in the wireline business were stable in the second
quarter of financial year 2005, Infineon suffered a sharp revenue
decline in its wireless communication business.  This revenue
decrease was primarily caused by a seasonal slow-down of the
worldwide market for mobile phones in the second quarter of the
financial year in combination with a greater than seasonal
decline in demand from some customers.  Due to the reduced sales
volume, a continued high level of idle capacity costs, and a net
charge of EUR44 million resulting primarily from the sale or
reorganization of the fiber optics and certain other
communications businesses, the sequential EBIT loss increased
significantly.

Effective January 31, 2005, Infineon and Finisar Corporation
closed an agreement in which Finisar acquired Infineon's fiber
optics transceiver business in exchange for 34 million shares of
Finisar's common stock.  In April 2005, Infineon sold the 34
million shares of Finisar's common stock to VantagePoint Venture
Partners.  As a result of the sale of the fiber optics
transceiver business and the subsequent sale of the shares of
Finisar's common stock, EBIT in the second quarter was positively
impacted by EUR13 million.  Operating losses from the fiber
optics business are not expected to materially impact EBIT after
the end of the 2005 financial year.

In April 2005, Infineon and Exar entered into a definitive
agreement under which Exar has acquired a significant portion of
Infineon's optical networking business.  The existing MetroMapper
family of Ethernet-over-SONET products will remain part of
Infineon's product portfolio.  The optical networking business
unit will be dissolved effective July 1, 2005.  Revenue and
earnings contributions from residual products after that date are
expected to be negligible.

With these initiatives, Infineon has a clearly defined path to
focus its wireline communications activities on access
applications and to bring this business back to profitability.

In the second quarter of financial year 2005, the product
portfolio of Infineon's wireless activities was strengthened by
the introduction of the CMOS single-chip E-GOLDradio that
integrates baseband and the RF transceiver on one chip.

Communication's Outlook for the Third Quarter of Financial Year
2005

In the third quarter of financial year 2005, the company expects
revenues of its Communication segment to remain flat or to
decrease slightly compared to the previous quarter, mainly due to
continued weak demand from some customers for mobile phone
components.  Because of an anticipated continuation of pricing
pressure in the overall Communication segment, and lower sales
volumes, the company anticipates significant negative EBIT
results for the third quarter of financial year 2005.  However,
Infineon expects the company's recently initiated efficiency
programs to start impacting financial results positively in the
third quarter of the financial year.  Accordingly, the company
expects the segment's losses to decrease compared to the second
quarter of the financial year.

Memory Products

The sequential revenue and EBIT decrease resulted primarily from
the non-recurrence during the second quarter of license income of
EUR118 million from the settlement with ProMOS that was realized
in the first quarter.  In addition, revenues and EBIT were
negatively impacted by a strong price decline in the worldwide
memory market that could not be completely offset by increased
sales volume and reduced unit costs.

In March 2005, Rambus and Infineon reached an agreement settling
all claims between them and licensing the Rambus patent portfolio
for use in current and future Infineon products.  Accordingly,
Rambus granted Infineon a worldwide license to existing and
future Rambus patents and patent applications for a quarterly
license fee of U.S. dollars 5.85 million to be paid by Infineon
starting November 15, 2005, and continuing through November 15,
2007.

Memory Products' Outlook for the Third Quarter of Financial Year
2005

For the third quarter of financial year 2005, Infineon expects an
increase in system memory loads and worldwide demand for memories
due to the price reductions for DRAMs in the second quarter of
financial year 2005.  The company's bit shipments are expected to
increase at a rate above market growth based on growing
capacities at joint venture and foundry partners.  The company
will continue to focus on the expansion of its product portfolio
with higher margin products as these are less exposed to price
fluctuations.

Other Operating Segments

The significant EBIT improvement in the second quarter of
financial year 2005 compared to the previous quarter was mainly
due to a gain of EUR13 million realized on the sale of Infineon's
venture capital activities to Cipio Partners.

Corporate and Reconciliation

The sequential EBIT loss increase in the second quarter of
financial year 2005 compared to the previous quarter was mainly
due to charges of EUR31 million resulting primarily from the
restructuring of the company's fiber optics business.

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

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

          For Investors and Analysts based in North America:
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com

          Christoph Liedtke
          U.S.A.
          Phone: +1-408 501-6790
          Fax: +1-408 501-2424
          E-mail: christoph.liedtke@infineon.com

          Kaye Lim
          Asia
          Phone: +65-6840-0689
          Fax: +65-6840-0073
          E-mail: kaye.lim@infineon.com

          Hirotaka Shiroguchi
          Japan
          Phone: +81-3-5449-6795
          Fax: +81-3-5449-6401
          E-mail: hirotaka.shiroguchi@infineon.com


IN UND AN: Gives Creditors Until Next Week to File Claims
---------------------------------------------------------
The district court of Kleve opened bankruptcy proceedings against
IN und AN Bau GmbH on April 8.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 3, 2005 to register their claims with
court-appointed provisional administrator Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on May 24, 2005, 11:40 a.m. at the district court of
Kleve, Hauptstelle, Schlossberg 1, 47533 Kleve, Erdgeschoss, C 58
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:  IN UND AN BAU GMBH
          Rheinberger Strasse 70, 47441 Moers
          Contact:
          Sezgin Yilmaz, Manager
          Windmuhlenstrasse 85 K, 47445 Moers

          Horst Piepenburg, Administrator
          Heinrich-Heine-Allee 20, 40213 Dusseldorf
          Phone: 0211/492240
          Fax: 0211/494087


KARL WIGGERMANN: Creditors Meeting Set May 19
---------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Karl Wiggermann Bauunternehmung und Baustoffhandel GmbH &
Co. KG on April 1.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
June 2, 2005 to register their claims with court-appointed
provisional administrator Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting on May 19, 2005, 10:15 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, 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 July
21, 2005, 8:30 a.m.

CONTACT:  KARL WIGGERMANN BAUUNTERNEHMUNG
          UND BAUSTOFFHANDEL GMBH & CO. KG
          Dieselstr. 13, 59174 Kamen
          Contact:
          Karlheinz Wiggermann, Manager

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


KIRCHMEDIA GMBH: To Receive EUR65 Mln for Media Rights
------------------------------------------------------
TV company ProSiebenSat.1 Media is paying KirchMedia GmbH EUR65
million for film, series and television rights, according to
Financial Times Deutschland.

The EUR45 million is for the exclusive use of some of Kirch's
2,000 films and series, which it acquired in 2003.  The remaining
EUR15 million is for pay-TV rights.  ProSiebenSat refused to
comment on the reports, although it stressed many times before
that it plans to enter the pay-TV market.

CONTACT:  PROSIEBENSAT.1 MEDIA AG
          Medienhallee 7
          D-85774 Unterfohring, Germany
          Phone: +49-89-9507-1145
          Fax: +49-89-9507-1159
          Web site: http://www.prosieben.com


KLINGBEIL STEINSTRASSENBAU: Creditors Claim Due May 18
------------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Klingbeil Steinstrassenbau GmbH on April 7.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 18, 2005 to
register their claims with court-appointed provisional
administrator Thomas Wulsten.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 10:30 a.m. at the district court of
Frankfurt (Oder), Mullroser Chaussee 55, 15236 Frankfurt (Oder),
Saal 401, 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:  KLINGBEIL STEINSTRASSENBAU GMBH
          Seestrasse 18, 15370 Fredersdorf/Vogelsdorf

          Rechtsanwalt Thomas Wulsten, Administrator
          Gross Berliner Damm 73c, 12487 Berlin


KUCHEN KRUMME: Court Appoints Insolvency Administrator
------------------------------------------------------
The district court of Meldorf opened bankruptcy proceedings
against Kuchen Krumme GmbH on April 5, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 12, 2005 to register their
claims with court-appointed provisional administrator Dr. Achim
Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting on June 24, 2005, 10:20 a.m. at the district court of
Meldorf, Saal II, Domstrasse 1, 25704 Meldorf 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:  KUCHEN KRUMME GMBH
          Koogstr. 20
          25541 Brunsbuttel

          Dr. Achim Ahrendt, Administrator
          Albert-Einstein-Ring 11
          22761 Hamburg


MIBA MINERALIEN: Under Bankruptcy Administration
------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Miba Mineralien und Bauhandel Beteiligungs GmbH on April
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until July 12,
2005 to register their claims with court-appointed provisional
administrator Edgar Gronda.

Creditors and other interested parties are encouraged to attend
the meeting on May 12, 2005, 10:55 a.m. at the district court of
Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, 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 August 2,
2005, 9:15 a.m.

CONTACT:  MIBA MINERALIEN UND BAUHANDEL BETEILIGUNGS GMBH
          Kap Horn Strasse 3, 28237 Bremen
          Contact:
          Klaus Carl Joachim Martin, Manager
          Kirchbachstrasse 120b, 28211 Bremen
          Kai Martin, Manager
          Borgfelder Deich 6c, 28357 Bremen

          Edgar Gronda, Administrator
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


M UND R BAUUNTERNEHMUNG: Succumbs to Bankruptcy
-----------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against M und R Bauunternehmung GmbH on April 8, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 7, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 10:30 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  M UND R BAUUNTERNEHMUNG GMBH
          Zehntstrasse 1-3
          51065 Cologne

          Dr. Jorg Nerlich, Administrator
          Aachener Str. 563-565
          50933 Cologne
          Phone: 0221/ 940 80 30
          Fax: +492219408039


OMEGA VERMOGENSVERWALTUNGSGESELLSCHAFT: Declared Insolvent
----------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Omega Vermogensverwaltungsgesellschaft mbH on April 6,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until May 27,
2005 to register their claims with court-appointed provisional
administrator Gorge Scheid.

Creditors and other interested parties are encouraged to attend
the meeting on June 27, 2005, 11:00 a.m. at the district court of
Leipzig at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  OMEGA VERMOGENSVERWALTUNGSGESELLSCHAFT MBH
          Bertramstrasse 27
          06110 Halle

          Gorge Scheid, Administrator
          Jacobstrasse 25
          04105 Leipzig


SCHRADER-ELEKTRO: Hildesheim Court Confirms Bankruptcy
------------------------------------------------------
The district court of Hildesheim opened bankruptcy proceedings
against Schrader-Elektro GmbH on April 1.  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 Rudiger
Marahrens.

Creditors and other interested parties are encouraged to attend
the meeting on June 14, 2005, 11:00 a.m. at Saal 13,
Hauptgebaude, Kaiserstrasse 60, 31134 Hildesheim 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:  SCHRADER-ELEKTRO GMBH
          Hottelner Weg 50, 31137 Hildesheim
          Contact:
          Karl-Heinz Schrader, Manager
          Agnes-Miegel-Str. 76, 31139 Hildesheim

          Rudiger Marahrens, Administrator
          Lilly-Reich-Str. 7, 31137 Hildesheim
          Phone: 05121/69772-0
          Fax: 05121/69772-20


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


PARMALAT SPA: Antitrust Watchdog Extends Probe on Eurolat Merger
----------------------------------------------------------------
Italy's antitrust authority has put off the deadline of its probe
on the merger of Parmalat S.p.A. and Eurolat, according to
Agenzia Giornalistica Italia.

The investigation into whether the merger distorted competition
will now close on June 30, 2005 because of the complexity of the
issue and the need to acquire more information.  The report did
not mention the original deadline.

In February, the regulator ordered Parmalat to pay more than
EUR11 million in fines for breaching conditions set during its
purchase of Eurolat.  The regulator claims the firm failed to
dispose of Newlat S.r.L company as provided in its 27 July 1999
order.

CONTACT:  PARMALAT FINANZIARIA
          Sede legale: 43044 Collecchio (Pr)
          - Via Oreste Grassi, 26
          Codice fiscale e iscrizione nel Registro delle Imprese
          di Parma 00175250471 - Partita I.V.A. 01938950340 -
          R.E.A. Parma n. 188325 - U.I.C. n. 730

          Sede amministrativa: 20122 Milano
          Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax: (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


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


PETROPLUS INTERNATIONAL: S&P Heeds Request to Withdraw Ratings
--------------------------------------------------------------
Standard & Poor's Ratings withdrew its 'B+' long-term corporate
credit rating on Netherlands-based independent oil refining
company Petroplus International N.V.  At the same time, Standard
& Poor's withdrew its 'B-' senior unsecured debt rating on the
EUR225 million notes issued by Petroplus Funding B.V.  The
outlook on Petroplus was negative.

The ratings were withdrawn at the request of Petroplus following
the repurchase of the majority of the EUR225 million notes, which
are understood to have been tendered at a price above par value.
The repurchase follows the acquisition of Petroplus by River
Acquisition B.V.

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


ROYAL SHELL: Risks Losing Oman Oilfield Deal
--------------------------------------------
Occidental Petroleum Corp. may replace Royal Dutch/Shell Group as
the partner of the Sultanate of Oman in developing its Mukhaizna
oilfield.

Citing a person close to the government Wednesday, the Financial
Times said the U.S.-based Occidental has offered to extract more
oil at a cheaper cost.  The field is estimated to contain
reserves equivalent to 2.4 billion barrels and will generate
10,000 barrels a day when fully developed.  Shell clinched the
deal a few months ago

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
===========


ARSK-AGRO-KHIM-SERVICE: Succumbs to Insolvency
----------------------------------------------
The Arbitration Court of Tatarstan Republic commenced bankruptcy
proceedings against Arsk-Agro-Khim-Service (TIN 1609001468) after
finding the open joint stock company insolvent.  The case is
docketed as A65-21171/2004-SG4-21.  Mr. R. Ibragimov has been
appointed insolvency manager.

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

(a) ARSK-AGRO-KHIM-SERVICE
    422010, Russia, Tatarstan Republic,
    Arsk, Poperechnaya Str. 3

(b) Mr. R. Ibragimov
    Insolvency Manager
    422540, Russia, Tatarstan Republic,
    Zelenodolsk, Frunze Str. 9


BELMOL: Krasnodar Court Appoints Insolvency Manager
---------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Belmol.  The case is docketed as A-32-6372/2005-27/48-B.  Mr. A.
Nefedov has been appointed temporary insolvency manager.

CONTACT:  BELMOL
          Russia, Krasnodar region,
          Belaya Glina, Dimitrova Str. 34

          Mr. A. Nefedov
          Temporary Insolvency Manager
          350003, Russia, Krasnodar region,
          Post User Box 5335
          Phone: (861) 2-333-213


BELORECHENSK-STROY: Under Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Belorechensk-Stroy (TIN 2303010876).  The case is docketed as
A-32-4651/05-38/30 B.  Mr. A. Pyatkov has been appointed
temporary insolvency manager.

CONTACT:  BELORECHENSK-STROY
          325630, Russia, Krasnodar region,
          Belorechenskiy region, Belorechensk, Lenina Str. 64

          Mr. A. Pyatkov
          Temporary Insolvency Manager
          350042, Russia, Krasnodar region,
          Kolkhhoznaya Str. 3, Office 307


CERAMIC: Tula Court Names R. Kutlin Insolvency Manager
------------------------------------------------------
The Arbitration Court of Tula region has commenced bankruptcy
supervision procedure on close joint stock company Ceramic.  The
case is docketed as A68-111/B-04.  Mr. R. Kutlin has been
appointed temporary insolvency manager.  A hearing will take
place on May 31, 2005.

CONTACT:  CERAMIC
          Russia, Tula region,
          Novomoskovsk, Keram-Avarijnyj

          Mr. R. Kutlin
          Temporary Insolvency Manager
          Russia, Tula region,
          Novomoskovsk, Keram-Avarijnyj


COMBINE OF BUILDING MATERIALS: Under Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on open joint stock company Combine of
Building Materials.  The case is docketed as A41-K2-1120/05.  Mr.
V. Komolov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 117036, Russia,
Moscow, Profsoyuznaya Str. 3, Office 714.  A hearing will take
place on July 27, 2005, 10:00 a.m.

CONTACT:  COMBINE OF BUILDING MATERIALS
          141260, Russia, Moscow region,
          Krasnoarmeysk, Ispytateley Pr. 14

          Mr. V. Komolov
          Temporary Insolvency Manager
          117036, Russia, Moscow region,
          Profsoyuznaya Str. 3, Office 714


ELIZOVSKOYE PASSENGER: Creditors' Claims Due Third Week of May
--------------------------------------------------------------
The Arbitration Court of Kamchatka region commenced bankruptcy
proceedings against Elizovskoye Passenger Enterprise (TIN
4105001979) after finding the open joint stock company insolvent.
The case is docketed as A24-4140/04-08.  Mr. V. Sipko has been
appointed insolvency manager.  A hearing will take place on Jan.
13, 2006, 11:00 a.m.

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

(a) ELIZOVSKOYE PASSENGER ENTERPRISE
    Russia, Kamchatka region,
    Elizovo, Murmanskaya Str. 12

(b) Mr. V. Sipko
    Insolvency Manager
    683000, Russia, Petropavlovsk-Kamchatskiy region,
    Leninskaya Str. 38, Office 407


KEMEROVO-EXPLOSION-PROM: Deadline for Filing Claims May 19
----------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Kemerovo-Explosion-Prom after finding the
limited liability company insolvent.  The case is docketed as
A27-19190/2004-4.  Mr. S. Chernykh has been appointed insolvency
manager.

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

(a) KEMEROVO-EXPLOSION-PROM
    650903, Russia, Kemerovo region,
    Kemerovo, Kedrovka,
    Sovetskaya Str. 5

(b) Mr. S. Chernykh
    Insolvency Manager
    650040, Russia, Kemerovo region,
    N. Ostrovskogo Str. 12,
    Business Center, Office 601


KOSTROMSKOY: Bankruptcy Proceedings Begin
-----------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Kostromskoy after finding the engineering
firm insolvent.  The case is docketed as A31-6840/18.  Mr. S.
Shulzhenko has been appointed insolvency manager.  Creditors have
until May 26, 2005 to submit their proofs of claim to 127106,
Russia, Moscow, Post User Box 17, Post Office 106.

CONTACT:  KOSTROMSKOY
          156603, Russia, Kostroma region,
          P. Sherbiny Str. 7

          Mr. S. Shulzhenko
          Insolvency Manager
          127106, Russia, Moscow,
          Post User Box 17, Post Office 106


MONOLITH: Penza Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
proceedings against Monolith after finding the open joint stock
company insolvent.  The case is docketed as A49-14595/04-26/20.
Mr. N. Orlushin has been appointed insolvency manager.

Creditors have until May 26, 2005 to submit their proofs of claim
to:

(a) MONOLITH
    Russia, Penza region,
    N-Lomov

(b) Mr. N. Orlushin
    Insolvency Manager
    440026, Russia, Penza region,
    Marshala Krylova Str. 3A,
    Apartment 13


NEFTEYUGANSKAYA: Gives Creditors Until Next Month to File Claims
----------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on municipal unitary
enterprise Nefteyuganskaya.  The case is docketed as
A75-2346/2005.  Mr. V. Belonogov has been appointed temporary
insolvency manager.  Creditors have until May 26, 2005 to submit
their proofs of claim to 628310, Russia, Tyumen region,
Nefteyugansk-10, Post User Box 57.

CONTACT:  Mr. V. Belonogov
          Temporary Insolvency Manager
          628310, Russia, Tyumen region,
          Nefteyugansk-10, Post User Box 57


NOVOROSSIYSKIY: Declared Insolvent
----------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Novorossiyskiy after finding the winery
insolvent.  The case is docketed as A-32-15363/2004-2/123-B.  Mr.
D. Sukhorukov has been appointed insolvency manager.  Creditors
have until May 26, 2005 to submit their proofs of claim to
353900, Russia, Krasnodar region, Novorossiyisk, Revolyutsii 1905
Str. 37.

CONTACT:  NOVOROSSIYSKIY
          353900, Russia, Krasnodar region,
          Novorossiyisk, Revolyutsii 1905 Str. 37

          Mr. D. Sukhorukov
          Insolvency Manager
          353900, Russia, Krasnodar region,
          Novorossiyisk, Revolyutsii 1905 Str. 37


NYANDOMSKAYA TIMBER: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision procedure on limited liability company
Nyandomskaya Timber Industry.  The case is docketed as
A05-1570/05-8.  Mr. P. Epifanov has been appointed temporary
insolvency manager.   Creditors may submit their proofs of claim
to 163000, Russia, Arkhangelsk, Main post office, Post User Box
59.

CONTACT:  NYANDOMSKAYA TIMBER INDUSTRY
          Russia, Arkhangelsk region,
          Nyandoma, Fadeeva Str. 8a

          Mr. P. Epifanov
          Temporary Insolvency Manager
          163000, Russia, Arkhangelsk,
          Main Post Office, Post User Box 59


OAO DALSVYAZ: 'B' Rating Affirmed; Outlook Changed to Stable
------------------------------------------------------------
Fitch Ratings changed Russia-based OAO Dalsvyaz's rating Outlook
to Stable from Positive.  At the same, its ratings are affirmed
at Senior Unsecured and Short-term foreign currency 'B'.

The ratings reflect the company's strong market position as an
incumbent provider of fixed-line telephone services in the Far
Eastern region of Russia, with the most developed backbone and
last-mile infrastructure in that area.  Dalsvyaz holds a regional
market share (by revenues) of 87% of local services, 81% of
long-distance and 72% of the Internet-related services.

The change in Outlook reflects a more cautious expectation for
the development of the business' free cash flow position,
following the disposal of the Primtelefon mobile business in
2004, increasing competition in the long-distance segment and a
continuing free cash outflow on the back of high capital
expenditure.  Long-distance traffic volumes have recently
demonstrated decelerating growth rates as competition increased,
primarily with dial-up VoIP operators.  As a result, Dalsvyaz is
not expected to show any improvements in its creditworthiness in
the medium term.

Although urbanization rate in the region is high at around 80%,
an obligation to service an extremely large operating territory
makes Dalsvyaz a relatively high-cost telecom provider, which
exerts natural downward pressure on its margins.  The company
suffers from cross-subsidization between profitable long-distance
telephony and loss-making segment of local services, which
stifles development of the last-mile network and attracts
disproportionate competition into profitable areas.

The ratings take into account Dalsvyaz's very low exposure to
mobile business, which curtails its growth opportunities and
deprives it of any potential benefits from fixed/mobile
integration.  Value-added services (VAS) for fixed lines account
for a relatively high share of revenues and their contribution is
increasing.  The company is also facing rather strong demand for
new fixed lines, which provides it with higher-than-
industry-average growth opportunities.  However, this growth as
well as a necessity to upgrade its network would require
substantial capital expenditure, but with no immediate increases
in revenues and earnings.  Thus, Dalsvyaz is expected to remain
free cash flow negative at least in medium term, which remains a
credit constraining factor.

The company's leverage is not excessive, at end-2003 its net
debt/EBITDA ratio was at 2.1x and Fitch estimates that at
end-2004 it improved to 1.8x primarily as a result of receiving
cash after sale of mobile assets for US$39.9 million.  While
EBITDA and operating cash flow are expected to increase as a
result of growth, de-leveraging is likely to be slow with
Dalsvyaz expected to increase its net debt position in both 2005
and 2006 due to its ongoing investment plans.

The ratings factor in the expectation that the company will be
able to successfully refinance short-term maturities (RUB1,119
million as at end-2004 by Russian accounting standards) as a RUB1
billion domestic bond becomes puttable to the company in November
2005.  Fitch is in contact with the company's management on this.
Should material concerns with regard to Dalsvyaz's liquidity
position arise, Fitch will need to reflect them in its rating.

The ratings also reflect the dominant influence of the company's
majority shareholder, Svyazinvest, on the composition of key
management and the strategic decision making process at Dalsvyaz.
As a government-controlled holding, Svyazinvest is expected to
provide support in case of distress, although its corporate
governance practices have at times raised concerns.

CONTACT:  FITCH RATINGS
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9901

          Raymond Hill, London
          Phone: +44 (0) 20 7417 4314

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


OAO LUKOIL: Senior Implied Rating Raised to Ba1; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service upgraded the senior implied rating of
OAO LUKOIL to Ba1 from Ba2.  At the same time, the rating agency
has upgraded to Ba2 from Ba3 LUKOIL's senior unsecured issuer
rating.  The issuer rating is notched to reflect the relatively
high, albeit reducing, level of secured and subsidiary debt
within the group, which would put unsecured holding company
creditors in a weaker position to secured subsidiary creditors.
All ratings have a stable outlook.

Moody's said that the upgrade primarily reflects:

(a) ongoing solid underlying performance of LUKOIL, which in the
    first 9 months of 2004 generated EBITDA of US$5.2 billion
    against US$4.4 billion in the same period in 2003;

(b) the company's position as Russia's largest oil company, its
    vast upstream reserves and strong downstream integration;

(c) visible improvements in corporate governance since A3-rated
    ConocoPhillips acquired a 7.6% stake in LUKOIL in September
    last year and raised its stake to 10% in January; and

(d) gradual improvements in LUKOIL's operational performance and
    efficiency.  Moody's also acknowledged the company's efforts
    to gradually decrease its level of secured borrowings and
    centralize funding, which at present however was still
    proportionally too high to reconsider the notching.

LUKOIL'S credit profile has strengthened as a result of recent
strong performance, which is likely to boost 2004 retained cash
flow (RCF) to net adjusted debt to around 70%.  At the same time,
LUKOIL's 2004 leverage is expected to be below the 17% reported
in 2003, which provides the group with significant leeway to its
self-imposed 30% ceiling.

Moody's ratings anticipate that LUKOIL will manage its balance
sheet to remain below its 30% leverage target.  While Moody's
adds that LUKOIL has benefited from recently high oil prices, the
group has also shown persistent improvements in its operational
performance, which the rating agency expects will be further
supported by the involvement of ConocoPhillips, which is likely
to add its operating and field reservoir expertise.  This will be
of particular importance to LUKOIL's developments in the
Timan-Pechora area, which is expected to replace declining
production from LUKOIL's mature fields over the coming years and
reach 200,000 barrels per day (bpd) by 2008.

Longer-term prospects include joint developments of the West
Qurnah-2 field in Iraq, offshore Caspian and of substantial gas
reserves in Yamal.  Moody's added that LUKOIL's credit profile
benefits from its growing upstream and downstream exposure
outside Russia, but that it is likely to require at least a
decade before particularly its upstream diversification is
sufficient to materially reduce the group's reliance on Russia.

Moody's also stressed LUKOIL's ongoing efforts to increase
efficiency as supportive of the upgrade.  Despite the
appreciation of the Russian Ruble, the group has maintained its
lifting costs at around US$2.50-2.60 per barrel and is addressing
its historically low flow rates by closing less productive wells
and developing new fields.  Moody's added that recent amendments
to LUKOIL's charter, requiring unanimous Board consent on issues
such as equity issuance, reorganizations, special dividends and
major transactions, while electing a representative from
ConocoPhillips to the Board, have enhanced LUKOIL's corporate
governance and were therefore supportive of its rating.

At the same time, LUKOIL's ratings remain constrained by the
group's substantial investment needs to support its ambitious
plans of achieving 2.8-2.9 million boepd (from currently 1.9
million boepd) production by 2014 and its ongoing focus to expand
its global downstream presence, although Moody's takes comfort
from management's intention to adapt the magnitude of its
investments to the oil price environment, given that the group's
investments are partially discretionary.

Ratings are also constrained by the more challenging fiscal
regime faced by the Russian oil sector in general, which has seen
around 90% of companies' cash flows generated above US$25 per
barrel absorbed in taxes.  Moody's also noted that ongoing
investigations by Russian tax authorities for back-dated tax
claims add some considerable uncertainty to the sector's
operating environment.  While Moody's cannot rule out tax claims
being levied against LUKOIL, ratings anticipate that any such
claims -- once settled -- will be able to be accommodated by
LUKOIL without materially affecting or undermining its financial
profile.

Going forward, Moody's believes that rising tax, transportation
and utility costs will pose a challenge for LUKOIL to maintain
its current cash generation, which would be exacerbated should
oil prices fall.  While Moody's expects LUKOIL to gradually
increase its leverage on the back of rising shareholder returns
and investment requirements, no increases beyond its 30% leverage
target are currently factored into the rating.

Moody's stated that upward pressure on LUKOIL's ratings could
occur over the medium term, should the group consistently
maintain its strong financial ratios within recent 3-year
averages.  In particular, the rating agency will examine the
company's efforts to balance shareholder value initiatives with
management's adherence to its leverage target, as well as steps
to replace secured with unsecured borrowings.  Over time, greater
political, legal and fiscal predictability for private enterprise
in Russia would also provide uplift to LUKOIL's current ratings.

OAO LUKOIL, headquartered in Moscow, Russia, is the country's
largest vertically integrated oil company in terms of reserves,
and one of the largest oil companies in the world.  In the first
quarter 2005, the group produced 1.9 million barrels of oil
equivalent (boe) per day and had refinery throughput of 10.6
million tons.  Total SPE reserves in 2004 were just over 20
billion boe.  The group's 9M2004 revenues were US$24.4 billion.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          Philipp L. Lotter
          Vice President - Senior Analyst
          Corporate Finance

          London
          Stuart Lawton
          Managing Director
          Corporate Finance

          For Journalists
          Phone: 44 20 7772 5456


PROJECT-GAS-STROY: Bankruptcy Hearing Set Next Month
----------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on limited liability company
Project-Gas-Stroy.  The case is docketed as A12-959/05-s57.  Mr.
A. Shimanskiy has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 400005, Russia,
Volgograd, 7th Gvardeyskaya Str. 2A, Office 400.  A hearing will
take place on May 31, 2005, 10:00 a.m.

CONTACT:  PROJECT-GAS-STROY
          403343, Russia, Volgograd region,
          Mikhaylovka, Serafimovicha Str. 9A

          Mr. A. Shimanskiy
          Temporary Insolvency Manager
          400005, Russia, Volgograd region,
          7th Gvardeyskaya Str. 2A, Office 400


SEL-KHOZ-KHIMIYA: Proofs of Claim Deadline Expires May
------------------------------------------------------
The Arbitration Court of Vladimir region has commenced bankruptcy
proceedings against Sel-Khoz-Khimiya after finding the
state-owned enterprise insolvent.  The case is docketed as
A11-11662/2004-k1-65b/9b.  Mr. B. Bibikov has been appointed
insolvency manager.  Creditors have until May 26, 2005 to submit
their proofs of claim to 601500, Russia, Vladimir region,
Gus-Khrustalnyj, K. Marksa Str. 57.

CONTACT:  SEL-KHOZ-KHIMIYA
          601500, Russia, Vladimir region,
          Gus-Khrustalnyj, K. Marksa Str. 57

          Mr. B. Bibikov
          Insolvency Manager
          601500, Russia, Vladimir region,
          Gus-Khrustalnyj, K. Marksa Str. 57


STROY-DETAIL: Kostroma Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Stroy-Detail after finding the municipal
unitary enterprise insolvent.  The case is docketed as
A31-8147/18.  Mr. V. Markov has been appointed insolvency
manager.

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

(a) STROY-DETAIL
    156901, Russia, Kostroma region,
    Volgorechensk, Promyshlennaya Str. 7

(b) Mr. V. Markov
    Insolvency Manager
    156019, Russia, Kostroma region,
    Tsentralnaya Str. 17A, Office 209


YUKOS OIL: Selling Stake in Lithuanian Plant for US$800 Million
---------------------------------------------------------------
Yukos Oil is ready to sell its controlling stake in Lithuanian
oil refinery Mazeikiu Nafta for at least US$800 million,
according to business daily Vedomosti.

The asking price greatly exceeds market valuation of US$500
million for the asset, but Yukos representatives say the price is
fair.  They said the firm has a market capitalization of US$2
billion, making its stake worth US$1 billion.  But because of the
complex situation the asset is involved in, the firm is willing
to lower its value to between US$800 million to US$900 million.
Yukos obtained the stake for only US$160 million.

The stake escaped the reach of Russian authorities, who had
earlier suspended Yukos' assets because its owner, Yukos Finance,
is registered in the Netherlands.

Lukoil CEO Vagit Alekperov earlier confirmed interest in the
firm.  MosNews said experts consider the valuation acceptable to
both seller and buyer considering that usually the deficit of oil
processing capacities greatly exceeds their price.  It is also
well-known that Lukoil is looking for processing plants outside
of Russia.  Mazeikiu Nafta owns an oil refinery, the Butinge sea
terminal and the Birzai oil pipeline.

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 L O V A K   R E P U B L I C
=============================


SLOVENSKE ELEKTRARNE: E.U. Commission Approves Sale to Enel
-----------------------------------------------------------
The European Commission has cleared, under the E.U. Merger
Regulation, the proposed acquisition by the Italian energy
company Enel of the Slovak main producer and supplier of
electricity Slovenske Elektrarne.  The Commission concluded that
there were no overlaps between the merging parties' activities
and as such the acquisition would not significantly impede
effective competition in the EEA or any substantial part of it.

Enel is an Italian energy company active in the generation,
transmission, distribution and supply of electricity and gas
distribution in Italy.  It also produces power in Bulgaria and is
active as an electricity distributor in Romania.

SE is a Slovak company active in the production and supply of
electricity in Slovakia.

The Commission considered that there were no overlaps in the
merging parties' activities, in particular in product markets
such as the wholesale of electricity, ancillary services and
district heating markets, irrespective of the precise geographic
definition of these markets as Enel is active neither in Slovakia
nor in any other Central European country.

The Commission therefore concluded that the proposed transaction
did not raise any competition concern.

                            *   *   *

In January, Fitch Ratings affirmed Slovenske elektrarne's EUR200
million senior notes due 2011 at 'BBB-'.  At the same time, the
agency affirmed SE's Senior Unsecured 'BB+' rating.  The Outlook
for the ratings remained Stable.

The affirmation followed SE's progress in its financial
restructuring and related changes in the terms and conditions of
its EUR200 million notes.

CONTACT:  SLOVENSKE ELEKTRARNE, A.S.
          Hranicna 12
          827 326 Bratislava 212
          Phone: +421 (0)2 5866-1111
                 +421 (0)2 5866-3252
          Fax: +421 (0)2 5341-7533
          E-mail: info@hq.seas.sk
                  rapsik.miroslav@hq.seas.sk
          Web site: http://www.seas.sk


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


ALLIED DOMECQ: Board Accepts Pernod Ricard's GBP7.4 Bln Offer
-------------------------------------------------------------
The Board of Allied Domecq PLC said on Thursday it agreed on the
terms of a recommended offer by Pernod Ricard S.A. (through its
wholly owned subsidiary Goal Acquisitions Limited) to acquire the
entire share capital of Allied Domecq.  It is intended that the
Offer be implemented by way of a scheme of arrangement under
section 425 of the Companies Act.

(a) Under the basic terms of the Offer, Allied Domecq
    shareholders will receive 545 pence in cash and 0.0158 of a
    New Pernod Ricard Share for every Allied Domecq Share.
    Based on a Pernod Ricard share price of EUR116, the Offer
    values each Allied Domecq Share at 670 pence and the
    existing issued share capital of Allied Domecq at
    approximately GBP7.4 billion.

     (i) Approximately 80% of the consideration will be in the
         form of cash,

    (ii) The share element of the consideration would enable
         Allied Domecq shareholders to retain an equity interest
         in the combined entity, a global leader in the spirits
         and wines industry,

   (iii) Allied Domecq shareholders will also retain the interim
         dividend of 6.5 pence per share announced April 21;

(b) The terms of the Offer represent a premium of approximately:

     (i) 36.2% to the closing middle market price of 492 pence
         for each Allied Domecq Share on 3 February 2005 (being
         the last business day prior to the speculation
         surrounding a potential offer for Allied Domecq); and

    (ii) 24.8% to the Closing Price of 537 pence for each Allied
         Domecq Share on 4 April 2005 (being the last business
         day prior to the announcement by Allied Domecq that it
         was in preliminary discussions with Pernod Ricard
         regarding a possible offer for Allied Domecq);

(c) Conditional only upon the Scheme becoming effective, Pernod
    Ricard has agreed to sell certain Allied Domecq assets
    including the Canadian Club, Courvoisier, Maker's Mark and
    Sauza spirits brands, super-premium California wines,
    including the Clos du Bois brand, Allied Domecq distribution
    assets in the U.K., Germany and Spain and for U.S. wine, and
    Pernod Ricard's Larios brand to Fortune Brands, Inc. for
    approximately GBP2.8 billion in cash;

(d) Pernod Ricard will retain the rest of the Allied Domecq
    business, including many of the core spirits brands and
    premium wines such as Ballantine's, Beefeater, Kahlua,
    Malibu, Stolichnaya, Tia Maria, Montana, Mumm (and Mumm
    Cuvee Napa) and Perrier Jouet and Campo Viejo, together with
    Allied Domecq's other business interests;

(e) The Offer will include a mix and match facility, so that
    Allied Domecq Shareholders would be able to elect to vary
    the proportions of cash and shares they receive, subject to
    the elections made by other Allied Domecq Shareholders;

(f) In connection with the Offer, Allied Domecq and Pernod
    Ricard have entered into a scheme co-operation agreement,
    which provides that both parties will, inter alia, use their
    reasonable endeavors to achieve satisfaction of the
    conditions to the Offer and to meet an agreed timetable for
    the implementation of the Scheme.  As part of this
    agreement, Allied Domecq has agreed to pay a break fee to
    Pernod Ricard of approximately GBP37 million in the event
    that a competing offer is announced within six months of
    this announcement and such offer is successful.  Pernod
    Ricard has agreed to pay a break fee to Allied Domecq of
    approximately GBP37 million in the event that the Offer is
    not approved by Pernod Ricard shareholders and, as a result,
    the Scheme does not become effective;

(g) The conditions to and the further terms of the Offer are set
    out in the announcement made by Pernod Ricard in connection
    with the Offer;

(h) The possibility of an offer for Allied Domecq has been in
    the public domain for some time.  During this time the Board
    of Allied Domecq has considered a number of different
    options.  The Board believes that, taking account of these
    factors, the Offer by Pernod Ricard represents an attractive
    proposal for delivering value to Allied Domecq shareholders;

(i) The Board of Allied Domecq, which has been so advised by
    Goldman Sachs International, believes the terms of the Offer
    to be fair and reasonable.  In providing its advice, Goldman
    Sachs International has taken account of the commercial
    assessments of the directors of Allied Domecq.  Accordingly,
    the Board of Allied Domecq unanimously recommends Allied
    Domecq Shareholders to vote in favor of the Scheme as they
    have undertaken to do in respect of their own beneficial
    shareholdings of 1,385,376 Allied Domecq Shares,
    representing approximately 0.13% of the existing issued
    share capital of the Company.

Philip Bowman, Chief Executive said: "This is a very different
business from the one I joined some six years ago.  We have a
substantially stronger portfolio with access to growth categories
and markets, better margins, more efficient use of resources and
of course significantly stronger cash flows.

"Our Interim Results announced [Thurs]day demonstrate our
eleventh successive half-year of growth with constant currency
earnings and interim dividend per share up by over ten percent.
In the last five years, the market capitalization has almost
doubled, increasing by GBP3.6 billion.

"Competitive and economic conditions in the first half of 2005
have been tough but we delivered a robust performance driven by
wine and Dunkin' Brands.  Against this backdrop the need for
further consolidation in the distilled spirits industry is
increasingly apparent.  The Offer for the business from Pernod
Ricard provides Allied Domecq shareholders with the ability to
crystallize value and an opportunity to continue to participate
in the future success of many of our brands within the enlarged
Pernod Ricard business."

This announcement should be read in conjunction with the full
text of the Pernod Ricard announcement and the full Allied Domecq
Interim Results.

CONTACT:  CARDEW GROUP
          Media enquiries:
          Anthony Cardew
          Phone: +44 (0) 20 7930 0777
                 +44 (0) 7770 720389

          Investor enquiries:
          Graham Hetherington, Chief Financial Officer
          Phone: +44 (0) 20 7009 3910

          Peter Durman, Director, Group Investor Relations
          Phone: +44 (0) 7771 974817

          GOLDMAN SACHS INTERNATIONAL
          (Financial adviser to Allied Domecq)
          Phone: +44 (0) 20 7774 1000
          Simon Robertson
          Richard Butland

          CITIGROUP
          (Corporate Broker to Allied Domecq)
          Phone: +44 (0) 20 7986 4000
          David James
          Andrew Seaton

          JPMORGAN CAZENOVE
          (Corporate Broker to Allied Domecq)
          Phone: +44 (0) 20 7588 2828
          David Mayhew
          Roger Lambert
          Web site: http://www.allieddomecq.com


ALLIED DOMECQ: Sale to Pernod Bad for Bondholders, Says Fitch
-------------------------------------------------------------
Fitch Ratings downgraded Allied Domecq plc's Senior Unsecured and
Short-term ratings to 'BB+' and 'B' from 'BBB' and 'F2'
respectively.  This non-investment grade rating assumes that
Allied's bondholders totaling EUR2.5 billion have been
subordinated by Pernod Ricard's new EUR9 billion bank acquisition
facility which will have taken security over the group's brands.
The ratings have been placed on Rating Watch Negative pending
successful completion of expected asset sales.

"[The] bid is part of the inevitable consolidation in the global
drinks industry, creating an enlarged group with a strong
diversified portfolio.  However, even after prospective
disposals, the group initially will not be strong financially.
During its digestive period, it may have to sit on the side-lines
while further sector consolidation takes place," says Frederic
Gits, European Drinks Analyst at Fitch.  "The main casualties are
Allied's bondholders who now find themselves within a highly
leveraged entity and, we anticipate, subordinated."

Allied's bonds have weak documentation provisions, including no
change of ownership clause and a negative pledge that does not
apply to secured bank debt, whereas Fitch assumes that Pernod's
new acquisition bank funding does have security over group
assets.  This assumption has historic precedent as the facility
that Pernod used to acquire Seagram was secured over the brands
of the group.  Should Pernod and Allied confirm that the
acquisition bank facility does not benefit from senior ranking,
then Fitch could upgrade the Senior Unsecured rating of Allied's
bonds to investment grade.

The unrated Pernod Ricard has on Tuesday announced a EUR10.9
billion (GBP7.4 billion) bid in partnership with Fortune Brands
Inc. (currently rated 'A'/'F1'/Rating Watch Negative) for the
acquisition of Allied.  Pernod's portion of the acquisition is to
be funded by 80% debt and 20% equity.  The offer has been
welcomed by Allied's board, albeit conditional on shareholder
approval and relevant regulatory clearances.

On a FY04 pro-forma basis, assuming the imminent sale of Allied's
Quick Service Restaurant business and Fortune completing the
EUR4.1 billion acquisition of its chosen drinks brands, the
leverage of the enlarged group would be around 5.5x EBITDA/Net
Debt.  If the announced synergies of EUR300 million are achieved
within three years, and cash flow is used to reduce debt, this
ratio may fall towards 4.0x by FY06.  This profile will be
worsened by up-front exceptional costs needed to achieve these
synergies.  Thereafter, bondholders have to believe that a
cash-generative Pernod will reduce debt levels, as it did
following the acquisition of the Seagram portfolio.

As acknowledged in Fitch's report, entitled 'The European Spirits
Sector: Industry Structure has to Change' (7 April 2005) industry
consolidation is inevitable in order for companies to challenge
Diageo (FYE04: EBITDA EUR3.2 billion).  The acquisition by Pernod
of Allied will significantly improve the ability of the enlarged
company (post-disposals EBITDA of around EUR1.5 billion) to
compete and to face the challenges of the industry.  The next
largest drinks company would be Bacardi.

The potential loss of Allied's Stolichnaya distribution agreement
on a change of ownership would be regrettable, as this would
leave Pernod-Allied without an international vodka: one of the
largest and fastest growing segments of the market.  This may
prompt further acquisitions later on.  Hopefully, this would
happen when the financial structure of the new group has been
strengthened.  However, given that there are few major vodka
brands available, the group may have to act as soon as one is put
up for sale.

CONTACT:  FITCH RATINGS
          Frederic Gits, Paris
          Phone: +33 (1) 44 29 91 34

          Jonathan Pitkanen, London
          Phone: +44 (0) 20 7417 4201

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


ARCHVIEW LIMITED: Creditors Meeting Set Next Week
-------------------------------------------------
Name of companies:
Archview Limited
USM (Holdings) Limited
Texon Group Limited
Texon International Limited
Noxet Administration Services Limited
(formerly Texon Administration Services Limited)

The creditors of these companies will meet on May 6, 2005 at
10:00 a.m.  It will be held at the Chiltern Suite at the
Britannia Hotel, New Street, Birmingham B2 4RX.

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, One Colmore Square, Birmingham
B4 6HQ not later than 12:00 noon, May 5, 2005.

CONTACT:  ERNST & YOUNG LLP
          One Colmore Square,
          Birmingham B3 6HQ
          Web site: http://www.ey.com


AUTOSIMULATIONS LIMITED: Hires Liquidators from PwC
---------------------------------------------------
Name of companies:
Autosimulations Limited
PRI Automation Limited

At the meeting of these companies on April 14, 2005, the special
and ordinary resolutions to wind up the company were passed.
Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers
LLP, Plumtree Court, London EC4A 4HT have been appointed joint
liquidators of the company.

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


BACK TO THE SIXTIES: Restaurant Calls in Administrators
-------------------------------------------------------
T. J. Binyon and D. R. Beat (IP Nos 9285, 3230) have been
appointed administrators for Back To The Sixties Restaurants
Limited.  The appointment was made April 15, 2005.  The company
owns and manages restaurants.  Its registered office is located
at Coopers House, 65A Wingletye Lane, Hornchurch, Essex RM11 3AT.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


BRADTBY LIMITED: Appoints Administrator from Berley
---------------------------------------------------
Mark Levy and Jeremy Berman (IP Nos 6329, 5303) have been
appointed joint administrators for building contractor Bradtby
Limited.  The appointment was made April 8, 2005.  Its registered
office is located at 76 New Cavendish Street, London W1G 9TB.

CONTACT:  BERLEY
          76 New Cavendish Street
          London W1M 7LB
          Phone: 020 7636 9094
          Fax: 020 7636 4115
          E-mail: mark.levy@berley.co.uk


CONTINENTAL SHELF: Hires Liquidator from KPMG
---------------------------------------------
At the meeting of Continental Shelf 326 Limited on April 7, 2005,
the special resolution to wind up the company was passed.  Jeremy
Simon Spratt and Finbarr O'Connell of KPMG LLP have been
appointed joint liquidators of the company.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


EASYNET GROUP: Expects to End Year on High Note
-----------------------------------------------
At the Annual General Meeting on Tuesday of Easynet Group Plc,
the pan-European Broadband networking company, Chairman Keith
Todd said: "I am pleased with the company's continued progress
both in the corporate networking business and in the U.K. local
loop business.

"Our continued progress means that we are on target given our
existing plans to turn cash flow positive by the end of June this
year and to turn EBIT positive by the end of December 2005.  The
core business of providing managed IP networks across Europe
continues to perform well.  Recent additions to the customer base
include Epson, Psion TekLogix, Blagden Packaging and Paramount,
and we secured additional further business from Applied
BioSystems, Salvatore Ferragamo, and Agilent.

"In the U.K local loop business, we have made some minor
extensions to our 21Cn[*] LLU footprint since the beginning of
the year based on our Leased Line replacement service Surestream
(R), and have invested in upgrading our infrastructure to service
volume consumer demand both indirectly through our wholesale
product LLUStream and directly through UKOnline (our wholly owned
consumer subsidiary).  We have also been testing a 24Mbs service
on our local loops and expect to launch this during the second
half of the year.

"We have had a positive response to our LLUStream wholesale
product from the industry and are pleased to announce that we
have secured a contract to provide LLUStream to Freedom2surf, a
leading independent national ISP in the U.K.
(http://www.f2s.com),having signed up several smaller ISP's for
the service already.

"Under the UKOnline brand we have been testing customer demand
and processes for delivering high volumes of LLU customers.  On
April 13, 2005, we launched our market leading GBP9.99 offer for
a 512k broadband service on our own loops, having launched
previously the fastest service in the U.K. at 8Mbs.  Early take
up and process results have been encouraging.

"We will continue to monitor our wholesale and consumer product
developments and update the market as our plans in those areas
develop."

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] 21cn is a fully owned and managed layer 2 and 3 national MPLS
and IP network.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

CONTACT:  EASYNET GROUP PLC
          44-46 Whitfield St.
          London
          W1P 5RF, United Kingdom
          Phone: +44-20-7900-4700
          Fax: +44-20-7900-4701
          Web site: http://www.easynet.com

          David Rowe, Chief Executive Officer
          Will Gardiner, Chief Financial Officer
          Anne Perry, Press Office
          Phone: 0800 053 4004


EDINGTON CREDIT: Members General Meeting May
--------------------------------------------
The general meeting of the members of Edington Credit Limited
will be on May 31, 2005 at 11:00 a.m.  It will be held at KPMG
LLP, 8 Princes Parade, Liverpool L3 1QH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
KPMG LLP, 8 Princes Parade, Liverpool L3 1QH, United Kingdom not
later than 12:00 noon, May 27, 2005.

CONTACT:  KPMG LLP
          8 Princes Parade,
          Liverpool L3 1QH
          Phone: (0151) 473 5100
          Fax: (0151) 473 5200
          Web site: http://www.kpmg.co.uk


EQUITABLE LIFE: CEO Admits E&Y Audit Looked Normal
--------------------------------------------------
Equitable Life's Chief Executive Charles Thomson admitted in
court Tuesday that he did not detect any fault in Ernst & Young's
accounting when he joined the insurer in 2001.

According to The Guardian, during his cross examination Mr.
Thomson said he found nothing wrong with the level of provisions
in the 1999 accounts audited by the accountancy firm.

The insurer has a GBP2.05 billion lawsuit against E&Y for
negligence and breach of duty.  It claims the auditor failed to
inform it in 1997 to reserve a substantial amount to cover some
policyholders' income guarantees issued in the 1970s and 1980s.
The alleged failure resulted in huge losses.

Mr. Thomson admitted before Jonathan Gaisman QC, representing
E&Y, that he believed at the time that the 1999 accounts were
correct and that E&Y's exit was not due to any anomalies, but
just part of the company's effort to start anew.

Mr. Thomson said: "We did not ask them to go because we knew
about something at that stage."  However, he stressed that the
issues were not that clear back in 2001.

Mr. Thomson, who came from Scottish Widows before joining
Equitable, noted his departure from the firm had been "amicable,"
although he told the court that it was he who wrote an early
character reference submitted to Equitable, and not his former
boss Mike Ross.

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


EUROTUNNEL PLC: Reports GBP570 Million Net Loss for 2004
--------------------------------------------------------
Highlights of 2004 Results

(a) reduction in turnover of 4% due to reduced shuttle activity
    (-7%) in declining passenger market and in the context of
    a price war;

(b) operating margin reduced (-6%);

(c) operating profit slightly higher (+2%);

(d) financial charges lower by 5%, adding to an improvement in
    the underlying loss of 14%; and

(e) net loss of GBP570 million, following an impairment charge
    of GBP395 million (GBP1.334 billion last year after an
    impairment charge of GBP1.3 billion).

Jacques Gounon, Chairman of the Joint Board of Eurotunnel, said:
"The 2004 results are the continuation of previous years.  The
further reduction in total and in Shuttle Services revenue is the
consequence of insufficient reaction to major evolutions in the
cross-Channel market over the past few years.

"Project DARE was launched at the end of October 2004, as a
commercial and operational response to this situation.  I
anticipate that this reorientation will start to bear fruit
during 2005 and that we will see its full impact from 2006
onwards.

"We have satisfactorily obtained the waiver to the Credit
Agreements, allowing us at last to begin negotiations with our
creditors.

"I am determined to protect the interests of this company and to
reduce the burden of financial charges on Eurotunnel to a level
that the company can support, thus ensuring its future growth and
development."

Financial Analysis

Intense competition in the short straits markets and continued
contraction of the passenger market in 2004, have led to shuttle
revenues 7% below 2003 at constant exchange rates.  Operating
revenue was 4% below 2003, while overall operating costs
excluding cost of sales increased slightly.  Depreciation charges
decreased significantly following the impairment charge at the
end of 2003, resulting in an operating profit 2% above 2003.  Net
interest charges decreased by 5%, resulting in a 14% improvement
in the underlying result at constant exchange rates.

The underlying loss in 2004 was GBP127 million compared to GBP148
million in 2003 at constant exchange rates.  After an impairment
charge of GBP395 million and other net exceptional losses of
GBP48 million in 2004, the net result for the year was a loss of
GBP570 million compared to a net loss of GBP1,334 million after
an impairment charge of GBP1,300 million and exceptional profits
of GBP115 million in 2003.

To make a valid comparison between 2004 and 2003 in both sterling
and euros, the underlying loss for 2003 has been restated at the
exchange rate used for the 2004 results (GBP1 = EUR1.466).

Turnover

Shuttle Services revenue decreased by 7% at constant exchange
rates to GBP285 million, principally due to the intense
competition in the truck market putting continued pressure on
prices and to the further decline in the passenger market
reducing Eurotunnel's passenger shuttle volumes.

Railways revenue increased slightly to GBP234 million as a result
of inflation, and remains protected until the end of November
2006 by payments under the provisions of the Minimum Usage Charge
(MUC) in the Railway Usage Contract, which amounted to GBP67
million in 2004.

Revenue of GBP19 million from non-transport activities in 2004
included revenues from retail, telecoms activities and land
sales.

Other income of GBP17 million largely comprises the release of
provisions for large-scale maintenance.

Total turnover for 2004 was 4% lower than 2003, at GBP555
million.

Operating Profit

The decrease in cost of sales reflects the value of land stocks
disposed of in 2004 compared to 2003.  Operating costs excluding
cost of sales increased slightly compared to 2003 with increased
annual general meeting costs, higher electricity costs and
maintenance costs for rolling stock (acceleration of mid-life
refit of shuttle fleet) and infrastructure, more than offsetting
reductions in other areas.

Depreciation decreased by GBP24 million largely due to the
impairment charge of GBP1,300 million at the end of 2003.

The operating profit improved by 2% at constant exchange rates to
GBP171 million.

Net Interest Charges

At GBP298 million in 2004, net interest charges were 5% below
2003 at constant exchange rates.  During January 2004 more than
GBP4 billion of debt passed from fixed to variable rates of
interest.  After taking into account charges of GBP59 million for
the hedging contracts, the interest charge for the year reduced
by GBP4 million at constant exchange rates.  Following their
conversion at the end of 2003, no interest was incurred in 2004
on the Equity Notes compared to GBP12 million incurred in 2003,
and several small debt repurchases in the second half of 2003 and
at the beginning of 2004 also served to reduce net interest
charges by GBP2 million.

The underlying loss of GBP127 million in 2004 reduced by 14%
compared to 2003 at constant exchange rates.

Net Result

The exceptional result excluding impairment charge in 2004 was a
loss of GBP48 million.  Costs related to the operational
restructuring (GBP6 million), refinancing (GBP14 million), and a
charge of GBP36 million to cover the consequences of the
implementation of the DARE plan.  A net profit of GBP7 million
was generated by the sale of fixed assets, and a profit of GBP2
million was generated by the repurchase of debt at a discount to
its face value.

The net result before impairment in 2004 was a loss of GBP175
million compared to a net loss before impairment of GBP34 million
in 2003.

Impairment Charge

The Group applies the methodology of IAS36, which is equivalent
to U.K. Accounting Standard FRS11, which requires the net book
value of assets to be compared to discounted projected future
operating cash flows.  The application of this method in 2004
gave rise to an exceptional impairment charge of GBP395 million.
A charge of GBP1,300 million was made in 2003.  This impairment
charge has no impact on the Group's liquidity position or its
loan covenants.

The net result for 2004 was a loss of GBP570 million compared to
a net loss of GBP1,334 million in 2003.

Cash flow

Cash flow from operating activities in 2004 was GBP283 million.
The majority of the reduction compared to 2003 was due to lower
shuttle revenues.

Net capital expenditure fell from GBP25 million in 2003 to GBP19
million in 2004 resulting in net cash flow from operating
activities after capital expenditure of GBP264 million.  Interest
cover after capital expenditure (which measures cash flow after
capital expenditure as a proportion of the net interest charge
due and payable) was 96%.

The GBP13 million net payment in respect of other non-operating
cash flows in 2004 relates to expenditure on refinancing and
operational restructuring.

Financing

Eurotunnel's funding falls into three main components: Core Debt,
a Buffer Zone, and Shareholders' Funds.

The Core Debt totaling GBP4.9 billion comprises GBP0.4 billion of
Senior and 4th Tranche Debt, GBP3.3 billion of Junior Debt,
GBP0.7 billion of Tier 1A Debt, and GBP0.5 billion of Resettable
Advances.

No debt repayments under the Credit Agreement are due before
2006.  In the absence of any significant modification to the debt
covenants, total debt repayments over the period 2006 to 2009
will total GBP274 million, starting with GBP4 million in 2006,
increasing to GBP163 million in 2009.

The Buffer Zone of GBP1.5 billion includes GBP0.5 billion
drawings under the Stabilization Facility.  The Stabilization
Advances carry 0% interest until 2006.  Under the Credit
Agreement, Eurotunnel, subject to the agreement of its
shareholders, is able to convert the Stabilization Advances and
Notes(1) outstanding at the end of 2005 into Units.  Eurotunnel
will propose that its shareholders vote on this conversion at an
extraordinary general meeting to be held before the end of 2005.

This Buffer Zone also includes GBP0.9 million of Participating
Loan Notes, which carry 1% fixed interest until 2006.

The third component of the financing structure is represented by
Shareholders' Funds, which at 31 December 2004 totaled GBP0.5
billion.

                    Financial Situation

Operational Restructuring - Project DARE

In June 2004, Eurotunnel commenced an in-depth review of the
financial and operational aspects of each of the Group's
activities.  Project DARE will contribute to the recovery of the
company.  A key element of this project is to increase margins
from the core shuttle businesses by better aligning capacity to
demand.  The reduction in surplus capacity, additional reductions
in administrative costs and a complete review of subcontractor
and supplier contracts, will give rise to cost savings.

The implementation of project DARE commenced in November 2004;
the full benefit of this plan is anticipated to impact from 2006.
A provision of GBP36 million has been made in the 2004 accounts
for the consequences of this on staffing levels and for the early
termination of certain subcontracts.

Forecast Cash Position

The financial consequences of the forecasts prepared in the light
of the 2004 results and the current outlook for the Group, taking
into account the consequences of project DARE, are:

(a) during 2005 the cash flow position remains protected by the
    mechanism by which interest that cannot be paid in cash can
    be settled by way of Stabilization Advances up to a limit of
    GBP60 million.  Taking into account the risks, especially
    those associated with the implementation of DARE, either
    financial or operational, the cash flow position remains
    subject to certain uncertainties.  On the basis of the
    latest operating forecasts available at the date of the
    accounts, the amount of un-used Stabilization Advances
    should allow sufficient cash up until the end of 2005, on
    which date the level of available cash is projected to be
    equal to the Permitted Float of GBP25 million (this is the
    maximum amount of cash that may be held by the Group as
    defined in the Credit Agreements);

(b) In 2006 the Group will no longer benefit from the
    Stabilization Advances, rendering the cash flow position
    more vulnerable particularly at the end of January and July
    2006 because of the interest payments due under the
    current Credit Agreements;

(c) from the first half of 2007 Eurotunnel will not be able to
    meet its contractual debt repayments; and

(d) the cash flow forecasts are based on assumptions that the
    Group considers to be both reasonable and realistic.  The
    forecasts assume the conversion of the Stabilization
    Advances and Notes into Units by 1 January 2006.  In the
    absence of this conversion and on the basis of current
    interest rates and the Stabilization Advances and Notes as
    at 31 December 2004, an additional financial charge of
    approximately GBP27 million a year would be payable by the
    Group.  Furthermore, significant disruptions to the
    operations of the Group or events that are unforeseeable or
    unquantifiable at the date of the accounts in conjunction
    with among other issues, the Railways dispute, could
    accelerate the date at which the Group would be unable to
    meet its financial obligations.

Financial Restructuring

Eurotunnel has obtained a waiver from the Lenders which is valid
up to 31 January 2006 and which defines the conditions under
which the Group can start debt-restructuring negotiations with
its creditors.  In particular, the waiver requires a proposal of
a restructuring plan by no later than 15 July 2005, as well as
the establishment of a structured means of communication between
Eurotunnel and its creditors.  The waiver can be terminated at
any time should either party not meet its respective
responsibilities.

Eurotunnel will propose that its shareholders vote on the
conversion of the Stabilization Advances and Notes into Units at
an extraordinary general meeting to be held before the end of
2005 in accordance with the provisions of the 1998 restructuring.
The conditions and consequences of the conversion are described
in notes 11c and 14c of the full Combined Accounts.

Finally, in the context of the proposed financial restructuring,
Eurotunnel could look into, among other options and within the
terms and conditions of the existing Credit Agreements, the
putting into place of an additional line of credit up to a
maximum of GBP50 million.  Initial enquiries have confirmed the
feasibility of putting this into place should the necessity
arise.

Going Concern

The Group believes that these measures, which are intended to
provide a satisfactory solution to the financing requirements of
the Group, can be put in place before the date at which the Group
will be unable to meet its financial obligations.  The
application of the going concern assumption in the 31 December
2004 annual accounts has been based on the assumptions described
above.

Impairment

The valuation of the Group's assets has been carried out in
accordance with IAS36, which compares the net book value of the
assets to the value of the discounted future operating cash
flows, and by using the Adjusted Present Value (APV) methodology.

The application of this standard at 31 December 2003 gave rise to
a value in use GBP1.3 billion lower than the net book value of
the assets, and led to an impairment charge for this amount in
the 2003 accounts.

At 31 December 2004, Eurotunnel updated its impairment
calculation, using an implicit discount rate of 7.2% (2003: 7%),
which led to an additional impairment charge of GBP395 million.

The implicit discount rate was determined in accordance with the
standard on the basis of the Group constituting a single income
generating unit and using the APV methodology.  This methodology
requires assumptions to be made for both the forecast cash flows
and the future level of the Group's debt over the life of the
Concession, as well as for the market interest rate.

Taking into account the increasing uncertainties that the Group
is facing, Eurotunnel considered it appropriate to use values in
the upper-ranges for the market risk premium and the asset 'Beta'
ratio.

The value in use was calculated in the context of the going
concern uncertainty and on the basis of operating cash flows,
which assume no changes to existing operational and financing
contracts.  In addition, and only for the purposes of this
valuation, the Group has assumed, as in the previous year, an
interest saving based on a level of debt GBP1.3 billion lower
than the current level of debt.

Within the assumption of no changes to existing contracts, all
other things being equal, other foreseeable levels of debt would
not lead to an implicit discount rate of greater than 7.7%.
Relatively small changes in the assumptions used would lead to
material changes in the value in use.  By way of example, a
variation of 0.10% in the implicit discount rate correspond to a
change in the value in use of the fixed assets of approximately
GBP150 million.

Railways Dispute

Under the Railways Usage Contract dated 29 July 1987 between the
Railways and Eurotunnel, the Railways are required to bear a
proportion of the operating costs of Eurotunnel in each year.

The Railways commenced arbitration proceedings under the auspices
of the International Chamber of Commerce in respect of the amount
of their contribution, firstly for financial years ended 31
December 1997 and 1998, and secondly for financial years ended 31
December 1999 to 31 December 2002.  The total amount claimed by
the Railways is estimated to be a maximum of GBP100 million.

The Arbitration Tribunal, in an award made on 30 January 2003,
rejected the Railways' claim for 1997 and 1998 on the basis that
it was time barred.  The Tribunal's decision is final.  The
Arbitration Tribunal will decide on the admissibility and
validity of the claim for 1999 to 2002 in a separate phase of
proceedings; its decision is expected to follow in 2005.

Eurotunnel remains confident in the outcome of these proceedings
and has therefore not changed its position from previous years;
consequently a provision has not been made in these accounts or
in the Group's financial projection.

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/Eurotunnel_2004.pdf

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

          Media Inquiries
          Eurotunnel Press Office
          Phone: + 44 (0) 1303 288728
                 + 44 (0) 1303 288737

          Investor Inquiries
          Xavier Clement
          Phone: + 33 1 55 27 36 27


EXCHANGE TRAVEL: Liquidator's Final Report Out May
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Exchange Travel Agency Limited

                Exchange Travel (Holdings) Limited

                 Exchange Travel Holidays Limited

                               and

                      Bonanza Aviation Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Final Meeting of the Creditors of the
above-named Companies will be held at the offices of Ernst &
Young LLP, Cloth Hall Court, 14 Kings Street, Leeds LS1 2JN, on
May 20, 2005, to receive an account showing how the winding-up of
the Companies has been conducted and their property disposed of,
and to determine whether the Liquidators should have their
release under section 174 of the Insolvency Act 1986.

Any Creditor entitled to attend and vote is entitled to appoint a
proxy to attend and vote instead of him or her, and such proxy
need not be a Creditor.  If you wish to appoint a proxy a proxy
form should be lodged with me at Ernst & Young LLP, Cloth Hall
Court, 14 Kings Street, Leeds LS1 2JN, no later than 12:00 noon
of May 19, 2005.

M. Fishman, Joint Liquidator

CONTACT:  ERNST & YOUNG LLP
          Becket House
          1 Lambeth Palace Road
          London SE1 7EU
          Phone: +44 [0]20 7951 2000
          Fax: +44 [0]20 7951 1345
          Web site: http://www.ey.com


FIRST BUSINESS: Final Meeting Set Third Week of May
---------------------------------------------------
The final meeting of the members of First Business Environments
Limited will be on May 20, 2005 at 10:15 a.m. and 10:30 a.m.  It
will be held at the offices of R. W. Keating & Co., 20
Winmarleigh Street, Warrington, Cheshire WA1 1JY.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged with
R. W. Keating & Co., 20 Winmarleigh Street, Warrington, Cheshire
WA1 1JY not later than 4:00 p.m., May 19, 2005.

CONTACT:  R. W. KEATING & CO.
          2nd Floor
          20 Winmarleigh Street
          Warrington
          Cheshire WA1 1JY
          Phone: 01925 245004
          Fax: 01925 245357
          E-mail: robert@rwkeating.fsnet.co.uk


GEODIS OVERSEAS: Sets Final Meeting June
----------------------------------------
The final meeting of Geodis Overseas UK Limited will be on June
3, 2005 at 10:00 a.m.  It will be held at Athene Place, 66 Shoe
Lane, London EC4A 3WA.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

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


GEOFFREY PIKE: Liquidator's Report Out Mid-May
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Geoffrey Pike Limited

A Final Meeting of Creditors of Geoffrey Pike Limited has been
summoned by the Liquidator, under section 146 of the Insolvency
Act 1986, for the purpose of receiving the Liquidator's report of
the winding-up and all other matters to be determined under
section 174 of the Insolvency Act 1986.  The Meeting will be held
at One Great Cumberland Place, London W1H 7LW, on May 16, 2005,
at 11:00 a.m.

J. J. Schapira, Liquidator
April 15, 2005

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


GOLDSBURY INTERNATIONAL: Liquidator from Mazars Moves in
--------------------------------------------------------
At the extraordinary general meeting of Goldsbury International
Limited on April 20, 2005 held at Union House, 117 High Street,
Billericay, Essex CM12 9AH, the subjoined special resolution to
wind up the company was passed.  Roderick John Weston of Mazars,
24 Bevis Marks, London EC3A 7NR has been appointed liquidator of
the company.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Phone: (44) 20 73 77 10 00
          Fax:   (44) 20 73 77 89 31
          Web site: http://www.mazars.com


HAZELTWIST DESIGN: Hires Administrators from Bridgestones
---------------------------------------------------------
Robert Cooksey and Jonathan Lord (IP Nos 9040, 9041) have been
appointed joint administrators for graphic designers Hazeltwist
Design & Graphics Limited.  The appointment was made April 13,
2005.

CONTACT:  BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


KIRKMAN & BUTCHER: Appoints Administrator from Crawfords
--------------------------------------------------------
David N. Kay (IP No 166) has been appointed administrator for
referral agency Kirkman & Butcher Limited.  The appointment was
made April 12, 2005.

CONTACT:  CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829


PADIHAM GROUP: In Administrative Receivership
---------------------------------------------
HBOS appointed Ian C. Schofield (Office Holder No 002647) and
Philip J. Long (Office Holder No 002086) joint administrative
receivers for holding company Padiham Group Limited (Reg No
03309280, Trade Classification: 38).  The application was filed
April 8, 2005.  Its registered office is located at Albion Mills,
Padiham, Lancashire BB12 7DY.

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

          PKF
          Farringdon Place,
          20 Farringdon Road, London EC1M 3AP
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


PARKMORE HOTELS: Members Decide to Wind up Firm
-----------------------------------------------
At the extraordinary general meeting of the members of Parkmore
Hotels Limited on April 1, 2005, the subjoined special resolution
to wind up the company was passed.  Ian William Kings of Tenon
Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN 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 Ian William Kings of Tenon Recovery,
Tenon House, Ferryboat Lane, Sunderland SR5 3JN on or before May
31, 2005.

CONTACT:  TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


PATTERN EQUIPMENT: Calls in Administrators from PKF
---------------------------------------------------
Edward T. Kerr and Ian J. Gould (IP Nos 9020, 7866) have been
appointed joint administrators for Pattern Equipment Company
Limited.  The appointment was made April 18, 2005.  The factory
manufactures pattern tooling.  Its registered office is located
at Pannell House, 159 Charles Street, Leicester LE1 1LD.

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


PERSEVERANCE MILLS: Bank of Scotland Appoints PKF Receiver
----------------------------------------------------------
Bank of Scotland appointed Ian C. Schofield and Philip J. Long
(Office Holder Nos 002647, 002086) joint administrative receivers
for Perseverance Mills Limited (Reg No 00405667, Trade
Classification: 08).  The company is into textile finishing.  Its
registered office is located at Albion Mills, Padiham, Lancashire
BB12 7DY.

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


PLAUTIUS (OPTIONS TRADING): Hires Liquidator from Tomlinsons
------------------------------------------------------------
At the extraordinary general meeting of Plautius (Options
Trading) Limited on April 13, 2005 held at 1 The Square,
Ramsbury, Wiltshire SN8 2PE, the resolution to wind up the
company was 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


POLAR ENTERPRISES: Members Hire Liquidator from Marks Bloom
-----------------------------------------------------------
At the extraordinary general meeting of the members of Polar
Enterprises Limited on April 5, 2005 held at 13 Bourne Vale,
Hayes, Bromley, Kent BR2 7JN, the special resolution to wind up
the company was passed.  Andrew John Whelan of Marks Bloom, 60-62
Old London Road, Kingston upon Thames KT2 6QZ 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 Andrew John Whelan, of 60-62 Old London
Road, Kingston upon Thames KT2 6QZ on or before May 31, 2005.

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


PURELY PLASMA: Administrators from Milner Boardman Move in
----------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed administrators for Purely Plasma Limited.  The
appointment was made April 18, 2005.  The store retails electric
household and goods.  Its registered office is located at Mission
Building, Stonehill, Huntingdon PE29 6EY.

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


RA'ALLOY FABRICATION: National Westminster Appoints Receiver
------------------------------------------------------------
National Westminster Bank Plc called in Joanne Marie Wright and
Adrian John Wolstenholme (Office Holder Nos 009152, 008995) joint
administrative receivers for Ra'alloy Fabrication Limited (Reg No
03034482, Trade Classification: 07).  The application was filed
April 14, 2005.  The factory manufactures metal.

CONTACT:  KROLL BIRMINGHAM
          Aspect Court
          4 Temple Row
          Birmingham B2 5HG
          United Kingdom
          Phone: 44 (0) 121 212 4999
          Fax: 44 (0) 121 212 4944
          Web site: http://www.krollworldwide.com


RAILTON SHOES: Creditors to Meet Late May
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Railton Shoes (Doncaster) Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a Final Meeting of the Creditors of Railton Shoes
(Doncaster) Limited will be held at PricewaterhouseCoopers LLP, 1
East Parade, Sheffield S1 2ET, on May 31, 2005 at 10:00 a.m. for
the purposes mentioned in section 146 of the said Act, that is
receiving the Liquidator's report of the winding-up, and
determining whether the Liquidator should have his release under
section 174 of the said Act.

P. M. Boyden, Liquidator
April 14, 2005

CONTACT:  PRICEWATERHOUSECOOPERS L.L.P.
          1 East Parade
          Sheffield S1 2ET
          Phone: [44] (114) 272 9141
          Fax: [44] (114) 275 2573
          Web site: http://www.pwcglobal.com


REGUS GROUP: S&P Affirms Corporate Credit Rating at 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
U.K.-based serviced-offices provider Regus Group PLC to positive
from stable.

At the same time, Standard & Poor's affirmed its 'B-' long-term
corporate credit rating on Regus.  The 'B-' senior secured bank
loan rating on the US$155 million senior secured revolving credit
facilities and term bank loan issued by Regus Corporation and
guaranteed by Regus was also affirmed.

"The outlook revision follows the receipt of recent trading data
from Regus, which indicates that the group's financial profile
over the next year is likely to be stronger than we had
previously expected," said Standard & Poor's credit analyst
Kenneth Mak.

In addition, the integration of U.S.-based HQ Global Holding
Inc., acquired in August 2004, has been substantially completed.

Standard & Poor's will closely monitor Regus' trading performance
as well as the market fundamentals of the serviced-offices sector
over the course of 2005.

"If demand for Regus' workstations increases, and if workstation
pricing and occupancy and renewal rates continue to strengthen,
cash flows and credit measures would likely improve, which could
result in the ratings being raised," added Mr. Mak.

The current ratings are based on expectations of EBITDAR to
interest plus rents of more than 1.2x.

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


RENTOKIL INITIAL: Shareholders to Tackle Shakeup Next Month
-----------------------------------------------------------
On February 24, 2005, the Board of Rentokil Initial disclosed a
proposal to reorganize the firm by way of a Court-approved scheme
of arrangement under section 425 of the Companies Act 1985.  The
board plans to introduce a new listed holding company for the
group, which would acquire the existing group and then reduce
capital to create additional distributable reserves.

Shareholders have been sent on Tuesday a circular setting out in
full the details of the proposed Scheme and Reduction of
Capital.  The Scheme is subject to and conditional upon, inter
alia, shareholder approval at a Court meeting and an
extraordinary general meeting, both of which will be held on 26
May 2005, and the sanction of the High Court.

Once the Scheme becomes effective, the new holding company,
Rentokil Initial 2005 plc, will be renamed Rentokil Initial plc.
It is anticipated that dealings in the shares in New Rentokil
Initial will commence on 21 June 2005.

Copies of the Listing Particulars relating to New Rentokil
Initial can be obtained free of charge from Capita Registrars
(The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU).

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

          UBS INVESTMENT BANK
          Emma Goodrick
          Phone: 020 7567 8000
          Jonathan Bewes
          Phone: 020 7567 8000


RENTOKIL INITIAL: Search for Replacement of Retiring CFO Begins
---------------------------------------------------------------
Roger Payne, 56, has notified the Board of Rentokil Initial PLC
that he intends to retire from his role as Finance Director, a
position he has held since January 2001.

Mr. Payne will remain in his current role while a successor is
identified, to assist with the smooth induction of the recently
appointed chief executive, Doug Flynn, as well as to oversee the
completion of the formation of the recently announced new holding
company and the preparation of the results for the first half of
2005.  Search consultants will be appointed to find a successor.

Roger Payne has been a director of Rentokil Initial since July
1998.  He joined the company in December 1986 and became business
development director shortly afterwards.  He was a regional
managing director from January 1991 until the end of 1999 when he
became finance director designate.  A non-executive director and
chairman of the audit committee of LogicaCMG plc, Roger intends
to seek other similar part time roles following his retirement
from Rentokil Initial.

Chairman Brian McGowan said: "Roger has made a significant
contribution to the company over the past nineteen years and the
Board accepted his decision to retire from a full time role with
regret.

"In particular, in recent years he has overseen significant
improvements in the financial reporting, financial controls, cash
management and financial structure of the company.  He has also
provided me with a high level of support and continuity both
inside and outside the company, since I assumed the role of
chairman in May 2004.  We wish him well in the future."

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

          Roger Payne, Finance Director
          Phone: 01342 833022


ROYAL & SUNALLIANCE: Mulls Scrapping Execs' Share Options
---------------------------------------------------------
Royal & SunAlliance may cancel the use of share options to pay
its top executives, according to The Guardian.

The insurer is also considering reviewing the "contribution of
pension provision," and stopping the practice of retesting the
performance criteria for option.  The review plan came as new
rules were set on executives' tax-free investment limits.  The
move to drop retesting stems from objections raised by investors,
who view the process as a second chance to gain benefits.

Royal & SunAlliance's annual report revealed that CEO Andy Haste
received an additional GBP0.3 million in salary and bonuses in
2004 on his paycheck of GBP1.3 million the year earlier.

Meanwhile, Julian Hance, the former finance director, could
receive pension of GBP161,700 upon turning 51, which is 12 years
earlier than usual.  His successor, George Culmer, was paid
GBP93,000 for loss of office, a portion of a GBP691,000 package,
for the eight months of the financial year.

CONTACT:  ROYAL & SUNALLIANCE
          Helen Pickford
          Phone: +44 (0) 20 7111 7212

          Phil Wilson-Brown
          Phone: +44 (0) 20 7111 7047


R & R ROOFING: Names Tenon Recovery Administrator
-------------------------------------------------
Carl Stuart Jackson and Tina Yearsley (IP Nos 8860, 9298) have
been appointed administrators for R & R Roofing Limited.  The
appointment was made April 14, 2005.  The company is a roofing
contractor.  Its registered office is located at Highfield Court,
Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ.

CONTACT:  TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


RUSSELL BROOKES: Printing Company Hires Administrator
-----------------------------------------------------
Simon Franklin Plant and Daniel Plant (IP Nos 9155, 9207) have
been appointed administrators for printing company Russell
Brookes Print Limited.  The appointment was made April 18, 2005.
Its registered office is located at Lutomer House, 100 Prestons
Road, London E14 9SB.

CONTACT:  S. F. PLANT & CO.
          Lutomer House Business Centre
          100 Prestons Road
          London E14 9SB
          Phone: 0207 538 2222
          Fax: 0207 538 3322


SOILCO LIMITED: Liquidator to Deliver Report May
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Soilco Limited

Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986 that a Meeting of the Creditors of Soilco Limited will
be held at RSM Robson Rhodes LLP, Colwyn Chambers, 19 York
Street, Manchester M2 3BA, on May 27, 2005 at 11:00 a.m. for the
purpose of receiving the Liquidator's report of the winding-up
and determining whether the Liquidator should be released under
section 174 of the Insolvency Act 1986.

A Creditor entitled to attend and vote at the Meeting may appoint
a proxy to attend and vote in his place.  It is not necessary for
the proxy to be a Creditor.  Proxy forms must be returned to RSM
Robson Rhodes LLP, 186 City Road, London EC1V 2NU, not later than
12:00 noon on May 26, 2005.

G. C. Smith, Liquidator
April 13, 2005

CONTACT:  RSM ROBSON RHODES LLP
          Colwyn Chambers
          19 York Street
          Manchester M2 3BA
          Phone: +44 (0)161 236 3777
          Fax: +44 (0)161 455 3444
          Web site: http://www.rsmi.co.uk

          Gerald Clifford Smith
          E-mail: gerald_smith@rsmi.co.uk
          Phone: 0161 236 3777
          Fax: 0161 455 3309


S. SCOTT: Winding-up Report Out Next Month
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF S. Scott & L. Scott

Notice is hereby given that the Final Meeting of Creditors of S.
Scott & L. Scott, trading as Premier Packaging will be held at
the offices of Wilson Pitts, Glendevon House, Hawthorn Park, Coal
Road, Leeds LS14 1PQ, on 27 May 2005, at 11.30 am to receive the
Liquidator's report of the winding-up and to determine whether
the Liquidator should have his release.

A Creditor entitled to attend and vote at the Meeting may appoint
a proxy to attend and vote in his place.  Proxy forms must be
returned to the office of Wilson Pitts, Glendevon House, Hawthorn
Park, Coal Road, Leeds LS14 1PQ, on or before 12:00 noon of May
26, 2005.

D. F. Wilson, Liquidator

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds LS14 1PQ
          Phone: 0113-2375560
          Fax: 0113-2375561
          Web site: http://www.wilson-pitts.co.uk


TILLERPOINT LIMITED: Sets Final Meeting May 27
----------------------------------------------
The final meeting of Tillerpoint Limited will be on May 27, 2005
at 10:00 a.m.  It will be held at 35 Ballards Lane, Finchley,
London N3 1XW.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk


UK COAL: Expects to Meet First-quarter Performance Target
---------------------------------------------------------
At the Annual General Meeting of U.K. Coal on Tuesday, Chairman
David Jones said: "Losses for the first quarter on continuing
operations have been in line with expectations.

"Deep Mine Production in our seven ongoing mines in the first
three months was 2.1 million tons (2004: 2.0 million tons).
Surface mine output was 0.3 million tons (2004: 0.6 million
tons).

"We have seen some performance improvement in the deep mine
business, offset by a production shortfall at Harworth colliery
which was halted for a period in January and February due to
excess methane.  Additional drainage and ventilation equipment is
being installed to disperse as well as capture and utilize this
gas, and production has been resumed.

"Surface mines production was in line with expectations on lower
operating costs and we continue to work hard to obtain additional
planning permissions to secure the future of this business.

"The second quarter will include a face gap at Daw Mill which was
not anticipated.  However, a combination of price increases and
improved performance in the second half is expected to
compensate."

CONTACT:  UK COAL PLC
          Harworth Park
          Blyth Road
          Harworth Doncaster
          South Yorkshire
          England
          DN11 8DB
          Phone: +44 1302 751751
          Fax: +44 1302 752420
          Web site: http://www.ukcoal.com


UNITED NETWORKS: In Administrative Receivership
-----------------------------------------------
Bank of Scotland Corporate Banking appointed Shay Bannon and
Antony David Nygate (Office Holder Nos 8777/01, 9237) have been
appointed joint administrative receivers for United Networks
Limited (Reg No 02356964, Trade Classification: 32).  The
application was filed April 13, 2005.  The company is a
telecommunications supplier.

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


W. BARNWELL: Members General Meeting May
----------------------------------------
The general meeting of the members of W. Barnwell & Co. Limited
will be on May 26, 2005 at 10:30 a.m.  It will be held at the
offices of RMT, 3 Portland Terrace, Newcastle upon Tyne NE2 1QQ.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  RMT
          3 Portland Terrace
          Jesmond
          Newcastle Upon Tyne
          Tyne And Wear NE2 1QQ
          Phone: 0191 281 8816
          Fax: 0191 281 0530


XYZ124 LIMITED: Sets Creditors Meeting Next Week
------------------------------------------------
The initial creditors meeting of XYZ124 Limited will be on May 5,
2005 at 11:00 a.m.  It will be held at Portland Business &
Financial Solutions, 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire PO15 7AH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Portland Business & Financial Solutions, 1640
Parkway, Solent Business Park, Whiteley, Fareham, Hampshire PO15
7AH not later than 12:00 noon, May 4, 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


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

Troubled Company Reporter -- Europe is a daily newsletter
co-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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