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

                           E U R O P E

             Friday, April 29, 2005, Vol. 6, No. 84

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Rumored Closure Baseless, Says Management


F I N L A N D

M-REAL CORPORATION: Share Conversion Proposal Approved
M-REAL CORPORATION: Outlines New Biz Areas, IFRS 14 Segments
M-REAL CORPORATION: Operating Profit Positive Under IFRS


F R A N C E

ALSTOM SA: Clinches EUR130 Mln Supply Deal in Australia
FILATURE DE CHENIMENIL: Declares Bankruptcy
VIVENDI UNIVERAL: Holds on to Universal Music


G E R M A N Y

AUTOHAUS BECKER: Proofs of Claim Due June
AUTOHAUS GERMANN: Court to Verify Claims May
DANNENBERG CONTROLLINGGESELLSCHAFT: Succumbs to Bankruptcy
DIETER FELSER: Creditors Meeting Set Next Month
ELEKTRO JAMANN: Claims Verification Set July

EMOS IT: Creditors Have Until June to File Claims
ERNST SCHMIDT: Court Appoints Insolvency Administrator
FEKRA CARGO: Creditors Meeting Set July
HALBGEWACHS PARKETT: Claims Filing Period Expires Late May
INSPEKT GMBH: Court to Verify Claims July

K & G BAU: Mosbach Court Appoints Interim Administrator
MISSAL TROCKENBAU: Under Bankruptcy Administration
MTF TECHNIK: Creditors' Claims Due Late May
NEUSTADTER MALER: Court Appoints Rudiger Wienberg Administrator
SPIELSTUBE JOST: Under Bankruptcy Administration
SPORTAGENTEN GMBH: Proofs of Claim Due Saturday
TH. HERBRIK: Leipzig Court Stays All Pending Lawsuits


I T A L Y

ALITALIA SPA: Reject Rehab Plan, British Airways Tells E.C.
FIAT SPA: Bank Syndicate on Performance -- So far so Good
IMPREGILO SPA: Reaches EUR1.150 Bln Deal with IGLI, Local Banks
IMPREGILO SPA: IGLI Appoints Alberto Lina to Board
VOLARE GROUP: Police Nabs Former Executives


N E T H E R L A N D S

HAGEMEYER N.V.: Scraps Dividend for 2004


R U S S I A

AF PAVLOVSKAYA: Under Bankruptcy Supervision
BATT GOODS: Proofs of Claim Deadline Nears
BEZHANITSY FLAX: Pskov Court Names E. Babaev Insolvency Manager
BKSM: Bankruptcy Hearing Set August
CHEREMSHANSKOYE: Declared Insolvent

CREDIT BANK: Earns Upgraded for Improved Liquidity
HARDWARE PLANT: Deadline for Proofs of Claim May 19
KOMI-ENERGO-MONTAZH-COMPLECT: Bankruptcy Proceedings Begin
NEFTE-KOM: Claims Filing Period Expires Next Month
SARATOV-GES-STROY: Falls into Bankruptcy

SEAPORT PROVIDENIYA: Succumbs to Insolvency
SHIPUNOVSKIY BUTTER: Bankruptcy Hearing Resumes July
SLAVIYA TEXTILE: Temporary Insolvency Manager Takes over Helm
SODEYSTVIE: Deadline for Proofs of Claim May 12
SOKOLSKAYA TRANSFER: Vologda Court to Hear Case Mid-June
YUKOS OIL: Khodorkovsky Verdict Postponed Anew


S W E D E N

CONVERIUM AG: To Unveil First-quarter Results Next Month
SKANDIA INSURANCE: Skandia Liv Chief Stepping down


U N I T E D   K I N G D O M

ABSOLUTELY FABULOUS: Annual Creditors Meeting Set June
ADMAGNETICS LIMITED: Hires Administrators from Leonard Curtis
ALKRON EXPORT: Creditors Meeting Set Next Week
ALLENWEST ELECTRICAL: Sets Creditors Meeting Next Week
ALLIED DOMECQ: Rival Offers May Still Come up

AOK GROUP: Appoints Tenon Recovery Administrator
ASHFORD COACHCRAFT: Hires Administrators from Chantrey Vellacott
CARPEDIEM HOLDINGS: Members Decide to Wind up Firm
CORNWALL LITHO: Creditors Meeting Set Next Week
COSTAIN GROUP: Grants Share Incentive to Finance Director

DAGENHAM SECURITY: Calls in Administrators from Numerica
DGGD HOLDINGS: Members Hire Moore Stephens Liquidator
DISABILITY WEST: Names Haines Watts Administrator
DMS SERVICE: Appoints Tenon Recovery Liquidator
DULWICH ACCIDENT: Names Administrators from Chantrey Vellacott

EGG PLC: Halves Executive Board to Cut Cost
EGG PLC: Explains Effects of IFRS Transition to Financials
EGG PLC: Operating Income Up 6% in First Quarter
ENGINEERING & GLASSFIBRE: Creditors Meeting Set Next Week
EQUITABLE LIFE: Counsel Picks On Equitable CEO's 'Vanity'

FREDERICK RESTALL: Factory Calls in Administrator
GCS SCOTLAND: Liquidators Take over Helm
GRAYS BAKERS: Winding-up Report Out Late May
HAMLET INFORMATION: In Administrative Receivership
ITM GROUP: Names Menzies Corporate Restructuring Administrator

JK JOINERY: Names Administrators from Geoffrey Martin & Co.
LAURENCE SMITH: Liquidator to Present Report Late May
LEAMINGTON SPA: Calls in Liquidator from BRI
MARCONI CORPORATION: Shares Dip 44% After Losing BT Deal
MARKS & SPENCER: New FD Assumes Office in June

MBS ENGINEERING: Administrator from Crawfords Moves in
MCNULTY OFFSHORE: 160 People Loss Jobs at Shipyard
PRISTON FUTURES: Names Liquidator from Turpin Barker Armstrong
PROVENTRAIT LIMITED: Real Estate Firm in Administration
RAINCLEAR LIMITED: Hires Kroll Limited Administrator

SAND NEW: Calls in Liquidator from BRI Business Recovery
TRADING GARDEN: Business for Sale
VANGUARD INDUSTRIAL: Creditors Meeting Set Next Week
WKB TRANSPORT: Hires Haines Watts Administrator


                            *********


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


CYPRUS AIRWAYS: Rumored Closure Baseless, Says Management
---------------------------------------------------------
Cyprus Airways denies a rejection by the European Commission of a
vital government-backed loan will lead to its closure.

The carrier was responding to recent reports that it will lay off
a massive number of employees and possibly close next month, the
Financial Mirror says.  The airline admitted it has not yet
finalized a rehab plan.

The Commission is set to rule on the CYP30 million Deutsche Bank
loan on May 3.  A Mirror source says that even if the loan is
approved, CAIR still plans to implement additional measures to
cut cost, including the axing of 600 workers.  The move will
reduce CAIR employees to no more than 1,200 and cut staff for
every plane to 100.  There are also speculations that the airline
will reduce its fleet to six from 12.

Stockwatch earlier said should CAIR close, the carrier may shift
its most popular and profitable routes to subsidiary Eurocypria
until it can resume operations.  In another scenario, Stockwatch
said CAIR might terminate flights to Larnaca-Brussels route and
most Middle Eastern destinations except Beirut.  It might also
shift flights through Athens, terminate more services or
outsource other sections such as the catering division.  The
latter may save it at least CYP1 million.

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


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


M-REAL CORPORATION: Share Conversion Proposal Approved
------------------------------------------------------
The amendment of M-real Corporation's Articles of Association,
which was agreed at M-real's Annual General Meeting held on 14
March 2005, has now been entered in the Trade Register and is
consequently in force.  It reads:

"Article 16 Conversion of Shares

"Subject to the conditions prescribed in this Article, the
Company's 'A' share may be converted to a 'B' share on the
request of the shareholder or the manager of administratively
registered shares whose details have been entered in the
book-entry register.

"The conversion is subject to the maximum share type quantities
prescribed in the Articles of Association.  No monetary
compensation is payable upon conversion.

"The shareholder must present the Company with a written request
to convert the shares.  The request must detail the number of
shares to be converted as well as the book-entry account, which
contains the entries concerning the securities that replace the
shares.

"The shareholder may submit a request to convert the shares at
any time.  However, a conversion request that has been delivered
to the company in the period between the date on which the Board
of Directors has decided to convene a meeting of shareholders and
the date on which the meeting of shareholders is held shall be
deemed to have arrived, and will be processed, after the meeting
of shareholders and after any subsequent record date.

"The Company may request that, for the duration of the conversion
process, a restriction be entered in the shareholder's book-entry
account concerning the shareholder's dispositive power.  The
Company is obliged to report the share conversion without delay
for entry into the register.

"A conversion request may be withdrawn until such time as the
conversion report has been entered in the Trade Register.  When a
request is withdrawn, the Company shall request that any entry
concerning the restriction of dispositive power be removed from
the shareholder's book-entry account.

"An 'A' share is converted to a 'B' share once the conversion
report has been entered in the register.  The Company shall
inform both the author of the conversion request and the holder
of the book-entry securities register of the registration.

"Where necessary, the Board of Directors shall make a decision
concerning more detailed procedures relating to the conversion of
shares."

Should a shareholder wish to present a written request to M-real
concerning the conversion of their 'A' shares, the request should
be addressed to: M-real Corporation, Nina Kuulusa, General
Counsel, Revontulentie 6, 02100 ESPOO, Finland.

CONTACT:  M-REAL CORPORATION
          Corporate Communications
          Juhani Poho, Executive Vice President and CFO
          Mobile: +358 50 598 7607
          Nina Kuulusa, General Counsel
          Mobile: +358 50 598 8805


M-REAL CORPORATION: Outlines New Biz Areas, IFRS 14 Segments
------------------------------------------------------------
M-real Corporation's new organization and business area structure
came into force on 1 September 2004.  The old business structure
was however adopted in financial reporting throughout 2004.

The new business areas in financial reporting from the beginning
of 2005 are:

(a) Consumer Packaging,

(b) Publishing,

(c) Commercial Printing,

(d) Office Papers,

(e) Map Merchant Group

The business areas also form M-real's primary reporting segments
according to IFRS 14.

The operating profit and capital employed of M-real's wholly
owned pulp mills and Oy Metsa-Botnia Ab (equal to M-real's
ownership) are allocated to the business areas according to their
pulp purchases.

M-real's old business structure was:

(a) Cartons,

(b) Graphics products and Speciality papers,

(c) Offices,

(d) Map Merchant Group

The attached tables present the comparative key figures of the
new business areas.  The financial figures are presented based on
both International Financial Reporting Standards (IFRS) as well
as Finnish Accounting Standards (FAS).

M-real changed its financial reporting standards from FAS to IFRS
from the beginning of 2005.  More detailed information of the
effects of the transition on the company's consolidated income
statement and balance sheet as well as of changes in the
accounting principles are provided in the stock exchange bulletin
dated April 19, 2005.

M-real publishes the 2005 first quarter interim report on
Thursday 28 April, 2005 at 1:00 p.m. (EET).

A copy of this press release is available free of charge at
http://bankrupt.com/misc/MRealIFRS14.pdf

                            *   *   *

Last month, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on M-real Corp. to 'BB' from
'BB+'.  The 'B' short-term corporate credit rating on M-real was
affirmed.  The outlook is stable.

"The downgrade reflects M-real's continued weaker than expected
operating performance and credit protection measures, which are
not expected to improve materially over the near to medium term,"
said Standard & Poor's credit analyst Alf Stenqvist.  The weak
operating cash flows reflect weak paper prices for the group's
main products (primarily fine papers), negative currency effects,
and operating inefficiencies.

CONTACT:  M-REAL OYJ
          Revontulentie 6
          FIN-02100 Espoo, Finland
          Phone: +358-104-6-11
          Fax: +358-1046-94355
          Web site: http://www.m-real.com
          Contact:
          Thomas Ekstrom, Vice President, Business Control
          Phone: +358 10 469 4962


M-REAL CORPORATION: Operating Profit Positive Under IFRS
--------------------------------------------------------
M-real Corporation changed its financial reporting standards from
Finnish Accounting Standards (FAS) to International Financial
Reporting Standards (IFRS) at the start of 2005.  In August 2004,
the company released its preliminary estimate of the impacts of
this transition on its opening IFRS balance sheet.  The purpose
of this release, and the appendix to it, is to provide specified
information on the effects of adoption of IFRS on the company's
consolidated income statement and balance sheet.

For M-real the main effects of the adoption of IFRS relate to the
reporting of pension liabilities, deferred taxes, derivative
contracts and some financing arrangements, and the recognition of
certain impairment losses in the opening IFRS balance sheet.

The transition date is January 1, 2004 and on that date M-real
has prepared its opening IFRS balance sheet.  In preparing the
opening balance sheet the company has applied some exemptions
available to first-time adopters of IRFS, which are explained in
more detail in the appendix to this release.

These tables address the effects of adoption of IFRS on the
company's consolidated key figures:

                     Jan.-Dec. Jan.-Sept. Jan.-June Jan.-March
                       2004       2004       2004      2004


Year 2004            FAS IFRS   FAS IFRS   FAS IFRS   FAS IFRS
Operating profit,
EUR million       -75    27   -47    41  -19     33    1    24
Profit/loss
attributable
to shareholders
of parent company,
EUR million       -15    45    49    91   111   123   142   141
Earnings per share, EUR
  From continuing
  operations
                 -0.79 -0.52 -0.58 -0.40 -0.29 -0.25 -0.14 -0.17
  From discontinued
  operations      0.71  0.72  0.81  0.83  0.81  0.83  0.81  0.83
  From continuing and
  discontinued operations
                 -0.08  0.20  0.23  0.43  0.52  0.58  0.67  0.66

Equiry attributable
  to shareholders
  of parent company
  at the end of period,
  EUR million     2627  2393  2241  2004  2303  2033  2328  2038
Net interest bearing
  liabilities
  at the end of period,
  EUR million     2161  2183  2278  2293  2614  2669  2551  2619
Total assets
  at the end of period,
  EUR million     6394  6486  6447  6510  6489  6540  6550  6589
Return on capital
employed, %       -1.0   0.9  -0.8   1.6  -0.3   1.8   0.3   2.0
Equity ratio, %   41.5  37.5  37.2  31.4  35.8  31.5  35.8  31.4
Gearing, %          82    90   100   112   113   129   109   127

Opening balance sheet
1 Jan 2004                                     FAS   IFRS
Total equity, EUR million                      2,245  1,960
Net interest bearing liabilities, EUR million  3,109  3,171
Total asset, EUR                               7,106  7,162
Equity ratio, %                                 31.9   27.8
Gearing ratio, %                                 137    159

The company's consolidated operating profit for 2004 was EUR102
million higher under IFRS than FAS.  IFRS-based operating profit
was improved in comparison to FAS reporting by the discontinuance
of goodwill amortization (EUR52 million) and the inclusion of
fixed asset write-downs of Reflex and Savon Sellu mills (EUR62
million) on the opening IFRS balance sheet but in income
statement under FAS.  Other IFRS effects resulted in a net
reduction of EUR12 million in operating profit.

The adoption of IFRS had a negative effect on the consolidated
shareholders' equity reported on the opening IFRS balance sheet
in the amount of EUR285 million, contrary to the EUR320 million
anticipated in the August 18, 2004 estimate.  The reduction in
negative effect is mainly due to changes in Finnish pension plan
related to the principles applied in calculating disability
pension contribution that will go into effect on January 1, 2006
and, contrary to earlier interpretation, will cause disability
pension arrangements to be treated as defined contribution plans.

The most significant negative effects on shareholders' equity
originate from the inclusion of pension liabilities on the
balance sheet (EUR115 million), reversal of sale and leaseback
agreement (EUR45 million), recognition of a deferred tax
liability with respect to the fair value of forest assets in
excess of their tax basis (EUR40 million), valuation of
derivatives at fair value and discontinuing the application of
hedge accounting (EUR30 million), and the recognition of
impairment losses on certain assets (EUR126 million).  The
combined effect of positive adjustments totals EUR71 million on
the opening balance sheet, EUR24 million of which relates to tax
assets due to decrease in the Finnish corporate tax rate, EUR26
million to other deferred tax assets, and EUR21 million to other
items.

By the end of 2004, the negative effect of IFRS adoption on
shareholders' equity had fallen to EUR234 million.

The appended tables and notes further describe the effects of
IFRS on the company's 2004 consolidated income statement and its
opening and year-end 2004 balance sheets.

A copy of this press release is available free of charge at
http://bankrupt.com/misc/MRealIFRS.pdf

CONTACT:  M-REAL CORPORATION
          Hannu Anttila, President and CEO
          Phone: + 358 10 469 4611

          Juhani Poho, CFO
          Phone: +358 10 469 5283
          Media contacts:
          Jyrki Antikainen
          Phone: + 358 10 469 4940
          Mobile: +358 50 357 4292

          IR Contacts
          Antti Nummi
          Phone: +358 10 469 4432
          Mobile: +358 50 598 9629


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


ALSTOM SA: Clinches EUR130 Mln Supply Deal in Australia
-------------------------------------------------------
Alstom S.A. has won a EUR130 million contract from independent
power producer Braemar Power Project Pty Ltd., for the supply of
a turnkey 450 MW open-cycle gas-fired power plant at Braemar, in
Queensland, Australia.

Alstom will design, supply, install and commission the entire
power plant, consisting of 3 x Alstom GT13E2 gas turbines,
step-up transformers, plant control systems and balance of plant.

The site has been designed to incorporate a further three gas
turbine units at a later date with adequate space for the
turbines to be converted to combined cycle in the future.

Construction of the all three units is due to begin at the end of
May with commercial operation expected in July 2006.  When
complete, the plant will help meet the ever-increasing
electricity demands of the state of Queensland.

This order brings the total of GT13E2 machines sold by Alstom to
96 units, six of which are in Australia.  It follows a contract
won by Alstom for two of the same units in March, to be supplied
to a power plant in Singapore for Keppel Merlimau Cogen Pte Ltd.
The fleet has now accumulated more than 2,300,000 operating
hours.

Philippe Joubert, President of ALSTOM's Power Turbo Systems and
Power Environment Sectors, said: "This project adds to our
growing fleet of gas turbine power plants in Australia and
underscores our leading position as a technology and plant
supplier to the power generation industry."

CONTACT:  ALSTOM S.A.
          3 Avenue Andre Malraux
          92300 Levallois
          France
          Phone: 33 (0) 1 41 49 27 13
          Fax: 33 (0) 1 41 49 79 32 1

          Press Relations
          S. Gagneraud
          Phone: +33 1 41 49 27 40
                 +33 1 41 49 27 13
          E-mail: internet.press@chq.alstom.com

          Investor Relations
          E. Chatelain
          Phone: +33 1 41 49 37 38
          E-mail: investor.relations@chq.alstom.com


FILATURE DE CHENIMENIL: Declares Bankruptcy
-------------------------------------------
Cotton yarn maker Filature de Chenimenil at Parthenay has filed
for insolvency, Les Echos says.

Management revealed the group has been losing around EUR200,000 a
month due to changes in textile trade rules, which took effect at
the beginning of the year.  The court will rule on Filature's
filing on May 3, 2005.  Filature, set up in 1993, employs around
68 people.

CONTACT:  FILATURE DE CHENIMENIL
          16 rue de la Filature
          88430 Chenimenil
          Phone: 33329696500
          Fax: 33329696508


VIVENDI UNIVERAL: Holds on to Universal Music
---------------------------------------------
Vivendi Universal S.A.'s new chief executive, Jean-Bernard Levy,
said the company intends to keep Universal Music in "French hands
for the long term."

In an interview with the Wall Street Journal Thursday, Mr. Levy
stressed the company dropped its plans to sell the world's
biggest music company, citing its vital role in Vivendi's future.

Mr. Levy said: "We've made our choices."  He added that last
year's sale of the Universal movie studio and television ventures
to NBC was Vivendi's last big asset sale.

He is positive about the progress of legal music downloading,
predicting that it could account for 20 percent of Universal
Music's revenue in a few years.  The business currently
represents 4 percent of the company's first quarter revenue.

He also believed that the company could set a new revenue model
for companies, as it earlier concluded deals with Time Warner
Inc.'s AOL, Yahoo Inc.'s Yahoo and Microsoft Corp's MSN online.
The agreement allows the company to collect payments every time
users of these sites download a music video of Universal artists.
Universal earlier permitted these sites to broadcast videos for
free with album promotion in mind.

However, the potential "gold mine" is likely to only contribute
less than US$10 million to Universal's extra revenue in 2005.

CONTACT:  VIVENDI UNIVERSAL S.A.
          42 Avenue de Friedland
          75380 Paris Cedex 08
          Phone: +33-1-71-71-10-00
          Fax: +33-1-71-71-10-01
          Web site: http://www.vivendiuniversal.com


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


AUTOHAUS BECKER: Proofs of Claim Due June
-----------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Autohaus Becker GmbH on March 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 1, 2005 to
register their claims with court-appointed provisional
administrator Marlies Greschuchna.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 8:45 a.m. at the district court of
Halle, Saal 1.043, Justizzentrum, Thuringer Str. 16, 06112, 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:  AUTOHAUS BECKER GMBH
          W. Pieck Str. 06647 Saubach

          Marlies Greschuchna, Administrator
          Grosser Berlin 14, D-06108 Halle
          Phone: 0345/6828831
          Fax: 0345/6828897


AUTOHAUS GERMANN: Court to Verify Claims May
--------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Autohaus Germann GmbH Ford Service on April 5.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 4, 2005 to
register their claims with court-appointed provisional
administrator Sylvia Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting on May 25, 2005, 10:00 a.m. at the district court of
Darmstadt, Zimmer 2, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, 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:  AUTOHAUS GERMANN GMBH FORD SERVICE
          Mainstrasse 48, 64319 Pfungstadt
          Contact:
          Matthias Wegerdt

          Sylvia Hofmann, Administrator
          Birkenweg 24, 64295 Darmstadt
          Phone: 06151/66729-0
          Fax: 06151/66729-20


DANNENBERG CONTROLLINGGESELLSCHAFT: Succumbs to Bankruptcy
----------------------------------------------------------
The district court of Lubeck opened bankruptcy proceedings
against Dannenberg Controllinggesellschaft mbH on April 7, 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 Walter Broehan.

Creditors and other interested parties are encouraged to attend
the meeting on June 2, 2005, 10:40 a.m. at the district court of
Lubeck, Am Burgfeld 7, 23568 Lubeck 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:  DANNENBERG CONTROLLINGGESELLSCHAFT MBH
          Wakenitzstrasse 73
          23564 Lubeck
          Contact:
          Andreas Dannenberg, Manager

          Walter Broehan, Administrator
          Muhlenstrasse 56
          23552 Lubeck


DIETER FELSER: Creditors Meeting Set Next Month
-----------------------------------------------
The district court of Munchen opened bankruptcy proceedings
against Dieter Felser Wohnbau GmbH on March 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until June 1, 2005 to
register their claims with court-appointed provisional
administrator Stephan Jaeger.

Creditors and other interested parties are encouraged to attend
the meeting on May 9, 2005, 9:10 a.m. 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 26, 2005, 9:10 a.m. at
Infanteriestr. 5, Sitzungssaal 102.

CONTACT:  DIETER FELSER WOHNBAU GMBH I.L.
          Kiefernstr. 9 in 82223 Eichenau

          Stephan Jaeger, Administrator
          Leopoldstr. 139, 80804 Munchen
          Phone: 089/361930-750
          Fax: 089/361930-999


ELEKTRO JAMANN: Claims Verification Set July
--------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Elektro Jamann GmbH on April 7.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 30, 2005 to register their claims with
court-appointed provisional administrator Michael Plossner.

Creditors and other interested parties are encouraged to attend
the meeting on July 4, 2005, 3:00 p.m. at the district court of
Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2. Stock,
Saal S 2.22, 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:  ELEKTRO JAMANN GMBH
          Rheinstr. 7, 53179 Bonn
          Contact:
          Dieter Jamann

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


EMOS IT: Creditors Have Until June to File Claims
-------------------------------------------------
The district court of Munchen opened bankruptcy proceedings
against EMOS IT Service GmbH on March 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 1, 2005 to register their
claims with court-appointed provisional administrator Gudrun
Hopf.

Creditors and other interested parties are encouraged to attend
the meeting on May 31, 2005, 9:45 a.m. at Infanteriestr. 5,
Sitzungssaal 102 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
20, 2005, 9:00 a.m. at the same venue.

CONTACT:  EMOS IT SERVICE GMBH
          Oskar-Messter-Str. 25 in 85737 Ismaning

          Gudrun Hopf, Administrator
          Hilblestr. 7, 80636 Munchen
          Phone: 089/183690
          Fax: 089/184160


ERNST SCHMIDT: Court Appoints Insolvency Administrator
------------------------------------------------------
The district court of Karlsruhe opened bankruptcy proceedings
against Ernst Schmidt Holzbau GmbH on April 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 1, 2005 to
register their claims with court-appointed provisional
administrator Martin Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 10:00 a.m. at the district court of
Karlsruhe, Schlossplatz 23, 76131 Karlsruhe 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:  ERNST SCHMIDT HOLZBAU GMBH
          Grabener Str. 34
          76646 Bruchsal

          Martin Wiedemann, Administrator
          O 3, 11+12
          68161 Mannheim
          Phone: (0621) 16680


FEKRA CARGO: Creditors Meeting Set July
---------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Fekra Cargo Transport Service GmbH on April 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 30, 2005 to register their
claims with court-appointed provisional administrator Willi
Christ.

Creditors and other interested parties are encouraged to attend
the meeting on July 4, 2005, 2:50 p.m. at the district court of
Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2. Stock,
Saal S 2.22, 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:  FEKRA CARGO TRANSPORT SERVICE GMBH
          Am Schutzenhof 3-4, 53119 Bonn
          Contact:
          Gunter Fechtner, Manager
          Dorpe 3, 51515 Kurten

          Willi Christ, Administrator
          Oxfordstrasse 2, 53111 Bonn
          Phone: 0228/631216
          Fax: 0228633729


HALBGEWACHS PARKETT: Claims Filing Period Expires Late May
----------------------------------------------------------
The district court of Ludwigshafen opened bankruptcy proceedings
against Halbgewachs Parkett AG on April 1, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 31, 2005 to
register their claims with court-appointed provisional
administrator Reinhard Buchholz.

Creditors and other interested parties are encouraged to attend
the meeting on June 13, 2005, 9:00 a.m. at the district court of
Ludwigshafen, Wittelsbachstr. 10, 67061 Ludwigshafen/Rhein 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:  HALBGEWACHS PARKETT AG
          Lindenstr. 60
          67166 Otterstadt
          Contact:
          Kai Schrettenbrunner, Manager
          Draisstr. 24c
          67346 Speyer (Vorstand)

          Reinhard Buchholz, Administrator
          Herzog-Otto-Str. 104
          D-67105 Schifferstadt


INSPEKT GMBH: Court to Verify Claims July
-----------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Inspekt GmbH Ingenieure und Sachverstandige on April 6,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until June 13,
2005 to register their claims with court-appointed provisional
administrator Dr. Jurgen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting on July 6, 2005, 11:15 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:  INSPEKT GMBH INGENIEURE UND SACHVERSTANDIGE
          Peterssteinweg 10-12
          04107 Leipzig
          Contact:
          Jorg Peper, Manager

          Dr. Jurgen Wallner, Administrator
          Karl-Heine-Strasse 25b
          04229 Leipzig


K & G BAU: Mosbach Court Appoints Interim Administrator
-------------------------------------------------------
The district court of Mosbach opened bankruptcy proceedings
against K&G Bau GmbH on April 6.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 13, 2005 to register their claims with
court-appointed provisional administrator Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting on June 7, 2005, 3:00 p.m. at the district court of
Mosbach, Lohrtalweg 2, 74821 Mosbach, Raum 12 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  K & G BAU GMBH
          Contact:
          Klaus Genschor, Manager
          Dr.-Heinrich-Propfe-Str. 7, 74862 Binau

          Tobias Hoefer, Administrator
          Soldnerstrasse 2, 68219 Mannheim
          Phone: 0621/877080


MISSAL TROCKENBAU: Under Bankruptcy Administration
--------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Missal Trockenbau Ausbau GmbH on April 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 10, 2005 to
register their claims with court-appointed provisional
administrator Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 11:30 a.m. at the district court of
Dresden, Olbrichtplatz 1, 01099 Dresden, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  MISSAL TROCKENBAU AUSBAU GMBH
          Hofmuhlenstrasse 2 in 01187 Dresden

          Bettina Schmudde, Administrator
          Konigstrasse 1, 01097 Dresden
          Web site: http://www.whitecaseinso.de


MTF TECHNIK: Creditors' Claims Due Late May
-------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against MTF Technik Schurfeld GmbH & Co. KG on April 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 29, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jorg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 8:40 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:  MTF TECHNIK SCHURFELD GMBH & CO. KG
          Stadionstrasse 8
          51702 Bergneustadt
          Contact:
          Georg Neumann, Manager

          Dr. Jorg Bornheimer, Administrator
          Turmhof 15
          42103 Wuppertal
          Phone: 02 02/4 93 70-00
          Fax: +492024937091


NEUSTADTER MALER: Court Appoints Rudiger Wienberg Administrator
---------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Neustadter Maler GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 13, 2005 to register their
claims with court-appointed provisional administrator Rudiger
Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 9:45 a.m. at the district court of
Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, at which time
the administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  NEUSTADTER MALER GMBH
          Rosa Luxemburg Str. 6 in 01844 Neustadt/Sa.

          Rudiger Wienberg, Administrator
          Wasastrasse 15, 01219 Dresden
          Web site: http://www.hww-kanzlei.de


SPIELSTUBE JOST: Under Bankruptcy Administration
------------------------------------------------
The district court of Kaiserslautern opened bankruptcy
proceedings against Spielstube Jost GmbH on April 1.
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 Jean-Olivier Boghossian.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 9:50 a.m. at Saal 13,
Justizzentrum, Bahnhofstr. 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:  SPIELSTUBE JOST GMBH
          Eisenbahnstr. 47, 67655 Kaiserslautern
          Contact:
          Ernst Jost, Manager
          Hans-Frank-Str. 40, 55590 Meisenheim

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


SPORTAGENTEN GMBH: Proofs of Claim Due Saturday
-----------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Sportagenten GmbH on April 6, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 30, 2005 to register their
claims with court-appointed provisional administrator Rayling und
Kollegen.

Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 10:30 a.m. at Saal D,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  SPORTAGENTEN GMBH
          Am Kreuzberg 3, 39167 Irxleben
          Contact:
          Silke Heinemann, Manager
          Im Steingewande 1, 39126 Magdeburg
          Thomas Muller, Manager

          RAYLING UND KOLLEGEN
          August-Bebel-Str. 32/33, 39326 Wolmirstedt

          Klaus Wrede, Administrator
          Lennestrasse 10, 39112 Magdeburg
          Phone: 0391/5973315
          Fax: 0391/5973333


TH. HERBRIK: Leipzig Court Stays All Pending Lawsuits
-----------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Th. Herbrik & Uwe Kalok Maler GbR on April 11, 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 Tino Kolb.

Creditors and other interested parties are encouraged to attend
the meeting on June 27, 2005, 3:00 p.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:  TH. HERBRIK & UWE KALOK MALER GBR
          Leipziger Str. 87
          04178 Leipzig

          Tino Kolb, Administrator
          Inselstr. 29
          04103 Leipzig


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


ALITALIA SPA: Reject Rehab Plan, British Airways Tells E.C.
-----------------------------------------------------------
British Airways (BA) on Wednesday renewed its call for the
European Commission (EC) to reject Alitalia's restructuring plan,
Reuters says.

BA Chief Executive Rod Eddington said the regulator should
strictly enforce the "one time, last time" rule for state aids,
like it did when the air sector suffered a heavy slump after the
September 11 attack.

"The only way our industry will thrive is if the state does not
intervene to prop up failing carriers and allow the market to
decide," Mr. Eddington said through a spokeswoman.

Mr. Eddington was reacting to a report early this week that the
European Commission has already given Alitalia's rescue plan an
"initial technical approval."  The EC had said a final decision
on the plan could be out late May or early June.  Aside from BA,
other rival carriers plying Italian routes are also opposed to
Alitalia's government-backed restructuring.

The EC said it is now reviewing documents submitted by the state,
verifying whether the plan violates any of the E.U. rules on
state aid.

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

          Paola Cambria
          Press Relations
          Phone: 06-65627431
          E-mail: cambria.paola@alitalia.it


FIAT SPA: Bank Syndicate on Performance -- So far so Good
---------------------------------------------------------
Luca Cordero di Montezemolo, Chairman of Fiat S.p.A.; and Sergio
Marchionne, Chief Executive Officer, met on Tuesday in Milan with
the representatives of the main lending banks that in 2002
provided the EUR3 billion mandatory convertible facility to Fiat.

The banks were represented by the Chief Executive Officers of the
companies: Corrado Passera (Banca Intesa), Matteo Arpe
(Capitalia), Alfonso Iozzo (SanPaolo IMI) and Alessandro Profumo
(Unicredito Italiano).  During the meeting the operating and
financial data of the Group was confirmed.  Fiat has reiterated
its commitment to achieving the objectives stated for 2005, 2006
and 2007.

The conversion of the mandatory convertible facility, due in
September 2005, was confirmed.  The Banks also reaffirmed their
will to support the Group, which is focused in achieving the
financial objectives set for the next three years.

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


IMPREGILO SPA: Reaches EUR1.150 Bln Deal with IGLI, Local Banks
---------------------------------------------------------------
On 14 April, IGLI S.p.A. signed an agreement with Gemina S.p.A.,
the reference shareholder of Impregilo S.p.A., governing the
terms and conditions for the entry of IGLI as a shareholder of
Impregilo.  Gemina is wholly owned by TeSir S.r.l. (Techint
Group), Argo Finanziaria S.p.A. (Gavio Group), Autostrade per
l'Italia S.p.A. and Efibanca S.p.A.

Impregilo declared that it wished to avail itself of the
provisions stipulated in its favor in the agreement.  The
agreement replaces the agreement reached by the shareholders of
IGLI and Gemina on 21 March 2005, which has been terminated with
the consent of all parties.

Simultaneously Banca Intesa S.p.A., Sanpaolo Imi S.p.A. and
Unicredit Banca d'Impresa S.p.A. declared their general
willingness to support the project for the rationalization of
Impregilo's financial position.

The essential points of the documents signed by the parties
provide for:

(a) a share capital increase of EUR650 million,

(b) a medium/long-term loan of EUR500 million,

(c) the granting, prior to closure of the transactions in
    question, of a bridging loan of EUR680 million,

(d) additional medium/long-term financing of EUR591 million for
    full coverage of the requirements of the Fibe and Fibe
    Campania projects until the waste-conversion facilities
    become operational,

(e) the medium/long-term renegotiation of a portion of short-
    term debt,

(f) cash flow and signature financing of future contracts

Specifically, the agreements provide that by 16 April Impregilo
call an extraordinary Shareholders' Meeting to be held by 20 May
2005 to discuss and approve an indissoluble paid rights issue for
EUR650 million.  The issue price will be not more than EYR0.20
per share, and will be determined at the time of the offer so as
to provide a minimum 25% discount on the actual TERP (i.e., the
theoretical ex rights price computed for each Impregilo ordinary
share based on the mean price for at least the last three trading
days before the start of the rights offer).

Gemina will subscribe the rights offer by converting into capital
a portion of the EUR100 million loan granted to Impregilo in July
2004.  Following the operation, Gemina will hold between 11.78%
and 14.46% of Impregilo post-increase share capital.

Gemina will also sell to IGLI a number of rights to enable IGLI
to hold between 12.54% and 15.38% of Impregilo post-increase
share capital.  To purchase the rights and subsequently subscribe
the share capital increase IGLI will make a maximum overall
investment of EUR115 million; IGLI has undertaken to provide
Impregilo with a EUR100 million bank guarantee in respect of
subscription and payment of the share capital increase.

Gemina and IGLI have also undertaken to subscribe any unexercised
rights up to a maximum total of EUR44 million, subject to the
fact that the overall equity investment in Impregilo held by
Gemina and IGLI shall not exceed 29.9% of Impregilo share
capital.

The agreement also provides for Gemina to grant IGLI an option to
acquire all Impregilo shares held by Gemina after the share
capital increase, to be exercised in a single transaction on all
shares held by Gemina as from 31 March 2006 and up to three years
from subscription of the shares arising from the
recapitalization; the option exercise price may not be less than
EUR0.50 per share, adjusted in line with the capital operations.
As total or partial consideration for exercise of the option, as
it wishes, Gemina may receive new IGLI shares that give Gemina an
equity investment in IGLI of not more than 1/6 of its share
capital.

CONTACT:  IMPREGILO SPA
          Viale Italia 1,
          Sesto S. Giovanni
          20099 Milan
          Phone: +39-02-244-22111
          Fax: +39-02-244-22293
          Web site: http://www.impregilo.it


IMPREGILO SPA: IGLI Appoints Alberto Lina to Board
--------------------------------------------------
On 16 April 2005, Alberto Lina, designated by IGLI, joined the
Impregilo S.p.A. Board of Directors in the place of Enzo Grilli
who is resigning.  Gemina has also undertaken that the Impregilo
Shareholders' Meeting called to approve the financial statements
will appoint a new Board of Statutory Auditors, and a Board of
Directors composed of 11 directors.  IGLI will designate one
standing auditor, and five directors, including the Chief
Executive Office.  Gemina will appoint five directors, including
the Chairman, and one independent director.

The Impregilo extraordinary Shareholders' Meeting to be held by
20 May will discuss an amendment to article 20 of the Impregilo
By-Laws to envisage that the number of members of the Board of
Directors be increased to 15.

On 14 April 2005 an underwriting contract was signed by
Impregilo, Banca Caboto S.p.A., Banca IMI S.p.A., Unicredit Banca
Mobiliare S.p.A. and Efibanca S.p.A. -- conditional upon specific
events -- regarding the rights issue under approval; the
operations of the underwriting syndicate will be subordinate to
the guarantee provided by Gemina and IGLI.

The private agreement will take effect upon fulfillment of these
conditions:

(a) approval by 2 May 2005, by the Impregilo Shareholders'
    Meeting, of the financial statements for the year to 31
    December 2004 and appointment of a new Board of Directors
    with the designations indicated above;

(b) adoption by 20 May 2005 by the Impregilo extraordinary
    Shareholders' Meeting of the resolutions relating to the
    share capital increase and the amendment to art. 20 of the
    By-Laws and, by the ordinary Shareholders' Meeting, of the
    resolutions relating to the appointment of four new
    directors;

(c) signature, by 4 May 2005, of final contracts regarding
    bridging loans, convertible in part into medium-term loans
    at the request of Impregilo, for a total amount of EUR680
    million;

(d) transformation by 26 May 2005 of part of the Impregilo Group
    short-term bank borrowings into medium/long-term borrowings;

(e) availability for Impregilo of all tranches of the bridging
    loan, with various repayment schedules as from 10 May 2005;

(f) signature, before the rights issue prospectus is filed with
    Consob, of the final contract for the formation of the
    underwriting syndicate;

(g) that the commencement date of the rights issue be not later
    than 31 July 2005, without prejudice to IGLI's right to
    extend it;

(h) receipt of all necessary antitrust approvals.

Gemina and IGLI will sign a covenant relating to Impregilo
corporate governance whose guidelines will provide:

(a) that the Board of Directors consist of 15 members, 6 of whom
    including the Chairman designated by Gemina, 6 including the
    Chief Executive Officer designated by IGLI, 3 independent
    directors of whom 2 designated by IGLI and one by Gemina;

(b) that the Executive Committee consist of 5 members, 2
    designated by IGLI and 2 designated by Gemina, as well as
    the Chief Executive Officer;

(c) that the Chairman of the Internal Control Committee be
    designated by Gemina and that the committee members include
    two directors designated by IGLI, one of whom chosen from
    the independent directors;

(d) that the Board of Statutory Auditors of three members
    consist of 2 standing auditors, including the Chairman, and
    1 alternate auditor all designated by Gemina, and 1 standing
    auditor and 1 alternate auditor designated by IGLI; and

(e) that the Chief Executive Officer be vested with ordinary
    administrative powers and that some resolutions be reserved
    for the Board of Directors, of which some to be carried with
    a qualified majority.

The covenant shall have a three-year term beginning from the date
of signature; the parties shall be subject to a lock-up for the
entire duration of the covenant.

At a meeting on April 16, chaired by Paolo Savona, the Board of
Directors of Impregilo S.p.A. examined and approved plans for the
financial reorganization of the Impregilo Group.  The main
objectives are:

(a) to cover Group cash requirements, in particular with regard
    to the bonds maturing in May and June 2005;

(b) to enable the Group to meet future requirements as its
    contracting backlog expands;

(c) to strengthen the financial structure by realigning the
    debt-equity ratio and consolidating average Group debt.

The main points of the financial plan approved by the board are:

(a) a rights issue for EUR650 million;

(b) a medium-term loan of EUR500 million;

(c) consolidation of a portion of the Group's short-term debt;

(d) financing for up to EUR591 million for Fibe and Fibe
    Campania;

(e) cash flow and signature financing of future contracts.

Additionally, prior to closure of the above transactions, a
bridging loan will be granted in a series of installments for a
total of EUR680 million, to cover the Group's immediate financial
requirements, including repayment of the bonds due to mature in
the next few months.

The new quantification of Impregilo's financial requirements is
based largely on the same projections as those used for the
previously published computation (specifically, the press release
dated 28 January 2005); however, a number of significant changes
have been introduced as a result of the agreements between Gemina
and IGLI; in particular:

(a) postponement of the disposals plan; and

(b) a request for resources to provide full corporate funding
    for the Fibe and Fibe Campania project until the waste-
    conversion facilities become operational; the previous
    request made to the banks involved in the recent discussions
    on the financial reorganization of the Impregilo Group
    determined a similar overall requirement for the Campania
    projects, but was limited to coverage of a bridging period
    until 30 September 2005 -- a timeframe deemed sufficient for
    a return to normal conditions on the project and thus for
    recourse to project financing; in any case, the new request
    does not exclude the previous objective.

Consistently with the quantification of Impregilo requirements,
the entire financial maneuver agreed over the last few days will
bring in these new cash resources:

Rights issue                     EUR650 million

Gemina share already paid       -EUR58 million

Cash arising from rights issue   EUR592 million

Medium/long-term borrowings      EUR500 million

Cash sub-total                   EUR1,092 million

Medium/long-term borrowings
for Fibe and Fibe Campania       EUR591 million

Cash total                       EUR1,683 million

With regard to the above operations, the Board of Directors
decided to call an extraordinary Shareholders' Meeting for 18 May
(first call), 19 May (second call) and 20 May 2005 (third call),
to present these items for approval:

(a) an exchange of existing ordinary shares and savings shares,
    at a rate of one new ordinary share for every ten existing
    ordinary shares held and one new savings share for every ten
    existing savings shares held; this operation is advisable in
    the light of market conditions;

(b) the attribution to the Board of Directors of powers to raise
    share capital through issuance of ordinary shares for a
    maximum of EUR650 million, to be exercised by 31 December
    2005.  The shares will be offered to current shareholders;

(c) an amendment to art. 20 of the company By-Laws to raise the
    maximum number of members of the Board of Directors from 11
    to 15.

The Board of Directors also co-opted Alberto Lina to replace Enzo
Grilli, who resigned.  Chairman Paolo Savona, the Directors and
the Statutory Auditors expressed their sincere thanks to Prof.
Grilli for his work on behalf of the company and their
appreciation of his moral and professional qualities.

Mr. Lina was put in charge of coordinating and supervising the
preparation, by the relevant company offices, of the industrial
plan of Impregilo S.p.A and the subsidiaries in connection with
the operation on share capital.

CONTACT:  IMPREGILO SPA
          Viale Italia 1,
          Sesto S. Giovanni
          20099 Milan
          Phone: +39-02-244-22111
          Fax: +39-02-244-22293
          Web site: http://www.impregilo.it


VOLARE GROUP: Police Nabs Former Executives
-------------------------------------------
Financial police arrested Wednesday six former executives of
Volare, Reuters says.

Arrested were Volare's founder and former chairman, Gino Zoccai,
former board member Giuliano Martinelli, former chief executive
Vincenzo Soddu and three unnamed executives.  They allegedly
diverted EUR500 million in funds away from the carrier to set up
My.Air.  They are also charged of false accounting, fraudulent
bankruptcy and bankruptcy in relation to the diversion of funds.

The police said in a statement, "The diversion of funds was aimed
at creating the necessary capital for the new airline, which not
by coincidence used people, means and structures from the Volare
group."

Colonel Marcello Ravaioli of the Varese financial police revealed
they are currently investigating another 50 people.  They include
Argentine businessman and former Volare shareholder Eduardo
Eurnekian.  Mr. Eurnekian's lawyer claims he was a "victim of
illegal acts by third parties."

A spokeswoman for MyAir.com, which covers a number of domestic
and European routes, declined to comment on the matter, as she
was unaware of the developments.

Volare declared insolvency on Nov. 22, 2004, citing huge debt and
heavy losses.  Months before its collapse, a group of managers
left the carrier.  Shortly after, the new management, suspecting
irregularities in the 2001-2003 accounts, hired KPMG to review
the reports.  Prosecutors from Busto Arsizio used KPMG's report
to launch an investigation against Volare's former managers.

Volare is currently under extraordinary administration, which
allows it to be protected from creditors while resuming daily
operations.  Current Chief Executive Cosimo Giulio De Metrio is
mulling a fresh loan so the carrier can resume its flights from
Milan to the southern part of the country.

CONTACT:  VOLARE GROUP S.p.A.
          Via Pirelli, 20
          20124 Milan
          Phone: (+39) 02 673 631
          Fax: (+39) 02 673 630 90
          Web site: http://www.volare-group.it


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


HAGEMEYER N.V.: Scraps Dividend for 2004
----------------------------------------
At the Annual General Meeting of Hagemeyer N.V. Tuesday, these
resolutions were taken up:

(a) the 2004 Annual Accounts and the policy on additions to
    reserves and on dividends have been adopted.  No dividend
    will be paid over 2004.  The members of the Board of
    Management and Supervisory Board have been discharged of
    their responsibilities for 2004;

(b) Deloitte Accountants has been appointed as external auditor
    to audit the Annual Accounts 2005 of Hagemeyer;

(c) Mr. A. Baan and Mr. R. van Gelder have been appointed as new
    members of the Supervisory Board with effect from April 26,
    2005;

(d) the Remuneration Policy for the Board of Management has been
    adopted and the share/option plan of the members of the
    Board of Management has been approved;

(e) the Board of Management has been designated and authorized
    for a period of 18 months, as of April 26, 2005, as the body
    to cause the Company to acquire shares in its own capital
    and as the competent body to resolve an issuance of shares
    and to resolve restricting or excluding the pre-emptive
    right upon issuance of ordinary shares.  This authorization
    applies to a maximum of 5% of the issued capital of the
    Company; and

(f) the proposals to amend the remuneration of the Supervisory
    Board and to amend the Articles of Association have been
    adopted.

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69, P.O. Box 5111
          1410 Ac Naarden
          Phone: + 31 (0)35 6957676
          Fax: + 31 (0)35 6944396
          Web site: http://www.hagemeyer.com

          Emilie de Wolf
          Phone: +31 (0)35 6957676


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


AF PAVLOVSKAYA: Under Bankruptcy Supervision
--------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
supervision procedure on close joint stock company Af
Pavlovskaya.  The case is docketed as A-32-2832/2005-2/20-B.  Mr.
V. Gribov has been appointed temporary insolvency manager.  A
hearing is set on August 10, 2005, 12:30 p.m.

Creditors may submit their proofs of claim to:

(a) AF PAVLOVSKAYA
    352044, Russia, Krasnodar region,
    Krylovskiy region, Oktyabrskaya

(b) Mr. V. Gribov
    Temporary Insolvency Manager
    350075, Russia, Krasnodar region,
    Stasova Str. 180, 3rd Floor


BATT GOODS: Proofs of Claim Deadline Nears
------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Batt Goods after finding the close joint
stock company insolvent.  The case is docketed as
A27-11862/2004-4.  Mr. V. Bezgachev has been appointed insolvency
manager.  Creditors have until May 19, 2005 to submit their
proofs of claim to 630091, Russia, Novosibirsk, Pisareva Str. 4.

CONTACT:  BATT GOODS
          Russia, Kemerovo region,
          Nogradskaya Str. 3-76

          Mr. V. Bezgachev
          Insolvency Manager
          630091, Russia,
          Novosibirsk, Pisareva Str. 4


BEZHANITSY FLAX: Pskov Court Names E. Babaev Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Pskov region commenced bankruptcy
proceedings against Bezhanitsy Flax after finding the limited
liability company insolvent.  The case is docketed as
A52/7488/2004/4.  Mr. E. Babaev has been appointed insolvency
manager.  Creditors have until May 19, 2005 to submit their
proofs of claim to 180000, Russia, Pskov, Sovetskaya Str. 52,
Office 23.

CONTACT:  BEZHANITSY FLAX
          182840, Russia, Pskov region,
          Bezhanitskiy region, Finkovo

          Mr. E. Babaev
          Insolvency Manager
          180000, Russia, Pskov region,
          Sovetskaya Str. 52, Office 23


BKSM: Bankruptcy Hearing Set August
-----------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against BKSM after finding the close joint stock
company insolvent.  The case is docketed as A09-1454/05-2.  Mr.
Y. Kayturov has been appointed insolvency manager.

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

(a) BKSM
    241028, Russia, Bryansk region,
    Uritskogo Str. 139

(b) Insolvency Manager
    241050, Russia, Bryansk region,
    Kanatnyj Per. 5, Office 312

A hearing will take place on Aug. 18, 2005, 11:00 a.m. at Russia,
Bryansk, Trudovoy Per. 6, Room 301.


CHEREMSHANSKOYE: Declared Insolvent
-----------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Cheremshanskoye after finding the close joint
stock company insolvent.  The case is docketed as
A33-26085/04-s4.  Mr. A. Komarov has been appointed insolvency
manager.

CONTACT:  Mr. A. Komarov
          Insolvency Manager
          Russia, Krasnoyarsk region,
          Zaozyernyj, Mira Str. 54, Premise 1


CREDIT BANK: Earns Upgraded for Improved Liquidity
--------------------------------------------------
Fitch Ratings upgraded Credit Bank of Moscow's National Long-term
rating to 'BB+(rus)' from 'BB(rus)'.  The Outlook for the
National rating remains Stable.  At the same time, Fitch assigned
CBM's RUB500 million 11.5% domestic bond, due April 2007, an
expected National Long-term rating of 'BB+(rus)'.  The rating is
contingent upon receipt of final documentation conforming
materially to information already received and the final rating
will be confirmed at that time.

CBM is rated Long-term 'B-'with Stable Outlook, Short-term 'B',
Individual 'D' and Support '5'.  Separately, Fitch expects to
complete a review of CBM's International ratings in the coming
weeks.

The upgrade of CBM's National Long-term rating reflects the
recent improvement in the bank's liquidity position, following
the liquidity problems it experienced during the mini-crisis in
the Russian banking sector in mid-2004.  By end-2004, CBM had
converted the negative short-term maturity mismatch, which had
been present before the mini-crisis and deteriorated during the
crisis, into a positive maturity mismatch.  Customer
concentration levels have also fallen on both sides of the
balance sheet, while credit lines from international financial
institutions and the domestic bond issue should help to diversify
and lengthen the tenor of funding.  CBM's capitalization also
remains strong, comparing favorably with that of many Fitch-rated
banks in Russia.

Nevertheless, CBM was highly sensitive to the problems in the
Russian banking sector in mid-2004, when it lost some 25% of
retail customer deposits, and that liquidity remains a potential
concern.  In addition, CBM is small by international standards,
its franchise is limited and its profitability is not strong.
Non-performing loans also rose in H204, although asset quality
was still satisfactory, and the bank operates in an environment
that continues to be characterized by certain weaknesses.

CBM was established in 1992.  Since 1995 it has formed part of a
group owned by Rossium Concern, which also includes investment,
industrial, agricultural, trade and construction companies.  The
group is ultimately owned by one individual, prompting some
corporate governance and succession concerns.  At end-2004, CBM
was ranked among the top 75 Russian banks by total assets.  CBM's
core business lies in providing banking services to SMEs and,
since 2002, retail customers (mainly deposit taking and car
financing).

CONTACT:  FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 (0) 20 7417 3495

          Alexei Kechko, Moscow
          Phone: +7 095 956 9931

          Media Relations:
          Julian Dennison, London
          Phone: +44 20 7862 4080
          Web site: http://www.fitchratings.com/


HARDWARE PLANT: Deadline for Proofs of Claim May 19
---------------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Hardware Plant after finding the limited
liability company insolvent.  The case is docketed as K/E-118/04.
Mr. S. Vinnik has been appointed insolvency manager.
Creditors have until May 19, 2005 to submit their proofs of claim
to 644099, Russia, Omsk, Post Office, Post User Box 2699.

CONTACT:  HARDWARE PLANT
          Russia, Omsk region,
          25th Liniya, 78, Room 1

          Mr. S. Vinnik
          Insolvency Manager
          644099, Russia, Omsk region,
          Post Office, Post User Box 2699
          Phone: (3812) 23-53-49


KOMI-ENERGO-MONTAZH-COMPLECT: Bankruptcy Proceedings Begin
----------------------------------------------------------
The Arbitration Court of Komi republic commenced bankruptcy
proceedings against Komi-Energo-Montazh-Complect after finding
the close joint stock company insolvent.  The case is docketed as
A29-11428/04-3B.  Mr. E. Osaulenko has been appointed insolvency
manager.

CONTACT:  KOMI-ENERGO-MONTAZH-COMPLECT
          167000, Russia, Komi republic,
          Syktyvkar, Ukhtinskoye Shosse, 2

          Mr. E. Osaulenko
          Insolvency Manager
          167000, Russia, Syktyvkar,
          Post Office, Post User Box 782


NEFTE-KOM: Claims Filing Period Expires Next Month
--------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Nefte-Kom after finding
the limited liability company insolvent.  The case is docketed as
A75-281-B/04-1518/2005.  Ms. V. Yarkova has been appointed
insolvency manager.  Creditors have until May 19, 2005 to submit
their proofs of claim to 628600, Russia, Khanty-Mansiyskiy
autonomous region, Nizhnevartovsk, Internatsionalnaya Str.
18-183, 184.

CONTACT:  NEFTE-KOM
          628600, Russia, Khanty-Mansiyskiy autonomous region,
          Nizhnevartovsk, Industrialnaya Str. 64

          Ms. V. Yarkova
          Insolvency Manager
          628600, Russia, Khanty-Mansiyskiy autonomous region,
          Nizhnevartovsk, Internatsionalnaya Str. 18-183, 184


SARATOV-GES-STROY: Falls into Bankruptcy
----------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Saratov-Ges-Stroy after finding the open
joint stock company insolvent.  The case is docketed as
A57-47B/04-31.  Mr. I. Ignatyev has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 107078,
Russia, Moscow, Post User Box 281.

CONTACT:  SARATOV-GES-STROY
          413800, Russia, Saratov region, Balakovo,
          Titova Str. 2A, Building 1

          Mr. I. Ignatyev
          Insolvency Manager
          107078, Russia, Moscow,
          Post User Box 281


SEAPORT PROVIDENIYA: Succumbs to Insolvency
-------------------------------------------
The Arbitration Court of Chukotskiy autonomous region commenced
bankruptcy proceedings against Seaport Provideniya after finding
the open joint stock company insolvent.  The case is docketed as
A80-30/2002-B.  Mr. V. Skrepnyuk has been appointed insolvency
manager.  Creditors have until May 12, 2005 to submit their
proofs of claim to 689000, Russia, Anadyr, Post User Box 167.

CONTACT:  SEAPORT PROVIDENIYA
          689251, Russia, Chukotskiy autonomous region,
          Provideniya, Dezhneva quay, 10

          Mr. V. Skrepnyuk
          Insolvency Manager
          689000, Russia, Anadyr,
          Post User Box 167


SHIPUNOVSKIY BUTTER: Bankruptcy Hearing Resumes July
----------------------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
supervision procedure on close joint stock company Shipunovskiy
Butter-Cheese Factory.  The case is docketed as A03-16759/04-B.
Mr. M. Polyakov has been appointed temporary insolvency manager.
A hearing is set on July 18, 2005.

Creditors may submit their proofs of claim to:

(a) SHIPUNOVSKIY BUTTER-CHEESE FACTORY
    658390, Russia, Altay region,
    Shipunovo

(b) Mr. M. Polyakov
    Temporary Insolvency Manager
    656002, Russia, Barnaul region,
    Vorovskogo Str. 140
    Post User Box 130


SLAVIYA TEXTILE: Temporary Insolvency Manager Takes over Helm
-------------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
supervision procedure on open joint stock company Slaviya Textile
(TIN 50500022376, KPP 505001001).  The case is docketed as
A-41-K-2-1870/05.  Mr. R. Obskov has been appointed temporary
insolvency manager.  A hearing is set on July 21, 2005, 2:15 p.m.
at 107996, Russia, Moscow, Akademika Sakharova Str. 18, Hall 440.

Creditors may submit their proofs of claim to:

(a) SLAVIYA TEXTILE
    141100, Russia, Moscow region,
    Schelkovo, Fabrichnaya Str. 1

(b) Mr. R. Obskov
    Temporary Insolvency Manager
    107139, Russia, Moscow region,
    Post User Box 31


SODEYSTVIE: Deadline for Proofs of Claim May 12
-----------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Sodeystvie after finding the close joint
stock company insolvent.  The case is docketed as A55-7001/02-15.
Mr. P. Gereshko has been appointed insolvency manager.
Creditors have until May 12, 2005 to submit their proofs of claim
to 446810, Russia, Samara region, Koshkinskiy region, Koshki,
Pogruznaya St. Pervomayskaya Str. 106.

CONTACT:  SODEYSTVIE
          446810, Russia, Samara region, Koshkinskiy region,
          Koshki, Pogruznaya St. Pervomayskaya Str. 106

          Mr. P. Gereshko
          Insolvency Manager
          446810, Russia, Samara region, Koshkinskiy region,
          Koshki, Pogruznaya St. Pervomayskaya Str. 106


SOKOLSKAYA TRANSFER: Vologda Court to Hear Case Mid-June
--------------------------------------------------------
The Arbitration Court of Vologda region commenced bankruptcy
supervision procedure on LLC Sokolskaya Transfer Reload Site.
The case is docketed as A13-1652/04-22.  Mr. D. Morozov has been
appointed temporary insolvency manager.   A hearing is set on
June 16, 2005, 2:00 p.m.

Creditors may submit their proofs of claim to:

(a) SOKOLSKAYA TRANSFER RELOAD SITE
    Russia, Vologda region,
    Sokol, Kooperativnaya Str. 3

(b) Mr. D. Morozov
    Temporary Insolvency Manager
    160012, Russia, Vologda region
    Post User Box 31


YUKOS OIL: Khodorkovsky Verdict Postponed Anew
----------------------------------------------
Moscow's Meshchansky Court on Wednesday postponed the reading of
its verdict on Yukos CEO Mikhail Khodorkovsky and his business
partner Platon Lebedev to May 16.

BBC News says the postponement came without an explanation.  A
source at the court confirmed that no hearing took place on
Wednesday and none has been scheduled on the case until May 16.

Messrs. Khodorkovsky and Lebedev, who heads financial group
Menatep, are accused of large-scale fraud, intentional
non-compliance with court decisions, embezzlement of property,
large-scale tax evasion, and forgery of official documents.
Prosecutors have recommended a minimum prison term of 10 years
for them.

Mr. Khodorkovsky has already spent more than a year in jail, and
Mr. Lebedev close to two years, although the trial took only nine
months to complete.  Analysts are divided on the outcome of the
trial.  Some say he might be released because the Kremlin appears
to have soften its position on Mr. Khodorkovsky.  In his
state-of-the-nation address Monday, Pres. Vladimir Putin, the man
allegedly behind the two execs' incarceration, said prison is not
the only route for Mr. Khodorkovsky.  Observers say the president
may consider freeing him to calm investors' nerves.

In December, Russia sold off Yukos' former main refinery,
Yuganskneftegas, after slapping the firm with a US$27.5 billion
back-tax bill.  Others say Mr. Khodorkovsky may remain in prison
at least until after the presidential elections in 2008.

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

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

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


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


CONVERIUM AG: To Unveil First-quarter Results Next Month
--------------------------------------------------------
Converium Holding Ltd., Zug will release its financial results
for the first quarter 2005 before the markets open in Europe on
Tuesday, May 10, 2005.

A live Web cast for the investment community will be held on
Tuesday, May 10, 2005 at 9:30 a.m. Central European Time (CET).
You can access it at http://www.converium.com/. It will be
archived on our Web site at about noontime that day.  The
telephone replay of the conference call will also be available
one hour after the call for 24 hours by dialing +41 91 612 4330
(Europe), +1 (1) 866 416 2558 (U.S.A.) or +44 (0) 207 108 6233
(U.K.) with access code: 820.

                            *   *   *

Converium AG recently reported that its 2004 net loss has reached
US$760.8 million.

CONTACT:  CONVERIUM HOLDING LTD.
          Esther Gerster, Head of Public Relations
          Phone: + 41 1 639 90 22
          Fax: + 41 1 639 70 22

          Zuzana Drozd, Head of Investor Relations
          Phone: +41 1 639 9120
          Fax: +41 1 639 7120


SKANDIA INSURANCE: Skandia Liv Chief Stepping down
--------------------------------------------------
Urban Backstrom will leave his post as Chief Executive Officer of
Skandia Liv to become director general of the Confederation of
Swedish Enterprise.

Commenting on the move, Chairman Bo Eklof said: "I warmly
congratulate Urban Backstrom on this new, exciting assignment
that will entail a great deal of responsibility.  On behalf of
Skandia Liv, naturally I regret that he is leaving.

"However, it is with much satisfaction to note that, under Urban
Backstrom's leadership, Skandia Liv has regained both confidence
and stability and is now well equipped to take on future
challenges in the life assurance market.  Similarly, considerable
quality improvements have been made in several areas, not least
in asset management.

"All in all, this will enable Urban Backstrom's successor to
dedicate all of his or her energy on developing Skandia Liv's
business."

The Board will immediately begin the process to recruit a new
CEO.

CONTACT:  SKANDIA INSURANCE
          Gert Engman, Executive Vice President, Skandia
          Head of Skandia Norden
          Phone: +46-8-788 25 00

          Per Wahlstrom, CEO-elect, Skandia Denmark
          Phone: +46-8-788 25 00

          Gunilla Svensson, Press Manager, Skandia
          Phone: +46-8-788 25 00


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


ABSOLUTELY FABULOUS: Annual Creditors Meeting Set June
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Absolutely Fabulous (Glasgow) Limited
                         (In Liquidation)

I, James Inglis Smith, Chartered Accountant, Suite 412, Baltic
Chambers, 50 Wellington Street, Glasgow G2 6HJ, pursuant to
section 105 of the Insolvency Act 1986 and Rule 4.13 of the
Insolvency (Scotland) Rules 1986 that an Annual Meeting of
Creditors of Absolutely Fabulous (Glasgow) Limited will be held
in the offices of Smith Inglis Ltd., Suite 412, Baltic Chambers,
50 Wellington Street, Glasgow on Wednesday June 1, 2005 at 12:00
noon for the purpose of receiving the Liquidator's account of the
winding-up during the preceding year.

James Inglis Smith, Liquidator
April 18, 2005

CONTACT:  SMITH INGLIS & CO.
          Suite 412
          Baltic Chambers
          50 Wellington Street
          Glasgow G2 6HJ

          James Inglis Smith
          Phone: 0141 248 8339
          Fax: 0141 248 8339


ADMAGNETICS LIMITED: Hires Administrators from Leonard Curtis
-------------------------------------------------------------
A. Poxon and J. M. Titley (IP Nos 8620, 8617) have been appointed
administrators for Admagnetics Limited.  The appointment was made
March 18, 2005.  The factory manufactures transformers and
standby power systems.

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


ALKRON EXPORT: Creditors Meeting Set Next Week
----------------------------------------------
The creditors of Alkron Export Services Limited will meet on May
6, 2005 at 10:00 a.m.  It will be held at Freemason's Hall,
Manchester.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG Corporate Recovery, St James Square,
Manchester M2 6DS not later than 12:00 noon, May 5, 2005.

CONTACT:  KPMG
          Corporate Recovery,
          St James Square,
          Manchester M2 6DS
          Web site: http://www.kpmg.co.uk


ALLENWEST ELECTRICAL: Sets Creditors Meeting Next Week
------------------------------------------------------
The creditors of Allenwest Electrical Limited will meet on May 6,
2005 at 10:30 a.m.  It will be held at Best Western Brighton
Hotel, 143-145 Kings Road, Brighton, East Sussex BN1 2PQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Vantis Redhead French Limited, 43-45 Butts Green
Road, Hornchurch, Essex RM11 2JX not later than 12:00 noon, May
5, 2005.

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


ALLIED DOMECQ: Rival Offers May Still Come up
---------------------------------------------
Counter bids for winemaker Allied Domecq plc may yet emerge
despite a sealed sale agreement with Pernod Ricard S.A., reports
say.

U.S. firm Constellation Brands Inc. as well as private equity
firm Bacardi Ltd. may consider lodging separate offers, according
to The Deal.  Constellation has reportedly hired British
investment bank NM Rotschild & Sons to review an offer.  It
confirmed interest on Monday, but declined to comment further.

However, analysts say any proposal to win over Allied Domecq
faces big hurdle since the GBP7.5 billion (US$14.4 billion) offer
already won unanimous approval of the board.  Besides, Allied
Domecq would have to pay Pernod GBP37 million to break up the
agreement if it has to do it within six months.

Allied Domecq's sale has prompted Fitch Ratings to downgrade its
senior unsecured and short-term ratings to 'BB+' and 'B' from
'BBB' and 'F2'respectively.  Fitch said: "[The] 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 are on Watch Negative pending successful completion
of the deal.

CONTACT:  Allied Domecq PLC
          The Pavilions
          Bridgwater Road
          Bedminster Down
          BRISTOL BS13 8AR
          United Kingdom
          Phone: +44 (0)117 978 5000
          Fax: +44 (0)117 978 5291
          Web site: http://www.allieddomecq.com


AOK GROUP: Appoints Tenon Recovery Administrator
------------------------------------------------
Duncan Beat (IP No 008161) has been appointed administrator for
AOK Group Company Limited.  The appointment was made April 6,
2005.

CONTACT:  TENON RECOVERY
          Salisbury House
          31 Finsbury Circus
          London EC2M 5SQ
          Phone: 020 7628 2040
          Fax: 020 7638 0217
          Web site: http://www.tenongroup.com


ASHFORD COACHCRAFT: Hires Administrators from Chantrey Vellacott
----------------------------------------------------------------
Kenneth William Touhey and David John Oprey (IP Nos 8369, 5814)
have been appointed joint administrators for Ashford Coachcraft
Limited.  The appointment was made April 15, 2005.  The company
maintains and repairs motor.

CONTACT:  CHANTREY VELLACOTT DFK
          16-17 Boundary Road,
          Hove, East Sussex BN3 4AN
          Phone: 01273 421200
          E-mail: info_hove@chantrey-vellacott.com
          Web site: http://www.cvdfk.com


CARPEDIEM HOLDINGS: Members Decide to Wind up Firm
--------------------------------------------------
At the extraordinary general meeting of the members of Carpediem
Holdings Limited on April 14, 2005 held at Walker House, Market
Place, Somerton, Somerset TA11 7LZ, the special resolution to
wind up the company was passed.  Robert Stanley Gilderthorp of
Gilderthorps, 22 Paul Street, Shepton Mallet, Somerset BA4 5LA
has been appointed liquidator of the company.

CONTACT:  GILDERTHORPS
          22 Paul Street, Shepton Mallet,
          Somerset BA4 5LA
          Web site: http://www.gilderthorps.co.uk


CORNWALL LITHO: Creditors Meeting Set Next Week
-----------------------------------------------
The creditors of Cornwall Litho Limited will meet on May 5, 2005
at 2:00 p.m.  It will be held at The Greenbank Hotel,
Harbourside, Falmouth, Cornwall TR11 2SR.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to UHY Hacker Young, St Alphage House, 2 Fore Street,
London EC2Y 5DH not later than 12:00 noon, May 4, 2005.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159
          Web site: http://www.uhy-uk.com


COSTAIN GROUP: Grants Share Incentive to Finance Director
---------------------------------------------------------
Costain Group plc revealed Wednesday details of awards under its
Long-Term Incentive Plan.  The bonuses are options with an
exercise price of GBP1 per exercise (whether on exercise of the
entire award or any part of it) over 1,732,974 ordinary shares of
10 pence each made Tuesday

The awards can only be exercised on the achievement of specified
performance conditions after the end of the Company's financial
year ending 31 December 2008.

Awards were made Tuesday to Charles J McCole, Finance Director,
with 382,978 shares.  Other awards were made under the LTIP to
employees who are not Executive Directors of the Company.

                            *   *   *

In Sept., Fitch Ratings affirmed Costain Group's ratings at
Senior Unsecured 'B' and Short-term 'B'.  The Outlook is Stable.

Fitch said the ratings reflect Costain's established market
position in the U.K. engineering and construction sector.  They
also reflect management's progress in adopting a more risk-averse
approach in its business model and towards meeting previously
stated financial targets of 15% annual sales growth and 3%
pre-tax profit margins by 2006.

The ratings also reflect Costain's weak financial profile,
evident in low profitability, negative operational cash flow, a
reliance on profits from joint ventures in overseas property
development, together with a continued sizeable net pension
liability.

CONTACT:  COSTAIN GROUP PLC
          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842 444

          COLLEGE HILL
          Mark Garraway
          Matthew Gregorowski
          Phone: 020 7457 2020 Enquiries:


DAGENHAM SECURITY: Calls in Administrators from Numerica
--------------------------------------------------------
Colin Ian Vickers and Nicholas Hugh O'Reilly (IP Nos 008953,
008309) have been appointed joint administrators for Dagenham
Security Services Limited.  The appointment was made April 15,
2005.

CONTACT:  NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing, West Sussex
          Phone: 01903 222500
          Fax:   01903 207009
          Web site: http://www.numerica.biz


DGGD HOLDINGS: Members Hire Moore Stephens Liquidator
-----------------------------------------------------
At the extraordinary general meeting of the members of DGGD
Holdings Limited (formerly CIX Holdings Limited) on April 18,
2005 held at 5th Floor, Bucklersbury House, 3 Queen Victoria
Street, London EC4N 8NH, the special and ordinary resolutions to
wind up the company were passed.  David Rolph and Jeremy Willmont
of Moore Stephens, 1 Snow Hill, London EC1A 2DH have been
appointed joint liquidators of the company.

CONTACT:  MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Phone: 020 7334 9191
          Fax:   020 7248 3408
          Web site: http://www.moorestephens.co.uk


DISABILITY WEST: Names Haines Watts Administrator
-------------------------------------------------
Andrew Appleyard (IP No 1224) has been appointed administrator
for Disability West Midlands Limited.  The appointment was made
April 18, 2005.

The establishment is a registered charity.  Its registered office
is located at Prospect Hall, College Walk, Bristol Road, Selly
Oak, Birmingham B29 6LE.

CONTACT:  HAINES WATTS
          Canterbury House
          85 Newhall Street
          Birmingham
          West Midlands B3 1LH
          Phone: 0121 212 4477
          Fax: 0121 212 4459


DMS SERVICE: Appoints Tenon Recovery Liquidator
-----------------------------------------------
At the extraordinary general meeting of DMS Service Providers
Limited on April 14, 2005 held at 1st Floor, 43 London Wall,
London EC2M 57F, the subjoined special and ordinary resolutions
to wind up the company were passed.  Patrick B. Ellward and Dilip
K. Dattani of Tenon Recovery, Charnwood House, Gregory Boulevard,
Nottingham NG7 6NX have been appointed joint liquidators of the
company.

CONTACT:  TENON RECOVERY
          Charnwood House,
          Gregory Boulevard,
          Nottingham NG7 6NX
          Phone: 0115 955 2000
          Fax: 0115 918 4500
          Web site: http://www.tenongroup.com


DULWICH ACCIDENT: Names Administrators from Chantrey Vellacott
--------------------------------------------------------------
Kenneth William Touhey and David John Oprey (IP Nos 8369, 5814)
have been appointed administrators for Dulwich Accident Repair
Centre Limited.  The appointment was made April 15, 2005.  The
company maintains and repairs motor.

CONTACT:  CHANTREY VELLACOTT DFK
          16-17 Boundary Road,
          Hove, East Sussex BN3 4AN
          Phone: 01273 421200
          E-mail: info_hove@chantrey-vellacott.com
          Web site: http://www.cvdfk.com


EGG PLC: Halves Executive Board to Cut Cost
-------------------------------------------
Egg plc is undertaking a cost restructuring exercise, following
its withdrawal from the French market and subsequent refocus on
its core U.K. business.

This restructuring, which will deliver annual savings of GBP12
million, will see changes to the Board structure and to the
responsibilities of Egg's Executive directors, with some senior
management roles being made redundant.

At the company's AGM on May 16, 2005, David Doyle, Egg's current
Chief Financial Officer, will be leaving the company.  David
joined Egg as CFO in October 2003.  In addition to his core
finance accountabilities, David has chaired Egg's risk
committees, and has directed Egg's conversion to International
Accounting Standards.  David also played a key role in preparing
the company for sale during the process initiated by Prudential
in February 2004 and, more recently, has been driving action to
refocus the company on its core U.K. business.

Egg's two remaining Executive Board directors are Paul Gratton
and Mark Nancarrow.  Following the restructure, CEO Paul Gratton
will take responsibility for the Risk, Audit and Legal functions
as well as the overall strategy of the Group.  Mark Nancarrow,
currently Egg's Chief Operating Officer, becomes Chief Financial
Officer and will be responsible for Finance, Treasury and
Operations.

As previously announced, Executive Vice Chairman Mike Harris will
step down from the Egg Board following the company's next AGM.
Mike will continue to provide strategic advice to Egg's Executive
Committee up until he retires from the company at the end of
January 2006.  These changes mean that Egg will, in effect, have
halved its number of Executive Board members.

Commenting on Egg's restructuring exercise, Paul Gratton said:
"We have been exercising strong control over our costs.  This
restructure aligns our senior management more closely with our
strategy, which is now fully focused on the core U.K. business.

"We will be sad to see David leave Egg, but we extend to him our
thanks for his contribution to Egg and wish him well in the
future."

David Doyle said: "Egg is an exciting and dynamic financial
services brand with a genuine focus on its customers.  With the
company now re-focused on its profitable U.K. business, I am
looking forward to new and broader challenges.  I wish Egg every
success in the future."

Non-Executive Directors

Jonathan Bloomer, who steps down from the Prudential plc Board on
May 5, will also retire from the Egg Board with effect from 5th
May 2005.  Prudential plc has indicated its intention to appoint
its Group Finance Director, Philip Broadley, as a replacement
Non-Executive Director.  His appointment is subject to regulatory
approval and requirements.  Philip Broadley became Group Finance
Director of Prudential plc in May 2000 and has wide-ranging
experience with some of Europe's leading financial institutions
and has particular expertise in regulatory issues.

Egg also announced Wednesday that Company Secretary and Group
Chief Legal Officer Marcus Ezekiel will also leave Egg following
the company's AGM on May 16, 2005.

Following Marcus' departure Sue Windridge, currently Egg's Deputy
Company Secretary, will assume the role and responsibilities of
Company Secretary.

CONTACT:  EGG PLC
          1 Waterhouse Sq., 138-142 Holborn
          London
          EC1N 2NA, United Kingdom
          Phone: +44-20-7526-2500
          Fax: +44-20-7526-2655
          Web site: http://www.egg.com

          Emma Byrne
          Phone: 020 7526 2565

          Mark Maguire
          Phone: 020 7526 2651
          Mobile: 07771 808 624

          Analysts/Investors
          Kieran Coleman
          Phone: 020 7526 2648
          Mobile: 07711 717 358


EGG PLC: Explains Effects of IFRS Transition to Financials
----------------------------------------------------------
U.K. GAAP to IFRS reconciliation:

(a) IFRS 2 Share-based Payment - In accordance with IFRS 2, the
    Group is required to recognize a fair value charge for all
    share-based payments granted after 7 November 2002,
    including Save-As-You-Earn schemes.  The fair values are to
    be determined at the date of grant using option valuation
    models and for this purpose, the Group is using the
    Black-Scholes model for all Save-As-You-Earn schemes and the
    Present Economic Value (binomial) model for the Restricted
    Share Plans (RSPs) and the Group's other option schemes.

    The fair value charge is spread over the relevant vesting
    period and adjusted for lapses, with the number of shares
    expected to lapse estimated at each balance sheet prior to
    the vesting date.  The only exception is where the share-
    based payment has vesting outcomes attached to market based
    performance conditions such as in the case of some of the
    RSPs.

    Under these circumstances, additional modeling is
    required to take into account these market based performance
    conditions, which effectively estimate the number of
    shares expected to vest.  No subsequent adjustment is then
    made to the fair value charge for shares that do not vest in
    the event that these performance conditions are not met.

    In addition to recognizing a charge under IFRS 2, it was
    also necessary to remove all share-based payment charges
    under U.K. GAAP.  Under U.K. GAAP, a charge was recognized
    for the intrinsic value of the shares granted over the
    relevant vesting period.  The reconciling items in the
    reconciliation of the income statement contained in this
    appendix are therefore a combination of both the IFRS 2
    charge and the U.K. GAAP reversing entry for the period.
    The IFRS 2 charge on its own for the three months ended 31
    March 2004 was GBP0.4 million.

    After reversing the U.K. GAAP charge for the period of
    GBP1.1 million, this resulted in a net overall gain in the
    period of GBP0.7 million.  For the year ended 31 December
    2004, the IFRS 2 charge on its own was GBP2.3 million.  The
    U.K. GAAP  credit for this period was GBP1.0 million, and
    after the reversal of this credit, the net overall charge
    for the period increased to GBP3.3 million;

(b) IFRS 3 Business Combinations - Under IFRS 3, goodwill is
    considered to be an intangible asset under IFRS and is
    therefore not amortized.  Instead it is carried at cost and
    assessed annually for impairment or also when there are
    indicators of impairment.

    Under IFRS 1, an exemption is available in the standard
    which provides an entity with an option not to
    retrospectively apply IFRS 3.  The Group has elected to
    adopt this exemption, and accordingly the impact of this
    will be to deem the U.K. GAAP balance of goodwill at the
    date of transition to IFRS (1 January 2004) as being the
    cost of goodwill for IFRS purposes.  Restatements prior to
    this date are not required.  For the purposes of restating
    2004 to an IFRS basis, all goodwill amortization charges
    were removed, including those charges recognized by our
    associate for which we have equity accounted.  These charges
    were posted in the associate line;

(c) IAS 12 Income Taxes - The income tax credit relates to the
    recognition of a deferred tax asset on share schemes in
    accordance with IAS 12.  The amount of the deferred tax is
    based on the amount expected to be tax assessable to the
    employee (tax deductible for the company) which is the
    market price of the share at vesting less any amounts
    payable by the employee (intrinsic value).  As a
    consequence, there is not necessarily any correlation
    between the amounts recognized for deferred tax under IAS 12
    and the amounts charged as the fair value charge under
    IFRS 2.  The amount of deferred taxes is also recognized
    over the relevant vesting period.

    IAS 12 requires that deferred tax assets and liabilities be
    recognized on temporary differences, subject to the
    assessment of recoverability on a "probable" basis.  In
    applying the requirements of the standard, the only area
    which gave rise to a deferred tax adjustment for the Group
    in 2004 was in the area of share-based payments as described
    above;

(d) IAS 21 The Effects of Changes in Foreign Exchange Rates -
    IAS 21 requires that upon disposal or liquidation of a
    foreign operation, or part thereof, the associated foreign
    currency translation reserve is removed from equity and
    recognized in the income statement.  As a consequence of the
    disposal of France's banking portfolio, we have recognized
    GBP6.7 million as a foreign exchange loss in 2004 within
    other operating expenses.  Additionally, a foreign exchange
    gain of GBP1.3 million has been recognized in 2005 within
    other operating income.  Both amounts have been included in
    discontinued operations; and

(e) IAS 38 Intangible Assets - IAS 38 requires that software
    which is not an integral part of the related hardware be
    classified as an intangible asset rather than as a tangible
    fixed asset.  For this purpose, we have reclassified the net
    book value of certain software from tangible to intangible
    assets.  IAS 38 also requires that costs directly
    attributable to software development be capitalized and
    amortized over the software's useful life, subject to it
    meeting the future economic benefits criteria.  In applying
    these specific criteria under IAS 38, the Group did not
    identify any such further costs to be capitalized under
    transition to IFRS.

    Accordingly, the only adjustment on transition to IFRS was a
    balance sheet reclassification.

A full copy of the U.K. GAAP to IFRS reconciliation is available
free of charge at
http://bankrupt.com/misc/EggplcReconciliations.htm

CONTACT:  EGG PLC
          1 Waterhouse Sq., 138-142 Holborn
          London
          EC1N 2NA, United Kingdom
          Phone: +44-20-7526-2500
          Fax: +44-20-7526-2655
          Web site: http://www.egg.com

          Emma Byrne
          Phone: 020 7526 2565

          Mark Maguire
          Phone: 020 7526 2651
          Mobile: 07771 808 624

          Analysts/Investors
          Kieran Coleman
          Phone: 020 7526 2648
          Mobile: 07711 717 358


EGG PLC: Operating Income Up 6% in First Quarter
------------------------------------------------
Highlights of 2005 first-quarter results:

Analysis of Group Income Statement (adopted IFRS Basis):

                                 Q1 2005              Q1 2004[i]

                             GBP million             GBP million

Egg U.K.                             9.9                   15.7
Egg France [ii]                      4.8                  (15.6)
Subsidiaries/Associates/JV's [iii]  (3.4)                  (0.4)
Transaction Costs                      -                   (1.3)
Restructuring Costs                 (6.3)                  (2.3)
Group Profit/(Loss) before Tax       5.0                   (3.9)

Group results highlights:

(a) group operating income up 6% to GBP125 million (Q1 2004:
    GBP119 million);

(b) group profit before tax of GBP5.0 million (Q1 2004: GBP3.9
    million loss);

(c) retained profit after tax of GBP8.2 million (Q1 2004: GBP4.7
    million retained loss);

(d) group earnings per share of 1.1p (Q1 2004: 0.6p loss per
    share); and

(e) total group assets of GBP12.3 billion (Q1 2004: GBP11.2
    billion);

U.K.

(a) Egg U.K. delivered a Q1 operating profit of GBP9.9 million
    (Q1 2004: GBP15.7 million);

(b) net interest margin was 2.43% (Q1 2004: 2.54%);

(c) Cost/Income ratio was 45% (Q1 2004: 52%);

(d) Unsecured lending balances grew by GBP277 million (Q1 2004:
    GBP238 million) leading to period end balances of GBP6.5
    billion (Q1 2004: GBP5.0 billion); and

(e) personal loan draw-downs were GBP442 million (Q1 2004:
    GBP563 million).

Other

(a) exit costs of Egg France now expected to be EUR165 million
    and thus EUR5 million (GBP3.5 million) of the provision has
    been released; and

(b) decision taken to raise exit costs provision of GBP3.3
    million for Funds Direct in the period.

Chief Executive Paul Gratton said: "Operating profit was GBP10
million for the core U.K. business on the new IFRS basis of
reporting, which is consistent with the plans we outlined in our
preliminary results announcement.  The overall Group profit was
GBP5 million in the quarter.

"Egg's U.K. credit card business has performed well, with balance
growth in excess of GBP200 million and good acquisition of new
accounts, a result that compares favorably to an industry-wide
reduction in credit card balances in January and
February.  MasterCard continues to perform well and contribute to
the good growth rates seen over the past three quarters.  As
planned, following our tightening of lending criteria, personal
loan sales have reduced in the first quarter from the record
levels seen in 2004.

"Revenues in the U.K. in the quarter at GBP125 million were up 4%
compared to the run-rate in Q1 through Q3 last year but fell
compared to our record performance in Q4 2004.  This was expected
given the funding cost of our incentive offers on new cards and
the fact that personal loans generate significant up front income
in terms of the commission earned from selling associated
insurances.

"Costs continue to be well controlled and we have also delivered
a further improvement in unit marketing acquisition costs this
quarter.  In total, costs were GBP56 million this quarter as
compared to GBP62 million in the same period last year and GBP66
million in Q4 2004.  We are close to completing a restructure
that will align our cost base to our strategy, which is
re-focused on the core U.K. business.  As we have announced
separately today (April 27, 2005) this process includes changes
to our Board structure and to the responsibilities of our
Executive Directors and Company Secretary.  We have incurred GBP6
million of restructuring costs in Q1 and expect a further GBP4
million to be recognized in Q2 on completion of the review.  We
expect annualized savings to reach GBP12 million.

"Credit quality remains strong in the card book and the
increasing provisions reflect the good growth we have seen in
balances.  Within the personal loan book the quality of new
business written this quarter has improved following the changes
to our lending criteria and we expect this to lead to the loans
bad debt charge reducing in the second half of the year.

"Our exit from France is complete with closure costs now expected
to be EUR5 million (GBP3 million) lower than our original
provision.  In addition the Board has taken the prudent decision
to provide GBP3 million against the full exit costs of Funds
Direct.

"Overall the result for the period was in line with our
expectations and we remain confident that operating profit will
grow strongly over the remainder of the year."

A copy of this financial results is available free of charge at
http://bankrupt.com/misc/Eggplc2005.htm

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[i] U.K. GAAP comparatives restated to IFRS basis (excluding IAS
32 and IAS 39 which are only effective from 1 January 2005),

[ii] Profit in 2005 reflects release of surplus in the provision
for exit costs (GBP3.5 million) and foreign exchange gains
(GBP1.3 million),

[iii] Q1 2005 includes Funds Direct exit cost provision of GBP3.3
million
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

CONTACT:  EGG PLC
          1 Waterhouse Sq., 138-142 Holborn
          London
          EC1N 2NA, United Kingdom
          Phone: +44-20-7526-2500
          Fax: +44-20-7526-2655
          Web site: http://www.egg.com

          Emma Byrne
          Phone: 020 7526 2565

          Mark Maguire
          Phone: 020 7526 2651
          Mobile: 07771 808 624

          Analysts/Investors
          Kieran Coleman
          Phone: 020 7526 2648
          Mobile: 07711 717 358


ENGINEERING & GLASSFIBRE: Creditors Meeting Set Next Week
---------------------------------------------------------
The creditors of Engineering & Glassfibre Developments Limited
will meet on May 5, 2005 at 10:00 a.m.  It will be held at BDO
Stoy Hayward LLP, Commercial Buildings, Cross Street, Manchester
M2 1BD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Commercial Buildings, Cross
Street, Manchester M2 1BD not later than 12:00 noon, May 4, 2005.

CONTACT:  BDO STOY HAYWARD LLP
          Commercial Buildings,
          11-15 Cross Street, Manchester M2 1BD
          Phone: 0161 817 3700
          Fax: 0161 817 3711
          E-mail: manchester@bdo.co.uk
          Web site: http://www.bdo.co.uk


EQUITABLE LIFE: Counsel Picks On Equitable CEO's 'Vanity'
---------------------------------------------------------
Not only did they call him "evasive," lawyers for Ernst & Young
also made Equitable Life Chief Executive Charles Thomson appear
professionally vain.

According to The Herald Thursday, Mark Hapgood QC, one of the
lawyers representing Ernst & Young, again used Mr. Thomson's
bogus character reference, which underlined his "intellect,
integrity and energy," to mar his credibility.

On Mr. Thomson's second day of cross-examination, Mr. Hapgood
asked him: "Can we take it from the glowing reference you wrote
for yourself that you have a pretty high opinion of your own
abilities?"

Mr. Thomson countered: "I don't care for the gloss you are
putting on my words . . . I am very proud of my time at Scottish
Widows."

Mr. Thomson admitted before the court that it was he who wrote an
early character reference submitted to Equitable, and not his
former superior Mike Ross.  Court evidence also suggested that
Mr. Thomson threatened to file a lawsuit against Mr. Ross for
constructive dismissal and breach of contract, but it did not
push through. He left Scottish Windows in 200O after serving as
actuary and deputy chief executive for five years.

Mr. Ross, who earlier made Mr. Thomson take back the unauthorized
reference, refused to comment on the deception.  He is scheduled
to appear in court this year as among E&Y's expert witnesses.
The accountancy firm faces a GBP2 billion lawsuit filed by
Equitable for negligence and breach of duty.

Equitable, which is also claiming GBP1.7 billion in damages from
15 former directors, also presented before the court the sale of
its operational assets in 2001 that HBOS-owned Halifax bought for
GBP1 billion.  The amount involved about GBP500 million for
goodwill, half of which can only be activated if revenues meet
expectations.

According to Mr. Hapgood, the unit only secured an annual premium
equivalent of GBP267 million, less than half of the GBP650
million target, which puts the final GBP250 million payment on
hold.

During the cross-examination, Mr. Thomson agreed when Mr. Hapgood
implied the "disaster" that Halifax is in.  He managed an "I
believe so" when Mr. Hapgood asked about Halifax no longer using
the Equitable brand.

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


FREDERICK RESTALL: Factory Calls in Administrator
-------------------------------------------------
Lisa Hogg and David Elliot (IP Nos 9037, 5632) have been
appointed joint administrators for Frederick Restall Ltd.  The
appointment was made April 18, 2005.  The factory constructs and
develops tubular and polypropylene furniture.

CONTACT:  WILSON FIELD
          The Annexe, The Manor House,
          260 Ecclesall Road South,
          Sheffield S11 9PS


GCS SCOTLAND: Liquidators Take over Helm
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF GCS (Scotland) Limited

Notice is hereby given that on April 15, 2005, I, Robert W.
Barclay, PKF, 17 Rothesay Place, Edinburgh EH3 7SQ was appointed
liquidator of GCS (Scotland) Limited, which trades from 20
Stoneybank Court, Musselburgh EH21 6TP, by resolution of a
meeting of creditors, pursuant to section 109 of the Insolvency
Act 1986.

Robert W. Barclay, Liquidator

CONTACT:  PKF
          17 Rothesay Place
          Edinburgh EH3 7SQ
          Phone: 0131 225 3688
          Fax: 0131 225 6017
          E-mail: info.edinburgh@uk.pkf.com
          Web site: http://www.pkf.co.uk

          Robert Woodrow Barclay
          E-mail: bob.barclay@uk.pkf.com


GRAYS BAKERS: Winding-up Report Out Late May
--------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Grays The Country Bakers Ltd.
                         (In Liquidation)

Notice is hereby given pursuant to Rule 4.31 of the Insolvency
(Scotland) Rules 1986, that the Final Meeting of Creditors Grays
The Country Bakers Ltd. will held within the offices of Campbell
Dallas, Sherwood House, 7 Glasgow Road, Paisley PA1 3QS on May
27, 2005, at 11:00 a.m. for the purposes of receiving the
Liquidator's account of the winding-up together with any
explanations that may be given.  The Liquidator will be seeking
his release at the meeting.

A resolution at the meeting will be passed if a majority of those
voting have voted in favor of it.

A creditor will be entitled to attend and vote at the meeting
only if a claim has been lodged with me at or before the meeting
and it has been accepted for voting purposes in whole or in part.
Proxies may also be lodged with me at the meeting or before the
meeting at my office.

David Kelso Hunter, Liquidator
April 14, 2005

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com

          David Kelso Hunter
          E-mail: david@camdal.com


HAMLET INFORMATION: In Administrative Receivership
--------------------------------------------------
Nyne Limited appointed Roderick Graham Butcher (Office Holder No
8834) joint administrative receivers for Hamlet Information
Services Limited (Reg No 2459040).  The application was filed
April 21, 2005.

CONTACT:  BUTCHER WOODS
          79 Caroline Street,
          Birmingham B3 1UP


ITM GROUP: Names Menzies Corporate Restructuring Administrator
--------------------------------------------------------------
Andrew John Duncan and Andrew Gordon Stoneman (IP Nos 9319, 8728)
have been appointed administrators for ITM Group Limited.  The
appointment was made April 15, 2005.

The company handles provision of high quality business
communication solutions.  Its registered office is located at
17-19 Foley Street, London W1W 6DW.

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


JK JOINERY: Names Administrators from Geoffrey Martin & Co.
-----------------------------------------------------------
Stephen Hull and John Twizell (IP Nos 0/008321/01, 0/007822/01)
have been appointed joint administrators for JK Joinery
Manufacturers Limited.  The appointment was made April 18, 2005.

The company is into carpentry and joinery.  Its registered office
is located at St James's House, 28 Park Place, Leeds LS1 2SP.

CONTACT:  GEOFFREY MARTIN & CO.
          St. James's House
          28 Park Place
          Leeds
          West Yorkshire LS1 2SP
          Phone: 0113 244 5141
          Fax: 0113 242 3851
          E-mail: geoffrey.martin@geoffreymartin.co.uk


LAURENCE SMITH: Liquidator to Present Report Late May
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Laurence J. Smith Limited
                         (In Liquidation)

Notice is hereby given, in terms of section 106 of the Insolvency
Act 1986, that the Final Meeting of Creditors of Laurence J.
Smith Limited will be held in the offices of Begbies Traynor
(Scotland) LLP, 4th Floor, 78 St Vincent Street, Glasgow G2 5UB,
on Friday May 27, 2005, at 10:30 a.m. for the purposes of
receiving the Liquidator's account of the winding-up and
determining whether the Liquidator should be released in terms of
section 173 of the Insolvency Act 1986.

I. Scott McGregor, Liquidator
April 15, 2005

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          78 St. Vincent Street
          Glasgow G2 5UB
          Phone: 0141 222 2230
          Fax: 0141 222 2330
          E-mail: glasgow@begbies-traynor.com
          Web site: http://www.begbies.com


LEAMINGTON SPA: Calls in Liquidator from BRI
--------------------------------------------
At the extraordinary general meeting of the members of Leamington
Spa Plating Company Limited on April 14, 2005 held at 3 The
Quadrant, Coventry CV1 2DY, the special resolution to wind up the
company was passed.  Gavin Geoffrey Bates of BRI Business
Recovery and Insolvency, 3 The Quadrant, Coventry CV1 2DY has
been appointed liquidator of the company.

CONTACT:  BRI (UK) LIMITED
          3 The Quadrant
          Coventry CV1 2DY
          Phone: 024 7663 4884
          Fax: 024 7623 1551
          E-mail: gbates@briuk.co.uk


MARCONI CORPORATION: Shares Dip 44% After Losing BT Deal
--------------------------------------------------------
Shares in Marconi Corporation plunged closed to 44%, following
its failure to clinch an agreement with BT, says the BBC News
Thursday.

BT dropped the telecoms equipment group from its list of
preferred suppliers for its new GBP10 billion network.

The move could greatly affect Marconi's recovery measures, with
about 10,000 employees in danger of losing their jobs at
Marconi's sites in Coventry, Liverpool and Beeston.  A quarter of
the U.K. company's operations rely on BT.

In early morning trade, shares in Marconi were down 212 pence, or
43.98%, at 270 pence.

CONTACT:  MARCONI CORPORATION PLC
          4th Floor Regents Place
          338 Euston Rd
          London NW1 3BT
          Phone: +44-20-7493-8484
          Fax: +44-20-7493-1974
          Web site: http://www.marconi.com

          Press Enquiries
          David Beck
          Phone: 0207 306 1490
          E-mail: david.beck@marconi.com

          Investor Enquiries
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com

          Karen Keyes
          Phone: 0207 306 1345
          E-mail: karen.keyes@marconi.com


MARKS & SPENCER: New FD Assumes Office in June
----------------------------------------------
Marks & Spencer's Finance Director-elect Ian Dyson will assume
his post on June 27, the Financial Director said Wednesday.

The U.K. retailer appointed in March Mr. Dyson, whom Chief
Executive Stuart Rose described as "young and energetic," as part
of the company's efforts to create "a team for the long term."

The 42-year old ex-Rank Group's finance director will replace
Alison Reed who will leave the company at the end of April.
Awaiting his arrival is a boardroom feud involving senior
non-executive Kevin Lomax, who is trying to push aside chairman
Paul Myners.

Mr. Dyson, who will quit as a non-executive director of software
company Misys in September, was also a former partner at Arthur
Andersen and group financial controller of the Hilton Group.

Mr. Rose said: "Ian comes from a highly competitive sector, which
has seen enormous change in recent years.

"His track record at Rank has demonstrated his ability to deliver
in that environment, and his experience in restructuring
businesses will be important in re-building the fortunes of Marks
& Spencer."

Mr. Dyson is reportedly "delighted" and is looking forward to
working with M&S.  Meanwhile, Mr. Rose thanked Reed for her 20
years of service to the firm.

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


MBS ENGINEERING: Administrator from Crawfords Moves in
------------------------------------------------------
David N. Kaye (IP No 166) has been appointed administrator for
MBS Engineering Limited.  The appointment was made April 11,
2005.  The company manages engineering and allied industries.

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


MCNULTY OFFSHORE: 160 People Loss Jobs at Shipyard
--------------------------------------------------
Administrators of shipyard McNulty Offshore dismissed more than
half of the firm's workforce on Tuesday, according to Ireland
On-line.

KPMG served redundancy notices to 160 of 240 workers after the
completion of work in a Nigerian platform on weekend.  The
project was ordered by Technip S.A.

The administrator said: "The future of the yard and the remaining
100 employees is dependent upon continuing negotiations with
customers and interested parties."  Also hanging in the balance
are the jobs of 82 subcontractors.

The firm based in South Shields, South Tyneside is one of the
largest employers in the area.  It has turnover of GBP35 million
(EUR51 million) last year.  It filed for receivership earlier
this month following a contractual dispute with a major customer.

KPMG is still hoping to sell the shipyard as a going concern.


PRISTON FUTURES: Names Liquidator from Turpin Barker Armstrong
--------------------------------------------------------------
At the extraordinary general meeting of Priston Futures Limited
on April 12, 2005 held at 59 Carisbrooke Avenue, Sidcup, Kent DA5
3HT, the special resolution to wind up the company was passed.
Martin Charles Armstrong of Turpin Barker Armstrong, Allen House,
1 Westmead Road, Sutton, Surrey SM1 4LA has been appointed
liquidator of the company.

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


PROVENTRAIT LIMITED: Real Estate Firm in Administration
-------------------------------------------------------
C. P. Holder and S. C. E. Mackellar (IP Nos 9093, 6883) have been
appointed administrators for real estate company Proventrait
Limited.  The appointment was made April 20, 2005

CONTACT:  KROLL LIMITED
          Wellington Plaza,
          31 Wellington Street,
          Leeds LS1 4DL
          Web site: http://www.krollworldwide.com


RAINCLEAR LIMITED: Hires Kroll Limited Administrator
----------------------------------------------------
C. P. Holder and S. C. E. Mackellar (IP Nos 9093, 6883) have been
appointed administrators for real estate company Rainclear
Limited.  The appointment was made April 20, 2005.

CONTACT:  KROLL LIMITED
          Wellington Plaza,
          31 Wellington Street,
          Leeds LS1 4DL
          Web site: http://www.krollworldwide.com


SAND NEW: Calls in Liquidator from BRI Business Recovery
--------------------------------------------------------
At the general meeting of Sand New 1 Limited, the special
resolution to wind up the company was passed.  Gavin Bates of BRI
(UK) Limited, 100-102 St James Road, Northampton NN5 5LF has been
appointed liquidator of the company.

CONTACT:  BRI BUSINESS RECOVERY AND INSOLVENCY
          100-102 St James Road,
          Northampton NN5 5LF
          Phone: 01604 754352
          Fax: 01604 751660
          E-mail: gbates@briuk.co.uk


TRADING GARDEN: Business for Sale
---------------------------------
On instructions of the joint administrators of Trading Garden
Centre, Charterfields International Asset Consultants offer for
sale its business and assets.

Features:

(a) Trades from a 1.7 acres freehold site in South Yorkshire;

(b) Purpose-built glasshouse retail space and storage with
    14,500 sq. ft. of usable space; and

(c) Turnover of GBP684,000.

CONTACT:  CHARTERFIELDS LIMITED
          301 Glossop Road
          Sheffield S10 2HL
          Phone: 0870 043 4170
          Fax: 0870 043 4172
          E-mail: enquiries@charterfields.com
          Web site: http://www.charterfields.com


VANGUARD INDUSTRIAL: Creditors Meeting Set Next Week
----------------------------------------------------
The creditors of Vanguard Industrial Limited will meet on May 6,
2005 at 10:30 a.m.  It will be held at Freemason's Hall, Bridge
Street, Manchester.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to KPMG Corporate Recovery, St James Square,
Manchester M2 6DS not later than 12:00 noon, May 5, 2005.

CONTACT:  KPMG
          Corporate Recovery,
          St James Square,
          Manchester M2 6DS
          Web site: http://www.kpmg.co.uk


WKB TRANSPORT: Hires Haines Watts Administrator
-----------------------------------------------
Timothy Calverley (IP No 009335) has been appointed administrator
for road haulage WKB Transport Limited.  The appointment was made
April 15, 2005.  Its registered office is located at 39 Wrawby
Street, Brigg, South Humberside DN20 8BS.

CONTACT:  HAINES WATTS
          First Floor, Park House,
          Park Square West, Leeds LS1 2PS
          Phone: 0113 398 1100
          Fax:   0113 398 1101
          Web site: http://www.hwca.com


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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