/raid1/www/Hosts/bankrupt/TCREUR_Public/050504.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, May 4, 2005, Vol. 6, No. 87

                            Headlines

C Z E C H   R E P U B L I C

FTV PRIMA: Capital Reduction Not Intended to Cover Losses


F R A N C E

WAVECOM SA: Reports EUR1.8 Million 1st-qtr. Operating Profit


G E R M A N Y

AVCRAFT AEROSPACE: Administrator Fires Hundreds of Workers
DAIMLERCHRYSLER AG: Invests EUR300 Mln in New Sprinter Van
D + G AUTOMOBIL: Administrator Takes over Operations
EWO-BAUGESELLSCHAFT: Under Bankruptcy Administration
FEUERSCHUTZ JAKOBS: Claims Deadline June 1

I.F.C.-CONSULT: Koln Court Appoints Interim Administrator
ITALIANO GMBH: Creditors' Claims Due Later this Month
KOPIERLADEN THONE: Claims Filing Period Ends Today
LOHNUNTERNEHMEN ANHALT: Applies for Bankruptcy Proceedings
MELTZER & PARTNER: Krefeld Court Confirms Bankruptcy

POWER-HAUS: Gives Creditors Until Next Week to File Claims
PRIMACOM AG: 2004 Net Loss Amounts to EUR113.5 Million
ROCH EDELSTAHL: Court Appoints Ulrich Kraft Administrator


G R E E C E

DRYSHIPS INC.: Reports US$19.1 Million Q1 Net Income


I R E L A N D

AN POST: Books First Full-year Profit in Years


L U X E M B O U R G

STOLT-NIELSEN: Wraps up Merger of Fish Farming Business


N E T H E R L A N D S

HEAD N.V.: To Discuss First-quarter Results Next Week
ROYAL SHELL: Loses Oman Oilfield Contract to Occidental
VERSATEL TELECOM: In Takeover Talks with Belgacom


N O R W A Y

PETROLEUM GEO-SERVICES: Court Closes Chapter 11 Cases


P O L A N D

ELEKTRIM SA: Bondholders Win Landmark Indemnity Case in U.K.


R U S S I A

AEROGRAD: Bankruptcy Hearing Set August
GAS-OIL-SPETS-STROY: Bankruptcy Proceedings Begin
MONOLITH: Appoints M. Galimov Insolvency Manager
MORROS: Rostov Court Names S. Kapusta Insolvency Manager
NOVOOSKOLSKIY ELEVATOR: Declared Insolvent

REPAIR-TECHNICAL OPERATING: Under Bankruptcy Supervision
SILVER STAR: Undergoes Bankruptcy Supervision Procedure
SPASSK-AGRO-KHIM-SERVICE: Under Bankruptcy Supervision
TAGIL: Sverdlovsk Court Appoints Temporary Insolvency Manager
TAKANYSHSKIY: Creditors Have Until May 26 to File Claims
YUKOS OIL: Major Shareholder Ready to Sacrifice Stake


U K R A I N E

AGROSPETSMONTAZH: Temporary Insolvency Manager Takes over Helm
BUCHANSKIJ GLASS: Proofs of Claim Deadline Expires this Week
FACTOR: Succumbs to Bankruptcy
GRAND: Gives Creditors Until this Week to File Claims
MOSKOVSKE: Bankruptcy Supervision Starts

PINTA LTD.: Under Bankruptcy Supervision
PODILSKI TSINNI: Court Names Temporary Insolvency Manager
STAROKOSTYANTINIV' ELEVATOR: Creditors' Claims Due This Week
TAVRIYA-SPEKTR: Sets Proofs of Claim Deadline
UZHGORODSKA: Declared Insolvent


U N I T E D   K I N G D O M

BAXI HOLDINGS: Faces Downgrade if Acquisition Plan Pans out
BAXI HOLDINGS: Rating on S&P's CreditWatch Negative
BSI CORPORATE: Creditors' Claims Due Later this Month
CAPITALPLAY LTD.: Appoints RMT Liquidator
CENTRAL CONVERSIONS: Hires Liquidator from Bridgestones

CLASSIE CHASSIS: Members Pass Winding-up Resolutions
CLEVELAND SUPPLY: Opts to Wind up Business
COGTEST PLC: Hires Liquidators from UHY Hacker Young
CORX LIMITED: Appoints Oury Clark Liquidator
CURTINA HOLDINGS: Liquidator Calls Final Creditors Meeting

CYREN COMMUNICATIONS: Members Pass Winding-up Resolutions
DIAL PLUS: Opts for Liquidation
DREAM STEELS: Hires Liquidator from Abbey Taylor Ltd.
E17 TRADING: Calls in Liquidator from Carter Clark
EMERGING BUSINESS: Hires Liquidator from BDO Stoy Hayward

FASHIONIMPORTS LIMITED: Liquidator from Begbies Traynor Steps in
FRESH & FUNKY: Names Poppleton & Appleby Liquidator
GALLAHER GROUP: Buys Rights to Benson & Hedges Brands
GRAFTON'S BAKERY: 85-year-old Baker Calls it Quits
JIGSAW INTERIORS: Calls in Liquidator from Parkin S. Booth & Co.

JILLAND RAIL: Hires Administrators from Mazars
JL COMPUTING: Creditors Meeting Set Second Week of June
KHAMIS LIMITED: Members Decide to Wind up Firm
MARCONI CORPORATION: BT Snub Threatens 10,000 Jobs
MARLBOROUGH DOOR: Hires Liquidator from Irwin & Company

MATRON 2: Members Pass Winding-up Resolution
MG ROVER: PwC, Banks Reach Deal on Outstanding Car Loans
MG ROVER: Government Grants Tax Holiday
MG ROVER: Workers Paid GBP20 million
MG ROVER: Russian Businessmen Eye Insolvent Carmaker

NOXET UK: Appoints BDO Stoy Hayward Liquidator
ORNATE INTERIOR: Names Kelmanson Partnership Liquidator
PROFECTUS BROADCAST: Liquidators from Stoy Hayward Move in
PROTEC DECORATORS: Hires Cranfield Recovery as Liquidator
RAFIKI WHOLESALERS: Members Pass Winding-up Resolution

RE-CYCLING WORKS: Appoints Liquidators from Kingston Smith
RESTAURANT EATERY: Liquidator from Spearing & Co. Moves in
STREETLY VILLAGE: Hires Liquidator from Butcher Woods
TELEWEST GLOBAL: First-quarter Results Out Next Week
WILLIAM REYNOLDS: Winding-up Report Out Later this Month


                            *********


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


FTV PRIMA: Capital Reduction Not Intended to Cover Losses
---------------------------------------------------------
FTV Prima is cutting down its CZK750 million capital by
CZK650 million, according to daily Lidove noviny.

Jana Adamcikova, spokeswoman for FTV's owner, GES Media Holding,
said: "On the basis of a financial analysis of FTV Prima, the
GES group has decided the optimal amount of share capital is
CZK100 million, considering the size of the company and the
character of its activities."

FTV Prima, which holds TV Prima's broadcasting license, had lost
CZK114.7 million in the past.  Its income from advertising is
also falling.  According to the TNS A-Connect agency, the firm
lost almost 2,000 commercial spots in March.  It is further
being left out by big advertisers such as Danone and Henkel.  As
a result, FTV could lose up to CZK400 million this year.

Ms. Adamcikova denies the capital reduction is related to the
decline or growth of its revenues.  The purpose is to transfer
excess money outside the company, she said.  FTV sought
preliminary consent for the capital reduction from Radio and TV
Broadcasting mid-last year, but formalized the decision at a
general meeting on April 7.

CONTACT:  FTV Prima, spol. s.r.o.
          NA Zertvach 24, 180 00 Praha 8
          Phone: 266 700 307
          Fax: 266 700 123
          E-mail: jana.malikova@iprima.cz


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


WAVECOM SA: Reports EUR1.8 Million 1st-qtr. Operating Profit
------------------------------------------------------------
Wavecom S.A. published recently its financial results for the
first quarter ended March 31, 2005.

Ron Black, chief executive officer commented, "We are extremely
pleased to announce a first quarter 2005 operating profit of
EUR1.8 million and an improvement in the Company's cash
position.  This is tangible evidence of the Company's successful
efforts to turn the business around and move toward sustained
growth in the industrial wireless sector."

First Quarter 2005 Financial Highlights

All figures are unaudited and reported in accordance with U.S.
generally accepted accounting principles (U.S. GAAP).  Condensed
consolidated financial tables are provided at the end of this
release.

Profit: The Company reported operating income for the first
quarter 2005 of EUR1.8 million as compared to a EUR17.3 million
operating loss for the previous quarter, and net income of
EUR3.1 million compared to a net loss of EUR20.5 million for the
previous quarter.

Revenues: Total first quarter 2005 revenues were EUR38.4
million, increasing 2% from the previous quarter.  Revenues for
vertical applications of EUR31.9 million (83% of total)
increased from the previous quarter by 2% and by 26% compared to
the same period in 2004.  Revenues for the handset business of
EUR3.1 million (8% of total) decreased from EUR6.2 million in
the fourth quarter, an expected decline following the strategic
shift away from this market.  During the first quarter 2005,
revenues generated from a new source, the licensing of software
and technology, accounted for EUR3.4 (9% of total).  The company
plans to continue licensing as a core part of its business.

Sales by region were: EMEA (Europe, Middle-east and Africa):
50%, APAC (Asia-Pacific): 44% and The Americas: 6%.

The customer portfolio remained balanced with no single customer
representing more than 14% of total revenues in the first
quarter.  The top ten customers combined represented 65% of
revenues as compared to 71% in the fourth quarter 2004.

Backlog: Backlog as of March 31, 2005 stood at EUR30 million,
compared to EUR32 million at the end of the previous quarter and
was made up of 78% vertical applications, compared to 90% at
December 31, 2004.  Working closely with its contract
manufacturer, the Company has been able to significantly shorten
delivery schedules giving customers increased confidence that
orders can be quickly filled.  As a result, there was more
business from orders placed and delivered within the quarter in
the first quarter than has typically been seen in the past.  As
this trend is likely to continue, backlog alone at the beginning
of a quarter, may not be an accurate indicator of sales for that
quarter.

Gross Margin: Total gross margin was 45% compared to 32% in the
previous quarter exceeding our previously-stated target range of
33% to 35%, even without the high margin licensing revenue.
This improvement in gross margin is a result the Company
refining its product portfolio to exit low-margin products, and
improving product launch and end of life to limit charges for
excess and obsolete products.

Operating Expenses: Total operating expenses for the first
quarter 2005 were EUR15.5 million, compared to EUR29.3 million
in the fourth quarter 2004 and down 38% compared to the first
quarter 2004.  This significant decline in operating expenses is
a direct result of the restructurings that took place throughout
2004.  Restructuring costs of EUR2.1 million were charged in the
first quarter 2005.  Operating expenses for R&D, Sales and
Marketing and G&A all declined as compared to the fourth quarter
of 2004 by 30%, 23% and 22% respectively.

Cash: Wavecom's cash position was EUR54 million at March 31,
2005, increasing from December 31, 2004 of EUR53 million.

Business news: Launch of Wavecom's next generation operating
system, OS 6.60, embedded on Wavecom's newest family of hardware
platforms, the Quik Q26 series.  The first in the series, the
Q2686, was introduced in March 2005.  This long-life, lead-free
platform is designed to take customers into the future with many
new features including expanded Download-over-the-air
capabilities.  Release of Wavecom's Open AT, version 3.0,
allowing a greater degree of customization for all types of
wireless applications.

Products sold to equip a major German automobile manufacturer
with wireless capabilities.

Wavecom joined the European Union's "eCall" initiative, aimed at
reducing accident-related fatalities on European roads using in-
vehicle communication devices.

A new distributor in Brazil, IP Componentes, joined the Wavecom
distributor network.

Shipments for new wireless local loop applications began in APAC
and Americas regions.

Outlook: The view for the second quarter of 2005 is cautiously
optimistic, although revenue will likely decline, as one major
customer is having technical difficulties unrelated to Wavecom.
For the second half of the year the Company believes revenues
will grow as new customers and new products ramp.  Gross margin
for the second quarter could exceed the previously announced
target range of 33% to 35%.  On the expense side, there may be
some one-time expenses in the second quarter for converting the
existing product line to meet lead-free compliance levels.  At
the same time, charges related to restructuring will be less
than in the first quarter.  Management also pointed out that
cash payments related to headcount reductions resulting from the
restructuring plans implemented in 2004 are expected to continue
in the second and third quarters of 2005.

Annual Meeting: Wavecom will host its annual general
shareholders' meeting on May 26, 2005 in its corporate
headquarters offices located in Issy-les-Moulineaux (near
Paris).  Shareholders interested in attending the meeting should
check with their financial institution to obtain details for
attending the meeting.

Wavecom will announce its second quarter 2005 results on July
26, 2005 at 7:00 a.m.  Paris time to be followed in the
afternoon by a conference call hosted by management commenting
on the results.

Financial tables are available at
http://bankrupt.com/misc/Wavecom(Q12005].pdf

Wavecom S.A. (NASDAQ: WVCM; Euronext Eurolist: AVM; ISIN:
FR0000073066) is a leading provider of integrated technology
solutions for wireless voice and data applications to the
vertical markets of automotive, machine-to-machine, wireless
local loop, mobile computing and wireless PDAs.  Wavecom's
offering includes all the software and hardware elements that
are necessary to develop truly innovative wireless devices, as
well as the development tools and services needed to bring them
to market quickly and easily.

Founded in 1993 and headquartered near Paris in Issy-les-
Moulineaux, Wavecom has subsidiaries in Hong Kong (PRC), Seoul
(South Korea), San Diego (U.S.A.) and Darmstadt (Germany).
Wavecom is publicly traded on Euronext Paris, France and on the
NASDAQ New York, U.S.

CONTACT:  WAVECOM S.A.
          Lisa Ann Sanders
          Phone: +33-1-46-29-41-81, IR Director
          E-mail: lisaann.sanders@wavecom.com
          Web site: http://www.wavecom.com


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


AVCRAFT AEROSPACE: Administrator Fires Hundreds of Workers
----------------------------------------------------------
Insolvent aircraft manufacturer Avcraft Aerospace will lay off
around 150 employees this month, Suddeutsche Zeitung says.

Martin Prager, Avcraft's provisional insolvency administrator,
says the group would retain only 190 of its 345 employees at the
Oberpfaffenhofen site.  He says the group would still continue
employing people to sustain operations and maintain licenses.
The job cuts is a vital part of the ongoing restructuring
measures at the group, he says, adding a layoff would allow
Avcraft to adapt its size to order intake.

Mr. Prager is currently holding talks with potential investors,
which could include private equity groups and companies from the
plane-making sector.  He hopes to find a buyer for Avcraft
before the court launches insolvency proceedings against the
group on June 1, 2005.

Avcraft filed for insolvency after Chinese carrier Hainan
Airlines opted to delay its order for five aircraft.  The group
has halted the production of the 30-seater 328 jets.

CONTACT:  AVCRAFT AEROSPACE GMBH
          P.O. Box 1103
          D-82230 Wessling


DAIMLERCHRYSLER AG: Invests EUR300 Mln in New Sprinter Van
----------------------------------------------------------
DaimlerChrysler AG is investing EUR300 million in its
Ludwigsfelde plant for the production of the next model of its
Sprinter van.

According to The Interactive Investor, the new model, which
debuts in 2006, will be built simultaneously in Dusseldorf.  It
is expected to carry on the success of the Sprinter vans, which
accounted for 140,000 out of the total 260,700 DaimlerChrysler
vans sold in 2004.

Earlier, the company had revealed its Smart venture would likely
miss its annual sales target of 80,000 units, with only 14,500
Smart Fourfour models sold so far in the first quarter.  It is
losing EUR4,000 for each car sold.  The business, which had
already spent EUR512 million, could cost DaimlerChrysler another
EUR400 million this year as part of its ongoing restructuring.

On Friday, DaimlerChrysler attributed the 30% drop on its first
quarter earnings to Smart's poor performance, posting income of
only EUR288 million.  The parent company also registered
operating losses of EUR945 million.  Chief Financial Officer
Bodo Uebber admitted the first quarter was "a tough environment"
for car manufacturers with intense competition coming from
Japanese producers.

CONTACT:  DAIMLERCHRYSLER AG
          70546 Stuttgart, Germany
          Phone: +49 711 17 0
          Fax: +49 711 17 22244
          Web site: http://www.daimlerchrysler.com


D + G AUTOMOBIL: Administrator Takes over Operations
----------------------------------------------------
The district court of Landau in der Pfalz opened bankruptcy
proceedings against D + G Automobil-Vertriebs-GmbH on April 13.
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 Marc Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting on July 12, 2005, 10:00 a.m. at Zimmer 225,
Amtsgericht, Marienring 13, 76829 Landau in der Pfalz 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:  D + G AUTOMOBIL-VERTRIEBS-GMBH
          Queichtalstr. 51, 76855 Annweiler
          Contact:
          Dennis Gaede, Manager
          Queichtalstr. 51 A, 76855 Annweiler

          Marc Schmidt-Thieme, Administrator
          Soldnerstrasse 2, 68219 Mannheim
          Phone: 0621/877080


EWO-BAUGESELLSCHAFT: Under Bankruptcy Administration
----------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against EWO-Baugesellschaft mbH on April 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 5, 2005 to register their
claims with court-appointed provisional administrator Peter
Houben.

Creditors and other interested parties are encouraged to attend
the meeting on July 12, 2005, 9:30 a.m. at the district court of
Krefeld, Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage,
Raum 214 at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on Aug. 8, 2005,
10:25 a.m. at the same venue.

CONTACT:  EWO-BAUGESELLSCHAFT MBH
          Sebastian-Bach-Str. 1, 41379 Buggen-Born
          Contact:
          Guido Thyssen, Manager
          Sebastian-Bach-Str. 1, 41379 Bruggen-Born

          Peter Houben, Administrator
          Sternstrasse 58, 40479 Dusseldorf
          Phone: 0211/49 144-0
          Fax: +4902114914434


FEUERSCHUTZ JAKOBS: Claims Deadline June 1
------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Feuerschutz Jakobs & Partner GmbH on April 11.
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 Horst Helberg.

Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 11:45 a.m. at the district court
of Erfurt, im Justizzentrum, Rudolfstr. 46, 99092 Erfurt, 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:  FEUERSCHUTZ JAKOBS & PARTNER GMBH
          Blumenstr. 70, 99092 Erfurt
          Contact:
          Wolfgang Bucher, Manager
          Oschatzer Str. 2, 01127 Dresden

          Horst Helberg, Administrator
          Selliner Str. 6-8, 01109 Dresden


I.F.C.-CONSULT: Koln Court Appoints Interim Administrator
---------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
I.F.C.-Consult GmbH on April 5.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 8, 2005 to register their claims with
court-appointed provisional administrator Heinrich Drugh.

Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 9:00 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 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:  I.F.C.-CONSULT GMBH
          Eifelwall 30, 50674 Koln
          Contact:
          Thomas Grosch, Manager
          Broichweg 18, 50171 Kerpen

          Heinrich Drugh, Administrator
          Bochumer Str. 6, 51145 Koln
          Phone: 02203-977120
          Fax: +4922039771225


ITALIANO GMBH: Creditors' Claims Due Later this Month
-----------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Italiano GmbH i.L. on April 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 25, 2005 to register their
claims with court-appointed provisional administrator Frank
Imberger.

Creditors and other interested parties are encouraged to attend
the meeting on July 7, 2005, 10:20 a.m. at the district court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ITALIANO GMBH I.L.
          Wiescherstr. 156, 44625 Herne

          Frank Imberger, Administrator
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


KOPIERLADEN THONE: Claims Filing Period Ends Today
--------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Kopierladen Thone GmbH on April 12.  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 Uwe
Huggenberg.

Creditors and other interested parties are encouraged to attend
the meeting on June 16, 2005, 11:10 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  KOPIERLADEN THONE GMBH
          Buscheyplatz 6, 44801 Bochum
          Contact:
          Ursula Thone, Manager
          Alter Dortmunder Weg 87, 58239 Schwerte

          Uwe Huggenberg, Administrator
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


LOHNUNTERNEHMEN ANHALT: Applies for Bankruptcy Proceedings
----------------------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against Lohnunternehmen Anhalt GmbH on April 11.  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 Henning Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 2:00 p.m. at the district court of
Dessau, Willy-Lohmann-Str. 33, Saal 123, 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:  LOHNUNTERNEHMEN ANHALT GMBH
          Grosser Hagweg 11, 06773 Grafenhainichen
          Contact:
          Norbert Mattar, Manager
          Auf dem Essig 15, 53127 Bonn

          Henning Schorisch, Administrator
          Leipziger Strasse 70, 06108 Halle,
          Phone: 0345/678780
          Fax: 0345/6787810


MELTZER & PARTNER: Krefeld Court Confirms Bankruptcy
----------------------------------------------------
The district court of Krefeld opened bankruptcy proceedings
against Meltzer & Partner Light and Lamps GmbH on April 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 16, 2005
to register their claims with court-appointed provisional
administrator Dr. Wolf-R. von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting on July 5, 2005, 10:05 a.m. at the district court of
Krefeld, Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage,
Raum 214 at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on Aug. 9, 2005,
9:05 a.m. at the same venue.

CONTACT:  MELTZER & PARTNER LIGHT AND LAMPS GMBH
          Butzenstr. 39, 47918 Tonisvorst
          Contact:
          Herbert Gotzes, Manager
          Oberstr. 9, 41748 Viersen

          Dr. Wolf-R. von der Fecht, Administrator
          Rheinort 1, 40213 Dusseldorf
          Phone: 0211/1394-1237
          Mobile: 0173/2804330
          Fax: +4902111394251


POWER-HAUS: Gives Creditors Until Next Week to File Claims
----------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Power-Haus-GmbH on April 11.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 9, 2005 to register their claims with
court-appointed provisional administrator Andreas Kienast of
Meyer, Blasek & Kollegen.

Creditors and other interested parties are encouraged to attend
the meeting on June 9, 2005, 11:20 a.m. at Saal E,
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:  POWER-HAUS-GMBH
          Ulrichsplatz 10, 39104 Magdeburg
          Contact:
          Janett Kleinau, Manager
          Herrenkrugstr. 14, 39175 Biederitz

          MEYER, BLASEK & KOLLEGEN
          Bahnhofstr. 35, 39104 Magdeburg
          Contact:
          Andreas Kienast, Administrator
          Lennestr. 10, 39112 Magdeburg
          Phone: 0391/5973322
          Fax: 0391/5973333


PRIMACOM AG: 2004 Net Loss Amounts to EUR113.5 Million
------------------------------------------------------
For the year ended December 31, 2004 revenues reached EUR210.7
million, a 6.4% increase over 2004.

The company increased its operating profit to EUR21.2 million in
2004 compared with EUR19.4 million 2003.

EBITDA for 2004 fell to EUR103.7 million, a 3.0% decrease
compared with 2003 EBITDA.

In 2004, EBITDA and operating profit was negatively impacted by
the high-level of EUR9.5 million professional fees, related to
the ongoing efforts to achieve a financial restructuring of the
Company.

Of the EUR9.5 million, EUR6.5 million relates to the
indemnification by PrimaCom, under the Senior and Second Secured
Facility agreements, of costs incurred by the respective bank
groups for their legal and accounting advice, together with the
corresponding costs of PrimaCom's own lawyers.  The remaining
EUR3.0 million is in respect of professional fees related to the
special investigation mandated by shareholders at the Company's
AGM in June 2004, the costs of a special audit regarding over-
indebtedness, and contract release costs resulting from a change
of satellite provider.

Net loss for 2004 was EUR113.5 million compared with a net loss
of EUR118.1 million 2003.

Revenue generating units increased by 21,556 or 1.5% from
1,405,862 at December 31, 2003 to 1,427,418 at December 31,
2004, with a decline in analog customers of 2.4% being offset by
substantial growth in both Internet and telephony customers.

PrimaCom continues to focus on revenue improvements, cost
reduction management and profitability improvements and actively
pursues all opportunities to reorganize its debt and equity
structure.

CONTACT:  PRIMACOM AG
          An der Ochsenwiese 3
          D-55124 Mainz
          Phone: +49(0)6131 944 522
          Fax: +49(0)6131 944 508
          E-mail: investor@primacom.de
          Web site: http://www.primacom.de
          Investor Relations
          Phone: +49(0)6131 944 522
          E-mail: investor@primacom.de


ROCH EDELSTAHL: Court Appoints Ulrich Kraft Administrator
---------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Roch Edelstahl und Metallbau GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 19, 2005 to
register their claims with court-appointed provisional
administrator Ulrich Kraft.

Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 10:15 a.m. at the district court
of Dresden, Olbrichtplatz 1, 01099 Dresden, Saal D131, 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:  ROCH EDELSTAHL UND METALLBAU GMBH
          Lessingstr. 11 in 01465 Langebruck

          Ulrich Kraft, Administrator
          Wasastr. 15, 01219 Dresden
          Web site: http://www.hww-kanzlei.de


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


DRYSHIPS INC.: Reports US$19.1 Million Q1 Net Income
----------------------------------------------------
First Quarter Highlights

(a) net income of US$19.1 million, an increase of 80% from the
    same period in the prior year;

(b) EPS of US$0.80 compared to US$0.69 in first quarter of 2004;

(c) completed initial public offering, raising US$250 million,
    net of offering expenses; and

(d) took delivery of 11 vessels, increasing the fleet to 17
    vessels by the end of the quarter.

Results for the three-month period ended March 31, 2005:

(Dollars in thousands, except per share data and Average Daily
Results - unaudited)
                               March 31, 2004     March 31, 2005

Income Statement Data                     US$                US$
--------------------
Voyage revenues                        16,999             29,449
Voyage expenses                         1,502              2,008
Vessel operating expenses               2,662              3,963
Depreciation and amortization           1,605              2,536
Management fees                           327                549
Foreign currency losses                    23                 32
General and administrative expenses         -                726
                                       ------             ------
Operating Income                       10,880             19,635
Interest and finance costs, net         (342)              (522)
Other, net                                 99                (3)
                                       ------             ------
Net Income                          US$10,637          US$19,110

Basic and fully diluted earnings
(losses) per share                    US$0.69            US$0.80
Weighted average basic
and diluted shares outstanding     15,400,000         23,871,667
--------------------

Balance Sheet Data (at period end)
--------------------
Current assets, including cash       US$4,530          US$81,986
Total assets                           91,124            601,770
Current liabilities,
including current portion
of long-term debt                      22,365             73,826
Total long-term debt,
including current portion              43,709            302,221
Stockholders' equity                   41,271            277,195

Fleet Data
--------------------
Average number of vessels [1]             6.0                8.6
Total voyage days for fleet [2]           514                774
Total calendar days for fleet[3]          540                774
Fleet utilization[4]                    95.2%               100%

Average Daily Results
--------------------
Time charter equivalent [5]         US$30,150          US$35,453
Vessel operating expenses[6]            5,179              5,120
Management fees                           636                709
General and administrative expenses[7]      -                938
Total vessel operating expenses[8]      5,815              6,767

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Average number of vessels is the number of vessels that
constituted our fleet for the relevant period, as measured by
the sum of the number of days each vessel was a part of our
fleet during the period divided by the number of calendar days
in that period.

[2] Total voyage days for fleet are the total days the vessels
were in our possession for the relevant period net of off hire
days associated with major repairs, drydocks or special or
intermediate surveys.

[3] Calendar days are the total days the vessels were in our
possession for the relevant period including off hire days
associated with major repairs, drydockings or special or
intermediate surveys.

[4] Fleet utilization is the percentage of time that our vessels
were available for revenue generating voyage days, and is
determined by dividing voyage days by fleet calendar days for
the relevant period.

[5] Time charter equivalent, or TCE, is a measure of the average
daily revenue performance of a vessel on a per voyage basis.
Our method of calculating TCE is consistent with industry
standards and is determined by dividing voyage revenues (net of
voyage expenses) by voyage days for the relevant time period.
Voyage expenses primarily consist of port, canal and fuel costs
that are unique to a particular voyage, which would otherwise be
paid by the charterer under a time charter contract, as well as
commissions.  TCE is a standard shipping industry performance
measure used primarily to compare period-to-period changes in a
shipping company's performance despite changes in the mix of
charter types (i.e., spot charters, time charters and bareboat
charters) under which the vessels may be employed between the
periods.

[6] Daily vessel operating expenses, which includes crew costs,
provisions, deck and engine stores, lubricating oil, insurance,
maintenance and repairs is calculated by dividing vessel
operating expenses by fleet calendar days for the relevant time
period.

[7] Daily general and administrative expense is calculated by
dividing general and administrative expense by fleet calendar
days for the relevant time period.

[8] Total vessel operating expenses, or TVOE, is a measurement
of our total expenses associated with operating our vessels.
TVOE is the sum of vessel operating expenses, management fees
and general and administrative expenses.  Daily TVOE is
calculated by dividing TVOE by fleet calendar days for the
relevant time period.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

DRYSHIPS Inc. Fleet

As at March 31, 2005 DRYSHIPS Inc.'s fleet consisted of 17
vessels, 11 of which were delivered during the first quarter.

A full copy of these results is available free of charge at
http://bankrupt.com/misc/DryShipsQ12005.pdf

                            *   *   *

DRYSHIPS Inc. is a carrier that specializes in shipping drybulk
commodities such as coal, iron ore, and grains as well as minor
bulks like bauxite, fertilizers, and steel products.  Its fleet
is managed by Liberian affiliate Cardiff Marine Inc.  Chairman
and CEO George Economou and family own 57% of DRYSHIPS.

For the year ended October 31, 2004, DRYSHIPS reported a
US$(4.374) million shareholders' equity, as total liabilities
exceeded total assets of US$183.55 million.  The company faces
US$98.17 million in maturing debt before the end of the current
fiscal year.  Its long-term liabilities amount to US$115.202
million, according to U.S. SEC files.

CONTACT:  DRYSHIPS INC.
          80 Kifissias Avenue
          Marousi
          Athens - 15125
          Greece

          Christopher J. Thomas, Chief Financial Officer
          Phone: 011-30-210-809-0570
          E-mail: finance@dryships.com

          Investor Relations / Media
          Nicolas Bornozis
          Capital Link, Inc. (New York)
          Phone: 212-661-7566
          E-mail: nbornozis@capitallink.com
          Web site: http://www.dryships.com


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


AN POST: Books First Full-year Profit in Years
----------------------------------------------
An Post finished 2004 with an after-tax profit of EUR6.5
million.  The result is a turnaround of EUR45 million since last
year and ends three successive years of escalating losses that
threatened its future.

The annual report and accounts, published April 28, reveals an
operating profit of EUR1.8 million.  Exceptional income of
EUR5.3 million from property disposals and other items produced
an outturn, which signals the success of crisis control
measures.

Turnover in the year at EUR750.2 million was up by EUR41 million
-- an increase of 5.8% on 2003.  Staff and postmasters' costs at
EUR502.4 million were marginally up on the previous year while
other costs decreased.

The financial turnaround was achieved by focused and determined
management action to implement the recovery strategy
particularly by cutting non-pay costs, curtailing pay costs
through stringent control of overtime and recruitment, and the
non-payment of Sustaining Progress.

While the result is highly satisfactory in the context of the
losses of recent years, future prospects for the Company remain
uncertain.  Mail volumes declined by 1.3% since 2003 -- the
second successive year -- despite national economic growth of 5%
a year and an additional 80,000 new delivery points.

The problems for An Post are compounded by a continuing decline
in social welfare transactions through the post office network
-- though offset slightly by the growth in BillPay volumes --
and will require an urgent strategy to ensure a viable scale of
business.

Despite the success of strict cost control measures the An Post
cost base remains too high and substantial cuts are essential
through headcount reductions, efficiencies, work practice
changes and the implementation of the automation agreement.
An industrial relations environment, which is resistant to
change, regardless of the business and financial circumstances
of the Company, has been excessively demanding of the focus and
energies of senior management, the report says.

The resistance to change had prevented all efforts to elevate
quality levels and introduce efficiencies.  As a result,
progress had been stalled on the Company's price rise
application, which had been submitted to ComReg in May of last
year.

Ms. Margaret McGinley, chairperson of the Board of An Post,
described the result for the year as "having significantly
exceeded expectations."  It had been based on a policy of tight
financial management and was encouraging.

"The Company's finances have been stabilized and the immediate
liquidity problems, which emerged in 2003, have been overcome.
It is now clear that implementation of the Recovery Plan can
provide An Post with a future in which modest growth and
profitability can be secured," she added.

Chief executive Donal Curtin said that damaging service
disruption at local and national level and the continuing lack
of real progress on change continued to be a source of deep
concern.

"Our aim now must be to build on the financial stabilization
achieved in 2004 by concentrating on customer orientation and
workplace flexibility which will allow us to survive in the new
competitive order that is rapidly approaching," he added.

CONTACT:  AN POST
          Web site: http://www.anpost.ie/


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


STOLT-NIELSEN: Wraps up Merger of Fish Farming Business
-------------------------------------------------------
Stolt-Nielsen S.A. and Nutreco Holding N.V. on May 2, 2005 said
they have completed the merger of their worldwide fish farming,
processing, and marketing and sales operations into a stand-
alone new business entity, Marine Harvest.  SNSA will hold a 25%
share in the new company and Nutreco 75%.  The signing of a
Memorandum of Understanding for the merger by both parties was
announced on September 13, 2004.

Marine Harvest has over 6,000 employees worldwide and annual
sales of approximately EUR850 million in salmon, cod, halibut,
tilapia and other farmed fish.  Marine Harvest will be the
leader in all of the markets in which it operates and will be
led by a management with extensive industry experience.

The new management of Marine Harvest has now taken control of
the combined operations.  Marine Harvest's Executive Board
consists of Mr. Hans den Bieman (Chief Executive Officer), Mr.
Harry van Beek (Chief Financial Officer) and Mr. James Stove
Lorentzen (Executive Director).  The head office will be in
Amersfoort, the Netherlands.  The Supervisory Board will be
chaired by Mr. Svein Rennemo.  Other members are Mr. Niels G.
Stolt-Nielsen (CEO Stolt-Nielsen S.A.), Mr. Wout Dekker (CEO
Nutreco Holding N.V.), and Mr. Cees van Rijn (CFO Nutreco).

Through the Marine Harvest merger, SNSA has kept the future
upside potential of an exciting industry by holding a
significant stake in what both SNSA and Nutreco intend to become
a public company.  SNSA's turbot and sole operations in Europe
and southern bluefin tuna operations in Australia are not
included in the Marine Harvest merger.

As part of the closing procedure, due diligence will be
performed to determine the starting balance sheet under IFRS for
the new Marine Harvest.  As of its second quarter ended May 31,
2005, SNSA's shareholding in Marine Harvest and subordinated
shareholder loans to Marine Harvest will be reported as an
investment in a non-consolidated joint venture in the balance
sheet of SNSA.  SNSA's share of 25% in the results of Marine
Harvest will be reported in 'equity in net income of non-
consolidated joint ventures.'

Marine Harvest will be well capitalized and have a strong
balance sheet with initial funding consisting of equity and
shareholder loans.  It is the intention that in the near future
Marine Harvest will be financed independently of its
shareholders. Marine Harvest intends to pursue an Initial Public
Offering (IPO) at the appropriate time.

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) is
one of the world's leading providers of transportation services
for bulk liquid chemicals, edible oils, acids, and other
specialty liquids.  The Company, through the parcel tanker, tank
container, terminal, rail and barge services of its wholly owned
subsidiary Stolt-Nielsen Transportation Group, provides
integrated transportation for its customers.  Stolt Sea Farm,
wholly owned by the Company, produces and markets high quality
turbot, and, bluefin tuna.  The Company also has a 25% interest
in Marine Harvest, the world's leading aquaculture company.

CONTACT:  STOLT NIELSEN
          Richard M. Lemanski
          Phone: (U.S.) 1 203 625 3604
          E-mail: rlemanski@stolt.com

          Valerie Lyon
          Phone: (U.K.) 44 20 7611 8904
          E-mail: vlyon@stolt.com


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


HEAD N.V.: To Discuss First-quarter Results Next Week
-----------------------------------------------------
Head N.V. Chairman and CEO Johan Eliasch will host a conference
call on Thursday May 12, 2005 at 3:00 p.m. London time (10:00
a.m. New York) to discuss the firm's results for the three-month
period ending 31 March 2005.  He will be joined by Ralf
Bernhart, Chief Financial Officer and Clare Vincent, Head of
Investor Relations.

A presentation, which will be discussed during the conference
call, will be available on the Investor Relations section of our
Web site -- http://www.head.com-- prior to the conference call
on the 12 of May 2005.

To join the conference call, dial:

     Country    Phone Number
     U.K.       0800 073 8912
     Europe     +44 (0)1452 568 060
     U.S.A.     1866 224 3295

Please note that there will not be an audio link on the Web
site.

A transcript of the conference call will be posted to the
investor relations section of our Web site.

A Replay Service is also available for 10 days following the
conference call, the dial in numbers are:

     U.K.: 0800 953 1533
     Europe: +44 (0)1452 550 000
     U.S.A.: 1866 247 4222
     Access Code: 5537092#

About Head

Head N.V. is a leading global manufacturer and marketer of
premium sports equipment.  Its ordinary shares are listed on the
New York Stock Exchange (HED) and the Vienna Stock Exchange
(HEAD).

Its business is organized into four divisions: Winter Sports,
Racquet Sports, Diving and Licensing.  It sells products under
the Head (tennis, squash and racquetball racquets, alpine skis
and ski boots, snowboards, bindings and boots), Penn (tennis and
racquetball balls), Tyrolia (ski bindings), and Mares/Dacor
(diving equipment) brands.

It holds leading positions in all of its product markets and its
products are endorsed by some of the world's top athletes
including Andre Agassi, Marat Safin, Rainer Schuttler, Juan
Carlos Ferrero, Johann Grugger and Maria Riesch.

For more information, visit http://www.head.com.

Analysts, investors, media and others seeking financial and
general information, please contact:

Clare Vincent, Investor Relations
Phone: +44 207 499 7800
Fax: +44 207 629 4399
E-mail: headinvestors@aol.com

Ralf Bernhart, Chief Financial Officer
Phone: +43 1 70 179 354
Fax +43 1 707 8940

                            *   *   *

Moody's Investors Service downgraded Head N.V.'s senior implied
rating from B1 to B2 last month.

Moody's observed that during the last quarter of 2004, Head N.V.
reported a significant deterioration in profitability with
operating profit (adjusted for one-off charges and gains on
asset disposals) declining to US$11.8 million for Q4 2004
compared to US$18.0 million for the same period in the prior
year.

Although Moody's recognizes that Head's Q4 2003 results
benefited from new product launches (i.e. Liquidmetal racquets),
the rating agency notes that the company's gross profit at its
racquet sports and diving divisions significantly deteriorated
during Q4 2004, mainly reflecting increasing pricing pressure
from competition, lower sales volumes for tennis balls and
higher raw material prices, only partly off-set by positive
developments in winter sports (i.e. higher sales volumes of skis
and bindings and higher sales price for ski boots).

In addition, operating profit was also impacted by unexpectedly
high provisions booked in connection with product warranties and
litigations for trademark infringements; and for full year 2004,
increased administrative costs for services provided by
companies ultimately owned by Head's principal shareholder.

CONTACT:  HEAD N.V.
          Rokin 55
          1012 KK Amsterdam
          Phone: +31-20-625-1291
          Fax: +31-20-625-0956
          Web site: http://www.head.com


ROYAL SHELL: Loses Oman Oilfield Contract to Occidental
-------------------------------------------------------
A feud over how to boost production has cost Royal Dutch/Shell
group an oilfield deal with Oman, The Independent said Monday.

The Gulf state reportedly wanted Shell to inject more cash to
increase output in its aim to produce 80,000 barrels a day from
the Mukhaizna field.

U.S. firm Occidental and a United Arab Emirates partner clinched
the contract.  According to the official Oman News Agency,
Occidental offered to put in over US$2 billion to raise output
from 10,000 barrels a day to 150,000 within the next few years.
Mukhaizna holds estimated reserves of 2.4 billion barrels.

The loss of the contract is a huge blow for Shell, which is
trying to recover from an overbooking scandal last year.  But
with a 34% stake in Petroleum Development Oman, the company is
still a key foreign investor in the state's energy sector.  PDO
controls 94 percent of Oman's production.

A spokeswoman from Shell, which maintains that it could still
work with the state, said: "We can confirm that PDO is
considering alternative options to the development of Mukhaizna
and we welcome the government's offer for Shell to play a major
role whatever contractual structure is selected."

She added the company looks at increasing twofold the recovery
rate from the other 100 oilfields it has under production in
Oman.  In October, the firm combined its U.K. and Dutch
divisions into one company headed by chief executive Jeroen van
der Veer, the chairman of its committee of managing directors.

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


VERSATEL TELECOM: In Takeover Talks with Belgacom
-------------------------------------------------
Investors welcomed news this week that Versatel Telecom
International is in talks regarding a potential takeover.

Shares in the telecommunications company were up 24% on Monday,
closing at EUR2.19 after the company confirmed it is in
"initial" negotiations with Belgacom N.V.

It said: "In connection with its continuous strategic policy
Versatel has, amongst others, discussions with Belgacom N.V.
together with Talpa Capital B.V., regarding a possible strategic
cooperation, which may include a possible public offer."

According to Rabo Securities, a combination of Belgacom an
Versatel "makes sense."  It would give cash-rich Belgacom a
presence in Germany and the Netherlands, it said.

Rabo estimates a bid could go up to EUR2.50/share.

Belgacom has been trying to expand outside his home market.  It
previously attempted to buy Cesky Telecom, as well as Turk
Telecom, but failed.

CONTACT:  VERSATEL NEDERLAND B.V.
          P.O. Box 22697
          1100 DD Amsterdam Z-O
          The Netherlands
          E-mail: wouter.dekleyn@versatel.com
          Web site: http://www.versatel.com


===========
N O R W A Y
===========


PETROLEUM GEO-SERVICES: Court Closes Chapter 11 Cases
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
closed Petroleum Geo-Services A.S.A.'s chapter 11 case at the
Debtor's behest.

Paul V. Shalhoub, Esq., at Willkie Farr & Gallagher, LLP, at New
York, reported that the Debtor's case is already fully
administered.

The Debtor paid these firms all fees and expense reimbursements
approved by the Court:

   Willkie Farr & Gallagher, LLP               $1,182,230
   Debtor's Counsel

   Baker Botts LLP                                207,707
   Debtor's Counsel

   Linklaters                                     197,085
   Debtor's Counsel

   Arntzen de Besche                              227,455
   Debtor's Counsel

   Ernst & Young AS (Norway)                      623,991
   Debtor's Accounting Consultant

   Ernst & Young                                   56,098
   Debtor's Accounting Consultant

   Ernst & Young LLP (US)                       1,342,958
   Debtor's Accounting Consultant

   Ernst & Young LLP (UK)                         238,858
   Debtor's Accounting Consultant

   Ernst & Young Corporate Finance LLC             19,515
   Debtor's Accounting Consultant

   Bingham McCutchen LLP                          428,772
   Counsel
   Official Committee of Unsecured Creditor

   Thommessen Krefting Greve Lund                  44,917
   Norwegian Counsel
   Official Committee of Unsecured Creditor

   Houlihan Lokey Howard & Zukin Capital        8,201,217
   Financial Advisor
   Official Committee of Unsecured Creditor

Holders of general unsecured claims recovered 100% of their
claims.  Bank Lenders backing a $475 million loan facility
recovered 73% of the face value of the Term Loan, or 61% based
on estimated market value.  Holders of senior unsecured notes
recovered 64% of their claims.  Holders of junior subordinated
debenture claims recovered 11% of their claims.  Holders of
existing security law claims and equity interests did not
receive anything.

Petroleum Geo-Services A.S.A. is a technology-based service
provider that assists oil and gas companies across the world.
The Company filed for chapter 11 protection on July 29, 2003
(Bankr. S.D.N.Y. Case No. 03-14786).  When the Company filed for
bankruptcy, it disclosed assets amounting to $3,686,621,000 and
debt amounting to $2,444,341,000.

CONTACT:  PETROLEUM GEO-SERVICES
          Ola Bosterud
          Sam R. Morrow
          Phone: +47 6752 6400

          U.S. Investor Services
          Renee Sixkiller
          Phone: +1 281 679 2240


===========
P O L A N D
===========


ELEKTRIM SA: Bondholders Win Landmark Indemnity Case in U.K.
------------------------------------------------------------
In a significant development for bondholders and bank lenders,
the House of Lords has found that a bond trustee can have no
liability for service of a notice accelerating bonds, where the
notice is invalid in the absence of an underlying Event of
Default.

The action, Concord Trust v The Law Debenture Trust plc, arose
when the trustee of EUR510 million bonds guaranteed by Polish
company Elektrim S.A. refused to accelerate the bonds until
indemnified by bondholders against substantial damages in case
the notice of acceleration was invalid.  The House of Lords
confirmed April 28 that the only liability the trustee may face
in English law is for the legal costs of establishing whether
the notice of acceleration is valid.

In his leading judgment, Lord Scott of Foscote confirmed that a
bond trustee has no discretion whether to accelerate the Bonds,
but is obliged to do so once instructed by the requisite
percentage of holders of the Bonds, and indemnified to its
satisfaction.  The fact that the bond issuer is challenging the
existence of the Event of Default does not impact upon the
mandatory obligation of a trustee to accelerate.

"I am pleased with the outcome," said Gordon Singer of Elliott
Advisors (U.K.) Limited, an affiliate of Concord Trust, the
Elektrim bondholder which led the appeal.  "The trustee's demand
for EUR1 billion of bank indemnities was obviously flawed.  If
this approach had been upheld, it would have been impossible to
enforce the covenants in these bonds, or indeed in any English
law bonds once the issuer had so much as challenged an obvious
Event of Default."

The proceedings followed repeated breaches of the bonds,
including the suspension by Elektrim of a director nominated by
bondholders under the terms of a November 2002 restructuring.
This breach was found by Mr. Justice Peter Smith in March 2004
to be "a material breach prejudicial" to the Bondholders'
interests but the trustee, although willing to certify an Event
of Default, would not accelerate the bonds without substantial
bank-backed indemnification.

"This is a landmark judgment for bondholders," said James Roome
of Bingham McCutchen, the international law firm, which
represented Concord Trust. "English law bonds are used worldwide
but the mechanisms for enforcing compliance with covenants have
never been tested.  We are proud to have worked with Elliott and
its fellow Elektrim bondholders in their efforts to clarify this
important legal issue, which will benefit market participants
globally.  Significantly, although the bonds were finally
accelerated before the Lords could consider the appeal, the
bondholders considered it worthwhile to continue with the appeal
in order to resolve the confusion created by the first instance
and Court of Appeal rulings."

"As Lord Scott recognized in his judgment, the findings will
have wide reaching consequences in the financial markets,
including for syndicated bank loans, and will improve the
recourse of banks and bondholders against defaulting debtors,"
added Natasha Demetriou, litigation partner at Bingham
McCutchen.

The Bingham McCutchen legal team representing Concord Trust was
led by James Roome and Natasha Demetriou, assisted by Tamara
Wilson and Sheena Buddhdev.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99
          Web site: http://www.elektrim.pl


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


AEROGRAD: Bankruptcy Hearing Set August
---------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on open joint stock
company Aerograd.  The case is docketed as A75-3296/2005.  Mr.
A. Katkov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Aerograd
    628460, Russia, Khanty-Mansiyskiy autonomous region
    Yugra, Radyzhnyj, Airport

(b) Temporary Insolvency Manager
    625003, Russia, Tyumen,
    Krasina Str. 7a, 5th floor

(c) The Arbitration Court Of Khanty-Mansiyskiy
    autonomous region
    628012, Russia, Tyumen region,
    Khanty-Mansiysk, Lenina Str. 54/1

A hearing will take place on Aug. 18, 2005.


GAS-OIL-SPETS-STROY: Bankruptcy Proceedings Begin
-------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Gas-Oil-Spets-Stroy (TIN
0278072745) after finding the close joint stock company
insolvent.  The case is docketed as A07-3612/05-G-MOG.  Mr. D.
Karavaev has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 450057, Russia, Bashkortostan
republic, Ufa, Oktyabrskoy Revolyutsii Str. 65-14.

CONTACT:  GAS-OIL-SPETS-STROY
          450005, Russia, Bashkortostan republic,
          Ufa, Revolyutsionnaya Str. 98/1

          Mr. D. Karavaev
          Insolvency Manager
          450057, Russia, Bashkortostan republic,
          Ufa, Oktyabrskoy Revolyutsii Str. 65-14


MONOLITH: Appoints M. Galimov Insolvency Manager
------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on limited liability
company Monolith.  The case is docketed as A75-3526/2005.  Mr.
M. Galimov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 628616, Russia,
Khanty-Mansiyskiy autonomous region, Nizhnevartovsk, Mira Str.
8P.   A hearing will take place on July 25, 2005.

CONTACT:  MONOLITH
          628460, Russia, Khanty-Mansiyskiy autonomous region
          Yugra, Radyzhnyj, Airport

          Mr. M. Galimov
          Temporary Insolvency Manager
          628616, Russia, Khanty-Mansiyskiy autonomous region,
          Nizhnevartovsk, Mira Str. 8P
          Phone: 57-70-96
          Fax: 41-47-10


MORROS: Rostov Court Names S. Kapusta Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on close joint stock company Morros.  The
case is docketed as A53-16268/2004-S2-7.  Mr. S. Kapusta has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 344019, Russia,
Rostov-na-Donu, Sholokhova Pr. 8a.  A hearing will take place on
Aug. 29, 2005, 2:00 p.m.

CONTACT:  MORROS
          344008, Russia, Rostov-na-Donu,
          Beregovaya Str. 6

          Mr. S. Kapusta
          Temporary Insolvency Manager
          344019, Russia, Rostov-na-Donu,
          Sholokhova Pr. 8a


NOVOOSKOLSKIY ELEVATOR: Declared Insolvent
------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Novooskolskiy Elevator after finding the
open joint stock company insolvent.  The case is docketed as
A08-15944/04-2 B.  Mr. V. Krotov has been appointed insolvency
manager.  Creditors have until May 26, 2005 to submit their
proofs of claim to 308023, Russia, Belgorod, Promyshlennyj
Proezd, 23.

CONTACT:  NOVOOSKOLSKIY ELEVATOR
          309600, Russia, Belgorod region,
          Novyj Oskol, Bondareva Str. 2

          Mr. V. Krotov
          Insolvency Manager
          308023, Russia, Belgorod region,
          Promyshlennyj Proezd, 23
          Phone/Fax: (0722) 34-13-74


REPAIR-TECHNICAL OPERATING: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region has
commenced bankruptcy supervision procedure on close joint stock
company Repair-Technical Operating Building Enterprise.  The
case is docketed as A81-124/2005.  Mr. V. Dudar has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 629400, Russia,
Yamalo-Nenetskiy autonomous region, Labytnangi, GUPS, Post User
Box 26.  A hearing will take place on Sept. 9, 2005, 9:30 a.m.

CONTACT:  REPAIR-TECHNICAL OPERATING BUILDING ENTERPRISE
          629757, Russia, Yamalo-Nenetskiy autonomous region,
          Nadymskiy region, Pangody, Zvezdnaya Str. 11

          Mr. V. Dudar
          Temporary Insolvency Manager
          629400, Russia, Yamalo-Nenetskiy autonomous region,
          Labytnangi, GUPS, Post User Box 26

          The Arbitration Court of Yamalo-Nenetskiy
          autonomous region
          629000, Russia,
          Salekhard, Chubynina Str. 37A


SILVER STAR: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on close joint stock company Silver Star.
The case is docketed as 40-95254/05-124-16 B.  Mr. K.
Kozhevnikov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 119415, Russia,
Moscow, Udaltsova Str. 39, Apartment 29.  A hearing will take
place on Sept. 29, 2005, 10:00 a.m.

CONTACT:  SILVER STAR
          127427, Russia, Moscow region,
          Akademika Korolyeva Str. 28, Building 2

          Mr. K. Kozhevnikov
          Temporary Insolvency Manager
          119415, Russia, Moscow region,
          Udaltsova Str. 39, Apartment 29


SPASSK-AGRO-KHIM-SERVICE: Under Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Spassk-Agro-Khim-Service.  The case is docketed as A65-
3912/2005-SG4-26.  Mr. I. Gilyazov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 422983, Russia,
Tatarstan republic, Chistopol, GOS-3, Post User Box 5.  A
hearing will take place on May 23, 2005, 10:15 a.m.

CONTACT:  SPASSK-AGRO-KHIM-SERVICE
          422840, Russia, Tatarstan republic,
          Spasskiy region, Bolgar

          Mr. I. Gilyazov
          Temporary Insolvency Manager
          422983, Russia, Tatarstan republic,
          Chistopol, GOS-3, Post User Box 5


TAGIL: Sverdlovsk Court Appoints Temporary Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on limited liability company
Tagil.  The case is docketed as A60-4376/2005-S4.  Mr. R.
Palivoda has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 620086, Russia,
Sverdlovsk region, Ekaterinburg, Posadskaya Str. 21, Room 205.

CONTACT:  TAGIL
          622078, Russia, Sverdlovsk region,
          Zonalnyj, Tsentralnaya Str. 21

          Mr. R. Palivoda
          Temporary Insolvency Manager
          620086, Russia, Sverdlovsk region,
          Ekaterinburg, Posadskaya Str. 21, Room 205


TAKANYSHSKIY: Creditors Have Until May 26 to File Claims
--------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Takanyshskiy after finding the vegetable
dehydration plant insolvent.  The case is docketed as A65-
9044/2002-SG4-26.  Mr. A. Bloshkin has been appointed insolvency
manager.  Creditors have until May 26, 2005 to submit their
proofs of claim to 420029, Russia, Tatarstan republic, Kazan,
Sibirskiy Trakt, 34, Building 5, Office 502, Post User Box 47.

CONTACT:  TAKANYSHSKIY
          Russia, Tatarstan republic,
          Mamadyshskiy region, Takanysh

          Mr. A. Bloshkin
          Insolvency Manager
          420029, Russia, Tatarstan republic, Kazan,
          Sibirskiy Trakt, 34, Building 5,
          Office 502, Post User Box 47


YUKOS OIL: Major Shareholder Ready to Sacrifice Stake
-----------------------------------------------------
Leonid Nevzlin, the second-largest shareholder in Group Menatep,
the holding company that controlled Yukos Oil, is willing to
sell his remaining holdings in the firm, according to
Finance24.com.

Mr. Nevzlin, who is now exiled in Israel, said he may dispose of
his stake at a deep discount if it would convince Russia not to
pursue criminal cases against him and other Yukos executives.
He conceded, though, that Russian President Vladimir Putin is
unlikely to agree to the proposal.

Mr. Nevzlin left Russia late in 2003 when the arrests against
Yukos executives, including former chief Mikhail Khodorkovsky,
started.  Mr. Khodorkovsky is now waiting the verdict of his
trial for fraud and tax evasion.

Mr. Nevzlin is accused of fraud and murder.  He considers the
charges politically motivated in view of his support for Mr.
Putin's opponents.  He does not plan to return to Russia even
after Mr. Putin finishes his tenure.

He expects the government to seize more of Yukos' assets with a
view to selling them into pieces.  Russia already sold off
Yukos' main production unit, Yuganskneftegaz in December.

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

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

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


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


AGROSPETSMONTAZH: Temporary Insolvency Manager Takes over Helm
--------------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Agrospetsmontazh (code EDRPOU
00912959).  The case is docketed as 11/36-B.  Ms. Mariya
Golovata (License Number AB 116127) has been appointed temporary
insolvency manager.  The company holds account number 26001154
at JSPPB Aval, Hmelnitskij regional branch, MFO 315171.

Creditors have until May 5, 2005 to submit their proofs of claim
to:

(a) AGROSPETSMONTAZH
    32331, Ukraine, Hmelnitskij Region,
    Kamyanets-Podilskij district, Orinin

(b) Mr. Mariya Golovata
    Temporary Insolvency Manager
    32300, Ukraine, Hmelnitskij region,
    Kamyanets-Podilskij, Grushevskij Str. 46

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti Square, 1


BUCHANSKIJ GLASS: Proofs of Claim Deadline Expires this Week
------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on OJSC Production-Commercial Enterprise
Buchanskij Glass Products Plant (code EDRPOU 00293315).  The
case is docketed as 95/2 b-2005.  Mr. Zheronkin Dmitro has been
appointed temporary insolvency manager.  The company holds
account number 26007311251 at JSC Ukrsocbank, Bucha branch, MFO
321165.

Creditors have until May 5, 2005 to submit their proofs of claim
to:

(a) BUCHANSKIJ GLASS PRODUCTS PLANT
    08292, Ukraine, Kyiv region,
    Bucha, Kirov Str. 84

(b) Mr. Zheronkin Dmitro
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Borispil district, Proliski,
    P. Morozov Str. 13/37

(c) ECONOMIC COURT OF KYIV REGION
    01033, Ukraine, Kyiv region,
    Zhelyanska Str. 58 b


FACTOR: Succumbs to Bankruptcy
------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on Andrushivskij Sugar Plant (code EDRPOU
30873051).  The case is docketed as 4/25 B.  Mr. Oleg Tupak has
been appointed temporary insolvency manager.  The company holds
account number 260062144 at JSPPB Aval, Zhitomir regional
branch, MFO 311528.

Creditors have until May 5, 2005 to submit their proofs of claim
to:

(a) FACTOR
    13401, Ukraine, Zhitomir region,
    Andrushivka, Sadova Str. 3

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


GRAND: Gives Creditors Until this Week to File Claims
-----------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Grand (code EDRPOU 31154655) on March
9, 2005.  The case is docketed as B 40/33/05.  Mr. Vladislav
Tishkevich (License Number AB 116123) has been appointed
temporary insolvency manager.  The company holds account number
26000139694001 at Privatbank, Dnipropetrovsk branch, MFO 305299.

Creditors have until May 5, 2005 to submit their proofs of claim
to:

(a) GRAND
    49000, Ukraine, Dnipropetrovsk region,
    Babushkinskij district,
    Chervona Str. 3/1

(b) Mr. Vladislav Tishkevich
    Temporary Insolvency Manager
    49000, Ukraine, Dnipropetrovsk region,
    Ovrazhna Str. 54
    Phone: (056) 726-03-10

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


MOSKOVSKE: Bankruptcy Supervision Starts
----------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Agrofirm Moskovske (code EDRPOU
30821972) on February 2, 2005.  The case is docketed as 6/20-05.
Mr. Roman Udovenko (License Number AA 719777) has been appointed
temporary insolvency manager.  The company holds account number
26047723 at JSPPB Aval, Sumi regional branch, MFO 337483.

Creditors had until May 2, 2005 to submit their proofs of claim
to:

(a) MOSKOVSKE
    Ukraine, Sumi region,
    Lipovodolinskij district, Moskovske

(b) Mr. Roman Udovenko
    Temporary Insolvency Manager
    40030, Ukraine, Sumi region,
    Kirov Str. 25, 4-th floor

(c) ECONOMIC COURT OF SUMI REGION
    40477, Ukraine, Sumi region,
    Shevchenko Avenue, 18/1


PINTA LTD.: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Sevastopol region commenced bankruptcy
supervision procedure on Pinta Ltd. (code EDRPOU 23196336) on
March 22, 2005.  The case is docketed as 20-9/035.  Mr. L.
Istyagin (License Number AB 116290) has been appointed temporary
insolvency manager.  The company holds account number
26003301225500 at JSC Prominvestbank, MFO 328492.

Creditors had until May 2, 2005 to submit their proofs of claim
to:

(a) PINTA LTD.
    99040, Ukraine, AR Krym region,
    Sevastopol, Industrialna Str. 26

(b) Mr. L. Istyagin
    Temporary Insolvency Manager
    99040, Ukraine, AR Krym region,
    Sevastopol, General Ostryakov Avenue, 159/61

(c) ECONOMIC COURT OF SEVASTOPOL
    AR Krym region, Sevastopol,
    Pavlichenko Str. 5


PODILSKI TSINNI: Court Names Temporary Insolvency Manager
---------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on LLC Podilski Tsinni Paperi (code EDRPOU
21345269).  The case is docketed as 17/64-B.  Mr. Filyus Mikola
(License Number AA 315440 July 12, 2002) has been appointed
temporary insolvency manager.  The company holds account number
26009208 at JSPPB Aval, Kamyanets-Podilskij branch, MFO 315171.

Creditors had until May 2, 2005 to submit their proofs of claim
to:

(a) PODILSKI TSINNI PAPERI
    32300, Ukraine, Hmelnitskij region,
    Kamyanets-Podilskij,
    L. Ukrainka Str. 23/3

(b) Mr. Filyus Mikola
    Temporary Insolvency Manager
    Ukraine, Chernivtsi region,
    Alma-Atinska Str. 5/62

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti Square, 1


STAROKOSTYANTINIV' ELEVATOR: Creditors' Claims Due This Week
------------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Starokostyantiniv' Elevator (code
EDRPOU 00956810).  The case is docketed as 2/325-B.  Mr. Mikola
Dejneka (License Number AA 779296) has been appointed temporary
insolvency manager.  The company holds account number
26002301654, MFO 375166.

Creditors have until May 5, 2005 to submit their proofs of claim
to:

(a) STAROKOSTYANTINIV' ELEVATOR
    Ukraine, Hmelnitskij region,
    Starokostyantiniv, Krivonis Str. 1

(b) Mr. Mikola Dejneka
    Temporary Insolvency Manager
    Ukraine, Hmelnitskij region,
    Hotovitskij Str. 8/120

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti Square, 1


TAVRIYA-SPEKTR: Sets Proofs of Claim Deadline
---------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on Tavriya-Spektr (code EDRPOU 23285229)
on March 21, 2005.  The case is docketed as 19/58.  Mr. Chulakov
Petro (License Number AA 719815) has been appointed temporary
insolvency manager.

Creditors have until May 5, 2005 to submit their proofs of claim
to:

(a) TAVRIYA-SPEKTR
    69002, Ukraine, Zaporizhya region,
    Gryaznov Str. 75/14

(b) Mr. Chulakov Petro
    Temporary Insolvency Manager
    Phone: (0612) 289-15-19
           (067) 942-22-77

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


UZHGORODSKA: Declared Insolvent
-------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
proceedings against Uzhgorodska (code EDRPOU 00845660) after
finding the open joint stock company insolvent.  The case is
docketed as 10/216-6/116.  Mr. Vitalij Bahtin (License Number AA
419433) has been appointed liquidator/insolvency manager.  The
company holds account number 260091800 at JSPPB Aval, Uzhgorod
branch, MFO 312345.

Creditors had until May 2, 2005 to submit their proofs of claim
to:

(a) UZHGORODSKA
    Ukraine, Zakarpatska region,
    Uzhgorod district, Kontsovo

(b) Mr. Vitalij Bahtin
    Liquidator/Insolvency Manager
    Ukraine, Zakarpatska region,
    Uzhgorod, Hmelnitskij Square, 2, Office 233

(c) ECONOMIC COURT OF ZAKARPATSKA REGION
    88000, Ukraine, Zakarpatska region,
    Uzhgorod, Kotsubinski Str.2 a


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


BAXI HOLDINGS: Faces Downgrade if Acquisition Plan Pans out
-----------------------------------------------------------
Moody's Investors Service placed all ratings of Heating Finance
plc, which is the direct owner of Baxi Holdings Ltd. Heating
Finance plc under review for possible downgrade.

The review is prompted by the company's announced intention to
acquire the heating business of Corpacion Empresarial Roca S.A.
for cash consideration of EUR200 million.

Baxi has not yet finalized its financing plans for the
acquisition, however the review for downgrade reflects Moody's
concern that the transaction may weaken the company's credit
profile in terms of credit metrics.  Moody's expects to be able
to conclude the review by the end of May 2005.

Since the company's refinancing in March 2004, it has reduced
its exposure to the U.K. market through its disposal of its
Aqualisa business.  Moody's notes that the proposed acquisition
provides Baxi with a position in the Spanish heating market
which continues to exhibit favorable trends given strong housing
starts and the emergence of a replacement market.

In its review Moody's will focus on:

(a) Strategic fit and growth prospects for Baxi as a result of
    the acquisition of Roca Heating;

(b) Debt protection metrics for the company pro forma for the
    acquisition; and

(c) Current trading and trends in Baxi's underlying business.

Completion of the transaction will be subject to clearance by
the competition authorities in Spain and Portugal and is
expected to be in place by July 2005.

Ratings under review are:

(a) Senior implied rating of Ba3,

(b) 7.875 % Mezzanine notes due 2014 rated B2,

(c) Senior secured credit facilities rated Ba3,

(d) Issuer rating of B3

Headquartered in Derby, England, Baxi is leading designer and
manufacturer of residential heating and hot water systems in
Europe.  For the financial year ended December 2004, Baxi
generated turnover from continuing operations of GBP679.2
million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          Christian Rauch
          Senior Vice President
          Corporate Finance Group

          London
          Amanda Neff
          VP - Senior Credit Officer
          Corporate Finance Group

          For Journalists
          Phone: 44 20 7772 5456


BAXI HOLDINGS: Rating on S&P's CreditWatch Negative
---------------------------------------------------
Standard & Poor's Ratings Services placed all of its ratings --
including its 'BB-' long-term corporate credit rating -- on
U.K.-based heating products manufacturer Baxi (Holdings) Ltd. on
CreditWatch with negative implications, following the group's
announcement that its owner, BC Partners, has agreed to acquire
the heating business of Corporacion Empresarial Roca S.A. for
EUR200 million with a view to combining Roca and Baxi.

"The negative CreditWatch implications reflect the current
uncertainty with respect to the ultimate financial structure
that will be employed for the combined group and the possibility
that it might result in higher leverage or weaker credit-
protection measures, which could result in a lowering of the
rating," said Standard & Poor's credit analyst Jarrad Oberhardt.
"Standard & Poor's notes, however, that the combined business is
likely to benefit from a greater geographical and customer
diversification."

Standard & Poor's expects to resolve the CreditWatch when the
expected merger of the two groups is completed and following
finalization and implementation of a capital structure for the
combined group.

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

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


BSI CORPORATE: Creditors' Claims Due Later this Month
-----------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

   IN THE MATTER OF BSI Corporate Services (Guernsey) Limited
                        (In Liquidation)

Notice is hereby given at an Extraordinary General Meeting of
BSI Corporate Services (Guernsey) Limited duly convened and held
at Guernsey on March 30, 2005 it was resolved:

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

(b) That Andrew Offen, of 14 New Street, St Peter Port, Guernsey
    is hereby appointed Liquidator for the purpose of such
    winding-up.

The resolution was unanimously approved as a Special Resolution
of the Company.  All persons having claims against the Company
are requested to submit their details thereof to the
undersigned, before May 24, 2005 and all persons indebted to the
said Company are requested to settle with the undersigned before
the above-mentioned date.

CONTACT:  Andrew Offen
          14 New Street
          St. Peter Port
          Guernsey


CAPITALPLAY LTD.: Appoints RMT Liquidator
-----------------------------------------
At the extraordinary general meeting of the members of
Capitalplay Ltd. on April 12, 2005 held at the offices of R M T,
3 Portland Terrace, Newcastle upon Tyne NE2 1QQ, the
extraordinary resolution to wind up the company was passed.  A.
A. Josephs and L. A. Fraish of R M T, 3 Portland Terrace,
Newcastle upon Tyne NE2 1QQ have been appointed liquidators of
the company.

CONTACT:  RMT
          3 Portland Terrace
          Jesmond
          Newcastle Upon Tyne
          Tyne And Wear NE2 1QQ
          Phone: 0191 281 8816
          Fax: 0191 281 0530
          E-mail: linda.farish@r-m-t.co.uk


CENTRAL CONVERSIONS: Hires Liquidator from Bridgestones
-------------------------------------------------------
At the extraordinary general meeting of Central Conversions
Limited on April 12, 2005 held at The Quality Boundary Hotel,
Birmingham Road, Walsall, West Midlands WS5 3AB, on 12 April
2005, the extraordinary and ordinary resolutions to wind up the
company were passed.  Robert Cooksey of Bridgestones, 125-127
Union Street, Oldham OL1 1TE has been appointed liquidator of
the company.

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


CLASSIE CHASSIS: Members Pass Winding-up Resolutions
----------------------------------------------------
At the extraordinary general meeting of the members of Classie
Chassis Limited on April 14, 2005 held at The Clock House, 87
Paines Lane, Pinner, Middlesex HA5 3BZ, the extraordinary and
ordinary resolutions to wind up the company were passed.  I. D.
Holland has been appointed liquidator of the company.

CONTACT:  IAN HOLLAND & CO.
          The Clock House
          87 Paines Lane
          Pinner
          Middlesex HA5 3BZ
          Phone: 020 8866 6556
          Fax: 020 8866 7557
          E-mail: idh@ianholland.co.uk


CLEVELAND SUPPLY: Opts to Wind up Business
------------------------------------------
At the extraordinary general meeting of the members of Cleveland
Supply Co. Ltd. (formerly known as Red Dragon Fireworks Ltd.) on
April 11, 2005 held at Wilson Pitts, Glendevon House, Hawthorn
Park, Coal Road, Leeds LS14 1PQ, the extraordinary and ordinary
resolutions to wind up the company were passed.  D. F. Wilson
and J. N. R. Pitts have been appointed joint liquidators of the
company.

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Phone: 0113 237 5560
          Fax: 0113 237 5561


COGTEST PLC: Hires Liquidators from UHY Hacker Young
----------------------------------------------------
At the extraordinary general meeting of the members of Cogtest
Plc on April 12, 2005 held at the offices of UHY Hacker Young,
St Alphage House, 2 Fore Street, London EC2Y 5DH, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Andrew Andronikou and Ladislav Hornan of UHY
Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH
have been appointed joint liquidators of the company.

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


CORX LIMITED: Appoints Oury Clark Liquidator
--------------------------------------------
At the extraordinary general meeting of Corx Limited on April
15, 2005 held at Oury Clark, 10 John Street, London WC1N 2EB,
the subjoined extraordinary resolution to wind up the company
was passed.  Elliot Harry Green of Oury Clark, Herschel House,
58 Herschel Street, Slough, Berkshire SL1 1PG has been appointed
liquidator of the company.

CONTACT:  OURY CLARK
          PO Box 150
          Herschel House
          58 Herschel Street
          Slough
          Berkshire SL1 1HD
          Phone: 01753 551111
          Fax: 01753 550544
          E-mail: elliot.green@ouryclark.com


CURTINA HOLDINGS: Liquidator Calls Final Creditors Meeting
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Curtina Holdings Limited

A Meeting of Creditors of Curtina Holdings Limited has been
summoned by the Liquidator under section 146 of the Insolvency
Act 1986, for the purpose of having an account laid before them
by me as Liquidator showing how the winding-up of the Company
has been conducted and its property disposed of, and giving the
Liquidator his release.

The Meeting will be held at Tenon Recovery, Arkwright House,
Parsonage Gardens, Manchester M3 2LF, on May 27, 2005, at 12:30
p.m.  A proxy form must be lodged with me not later than 12:00
noon on May 26, 2005, to entitle you to vote by proxy at the
Meeting, together with a completed proof of debt form if you
have not already lodged one.

D. Oakley, Liquidator
April 21, 2005

CONTACT:  TENON RECOVERY
          Arkwright House
          Parsonage Gardens
          Manchester M3 2LF
          Phone: 0161 834 3313
          Fax: 0161 827 8402
          E-mail: manchester@tenongroup.com
          Web site: http://www.tenongroup.com


CYREN COMMUNICATIONS: Members Pass Winding-up Resolutions
---------------------------------------------------------
At the extraordinary general meeting of the members of Cyren
Communications Limited on April 12, 2005 held at Express by
Holiday Inn, Guardian Way, Exeter Business Park, Exeter EX1 3PE,
the extraordinary and ordinary resolutions to wind up the
company were passed.  Alisdair J. Findlay of Findlay James,
Saxon House, Saxon Way, Cheltenham GL52 6QX has been appointed
liquidator of the company.

CONTACT:  FINDLAY JAMES
          Saxon House
          Saxon Way
          Cheltenham
          Gloucestershire GL52 6QX
          Phone: 01242 576555
          Fax: 01242 576999
          E-mail: ajf@finjam.com


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

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


DREAM STEELS: Hires Liquidator from Abbey Taylor Ltd.
-----------------------------------------------------
At the extraordinary general meeting of Dream Steels Limited on
April 12, 2005 held at Abbey Taylor Limited, The Blades
Enterprise Centre, John Street, Sheffield S2 4SU, the subjoined
extraordinary resolution to wind up the company was passed.
Tracy Ann Taylor of Abbey Taylor Ltd., Blades Enterprise Centre,
John Street, Sheffield S2 4SU has been liquidator of the
company.

CONTACT:  ABBEY TAYLOR LTD.
          The Blade Enterprise Centre
          John Street
          Sheffield
          South Yorkshire S2 4SU
          Phone: 0114 292 2402
          Fax: 0114 292 2403
          E-mail: tracy.taylor@abbeytaylor.co.uk


E17 TRADING: Calls in Liquidator from Carter Clark
--------------------------------------------------
At the extraordinary general meeting of the members of E17
Trading Limited on April 14, 2005 held at Meridian House, 62
Station Road, North Chingford, London E4 7BA, the extraordinary
and ordinary resolutions to wind up the company were passed.  A.
J. Clark of Carter Clark, Meridian House, 62 Station Road, North
Chingford, London E4 7BA has been appointed liquidator of the
company.

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


EMERGING BUSINESS: Hires Liquidator from BDO Stoy Hayward
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Emerging Business Trust Limited

Notice is hereby given that on April 11, 2005, I, Stephen
Prenter, BDO Stoy Hayward, Lindsay House, 10 Callender Street,
Belfast BT1 5BN was appointed liquidator of Emerging Business
Trust Limited, which trades from 38-42 Hill Street, Belfast BT1
2LB, by resolution of a meeting of creditors, pursuant to
section 109 of the Insolvency Act 1986.

Stephen Prenter, Liquidator

CONTACT:  BDO STOY HAYWARD
          Lindsay House
          10 Callender Street
          Belfast, BT1 5BN
          Phone: 028 9043 9009
          Fax: 028 9043 9010
          E-mail: belfast@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk

          Stephen Philip Prenter
          E-mail: stephen.prenter@bdo.co.uk


FASHIONIMPORTS LIMITED: Liquidator from Begbies Traynor Steps in
----------------------------------------------------------------
At the extraordinary general meeting of the members of
Fashionimports Limited on April 12, 2005 held at Elliot House,
151 Deansgate, Manchester M3 3BP, the extraordinary and ordinary
resolutions to wind up the company were passed.  Stephen L. Conn
of Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3
3BP has been appointed liquidator of the company.

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


FRESH & FUNKY: Names Poppleton & Appleby Liquidator
---------------------------------------------------
At the extraordinary general meeting of the members of Fresh &
Funky Limited on April 13, 2005 held at Gable House, 239 Regents
Park Road, Finchley, London N3 3LF, the extraordinary and
ordinary resolutions to wind up the company were passed.  M. S.0
E. Solomons has been appointed liquidator of the company

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


GALLAHER GROUP: Buys Rights to Benson & Hedges Brands
-----------------------------------------------------
Gallaher Group announced Friday that further to a contractual
arrangement made in 1993 it has acquired the Benson & Hedges and
Silk Cut trademarks from British American Tobacco in Malta,
North and South Cyprus, and the Silk Cut trademark in Lithuania
for a total sum of GBP70 million.

Nigel Northridge, chief executive, said: "While this transaction
will not have a material impact on Group results, I am pleased
that we have successfully concluded these negotiations to
acquire these Benson & Hedges and Silk Cut trademarks, given our
achievements in the E.U. to date."

                            *   *   *

In January, the Group revealed plans to further restructure its
European operations.

This came after Gallaher admitted trading conditions in
Continental Europe have been difficult in 2004 due to large duty
increases in several markets and increased cross border trade
from markets with lower duty regimes.  Foreign exchange
movements have also been adverse.

Austria, France and Germany have experienced substantial market
declines caused by disruption from increased taxation and cross
border trade.

Market volumes in the first five months of 2004 fell 8% in
Austria, 26% in France and over 13% in Germany.  In these
countries, May market volumes were worse than expected, falling
13%, 31% and 20% respectively.

Gallaher considered closing the Schwaz cigarette and Furstenfeld
cigar factories in Austria this year.  It also plans to
restructure production at its cigarette and cigar factories at
Lisnafillan and Cardiff in the U.K.

In addition to this manufacturing restructuring, Gallaher plans
to reorganize some aspects of its distribution network.

Regrettably, as a consequence of these combined changes, around
250 operational jobs could be affected in Europe.

CONTACT:  GALLAHER GROUP PLC
          Claire Jenkins
          Director, Investor Relations
          Phone: 01932 832637

          CARDEWCHANCERY
          Anthony Cardew
          Tim Robertson
          Phone: 020 7930 0777


GRAFTON'S BAKERY: 85-year-old Baker Calls it Quits
--------------------------------------------------
One of South Yorkshire's most established family bakery,
Grafton's Bakery Ltd., went out of business last week due to
insolvency, Europe Intelligence Wire reports.

Co-owner Ian French partly blamed competition from larger bakery
chains and the loss of Marks and Spencer in Rotherham town
center for its troubles.  He said it was only Tuesday last week,
at a meeting with the firm's accountant, that the owners knew
the business could no longer be saved.  More than 180 staff will
lose their jobs and forfeit their salary last month.

"They will have to make an application to the Department of
Trade and Industry for any earnings they are entitled to," Mr.
French said.

Based in Rotherham, the bakery opened in the town 85 years ago.
Its owners have a bakery on Thames Street and 16 shop branches
in South Yorkshire and Derbyshire.

CONTACT:  GRAFTON'S BAKERY LTD.
          47 St Sepulchre Gate West
          Doncaster
          Phone: 1302367997


JIGSAW INTERIORS: Calls in Liquidator from Parkin S. Booth & Co.
----------------------------------------------------------------
At the extraordinary general meeting of Jigsaw Interiors Limited
on April 14, 2005 held at the offices of Parkin S. Booth & Co,
44 Old Hall Street, Liverpool L3 9EB, the extraordinary and
ordinary resolutions to wind up the company were passed.  Ian C.
Brown of Parkin S. Booth & Co, 44 Old Hall Street, Liverpool L3
9EB has been appointed liquidator of the company.

CONTACT:  PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


JILLAND RAIL: Hires Administrators from Mazars
----------------------------------------------
Paul Charlton and Alistair Steven Wood (IP Nos 5838, 007929)
have been appointed administrators for civil engineering company
Jilland Rail Limited.  The appointment was made March 24, 2005.
Its registered office is located at Hall Cross House, 1 South
Parade, Doncaster, South Yorkshire.

CONTACT:  MAZARS LLP
          Mazars House
          Gelderd Road, Gildersome
          Leeds LS27 7JN
          Phone: 0113 204 9797
          Fax: 0113 387 8760
          Web site: http://www.mazars.co.uk


JL COMPUTING: Creditors Meeting Set Second Week of June
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                IN THE MATTER OF JL Computing Ltd.

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Meeting of the Creditors of JL
Computing Ltd. will be held at KPMG, 100 Temple Street, Bristol
BS1 6AG, on June 8, 2005, at 10:00 a.m. for the purposes of
receiving the report of the Liquidator of the winding-up.

R. J. Hill, Liquidator
April 18, 2005

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


KHAMIS LIMITED: Members Decide to Wind up Firm
----------------------------------------------
At the extraordinary general meeting of the members of Khamis
Limited (t/a Delifrance) on April 12, 2005 held at PKF,
Sovereign House, Queen Street, Manchester M2 5HR, on 12 April
2005, the extraordinary and ordinary resolutions to wind up the
company were passed.  Kerry Bailey of PKF Sovereign House, Queen
Street, Manchester M2 5HR and Jon Newell, of PKF, 52 Mount
Pleasant, Liverpool L3 5UN have been appointed joint liquidators
of the company.

CONTACT:  PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk

          PKF
          52 Mount Pleasant,
          Phone: 0151 7088232
          Fax: 0151 7088169
          E-mail: info.liverpool@uk.pkf.com
          Web site: http://www.pkf.co.uk


MARCONI CORPORATION: BT Snub Threatens 10,000 Jobs
--------------------------------------------------
Marconi Corporation said Tuesday it is open to "all strategic
options" after being excluded from BT Group plc's list of
preferred suppliers.

"The company clearly recognizes the need to refocus its business
in the light of BT's decision and recent trends in the global
telecoms equipment market.  The board will continue therefore to
pursue all strategic options with the objective of maximizing
shareholder value," BT said in a statement.

BT's move wiped GBP500 million off Marconi's market value last
week when its shares slipped 44%.  The decision is expected to
greatly affect Marconi's recovery measures and some 10,000
employees who are now in danger of losing their jobs at
Marconi's site in Coventry, Liverpool and Beeston.  A quarter of
the company's operations rely on BT, which signed up eight of
Marconi's rivals to work with its GBP10 billion next generation
21st Century Network project.

Marconi added it is currently studying the resource and
headcount in its operations, particularly in the U.K.  The
result of the review is expected soon along with the associated
cost savings and level of headcount reduction.  It aims to bring
revenues and adjusted operating profits for the final quarter of
2004/05 right on target.

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

          BT GROUP PLC
          BT Centre, 81 Newgate St.
          London
          EC1A 7AJ, United Kingdom
          Phone: +44-20-7356-5000
          Fax: +44-20-7356-5520
          Web site: http://www.btplc.com


MARLBOROUGH DOOR: Hires Liquidator from Irwin & Company
-------------------------------------------------------
At the extraordinary general meeting of the members of
Marlborough Door Specialists Limited on April 15, 2005 held at
Station House, Midland Drive, Sutton Coldfield, West Midlands
B72 1TU, the extraordinary and ordinary resolutions to wind up
the company were passed.  Gerald Irwin has been appointed
liquidator of the company.

CONTACT:  IRWIN & COMPANY
          Station House
          Midland Drive
          Sutton Coldfield
          Birmingham
          West Midlands B72 1TU
          Phone: 08700 111812
          Fax: 08700 111813
          E-mail: mail@irwinuk.net


MATRON 2: Members Pass Winding-up Resolution
--------------------------------------------
At the extraordinary general meeting of the members of Matron 2
Trustees Limited on March 24, 2005 held at the offices of SPV
Management Limited, Level 11, Tower 42, International Financial
Centre, 25 Old Broad Street, London EC2N 1HQ, the special
resolution to wind up the company was passed.  Ian Cadlock of
Tenon Recovery, Lyndean House, 43-46 Queens Road, Brighton, East
Sussex BN1 3XB has been appointed liquidator of the company.

CONTACT:  TENON RECOVERY
          Lyndean House, 43-46 Queens Road,
          Brighton, East Sussex BN1 3XB
          Phone: 01273 725566
          Fax: 01273 724502
          Web site: http://www.tenongroup.com


MG ROVER: PwC, Banks Reach Deal on Outstanding Car Loans
--------------------------------------------------------
MG Rover employees facing hefty car loan payments heaved a sigh
of relief after administrators struck a deal with two U.K.
banks, The Guardian says.

Under the deal signed by PricewaterhouseCoopers, Lloyds TSB and
HBOS, MG Rover employees can either return the cars without
paying the balance of the loan or renegotiate for more favorable
terms.

Finance minister Gordon Brown said, "The loans -- worth the full
value of the new car -- had been due for repayment as a result
of Rover entering administration, potentially causing a real
additional hardship for many Longbridge workers."

General secretary Tony Woodley of Transport & General Workers'
Union lauded the deal: "The T&G is very pleased that Lloyds TSB,
HBOS and PwC have come to the aid of the Rover workforce and
resolved this important issue that could have made the plight of
the workers and their families significantly worse than it
already is."

PwC, Lloyds TSB and HBOS refused to divulge the eventual cost of
the deal.  Industry sources say the amount could reach up to
tens of millions of pounds.

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

          PRICEWATERHOUSECOOPERS
          Jon Bunn
          UK Head of Media Relations
          Phone: 020 7213 3279
          Mobile: 07808 632167

          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485

          HBOS PLC
          The Mound
          Edinburgh EH1 1YZ
          Phone: +44-131-470-2000
          Fax: +44-131-243-5437
          Web site: http://www.hbosplc.com

          LLOYDS TSB GROUP PLC
          25 Gresham St.
          London EC2V 7HN
          Phone: +44-20-7626-1500
          Fax: +44-20-7489-3484
          Web site: http://www.lloydstsbgroup.co.uk


MG ROVER: Government Grants Tax Holiday
---------------------------------------
The British government has granted MG Rover a tax break, raising
hopes the firm's dealers will also be offered a similar deal.

According to The Guardian, the Inland Revenue and Customs have
agreed to defer payments on up to GBP120 million bad debt of MG
Rover and its engine-making unit Powertrain.  It is hoped MG
Rover's 264 dealers will be granted the same tax holiday.

Talks are already underway regarding the deferment by dealers of
immediate and current VAT and income tax and national insurance
payments, according to the report.  The breathing spell would
allow business hit by the collapse of the carmaker to
reorganize, MG Rover taskforce chairman Nick Paul said.

Mr. Paul considers it bad enough that the dealers' cash flow
suffer for lack of payments from MG Rover, now they still have
to pay VAT on payments they haven't received.  He estimates MG
Rover's debt to suppliers at GBP120 million.  Total debt was
more than GBP1 billion at the time of its administration last
month.  It was then feared that MG Rover does not have enough
money to pay creditors, putting the dealers' future in danger.

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


MG ROVER: Workers Paid GBP20 million
------------------------------------
About 4,000 employees who lost their jobs after MG Rover fell
into administration have received over GBP20 million in
redundancy payments, the government said Monday.

The workers earlier complained they would be getting a maximum
of GBP3,300, but trade and industry secretary Patricia Hewitt
said average payouts were higher, about GBP5,000 per.

Ms. Hewitt said: "When I met many of the workers and their
families on the day MG Rover went into administration, they
asked me to speed [up] the payments.  We have been able to meet
that request."

She added everyone who had put in a claim has received the
amount, which is the statutory payment for those affected by
redundancies.  It will be funded by taxpayers and is part of the
GBP150 million support package promised by the government to aid
Rover's former employees.

Meanwhile, according to administrators PricewaterhouseCoopers,
Rover has attracted about 200 potentials buyers from countries
around the world, including China, Russia and Iran.  But PwC
stressed that none of the offers could save jobs at the
Longbridge plant.

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

          PRICEWATERHOUSECOOPERS
          Jon Bunn
          UK Head of Media Relations
          Phone: 020 7213 3279
          Mobile: 07808 632167

          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485


MG ROVER: Russian Businessmen Eye Insolvent Carmaker
----------------------------------------------------
Nikolai Smolenski and Oleg Deripaska, two of Russia's richest
men, are reportedly interested in acquiring insolvent carmaker
MG Rover, Europe Intelligence Wire says.

Mr. Smolenski, the 24-year-old millionaire and owner of sports-
car maker TVR, is reportedly holding talks with
PricewaterhouseCoopers, MG Rover's administrators.  He allegedly
offered to resume production of all MG Rover models.

Oleg Deripaska, the billionaire-owner of the Russian carmaker
Ruspromavto, is also reportedly eyeing MG Rover.  According to
Russian media reports, Mr. Deripaska is keenly observing MG
Rover's situation since he believes the insolvent group would
fit in well with his car business.

Of the two, Mr. Smolenski is considered a likely bidder and is
considered a serious contender to acquire MG Rover.  He recently
visited MG Rover's Longbridge site near Birmingham to inspect
its facilities.  Another serious possible buyer is Iranian car
manufacturer Khodro.

MG Rover's sale, however, remains in doubt since Chinese
carmaker Shanghai Automotive Industry Corporation (SAIC), whose
withdrawal from tie-up talks in March forced the group to
declare insolvency, is claiming exclusive rights to manufacture
the MG 75 and 25 models, as well as two of its Powertrain
engines.  PwC, however, believes SAIC's claim would not deter MG
Rover's sale.  The administrator has retained the rights to
several variants of all MG Rover models, allowing the buyer to
continue producing the entire MG Rover range.  SAIC has insisted
it has exclusive rights.

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

          PRICEWATERHOUSECOOPERS
          Jon Bunn
          UK Head of Media Relations
          Phone: 020 7213 3279
          Mobile: 07808 632167

          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485


NOXET UK: Appoints BDO Stoy Hayward Liquidator
----------------------------------------------
At the extraordinary general meeting of Noxet UK Limited
(formerly Texon UK Limited) on March 10, 2005 held at Leicester
Stage Hotel, 299 Leicester Road, Wigston, Leicester LE18 1JW,
the subjoined extraordinary resolution to wind up the company
was passed.  Christopher Kim Rayment and Anthony Peter
Supperstone of BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham
B3 3SD have been appointed joint liquidators of the company.

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham, B3 3SD
          Phone: 0121 200 4600
          Fax: 0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


ORNATE INTERIOR: Names Kelmanson Partnership Liquidator
-------------------------------------------------------
At the extraordinary general meeting of the members of Ornate
Interior Mouldings (Peterborough) Limited on March 16, 2005 held
at 4 Shakespeare Road, London N3 1XE, the extraordinary and
ordinary resolutions to wind up the company were passed.  John
Kelmanson of The Kelmanson Partnership, Avco House, 6 Albert
Road, Barnet EN4 9SH has been appointed liquidator of the
company.

CONTACT:  THE KELMANSON PARTNERSHIP
          Avco House
          6 Albert Road
          Barnet
          Hertfordshire EN4 9SH
          Phone: 020 8441 2000
          Fax: 020 8441 3000
          E-mail: ep@kelpart.co.uk
                  tkp@kelpart.co.uk


PROFECTUS BROADCAST: Liquidators from Stoy Hayward Move in
----------------------------------------------------------
At the extraordinary general meeting of Profectus Broadcast &
Communications Limited on April 13, 2005 held at The Bonnington
Hotel, 92 Southampton Row, London WC1B 4BH, the subjoined
extraordinary resolution to wind up the company was passed.
Geoffrey Stuart Kinlan and Anthony Sandersonof BDO Stoy Hayward
LLP, Prospect Place, 85 Great North Road, Hatfield,
Hertfordshire AL9 5BS have been appointed joint liquidators of
the company.

CONTACT:  BDO STOY HAYWARD LLP
          Prospect Place, 85 Great North Road,
          Hatfield, Hertfordshire AL9 5BS
          Phone: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk


PROTEC DECORATORS: Hires Cranfield Recovery as Liquidator
---------------------------------------------------------
At the extraordinary general meeting of Protec Decorators
Limited on April 13, 2005 held at the Holiday Inn, Stoke on
Trent M6 J15, Clayton Road, Newcastle under Lyme ST5 4DL, the
subjoined extraordinary resolution to wind up the company was
passed.  Tony Mitchell of Cranfield Recovery Limited, 2 Hawkes
Drive, Warwick CV34 6LX has been appointed liquidator of the
company.

CONTACT:  CRANFIELD RECOVERY LIMITED
          2 Hawkes Drive
          Warwick
          Warwickshire CV34 6LX
          Phone: 01926 450414
          Fax: 01926 831126


RAFIKI WHOLESALERS: Members Pass Winding-up Resolution
------------------------------------------------------
At the extraordinary general meeting of the members of Rafiki
Wholesalers Limited on March 17, 2005 held at 47-49 Green Lane,
Northwood, Middlesex HA6 3AE, the extraordinary resolution to
wind up the company was passed.  Ashok K. Bhardwaj of 47-49
Green Lane, Northwood, Middlesex HA6 3AE has been nominated
liquidator of the company.

CONTACT:  BHARDWAJ
          47-49 Green Lane
          Northwood
          Middlesex HA6 3AE
          Phone: 01923 820966
          Fax: 01923 835311
          E-mail: info@bhardwaj.co.uk


RE-CYCLING WORKS: Appoints Liquidators from Kingston Smith
----------------------------------------------------------
At the extraordinary general meeting of Re-Cycling Works
(Haringey) Limited on April 12, 2005 held at Devonshire House,
60 Goswell Road, London EC1M 7AD, the extraordinary and ordinary
resolutions to wind up the company were passed.  Nicholas John
Miller and Ian Robert of Kingston Smith & Partners LLP,
Devonshire House, 60 Goswell Road, London EC1M 7AD have been
appointed joint liquidators of the company.

CONTACT:  KINGSTON SMITH AND PARTNERS LLP
          Devonshire House, 60 Goswell Road,
          London EC1M 7AD
          Phone: 020 7566 4000
          Fax:   020 7566 4010
          Web site: http://www.kingstonsmith.co.uk


RESTAURANT EATERY: Liquidator from Spearing & Co. Moves in
----------------------------------------------------------
At the extraordinary general meeting of Restaurant Eatery &
Tavern Supplies Limited on April 14, 2005 held at Innlodge
Hotel, Burrfields Road, Portsmouth, Hampshire PO3 5HH, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Nigel Alexander Spearing has been appointed
liquidator of the company.

CONTACT:  SPEARING & CO.
          2 Bennett Drive
          Myton Grange
          Warwick
          West Midlands CV34 6QJ
          Phone: 01926 490433
          Fax: 01926 490433


STREETLY VILLAGE: Hires Liquidator from Butcher Woods
-----------------------------------------------------
At the extraordinary general meeting of Streetly Village Design
Limited on March 14, 2005 held at 79 Caroline Street, Birmingham
B3 1UP, the extraordinary and ordinary resolutions to wind up
the company were passed.  Roderick Graham Butcher of Butcher
Woods, 79 Caroline Street, Birmingham B3 1UP has been appointed
liquidator of the company.

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


TELEWEST GLOBAL: First-quarter Results Out Next Week
----------------------------------------------------
Telewest Global, Inc. will be announcing its first-quarter
results on Thursday, May 12, 2005 at 7 a.m. EST, 12 noon U.K.
time.  The company will host a conference call to discuss those
results on May 12, at 9 a.m. EST, 2 p.m. U.K. time.

To participate in the conference call, dial:

United States: +1 617 786 2902
United Kingdom: +44 207 365 8426
Passcode: Telewest

To hear a live Web cast of the call and view presentation
slides, visit
http://ir.telewest.co.uk/phoenix.zhtml?c=76808&p=IROL-
presentations.

Replay

A replay of the Web cast will be available for twelve months.  A
replay of the teleconference will be available from 11 a.m. EST
on May 12, for 7 days.

United States: +1 617 801 6888
United Kingdom: +44 207 365 8427
Passcode: 76238881

                            *   *   *

Telewest Communications plc's financial restructuring became
effective July 15, 2004.  As a result, all outstanding notes and
debentures of Telewest and its Jersey-based finance subsidiary
have been cancelled, reducing the total outstanding indebtedness
of the business by approximately GBP3.8 billion, or more than
65%, to approximately GBP2.0 billion.

As part of the financial restructuring, Telewest transferred
substantially all of its assets and liabilities to a subsidiary
of Telewest Global, Inc., a holding company incorporated in the
state of Delaware and formed for the purpose of holding the
businesses that have historically comprised Telewest.

Trading in Telewest Global's common stock on the Nasdaq National
Market commenced on 19 July 2004 under the symbol "TLWT".  As
part of the financial restructuring, 241,325,000 shares, or
98.5%, of Telewest Global's common stock have been distributed
to the holders of Telewest's and its Jersey-based finance
subsidiary's notes and debentures and certain other scheme
creditors, and 3,675,000 shares, or 1.5%, of Telewest Global's
common stock are being distributed to Telewest's existing
shareholders.

Prior to the financial restructuring:

(a) total outstanding indebtedness of approximately GBP5.8
    billion (consisting of bank debt, principal and interest on
    Telewest's notes and debentures, and capital leases); and

(b) English holding company with shares traded on the London
    Stock Exchange and ADRs traded on the Nasdaq National
    Market.

Following the financial restructuring:

(a) total outstanding indebtedness of approximately GBP2.0
    billion (consisting of bank debt and capital leases);

(b) Delaware holding company with shares traded on the Nasdaq
    National Market;

(c) Telewest Global Inc. shareholding:

    (i) 98.5% held by certain former Telewest creditors; and

   (ii) 1.5% held by Telewest shareholders; and

(d) Telewest Global Inc. will have a board of directors composed
    of the Chairman of Telewest and eight other directors
    initially designated by certain noteholders.

CONTACT:  TELEWEST GLOBAL, INC.
          160 Great Portland St.
          London
          W1W 5QA, United Kingdom
          Phone: +44-20-7299-5000
          Fax: +44-20-7299-5495
          Web site: http://www.telewest.co.uk

          Richard Williams
          Phone: 020 7299 5479

          Vani Gupta
          Phone: 020 7299 5353


WILLIAM REYNOLDS: Winding-up Report Out Later this Month
--------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

     IN THE MATTER OF William Reynolds & Sons (Bedford) Ltd.

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Final Meeting of the Creditors of
William Reynolds & Sons (Bedford) Ltd. will be held at
PricewaterhouseCoopers LLP, Lennox House, Beaufort Buildings,
Spa Road, Gloucester GL1 1XD, on May 31, 2005, at 10:00 a.m. for
the purposes mentioned in section 146 of the said Act, receiving
the Joint Liquidators' report of the winding-up, and determining
whether the Joint Liquidators should have their release under
section 174 of the said Act.

P. M. Boyden and R. Robinson, Joint Liquidators
April 25, 2005

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Lennox House
          Beaufort Buildings
          Spa Road
          Gloucester GL1 1XD
          Phone: [44] (1452) 332200
          Fax: [44] (1452) 874622
          Web site: http://www.pwcglobal.com


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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