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

                           E U R O P E

            Wednesday, May 25, 2005, Vol. 6, No. 102

                            Headlines

A U S T R I A

GALLUS MARKETING: Attracts German Footwear Retailer


G E R M A N Y

ART-TEC PLANUNGS: Sets Creditors Meeting July 5
DRESDNER BANK: Latest Q1 Results Best ever in Four Years
FSB FREIENHUFENER: Creditors to Meet August
GEVOPLAN PERSONAL: Applies for Bankruptcy Proceedings
HILFE FUER: Kiel Court Appoints Administrator

KARSTADTQUELLE AG: Converts Smaller Outlets into Supply Depots
KEPPLER GMBH: Interim Administrator Takes over Operations
LAMOTTKE ELEKTROTECHNIK: Declared Insolvent
LIEKER STAHLBAU: Claims Verification Set July
LIMUS UMWELTTECHNIK: Court Appoints Dr. Gehde Administrator

MADER GMBH: Gives Creditors Until June 10 to File Claims
NATURSTEINKOLLEGIUM GMBH: Under Bankruptcy Administration
NORDEX AG: Cash Squeeze Scares away Suppliers
NOTHEIS UND STRAUSS: Applies for Bankruptcy Proceedings
WCM GROUP: Bank Liabilities Down to EUR200 Mln from EUR1.3 Bln


I T A L Y

TISCALI SPA: Sale of Non-core Assets Continues


N E T H E R L A N D S

ROYAL SHELL: Hits Pay dirt in Norwegian Sea


N O R W A Y

PETROLEUM GEO-SERVICES: Q1 Report to Include Pertra Results


P O L A N D

ELEKTRIM SA: Survives Bankruptcy Scare


R U S S I A

ALDAN-STROY-MONTAZH: Succumbs to Bankruptcy
BARYSHSKAYA: Garment Factory Under Bankruptcy Supervision
BUILDER: Creditors Have Until Next Month to File Claims
COLORING: Bankruptcy Hearing Set July
EAST-EUROPEAN TRUST: Undergoes Bankruptcy Supervision Procedure

INTERCINEMA-ART: Declared Insolvent
KRASNOSELKUP-OIL-GAS-SERVICE: Under Bankruptcy Supervision
MAKEEVSKOYE: Ryazan Court Appoints Insolvency Manager
MENDELEEVSK-AGRO-KHIM-SERVICE: Declared Insolvent
WOOD WORKING: Deadline for Proofs of Claim Set June
YUKOS OIL: Ex-CEO Convicted of Embezzlement
YUKOS OIL: Tomskneft Head Faces Another Criminal Case


S E R B I A   &   M O N T E N E G R O

PROCREDIT BANK: Fitch Raises Currency Ratings to 'BB-'/'B'


S W I T Z E R L A N D

ABB LTD.: U.S. Unit Has Until July to File Removal Notices
ABB LTD.: Frank/Gecker Represents 'Combustion' Creditors


U K R A I N E

DNIPROPETROVSK' GAZ: Bankruptcy Proceedings Begin
EAST-ENERGETIC COMPANY: Kyiv Court Appoints Insolvency Manager
KRIVIJ RIG': Liquidator Takes over Operations
MELITOPOLPROMKOMPLEKT: Succumbs to Insolvency
MELITOPOL' TIN: Under Bankruptcy Supervision

NIKA: Temporary Insolvency Manager Takes over Helm
OLTANA: Kyiv Court Opens Bankruptcy Supervision Procedure
SOKIRYANI' CHEESE: Declared Insolvent
STALPROM: Succumbs to Bankruptcy
UKRENERGOFINANS: Applies for Bankruptcy Proceedings


U N I T E D   K I N G D O M

20:20 COMMUNICATIONS: Names E M Grove & Co. Liquidator
AMI GLASGOW: Winding-up Report Out June
APEX DOUBLE: Members Pass Winding-up Resolutions
ARDAGH GLASS: S&P Cuts Rating to 'BB-'
BLINDS NORTHWEST: Appoints DTE Leonard Curtis Administrator

BLUE MOUNTAIN: Hires Liquidator from Haslers
BOOTS GROUP: To Step up Focus on Core Healthcare Market
BREEZEAIR LIMITED: Calls in Liquidator
CHESTER AND CONRAN: Members Pass Winding-up Resolutions
COLBENSON LIMITED: Members Decide to Liquidate Firm

CORUS GROUP: Results Look Better Under IFRS
CUSTOM INTERIORS: Members Hire Liquidator from Tenon Recovery
DREAMTXT LIMITED: Creditors Meeting Set Friday
DTR SUPPLIES: Hires BWC Business Solutions Liquidator
DYER SECURITIES: Liquidator from KPMG Moves in

EARTHPORT PLC: Chief Executive Steps Down
EPEC LIMITED: Appoints Stringer & Co. Liquidator
EQUITABLE LIFE: Not Closing Door to Out-of-court Settlement
EUROMONEY INSTITUTIONAL: Pre-tax Profit Up 30% to GBP9.8 Mln
FLEXIBLE VISION: Names Administrators from Kroll Limited

F LIMITED: Liquidators from Wilson Field Move in
FRESHBROOK SPECIALIST: Names Chantrey Vellacott DFK Liquidator
GRAHAME BUTCHER: Hires Elwell Watchorn & Saxton Liquidator
GRAYS PERSONNEL: In Administrative Receivership
GSL ACTIVEWEAR: Members Pass Extraordinary Resolution

H L FRIEL: Creditors Meeting Set this Week
ISEC SECURITIES: To Hold Final General Meeting Mid-June
JARVIS PLC: To Receive GBP31.4 Mln Short-term Loan Facilities
K2 INTERNATIONAL: Liquidator to Present Report Mid-June
KALTEK AUTOMATION: Names Liquidator from Parkin S. Booth & Co.

KEYCO LIMITED: Hires Joint Administrators from Numerica
LASERFIX LIMITED: Calls in Administrator from Begbies Traynor
LYNX TECHNIC: Joint Administrators from Begbies Traynor Move in
MAXCAR FINANCE: Hires Joint Liquidators from PwC
NTL INC.: Extends Senior Notes Exchange Offering

ROXSPUR MANAGEMENT: Calls in Administrator
ROYAL MAIL: DTI Secretary Welcomes Privatization
THAMES WATER: Members Decide to Wind up Firm
U.K. STORAGE: Receiver's Report Out June


                            *********


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


GALLUS MARKETING: Attracts German Footwear Retailer
---------------------------------------------------
German shoe retailer Deichmann is eyeing the international rights
to Austrian footwear brand Gallus, Frankfurter Allgemeine Zeitung
says.

Gallus filed for insolvency late last year and has stopped
production.  Deichmann became interested in Gallus after the
latter successfully sold its remaining stocks in a special offer.

Deichmann sees a brighter future for the Gallus brand, which it
plans to develop into a range of high-quality products.  The
German retailer plans to launch early next year its own footwear
collection under the brands Gallus and Elefanten, its recently
acquired children's footwear brand from Britain's C&J Clark.

CONTACT:  GALLUS MARKETING & SALES GMBH
          Vivenotgasse 53
          A-1120 Wien
          Phone: +43 1 817 5593
          Fax: +43 1 817 5595
          E-mail: wien.gallus@gallus.com
          Web site: http://www.gallus.com

          HEINRICH DEICHMANN-SCHUHE GMBH & CO. KG
          Boehnertweg 9
          45359 Essen
          Phone: 0049 201 86 76 00
          Fax: 0049 201 86 76 120
          Web site: https://www.deichmann.com


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


ART-TEC PLANUNGS: Sets Creditors Meeting July 5
-----------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Art-tec Planungs und Bautragergesellschaft mbH on May 4.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 14, 2005 to
register their claims with court-appointed provisional
administrator Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting on July 5, 2005, 11:45 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, 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:  ART-TEC PLANUNGS UND BAUTRAGERGESELLSCHAFT MBH
          Eidinghauser Str. 150, 32549 Bad Oeynhausen
          Contact:
          Bernd Hagemeier, Manager

          Joachim Walterscheid, Administrator
          Am Kurpark 2, 32545 Bad Oeynhausen


DRESDNER BANK: Latest Q1 Results Best ever in Four Years
--------------------------------------------------------
Dresdner Bank got off to a good start in the current fiscal year.
It generate EUR208 million in operating profit, its best first
quarter results in four years.

"This shows that we are doing the right thing.  The tough
decisions we took are now paying off," said Herbert Walter,
Chairman of the Board of Managing Directors.

"The visible success of the 'New Dresdner' program, which is now
largely implemented, will continue to help us in the quarters to
come," he said, adding the next goal is sustainable
profitability.

"We will continue to systematically manage capital, costs and
risks," he said.  This includes the swift reduction of non-core
business.

"At the same time, we have launched more than 30 highly tangible
growth initiatives in all areas of the Bank as part of the 'New
Dresdner Plus' program," Mr. Walter reported.

All customer segments contributed to the good result.  The Bank's
private and business banking activities generated an operating
result of EUR182 million, while business with corporate customers
and institutions contributed EUR157 million.

Growth in the fund business with private customers was
particularly successful.  The net inflow of funds rose to EUR1.1
billion in the first quarter of 2005.  Banking business via the
Allianz agencies' distribution channel was also very promising:
Almost 40,000 new customers had been acquired by 31 March, and
the trend is upward.  New lending to private and business
customers was also buoyant, growing by more than 40%
year-on-year.

There was strong demand from corporate customers for occupational
pension solutions, with this business doubling.  Business with
loan products was particularly successful for Dresdner's
investment banking activities, driven by year-on-year growth of
almost 40%.

Mr. Walter also announced further product innovations at Dresdner
Bank this year.  "The fact that we have systematically focused
our business model on our customers and their wishes is now
beginning to pay off," he declared.

The Results in Detail

In the first three months of the year, the operating result rose
by eleven percent year-on-year to EUR208 million.  Helped by a
non-operating result close to the breakeven point, income before
taxes amounted to EUR204 million (Q1 2004: EUR170 million).
Income after taxes amounted to EUR128 million (Q1 2004: EUR139
million).

Information on Individual Income and Expense Components

Net interest and current income reached EUR532 million in the
first quarter of 2005, representing a EUR12 million year-on-year
increase.  The transfer of the Bank's foreign asset management
companies to Allianz Global Investors (AGI) in the second half of
2004 was the main reason for a 13.4% year-on-year decline in net
fee and commission income to EUR647 million.  Net trading income
totaled EUR431 million in the first three months, almost an a par
with the prior-year period.  Due to these factors, operating
income was lower than the prior-year period, at EUR1,610 million
(Q1 2004: EUR1, 707 million).

Administrative costs were scaled back by a further 6% in the
first quarter of 2005, to EUR1,302 million.  At EUR100 million,
loan loss provisions were a good 25% lower than in the first
three months of the previous year.

Non-operating activities almost broke even.  While net other
operating income and expenses almost doubled year-on-year to
EUR40 million (Q1 2004: EUR21 million), the result from
investment securities stood at EUR-44 million, as against EUR9
million in the previous year.  This result is primarily
attributable to the sale of Munich Re shares in connection with
the "all-in-one" transaction.

Regulatory liable capital (BIS) reached around EUR13.8 billion as
at 31 March 2005.  The core capital ratio stood at 6.4% and the
total capital ratio at 13.1%.

Developments in the Divisions

The Personal Banking division increased its operating result by
almost 4% to EUR57 million in the first quarter of 2005.
0perating costs fell appreciably, while loan loss provisions were
reduced by nearly 25% year-on-year - despite almost stable
operating income.

Net interest and current income reached EUR244 million.  Net fee
and commission income declined by 6% to EUR249 million, mainly as
a result of the fact that the high level of income from life
insurance business in the first quarter of 2004 could not be
repeated due to one-time factors in the pensions business.

The Private & Business Banking division improved its quarterly
operating result by 10% to EUR125 million.  With income remaining
stable, the 29.6% year-on-year reduction in loan loss provisions
and the substantially lower administrative expenses contributed
to this improvement in the result.  Net interest and current
income remained largely on a level with the prior-year quarter at
EUR106 million.  Net fee and commission income dropped slightly.
Operating income totaled EUR312 million. Administrative expenses
decreased to EUR168 million.  Income before taxes amounted to
EUR125 million.

In the Corporate Banking division, the operating result rose by
16.3% to EUR100 million in the first three months of 2005.
Systematic risk and cost management, coupled with a rise in
operating income, contributed to this improved result.  Together
with a slight improvement in margins in the lending business, the
main factor contributing to this good performance was the growth
in structured interest rate and currency products.
Administrative expenses in the Corporate Banking division
declined by 3.4%.  Income before taxes rose by 17.4% to EUR101
million.

Dresdner Kleinwort Wasserstein (DrKW) generated an operating
result of EUR57 million in the first quarter of 2005.  Lower
administrative expenses and a significant reduction in loan loss
provisions were unable to fully offset the 7% drop in income.
While net interest and current income rose to EUR95 million, due
in particular to an increased volume of structured loan products,
net fee and commission income and net trading income both
experienced a decline.  Operating income fell overall to EUR514
million.  Administrative expenses decreased by 1.3% to EUR457
million.  The division recorded income before taxes of EUR74
million.

The Institutional Restructuring Unit (IRU) improved its operating
result by EUR44 million to -EUR15 million in the first three
months.  The sale as scheduled of further loan portfolios and the
active reduction in non-strategic business led to a EUR5.7
billion decrease in risk-weighted assets to EUR3.6 billion.

(in EUR million)     Jan. 1 - Mar. 31  Jan. 1 - Mar. 31  Change
                           2005             2005         Percent


Net interest and current income         532   520    12     2.3
Net fee and commission income           647   747  -100   -13.4
Net trading income                      431   440    -9    -2.0
Operating income                      1,610 1,707   -97    -5.7
Loan loss provisions                    100   135   -35   -25.9
Administrative expenses               1,302 1,385   -83    -6.0
Operating result                        208   187    21    11.2
Other operating income/expenses, net     40    21    19    90.5
Result from investment securities       -44     9   -53
Amortization of and impairment
  losses on goodwill                    -      35   -35
Restructuring charges                   -      12   -12
Income/loss before taxes                204   170    34    20.0
Tax expense                              76    31    45  >100
Income/loss after taxes                 128   139   -11    -7.9
Key figures




Employees                            29,770  30,154  -384  -1.3
Cost/income ratio                      80.9%  81.1%
Risk-weighted assets                105,575 104,777      Figures
                                                          as at
                                                31 December 2004


Core capital ratio                     6.4%   6.6%
Total capital ratio                   13.1%  13.3%

The figures given in this press release relate to the Dresdner
Bank subgroup and have been prepared in accordance with the IFRS.
The classification of the figures is comparable with those for
other major German banks that apply IFRS.  The figures for the
Dresdner Bank subgroup prepared in accordance with the IFRS are
not identical to those published by Allianz for its Banking
Segment, which includes all of Allianz's banking activities.

CONTACT:  DRESDNER BANK
          Ulrich Porwollik
          Phone: +49 (0) 69 263-50605
          Karl-Friedrich Brenner
          Phone: +49 (0) 69 263-83637


FSB FREIENHUFENER: Creditors to Meet August
-------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against FSB Freienhufener Stahlbau GmbH on May 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until July 6, 2005 to
register their claims with court-appointed provisional
administrator Dr. Rolf-Dieter Monning.

Creditors and other interested parties are encouraged to attend
the meeting on August 10, 2005, 10:00 a.m. at the district court
of Cottbus, Saal 210, Gerichtsplatz 2, 03046 Cottbus, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  FSB FREIENHUFENER STAHLBAU GMBH
          Knappenweg 4, 01983 Grossraschen

          Prof. Dr. Rolf-Dieter Monning, Administrator
          Lieberoser Str. 7, 03046 Cottbus


GEVOPLAN PERSONAL: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Gevoplan Personal Service GmbH on May 4.  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 Uwe Hueggenberg.

Creditors and other interested parties are encouraged to attend
the meeting on July 28, 2005, 10:10 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:  GEVOPLAN PERSONAL SERVICE GMBH
          Lewacker Str. 220, 44879 Bochum
          Contact:
          Stefan Vogelsang geb. Weckermann, Manager

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


HILFE FUER: Kiel Court Appoints Administrator
---------------------------------------------
The district court of Kiel opened bankruptcy proceedings against
Hilfe fuer Gefahrdete e.V. on May 2.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 28, 2005 to register their claims with
court-appointed provisional administrator Jens-Soren Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 11, 2005, 1:00 p.m. at the district court of
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  HILFE FUER GEFAHRDETE E.V.
          Boninstr. 44, 24114 Kiel

          Jens-Soren Schroder, Administrator
          Raboisen 38, 20095 Hamburg


KARSTADTQUELLE AG: Converts Smaller Outlets into Supply Depots
--------------------------------------------------------------
Ailing retail giant KarstadtQuelle will continue to operate the
75 department stores that is planning to sell, reports Die Welt.

The stores, which are relatively small for department store
operations, will be used in the meantime as depots for supplying
local markets, the paper said.  The group is scheduled to
announce the buyer for all 75 stores in autumn.

KarstadtQuelle is also looking for buyers for its specialty shops
and a strategic partner for its Runners Point subsidiary.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com


KEPPLER GMBH: Interim Administrator Takes over Operations
---------------------------------------------------------
The district court of Karlsruhe opened bankruptcy proceedings
against Keppler GmbH on May 2.  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 Markus Ernestus.

Creditors and other interested parties are encouraged to attend
the meeting on July 20, 2005, 9:30 a.m. at the district court of
Karlsruhe, Schlossplatz 23, 76131 Karlsruhe, Saal IV/1. OG 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:  KEPPLER GMBH
          Gottfried-Keppler-Str. 4, 76689 Karlsdorf

          Markus Ernestus, Administrator
          O 3, 11+12, 68161 Mannheim
          Phone: (0621) 16680


LAMOTTKE ELEKTROTECHNIK: Declared Insolvent
-------------------------------------------
The district court of Hildesheim opened bankruptcy proceedings
against Lamottke Elektrotechnik GmbH on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 1, 2005 to register their
claims with court-appointed provisional administrator Ruediger
Marahrens.

Creditors and other interested parties are encouraged to attend
the meeting on July 26, 2005, 9:00 a.m. at Saal 13, Hauptgebaude,
Kaiserstrasse 60, 31134 Hildesheim at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  LAMOTTKE ELEKTROTECHNIK GMBH
          Einumer Str. 19, 31135 Hildesheim
          Contact:
          Cornelia Doring, Manager
          Schuetzenstr. 7, 31162 Bad Salzdetfurth

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


LIEKER STAHLBAU: Claims Verification Set July
---------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Lieker Stahlbau GmbH on May 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 14, 2005 to register their claims with
court-appointed provisional administrator Andreas Mittendorff.

Creditors and other interested parties are encouraged to attend
the meeting on July 12, 2005, 10:20 a.m. at the district court of
Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, 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:  LIEKER STAHLBAU GMBH
          Justus v. Liebig Str. 26, 31535 Neustadt
          Contact:
          Kersten Lieker, Manager

          Andreas Mittendorff, Administrator
          Am Markte 13, 30159 Hannover
          Phone: 0511/357721-0
          Fax: 0511/357721-40


LIMUS UMWELTTECHNIK: Court Appoints Dr. Gehde Administrator
-----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against LIMUS Umwelttechnik GmbH on May 2.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 1, 2005
to register their claims with court-appointed provisional
administrator Dr. Bjorn Gehde.

Creditors and other interested parties are encouraged to attend
the meeting on June 13, 2005, 9:20 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on September 26,
2005, 9:00 a.m. at the same venue.

CONTACT:  LIMUS UMWELTTECHNIK GMBH
          Eichborndamm 141 - 165, 13403 Berlin

          Dr. Bjorn Gehde, Administrator
          Goethestr. 85, 10623 Berlin


MADER GMBH: Gives Creditors Until June 10 to File Claims
--------------------------------------------------------
The district court of Kempten opened bankruptcy proceedings
against Mader GmbH & Co on April 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 10, 2005 to register their claims with
court-appointed provisional administrator Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting on June 23, 2005, 9:00 a.m. at SS 157/I. des
Amtsgerichts in 87435 Kempten, Residenzplatz 4-6 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:  MADER GMBH & CO.
          Objekt Rostock, Schellenbergstr. 61 in 87435 Kempten

          Michael Pluta, Administrator
          Karlstr. 31-33, 89073 Ulm
          Phone: 0731/96880-0
          Fax: 0731/96880-50


NATURSTEINKOLLEGIUM GMBH: Under Bankruptcy Administration
---------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Natursteinkollegium GmbH on May 4.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 1, 2005
to register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on June 16, 2005, 10:10 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on October 27, 2005
10:00 a.m. at the same venue.

CONTACT:  NATURSTEINKOLLEGIUM GMBH
          Franz-Mehring-Platz 1,10243 Berlin

          Dr. Dirk Wittkowski, Administrator
          Kirchblick 11, 14129 Berlin


NORDEX AG: Cash Squeeze Scares away Suppliers
---------------------------------------------
As expected, Nordex AG got off to a muted start to the new year.
Both revenues and order receipts came under pressure in the 1st
quarter as a result of the planned recapitalization measures.
Thus, revenues contracted by roughly 35% over the year-ago
quarter to around EUR34.9 million (previous year: EUR53.7
million) primarily as a result of key suppliers' hesitation to
deliver the parts required in view of the company's financial
weakness and the non-availability of commercial credit insurance
cover.

This left Nordex with insufficient funds to procure the main
components required from suppliers upfront.  Following the
successful completion of the recapitalization measures,
deliveries are now being covered by credit insurance again.  With
the new funds at its disposal, Nordex is now in a position to
remedy shortfalls in deliveries and will be able to increase
production output significantly as of the second quarter.

At EUR34.7 million, order receipts fell short of the forecast
(previous year: EUR 68.9 million).  This was due to delays in
projects as a result of uncertainty as to whether the
recapitalization methods would be implemented successfully as
planned.  Thus, customers had no alternative but to hold back
orders as they had difficulty finding banks willing to finance
their projects.  Since recapitalization, new business has
recovered at an extraordinarily strong rate.  Thus, Nordex has
since received new orders worth around EUR86 million and expects
a figure of over EUR100 million for the 2nd quarter in total,
marking the highest volume in its history.

In spite of reduced costs, the Company again posted an operating
loss before tax, interest and exceptionals of EUR7.1 million in
the period under review (previous year: loss of EUR5.5 million)
due to the small volume of business.  However, cost-cutting in
all divisions left positive traces, with other operating expenses
net of other operating income shrinking by EUR0.5 million to
EUR5.7 million (previous year: EUR6.2 million).  Similarly, the
cost of materials/sales ratio contracted sharply to 75.1%
(previous year: 78.8%).

The cash capital increase of EUR41.64 million has improved the
Group's financial condition substantially.  As of March 31, 2005,
bank liabilities stood at EUR39.0 million, while cash and cash
equivalents totaled EUR41.4 million.  On May 13, 2005, the
contracts providing for a non-cash capital increase of just on
EUR27.9 million were signed with the banks (see ad hoc bulletin
of May 13, 2005) and the necessary resolutions passed by the
corporate bodies.  An application for entry of the non-cash
capital increase was lodged with the Companies Register on May
20, 2005.  This entry is expected to be registered until June 10,
2005, after which the new shares resulting from the non-cash
capital increase are expected to be admitted to trading on the
stock market until the end of June 2005.  The completion of the
recapitalization measures will increase the Company's equity by
around EUR70 million (cash and non-cash capital increase), the
equity ratio will be 30%.

In addition, the Company has entered into a syndicated loan
agreement with its creditor banks providing for existing and
additional credit facilities to be extended by roughly four years
to furnish Nordex with the funds required to boost revenues and
earnings.

Looking ahead over the next few months, Nordex projects a
substantial increase in demand in Germany accompanied by growing
foreign business.  With Nordex's favorable position in key growth
markets and spurred by sizeable order receipts, sales volumes
should climb considerably over the next few quarters. Nordex
expects to be able to break even as of the 3rd quarter.  In the
current fiscal year, the Group is targeting order receipts of at
least EUR300 million and revenues of EUR270 million to EUR280
million.  Depending on the revenues generated, the loss before
tax, interest and exceptionals will come in at between EUR2.0
million and zero.  The return to profit-making territory is
projected for 2006.

CONTACT:  NORDEX AG
          Press and public relations
          Felix Losada,
          Bornbarch 2,
          22848 Norderstedt
          Phone: +49 40 / 500 98,100
          Telefax: +49 40/500 98 333


NOTHEIS UND STRAUSS: Applies for Bankruptcy Proceedings
-------------------------------------------------------
The district court of Karlsruhe opened bankruptcy proceedings
against Notheis und Strauss GdbR Karosserie- und Fahrzeugbau on
April 28.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
June 15, 2005 to register their claims with court-appointed
provisional administrator Dr. Klaus Noll.

Creditors and other interested parties are encouraged to attend
the meeting on July 20, 2005, 10:30 a.m. at the district court of
Karlsruhe, Schlossplatz 23, 76131 Karlsruhe, Saal IV/1. OG 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:  NOTHEIS UND STRAUSS GDBR KAROSSERIE- UND FAHRZEUGBAU
          Contact:
          Hubert Notheis und Reiner Strauss, Managers
          Siemensstr. 3, 76676 Graben-Neudorf

          Dr. Klaus Noll, Administrator
          O 7, 18, 68161 Mannheim
          Phone: 0621/1783841


WCM GROUP: Bank Liabilities Down to EUR200 Mln from EUR1.3 Bln
--------------------------------------------------------------
"In the future we see ourselves as a focused industrial group
that will be known on the market for special machines and as a
systems providers for filling and packaging machines as one of
the leading suppliers for the beverage and non-beverage
industry," stated Roland Flach at Thursday's Annual WCM Press
Conference.

In line with the current planning, WCM anticipates sales for the
current financial year according to IFRSs of just under EUR1
billion.  The expected year-on-year sales increase (on a
like-for-like basis) amounts to EUR80 million, around EUR30
million of which is attributable to a pure increase in sales in
the KHS Group and approximately EUR50 million of which is from
commercial property disposals.  In terms of the result from
ordinary activities in accordance with IFRSs, WCM is aiming to
break even for the 2005 financial year.  The result could also be
negatively impacted by fundamental market price risk at the
companies that are available for sale.  In subsequent years --
after managing the existing risks -- we project a considerable
increase of the result.  We see great potential particularly in
our KHS Maschinen- und Anlagenbau-AG holding.

Annual Financial Statements 2004

In 2004, the key factors impacting the profit and loss account of
the Group and the AG were the sale of the Residential Property
division and the disposal of further equity holdings.
Three aspects are important for the declaration of the annual
financial results for 2004.

(a) In our core business of Filling and Packaging Technology,
    WCM asserted its position well in the 2004 financial year,
    generating an EBITDA of approximately EUR37 million;

(b) There was a reduction of net financial liabilities from
    EUR1.3 billion to under EUR0.2 billion, relating largely to
    the disposal of the Residential Property division; and

(c) The net loss for the year primarily consists of book losses
    in connection with the disposal of the Residential Property
    division and the high financing costs of WCM AG.

EBITDA is positive at EUR30 million after -EUR 99 million in the
previous year.  Group EBIT is -EUR19 million after -EUR190
million in the previous year and the consolidated result of
ordinary business activities is -EUR82 million after -EUR 287
million.  As a result of the disposals, Group net liabilities due
to banks were reduced from EUR1.3 billion as at September 30,
2004 to below EUR0.2 billion.  The Group financial result moved
down from -EUR125 million to -EUR68 million and is expected to
halve again in 2005.

Transition to IFRSs
The WCM Group will switch its accounting from the German
Commercial Code (HGB) to international accounting according to
IFRSs (International Financial Reporting Standards) as at March
31, 2005.  Originally, a transition to IFRS was planned to the
end of 2005.  However, with the numerous company disposals, the
change is now being brought forward.  As a result the date for
publishing the interim report for the first quarter has been put
back to May 30, 2005.  The publication dates for the other
quarters remain as announced.

Background Information

In the past, WCM operated in the buying and selling of listed and
undervalued companies as well as in the management and
privatization of residential property portfolios.  As a result of
the general crisis on the stock exchange three years ago, and the
losses subsequently sustained, the Equity Holdings divisions was
discontinued.  The Residential Property division was sold to the
financial investor Blackstone in December 2004.

In the future, WCM AG will be purely a holding company, holding
almost exclusively the stake in Klockner-Werke AG.  The core of
Klockner-Werke is the area of filling and packaging technology
represented by the KHS Group.  In its sub-markets, the KHS Group
is already a world leader in planning, manufacturing and
installing filling and packaging systems for the beverages and
non-beverages industry.  Our company group also owns machine
companies, which produce special machines for confectionary, hard
rubber parts, plastic injection molding and shoe machines as well
as robot systems for plastic machines.  Various financial
holdings of WCM, which are available for sale in the short to
medium term, initially form a further area in the WCM Group.

CONTACT:  WCM GROUP
          Ms. Maren Moisl
          Phone: +49 (0) 69 90026-510
          Fax: +49 (0) 69 90026-110
          E-mail: presse@wcm.de


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


TISCALI SPA: Sale of Non-core Assets Continues
----------------------------------------------
Internet provider Tiscali S.p.A. has sold its Excite Italia Web
portal to U.S. Internet group Ask Jeeves Inc., Il Sole 24 Ore
says.

The EUR6.1 million sale is part of Tiscali's continuing effort to
rid itself of non-core business.  Prior to this sale, Tiscali
also shipped its Liberty Surf portal to telecommunications giant
Telecom Italia for EUR227 million.  The group will use the
proceeds from both disposals to cover a EUR250 million bond
maturing this July.

Tiscali recently posted a pre-tax loss of EUR17.9 million for the
first quarter, an improvement from -EUR52.1 million for the same
period in 2004.  It credited gains from the sale of subsidiaries
in South Africa and Denmark for the result.

CONTACT:  TISCALI S.p.A.
          Sa Illetta
          09122 Cagliari
          Phone: +39 02 309011
          E-mail: ir@tiscali.com
          Web site: http://www.tiscali.com

          ASK JEEVES, INC.
          555 12th St., Ste. 500
          Oakland, CA 94607
          Phone: 510-985-7400
          Fax: 510-985-7412
          Web site: http://www.askjeevesinc.com


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


ROYAL SHELL: Hits Pay dirt in Norwegian Sea
-------------------------------------------
A/S Norske Shell said Monday that it has made a significant
discovery of gas in sandstones of Jurassic age in the Onyx South
West prospect in Block 6406/9 of Production License (PL) 255 in
the Norwegian Sea offshore mid-Norway.

The well was drilled to a total depth of 5,052 metres below sea
level, in 308 meters of water, using the semi-submersible mobile
drilling rig Transocean Leader.  A comprehensive logging,
sampling and testing program has now been completed.  Two zones
were tested, each flowed at a maximum rate of about 1.4 million
cubic metres per day.

Rien Herber, Exploration Director of Shell Exploration &
Production in Europe said: "We drilled Onyx South West as one of
our global "Big Cat" prospects.  Information from core, fluid
sample and production test data indicates the presence of a
substantial gas column, which is very encouraging and there are
indications that we are dealing with a significant find.  We
intend to follow up this discovery with an accelerated program of
appraisal and exploration in 2006.  Our strategy is to add more
integrated gas to our portfolio and the Norwegian Sea is an
important area of focus for our exploration efforts in Europe."

Thorhild Widvey, Norway's Minister of Petroleum and Energy, said:
"The new discovery in the Norwegian Sea is very encouraging and
proves that the Norwegian continental shelf has great potential
for new and significant finds.  This could be an important
discovery, and will lead to renewed interest in the area."

Shell holds a 30% shareholding in PL255 and is the operator of
the block.  PL255 was awarded in the 16th Norwegian licensing
round in 2000.  Shell's partners in this license are Petoro
(30%), Statoil (20%) and Total (20%)."

The Royal Dutch/Shell Group of Companies is a diverse group of
energy companies with operations in around 145 countries.  The
Group's businesses include oil and gas exploration and
production; power generation; manufacturing, marketing and
shipping of oil products and chemicals and renewable energy
projects including wind and solar power.

The Group's parent companies are Royal Dutch Petroleum Company,
which has a 60% interest in the Group, and The "Shell" Transport
and Trading Company plc, which has a 40% interest in the Group.
Shares in the parent companies are traded on stock exchanges in
Europe and the U.S.  On 28 October 2004 Royal Dutch Petroleum and
Shell Transport and Trading announced proposals for their
unification under a single company, Royal Dutch Shell plc, with
one Board of Directors.  For further information, visit
http://www.shell.com

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


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


PETROLEUM GEO-SERVICES: Q1 Report to Include Pertra Results
-----------------------------------------------------------
Petroleum Geo-Services A.S.A. (OSE and NYSE: PGS) said Monday
that as a consequence of a recent interpretation by the Emerging
Issues Task Force, "Applying the Conditions in Paragraph 42 of
FASB Statement No. 144 in Determining Whether to Report
Discontinued Operations" (EITF No. 03-13), under U.S. GAAP, the
Company will not classify Pertra as discontinued operations in
its consolidated financial statements.  Therefore, revenues and
expenses relating to Pertra, which was sold March 1, 2005, will
be included in consolidated revenues and expenses through
February 2005.  Also, the gain from sale of Pertra will be
reported on a separate line and will be included in consolidated
operating profit.

Pertra revenues of $27.6 million and an operating loss of $1.5
million (after considering the offsetting effect of eliminating
inter-segment lease of Petrojarl Varg) will be included in PGS'
consolidated financial statements for first quarter 2005.  The
gain from the sale of Pertra amounts to $150.3 million (including
a $2.5 million option premium) and, as noted above, will be
reflected as a separate line item in consolidated operating
profit.

As previously reported, PGS will release its 2005 first quarter
financial results on Tuesday, May 24, 2005.  The results will be
released at approximately 8:00 a.m. Central European Time (CET).
A presentation has been scheduled the same day at 9:00 a.m. (CET)
at PGS' Headquarters at Lysaker Norway.

A Web cast and conference call have also been scheduled the same
day at 2:00 p.m. CET (8:00 a.m. ET), to discuss PGS' first
quarter results.  The contact details for this service are
detailed below.  As previously announced, the release and the
slide presentation will be based on U.S. GAAP.

To participate on the simulcast of the conference call over the
Internet, visit http://www.pgs.comat least 15 minutes early, to
register and to download and install any necessary audio
software.

Alternatively, to access the live broadcast of the conference
call by telephone, please dial-in at the number provided below,
corresponding to your location:

Location                                  Dial-In Number

U.S. and Canada (Toll-Free) **:           +1 866-238-0638

International (Toll-Free):                +00 800 4363 7976

International (Toll):                     +1 703-639-1157

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
** Participants dialing in from Finland (990), Australia (0011),
Hong Kong (001), Japan (001), Korea  (002), Singapore (001), or
Thailand (001) should use the designated International Access
Code (+) specified here in place of (00).  The telephone will be
open for questions at the conclusion of management's remarks.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates four
floating production, storage and offloading units (FPSOs).  PGS
operates on a worldwide basis with headquarters at Lysaker,
Norway.  For more information on Petroleum Geo-Services visit
http://www.pgs.com

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

          US Investor Services
          Renee Sixkiller
          Phone: +1 281 509 8548


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


ELEKTRIM SA: Survives Bankruptcy Scare
--------------------------------------
The Economic Court in Warsaw recently junked a request from
Elektrim S.A.'s creditors to declare the company bankrupt,
according to a report from Europe Intelligence Wire.

The court said liabilities of Elektrim's bondholders are not
sufficient to require bankruptcy proceedings.  Law Debenture
Trust Corporation, which represents bondholders, had claimed the
company breached a deal in relation to euro bonds worth EUR500
million.  The violation allegedly triggered immediate payment.

Elektrim entered into the agreement with bondholders three years
ago, before the same court, after it failed to buy out the bonds
due to extraordinary events.  Elektrim balked at the price
bondholders were demanding because the bonds are only worth
EUR435 million.  The company has already brought the matter
before London's Arbitration Court.

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
===========


ALDAN-STROY-MONTAZH: Succumbs to Bankruptcy
-------------------------------------------
The Arbitration Court of Sakha republic (Yakutiya) commenced
bankruptcy proceedings against Aldan-Stroy-Montazh after finding
the limited liability company insolvent.  The case is docketed as
A58-3861/02.  Mr. O. Khineltsev has been appointed insolvency
manager.  Creditors have until June 16, 2005 to submit their
proofs of claim to Russia, Sakha republic (Yakutiya), Aldan,
Megino-Kangalasskaya Str. 24.

CONTACT:  ALDAN-STROY-MONTAZH
          Russia, Sakha republic (Yakutiya), Aldan region,
          Nizhniy Kuranakh, Stroitelnaya Str. 1

          Mr. O. Khineltsev
          Insolvency Manager
          Russia, Sakha republic (Yakutiya), Aldan,
          Megino-Kangalasskaya Str. 24


BARYSHSKAYA: Garment Factory Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on close joint stock company
Baryshskaya (TIN 7301002325).  The case is docketed as
A72-4557/04-17/18-B.  Mr. L. Yakovlev has been appointed
temporary insolvency manager.  Creditors have until June 23, 2005
to submit their proofs of claim to 433103, Russia, Ulyanovsk
region, Veshkaymskiy region, Beketovka, Priozernaya Str. 4.

CONTACT:  BARYSHSKAYA
          433720, Russia, Ulyanovsk region,
          Barysh, Lenina Str. 70

          Mr. L. Yakovlev
          Temporary Insolvency Manager
          433103, Russia, Ulyanovsk region, Veshkaymskiy region,
          Beketovka, Priozernaya Str. 4
          Phone: 8 (84243-57-235)


BUILDER: Creditors Have Until Next Month to File Claims
-------------------------------------------------------
The Arbitration Court of Kareliya republic commenced bankruptcy
proceedings against Builder after finding the limited liability
company insolvent.  The case is docketed as A26-8073/04-18.  Ms.
M. Petrovskaya has been appointed insolvency manager.  Creditors
have until June 23, 2005 to submit their proofs of claim to
185035, Russia, Kareliya republic, Petrozavodsk, Gogolya Str. 54.

CONTACT:  BUILDER
          186960, Russia, Kareliya republic,
          Muezerskiy, Karelskaya Str. 23

          Ms. M. Petrovskaya
          Insolvency Manager
          185035, Russia, Kareliya republic,
          Petrozavodsk, Gogolya Str. 54


COLORING: Bankruptcy Hearing Set July
-------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on open joints stock company Coloring.  The
case is docketed as A66-1611/2005.  Mr. S. Viktorov has been
appointed temporary insolvency manager.

Creditors have until June 16, 2005 to submit their proofs of
claim to 170000, Russia, Tver, Post User Box 429.  A hearing will
take place on July 6, 2005, 9:30 a.m. at Russia, Tver, Sovetskaya
Str. 23b, Room 9.

CONTACT:  COLORING
          Russia, Tver region,
          Rzhev, Kosarova Str. 33/39

          Mr. S. Viktorov
          Temporary Insolvency Manager
          170000, Russia, Tver region,
          Post User Box 429

          The Arbitration Court of Tver region
          Russia, Tver region,
          Sovetskaya Str. 23b


EAST-EUROPEAN TRUST: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on close joint stock company
East-European Trust (TIN 1834014436).  The case is docketed as
A71-8/2005-G21.  Mr. F. Gaffanov has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 427430, Russia, Udmurtiya republic, Votkinsk, Sadovnikova Str.
2.

CONTACT:  EAST-EUROPEAN TRUST
          426053, Russia, Udmurtiya republic,
          Izhevsk, Voroshilova Str. 111

          Mr. F. Gaffanov
          Temporary Insolvency Manager
          427430, Russia, Udmurtiya republic,
          Votkinsk, Sadovnikova Str. 2
          Phone: 8(34145) 6-66-71


INTERCINEMA-ART: Declared Insolvent
-----------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Intercinema-Art (TIN 7706176672) after
finding the agency insolvent.  The case is docketed as
A40-42702/04-36-21B.  Mr. Y. Zmievets has been appointed
insolvency manager.  Creditors have until June 16, 2005 to submit
their proofs of claim to 115035, Russia, Moscow, Sadovnicheskaya
Str. 21, room 13.

CONTACT:  INTERCINEMA-ART
          109017, Russia, Moscow region,
          B. Tolmachevskiy Per., 3, Building 1-8

          Mr. Y. Zmievets
          Insolvency Manager
          115035, Russia, Moscow region,
          Sadovnicheskaya Str. 21, Room 13


KRASNOSELKUP-OIL-GAS-SERVICE: Under Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region has
commenced bankruptcy supervision procedure on open joint stock
company Krasnoselkup-Oil-Gas-Service.  The case is docketed as
A81-730/B-05.  Mr. E. Ospanov has been appointed temporary
insolvency manager.  A hearing will take place on July 4, 2005,
9:00 a.m. located at Russia, Salekhard, Chubynina Str. 37a.

CONTACT:  KRASNOSELKUP-OIL-GAS-SERVICE
          Russia, Yamalo-Nenetskiy autonomous region,
          Krasnoselkup

          Mr. E. Ospanov
          Temporary Insolvency Manager
          625046, Russia, Tyumen, Motorostroiteley Str. 14,
          Building 1, Office 1


MAKEEVSKOYE: Ryazan Court Appoints Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Ryazan region has commenced bankruptcy
supervision procedure on open joint stock company Makeevskoye.
The case is docketed as A54-846/05-S6.  Mr. V. Salkazanov has
been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 391030, Russia, Ryazan region,
Spas-Klepiki, Sovetskaya Str. 6.

CONTACT:  MAKEEVSKOYE
          391030, Russia, Ryazan region,
          Klepikovskiy region, Pervushkino

          Mr. V. Salkazanov
          Temporary Insolvency Manager
          391030, Russia, Ryazan region,
          Spas-Klepiki, Sovetskaya Str. 6


MENDELEEVSK-AGRO-KHIM-SERVICE: Declared Insolvent
-------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Tatarstan
republic commenced bankruptcy proceedings against
Mendeleevsk-Agro-Khim-Service after finding the open joint stock
company insolvent.  The case is docketed as
A65-24949/2004-SG4-31.  Mr. R. Gabtrakhmanov has been appointed
insolvency manager.  Creditors have until June 16, 2005 to submit
their proofs of claim to 423603, Russia, Tatarstan republic,
Elabuga, Post User Box 28.

CONTACT:  MENDELEEVSK-AGRO-KHIM-SERVICE
          Russia, Tatarstan republic, Mendeleevsk

          Mr. R. Gabtrakhmanov
          Insolvency Manager
          423603, Russia, Tatarstan republic,
          Elabuga, Post User Box 28


WOOD WORKING: Deadline for Proofs of Claim Set June
---------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Wood Working Shop.  The case is docketed as A07-3759/05-G-KhRm.
Mr. V. Karteshkov has been appointed temporary insolvency
manager.

Creditors have until June 23, 2005 to submit their proofs of
claim to Russia, Bashkortostan republic, Salavat, Rechnaya Str.
40.  A hearing will take place on July 20, 2005 at the
Arbitration Court of Bashkortostan republic located at Russia,
Bashkortostan republic, Ufa, Oktyabrskoy revolyutsii Str. 63A.

CONTACT:  WOOD WORKING SHOP
          Russia, Bashkortostan republic,
          Salavat, Rechnaya Str. 40

          Mr. V. Karteshkov
          Temporary Insolvency Manager
          Russia, Bashkortostan republic,
          Salavat, Rechnaya Str. 40


YUKOS OIL: Ex-CEO Convicted of Embezzlement
-------------------------------------------
The Meshchansky District Court found the former head of Yukos Oil
Mikhail Khodorkovsky and close business ally Platon Lebedev
guilty of embezzling funds in Apatit, reports say.

The Prosecutor General's office said the defendants had illegally
derived profit from the funds received by Apatit to sell apatite
concentrate using a network of controlled organizations.  They
allegedly sold the concentrate to intermediaries for lower
prices, and obtain profit when these contacts sell the product at
world markets at prices twice the original.

The state, which owns 20% of Apatit, and other shareholders,
supposedly did not receive due dividends, according to Xinhuanet.
Mr. Khodorkovsky got RUB6.168 billion in profit for 2000-2002,
they said.  The crime is punishable by five to ten years
imprisonment under Russian law.

Mr. Khodorkovsky has been in jail since his arrest 17 months ago.
He and Mr. Lebedev have been charged with 11 counts of fraud, tax
evasion and embezzlement under seven articles in the Russian
criminal code.

CONTACT:  OAO NK YUKOS
          31A Dubininskaya St.
          115054 Moscow, Russia
          Phone: +7-95-232-3161
          Fax: +7-95-232-3160
          Web site: http://www.yukos.com


YUKOS OIL: Tomskneft Head Faces Another Criminal Case
-----------------------------------------------------
Prosecutors at the Tomsk region of southern Siberia have launched
a third criminal case against the head of Yukos Oil's production
unit Tomskneft Oil Company.

According to Itar-Tass news agency, general director Nikolai
Logachev has been charged of producing oil more than what was
provided under a license agreement at 11 oil wells.  He is also
accused of receiving over RUB207 million illegal revenues in
1999.  Previously, he was charged of tax evasion and other
illegal business activity.

Tomskneft VNK is a 100% subsidiary of the Yukos Oil, once Russia'
s second largest oil producer before it was stripped of its main
production unit, Yuganskneftegaz, due to back taxes.

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

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

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


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


PROCREDIT BANK: Fitch Raises Currency Ratings to 'BB-'/'B'
----------------------------------------------------------
Fitch Ratings upgraded the ratings of ProCredit Bank Serbia to
Long-term foreign currency 'BB-' from 'B' and Long-term local
currency 'BB' from 'B+'.  The Support rating has also been
changed to '3' from '4'.  The Short-term foreign and local
currency ratings are affirmed at 'B' and the Individual is
affirmed at 'D/E'.  The Long-term Outlook remains Stable.

The rating action follows the recent assignment to the Republic
of Serbia of Long-term foreign and local currency 'BB-' ratings
with Stable Outlook (please see announcement dated 19 May 2005 on
http://www.fitchtratings.com).

ProCredit Serbia's Long-term, Short-term and Support ratings are
based on Fitch's view of the potential support the bank is likely
to receive from its owners, in particular, ProCredit Holding AG
(formerly Internationale Micro Investitionen), rated Long-term
'BBB-') in case of need.  However, to date, the extent to which
this support could be factored into the ratings has been limited
by the potential country risk of Serbia.  Fitch comments that the
Long-term foreign currency rating of ProCredit Serbia continues
to be constrained by this risk, which is reflected in the 'BB-'
country ceiling for Serbia.

Founded in early 2001, ProCredit Serbia forms part of a global
network of 18 banks (end-2004: group total assets of EUR1.5
billion), which were set up by private and public sector
investors to provide financing to micro- and SME customers in
developing markets.

The bank's current shareholders are: Frankfurt-based ProCredit
Holding, which is responsible for group administrative and risk
management functions (27.78%); Kreditanstalt fuer Wiederaufbau
(KfW) (16.67%); The European Bank for Reconstruction and
Development ("EBRD") (16.67%); Commerzbank (16.67%); The
Netherlands Development Finance Company (FMO) (11.11%); and the
International Finance Corporation (IFC, a member of the World
Bank Group) (11.11%).

By mid-2005 ProCredit Holding is set to acquire FMO's and IFC's
stakes in ProCredit Serbia, as a result of which it will become
the bank's majority shareholder with an approximate 50% stake.
ProCredit Serbia is the tenth largest bank in Serbia by total
assets.

CONTACT:  FITCH RATINGS
          Anna Khassin, Frankfurt
          Phone: +49 (0) 69 7680 76180

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

          Media Relations:
          Jon Laycock, London,
          Phone: +44 20 7417 4327


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


ABB LTD.: U.S. Unit Has Until July to File Removal Notices
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave
Combustion Engineering, Inc., an extension, through and including
July 6, 2005, to file notices of removal with respect to
pre-petition Civil Actions pursuant to 28 U.S.C. Section 1452 and
Rule 9027 of the Federal Rules of Bankruptcy Procedure.

On Aug. 8, 2003, the Honorable Alfred M. Wolin of the U.S.
District Court confirmed the Debtor's Amended Plan of
Reorganization.  On Dec. 2, 2004, the U.S. Court of Appeals for
the Third Circuit vacated Judge Wolin's confirmation order.

The Debtor explains it is currently negotiating with its
creditors and other parties-in-interest to formulate a revised
chapter 11 plan.

The Debtors tell the Court a further extension is warranted
because:

  (a) the extension will give the Debtor more opportunity to
      pursue a resolution of the matters raised in the Third
      Circuit Court Opinion and to obtain confirmation of a
      revised plan of reorganization;

  (b) the extension will ensure that the Debtor does not forfeit
      valuable rights under Section 1452 of the Bankruptcy Code
      and the extension is in the best interests of the Debtor's
      estate and its creditors; and

  (c) the extension will not prejudice the rights of the
      Debtor's adversaries in the Civil Actions since any party
      to a Civil Action that is removed may seek to have it
      remanded to the state court pursuant to 28 U.S.C. Section
      1452(b).

Headquartered in Norwalk, Connecticut, Combustion Engineering,
Inc., is the U.S. subsidiary of the ABB Group.  ABB is a leader
in power and automation technologies that enable utility and
industry customers to improve performance while lowering
environmental impacts.  The Company filed for chapter 11
protection on Feb. 17, 2003 (Bankr. D. Del. Case No. 03-10495).
Curtis A. Hehn, Esq., at Pachulski Stang Ziehl Young & Jones and
Jennifer Mo, Esq., at Kirkpatrick & Lockhart Nicholson Graham
represents the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it estimated more
than $100 million in assets and debt.

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


ABB LTD.: Frank/Gecker Represents 'Combustion' Creditors
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave the
Official Committee of Unsecured Creditors of Combustion
Engineering, Inc., permission to employ Frank/Gecker LLP and
substitute Frank/Gecker in place of Neal, Gerber & Eisenberg LLP
as its counsel.

The Committee chose Frank/Gecker as its counsel because of its
experience in representing creditors' committees in chapter 11
cases and two attorneys with the Firm, Frances Gecker, Esq., and
Joseph D. Frank, Esq., who previously worked at Neal Gerber, are
most familiar with the Debtor's bankruptcy case.

Frank/Gecker will:

  (a) provide the Committee with legal advice with respect to
      its powers and duties the Debtor's bankruptcy case;

  (b) assist the Committee in its investigation of the acts,
      conduct, assets, liabilities, financial condition, and
      operation of  the Debtor's business and any other matters
      relevant to the Debtor's chapter 11 case;

  (c) advise the Committee with respect to the confirmation of a
      plan of reorganization for the Debtor; and

  (d) perform all other legal services for the Committee as
      required in the Debtor's chapter 11 case.

Frances Gecker, Esq., a Partner at Frank/Gecker, is the lead
attorney for the Committee.  Ms. Gecker charges $475 per hour for
her services.

Ms. Gecker reports Frank/Gecker's professionals bill:

    Professional            Designation    Hourly Rate
    ------------            -----------    -----------
    Joseph D. Frank         Partner           $425
    Jeffrey M. Glass        Partner           $340
    Micah R. Krohn Senior   Counsel           $330
    Zane L. Zielinski       Associate         $210
    Christina S. Smith      Paralegal         $165

Frank/Gecker assures the Court that it does not represent any
interest materially adverse to the Committee, the Debtors or
their estates.

Headquartered in Norwalk, Connecticut, Combustion Engineering,
Inc., is the U.S. subsidiary of the ABB Group.  ABB is a leader
in power and automation technologies that enable utility and
industry customers to improve performance while lowering
environmental impacts.  The Company filed for chapter 11
protection on Feb. 17, 2003 (Bankr. D. Del. Case No. 03-10495).
Curtis A. Hehn, Esq., at Pachulski Stang Ziehl Young & Jones and
Jennifer Mo, Esq., at Kirkpatrick & Lockhart Nicholson Graham
represents the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it estimated more
than $100 million in assets and debt.

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


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


DNIPROPETROVSK' GAZ: Bankruptcy Proceedings Begin
-------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Dnipropetrovsk' Gaz Devices Plant (code
EDRPOU 00153591) on March 22, 2005 after finding the close joint
stock company insolvent.  Mr. Sidko Sergij (License Number AA
419257) has been appointed liquidator/insolvency manager.  The
company holds account number 260003101110 at JSCB MRIYA,
Dnipropetrovsk branch, MFO 306931.

CONTACT:  DNIPROPETROVSK' GAZ DEVICES PLANT
          Ukraine, Dnipropetrovsk region,
          Geroiv Stalingrada Str. 160

          Mr. Sidko Sergij
          Liquidator/Insolvency Manager
          49600, Ukraine, Dnipropetrovsk region,
          Dzerzhinskij Str. 29, room 40
          Phone/Fax: (056) 744-21-37, 770-22-92

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


EAST-ENERGETIC COMPANY: Kyiv Court Appoints Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against East-Energetic Company (code EDRPOU 31985337)
on March 17, 2005 after finding the limited liability company
insolvent.  The case is docketed as 15/544-b.  Mr. S. Nesterenko
has been appointed liquidator/insolvency manager.

CONTACT:  EAST-ENERGETIC COMPANY
          Ukraine, Kyiv region,
          Budindustrii Str. 5

          Mr. S. Nesterenko
          Liquidator/Insolvency Manager
          07400, Ukraine, Kyiv region,
          Brovari, Gagarin Str. 27/193

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


KRIVIJ RIG': Liquidator Takes over Operations
---------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Krivij Rig' Press Forms Plant (code EDRPOU
30627844) after finding the open joint stock company insolvent.
Mr. V. Tagayev (License Number AB 216767) has been appointed
liquidator/insolvency manager.

CONTACT:  KRIVIJ RIG' PRESS FORMS PLANT
          Ukraine, Dnipropetrovsk region,
          Krivij Rig, Televizijna Str. 3

          Mr. V. Tagayev
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region, a/b 63
          Phone: (0562) 32-35-21

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


MELITOPOLPROMKOMPLEKT: Succumbs to Insolvency
---------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Melitopolpromkomplekt (code EDRPOU 19271612)
on April 11, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 19/204(04).  Mr. V. Ishenko
(License Number AA 719771) has been appointed
liquidator/insolvency manager.

CONTACT:  Mr. V. Ishenko
          Liquidator/Insolvency Manager
          Phone/Fax: (0619) 42-09-74

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


MELITOPOL' TIN: Under Bankruptcy Supervision
--------------------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
supervision procedure on Private Enterprise Melitopol' Tin Plant
of Food Products (code EDRPOU 31370288).  The case is docketed as
21/79.  Ms. Prudka Natalya (License Number AA 116184) has been
appointed temporary insolvency manager.

CONTACT:  MELITOPOL' TIN PLANT OF FOOD PRODUCTS
          Ukraine, Zaporizhya region,
          Melitopol, Shmidt Str. 65

          Ms. Prudka Natalya
          Temporary Insolvency Manager
          69035, Ukraine, Zaporizhya region,
          40 Rokiv Radyanskoyi Ukraini Str. 82a

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


NIKA: Temporary Insolvency Manager Takes over Helm
--------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on Nika (code EDRPOU 30593486) on March 4,
2005.  The case is docketed as B-50/48-05.  Mr. S. Korchan
(License Number AB 116273) has been appointed temporary
insolvency manager.  The company holds account number 260001416
at JSPPB Aval, MFO 350589.

CONTACT:  NIKA
          64711, Ukraine, Harkiv region,
          Vasnin Str. 5

          Mr. S. Korchan
          Temporary Insolvency Manager
          Ukraine, Harkiv region,
          Petrovskij Str. 6/8-15

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom, 8th entrance


OLTANA: Kyiv Court Opens Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC OLTANA (code EDRPOU 31721463) on
February 14, 2005.  The case is docketed as 46/138-b.  Mr.
Katishev Segij (License Number AA 783170) has been appointed
temporary insolvency manager.  The company holds account number
260093300 at JSPPB Aval, First Kyiv region branch, MFO 322506.

CONTACT:  OLTANA
          Ukraine, Kyiv region,
          Chervonozoryanij Avenue, 119

          Mr. Katishev Segij
          Temporary Insolvency Manager
          Ukraine, Kyiv region,
          Fastiv, Radyanska Str. 119

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


SOKIRYANI' CHEESE: Declared Insolvent
-------------------------------------
The Economic Court of Chernivtsi region commenced bankruptcy
proceedings against Sokiryani' Cheese Plant (code EDRPOU
00447936) on January 25, 2005 after finding the open joint stock
company insolvent.  The case is docketed as 8/14/b.  Mr. Komerzan
Zinovij (License Number AA 719861) has been appointed
liquidator/insolvency manager.  The company holds account number
26002577257001 at CB Privatbank, Chernivtsi branch.

CONTACT:  SOKIRYANI' CHEESE PLANT
          Ukraine, Chernivtsi region,
          Sokiryani, Gastello Str. 34

          Mr. Komerzan Zinovij
          Liquidator/Insolvency Manager
          58000, Ukraine, Chernivtsi region,
          Ruska Str. 8
          Phone: (58012) 2-83-35

          ECONOMIC COURT OF CHERNIVTSI REGION
          58000, Ukraine, Chernivtsi region,
          O. Kobilyanska Str. 14


STALPROM: Succumbs to Bankruptcy
--------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Stalprom (code EDRPOU 30627844) after finding
the company insolvent.  The case is docketed as B 24/53/05.  Mr.
Leonid Talan has been appointed liquidator/insolvency manager.

CONTACT:  STALPROM
          49038, Ukraine, Dnipropetrovsk region,
          Stolyarov Str. 3a

          Mr. Leonid Talan
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region, a/b 158
          Phone: (0562) 92-53-18

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


UKRENERGOFINANS: Applies for Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrenergofinans (code EDRPOU 31089251) on
April 12, 2005 after finding the limited liability company
insolvent.  The case is docketed as 24/233-b.  Mr. S. Nesterenko
has been appointed liquidator/insolvency manager.

CONTACT:  UKRENERGOFINANS
          Ukraine, Kyiv region,
          Arsenalna Str. 9/11

          Mr. S. Nesterenko
          Liquidator/Insolvency Manager
          07400, Ukraine, Kyiv region,
          Brovari, Gagarin Str. 27/193

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


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


20:20 COMMUNICATIONS: Names E M Grove & Co. Liquidator
------------------------------------------------------
At the extraordinary general meeting of 20:20 Communications
Limited on May 10, 2005 held at The Talbot Hotel, West Street,
Leominster, the extraordinary resolution to wind up the company
was passed.  Elizabeth Mary Grove of E Mary Grove & Co, of White
Lodge, 50 Ledbury Road, Hereford HR1 2SY has been appointed
liquidator of the company.

CONTACT:  E M GROVE & CO
          White Lodge
          50 Ledbury Road
          Hereford
          Herefordshire HR1 2SY
          Phone: 01432 359000
          Fax: 01432 343141
          E-mail: info-hereford@emgrove.co.uk


AMI GLASGOW: Winding-up Report Out June
---------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF AMI (Glasgow) Limited

Notice is hereby given, pursuant to Section 94 of the Insolvency
Act 1986, that a General Meeting of the Members of AMI (Glasgow)
Limited will be held within the offices of BDO Stoy Hayward,
Chartered Accountants, Ballantine House, 168 West George Street,
Glasgow G2 2PT, on Wednesday June 22, 2005 at 11:00 a.m. for the
purpose of having an account laid before them showing the manner
in which the winding-up has been conducted and the property of
the Company disposed of and of hearing any explanation that may
be given by the Liquidator.

Neil J. McNeill CA, Liquidator
May 13, 2005

CONTACT:  BDO STOY HAYWARD
          Ballantine House
          168 West George Street
          Glasgow, G2 2PT
          Phone: 0141 248 3761
          Fax: 0141 332 5467
          E-mail: glasgow@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


APEX DOUBLE: Members Pass Winding-up Resolutions
------------------------------------------------
At the extraordinary general meeting of the members of Apex
Double Glazing Limited on May 12, 2005 held at 18 Sapcote Trading
Centre, Dudden Hill Lane, London NW10 2DH, the extraordinary and
ordinary resolutions to wind up the company were passed.  David
Wald of D Wald & Co, 18 Sapcote Trading Centre, Dudden Hill Lane,
London NW10 2DH has been appointed liquidator of the company.

CONTACT:  D. WALD & CO.
          18 Sapcote Trading Centre
          Dudden Hill Lane
          London NW10 2DH
          Phone: 020 8451 3939
          Fax: 020 8830 2929


ARDAGH GLASS: S&P Cuts Rating to 'BB-'
--------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Ardagh Glass Group PLC (Ardagh,
formerly Canoa PLC), and related entity Ardagh Glass Ltd., to
'BB-' from 'BB' due to increased pressure on the group's
credit-protection measures.  The outlook is stable.

At the same time, Standard & Poor's lowered its subordinated debt
ratings on the group and related entity Ardagh Glass B.V., 'B'
from 'B+'.

"The rating actions reflect Standard & Poor's expectation that
Ardagh will be unable to maintain adequate credit-protection
measures for the previous ratings as a result of continuing
difficult market conditions and the group's increasing debt
levels," said Standard & Poor's credit analyst Vanessa
Brathwaite.

Standard & Poor's expects volatile natural gas prices and
increased competition in the U.K. market will put pressure on
Ardagh's profitability.  As a result, the group is unlikely to
generate sufficient cash flow to offset its increased leverage,
thereby weakening its financial profile.

Ardagh is expected to continue to generate sufficient free cash
flow to fund working capital, debt servicing, and capital
expenditure requirements.  The ratings allow for some bolt-on
acquisitions, which we expect to be funded using a mixture of
cash and additional debt, while allowing the group to maintain
adequate credit-protection measures for the new ratings.  Any
acquisitions are expected to be immediately cash enhancing,
however, and the group is expected to refrain from using its
current cash balances for share buybacks.

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


BLINDS NORTHWEST: Appoints DTE Leonard Curtis Administrator
-----------------------------------------------------------
A. Poxon and J. M. Titley (IP Nos 8620, 8617) have been appointed
joint administrators for Blinds Northwest Limited.  The
appointment was made April 29, 2005.  The company handles other
building completion.

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


BLUE MOUNTAIN: Hires Liquidator from Haslers
--------------------------------------------
At the extraordinary general meeting of Blue Mountain Electronics
UK Limited on May 12, 2005 held at Holiday Inn Telford, St
Quentin Gate, Telford TF3 4EH, the extraordinary and ordinary
resolutions to wind up the company were passed.  Roger L. Cain of
Haslers, Johnston House, 8 Johnston Road, Woodford Green, Essex
IG8 0XA has been appointed liquidator of the company.

CONTACT:  HASLERS
          Johnston House
          Johnston Road
          Woodford Green
          Essex IG8 0XA
          Phone: 020 8506 5158
          Fax: 020 8506 5127
          E-mail: roger.cain@haslers.com


BOOTS GROUP: To Step up Focus on Core Healthcare Market
-------------------------------------------------------
Highlights:

(a) group sales up 2.7% to GBP5.5 billion;

(b) Boots The Chemists sales growth 3.8%, 2.4% like-for-like,
    with volumes up 4.6%;

(c) Boots Healthcare International sales up 5.8% in local
    currency with growth from all major brands;

(d) profits reflect cost of modernizing Boots The Chemists

(e) group profit before tax and exceptionals down 11.4% to
    GBP481 million; earnings per share down 4.8% to 45.7 pence
    before exceptionals;

(f) more than GBP500 million returned to shareholders in the
    year; dividend up 1% to 30.1 pence for the year; GBP300
    million returned to shareholders through share buyback;
    commitment to deliver remainder of GBP700 million program;

(g) GBP288 million capital investment program; 47 new stores
    opened with 23 Edge of Town openings including 100th Edge of
    Town store; New tills now operating in all stores -- 14,000
    tills in total;

(h) 2,000 prices reduced this year as part of 'Lower Prices
    You'll Love' program; over GBP200 million invested in price
    cuts under 'Lower Prices You'll Love'; 3,300 lines on
    average 18% cheaper since program started 2 years ago; GBP30
    million worth of better buying benefits realized in the
    year; and

(i) focus on Health & Beauty expertise; investment in pharmacy
    business delivered best performance for five years; beauty
    business growing on back of investment in stores; successful
    relaunches of major brands, No7 and Soltan.

Richard Baker, Chief Executive, said: "Boots The Chemists has
been through a huge amount of change this year as we have
delivered our plans to make Boots a more modern, competitive and
efficient retailer.  We've had our biggest store opening program
for years, invested GBP200 million in prices and delivered
significant cost savings.

"None of this has been easy but despite a competitive environment
and a slowdown in spending across the High Street the early signs
have been encouraging.  We have continued to grow sales, we
remain highly profitable, we have served more customers and we
have held or grown share in our core markets.

"Looking ahead the strategy is clear -- to build a better Boots.
We will focus on our core healthcare market, with all the
potential for growth that contains.  We will continue to develop
products that customers know they can only get from us.  We will
ensure that we offer value.  We will do more to ensure that our
stores are modern and attractive.  We will continue to focus on
expert customer care.  Under-pinning all this will be a constant
drive for further efficiencies.

"Trading remains tough and the first few weeks of the new
financial year confirms that demand on the High Street remains
subdued.  We have seen nothing to suggest that we need to change
our cautious planning assumptions for sales for the full year.
Against this background, further progress will take time but we
are making a real difference as we seek to return Boots to
sustainable growth and unite it behind a simple aim; to be the
'The Health and Beauty Expert'."

Sales

Sales grew 3.8% in total and 2.4% like for like with the
contribution from new space playing a significant part in driving
sales.

This was achieved after taking account of continued price
investment and promotional activity, which deflated sales revenue
by 4.8%.  A further 2,000 prices were reduced in the year as part
of 'Lower Prices You'll Love' by an average of 14%.  Volume
growth was 4.6% helped by new space, extended opening hours,
dispensing items growth and the effect of offering better value
to customers.

Customers' baskets have reflected the good performance in higher
average item value categories such as dispensing and cosmetics.
The first half of the year showed a noticeable increase in
footfall and transaction numbers but the second half slowdown in
consumer confidence did lead to a less marked improvement for the
year.

Operating Profit

Gross margin was down 80 basis points in the year.  Lower prices
and the promotional program reduced gross margin in the year by
260 basis points.  Within this, the effect of Lower Prices You'll
Love was 150 basis points.  The effect of the lower prices was
offset by improved sourcing and sales mix including new product
launches and the benefits of greater manufacturing efficiencies
contributing to lowering the cost of own goods.

Boots The Chemists operating costs were up 7.4% in the year
reflecting the costs of renewing the operating infrastructure of
the business and adding space on the Edge of Town.  Underlying
costs were tightly controlled with the benefits from Getting in
Shape and other productivity improvements offsetting inflation
and the costs of selling higher volumes.

Capital expenditure for the Group was GBP288 million in the year
with a depreciation charge of GBP146 million.  Within this,
capital expenditure in Boots The Chemists was GBP225 million with
a depreciation charge of GBP100 million.

For 2005/06 it is anticipated that capital expenditure will be
lower with spend expected to be around GBP200 million for the
Group and around GBP150 million for BTC as investment plans are
considered against a tougher trading environment.  These are
expected to be the typical levels of capital expenditure in the
medium term.  Depreciation is expected to increase to GBP190
million for the Group and GBP130 million for BTC.

Operating profit for the year of GBP470 million reflects the work
undertaken to build a better Boots as well as the decline in
consumer confidence experienced in the second half.

Building a Better Boots

There has been much progress in the past year on the work to
build a better Boots by making it more modern, competitive and
efficient.

Modern

Boots has had its biggest store-opening program for years as it
has sought to increase its convenience for customers.  47 new
stores were opened in the year with 23 on the Edge of Town, 10
new community chemists, 7 new travel and convenience stores and 7
other stores including 5 bought by Boots as part of the
acquisition of the Frost Chemist chain in Birmingham.  Edge of
Town now represents 15% of total space and continues to be our
largest growing store category.  Opening hours have also been
modified to move Boots away from stores that were open at its
convenience not the customers.  Over the past year 400 more
stores opened on Sundays and bank holidays, while in many other
stores opening hours were extended to better reflect local
trading conditions.  293 of our largest stores received improved
baby and photo departments in the year and over 100 received new
dispensaries or beauty halls.

Competitive

Boots has addressed the issue of uncompetitive pricing with over
3,300 prices reduced since the introduction of Lower Price You'll
Love, while managing margin better than expected.  This has been
achieved by the successful management of pricing and the
promotional mix.  Boots The Chemists competitive position has
also been improved by focusing on its areas of traditional
strength.  There has been a concerted effort to put the 'Chemist
back into Boots' and the result has been apparent with the best
pharmacy performance in five years.

In Beauty there has been investment to strengthen the offer.  In
the course of the year 72 new premium accounts opened, 24 beauty
halls were refurbished, 178 new fragrance display units were
installed and new self-selection cosmetic fixtures put in 198
stores.

Efficient

All stores now have new tills and 100 stores now have radio
frequency technology to allow them to manage stock more
efficiently.  The backbone core systems upgrade is three quarters
of the way through to completion.  The supply chain overhaul is
more than 80% complete, with the move to daily deliveries now
complete.

Building a better Boots -- The Next Phase

Going forward the strategy for Boots The Chemists is clear. There
will be continued focus on the core healthcare market with all
the potential growth that it contains.  There will be continued
development of products that customers can only get at Boots.
Prices will remain competitive.  Stores will be improved to
ensure they are modern and attractive and in the places where
people want to shop.  Expert customer care will continue to be at
the heart of the Boots The Chemists while at the core of the
business there will be a continued drive for further
efficiencies.

Outlook

Boots The Chemists remains cautious about the trading
environment.  As indicated in the pre-close trading update issued
in April, the planning assumptions for 2005/06 are LFL sales
growth of 0% to 2% with a further 2% contribution expected from
new space.

Gross margin is expected to remain broadly stable with continued
investment in price offset by savings achieved through better
sourcing.

Costs are expected to increase by 6% largely due to the continued
investment in infrastructure and new space.

Dividend

The proposed final dividend is 21.0 pence, the same as last year.
The full year dividend is 30.1 pence, an increase of 1.0%.  The
Company remains committed to the stated policy of sustainable
dividend growth.

The final dividend will be paid on 5 August 2005, with the ex
dividend date on 1 June 2005.

Financing and Share Buyback Program

Group cash flow (operating cash flow after purchase and disposal
of fixed assets) in the year was GBP232 million reflecting higher
capital expenditure and an increase in the group's working
capital requirement.

Working capital growth was GBP118 million against GBP47 million
last year principally due to the redundancy payments made in the
year but provided for at 2003/04 year end.

Stock in Boots The Chemists remains at 11 weeks cover, in line
with last year, with reductions to stock holdings in back shops
offsetting the upward pressure of new store openings and the
change in mix to higher average item value products.

In the current year, it is expected that further reductions in
the back shop holding arising from store friendly supply chain
will offset the continued working capital demands from new stores
and the growth in dispensing.  Working capital remains an
important area of focus.

Work continues to make the balance sheet more efficient while
seeking to maintain a strong investment grade debt rating.

The share buyback program returned GBP300 million in the year and
the commitment to return the second tranche of the GBP700 million
program stands.  However, given the more subdued trading
environment it is expected that this will be done over the next
two to three years.

Net debt has increased by GBP445 million to GBP594 million.  The
sale and leaseback of 300 stores continues with completion
expected in the summer.  The proceeds will be used to pay down
short-term borrowings.

CONTACT:  BOOTS GROUP PLC
          1 Thane Road
          Notttingham NG2 3AA
          Phone: 0115 950 6111
          Customer Service: 0845 070 80 90
          Web site: http://www.boots-plc.com


BREEZEAIR LIMITED: Calls in Liquidator
--------------------------------------
At the extraordinary general meeting of Breezeair Limited on May
17, 2005 held at 5 White Oak Square, London Road, Swanley, Kent
BR8 7AG, the extraordinary and ordinary resolutions to wind up
the company were passed.  Stephen John Tancock of Smith &
Williamson Limited, The Meeting House, Little Mount Sion,
Tunbridge Wells, Kent TN1 1YS has been appointed liquidator of
the company.

CONTACT:  SMITH & WILLIAMSON
          No 1 Riding House Street
          London W1A 3AS
          Phone: 020 7637 5377
          Fax: 020 7631 0741
          E-mail: gdp@smith.williamson.co.uk
          Web site: http://www.smith.williamson.co.uk


CHESTER AND CONRAN: Members Pass Winding-up Resolutions
-------------------------------------------------------
At the extraordinary general meeting of the members of Chester
And Conran Limited on May 11, 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


COLBENSON LIMITED: Members Decide to Liquidate Firm
---------------------------------------------------
At the extraordinary general meeting of the members of Colbenson
Limited on May 13, 2005 held at Hodgsons, George House, 48 George
Street, Manchester M1 4HF, the extraordinary resolution to wind
up the company was passed.  David Emanuel Merton Mond of
Hodgsons, George House, 48 George Street, Manchester M1 4HF has
been nominated liquidator of the company.

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


CORUS GROUP: Results Look Better Under IFRS
-------------------------------------------
Corus Group plc released on Monday information about its
financial statements to be prepared under International Financial
Reporting Standards (IFRS) for the year to 1 January 2005.

Corus is undertaking the transition to IFRS, as required by a
European Union directive, along with some 7,000 other companies
with shares or debt listed within the E.U.  The Group's first
published accounts under IFRS will be in respect of the six
months ending 2 July 2005, and the first annual Report & Accounts
prepared on this basis will be for the year ending 31
December 2005.

The highlights for the restatement are:

(a) revenue remains unchanged from U.K. GAAP at GBP9.3 billion;

(b) profit attributable to equity shareholders increases by
    GBP1 million to GBP447 million;

(c) net assets reduce by GBP242 million to GBP3.1 billion,
    mainly reflecting the reversal of the net pension prepayment
    previously recognized under SSAP 24; and

(d) net debt is reduced by GBP12 million to GBP 842 million at
    the end of December 2004, but will be impacted by the
    adoption of IAS 32 and 39 in 2005.

In summary, the impact of IFRS on key reported results for 2004
is:

                                                            2004
                                            UK GAAP         IFRS
                                        GBP million  GBP million

Group turnover                                9,332        9,332

Group operating profit                        * 650          662

Profit before taxation                        * 553          567

Profit attributable to equity shareholders      446          447

Earnings per share                           10.05p       10.07p

Net assets                                    3,300        3,058

Net debt                                       (854)       (842)

Gearing (%)                                      27%         29%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Adjusted to reflect presentational changes to the income
statement under IFRS.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The information about restatements has been prepared on IFRS
currently in issue and adopted by the European Commission.
However, these standards may be subject to interpretative
guidance issued by the International Financial Reporting
Interpretations Committee (IFRIC), and best practice regarding
the interpretation and application of IFRS continues to develop.

New standards may also be issued by the International Accounting
Standards Board (IASB) for adoption for financial years beginning
on or after 1 January 2005.  Any or all of these factors could
impact upon the Corus Report & Accounts for the year ending 31
December 2005.

The financial information presented above is unaudited.

The full report about financial statements to be prepared under
International Financial Reporting Standards for the year to 1
January 2005 is available at
http://www.corusgroup.com/en/investors/ifrs

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY
          United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com

          National & Trade Media
          Annanya Sarin, Corporate Relations
          Phone: +44 20 7717 4532

          Wales Media
          John Kavanagh
          Phone: 01633 755140
                 07710 371323


CUSTOM INTERIORS: Members Hire Liquidator from Tenon Recovery
-------------------------------------------------------------
At the extraordinary general meeting of the members of Custom
Interiors Limited o May 16, 2005 held at Tenon Recovery,
Arkwright House, Parsonage Gardens, Manchester M3 2LF, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Christopher Ratten has been appointed liquidator of
the company.

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


DREAMTXT LIMITED: Creditors Meeting Set Friday
----------------------------------------------
The creditors of Dreamtxt Limited will meet on May 27, 2005 at
10:00 a.m.  It will be held at the offices of Moore Stephens, 1-2
Little King Street, Bristol BS1 4HW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Moore Stephens, 1-2 Little King Street, Bristol
BS1 4HW not later than 12:00 noon, May 26, 2005.

CONTACT:  MOORE STEPHENS
          1-2 Little King Street,
          Bristol BS1 4HW
          Web site: http://www.moorestephens.co.uk


DTR SUPPLIES: Hires BWC Business Solutions Liquidator
-----------------------------------------------------
At the extraordinary general meeting of the members of DTR
Supplies Limited on May 13, 2005 held at BWC Business Solutions,
8 Park Place, Leeds LS1 2RU, the extraordinary resolution to wind
up the company was passed.  David L. Cockshott and Gary E.
Blackburn of BWC Business Solutions, 8 Park Place, Leeds LS1 2RU
have been appointed joint liquidators of the company.

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


DYER SECURITIES: Liquidator from KPMG Moves in
----------------------------------------------
At the extraordinary general meeting of Dyer Securities Limited
on May 16, 2005 held at KPMG LLP, 37 Hills Road, Cambridge CB2
1XL, the extraordinary and ordinary resolutions to wind up the
company were passed.  Allan Watson Graham and Mark Jeremy Orton
of KPMG have been appointed joint liquidators of the company.

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


EARTHPORT PLC: Chief Executive Steps Down
-----------------------------------------
Earthport plc chief executive Rob Cunningham has resigned from
his post in the wake of a report that the firm may face
multi-million pounds legal suit from its Asian joint venture
partner.

Citywire reported earlier that Singapore-based Nesecure Holdings
had written to earthport's solicitors warning it might sue the
company for the failure of a project with the Hong Kong Post
Office.  The contract relates to the development of a payment
system for the 'smart' identity cards being issued to 6.7 million
people by the Hong Kong Post Office.

The project was delayed, and in November, HKPO advised Taps, one
of the joint venture vehicles, regarding the termination of the
contract.  The due date was set last Sunday.  Nesecure claims it
is likely to lose more than GBP35 million from the failed
venture.

CONTACT:  earthport plc
          7-10 Chandos St.
          London W1G 9DQ
          United Kingdom
          Phone: +44-20-7907-1100
          Fax: +44-20-7907-1101
          Web site: http://www.earthport.com


EPEC LIMITED: Appoints Stringer & Co. Liquidator
------------------------------------------------
At the extraordinary general meeting of Epec Limited on May 16,
2005 held at The Elizabeth House Hotel, 42-44 The Avenue,
Southampton SO17 1XP, the extraordinary and ordinary resolutions
to wind up the company were passed.  David John Stringer of
Stringer & Co, 5 Bassett Wood Drive, Southampton SO16 3PT has
been appointed liquidator of the company.

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


EQUITABLE LIFE: Not Closing Door to Out-of-court Settlement
-----------------------------------------------------------
Equitable Life is willing to enter into an out-of-court
settlement to end the GBP3.7 billion civil lawsuit it brought
against nine former directors and Ernst & Young.

At the company's annual meeting, Chairman Vanni Treves expressed
surprise and disappointment that the claims had to reach the
court.  "We remain ready to accept a serious and substantial
settlement if any comes, (if not) we are ready to fight on," The
Herald quoted him saying.

Told of Mr. Treves' latest pronouncement, a spokesman for Ernst &
Young said: "We have always believed, and repeatedly made it
clear to Equitable, that this claim is without merit, and the
last six weeks in court have only served to reinforce that view."

"We have said from the start that Equitable are wasting
policyholders' money," he told The Herald.

Expected to last until Christmas, the case is estimated to cost
all parties more than GBP100 million, which Equitable would have
to pay if it lost, the paper said.

Equitable's legal counsel, Herbert Smith, remains "bullish",
predicting the case to go their way.  A spokesman for Mr. Treves
also denied the chairman's statement at the annual meeting
indicated he had already softened his position.  Earlier Mr.
Treves said that not pursuing the case would have constituted "a
dereliction of our fiduciary duties as directors."

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


EUROMONEY INSTITUTIONAL: Pre-tax Profit Up 30% to GBP9.8 Mln
------------------------------------------------------------
Highlights:

                          2005              2004          change

Turnover       GBP89.0 million    GBP81.8 million            +9%

Profit before
tax, goodwill
amortization
and
impairment     GBP13.7 million   GBP11.1 million            +24%

Profit before
tax             GBP9.8 million    GBP7.6 million            +30%

Adjusted diluted
earnings
a share            11.21 pence       10.15 pence            +10%

Earnings a share     6.8 pence         6.2 pence            +10%

Dividend             5.2 pence         5.0 pence             +4%

Euromoney Institutional Investor PLC, the international
publishing, events and electronic information group, reports an
increase in profit before tax and goodwill amortization to
GBP13.7 million for the six months to March 31, against GBP11.1
million for the previous year.  Adjusted diluted earnings a share
were 11.2 pence against 10.1 pence in 2004.

The board has approved an interim dividend of 5.2 pence, against
5.0 pence, to be paid to shareholders on June 24, 2005.

Profit before tax was GBP9.8 million, against GBP7.6 million, and
earnings a share increased from 6.2 pence to 6.8 pence.

Trading in the first half followed a similar pattern to 2004.
Growth in the publishing businesses was held back by continued
tough advertising markets, increased investment in marketing and
the weakness of the U.S. dollar.  In spite of these, publishing
profits increased by 14% to GBP6 million and advertising revenues
increased by 4% to GBP25.9 million.

In contrast, the training and events businesses increased profits
by 40% to GBP10 million.  This was despite the absence from the
first half of two of the group's biggest events: Vinisud, the
French wine exhibition; and InfoSec World, the audit and
information security conference.  In 2004, these two events
together contributed profits of GBP2 million.  This was more than
offset by the inclusion of the results of Information Management
Network ('IMN'), acquired in March 2004, which contributed
profits of GBP4.1 million before funding costs of GBP0.6 million.

Group turnover increased by 9% to GBP89.0 million.  The average
U.S. dollar sterling rate for the period was 1.87 against 1.78
last year, which reduced turnover by approximately 4%.  Excluding
currency movements, the acquisition of IMN, and the timing
differences on Vinisud and InfoSec World, turnover increased by
7%.

Profits from financial publishing increased by 12% to GBP3.9
million following a 1% increase in revenues.  Advertising into
some of the group's titles, notably Euromoney and Euroweek,
increased but generally magazines found it difficult to sustain
the upward trends of the second half of 2004.  So far the
excellent financial results being reported by global financial
institutions, particularly in the United States, have not
translated into increased advertising spend.

Institutional Investor achieved a 2% increase in advertising
revenues but has seen a softening of markets since March.  The
group continues to maintain a high level of marketing investment
in subscriptions but revenues fell slightly as smaller
publications were merged or sold as part of the group's
rationalization drive.

The results from the business publishing portfolio were mixed.
Revenues were flat but profits improved by 17% to GBP2.1 million,
mostly as a result of the elimination of losses from
underperforming businesses.  Advertising across the legal,
energy, pharmaceutical and transport sectors remained weak.  In
particular, there have been no signs of improvement in the
outlook for Business Traveller and, after losses in the first
half of GBP0.4 million, the business was sold at the beginning of
May.  The sale gave rise to an exceptional goodwill impairment
charge of GBP1 million which has been recognized in the half-year
results.

The training businesses delivered excellent results, with growth
in all regions and across the three sectors served -- financial,
legal, and audit and information security.  Better markets,
increased recruitment particularly in the financial sector, and
more effective marketing all contributed to a 7% increase in
revenues to GBP11 million and profits up 35% to GBP2.6 million.

MIS, the Boston-based audit and information security training
business, has seen strong demand for its courses in response to
the additional audit and reporting requirements introduced by the
Sarbanes-Oxley Act in the United States.

The conference and seminar businesses maintained the growth seen
over the past two years, helped by the acquisition of IMN.
Revenues increased by 26% to GBP29.1 million and profits by 41%
to GBP7.4 million.  The Euromoney and Institutional Investor
event businesses both increased revenues through the launch of
new events, particularly in Asia.  However, results from
Adhesion, the group's French subsidiary, were sharply down in the
face of weak domestic demand for its business meetings.  The
results of the conferences and seminars division would have been
even better but for the timing of two important events:
Adhesion's biennial regional wine exhibition, Vinisud, was last
run in February 2004 and is next scheduled for 2006; and MIS's
annual InfoSec World conference was moved from March to April.
The absence of both these events reduced first half revenues and
profits by GBP3.6 million and GBP2 million respectively.

IMN, the market leader in securitization and indexation events,
contributed incremental profits of GBP4.1 million.  The
performance of IMN has exceeded expectations with strong growth
from its securitization events and successful launches of new
events in the real estate and Native American finance sectors.

Revenues from databases and information services increased by 9%
to GBP7.6 million, although the strong performance of ISI, the
group's emerging market information service, is masked by the
decline in the U.S. dollar rate.  ISI revenues increased by 20%
to US$10.7 million and annualized revenues passed US$22 million,
indicating that the significant investment by the group in
electronic information and publishing is proving to be the
correct strategy.  ISI's gross and net new sales improved to
levels not seen since 1998 when the business was still in the
early stages of launch, while the retention rate as maintained at
90%.  The revenue growth has also helped ISI add new products to
its service and in March ISI completed the acquisition of CEIC in
Hong Kong.  CEIC is one of the leading providers of time-series
macro-economic data covering Asia and provides an excellent fit
with ISI with opportunities for both businesses to cross-sell
each other's products.

Net debt at March 31 was GBP75.6 million, an increase of GBP13.1
million since year-end.  The level of debt traditionally
increases in the first half following the payment of the final
dividend and year-end profit shares in January.  In addition the
group spent GBP16 million on acquisitions and increasing its
interests in subsidiaries.  ISI acquired a 49% interest in CEIC
for an initial consideration of GBP3.8 million.  Payment for the
next 25% will be made in June 2006 and the final 26% a year
later.

The final installment on the acquisition of a 100% interest in
HFI was paid in January.  The growth in profits of HFI since its
acquisition in August 2003 has exceeded expectations and
triggered the maximum deferred consideration under the earn-out
agreement of GBP5.5 million.  The group acquired 80% of IMN in
February 2004, but paid for only 50% at the time.  The remaining
30% was subject to three deferred profit-related payments of
which the first, of GBP5.3 million, was paid in February.  The
maximum EBITA multiple under the earn-out agreement was achieved
for this first deferred payment.  Further earn-out payments of
10% respectively are due in 2006 and 2007.  The group also
increased its equity interest in ISI from 90% to 91% in January
at a cost of GBP0.4 million.

In March the group began a project to consolidate and refurbish
its London offices.  This project will last approximately two
years and require capital expenditure of approximately GBP5.5
million.  In addition, the head lease on one of the group's
remaining properties was acquired in April for GBP1.8 million.

A new equity incentive scheme to replace the company's Executive
Share Option Plan was approved at the Annual General Meeting in
February.  The Capital Appreciation Plan (CAP) is a highly geared
equity incentive designed to drive the achievement of the
company's target of profits of GBP50 million by 2008.

Initial awards under the CAP will be granted within 42 days of
the announcement of the interim results.  The cost of the CAP
will be amortized over the life of the scheme, starting from the
date of grant.  The expected non-cash charge in the second half
will be approximately GBP1 million.

The trading trends seen in 2004 and the first half of 2005 have
continued into the third quarter.  The group does not expect
significant growth in advertising and there have been signs over
the past few weeks that U.S. advertising may weaken further,
particularly in the financial sector.  However, forward bookings
for the training and events businesses for the third quarter are
ahead of last year.  ISI subscription revenues, underpinned by
strong first half sales, should continue to grow and the
acquisition of CEIC will make a positive profit contribution.

Two timing differences will help the second half results: the
InfoSec World conference in April (run in March last year); and
IMN's ABS East conference, which has been brought forward from
October to September to accommodate venue requirements.  Based on
last year's events this would add GBP2 million to second half
profits.  However, as usual September may contribute more than
half of the profits for the second half, which means that with
little forward visibility for September revenues the outcome for
the full year will depend heavily on the strength of financial
markets over the next three months.

A full copy of the financial results is available free of charge
at http://bankrupt.com/misc/EuromoneyInstitutional(Q12005).mht

CONTACT:  Euromoney Institutional Investor PLC
          Nestor House, Playhouse Yard
          London
          EC4V 5EX, United Kingdom
          Phone: +44-20-7779-8888
          Fax: +44-20-7779-8656
          Web site: http://www.euromoneyplc.com


FLEXIBLE VISION: Names Administrators from Kroll Limited
--------------------------------------------------------
C. P. Holder and S. C. E. Mackellar (IP Nos 009093, 006883) have
been appointed joint administrators for Flexible Vision Limited.
The appointment was made May 16, 2005.

The factory manufactures packaging.  Its registered office is
located at Kroll, Wellington Plaza, 31 Wellington Street, Leeds
LS1 4DL.

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


F LIMITED: Liquidators from Wilson Field Move in
------------------------------------------------
At the extraordinary general meeting of the members of F Limited
on May 13, 2005 held at Holiday Inn, Beaumont Road, Manchester
North BL3 4TA, the extraordinary and ordinary resolutions to wind
up the company were passed.  Lisa Hogg and David Field of Wilson
Field, The Annexe, The Manor House, 260 Ecclesall Road South,
Sheffield S11 9PS have been appointed joint liquidators of the
company.

CONTACT:  WILSON FIELD
          Tha Annexe
          The Manor House
          260 Ecclesall Road South
          Sheffield
          South Yorkshire S11 9UZ
          Phone: 0114 235 6780
          Fax: 0114 262 0661


FRESHBROOK SPECIALIST: Names Chantrey Vellacott DFK Liquidator
--------------------------------------------------------------
At the extraordinary general meeting of Freshbrook Specialist
Contracts Ltd. on May 9, 2005 held at First Floor, 16-17 Boundary
Road, Hove, East Sussex BN3 4AN, the subjoined extraordinary
resolution to wind up the company was passed.  K. W. Touhey and
D. J. Oprey of Chantrey Vellacott DFK, First Floor, 16-17
Boundary Road, Hove, East Sussex BN3 4AN have been appointed
joint liquidators of the company.

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


GRAHAME BUTCHER: Hires Elwell Watchorn & Saxton Liquidator
----------------------------------------------------------
At the extraordinary general meeting of Grahame Butcher Limited
on May 17, 2005 held at the offices of Elwell Watchorn & Saxton
LLP, 2 Axon, Commerce Road, Lynchwood, Peterborough PE2 6LR, the
subjoined extraordinary resolution to wind up the company was
passed.  Graham Stuart Wolloff and Richard John Elwell of Elwell
Watchorn & Saxton LLP, 2 Axon, Commerce Road, Lynchwood,
Peterborough PE2 6LR have been appointed joint liquidators of the
company.

CONTACT:  ELWELL WATCHORN & SAXTON
          2 Axon, Commerce Road,
          Lynchwood, Peterborough PE2 6LR
          Phone: (+44) 01733 235253
          Fax: (+44) 01733 236391
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


GRAYS PERSONNEL: In Administrative Receivership
-----------------------------------------------
Enterprise Finance Europe (UK) Limited appoints Jason James
Godefroy and Andrew Gordon Stoneman (Office Holder Nos 9097,
8728) joint administrative receivers for Grays Personnel Limited
(Reg No 04399304).   The application was filed May 11, 2005.

The company is engaged in recruitment.  Its registered office is
located at 17-19 Foley Street, London W1W 6DW.

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


GSL ACTIVEWEAR: Members Pass Extraordinary Resolution
-----------------------------------------------------
At the extraordinary general meeting of the members of GSL
Activewear Limited on May 16, 2005 held at The Old Bridge Hotel,
Holmfirth, Huddersfield HD9, the extraordinary resolution to wind
up the company was passed.  William Clive Swindell of Yorkshire
House, 7 South Lane, Holmfirth, Huddersfield HD9 1HN has been
nominated liquidator of the company.

CONTACT:  William Clive Swindell, Liquidator
          Yorkshire House, 7 South Lane,
          Holmfirth, Huddersfield HD9 1HN
          Phone: 01484 688344


H L FRIEL: Creditors Meeting Set this Week
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF H L Friel & Son Limited
                          (In Receivership)

Notice is hereby given, in terms of Section 67(2) of the
Insolvency Act 1986, that a Meeting of Creditors of H L Friel &
Son Limited will be held within the offices of PKF, Accountants
and business advisors, 78 Carlton Place, Glasgow G5 9TH, on May
26, 2005, at 12:00 noon for the purpose of presenting the Report
of the Receiver and of determining whether or not to establish a
Creditors' Committee; and who are to be the members of that
Committee, if established.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend, in person or by Form of Proxy, and a majority
of those voting, will pass a Resolution.  Such creditors whose
claims and proxies have been submitted and accepted at the
Meeting, or lodged beforehand at the address below, may vote.

Bryan A. Jackson, Joint Receiver
May 10, 2005

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 4295900
          Fax: 0141 4295901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk


ISEC SECURITIES: To Hold Final General Meeting Mid-June
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Isec Securities Limited

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, the Final General Meeting of Isec Securities Limited
will be held at 1 More London Place, London SE1 2AF, on June 13,
2005, at 10:30 a.m. to have an account laid before them showing
how the winding-up has been conducted and the property of the
Company has been disposed of and to hear any explanation that may
be given by the Joint Liquidators.

P. J. Brazzill, Joint Liquidator

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax: +44 [0] 20 7951 1345
          Web site: http://www.ey.com


JARVIS PLC: To Receive GBP31.4 Mln Short-term Loan Facilities
-------------------------------------------------------------
Jarvis plc notes the recent press report regarding its ongoing
discussions with lenders.  Jarvis has reached agreement in
principle with Deutsche Bank for the provision of further short
term loan facilities of up to GBP31.4 million to meet its
immediate and short term funding requirements and also a balance
sheet restructuring, combining a debt-for-equity conversion and
subsequent GBP50 million equity raising.  The proposals are
subject to contract, agreement of the Company's other lenders
(which is currently being sought) and will, on signing, be
subject to conditions and approvals.

The precise form of the debt-for-equity conversion is still being
discussed but it is likely that it would leave existing
shareholders with 5% or less of the equity value of the group
following the conversion, depending on the structure that is
implemented.

It is envisaged that this debt-for-equity conversion would be
immediately followed by an equity raising open to holders of the
share capital of the group as enlarged by the debt for equity
conversion.  The terms of the equity raising would be such that
the shares subscribed in this equity raising would represent
substantially all the resulting equity value of the group.  The
combination of the debt-for-equity conversion and the equity
raising will strengthen the group's balance sheet and reduce the
group's debt to a low level.

Whilst these negotiations are at an advanced stage, there can be
no certainty that final agreement will be reached.

CONTACT:  JARVIS PLC
          24 Britton St.
          London
          EC1M 5UA
          United Kingdom
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com

          Bridget Fury, Merlin
          Phone:    020 7653 6620


K2 INTERNATIONAL: Liquidator to Present Report Mid-June
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF K2 International Logistics Limited
                        (In Liquidation)

Notice is hereby given, pursuant to section 106 of the Insolvency
Act 1986, that a Final Meeting of the Members of K2 International
Logistics Limited will be held at 10:00 a.m. followed by a
Meeting of Creditors at 10:15 a.m. within 2 Blythswood Square,
Glasgow G2 4AD, on June 15, 2005, for the purpose of receiving
the Liquidator's report on the winding-up and to determine
whether the Liquidator should be released.

K. R. Craig, Liquidator

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


KALTEK AUTOMATION: Names Liquidator from Parkin S. Booth & Co.
--------------------------------------------------------------
At the extraordinary general meeting of Kaltek Automation Limited
on May 11, 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.  Jonathan R.
Booth 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


KEYCO LIMITED: Hires Joint Administrators from Numerica
-------------------------------------------------------
Colin Ian Vickers and Nicholas Hugh O'Reilly (IP Nos 008953,
008309) have been appointed joint administrators for Keyco
Limited.  The appointment was made May 11, 2005.

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


LASERFIX LIMITED: Calls in Administrator from Begbies Traynor
-------------------------------------------------------------
David Moore and Donald Bailey (IP Nos 007510, 006739) have been
appointed joint administrators for Laserfix Limited.  The
appointment was made May 13, 2005.

The company wholesales nuts and bolts.  Its registered office is
located at Turner Buildings, Russell Road, Rock Ferry, Birkenhead
CH42 1LU.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


LYNX TECHNIC: Joint Administrators from Begbies Traynor Move in
---------------------------------------------------------------
Simon Robert Haskew and Ian Edward Walker (IP Nos 8988, 6537)
have been appointed joint administrators for Lynx Technic
Limited.  The appointment was made May 12, 2005.

The company manufactures tissue-packaging equipment.  Its
registered office is located at Second Avenue, Westfield
Industrial Estate, Midsomer Norton, Bath BA3 4BH.

CONTACT:  BEGBIES TRAYNOR
          58 Queen Square,
          Bristol BS1 4LF
          Phone: 0117 929 4800
          Fax:   0117 922 0114
          Web site: http://www.begbies.com


MAXCAR FINANCE: Hires Joint Liquidators from PwC
------------------------------------------------
At the extraordinary general meeting of Maxcar Finance Limited on
May 16, 2005, the special and ordinary resolutions to wind up the
company were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP have been appointed joint liquidators of the
company.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          Web site: http://www.pwcglobal.com


NTL INC.: Extends Senior Notes Exchange Offering
------------------------------------------------
NTL Inc. extended on Monday its offer to exchange the outstanding
senior notes of NTL Cable PLC, its indirect, wholly owned
subsidiary, for notes, which have been registered under the
Securities Act of 1933, as amended.

The senior notes are comprised of a GBP375 million aggregate
principal amount tranche bearing interest at 9.75% due 2014, a
US$425 million aggregate principal amount tranche bearing
interest at 8.75% due 2014, a EUR225 million aggregate principal
amount tranche bearing interest at 8.75% due 2014, and a US$100
million aggregate principal amount floating rate tranche due
2012, bearing interest of 3-month LIBOR plus 5.00%.

The exchange offer was originally scheduled to expire at 5:00
p.m. New York City time, on May 20, 2005.  As of 5:00 p.m. New
York City time on May 20, 2005, approximately GBP373 million
aggregate principal amount of the outstanding sterling tranche
bearing interest at 9.75% due 2014, approximately US$416 million
aggregate principal amount of the outstanding dollar tranche
bearing interest at 8.75% due 2014, approximately EUR208 million
aggregate principal amount of the outstanding euro tranche
bearing interest at 8.75% due 2014, and approximately US$81
million aggregate principal amount of the floating rate tranche
due 2012 had been tendered in the exchange offer.

The exchange offer expired yesterday at 5:00 p.m., New York City
time.

CONTACT:  NTL INCORPORATED
          Bartley Wood Business Park
          Bartley Way
          Hook
          Hampshire R627 9UP
          Phone: +44-1256-75-2000
          Fax: +44-1256-75-4100
          Web site: http://www.ntl.com

          Media
          Justine Smith
          Phone: 01256 752 669
                 07966 421 991

          Buchanan Communications
          Richard Oldworth
          Jeremy Garcia
          Mark Edwards
          Phone: 020 7466 5000

          Investor Relations
          Patti Leahy
          Phone: 610-667-5554


ROXSPUR MANAGEMENT: Calls in Administrator
------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner (IP Nos 8627,
8761) have been appointed joint administrators for Roxspur
Management Services Limited.  The appointment was made May 13,
2005.  The company offers other business services.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Bartlett House
          9-12 Basinghall Street, London EC2V 5NS
          Web site: http://www.smith.williamson.co.uk


ROYAL MAIL: DTI Secretary Welcomes Privatization
------------------------------------------------
Recently appointed Trade and Industry Secretary Alan Johnson is
reportedly open to the privatization of Royal Mail, according to
DTI insiders.

A source, interviewed by The Scotsman recently, said Mr. Johnson
is "very keen on the privatization idea."   The plan to convert
the near-monopoly courier into a commercial operation will see
employee own shares and receive dividends.  Royal Mail sources
believe 85% of the staff supports the plan.

Chairman Allan Leighton mulls raising GBP2.5 billion early next
year to buy a fraction of the state's 100% stake as well as plug
the firm's looming GBP2.5 billion shortfall.  He was reportedly
considering approaching government ministers regarding a proposal
to borrow some GBP2 billion, secured against its balance sheet.

Mr. Leighton believes the set-up will increase profits to about
GBP600 million this year.  Two weeks ago, the company posted
profits of GBP591 million, up 70.8% from last year.  He is
forecasting growth of up to 10% a year starting 2006.

But the plan faces roadblocks, chief among them the reelected
Labour government, which has vowed not to privatize Royal Mail,
but to review the impact of the impending market liberalization
on the firm.  Another is the labor union, which warned against
its consequences, among them, possible job cuts.

CONTACT:  ROYAL MAIL HOLDINGS PLC
          148 Old St.
          London EC1V 9HQ
          United Kingdom
          Phone: +44-20-7250-2888
          Fax: +44-20-7250-2244
          Web site: http://www.royalmailgroup.com


THAMES WATER: Members Decide to Wind up Firm
--------------------------------------------
At the general meeting of the members of Thames Water
International Consultancy Limited, the resolutions to wind up the
company were passed.  Andrew Conquest of Grant Thornton UK LLP,
Grant Thornton House, Melton Street, Euston Square, London NW1
2EP has been appointed liquidator of the company.

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


U.K. STORAGE: Receiver's Report Out June
----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF U.K. Storage and Distribution Limited
                       (In Receivership)

Notice is hereby given, in terms of Section 67(2) of the
Insolvency Act 1986, that a Meeting of Creditors will be held at
the offices of Grant Thornton U.K. LLP, 95 Bothwell Street,
Glasgow G2 2JZ, at 11:00 a.m. on June 3, 2005, for the purpose of
presenting the Report of the Receiver and of determining whether
or not to establish a Committee of Creditors and who are to be
the members of that Committee, if established.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend in person or by proxy, and a Resolution will
be passed by a majority of those voting.  Such creditors whose
claims and proxies have been submitted and accepted at the
Meeting, or lodged beforehand at the address below, may vote.

Robert Caven and Matthew Purdon Henderson, Joint Receivers
May 10, 2005

CONTACT:  GRANT THORNTON U.K. LLP
          95 Bothwell Street
          Glasgow G2 7JZ
          Phone: 0141 223 0000
          Fax: 0141 223 0001
          Web site: http://www.grant-thornton.co.uk


                            *********


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

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

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