---

        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

             Tuesday, May 31, 2005, Vol. 6, No. 106

                            Headlines

B U L G A R I A

CRYSTALBANK: Sold to Central Cooperative Bank for BGN1


F R A N C E

BULL SA: Appoints New Chief Financial Officer


G E R M A N Y

AGRISCO VERTRIEBS: Under Bankruptcy Administration
AT TRANSPORT: Court Sets Claims Verification Next Month
B & S PERSONNEL: Deadline for Creditors' Claims Today
COGNIS GMBH: First-quarter EBITDA Slightly Down
ELGES BAUELEMENTE: Creditors Meeting Set July

FMK FONDS-CENTER: Phoenix Affiliate Succumbs to Insolvency
HERBERT WAHLICH: Applies for Bankruptcy Proceedings
KARL WIGGERMANN: Creditors' Claims Due Next Month
ME KO: Frankfurt Court Appoints Rolf Nacke Administrator
M. SEIDEL: Proofs of Claim Deadline June 24

REAKTIV: Administrator's Report out July
SE DRUCKWERK: Claims Deadline Nears
TEXTILWERKE DEGGENDORF: Daun & Cie Absorbs Troubled Rival
THOMAS COOK: Board Names Wolfgang Beeser's Successor
VDN AG: Troubles Hounding U.K. Debtor Spill over
VS 1: First Creditors Meeting Set Next Week
WALTER BAU: To Receive as much as EUR144 Million for DSI


H U N G A R Y

NABI RT: Restructures US$103 Million Short-term Debt


I T A L Y

ALITALIA SPA: Banca Intesa to Underwrite Recapitalization
FIAT AUTO: Vehicle Shipment to Dealer Networks Blocked
FIAT AUTO: Threatens Subcontractors with Damage Suits
PARMALAT FINANZIARIA: Targets September Relisting
TISCALI SPA: To Pocket at Least EUR8M From Sale of Spanish Arm


K Y R G Y Z S T A N

AUTOMATICA-PROFI: Gives Creditors Until July to File Claims
BAICHECHEKEI: Declared Insolvent
BI ROSTRA: Proofs of Claim Deadline July 16
FAKEL ANK: Urges Creditors to Submit Claims Before July 16
KEREMET-H: Claims Filing Period Expires July
SANA: Creditors to Meet Friday to Replace Insolvency Manager
ZAVOD STROITELNYH: Creditors Meeting Friday


L U X E M B O U R G

ORIFLAME COSMETICS: Distributes EUR0.75 per Share to Investors


R O M A N I A

BANCA TIRIAC: On Watch Positive Over Merger Plans
ROMPETROL GROUP: On CreditWatch Negative After CEO's Detention
ROMPETROL GROUP: Deputy CEO to Temporarily Take over Helm


R U S S I A

BALASHEYSKIYE ELECTRODES: Declared Insolvent
BICOM: Succumbs to Bankruptcy
BUILDING CORPORATION: Declared Insolvent
ELANSKOYE: Deadline for Proofs of Claim June
IZMET: Undergoes Bankruptcy Supervision Procedure

NORWOOD ENTERPRISE: Court Appoints Insolvency Manager
ROAD REPAIR-BUILDING: Bankruptcy Hearing Set August
ROMODANOVO-AGRO-SNAB: Appoints S. Kolekin Insolvency Manager
SOREVNOVANIYE: Krasnodar Court Names Insolvency Manager
STATE VERESHAGINSKOYE: Under Bankruptcy Supervision
YUKOS OIL: Bailiffs Recoup RUB392 Billion Tax Payment
YUKOS OIL: Samaraneftegaz Wins RUB50 Mln Tax Bill Cut


S W I T Z E R L A N D

SWISS INTERNATIONAL: EU Seeks Third-party Comment on Merger


U N I T E D   K I N G D O M

100% DESIGN: Members Pass Winding-up Resolution
2.33 LIMITED: Members Hire Liquidator from Cranfield Recovery
ABBEY COURT: Members Decide to Wind up Firm
AIRCOM DISTRIBUTION: Appoints Atherton Bailey Administrator
ARMOUR SEC-EURO: Names Liquidator from Abbey Taylor Ltd.

A R M VEHICLE: Liquidator from Campbell Crossley Moves in
AVIS EUROPE: Market Difficulties Persist
BARTONCROWN LIMITED: Calls in Liquidators from Valentine & Co.
BLUE MOON: Maximvs Buys Magazine, Credit Products
BRIGHTSTAR FIREWORKS: Names Wilson Pitts Administrator

C4C CONSULTING: Names P&A Partnership Liquidator
CAPITAL PAPER: Members Pass Winding-up Resolution
COLOURTONE PRINTING: Liquidator from Martin Busst & Co. Moves in
CREWS RECRUITMENT: Names Valentine & Co. Liquidator
DAVINAS LIMITED: Members Decide to Wind up Firm

DESIGNER FURNITURE: Names Oury Clark Liquidator
DEWTEC LIMITED: Appoints Liquidator from DS Insolvency Services
DRINEY LIMITED: Members Decide to Wind up Firm
DUNCAN MEE: Calls in Administrators from David Rubin & Partners
EKLECTIC TRADING: Appoints Liquidator from Levy & Partners

EMB 2005: Winding-up Report Out this Week
EURO THIRTY: Hires Joint Liquidators from KPMG
FEDERAL-MOGUL: U.K. Insurance Dispute Settlement Hearing Set
FIRSTNET ONLINE: Holds Final Creditors Meeting
HARLOW GROUP: Liquidator from Vantis Redhead French Moves in

ICI OVERSEAS: Calls in Liquidator
I-KORE LIMITED: Liquidator to Present Report Next Week
IMAGEMEDIX LIMITED: Hires Administrators from David Rubin
JOSEPH WARD: Trustees Appoint Begbies Traynor Receiver
MARKS & SPENCER: To Train Workers, Not 'Rip up' Contracts

OPENWINDOWS LIMITED: Appoints Chantrey Vellacott Administrator
PREMIER FOODS: Re-elects Directors at AGM
REGAL CARS: In Administrative Receivership
RENTOKIL INITIAL: Mulls Takeover Approach on Rival PHS
SPHERE DRAKE: Deadline for Debt Claims September

SSNT SECURITIES: Final General Meeting Set June
TAYLOR HEAVY: Liquidator Calls Creditors Meeting
TRAVEL-HOLIDAYS: DTI Wants Tour Operator Liquidated
WATERFORD WEDGWOOD: To Decide on Share Capital Increase June
WM MORRISON: Chairman Ignores Pressure from Investors

* Large Companies with Insolvent Balance Sheets


                            *********


===============
B U L G A R I A
===============


CRYSTALBANK: Sold to Central Cooperative Bank for BGN1
------------------------------------------------------
Central Cooperative Bank (CCB) has taken over bankrupt
Crystalbank, Pari Daily says.

The Smolyan regional court approved the sale on April 26, 2005,
allowing CCB to acquire Crystalbank for a symbolic price of
BGN1.  CCB, however, absorbed Crystalbank's EUR350,000 debt.

Established in 1989 as a universal commercial bank, Crystalbank
suffered liquidity problems in 1993 and subsequently declared
bankruptcy in 1997.  Prior to CCB, the bank's receiver tried but
failed to sell its assets to other buyers.

CONTACT:  CRYSTALBANK
          4900 Madan, 12,
          Obedinenie Str.
          Phone: (0308) 2085

          CENTRAL COOPERATIVE BANK JSC
          103, G. S. Rakovski Str.
          Sofia
          Phone: 926 62 66
          Fax: 02/ 980 43 86
          Web site: http://www.ccbank.bg


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


BULL SA: Appoints New Chief Financial Officer
---------------------------------------------
Philippe Lederman has been appointed Chief Financial Officer of
Bull S.A.  Mr. Lederman is a graduate of the Ecole Superieure de
Commerce in Lyon and holds a MBA from Texas University.  He
started his career in 1985 as financial controller at Aventis,
which he left three years later to become deputy financial
director of Sara Lee, with responsibility over financial control
and accounting.

In 1992, Mr. Lederman was appointed chief financial officer of
Motorola's radio-telephony division.  He was then named chief
financial officer of one entity in France and, in 1996, became
chief financial officer of one of the company's European
factories in Scotland.

Mr. Lederman joined Valeo in 1998 as chief financial officer of
the electronic branch before being appointed, in 2000, chief
financial officer of the electronics and connective systems
activities.

Before joining Bull, Mr. Lederman was chief financial officer of
the air conditioning activities, the largest branch of Valeo in
terms of both turnover and international presence.

Didier Lamouche, Chairman and CEO of Bull, said: "It is my
pleasure to entrust Philippe Lederman with extensive
responsibilities within the Company, at a time when Bull is
demonstrating its potential to bounce back.  His international
and wide-ranging experience will be key to Bull's success.  The
arrival of Philippe Lederman completes Bull's management team."

CONTACT:  BULL S.A.
          Avenue Jean Jaures BP 68
          78340 Les Clayes sous Bois

          Press Contact
          Anne-Marie Jourdain
          Phone: + (33) 1 30 80 32 52
          E-mail: anne-marie.jourdain@bull.net

          Investors relations
          Patrick Massoni
          Phone: + (33) 1 30 80 32 36
          E-mail: patrick.massoni@bull.net

          Patrick Massoni
          Deputy Director Corporate Finance & Investor Relations
          E-mail: patrick.massoni@bull.net
          Phone: + 33 1 30 80 32 36
          Mobile: + 33 6 80 90 97 96
          Fax: + 33 1 30 80 62 78


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


AGRISCO VERTRIEBS: Under Bankruptcy Administration
--------------------------------------------------
The district court of Oldenburg opened bankruptcy proceedings
against Agrisco Vertriebs GmbH on May 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 28, 2005 to register their
claims with court-appointed provisional administrator Stefan
Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting on July 19, 2005, 2:30 p.m. at Sitzungssaal, 2. OG,
Amtsgericht, Nebenstelle Elisabethstrasse 6, 26135 Oldenburg 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:  AGRISCO VERTRIEBS GMBH
          Reiherbusch 6, 26209 Hatten
          Contact:
          Volker Grosser, Manager

          Stefan Hinrichs, Administrator
          Heiligengeiststrasse 29, 26121 Oldenburg
          Phone: 0441/21891-0
          Fax: 0441/21891-39


AT TRANSPORT: Court Sets Claims Verification Next Month
-------------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against AT Transport GmbH on May 9.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors had until May 27, 2005 to register their claims with
court-appointed provisional administrator Andree Wernicke.

Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 10:25 a.m. at the district court of
Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1,
86150 Augsburg, 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:  AT TRANSPORT GMBH
          Bgm.-Hundseder-Str. 1a, 86554 Pottmes-Gundeldorf
          HRB 16122, Augsburg
          Contact:
          Gratzl Manuela and Zoellner Rainer, Managers

          Andree Wernicke, Administrator
          c/o Kanzlei Scheidle & Partner
          Grottenau 6, 86150 Augsburg


B & S PERSONNEL: Deadline for Creditors' Claims Today
-----------------------------------------------------
The district court of Oldenburg opened bankruptcy proceedings
against B&S Personnel Consulting GmbH on April 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 31, 2005 to
register their claims with court-appointed provisional
administrator Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 2:40 p.m. at Sitzungssaal, 2. OG,
Amtsgericht, Nebenstelle Elisabethstrasse 6, 26135 Oldenburg at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  B & S PERSONNEL CONSULTING GMBH
          Reihdamm 29, 26160 Bad Zwischenahn
          Contact:
          Angelika Schichl, Manager
          Richard-Wagner-Strasse 38, 26215 Wiefelstede

          Stefan Hinrichs, Administrator
          Heiligengeiststrasse 29, 26121 Oldenburg
          Phone: 0441/21891-0
          Fax: 0441/21891-39


COGNIS GMBH: First-quarter EBITDA Slightly Down
-----------------------------------------------
In the first three months of 2005, global specialty chemicals
supplier Cognis GmbH increased its net external sales by 0.4% to
EUR780 million, despite unfavorable currency exchange rates
impact and a decrease in revenues due to a divestment.  Adjusted
EBITDA fell by 6.8% to EUR96 million, with a profit margin of
12.3%.

Antonio Trius, CEO of Cognis comments: "The first quarter result
for 2005 was a strong one.  We have to take into account that
the first quarter of last year was one of the strongest in
Cognis' history."

Cognis' organic sales (sales adjusted for the effects of
currency fluctuations, acquisitions and divestments) grew by
3.3%, with the Strategic Business Units (SBUs) Care Chemicals,
Functional Products and Oleochemicals achieving significant
growth.  The company's Adjusted EBITDA (earnings before
interest, income taxes, depreciation, amortization and
exceptional items) fell from EUR103 million to EUR96 million
(-6.8%), due to a number of reasons, including labor action in
the U.S.A and higher raw material costs.

Sales by Strategic Business Unit (SBU)

With sales up 5.7% at EUR309 million, Care Chemicals, Cognis'
largest SBU, achieved strong growth.

Compared to last year's extraordinarily strong first quarter
figures, Nutrition & Health's sales fell moderately, down 1.2%
to EUR75 million.  Cognis continues to see strong growth of the
branded ingredients, specifically Vegapure(R) sterol esters,
Tonalin(R) conjugated linoleic acid (CLA) and Xangold(R) lutein
esters.

At EUR197 million, Functional Products achieved a significant
rise in sales of 3.0%.  The increase was driven by the rapid
expansion of the synthetic lubricants business, which continues
to grow in the U.S. transportation market, and the agricultural
business.

Sales of Process Chemicals stood at EUR86 million, 18.7% lower
than in the same period in 2004.  This is largely due to the
divestment of the PVC stabilizers business effective July 1,
2004.  Organically, sales decreased 7.3% as a result of a drop
in revenues from the textile technology businesses, where
production is moving to Asia even more quickly since China
joined the WTO.  The plastics technology and leather technology
businesses' sales remained comparatively stable.

The upward trend in Cognis' Oleochemicals base stock division
continued into the first three months of 2005, with sales rising
1.9% to EUR107 million.

        Overview of Results for the First Quarter 2005

Sales in millions of euros        First quarter  Growth
                                   2004  2005


Cognis Group                       777    780    +0.4%

Care Chemicals                     293    309    +5.7%

Nutrition & Health                  76     75    -1.2%

Functional Products                191    197    +3.0%

Process Chemicals                  106     86   -18.7%

Oleochemicals                      104    107    +1.9%

Earnings in millions of euros (Cognis Group)

                                  First quarter  Growth
                                   2004  2005

EBIT                                35     40   +11.8%

Adjusted EBITDA                    103     96    -6.8%


About Cognis

Cognis is a worldwide supplier of innovative specialty chemicals
and nutritional ingredients.  The company employs about 8,100
people, and it operates production sites and service centers in
30 countries.  Cognis has dedicated its activities to a high
level of sustainability and delivers natural source raw
materials and ingredients for food, nutrition and healthcare
markets, and the cosmetics, detergents and cleaners industries.
Additionally, Cognis provides solutions for a number of other
industries, such as coatings and inks, lubricants, textiles and
plastics, as well as agriculture and mining.

Cognis is owned by private equity funds advised by Permira, GS
Capital Partners, and SV Life Sciences.  In 2004, Cognis
recorded sales of EUR3.07 billion and an Adjusted EBITDA
(earnings before interest, income taxes, depreciation,
amortization and exceptional items) of EUR362 million.

CONTACT:  COGNIS DEUTSCHLAND GMBH & CO. KG
          Susanne Marell
          Vice President Corporate Communications
          Phone: +49-2173-4995-222
          E-mail: susanne.marell@cognis.com
          Web site: http://www.cognis.com

          Susanne Sengel
          Senior Communications Manager
          Phone: +49-2173-4995-220
          E-mail: susanne.sengel@cognis.com


ELGES BAUELEMENTE: Creditors Meeting Set July
---------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Elges Bauelemente GmbH on May 12.  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 Klaus
Knetter.

Creditors and other interested parties are encouraged to attend
the meeting on July 6, 2005, 10:15 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:  ELGES BAUELEMENTE GMBH
          Bleichstrasse 163, 33607 Bielefeld
          Contact:
          Reinhard Elges, Manager
          Am Grossen Holz 37, 33607 Bielefeld

          Klaus Knetter, Administrator
          Otto-Brenner-Str. 186, 33604 Bielefeld


FMK FONDS-CENTER: Phoenix Affiliate Succumbs to Insolvency
----------------------------------------------------------
Financial products seller FMK Fonds-Center has succumbed to
insolvency, Financial Times Deutschland says.

The group is one of insolvent fund manager Phoenix
Kapitaldienst's intermediaries, selling the latter's products to
around 5,000 customers.  The firm's business model is believed
tailored-fit for Phoenix's pseudo-hedge funds.

FMK currently operates 16 outlets in Saxony, Brandenburg and
Thuringia, selling financial products and services.  FMK boasts
of its aggressive sales technique, pioneered by its head Heinz
Klotzner.

CONTACT:  FMK FONDS-CENTER-KLOTZNER E.K.
          Hauptstr. 110
          09128 Chemnitz
          Phone: 03726/588-0
          Fax: (0 37 26) 58 85 99
          Web site: http://www.fondscenter.de


HERBERT WAHLICH: Applies for Bankruptcy Proceedings
---------------------------------------------------
The district court of Offenbach am Main opened bankruptcy
proceedings against Herbert Wahlich Immobiliendienstleistungs-
und -verwaltungs GmbH on April 29.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 7, 2005 to register their claims with
court-appointed provisional administrator Clemens Ott.

Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 9:00 a.m. at 1. OG, Saal 166N,
Amtsgericht Offenbach am Main, Justizzentrum Offenbach am Main,
Kaiserstrasse 16-18, Gebaude Kaiserstrasse 18 (K18), 63065
Offenbach am Main 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:  HERBERT WAHLICH IMMOBILIENDIENSTLEISTUNGS- UND -
          VERWALTUNGS GMBH
          Contact:
          Andreas Wahlich, Manager
          Obere Austr. 3a, 55120 Mainz
          Jacques-Offenbach-Str. 18, 63069 Offenbach am Main

          Clemens Ott, Administrator
          Waldstrasse 45, D-63065 Offenbach am Main
          Phone: 069/800749-0
          Fax: 069/800749-90


KARL WIGGERMANN: Creditors' Claims Due Next Month
-------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Karl Wiggermann Bauunternehmung und Baustoffhandel
Verwaltungs GmbH on May 11.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 20, 2005 to register their claims with
court-appointed provisional administrator Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting on July 21, 2005, 8:25 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
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:  KARL WIGGERMANN BAUUNTERNEHMUNG
          UND BAUSTOFFHANDEL VERWALTUNGS GMBH
          Dieselstr. 13, 59174 Kamen
          Contact:
          Karlheinz Wiggermann, Manager

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


ME KO: Frankfurt Court Appoints Rolf Nacke Administrator
--------------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Me Ko Fensterbau GmbH on May 13.
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 Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on August 10, 2005, 10:30 a.m. at the district court
of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt
(Oder), Saal 401, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ME KO FENSTERBAU GMBH
          Prendener Strasse 48, 16348 Ruhlsdorf

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


M. SEIDEL: Proofs of Claim Deadline June 24
-------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against M. Seidel GmbH on May 9.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 24, 2005 to register their claims with
court-appointed provisional administrator Rainer U. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on July 15, 2005, 9:00 a.m. at the district court of
Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1,
86150 Augsburg, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  M. SEIDEL GMBH
          HRB 19435, Bergiusstr. 74, 86199 Augsburg
          Contact:
          Markus Seidel, Manager

          Rainer U. Mueller, Administrator
          Schiessstattenstr. 15, 86159 Augsburg


REAKTIV: Administrator's Report out July
----------------------------------------
The district court of Kempten opened bankruptcy proceedings
against ReAktiv (Bruecke zur Arbeit e.V.) on May 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 30, 2005
to register their claims with court-appointed provisional
administrator Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting on July 19, 2005, 9:45 a.m. at Zi.Nr. 137/I. des
Amtsgerichts in 87435 Kempten 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:  REAKTIV -- BRUCKE ZUR ARBEIT E.V.
          Hindelanger Strasse 39 in 87527 Sonthofen
          Contact:
          Arndt Geiwitz, Manager
          Bahnhofstrasse 39, 89231 Neu-Ulm
          Phone: 0731/970180
          Fax: 0731/97018650


SE DRUCKWERK: Claims Deadline Nears
-----------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against SE DRUCKWERK GmbH & Co. KG on May 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 5, 2005 to
register their claims with court-appointed provisional
administrator Emil Rinckens.

Creditors and other interested parties are encouraged to attend
the meeting on July 6, 2005, 8:30 a.m. at the district court of
Monchengladbach, Hohenzollernstr. 157, 41061 Monchengladbach,
Erdgeschoss, Sitzungssaal A 14 at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  SE DRUCKWERK GMBH & CO. KG
          Hofstrasse 130, 41065 Monchengladbach

          SE DRUCKWERK BETEILIGUNGS GMBH
          Hofstrasse 130, 41065 Monchengladbach
          Contact:
          Helmut Schagen, Manager
          Heideweg 7, 41063 Monchengladbach

          Emil Rinckens, Administrator
          Rheinort 1, 40213 Dusseldorf


TEXTILWERKE DEGGENDORF: Daun & Cie Absorbs Troubled Rival
---------------------------------------------------------
Textile group Daun & Cie will take over insolvent rival
Textilwerke Deggendorf (TWD), Frankfurter Allgemeine Zeitung
says.

TWD's creditors committee has reportedly approved the takeover
to save almost 1,000 jobs.  About 79 employees from TWD's
Deggendorf and Glauchau sites are expected to lose their jobs,
however.  The company has yet to find a buyer for its Konz site,
which employs 160 people.  The site has incurred millions of
euros in losses in recent years.

Daun & Cie manufactures and sells textiles, furniture,
automotive components and shoes in Germany, Portugal, Hungary,
Czech Republic, China, U.S.A. and Southern Africa.  The group
employs 18,500 worldwide.

CONTACT:  TWD GMBH
          Kunertrasse 1
          D-94469 Deggendorf
          Phone: + 49 (0) 990179-0
          Fax: + 49 (0) 990179224
          E-mail: info@twd.de
          Web site: http://www.twd.de

          DAUN & CIE AG
          Bahnhofstr 21
          Rastede D-26180
          Phone: 49 4402 9 98 00
          Fax: 49 4402 99 80 25


THOMAS COOK: Board Names Wolfgang Beeser's Successor
----------------------------------------------------
At a meeting on May 27, the Supervisory Board of Thomas Cook AG
appointed Thomas Holtrop, 50, new Chairman and CEO of Thomas
Cook AG.

Thomas Holtrop will join the Executive Board of the leisure
travel group with effect from 1 September 2005 and take over the
helm of the four-member Executive Board on 1 November 2005.  The
present Chairman and CEO Wolfgang Beeser will then move to the
Supervisory Board to allow the group to continue profiting from
his years of experience.  The appointment of Thomas Holtrop is
an early signal of the course to be taken by Thomas Cook AG in
the future.

"The group is on the right path.  Its restructuring program is
well underway and must be firmly continued.  The well-prepared
transition from Wolfgang Beeser to Thomas Holtrop at the head of
the group ensures continuity and is an important signal for our
business partners and customers, for the staff and financial
markets," said the Thomas Cook Supervisory Board Chairman,
Jurgen Weber.

With the appointment of Thomas Holtrop, Thomas Cook AG will be
led by an internationally experienced manager.  From 2001 to
2004, he belonged to top management at Deutsche Telekom AG and
was, from 2003 until he left the group a member of its Executive
Board.  As Chairman of T-Online AG, he led the company with
entrepreneurial foresight and vision in its rapid evolution into
one of Europe's leading online portals.  He spearheaded major
trends leading to the economic viability of the online market
and the successful marketing of new and innovative media
portals.

Prior to joining Deutsche Telekom AG, Thomas Holtrop gained
extensive professional experience from working, since 1981, in
the tourist and related businesses.  He began his career at Club
Mediterranee Deutschland and subsequently took over as head of
marketing and sales Europe at Robinson Hotels GmbH.  From 1989
to 1996, Thomas Holtrop held senior management positions at
American Express International Inc. in London, Frankfurt and New
York in sales, marketing and communications.  He was latterly
Vice President International Business Partners there and a
member of the International Executive Committee.  Between 1996
and 2000, Thomas Holtrop he played a major role at Deutsche Bank
AG in the establishment of Bank 24, initially as executive
manager and, from 1997, as a member of the Executive board of
Deutsche Bank 24.  He moved to Deutsche Telekom AG in 2001.

Thomas Holtrop has been seated on the Supervisory Board of
Gruner + Jahr since 2005.

CONTACT:  THOMAS COOK AG
          Zimmersmuehlenweg 55
          61440 Oberursel
          Phone: +49-6171-6500
          Fax: +49-6171-652-125
          Web site: http://www.thomascook.de


VDN AG: Troubles Hounding U.K. Debtor Spill over
------------------------------------------------
Vereinigte Deutsche Nickel (VDN) is again facing insolvency
proceedings after the buyer of its British unit fell into
bankruptcy and failed to pay up.

Ironically, VDN sold its coins and payment methods division to
DNick, a British holding company, for EUR3 million to stave off
insolvency in December.  But on April, DNick filed for creditors
protection, which consequently held up the EUR3 million payment.
VDN employs 2,400 and has an annual turnover of EUR400 million.


VS 1: First Creditors Meeting Set Next Week
-------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against VS 1 Network Provider GmbH on May 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until July 5, 2005 to register their
claims with court-appointed provisional administrator Klaus
Jonek.

Creditors and other interested parties are encouraged to attend
the meeting on June 9, 2005, 12:00 p.m. at the district court of
Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, at which time the administrator will present his
first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on July
28, 2005, 10:50 a.m. at the same venue.

CONTACT:  VS 1 NETWORK PROVIDER GMBH
          Wueste Statte 10, 28195 Bremen
          Contact:
          Werner Stoffregen, Manager
          Dwoberger Str. 63, 27753 Delmenhorst

          Klaus Jonek, Administrator
          Schwachhauser Heerstr. 48, 28209 Bremen
          Phone: 348585
          Fax: 3478582


WALTER BAU: To Receive as much as EUR144 Million for DSI
--------------------------------------------------------
Dywidag Systems International, the civil engineering unit of
Walter Bau, could fetch more than EUR144 million, according to
Suddeutsche Zeitung.

Walter Bau court-appointed administrator Werner Schneider has
short-listed less than 10 bidders that are not direct
competitors of the group.  He has also selected an investment
bank to facilitate the sale.

DSI, which employs around 1,000 people, supplies materials to
construction and mining industries.  The subsidiary generates an
EBIT of EUR20 million and turnover of around EUR300 million, 80%
of which come from abroad.  Walter Bau has already sold two
subsidiaries -- Stump Spezialtiefbau and Dywidag Holding.  The
company declared insolvency in February.

CONTACT:  WALTER BAU AG
          Boheimstr. 8
          86153 Augsburg
          Phone: +49 (0)8 21/55 82-00
          Fax: +49 (0)8 21/55 82-3 20
          Web site: http://www.walter-bau.de


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


NABI RT: Restructures US$103 Million Short-term Debt
----------------------------------------------------
NABI Autobuszipari Rt. (NABI Rt.) has reached agreement in
principle with its financiers with regard to the restructuring
of approximately US$103 million of short-term debt and other
banking facilities.

Under the agreement in principle, the financiers have agreed to
reduce their debt to US$60 million, with a portion of such
reduction converted to equity in the form of the financiers
acquiring a 90% equity interest in NABI Inc. (NABI Rt.'s main
operating subsidiary) and up to a 33% equity interest in NABI
Rt.  The reduced debt will be classified as long term and have
maturities ranging from 5 to 8 years.  All warrants formerly
issued by NABI Rt. to the financiers will be cancelled as part
of the restructuring.

Pursuant to their conversion of debt to equity the financiers
will have the right to nominate candidates for up to a third of
the Board of Directors of NABI Rt. and appoint all but one
Director of NABI Inc.  NABI Rt. will continue to appoint one
Director to the Board of NABI Inc.

On completion of the restructuring, NABI Inc. will be the sole
borrower of US$60.0 million reduced debt.  NABI Rt will be free
of debt, but will guarantee repayment of up to US$6.5 million of
the debt of NABI Inc. secured by a first lien on all of NABI
Rt.'s real estate assets.

Given the separation in the majority ownership of NABI Rt. and
NABI Inc., the companies will enter into an arm's length supply
agreement to ensure the continued supply of steel shells,
chassis, parts and service from Hungary to the U.S. business.

The mechanics for the implementation of the restructuring will
be disclosed in due course and further details of the agreements
will be provided in NABI Rt.'s annual report and audited
financial statements.

The financiers support the continuing efforts by NABI Rt. to
sell assets and businesses, the proceeds of which will be used
to continue to reduce debt as quickly as practicable.  NABI Rt.
will also continue to restructure its operations with a view to
improving efficiency and productivity and ensuring the long-term
prospects of manufacturing steel buses.  Resulting from these
continuing efforts, NABI Rt. announces that it has entered into
negotiations that may or may not lead to an offer or offers
being made for certain or substantially all of NABI Rt.'s and
NABI Inc.'s assets and businesses in Hungary, U.S. and/or U.K.
NABI Rt. will make further announcements on these efforts in due
course.

Coincident with the restructuring, J. Daniel Garrett, NABI Rt.'s
Chief Financial Officer and NABI Inc.'s interim Chief Executive
Officer has resigned, effective 30 June 2005.  Mr. Garrett's
responsibilities will be assumed by NABI Rt. Chief Executive
Officer and President, Andy Racz and a Director of the Board of
both NABI Rt. and NABI Inc., Russell Richardson, with assistance
from the company's advisers, Conway Del Genio Gries & Co., LLC.

CONTACT:  NABI RT
          Ujszasz utca 45
          Budapest 1165 Hungary
          Phone: +36.1.401.7100
          Fax: +36.1.407.2931
          E-mail: corporate.office@nabi.hu
          Contact:
          Andras Bodor, Corporate Affairs Director


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


ALITALIA SPA: Banca Intesa to Underwrite Recapitalization
---------------------------------------------------------
Italy's largest bank, Banca Intesa S.p.A., is expected to
underwrite the capital increase of Alitalia, Finanza & Mercati
says.

Alitalia intends to carry out a EUR1.2 billion capital hike once
its rehab plan gets clearance from the European Commission.  The
regulator is still probing the plan for any traces of illegal
state aid and is expected to make a decision early next month.

The recapitalization will trim down the government stake in
Alitalia from 63% to less than 50%.  This reduction was part of
the commitment made by the government when it sought a EUR400
million bridging loan, carrying government guarantees, to tide
the airline over.  The regulator gave Italy until October 8 to
complete the privatization.  In April, Germany's Deutsche Bank
also submitted a letter of intent to underwrite the capital
increase.

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

          BANCA INTESA S.p.A.
          Piazza Paolo Ferrari, 10
          20121 Milan
          Phone: +39-02-879-11
          Fax: +39-02-879-42587
          Web site: http://www.bancaintesa.it

          DEUTSCHE BANK AG
          Taunusanlage 12
          60262 Frankfurt am Main
          Phone: +49-69-910-00
          Fax: +49-69-910-38591
          Web site: http://www.deutsche-bank.de


FIAT AUTO: Vehicle Shipment to Dealer Networks Blocked
------------------------------------------------------
The ongoing dispute between the companies who transport Fiat
Auto and Iveco vehicles and their owner-operator subcontractors
has reached a deadlock, with no signs of a solution in sight.
Discussions between Anita and Assologistica -- the associations
representing the vehicle transporters -- and Fita, Cuna and Fai,
who represent the owner-operators, center on both regulatory and
economic issues.

While the regulatory issues concern only the parties involved in
the dispute, the economic issues also have a direct impact on
Fiat.  Anita and Assologistica declared their willingness to
adjust rates to allow for the increase in diesel fuel prices,
and to make a one-off payment to cover the period before the
rate increase goes into effect.

To help bring negotiations to a rapid conclusion and allow
vehicle shipments to resume without further delay, Fiat also
announced that it would increase the rates paid to vehicle
transporters to reflect higher fuel costs -- and this despite
the challenging market situation and its repercussions on
company performance.

Virtually all vehicle shipments have been blocked, often through
threats and physical violence, causing serious damage to the
company's manufacturing operations, financial situation and
sales.

Under these circumstances, Fiat is forced to retract the offers
it made in order to expedite negotiations.

The company is now assessing all possible options that will
enable it to resume shipments to the dealer networks, including
that of setting up its own fleet of car-carriers -- if necessary
by purchasing vehicles and other resources from owner-operators.
Fiat thus appeals to all the parties involved to demonstrate
their sense of responsibility, and asks that normal operating
conditions be restored at all plants so that the approximately
20,000 people involved can go back to work.

Fiat also asks for a return to legality, requesting that the
government take appropriate action to protect non-striking
truckers.

CONTACT:  FIAT S.p.A.
          250 Via Nizza
          10126 Turin
          Phone: +39-011-006-1111
          Fax: +39-011-006-3798
          Web site: http://www.fiatgroup.com


FIAT AUTO: Threatens Subcontractors with Damage Suits
-----------------------------------------------------
Labor unrest in the two-tier car carrier sector since April 26
has caused serious consequences to Fiat Auto and the dealer
network.

The interruption of normal shipments to the dealer network has
created storage capacity problems compromising sales activities
and halting manufacturing activities at three Fiat Auto plants
(Melfi, Mirafiori and Cassino).  The damage to the company is
serious at the manufacturing, sales and financial level.

Fiat Auto has formally charged the companies responsible for the
transportation of vehicles with non-fulfillment of current
contract terms and asked them to take up again service without
delay.  The company has filed for damages incurred as a result
of the blocked shipments and reserved the right to take legal
action including dissolution of the contract.  Similar action
has been undertaken at Iveco.

CONTACT:  FIAT S.p.A.
          250 Via Nizza
          10126 Turin
          Phone: +39-011-006-1111
          Fax: +39-011-006-3798
          Web site: http://www.fiatgroup.com


PARMALAT FINANZIARIA: Targets September Relisting
-------------------------------------------------
Parmalat will relist on Milan Stock Exchange as early as
September once its creditors approve the debt-restructuring
plan, says Il Sole 24 Ore.

Parmalat published Saturday an extract of its relisting
prospectus, which presents a list of financial, legal and
industrial risks.  The prospectus, however, did not indicate the
exact date of the relisting.  The prospectus shows Parmalat will
offer 1.541 billion shares at a nominal value of EUR1 per share.

Parmalat's relisting received a major boost Friday, when it
received the clearance of stock market regulator Consob.  The
food group will use a new name -- Parmalat S.p.A. -- instead of
the holding company Parmalat Finanziaria S.p.A.  The holding
firm will cease to exist under the restructuring plan and after
the approval of the debt-for-equity swap by shareholders.  The
dairy group was expelled from the exchange on Dec. 29, 2003 when
it collapsed under the weight of a EUR14 billion debt.

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

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


TISCALI SPA: To Pocket at Least EUR8M From Sale of Spanish Arm
--------------------------------------------------------------
Tiscali S.p.A. chairman Vittorio Serafino revealed Sunday the
sale of its Spanish subsidiary could fetch at least EUR8
million.

In an interview with Milano Finanza, Mr. Serafino disclosed the
deal involving its Spanish business and its TiNet venture will
be finished before summer.  Telecom Italia has reportedly
proposed EUR10 million for TiNet.

The company is also reportedly considering either selling its
Czech operations or increasing investments.  A decision is
expected by the end of June.

Tiscali is set to raise about EUR50 million upon conclusion of
its asset sales plan and reimbursement of a EUR250 million bond
in July.

Earlier, the company sold its Excite Italia Web portal to U.S.
Internet group Ask Jeeves Inc. for EUR6.1 million as part of its
ongoing sale of non-core assets.

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.

Mr. Serafino noted the IAS adoption will increase the company's
full year net result by EUR50 million.

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


===================
K Y R G Y Z S T A N
===================


AUTOMATICA-PROFI: Gives Creditors Until July to File Claims
-----------------------------------------------------------
LLC Automatica-Profi, which recently became insolvent, will
accept proofs of claim until July 16, 2005 at Turusbekova Str.
31, room 510.  For more information, call (0-312) 90-00-89.


BAICHECHEKEI: Declared Insolvent
--------------------------------
LLC Baichechekei, which recently became insolvent, will accept
proofs of claim until July 19, 2005 at Nookat district, Osh
region, Kulatova.

CONTACT:  BAICHECHEKEI
          Nookat district,
          Osh region, Kulatova


BI ROSTRA: Proofs of Claim Deadline July 16
-------------------------------------------
LLC Bi Rostra Company, which recently became insolvent, will
accept proofs of claim until July 16, 2005 at Bishkek, Molodaya
Gvardia Ave. 20/1.  For more information, call (0-312) 65-25-70.


FAKEL ANK: Urges Creditors to Submit Claims Before July 16
----------------------------------------------------------
LLC Fakel Ank, which recently became insolvent, will accept
proofs of claim until July 16, 2005 at Djalal-Abad, Stroiteley
Str. 27a.

CONTACT:  FAKEL ANK
          Djalal-Abad,
          Stroiteley Str. 27a


KEREMET-H: Claims Filing Period Expires July
--------------------------------------------
LLC Keremet-H, which recently became insolvent, will accept
proofs of claim until July 19, 2005 at Nookat district, Osh
region, Myrmahmudova.

CONTACT:  KEREMET-H
          Nookat district, Osh region,
          Myrmahmudova


SANA: Creditors to Meet Friday to Replace Insolvency Manager
------------------------------------------------------------
The creditor of LLC Sana will meet at Bishkek, Toktogula Str.
212 on June 3, 2005, 10:00 a.m.

Agenda:

(a) Creditors' expression of distrust to temporary insolvency
    manager B. Tynaliev; and

(b) Others

For more information, call (0-312) 21-12-67.


ZAVOD STROITELNYH: Creditors Meeting Friday
-------------------------------------------
Stroitelnyh Izdeli, temporary insolvency manager of JSC Zavod,
has called for a meeting of creditors on June 3, 2005, 2:00 p.m.
at Karabalta, Kojomberdieva Str. 6.  For more information, call
(0-502) 54-15-29.


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


ORIFLAME COSMETICS: Distributes EUR0.75 per Share to Investors
--------------------------------------------------------------
Robert af Jochnick (Chairman), Bodil Eriksson, Jonas af
Jochnick, Christian Salamon and Kim Wahl were re-elected as
members of the Board of Directors of Oriflame Cosmetics S.A. at
an AGM and EGM in Luxembourg.

In addition, Helle Kruse Nielsen and Lennart Bjork were elected
as new members of the Board of Directors and Magnus Bronnstrom
as member of the Board of Directors further to his cooptation by
the Board on 1 March 2005.  Birgitta Johansson-Hedberg and Bengt
Braun declined re-election.

Helle Kruse Nielsen has worked in various management positions
at Unilever and Mars Inc. and is currently board member of Dansk
Droge A/S, Gumlink A/S, Vin&Sprit AB and ScanSeason A/S.
Shareholding in Oriflame Cosmetics: 0.

Lennart Bjork is chairman of the board and co-founder of Gant
Company AB.  Shareholding in Oriflame Cosmetics: 10,000.

The AGM approved the Board of Director's resolution that a
dividend of EUR0.75 per share (or the Swedish Krona equivalent
per Swedish Depository Receipt) shall be paid in cash out of the
profits of the fiscal year ended 31 December 2002.  The record
date in respect of such dividend is 24 May 2005 and the payment
of cash dividend is expected to occur through VPC on 27 May
2005.

The AGM approved the Board of Director's proposal that an
election committee shall be established and the AGM also
approved the proposed procedure for appointment of the members
of the Committee as set out in the AGM and EGM convening notice.

The EGM approved the proposal to issue shares under a new share
incentive plan for key employees in the Company for the years
2005-2007, whereby the EGM authorized the Board of Directors to
at one or several occasions increase the share capital of the
Company within the authorized share capital and exclude the pre-
emption right by the issue of up to 2,250,000 shares to the
participants under such plan, implying a potential maximum
dilution of approximately 3.0% in earnings per share in the
Company over the lifetime of the share incentive plan.

The EGM approved the alteration of article 5 of the Articles of
Association of the Company in accordance with the proposal of
the Board of Directors as set out in the AGM and EGM convening
notice.

The shareholders of the Company approved all other resolutions
that were proposed at the Annual General Meeting and at the
Extraordinary General Meeting.

                            *   *   *

Founded in Sweden in 1967, Oriflame is an international
cosmetics company with strong presence in 55 countries.  For the
year ended December 31, 2004, the company posted an operating
profit of EUR109.5 million as operating cash flow almost doubled
to EUR90.5 million.  Net interest bearing debt also improved to
EUR57.5 million, down from EUR189.8 million.  Shareholders'
equity remained negative, however, at -EUR34.99 million, as
liabilities exceeded total assets of EUR300.8 million.

CONTACT:  ORIFLAME COSMETICS S.A.
          20 rue Philippe II
          L-2340
          Luxembourg
          Web site: http://www.oriflame.com

          Magnus Brannstrom, Chief Executive Officer
          Phone: +32 2 357 5529

          Kevin Kenny, Chief Financial Officer
          Phone: +32 2 357 5544

          Patrik Linzenbold, Investor Relations
          Phone: +32 2 357 5675


=============
R O M A N I A
=============


BANCA TIRIAC: On Watch Positive Over Merger Plans
-------------------------------------------------
Fitch Ratings placed Banca Comerciala Ion Tiriac S.A.'s Long-
term 'B+' and Short-term 'B' ratings on Rating Watch Positive,
following the announcement of the its planned merger with HVB
Romania to form HVB Tiriac.  Its other ratings are affirmed at
Individual 'D' and Support '5'.

The Rating Watch will be resolved on the completion of the
merger, which is expected before end-2005, subject to regulatory
approval.  This rating action reflects the increased support
Banca Tiriac could receive from Bank Austria Creditanstalt --
the 100% owner of HVB Bank Romania -- on completion of the
merger.  BACA will own over 50% of the merged entity, HVB
Tiriac, and have full control of its business.  The impact on
the ratings will be dependent on, among other things, the level
of integration between HVB Tiriac and its parent.

BACA is 75%-owned by Germany's Bayerische Hypo- und Vereinsbank
(HVB, rated 'A-').

Banca Tiriac is 73.6%-owned indirectly and directly by Mr. Ion
Tiriac.  At end-2004, Banca Tiriac represented 2.9% of total
system assets.  HVB Bank Romania represented 4.6%, and together
the banks would be the fourth largest in the market.

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Phone: +44 7748 928 376

          Olivia Perney, Frankfurt
          Phone: +49 69 7680 76243

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


ROMPETROL GROUP: On CreditWatch Negative After CEO's Detention
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit rating on Romania-based oil refining and
marketing company The Rompetrol Group N.V. on CreditWatch with
negative implications.

This action is in response to May 27, 2005 court hearing of the
chairman/CEO and main owner of Rompetrol Group.  Dinu Patriciu
was taken to the general prosecutor's office May 26, 2005, and
will appear at a court hearing May 27, 2005, where the
prosecutors may ask for an arrest warrant.  The CEO will be
questioned over Rompetrol's acquisition of its main asset, the
Petromidia S.A. refinery.

The CreditWatch status reflects increased concern that this
dispute could have an adverse effect on Rompetrol's financial
profile, in particular on its liquidity position, which may be
inconsistent with current rating in the event of a negative
outcome of the situation for Rompetrol.

"We will monitor the situation and seek to resolve the
CreditWatch situation once the charges against Rompetrol's CEO
have been clarified or resolved and once the financial and
business impact for the group is clearer," said Standard &
Poor's credit analyst Per Karlsson.  "The ratings could be
lowered if a negative outcome implies a material cash outflow, a
weakening of the liquidity position, higher debt, or if
Rompetrol loses control over the Petromida refinery."

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


ROMPETROL GROUP: Deputy CEO to Temporarily Take over Helm
---------------------------------------------------------
The abusive decision taken on Thursday by Romania's General
Prosecutor's office to temporarily detain Mr. Dinu Patriciu,
President of The Rompetrol Group, is not legally grounded and is
blatantly unjustified.

Rompetrol and its management have always shown fairness and
transparency in all their decisions, this being defining
principles for Rompetrol.

Rompetrol is carrying on with its activity in a normal way and
it will be, as it has always been, a strong organization,
capable of moving forward.  Despite the image and economic
deficit this transitory situation brings us, we will
successfully overcome this moment.  However, we express our
concern regarding the way in which government officials have
disregarded the relevant laws and procedures and decided to
engage in such arbitrary and unsubstantiated government actions.

In order to assure the company's steady operations, during this
period the management will be assumed by three management
committees lead by Mr. Philip Stephenson, Deputy Chief Executive
Officer of The Rompetrol Group.  The same existing management
team will support him.  The role of each of us in Rompetrol
remains the same: to continue seamlessly our daily activities,
with the same involvement and dedication that we have provided
until now.

"We are more determined than ever to demonstrate that we are
ready not only to overcome this difficult period, but also to
prove that Rompetrol Group shall fulfill its local and regional
development plans, remaining a successful management model, and
a viable and prosperous business.  We are a united team and we
hope that through our proven mutual respect, creditworthiness
and professionalism we shall maintain the public support even in
this extreme situation," said Philip Stephenson.

We consider that Rompetrol and the management of the company
have been treated incorrectly, without legal due process, and we
intend to expose those who are behind these unfair actions.  We
will strongly defend our rights in order to make sure that the
laws are correctly applied and that we are not subjected to any
abuses.  Rompetrol will consider legal actions in front of
Romanian and international Courts against the individuals and
organizations that for more than two years have been harassing
the company and its management.

By this action we expect that the legal and procedural
stipulations of this case will finally be applied in an unbiased
manner.

CONTACT:  ROMPETROL GROUP
          Rompetrol Building
          222 Calea Victoriei
          010099 Bucharest
          Romania
          Phone: +40 21 30 30 800
              Or +40 21 30 30 801
          Fax: +40 21 31 22 490
          E-mail: office@rompetrol.com
          Web site: http://www.rompetrol.com/


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


BALASHEYSKIYE ELECTRODES: Declared Insolvent
--------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Balasheyskiye Electrodes (TIN 6315561900)
after finding the limited liability company insolvent.  The case
is docketed as A55-12662/2004-13.  Mr. I. Teleshinin has been
appointed insolvency manager.  Creditors have until June 23,
2005 to submit their proofs of claim to 446001, Russia, Samara
region, Syzran - 01, Post User Box 41.

CONTACT:  BALASHEYSKIYE ELECTRODES
          Russia, Samara region,
          Kuybysheva Str. 145-504

          Mr. I. Teleshinin
          Insolvency Manager
          446001, Russia, Samara region,
          Syzran - 01, Post User Box 41


BICOM: Succumbs to Bankruptcy
-----------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Bicom after finding the company insolvent
and bankruptcy proceedings were introduced at the company.  The
case is docketed as A-32-29564/2004-2/209.  Ms. V. Kokurina has
been appointed insolvency manager.  Creditors may submit their
proofs of claim to 350075, Russia, Krasnodar, Stasova Str. 180.

CONTACT:  BICOM
          353211, Russia, Sochi, Lazarevskiy region,
          Pavlova St. 87, Apartment 76

          Ms. V. Kokurina
          Insolvency Manager
          350075, Russia, Krasnodar region,
          Stasova Str. 180


BUILDING CORPORATION: Declared Insolvent
----------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Building Corporation 911 after finding the
close joint stock company insolvent.  The case is docketed as
A50-3971/20055-B.  Mr. A. Nagovitsyn has been appointed
insolvency manager.

Creditors may submit their proofs of claim to:

(a) BUILDING CORPORATION 911
    Russia, Perm region, Berezovskiy region,
    Berezovka, Sovetskaya Str. 143

(b) Insolvency Manager
    614064, Russia, Perm,
    Usolskaya Str. 15, 3rd floor

(c) The Arbitration Court of Perm region
    614990, Russia, Perm region,
    Lunacharskogo Str. 3


ELANSKOYE: Deadline for Proofs of Claim June
--------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Elanskoye.  The case is docketed as A60-6246/2005-S4.  Mr. S.
Semenov has been appointed temporary insolvency manager.

Creditors have until June 23, 2005 to submit their proofs of
claim to:

(a) ELANSKOYE
    624831, Russia, Sverdlovsk region,
    Kamyshlovskiy region, Kalina, Sovetskaya Str. 1

(b) Temporary Insolvency Manager
    620219, Russia, Ekaterinburg,
    Post User Box 185

(c) The Arbitration Court Of Sverdlovsk region
    620219, Russia,
    Ekaterinburg, Lenina Pr. 34


IZMET: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Izmet.  The case is docketed as A-32-7126/2005-37/71-B.  Mr. D.
Khomutov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 350001, Russia,
Krasnodar, Post User Box 3477.  A hearing will take place on
Sept. 5, 2005, 10:00 a.m.

CONTACT:  IZMET
          353680, Russia, Krasnodar region,
          Eysk, Michurina Str. 16

          Mr. D. Khomutov
          Temporary Insolvency Manager
          350001, Russia, Krasnodar region,
          Post User Box 3477


NORWOOD ENTERPRISE: Court Appoints Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision procedure on open joint stock company
Norwood Enterprise.  The case is docketed as A05-2388/05-6.  Mr.
S. Matyugin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia,
Arkhangelsk, K. Marksa Str. 31, Building 1, Office 56.  A
hearing will take place on Aug. 30, 2005 at the Arbitration
Court of Arkhangelsk region located at Arkhangelsk, Loginova
Str. 17.

CONTACT:  NORWOOD ENTERPRISE
          Russia, Arkhangelsk region,
          Severodvinsk, Dvinskaya Str. 1

          Mr. S. Matyugin
          Temporary Insolvency Manager
          Russia, Arkhangelsk, K. Marksa Str. 31,
          Building 1, Office 56


ROAD REPAIR-BUILDING: Bankruptcy Hearing Set August
---------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on municipal unitary
enterprise Road Repair-Building Enterprise.  The case is
docketed as A75-2496/2005.  Mr. A. Glukhov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 628007, Russia,
Khanty-Mansiysk, Mendeleeva Str. 7, Apartment 8.  A hearing will
take place on Aug. 25, 2005 at the Arbitration Court of Khanty-
Mansiyskiy autonomous region located at Russia, Khanty-Mansiysk,
Lenina Str. 54/1.

CONTACT:  ROAD REPAIR-BUILDING ENTERPRISE
          Russia, Khanty-Mansiyskiy autonomous region,
          Nyagayn, Proezd 7, Building 2

          Mr. A. Glukhov
          Temporary Insolvency Manager
          628007, Russia, Khanty-Mansiysk autonomous region,
          Mendeleeva Str. 7, Apartment 8

          The Arbitration Court of Khanty-Mansiyskiy
          autonomous region
          Russia, Khanty-Mansiysk autonomous region,
          Lenina Str. 54/1


ROMODANOVO-AGRO-SNAB: Appoints S. Kolekin Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Mordoviya republic commenced bankruptcy
proceedings against Romodanovo-Agro-Snab after finding the open
joint stock company insolvent.  The case is docketed as A39-
1277/0 107/6.  Mr. S. Kolekin has been appointed insolvency
manager.

CONTACT:  ROMODANOVO-AGRO-SNAB
          Russia, Mordoviya republic, Romodanovo

          Mr. S. Kolekin
          Insolvency Manager, NP MSOPAU
          101000, Russia, Moscow,
          Lubyanskiy Pr. 5, Building 1


SOREVNOVANIYE: Krasnodar Court Names Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Sorevnovaniye.  The case is docketed as A-32-3790/2005-27/25-.
Mr. A. Kulinich has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 352040, Russia,
Krasnodar region, Pavlovskaya St., Pobedy Str. 98.

CONTACT:  SOREVNOVANIYE
          Russia, Krasnodar region,
          Leningradskiy region, Pervomayskiy

          Mr. A. Kulinich
          Temporary Insolvency Manager
          352040, Russia, Krasnodar region,
          Pavlovskaya St., Pobedy Str. 98


STATE VERESHAGINSKOYE: Under Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on State Vereshaginskoye Fuel Industry
Enterprise.  The case is docketed as A50-6311/2005-B.  Mr. A.
Tunev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 617120, Russia,
Perm region, Vereshagino, K. Marksa, 1a.

CONTACT:  STATE VERESHAGINSKOYE FUEL INDUSTRY ENTERPRISE
          617120, Russia, Perm region,
          Vereshagino, K. Marksa, 1a

          Mr. A. Tunev
          Temporary Insolvency Manager
          617120, Russia, Perm region,
          Vereshagino, K. Marksa, 1a


YUKOS OIL: Bailiffs Recoup RUB392 Billion Tax Payment
-----------------------------------------------------
The government has continued to extract back tax payments from
struggling Yukos Oil company, according to Interfax.

Federal Court Bailiff Service Director Nikolai Vinnichenko said
they have recovered a further RUB392 billion from the company in
accordance with orders from the tax authorities.  This makes
Yukos indebted for a remaining RUB59 billion to the federal
budget.  Courts, though, are handling claims for RUB400 billion
more.

Yukos was already stripped of its main production asset,
Yuganskneftegaz, in December to pay for a US$27.5 billion back-
tax bill.  The company subsequently applied for bankruptcy in
the U.S. but was denied, as a potential reorganization was
deemed unrealizable by the court -- Yukos' major assets are in
Russia, and the U.S. bankruptcy court could not ascertain the
government would cooperate with any restructuring plan.

The firm recently unveiled a major organizational and financial
restructuring that would see the Yukos Moscow management company
disbanded into two new operating units.

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


YUKOS OIL: Samaraneftegaz Wins RUB50 Mln Tax Bill Cut
-----------------------------------------------------
The Moscow Arbitration court on Thursday confirmed a RUB8.7
billion back tax bill against Yukos Oil subsidiary
Samaraneftegaz, but reduced it by RUB50 million, according to
Kazinform.

The unit is facing tax claims for 2001 to 2003.  This month, it
has been served with a RUB8 billion tax demand for 2001, which
was reduced by RUB910 million.  A RUB7 billion bill for 2003 is
pending an appeal.  A June 1 hearing has been set.

Samaraneftegaz is accused of illegally benefiting from tax
exemptions by selling oil at low prices to companies registered
in tax the haven of Evenkia region.

Shares in Yukos' subsidiaries, including Samaraneftegaz, were
seized in April in relation to a suit filed against the group by
Yuganskneftegaz.  Yuganskneftegaz is blaming Yukos for an
alleged RUB163 billion loss.

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


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


SWISS INTERNATIONAL: EU Seeks Third-party Comment on Merger
-----------------------------------------------------------
The European Commission (EC) wants third parties to express
their opinion on the merger between national carriers Deutsche
Lufthansa and Swiss International Air Lines, Reuters says.

"The Commission invites interested third parties to submit their
possible observations on the proposed operation to the
Commission," the regulator said.  EC recently launched a one-
month probe into how the merger would affect competition, days
after it received a formal notice of the takeover.  The EC will
rule on 24 whether to sanction the tie-up without conditions,
recommend a revised transaction, or launch an in-depth probe.

The commission gave third parties 10 working days to submit
their opinions starting May 21, when the notice is published in
the European Union's Official Journal.

Lufthansa acquired last month more than 86% of Swiss
International, which rose three years ago from the remains of
collapsed Swissair and regional carrier Crossair.  The
transaction involved payment of up to EUR265 million (US$342.3
million) to large shareholders and another EUR45 million
(US$58.1 million) to individuals whose shares are in free float.

CONTACT:  SWISS INTERNATIONAL AIR LINES LTD.
          Aeschenvorstadt 4
          CH-4051 Basel
          Switzerland
          Phone: +41-61-582-00-00
          Fax: +41-61-582-33-33
          Web site: http://www.swiss.com

          DEUTSCHE LUFTHANSA AG
          Von-Gablenz-Strasse 2-6
          D-50679 Cologne, 21
          Germany
          Phone: +49-69-696-0
          Fax: +49-69-696-6818
          Web site: http://www.lufthansa.com


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


100% DESIGN: Members Pass Winding-up Resolution
-----------------------------------------------
At the extraordinary general meeting of the members of 100%
Design (UK) Limited on May 13, 2005 held at The Carlton Hotel,
Meyrick Road, East Overcliff, Bournemouth, Dorset BH1 3DN, the
extraordinary resolution to wind up the company was passed.
Alex Kachani of Crawfords, Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB has been appointed liquidator of the
company.

CONTACT:  CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: akachani@aol.com


2.33 LIMITED: Members Hire Liquidator from Cranfield Recovery
-------------------------------------------------------------
At the extraordinary general meeting of the members of 2.33
Limited (t/a Keymark Building Solutions UK) on May 23, 2005 held
at Express by Holiday Inn, Birmingham-Castle Bromwich, Junction
5, M6, Chester Road, Birmingham B35 7AF, the subjoined
extraordinary resolution to wind up the company was passed.
Tony Mitchell of Cranfield Recovery Limited, 2 Hawkes Drive,
Warwick CV34 6LX has been appointed liquidator of the company.

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


ABBEY COURT: Members Decide to Wind up Firm
-------------------------------------------
At the extraordinary general meeting of the members of Abbey
Court Leisure (Grantham) Limited held at Angel & Royal Hotel,
High Street, Grantham, Lincolnshire NG31 6PN, the extraordinary
and ordinary resolutions to wind up the company were passed.
Adrian David Allen of Baker Tilly, 2 Whitehall Quay, Leeds LS1
4HG has been appointed liquidator of the company.

CONTACT:  BAKER TILLY
          2 Whitehall Quay, Leeds LS1 4HG
          Phone: 0113 285 5000
          Fax:   0113 285 5001
          Web site: http://www.bakertilly.co.uk


AIRCOM DISTRIBUTION: Appoints Atherton Bailey Administrator
-----------------------------------------------------------
Malcolm Peter Fillmore and Ranjit Bajjon (IP Nos 6525, 8756)
have been appointed administrators for Aircom Distribution
Limited.  The appointment was made May 17, 2005

CONTACT:  ATHERTON BAILEY LLP
          3-4 The Courtyard,
          East Park, Crawley,
          West Sussex RH10 6AG


ARMOUR SEC-EURO: Names Liquidator from Abbey Taylor Ltd.
--------------------------------------------------------
At the extraordinary general meeting of Armour Sec-Euro Guard
Limited on May 17, 2005 held at The Premier Travel Inn, New
Chester Road, Childer Thornton, Ellesmere Port CH66 1QW, the
subjoined extraordinary resolution to wind up the company was
passed.  Tracy Ann Taylor of Abbey Taylor Limited, Blades
Enterprise Centre has been appointed liquidator of the company.

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


A R M VEHICLE: Liquidator from Campbell Crossley Moves in
---------------------------------------------------------
At the extraordinary general meeting of A R M Vehicle Imports
Limited on May 20, 2005 held at The Rhinewood Country House
Hotel, Glazebrook Lane, Glazebrook, near Warrington, Cheshire
WA3 5BB, the subjoined resolutions to wind up the company were
passed.  Richard Ian Williamson of Campbell Crossley and Davis,
348-350 Lytham Road, Blackpool FY4 1DW has been appointed
liquidator of the company.

CONTACT:  CAMPBELL CROSSLEY & DAVIS
          348-350 Lytham Road
          Blackpool
          Lancashire FY4 1DW
          Phone: 01253 349331
          Fax: 01253 349435
          E-mail: ian.williamson@crossleyd.co.uk


AVIS EUROPE: Market Difficulties Persist
----------------------------------------
At Avis Europe's AGM on May 25, Alun Cathcart, Chairman,
commented: "As anticipated at our full year results announcement
in February, difficult trading conditions have continued in the
first four months of 2005.  Revenue is below the comparative
period in all segments with continued pressure on yields.
Modest volume growth in the Corporate and Premium segments was
offset by weakness in Replacement and lower demand in Leisure.

"Intra-European Leisure revenue was slightly below prior year,
with lower volume largely due to the earlier timing of Easter in
2005.  To date we have not experienced any recovery in inbound
U.S. demand.  However, we continue to yield the available
business with revenue per day slightly ahead of prior year.

"Positive volume growth in the Corporate segment was more than
offset by continued pricing pressure, especially in France.
Replacement volumes and yields were below prior year,
particularly in Northern European markets.

"The revenue growth initiatives implemented in the first phase
of our recovery strategy are expected to deliver improved volume
trends in the second half of this year.  Plans for the second
phase of our recovery strategy are well underway and once
validated we would expect to provide investors with an update by
the end of June.

"For the full year we are now forecasting lower revenue growth
given the above trends and anticipate higher interest cost due
to an expected reversal of fleet working capital.  However, we
continue to deliver operational cost efficiencies and therefore
there is no change to our internal expectations for the outturn
for the full year."

EGM and Dividend Payments

An EGM was held, immediately following the AGM, to seek
shareholder approval on the measures proposed by the Board to
address the deficit on the company's distributable reserves.
The proposed Share Premium Reduction, subject to shareholder and
court approval, will eliminate the deficit on the Company's
profit and loss account so that dividends may be paid out of
distributable reserves created by future earnings.

The current trading environment, as outlined above, is not
materially different from that anticipated at the time of
announcement of the full year results, therefore the Board does
not currently intend to recommend any dividend in respect of the
financial year ended 31 December 2005.

CONTACT:  AVIS EUROPE PLC
          Murray Hennessy, Chief Executive
          Phone: 01344 426644
          Martyn Smith, Group Finance Director
          Phone: 01344 426644

          BRUNSWICK
          Susan Gilchrist/Craig Breheny
          Phone: 020 7404 5959


BARTONCROWN LIMITED: Calls in Liquidators from Valentine & Co.
--------------------------------------------------------------
At the extraordinary general meeting of Bartoncrown Limited on
May 19, 2005 held at the offices of Valentine & Co., 4 Dancastle
Court, 14 Arcadia Avenue, London N3 2HS, the extraordinary and
ordinary resolutions to wind up the company were passed.  Robert
Valentine and Mark Reynolds of Valentine & Co, 4 Dancastle
Court, 14 Arcadia Avenue, London N3 2HS have been appointed
joint liquidators of the company.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


BLUE MOON: Maximvs Buys Magazine, Credit Products
-------------------------------------------------
B2B magazines and recruitment specialist Maximvs has acquired
Blue Moon Publishing Ltd.'s Credit Today magazine and its range
of credit products, according to Creditman Friday.

Administrator Simon Plant, of S.F. Plant & Co., said: "Blue Moon
Publishing attracted a great deal of interest and the Maximvs
offer was the best offer received."

Mr. Plant was appointed administrator for Blue Moon on May 9,
2005.

In April, Blue Moon announced it was undertaking a restructure
following a series of illegal activities against the firms'
consumer magazine publishing activities in 2003-2004.

Kamala Panday, codirector of BMP, said: "The future is as always
bright for our products.  Unfortunately, Blue Moon Publishing
has been badly hit by two separate legal actions in our consumer
magazine publishing sector, one of which is the subject of a
high court case coming to trial shortly, and we hope to make
substantial recovery.

"We have tried to be as transparent as possible in terms of
taking the appropriate steps under difficult circumstances to
ensure we maximize the creditors' interests, which includes the
directors of the company, through a series of offers."

CONTACT:  BLUE MOON PUBLISHING LTD.
          Magdalen House, 136-148 Tooley Street
          London SE1 2TU
          Phone: 020-7407-4700

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


BRIGHTSTAR FIREWORKS: Names Wilson Pitts Administrator
------------------------------------------------------
David Frederick Wilson and Julian Nigel Richard Pitts (IP Nos
703, 7851) have been appointed administrators for Brightstar
Fireworks Limited.  The appointment was made May 18, 2005.  The
company wholesales firework.

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


C4C CONSULTING: Names P&A Partnership Liquidator
------------------------------------------------
At the extraordinary general meeting of C4C Consulting Limited
on May 18, 2005 held at The Old Barn, Caverswall Park,
Caverswall Lane, Stoke on Trent ST3 6HP, the resolution to wind
up the company was passed.  Ian Michael Rose and Robert Michael
Young of Poppleton & Appleby, The Old Barn, Caverswall Park,
Caverswall Lane, Stoke on Trent ST3 6HP have been appointed
joint liquidators of the company.

CONTACT:  THE P&A PARTNERSHIP
          The Old Barn, Caverswall Park, Caverswall Lane
          Stoke on Trent ST3 6HP
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


CAPITAL PAPER: Members Pass Winding-up Resolution
-------------------------------------------------
At the extraordinary general meeting of the members of Capital
Paper (Holdings) Plc on May 6, 2005 held at the offices of David
Rubin & Partners, Pearl Assurance House, 319 Ballards Lane,
London N12 8LY, the extraordinary resolution to wind up the
company was passed.  David Rubin of David Rubin & Partners,
Pearl Assurance House, 319 Ballards Lane, London N12 8LY has
been nominated liquidator of the company.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


COLOURTONE PRINTING: Liquidator from Martin Busst & Co. Moves in
----------------------------------------------------------------
At the extraordinary general meeting of the members of
Colourtone Printing & Dying Limited on May 16, 2005 held at The
Pennine Way Hotel, Manchester Street, Oldham OL8 1UZ, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Martin Busst of Martin Busst & Co, 8 Penrhos
Drive, Bangor LL57 2AZ has been appointed liquidator of the
company.

CONTACT:  MARTIN BUSST & CO
          8 Penrhos Drive
          Bangor
          Gwynedd LL57 2AZ
          Phone: 01248 355564
          Fax: 01248 360379
          E-mail: martinbusst@martinbusst.fsnet.co.uk


CREWS RECRUITMENT: Names Valentine & Co. Liquidator
---------------------------------------------------
At the extraordinary general meeting of Crews Recruitment
Limited on May 18, 2005 held at the offices of Valentine & Co.,
4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Robert Valentine and Mark Reynolds of Valentine &
Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS have
been appointed joint liquidators of the company.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


DAVINAS LIMITED: Members Decide to Wind up Firm
-----------------------------------------------
At the extraordinary meeting of the members of Davinas Limited
(t/a Joyti) on May 9, 2005 held at the offices of David Rubin &
Partners, Pearl Assurance House, 319 Ballards Lane, London N12
8LY, the extraordinary resolution to wind up the company was
passed.  Lane Bednash of David Rubin & Partners, Pearl Assurance
House, 319 Ballards Lane, London N12 8LY has been nominated
liquidator of the company.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


DESIGNER FURNITURE: Names Oury Clark Liquidator
-----------------------------------------------
At the extraordinary general meeting of Designer Furniture
Limited on May 18, 2005 held at Oury Clark, Herschel House, 58
Herschel Street, Slough, Berkshire SL1 1PG, the subjoined
extraordinary resolution to wind up the company was passed.
Elliot H. Green of Oury Clark, Herschel House, 58 Herschel
Street, Slough, Berkshire SL1 1PG has been appointed liquidator
of the company.

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


DEWTEC LIMITED: Appoints Liquidator from DS Insolvency Services
---------------------------------------------------------------
At the extraordinary general meeting of Dewtec Limited on May
19, 2005 held at 1 Brassey Road, Old Potts Way, Shrewsbury,
Shropshire SY3 7FA, the extraordinary and ordinary resolutions
to wind up the company were passed.  Martin Williamson of DS
Insolvency Services Ltd., 29 King Street, Newcastle,
Staffordshire ST5 1ER has been appointed liquidator of the
company.

CONTACT:  DS INSOLVENCY SERVICES LTD.
          29 King Street
          Newcastle-Under-Lyme
          Staffordshire ST5 1ER
          Phone: 01782 614618
          Fax: 01782 717287
          E-mail: mwilliamson@dsinsolvency.co.uk


DRINEY LIMITED: Members Decide to Wind up Firm
----------------------------------------------
At the extraordinary general meeting of the members of Driney
Limited (Formerly Specialist Insulation Services Limited) on May
20, 2005 held at Phoenix House, Bartholomew Street, Newbury, the
special resolution to wind up the company was passed.  P. R.
Boyle of Harrisons, 4 St Giles Court, Southampton Street,
Reading RG1 2QL has been appointed liquidator of the company.

CONTACT:  HARRISONS
          4 St Giles Court, Southampton Street,
          Reading RG1 2QL
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


DUNCAN MEE: Calls in Administrators from David Rubin & Partners
---------------------------------------------------------------
Asher Miller and David Rubin (IP Nos 9251, 2591) have been
appointed administrators for The Duncan Mee & Ipi Partnership
Limited.  The appointment was made May 18, 2005.  The company
offers asset recovery and tracing services.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


EKLECTIC TRADING: Appoints Liquidator from Levy & Partners
----------------------------------------------------------
At the extraordinary general meeting of Eklectic Trading Company
Limited on May 13, 2005 held at 86-88 South Ealing Road, London
W5 4QB, the extraordinary resolution to wind up the company was
passed.  Peter Maurice Levy of Levy & Partners, 86-88 South
Ealing Road, London W5 4QB has been appointed liquidator of the
company.

CONTACT:  LEVY & PARTNERS
          86/88 South Ealing Road
          London W5 4QB
          Phone: 020 8932 1932
          Fax: 020 8932 0122
          E-mail: peter@levyandpartners.com


EMB 2005: Winding-up Report Out this Week
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF EMB (2005) Realisations Limited

Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of the above-named Company
will be held on June 3, 2005, at 12:00 noon, within the offices
of PKF, Accountants and business advisors, 78 Carlton Place,

Glasgow G5 9TH, for the purposes mentioned in sections 99 to 101
of the said Act.  A list of the Company's Creditors will be
available for inspection within the offices of PKF, Accountants
and business advisors, 78 Carlton Place, Glasgow G5 9TH, two
days prior to the Meeting.

By Order of the Board,
V. Moore, Director
May 11, 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


EURO THIRTY: Hires Joint Liquidators from KPMG
----------------------------------------------
Name of companies:
Euro Thirty Gresham Street (Investments) Limited
Euro Thirty Gresham Street Limited

At the general meeting of these companies on May 17, 2005, the
special and ordinary resolutions to wind up the companies were
passed.  Jeremy Simon Spratt and Finbarr Thomas O'Connell of
KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been
appointed joint liquidators of the companies.

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


FEDERAL-MOGUL: U.K. Insurance Dispute Settlement Hearing Set
------------------------------------------------------------
Federal-Mogul Corporation and its debtor-affiliates asked the
U.S. Bankruptcy Court for the District of Delaware to approve
certain settlement agreements resolving an asbestos insurance
coverage litigation in England among non-Debtor subsidiary
Curzon Insurance Limited, Curzon's insurance brokers, and a
reinsurance firm.

Subsequently, Munchener Ruckversicherungs-Gesellschaft AG and
Centre Reinsurance International Co., a subsidiary of the Zurich
Financial Services Group, notified the Debtors of their belief
that the settlements with European International Reinsurance
Company Ltd. and Sedgwick may breach one or more provisions of
the Reinsurance Agreement.  In a Form 10-K filing with the U.S.
Securities and Exchange Commission, the Debtors report that the
hearing to review the March 1, 2004 motion has been adjourned
indefinitely as the parties attempt to resolve the issues raised
by Munich Re and Centre Reinsurance.  However, the settlement
efforts have been unsuccessful, prompting the Administrators to
file an action in the High Court of Justice, Chancery division
in London, England, seeking a declaration that the settlements
with European International and Sedgwick do not breach
provisions of the Reinsurance Agreement.

         Insurance Dispute Settlement is Set for Hearing

The hearing to review the March 1, 2004, motion seeking the
Bankruptcy Court's approval of the U.K. insurance settlement has
been adjourned indefinitely as the parties attempt to resolve
the issues raised by Munchener Ruckversicherungs-Gesellschaft AG
and Centre Reinsurance International Co., a subsidiary of the
Zurich Financial Services Group.  However, the settlement
efforts have been unsuccessful, prompting the Administrators to
file an action in the High Court of Justice, Chancery division
in London, England, seeking a declaration that the settlements
with European International Reinsurance Company Ltd. and
Sedgwick do not breach provisions of the Reinsurance Agreement.
According to Federal-Mogul Corporation in a regulatory filing
with the U.S. Securities and Exchange Commission, a hearing has
been set for July 13-15, 2005.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and $8.86 billion in liabilities.  At
Dec. 31, 2004, Federal-Mogul's balance sheet showed a $1.925
billion stockholders' deficit.  At Mar. 31, 2005, Federal-
Mogul's balance sheet showed a $2.048 billion stockholders'
deficit, compared to a $1.926 billion deficit at Dec. 31, 2004.
(Federal-Mogul Bankruptcy News, Issue No. 78; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


FIRSTNET ONLINE: Holds Final Creditors Meeting
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Firstnet Online Plc
                          (In Liquidation)

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a final Meeting of the Creditors of
Firstnet Online Plc will be held at 1 Royal Terrace, Edinburgh
EH7 5AD, on June 21, 2005, at 10:00 a.m. for the purposes of
receiving the Liquidator's report on the winding-up and to
determine whether the Liquidator should be released.

T. C. MacLennan, Liquidator

CONTACT:  TENON RECOVERY
          One Royal Terrace
          Edinburgh EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: edinburgh@tenongroup.com
          Web site: http://www.tenongroup.com

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


HARLOW GROUP: Liquidator from Vantis Redhead French Moves in
------------------------------------------------------------
At the extraordinary general meeting of Harlow Group Holdings
Limited on May 19, 2005 held at Allen House, Edinburgh Way,
Harlow, Essex CM20 2HJ, the special and ordinary resolutions to
wind up the company were passed.  Paul Atkinson of Vantis
Redhead French Limited, 43-45 Butts Green Road, Hornchurch,
Essex RM11 2JX has been appointed liquidator of the company.

CONTACT:  VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX
          Phone: 01708 458211
          Fax: 01708 442308


ICI OVERSEAS: Calls in Liquidator
---------------------------------
Name of companies:
ICI Overseas Limited
Industrial Software Products Limited
Innovative Chemical Applicators Limited
Heath Co 7 Limited
Long ING Fibre Company Limited
Mitrelle Limited
Oakworth Chemical Company Limited
Settle Limes Limited
Stevenston Impkemix Limited
William Tatton & Company Limited

At the extraordinary general meeting of these companies on May
19, 2005, the special resolution to wind up the companies was
passed.  Stephen Katz has been appointed liquidator of the
companies.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


I-KORE LIMITED: Liquidator to Present Report Next Week
------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                  IN THE MATTER OF I-Kore Limited

Notice is hereby given, pursuant to section 106 of the
Insolvency Act 1986, that the Final Meeting of Members and
Creditors of I-Kore Limited will held within the offices of
Cowan & Partners, 60 Constitution Street, Leith, Edinburgh EH6
6RR, on June 9, 2005, at 10:30 a.m. for the purpose of receiving
the Liquidator's final report showing how the winding-up has
been conducted and of hearing any explanations that may be given
by the Liquidator.

All Creditors are entitled to attend in person or by proxy, and
a Resolution will be passed when the majority of those voting
have voted in favor of it.  Creditors may vote where claims and
proxies have been submitted and accepted at the Meeting or
lodged beforehand at the address below.

David Forbes Rutherford, Liquidator

CONTACT:  COWAN & PARTNERS
          60 Constitution Street
          Edinburgh EH6 6RR
          Phone: 0131 554 0724
          Fax: 0131 553 2267
          E-mail: mail@cowanandpartners.co.uk

          David Forbes Rutherford
          E-mail: david.rutherford@cowanandpartners.co.uk


IMAGEMEDIX LIMITED: Hires Administrators from David Rubin
---------------------------------------------------------
David Rubin and Asher Miller (IP Nos 2591, 9251) have been
appointed administrators for advertising company Imagemedix
Limited.  The appointment was made May 4, 2005.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


JOSEPH WARD: Trustees Appoint Begbies Traynor Receiver
------------------------------------------------------
The Trustees of the Joseph Ward & Co (Printers) Limited Pension
Scheme appoints Paul Stanley and Robert Sadler joint
administrative receivers for Joseph Ward (Colourprint) Limited
(Reg No 572275, Trade Classification: 2222).  The application
was filed May 11, 2005.

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


MARKS & SPENCER: To Train Workers, Not 'Rip up' Contracts
---------------------------------------------------------
Marks & Spencer Group plc stressed Sunday it is not canceling
the contracts of its 66,000 shop floor staff, said the
Interactive Investor.

This contradicts a report by Mail on Sunday that M&S chief
executive Stuart Rose mulls to "rip up" employee contracts and
radically modify work practices in the company's efforts to
recover.

A spokeswoman for M&S reportedly said: "We are absolutely not
doing that."

She added the company is only implementing key staff
initiatives, which she noted are not about contracts.

Mail on Sunday disclosed that under new proposals, employees
will be working more hours during weekends, and every shop
worker is required to go through a two-day training in customer
service.

The report also said Mr. Rose discovered 429 contracts for
workers assuming the same roles when he entered M&S in 2003.

He said: "The questions we are trying to look at are - do we
have the right number of people and do we have the right type of
people?"

Mr. Rose, however, stressed the company "is and always has been
the most socially responsible company in Britain in terms of how
we look after people.  That is not going to change."

Earlier, M&S admitted its underlying full pretax profit dropped
by 19 percent as it warns outlook remains "challenging."

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

          Sue Sadler
          Phone: 020 8718 8642


OPENWINDOWS LIMITED: Appoints Chantrey Vellacott Administrator
--------------------------------------------------------------
The Royal Bank of Scotland Commercial Services Limited appoints
K. W. Touhey and D. J. Oprey (Office Holder Nos 8369, 5814)
joint administrative receivers for Openwindows Limited (Reg No
03087990, Trade Classification: 15).  The application was filed
May 19, 2005.  The company distributes computer memory and
ancillary products.

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


PREMIER FOODS: Re-elects Directors at AGM
-----------------------------------------
At the Annual General Meeting of Premier Foods plc on 26 May
2005, ordinary resolutions were passed to:

(a) receive Report and Accounts;

(b) declare a dividend;

(c) approve the Directors' Remuneration Report;

(d) re-elect as directors Robert Schofield, Paul Thomas, David
    Kappler, David Felwick CBE, Sharon Hintze, Ian McHoul, and
    Ian Ramsay;

(e) reappoint PwC and authorize the directors to fix their
    remuneration;

(f) amend the rules of the Long term Incentive Plan;

(g) authorize the Company, Premier Ambient Products (U.K.)
    Limited, HL Foods Limited, Chivers Hartley Limited, and MBM
    Produce Limited to make political donations; and

(h) renewal of authority to allot shares;

Special Resolutions for the disapplication of pre-emption rights
and) purchase by the Company of its own shares were also passed.

                            *   *   *

These Awards have been made under the Premier Foods plc Long
Term Incentive Plan:

Grants to Executive Directors

(a) to Robert Schofield, awards with respect to 144,280 of
    ordinary shares; and

(b) to Paul Thomas, awards with respect to 84,628 of ordinary
    shares.

These awards are subject to performance conditions, which are
measured over three years.  If an award vests, the award holder
may be granted a share option (with an aggregate exercise price
of GBP1) over the number of shares in respect of which the award
vests.  The share option will be capable of being exercised over
the subsequent ten years.

CONTACT:  PREMIER FOODS PLC
          28 The Green, Kings Norton
          Birmingham
          B38 8SD, United Kingdom
          Phone: +44-1727-815-850
          Fax: +44-1727-815-982
          Web site: http://www.premierfoods.co.uk

          Robert Schofield, Chief Executive
          Paul Thomas, Finance Director
          Gwyn Tyley, Investor Relations Manager
          Phone: +44 (0) 20 7638 9571


REGAL CARS: In Administrative Receivership
------------------------------------------
Bibby Factors Sussex Limited appoints Bernard Hoffman and Ian
Douglas Yerrill (IP Nos 001593 and 008924) joint administrative
receivers for Regal Cars Limited (Reg No 3988732).  The
application was filed May 19, 2005.

The company operates taxis.  Its registered office is located at
25 Harley Street, London W1G 9BR.

CONTACT:  GERALD EDELMAN BUSINESS RECOVERY
          25 Harley Street
          London W1N 2BR
          Phone: 020 7299 1400
          Fax: 020 7637 1440
          E-mails: bhoffman@GeraldEdelman.com
                   insolvency@edelman.co.uk


RENTOKIL INITIAL: Mulls Takeover Approach on Rival PHS
------------------------------------------------------
Rentokil Initial plc mulls bidding for rival PHS Group, which
could be valued at GBP500 million, says Mail on Sunday.

The services group has reportedly employed investment bank UBS
to evaluate PHS, including its debt.

Earlier this month, PHS revealed it had received a takeover
approach.  However, Rentokil chairman Brian McGowan kept mum on
rumors that the company was behind it.  JP Morgan Partners'
Safety-Kleen Europe was said to have made the offer.

PHS has also reportedly drawn interest from private equity
groups Electra, Cinven and Clayton Dubilier & Rice.

Last week, the GBP2.8-billion worth Rentokil issued a profits
warning.  Its laundry venture Initial Textile Service could be
divided into workwear and hotel laundry services if the takeover
by Davis Service group and Johnson Service Group materializes.

                            *   *   *

Shareholders have recently approved the proposed scheme of
arrangement to introduce a new listed holding company, Rentokil
Initial 2005 plc, which will be renamed Rentokil Initial plc
upon the Scheme becoming effective.

The issued ordinary share capital of New Rentokil Initial is
expected to be admitted to the Official List and to trading on
the London Stock Exchange's market for listed securities at 8:00
a.m. on 21 June 2005.  It is also expected that Rentokil Initial
ordinary shares will be delisted at that time.

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


SPHERE DRAKE: Deadline for Debt Claims September
------------------------------------------------
Notice of Sanction of Solvent
Scheme of Arrangement
In the High court of Justice
(of England and Wales)
No 1034 of 2004
Chancery Division
Companies Court

In the Matter of
SHERE DRAKE
INSURANCE LIMITED
(The "Scheme Company")
(In Relation only to the "Scheme
Business" as Defined in the Solvent
Scheme Defined Below)

And in the Matter of
The Companies Act 1985, Section 425

NOTICE IS HEREBY GIVEN that, by an order dated April 27, 2005
made in the High Court of Justice of England and Wales, Chancery
Division, Companies Court, at the Royal Court of Justice,
Strand, London WC2R 2LL, in the matter of the above-named
company, the solvent scheme of arrangement (the "Solvent
Scheme") to be made between Scheme Company and its Scheme
Creditors (as defined in the Solvent Scheme) pursuant to section
425 of the Companies Act 1985, which was voted on and approved
by Scheme Creditors during the meeting held on April 19, 2005,
was sanctioned.  A copy of the Solvent Scheme was lodged with
the Registrar of Companies on May 6, 2005 (the "Effective
Date"), and the Solvent Scheme became effective on that date.
The full text of the Solvent Scheme along with the accompanying
Explanatory Statement and all other related documents are
available for downloading at http://www.sdopools-
solventscheme.co.uk (the Web site).

Scheme Creditors are required to submit completed Claim forms in
respect of their Scheme Liabilities (as defined in the Solvent
Scheme) to Axiom Consulting Limited (the "Scheme Manager") at or
before 5:00 p.m. (London time) on Sept. 5, 2005 (the "Bar
Date").  Scheme Creditors may securely access, amend and submit
their individual Claim Forms through the facilities offered at
http://www.sdopools-solventscheme.co.uk. Alternatively, any
Scheme Creditor who does not wish to access or submit a Claim
Form using the Web site facilities may obtain a hard copy by
contacting any of Paul West, Colin Horwood or John Farrow of the
Scheme Manager at Lloyds Chambers, 1 Portsoken Street, London,
E1 8DF, United Kingdom.  (Phone: +44 (0) 207 767 2810, +44 (0)
207 767 2859 or +44 (0) 207 767 2860, fax +44 (0) 207 767 2878,
E-mail: paul.west@axiomcc.com, colin.horwood@axiomcc.com or
john.farrow@axiomcc.com).  Completed Claim Forms must be
submitted by Scheme Creditors, either by using the facilities
offered through the Web site or sent to the Scheme Manager by
post, by facsimile number referred to above so that they are
received by the Scheme Manager at or before the Bar Date.  Claim
Forms sent by post or by facsimile transmission should be marked
for the attention of Colin Horwood.

In the event that a Scheme Creditor fails to complete and submit
a Claim Form to the Scheme Manager at or before the Bar Date,
the total Scheme Liabilities of that Scheme Creditor will be
valued at an amount equal to the value of any Unpaid Agreed
Claims (as defined in the Solvent Scheme) of that Scheme
Creditor.  If the Scheme Creditor who fails to complete and
submit a Claim form to the Scheme Manager at or before the Bar
Date has no Unpaid Agreed Claims, the total Scheme Liabilities
owed to that Scheme Creditor will be valued at nil and such
Scheme Liabilities will be deemed to have been satisfied in full
under the Solvent Scheme.

Notice of the Effective Date and the Bar Date has been sent by
the Scheme Manager to all known Scheme Creditors at their last
known addresses along with a preaddressed form for making a
Postal Service Request (as defined in the Solvent Scheme)
together with confirmation of a unique login ID password which
will permit them to access their individual Claim Forms on the
Web site.  Any person who believes himself or herself to be a
Scheme Creditor who has not received notice of the Effective
Date or their unique login details should contact any of Paul
West, Colin Horwood or John Farrow of the Scheme Manager at the
above address.

Any Scheme Creditor who is unclear about or has nay questions
concerning this Notice, or the action that he or she is required
to take, or any Scheme Creditor who wishes to obtain a hard copy
of the Solvent Scheme or a Claim Form or any other document
contained on the Web site should contact any of Paul West, Colin
Horwood or John Farrow of the Scheme Manager at the above
address.

CONTACT:  Paul West
          Colin Horwood
          John Farrow
          Lloyds Chambers,
          1 Portsoken Street,
          London, E1 8DF, United Kingdom
          Phones: +44 (0) 207 767 2810
                  +44 (0) 207 767 2859
                  +44 (0) 207 767 2860
          Fax: +44 (0) 207 767 2878
          E-mails: paul.west@axiomcc.com
                   colin.horwood@axiomcc.com
                   john.farrow@axiomcc.com


SSNT SECURITIES: Final General Meeting Set June
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF SSNT Securities Limited

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final General Meeting of SSNT Securities
Limited will be held at 1 More London Place, London SE1 2AF, on
June 21, 2005, at 11:00 a.m. for the purpose of having a final
account laid before it showing how the winding-up of the Company
has been conducted and the property of the Company disposed of,
and of hearing any explanations that may be given by the
Liquidators.

Members are entitled to attend in person or alternatively by
proxy.  A Member may vote according to the rights attaching to
his shares as set out in the Company's Articles of Association.
A Resolution will be passed only if a majority of those voting
in person or by proxy vote in favor.  Proxies must be lodged
with me at or before the Meeting.

P. J. Brazzill, Joint Liquidator
May 10, 2005

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


TAYLOR HEAVY: Liquidator Calls Creditors Meeting
------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Taylor Heavy Haulage Ltd.
                        (In Liquidation)

Notice is hereby given pursuant to section 146 of the Insolvency
Act 1986 that a final meeting of the creditors of Taylor Heavy
Haulage Ltd. will be held at 1 Royal Terrace, Edinburgh EH7 5AD
on June 23, 2005 at 10:00 a.m. for the purposes of receiving the
Liquidator's report on the winding-up and to determine whether
the Liquidator should be released.

T. C. MacLennan, Liquidator

CONTACT:  TENON RECOVERY
          One Royal Terrace
          Edinburgh EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: edinburgh@tenongroup.com
          Web site: http://www.tenongroup.com

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


TRAVEL-HOLIDAYS: DTI Wants Tour Operator Liquidated
---------------------------------------------------
The Secretary of State for Trade and Industry has filed
petitions in the High Court to wind up Travel-Holidays House
Limited and subsidiary, Travel Holidays House UK Limited.

According to Creditman, the petition follows an investigation
pursuant to Section 447 of the Companies Act 1985.  Section 447
investigations are confidential and usually carried out whenever
the DTI suspects a misconduct going on in a company.  These
inquiries are usually completed within three months, according
to the DTI Web site.

The Official Receiver has been named provisional liquidator of
the company, pending the outcome of the hearing of the petition
on June 20, 2005.

DTI records show that Yvette Mukendi Tshilumba a.k.a. Yvette
Pauline Kaseka Mukendi is the sole director of both companies.
Both based in London, Travel-Holidays is registered as an
airline ticket agent, which offers cheap fares to African
destinations; while Travel Holidays House offers services like
visa processing and tour packages.

CONTACT:  TRAVEL-HOLIDAYS HOUSE LIMITED
          Cottrell House, 53 - 63 Wembley Hill Road
          Wembley, Middlesex, HA9 8BE

          TRAVEL HOLIDAYS HOUSE UK LIMITED
          Suite 21, London House, 53-54 Haymarket
          London, SW1Y 4RP
          Contact:
          Yvette Mukendi Tshilumba a.k.a.
          Yvette Pauline Kaseka Mukendi, Director

          THE INSOLVENCY SERVICE
          Public Interest Unit
          P.O. Box 203
          21 Bloomsbury Street
          London
          WC1B 3SS
          Phone: 0207 637 1110


WATERFORD WEDGWOOD: To Decide on Share Capital Increase June
------------------------------------------------------------
The Extraordinary General Meeting of Waterford Wedgwood plc will
be held at The Berkeley Court Hotel, Lansdowne Road,
Ballsbridge, Dublin 4, Ireland at 10.00 a.m. on 20 June, 2005 at
which resolutions are proposed to approve a waiver granted by
the Irish Takeover Panel in respect of the underwriting
arrangements relating to the Rights Issue, and to approve an
increase in the authorized share capital of the Company, and
associated allotment authorities and disapplication of rights of
pre-emption, each to facilitate the Rights Issue.

A copy of the Circular, and of the form of proxy for use at the
EGM, has been submitted to the Irish Stock Exchange and the U.K.
Listing Authority, and will shortly be available for inspection
at these locations:

Company Announcements Office,
Irish Stock Exchange,
28 Anglesea Street,
Dublin 2
Phone: + 353 1 6174200

Financial Services Authority,
25 The North Colonnade,
Canary Wharf,
London E14 5HS,
United Kingdom
Phone: + 44 207 066 1000.

CONTACT:  WATERFORD WEDGWOOD PLC
          1-2 Upper Hatch St.
          Dublin, 2, Ireland
          Phone: +353-147-81855
          Fax: +353-147-84863
          Web site: http://www.waterfordwedgwood.com

          POWERSCOURT
          (U.K. and International)
          Phone: + 44 (0) 20 7236 5615
          Rory Godson/Victoria Brough

          DENNEHY ASSOCIATES (Ireland)
          Phone: + 353 (0)1 676 4733
          Michael Dennehy Powerscourt (U.K. and International)


WM MORRISON: Chairman Ignores Pressure from Investors
-----------------------------------------------------
Ken Morrison on Friday stepped down as head of the operations
board of WM Morrison, but is staying as chairman of the group at
least for another year despite criticisms from shareholders.

Mr. Morrison will join monthly meetings about the company, but
will no longer attend the weekly meetings of the operations
board.  He has handed the decision-making task to chief
executive Bob Stott, who has delayed his retirement until spring
of 2007.  Both were intent on seeing the supermarket chain
integrate Safeway stores they have acquired for GBP3 billion
last year.  The conversion is expected complete by the end of
November.  The acquisition costs Britain's fourth-largest
supermarket chain almost a quarter of its market value.

WM Morrisson has issued four profits warnings since buying
Safeway.  The company reported improvement in trading in recent
weeks, but refused to give full-year profit figures.  It has
hired accountants KPMG to help it draw out financial forecasts.

At the annual general meeting on Friday, Richard Pennycock from
RAC was appointed finance director.  There were no non-executive
appointments.  Chairman David Jones remained the only
independent director.

CONTACT:  WM MORRISON SUPERMARKETS PLC
          Hilmore House
          Thornton Road
          Bradford
          West Yorkshire
          England
          BD8 9AX
          Phone: +44 1274 494166
          Fax: +44 1274 494831
          Web site: http://www.morereasons.co.uk


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (421)       1,700      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR   (202)         176      (17)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                      (32)         124      (63)
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Agor AG                   DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Glunz AG                  GLUG        (0)         428      (17)
Kamps AG                  KMPSF.PK   (93)       1,075      (61)
Kaufring AG               KAUG       (19)         151      (51)
Mannheimer AG                        (15)         879      N.A.
Marbert AG                MTBG       (13)         144      (50)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (106)       1,264      (50)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (38)         150      (26)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Delta Ice Cream                       (3)         183      (14)
DryShips Inc.             DRYS        (4)         184      (29)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                       (31)         793     (248)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (16,510)       5,285     (332)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (422)       1,982      376
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


RUSSIA
------
Kamchatskenergo                     (107)         291   (7,319)
Zil Auto                            (147)         349   (9,974)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


SWITZERLAND
-----------
Kaba Holding AG           KABZN      (23)         582      260


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (252)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Invensys PLC                        (963)       4,861      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L      (14)         321        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Misys Plc                 MSY       (334)         934       44
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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