TCREUR_Public/050318.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, March 18, 2005, Vol. 6, No. 55

                            Headlines

B E L A R U S

BELPROMSTROIBANK: 'CCC+/C' Ratings; Stable Outlook Affirmed


G E R M A N Y

AEW: Deadline for Creditors' Claims Nears
AIRELLE COSMETIC: Cedes Control to Court-appointed Administrator
BAUTENSCHUTZ ZECHMEISTER: Succumbs to Insolvency
EINFELDT & CO.: Administrator's Report Out May
F & W WEIMAR: Interim Administrator Takes over Operations

HOLZ-LAUX: Declares Bankruptcy
INNENAUSBAU GOTHA: Erfurt Court Brings in Administrator
INTERTAINMENT AG: Two Parties in Film Budget Row Opt to Settle
IVU TRAFFIC: Revenues Down 10% to EUR26.8 Million
JACO TRANSPORTE: Proofs of Claim Due Later this Month

KACKER BAU: Schwering Court Appoints Interim Administrator
RUNGIS EXPRESS: Seeks Extension of Wage Subsidies
SCHMIDT ERDBAU: Proofs of Claim Due Next Month
WALTER BAU: Strabag Takeover Gets European Commission's Nod


I T A L Y

ALITALIA SPA: Cabin Crew Ground Flights Anew


R U S S I A

CHARA: Proofs of Claim Deadline Nears
FSG UEZ-STROYMONOLITH: Bankruptcy Proceedings Begin
KOSTROMSKAYA: Gives Creditors Until April 19 to File Claims
KROTOVSKIY: Declared Insolvent
NIVA: Irkutsk Court Hires N. Kuzakov as Insolvency Manager

OLENINSKIY LES-PROM-KHOZ: Last Day for Filing Claims April 19
SHARLYKSKOYE GRAIN: Succumbs to Insolvency
TERYAEVSKOYE: Volgograd Court Opens Bankruptcy Proceedings
US-123: Moscow Court Appoints N. Egorova Insolvency Manager
WARM CITY: Undergoes Bankruptcy Supervision Procedure


S W E D E N

SKANDIA INSURANCE: Reaches Settlement with Ex-chairman
SKANDIA INSURANCE: Chairman Justifies Predecessor's Reprieve


S W I T Z E R L A N D

SWISS INTERNATIONAL: Merger with Lufthansa a Done Deal


U K R A I N E

ARTI: Proofs of Claim Deadline March 23
CONTINENT-GROUP: Names Mihajlo Shkabrij Liquidator
DNIPROENERGOBUD: Declared Insolvent
ECO-DNIPRO: Insolvency Manager to Temporarily Oversee Business
FASTIVBUD: Creditors' Claims Due Next Week

KOMUNENERGOMASHEKSPORT: Under Bankruptcy Supervision
LUNARIYA: Lviv Court Opens Bankruptcy Proceedings
PENTAGRO: Proofs of Claim Deadline Expires Next Week
UKRBUDTEH: Gives Creditors Until Next Week to File Claims


U N I T E D   K I N G D O M

AAA AA: Plumbing Company Calls in Administrator from Ward & Co.
ADVANCED TECHNOLOGY: Hires Fanshawe Lofts as Administrator
A E VOSS: Calls in Liquidator
AI PRODUCT: Appoints Joint Administrators from Begbies Traynor
ASSEMBLY INDUSTRIES: Appoints Begbies Traynor Administrator

AUTOMOTIVE PRODUCTS: Automotive Manufacturer in Administration
BEARINGPOINT EUROPE: Hires Deloitte & Touche to Liquidate Assets
BOWERBROOK LIMITED: Joint Liquidators from PwC Move in
BRIDE AND BEAUTY: Closure Leaves 80 Brides Without Gowns
CAMAS CONSULTANTS: Liquidator Takes over Helm

CELSIUS LTD.: Laboratory Supplier Calls in Administrator
CHESTERTON INTERNATIONAL: In Administrative Receivership
DCM CAPITAL: Hires Ernst & Young as Liquidator
DRIVE & SURVIVE: Hires Administrators from Kroll
DUGDALE DAVIES: Calls in Administrators from DTE Leonard Curtis

EAGLE COMPUTERS: Creditors Appoint Liquidator
EASTSTONE LIMITED: Creditors Meeting Set Later this Month
FOOD HAUL: Names Tenon Recovery Administrator
GADGET SHOP: Boardroom Tiff Sends firm into Administration
GASKELL PLC: De-lists After Failure to Refinance

GMD MOULDINGS: Members Decide to Wind up Firm
INTERNAL WINDOW: Construction Company Goes into Administration
MARCONI CORPORATION: To Meet Union Over Job-cuts Next Week
MEE COM: Joint Administrators from Begbies Traynor Move in
NEW DRIVING: Hires Administrators from Kroll Limited

NTL INC.: Sale of Irish Arm Near
OPM MANAGEMENT: Names Liquidator from PKF
PASHMINA RESTAURANT: Meeting of Creditors Set Later this Month
SAMACO LIMITED: Administrators from Begbies Traynor Move in
SBH CRUSHING: Hires Administrator from Houghton Stone Business

SILVER MINDS: DCD Trade Services Appoints Receiver
SO FRESH: National Westminster Bank Appoints Receiver
UNITY-BRISTOL LIMITED: Names B N Jackson Norton Administrator
VAN BENTLEY: Claims Filing Period Expires Later this Month
WEST HYDE: Calls in Joint Administrators from Begbies Traynor


                            *********


=============
B E L A R U S
=============


BELPROMSTROIBANK: 'CCC+/C' Ratings; Stable Outlook Affirmed
-----------------------------------------------------------
Fitch Ratings affirmed Belpromstroibank's (BPB) ratings at Long-
term 'CCC+', Short-term 'C', Individual 'E' and Support '5'.
The Outlook for the Long-term rating remains Stable.

The Long-term, Short-term and Support ratings are underpinned by
potential support from the Belarusian government in case of
need.  However, this support cannot be relied upon, given the
weak state of government finances.

The Individual rating reflects BPB's small size, high, albeit
falling, concentration levels, especially in its loan book, and
moderate performance, which is negatively affected by a high
cost base.  It also takes into account the bank's modest and
falling capitalization and significant weaknesses in its
operating environment.

In addition, it reflects the risks associated with the bank's
rapid loan book growth, a low level of loan loss reserves and
the bank's susceptibility to state interference.  However, Fitch
notes that BPB's quality of revenues is reasonable.  Its retail
deposit base is also well developed and enjoys a state
guarantee, which could support stability in times of stress.

Although BPB has an 80-year history, its present form only dates
back to 1991, when it was established from what was then the
Belarus branch of the Soviet Industry & Construction Bank
(Promstroibank).  It is one of the six Belarusian banks
considered by the authorities to be systemically important.
After a Q404 share issue, the state directly owns around 66% of
BPB, meaning that the bank enjoys a state guarantee on all
retail deposits.  BPB primarily services corporate customers,
particularly state and private enterprises operating in the
energy and manufacturing sectors.  In recent years it has also
enjoyed some success in attracting retail deposits.

CONTACT:  FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

          Alexei Kechko, London
          Phone: +44 20 7417 4301

          Media Relations:
          Campbell McIlroy, London
          Phone: +44 20 7417 4327


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


AEW: Deadline for Creditors' Claims Nears
-----------------------------------------
The district court of Rostock opened bankruptcy proceedings
against AEW -- Autoverwertung Rostock GmbH on Feb. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 31, 2005
to register their claims with court-appointed provisional
administrator Reiner Linck.

Creditors and other interested parties are encouraged to attend
the meeting on May 11, 2005, 10:00 a.m. at the district court of
Rostock, Zochstrasse, 18057 Rostock, Raum: 330 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:  AEW -- AUTOVERWERTUNG ROSTOCK GMBH
          Eckhard Wohlgemuth, Manager
          Werkstrasse 2, 18069 Rostock-Marienehe

          Reiner Linck, Administrator
          Paulstrasse 44, 18055 Rostock


AIRELLE COSMETIC: Cedes Control to Court-appointed Administrator
----------------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against Airelle Cosmetic GmbH on Feb. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 1, 2005 to register their
claims with court-appointed provisional administrator Erich
Holzemann.

Creditors and other interested parties are encouraged to attend
the meeting on April 22, 2005, 10:30 a.m. at the district court
of Munster Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, EG, Saal 13 B 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:  AIRELLE COSMETIC GMBH
          Gersteinstrasse 7b, 59227 Ahlen
          Contact:
          Peter Graf, Manager
          Wiedehofpweg 1, 59071 Hamm

          Erich Holzemann, Administrator
          Goethestr. 2, 59065 Hamm
          Phone: 02381/924200
          Fax: +4923819242020


BAUTENSCHUTZ ZECHMEISTER: Succumbs to Insolvency
------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Bautenschutz Zechmeister GmbH on Feb. 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 31, 2005 to
register their claims with court-appointed provisional
administrator Dr. Eric Silcher.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 10:30 a.m. at the district court
of Heilbronn, 74072 Heilbronn, Rollwagstr. 10A, Erdgeschoss,
Saal 4 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BAUTENSCHUTZ ZECHMEISTER GMBH
          Contact:
          Alfred Zechmeister, Manager
          Muhlstr. 40, 71739 Oberriexingen

          Dr. Eric Silcher, Administrator
          Bismarckstr. 6, 74072 Heilbronn
          Phone: 07131/91903-0


EINFELDT & CO.: Administrator's Report Out May
----------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Insolvenzverfahren Einfeldt & Co. KG on Feb.
8.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until April 15,
2005 to register their claims with court-appointed provisional
administrator Stefan Rieger.

Creditors and other interested parties are encouraged to attend
the meeting on May 10, 2005, 9:40 a.m. at Saal 2, Geb. F,
Klingerstr. 20, 60313 Frankfurt 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:  EINFELDT & CO. KG
          Halle 1, Berger Strasse 155, 60385 Frankfurt/Main

          Stefan Rieger, Administrator
          Zeilweg 42, 60439 Frankfurt am Main
          Phone: 069/963761130


F & W WEIMAR: Interim Administrator Takes over Operations
---------------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against F&W Weimar Bautrager GmbH on Feb. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 1, 2005 to register their
claims with court-appointed provisional administrator Marcello
Di Stefano.

Creditors and other interested parties are encouraged to attend
the meeting on May 3, 2005, 11:00 a.m. at Raum 12, Amtsgericht
Erfurt, Rudolfstr. 46, 99092 Erfurt at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  F & W WEIMAR BAUTRAGER GMBH
          Bernd Keil, Manager
          Carl-v.-Ossietzky-Strasse 67A, 99423 Weimar

          Marcello Di Stefano, Administrator
          Jonny-Schehr-Str. 1, 99085 Erfurt


HOLZ-LAUX: Declares Bankruptcy
------------------------------
The district court of Landau in der Pfalz opened bankruptcy
proceedings against Holz-Laux GmbH & Co KG on Feb. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 8, 2005
to register their claims with court-appointed provisional
administrator Martin Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting on May 9, 2005, 10:15 a.m. at Zimmer 225,
Amtsgericht, Marienring 13, 76829 Landau in der Pfalz at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  HOLZ-LAUX GMBH & CO KG
          Am Kleinwald 47, 76863 Herxheim
          Contact:
          Willi Laux, Manager
          Helmut Laux, Manager

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


INNENAUSBAU GOTHA: Erfurt Court Brings in Administrator
-------------------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Innenausbau Gotha GmbH on Feb. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 20, 2005 to register their
claims with court-appointed provisional administrator Dr. H.
Hess.

Creditors and other interested parties are encouraged to attend
the meeting on April 18, 2005, 2:30 p.m. at the district court
of Erfurt, Justizzentrum, Rudolfstr. 46, 99092 Erfurt, Saal 12
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  INNENAUSBAU GOTHA GMBH
          Thomas Schmidt, Manager
          Mohrenberg 01, 99867 Gotha

          Dr. H. Hess, Administrator
          Barbarossahof 4-5, 99092 Erfurt


INTERTAINMENT AG: Two Parties in Film Budget Row Opt to Settle
--------------------------------------------------------------
Film Finances Inc. and Film Finances (1998) Canada Ltd. have
agreed to pay an undisclosed sum to Intertainment AG to settle a
legal dispute over film budgets in the U.S.

The companies will also assign their claims against the
insolvent film producers Franchise Pictures and subsidiaries of
Franchise to the estate, and thereby withdraw from the list of
creditors.  Intertainment is the biggest unsecured creditor in
the Franchise insolvency proceedings.  It has further been
agreed that International Motion Pictures Corporation Ltd., Hong
Kong, will withdraw its arbitration claim against Intertainment
in connection with the film "Tracker."

Until the settlement was concluded, Film Finances Inc. and Film
Finances Canada (1998) Ltd., together with Comerica Bank and
executive managers of the bank, were among the parties opposed
to the claims asserted by Intertainment in an arbitration
proceeding in the U.S.  Intertainment is asserting claims
amounting at least US$100 million.  The opposing parties are
demanding from Intertainment payments totaling US$70 million.

Intertainment will pursue the arbitration proceedings involving
claims against Comerica Bank and its managers.  Intertainment
was awarded a total of US$121.7 million in the successful fraud
trial won against the American film producer Franchise Pictures
and other parties in June 2004.

CONTACT:  INTERTAINMENT AG
          Osterfeldstrasse 84
          85737 Ismaning
          Deutschland
          Contact:
          Investor Relations
          Phone: +49 (0)89 21699-0
          Fax: +49 (0)89 21699-11
          Web site: http://www.intertainment.de
          E-mail: investor@intertainment.de


IVU TRAFFIC: Revenues Down 10% to EUR26.8 Million
-------------------------------------------------
IVU Traffic Technologies AG made enormous strides forward during
the 2004 business year in its efforts to restructure the
company, as revealed by the annual report, which was adopted
March 2, by the Supervisory Board of the Berlin software
company.

The EUR26.8 million in revenues were 10% lower than in the
previous year and thus weaker than anticipated.  At the same
time, IVU made deep cuts in its costs, which improved the
operating result, leaving it at a mere -EUR400,000.  IVU
estimates that it will earn EUR1 million to EUR2 million in
operating profit not considering severance payments.

Personnel expenditures over the 12-month period dropped another
14% to EUR16.7 million, which is a EUR2.8 million reduction.
However, the entire cost of the redundancy measure for the
current year had already been allocated in 2004, which means
that the profit and loss statement shows a personnel cost figure
that is roughly EUR1 million higher.

In addition to personnel costs, 2004 also saw a EUR1.4 million
reduction in other operating expenses, i.e. the company's costs
for property and equipment, which amounts to 21%.  Unlike the
operating result, both EBIT and the consolidated profit remained
significantly negative, due to high depreciations, particularly
in the area of services on the company's own account that were
activated in the past.  In addition, a one-time goodwill
depreciation amounting to EUR3.3 million was written off, which
burdens the profit and loss statement.

"Considering the difficult economic climate that has left the
public sector and especially local governments short on cash, we
put up a good fight in 2004, even if we are not particularly
happy with our revenue figures," said Prof. Dr. Ernst Denert,
Chairman of the Executive Board of IVU.  The revenue shortfall
forced the company to make further cuts in personnel costs.  As
a result, 38 employees were laid off in 2005, 27 of them in
Berlin and 11 in Aachen.  Reductions in personnel expenses due
to the layoffs will run to EUR1.4 million in 2005 and EUR2.1
million in 2006.  However, the full impact of this measure on
liquidity will not be felt until 2006, with only EUR0.4 million
applying to 2005.

The company's target is to keep 2005 sales at least at the same
level as in the previous year; there is a good chance that this
target will be exceeded and reach around EUR28-29 million.  This
situation, along with the redundancies and lower material costs,
would result in an operating result between one and two million
euros not considering severance payments, enough to finance
necessary investments.

The volume of orders at the beginning of 2005 is good, with new
orders covering about 60% of the sales planned for 2005 as of 31
December 2004.  As of 31 Dec. 2004, IVU held EUR1.6 million in
cash, EUR2.7 million in available lines of credit, while another
EUR0.9 million had been furnished as a deposit for guarantees.
If the company earns between EUR28 million and EUR29 million in
revenues, it will achieve sufficient liquidity in 2005.

IVU Traffic Technologies AG is a leading supplier of IT systems
for planning, operating and optimizing transport and logistics
processes.  Over 25 years of experience developing hardware and
software systems for more than 300 public transport companies
has also made IVU the market leader for IT solutions in other
segments: monitoring truck fleets, setting up retail networks in
geo-marketing, election processing.  This is IVU's approach to
transportation and beyond.

The full copy of the financial results is available free of
charge at http://www.ivu.de.

CONTACT:  IVU TRAFFIC TECHNOLOGIES AG
          Bundesallee 88, 12161 Berlin
          Germany
          Phone: +49 (0)30 85906-800
          E-mail: gerd.henghuber@ivu.de
          Web site: http://www.ivu.de
          Contact:
          Gerd Henghuber
          Head of Corporate Communications


JACO TRANSPORTE: Proofs of Claim Due Later this Month
-----------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Jaco Transporte GmbH on Feb. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 31, 2005 to register their
claims with court-appointed provisional administrator Friedrich
Knoop.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 8:35 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf,
3. OG Altbau, A 341 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:  JACO TRANSPORTE GMBH
          Eibenweg 9, 40764 Langenfeld
          Contact:
          Heiderose Amalie Jacobi, Manager
          Eibenweg 9, 40764 Langenfeld

          Friedrich Knoop, Administrator
          Robertstrasse 3, 40229 Dusseldorf


KACKER BAU: Schwering Court Appoints Interim Administrator
----------------------------------------------------------
The district court of Schwerin opened bankruptcy proceedings
against Kacker Bau GmbH on Feb. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 24, 2005 to register their claims
with court-appointed provisional administrator Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting on April 25, 2005, 10:45 a.m. 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:  KACKER BAU GMBH
          Contact:
          Guido Kacker, Manager
          Cambser Strasse 24, 19067 Rampe

          Dirk Decker, Administrator
          Obotritenring 98, 19053 Schwerin


RUNGIS EXPRESS: Seeks Extension of Wage Subsidies
-------------------------------------------------
The future remains bleak for insolvent food supplier Rungis
Express, as it has yet to outline a rescue plan, The Financial
Times says.

Insolvency administrator Andreas Ringstmeier has to sell the
group before March 31, when employment agencies cease to cover
the salaries of its 400 employees.  Mr. Ringstmeier hopes the
insolvency compensation would be extended to prevent the group's
total collapse.

Three weeks ago, according to Mr. Ringstmeier, at least 10
buyers expressed interest in the company; but they backed out
after reviewing the group's accounts, which they say lack
transparency.  Fresh food supplier Frische-Paradies, Deutsche
See and Austrian group Vivatis Holding, were among the bidders.

CONTACT:  RUNGIS EXPRESS GESELLSCHAFT FUR FRISCHIMPORTE MBH &
          CO. KG
          Am Hambuch 2
          53340 Meckenheim
          Phone: 02225-883-0
          Fax: 02225-883-300
          E-mail: Info@Rungis-Express.de
          Web site: http://www.rungis-express.de


SCHMIDT ERDBAU: Proofs of Claim Due Next Month
----------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Schmidt Erdbau GbR on Feb. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 13, 2005 to register their
claims with court-appointed provisional administrator Knut
Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting on May 11, 2005, 11:30 a.m. at the district court of
Braunschweig, An der Martinikirche 8, 38100 Braunschweig at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  SCHMIDT ERDBAU GBR
          Goslarsche Strasse 8, 38315 Schladen
          Contact:
          Angela Schmidt, Manager
          Rene Widmaier, Manager

          Knut Thomas Hofheinz, Administrator
          Kupfertwete 7, 38100 Braunschweig
          Phone: (0531) 6180196
          Fax: (0531) 6180214


WALTER BAU: Strabag Takeover Gets European Commission's Nod
-----------------------------------------------------------
The European Commission has opened the door for Austrian builder
Strabag to hold takeover talks with collapsed construction group
Walter Bau, Financial Times Deutschland says.

Werner Schneider, Walter Bau's receiver, had recently agreed to
sell four subsidiaries under the group's Dywidag Holding
division to Austrian builder Bauholding Strabag.  The businesses
include an Austria-based unit, an international construction
unit, a road-building arm and Walter Heilit Verkehrswegebau
GmbH.  Walter Bau is expected to receive EUR58 million to EUR80
million, depending on the units' profitability.

With the regulator's permission, Strabag could now manage and
operate Walter Bau's units, despite the fact the cartel office
has yet to complete its probe.  The permission also gave Walter
Bau a chance to recover after revealing losses of around EUR550
million from cancelled contracts.

Meanwhile, Mr. Schneider will announce today the number of
employees Strabag will absorb if the takeover pushes through.
Strabag has promised to absorb around 3,000 Walter Bau employees
here and abroad, including 704 head office staff and 110
apprentices.

Walter Bau declared insolvency in February after its creditor
banks refused to approve its restructuring, denying it access to
a EUR1.5 billion credit line.

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

          BAUHOLDING STRABAG AG
          Ortenburgerstrasse 27
          9800 Spittal/Drau, Austria
          Phone: +43-47-62-62-00
          Fax: +43-47-62-49-62
          Web site: http://www.bauholding.at


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


ALITALIA SPA: Cabin Crew Ground Flights Anew
--------------------------------------------
The cabin crew of troubled national carrier Alitalia staged
another strike Wednesday, Dow Jones Newswires says.

For the third time this year, flight attendants left their
workstations, forcing the carrier to cancel flights.  The latest
strike crippled 118 flights, 30 more than earlier announced.
Most of the affected flights were going to and from Rome's
Leonardo da Vinci and Milan's Malpensa airports.

The attendants are demanding improvements on their contracts.
They also expressed concern about the carrier's restructuring
plan, which entails splitting itself into two divisions and
sending around 3,700 employees home.

Alitalia's operating losses dived from EUR373 million in 2003 to
EUR402.5 million in 2004.  The carrier expects to lower the loss
this year to around EUR100 million.  The European Commission has
placed the carrier under in-depth probe to uncover traces of
illegal state aid in its rescue plan.  Alitalia hopes the probe
will be concluded in time for a planned EUR1.2 billion capital
increase in April or May.

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


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


CHARA: Proofs of Claim Deadline Nears
-------------------------------------
The Arbitration Court of Chita autonomous region commenced
bankruptcy proceedings against Chara after finding the close
joint stock company insolvent.  The case is docketed as A78-
766/04-B-9.  Mr. A. Glagolev has been appointed insolvency
manager.  Creditors have until April 12, 2005 to submit their
proofs of claim to 672051, Russia, Chita-51, Post User Box 852.

CONTACT:  CHARA
          674159, Russia, Chita region,
          Kalarskiy region, Novaya Chara

          Mr. A. Glagolev
          Insolvency Manager
          672051, Russia, Chita-51,
          Post User Box 852
          Phone: (8-302-2) 26-84-59


FSG UEZ-STROYMONOLITH: Bankruptcy Proceedings Begin
---------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against FSG Uez-Stroymonolith (TIN 7704178603) after finding the
close joint stock company insolvent.  The case is docketed as
A40-32438/04-70-7B.  Mr. G. Avagimyan has been appointed
insolvency manager.  Creditors have until April 12, 2005 to
submit their proofs of claim to 111141, Russia, Moscow, 1st
Proezd Petrova Polya, 11 'a'.

CONTACT:  FSG UEZ-STROYMONOLITH
          121019, Russia, Moscow region,
          Novyj Arbat Str. 11

          Mr. G. Avagimyan
          Insolvency Manager
          111141, Russia, Moscow region,
          1st Proezd Petrova Polya, 11 'a'
          Phone: 306-65-93


KOSTROMSKAYA: Gives Creditors Until April 19 to File Claims
-----------------------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Kostromskaya after finding the oil company
insolvent.  The case is docketed as A31-6002/18.  Mr. V.
Bondarev has been appointed insolvency manager.

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

(a) Insolvency Manager
    105264, Russia, Moscow region,
    5th Parkovaya Str. 46, Office 207

(b) The Arbitration Court Of Kostroma Region
    156961, Russia, Kostroma region,
    Shagova Str. 20

(c) Kostromskaya
    156000, Russia, Kostroma region,
    Shagova Str. 4


KROTOVSKIY: Declared Insolvent
------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Krotovskiy after finding the flourmill
insolvent.  The case is docketed as A55-10707/2004-13.  Ms. L.
Mochalina has been appointed insolvency manager.  Creditors have
until April 12, 2005 to submit their proofs of claim to 115432,
Russia, Moscow, Trofimova Str. 21, Building 2.

CONTACT:  KROTOVSKIY
          Russia, Samara region,
          K-Cherkesskiiy region, Krotovka

          Ms. L. Mochalina
          Insolvency Manager
          115432, Russia, Moscow region,
          Trofimova Str. 21, Building 2


NIVA: Irkutsk Court Hires N. Kuzakov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on close joint stock company Niva.  The
case is docketed as A19-29838/04-38.  Mr. N. Kuzakov has been
appointed temporary insolvency manager.

Creditors have until April 12, 2005 to submit their proofs of
claim to 664025, Russia, Irkutsk, Post User Box 3262.  A hearing
will take place on April 19, 2005, 11:00 a.m.

CONTACT:  NIVA
          Russia, Irkutsk region, Cheremkhovskiy region,
          Parfenova, Dolgikh Str. 12

          Mr. N. Kuzakov
          Temporary Insolvency Manager
          664025, Russia, Irkutsk region,
          Post User Box 3262

          The Arbitration Court of Irkutsk Region:
          664025, Russia, Irkutsk region,
          Gagarina Avenue, 40


OLENINSKIY LES-PROM-KHOZ: Last Day for Filing Claims April 19
-------------------------------------------------------------
The Arbitration Court of Tver region commenced bankruptcy
proceedings against Oleninskiy Les-Prom-Khoz after finding the
open joint stock company insolvent.  The case is docketed as
A66-7561/2004.  Mr. P. Nizov has been appointed insolvency
manager.  Creditors have until April 19, 2005 to submit their
proofs of claim to 170000, Russia, Tver, Post User Box 121.

CONTACT:  OLENINSKIY LES-PROM-KHOZ
          Russia, Tver region, Oleninskiy region,
          Mirnyj, Lenina Str. 14

          Mr. P. Nizov
          Insolvency Manager
          170000, Russia, Tver region,
          Post User Box 121

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


SHARLYKSKOYE GRAIN: Succumbs to Insolvency
------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Sharlykskoye Grain Receiving Enterprise
after finding the open joint stock company insolvent.  The case
is docketed as A47-2187/01-14GK.  Mr. A. Solyanik has been
appointed insolvency manager.  Creditors have until April 12,
2005 to submit their proofs of claim to 460000, Russia,
Orenburg, Gaya Str. 23A.

CONTACT:  SHARLYKSKOYE GRAIN RECEIVING ENTERPRISE
          Russia, Orenburg region, Sharlykskiy region,
          Sharlyk, Khlebnyj Per. 6

          Mr. A. Solyanik
          Insolvency Manager
          460000, Russia, Orenburg region,
          Gaya Str. 23A
          Phone/Fax: (3532) 78-38-45


TERYAEVSKOYE: Volgograd Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Teryaevskoye (TIN 5004003386) after finding
the close joint stock company insolvent.  The case is docketed
as A12-33132/04-s57.  Mr. A. Pyatenkov has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 404120, Russia, Volgograd region, Volzhskiy, Karbysheva Str.
76, Office 704.

CONTACT:  Mr. A. Pyatenkov
          Insolvency Manager
          404120, Russia, Volgograd region,
          Volzhskiy, Karbysheva Str. 76, Office 704


US-123: Moscow Court Appoints N. Egorova Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against US-123 (TIN 7706226605, KPP 770601001) after
finding the close joint stock company insolvent.  The case is
docketed as A40-21941/04-124-13b.  Ms. N. Egorova has been
appointed insolvency manager.  Creditors have until April 12,
2005 to submit their proofs of claim to 127349, Russia, Moscow,
Post User Box 58.

CONTACT:  US-123
          109507, Russia, Moscow region,
          Volgogradskiy Pr. 197

          Ms. N. Egorova
          Insolvency Manager
          127349, Russia, Moscow region,
          Post User Box 58
          Phone: (095) 500-70-57

          The Arbitration Court of Moscow region
          107802, Russia,
          Novaya Basmannaya Str. 10


WARM CITY: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on open joint stock company Warm City.
The case is docketed as A57-248B/04-31.  Mr. M. Murnin has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 410076, Russia,
Saratov, Post User Box 2493.  A hearing will take place on May
19, 2005, 2:35 p.m.

CONTACT:  WARM CITY
          410600, Russia, Saratov region,
          Michurina Str. 58

          Mr. M. Murnin
          Temporary Insolvency Manager
          410076, Russia, Saratov region,
          Post User Box 2493

          The Arbitration Court of Saratov Region
          Russia, Saratov region,
          Babushkin vzvoz, 1


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


SKANDIA INSURANCE: Reaches Settlement with Ex-chairman
------------------------------------------------------
Skandia Insurance's board of directors informed shareholders at
the Annual General Meeting about:

(a) the Board's investigation of the prospects of directing
    claims for damages at former directors;

(b) the Board's recommendation to the Annual General Meeting to
    approve a friendly settlement reached with Lars Ramqvist;
    and

(c) the Board's investigation of the prospects of directing
    claims for damages at former auditors.

Points of Departure

Skandia is currently party to a number of disputes stemming from
the past.  Handling these disputes is a delicate task for the
Board, which must take into consideration what is in the best
interest of Skandia and Skandia's shareholders.  The Board's
assignment from the shareholders is to manage and develop
Skandia's business for the benefit of the company's
policyholders and customers in such a way that it creates long-
term value for the company and thus for its shareholders.

Certain disputes or potential disputes entail material financial
exposure for Skandia, while others are more a matter of
principle or of general interest.  The Board is of the opinion
that as a business enterprise with extensive international
operations, Skandia should only initiate such legal processes
that are clearly judged to benefit the company's business
activities and thus its shareholders.

Disputes that are more a matter of principle are not to be
pursued by Skandia at the expense of all shareholders.  The
latter applies especially in view of the fact that such
processes often entail major indirect costs for Skandia and thus
its shareholders, since the Board and certain employees must
dedicate a substantial amount of time to these processes instead
of developing Skandia's business.  The direct costs for recent
years' investigations and processes at Skandia are soon nearing
a couple-hundred million Swedish kronor, while the indirect
costs are considered to considerably greater.

The Legal Investigation on Directors' and Auditors' Liability

The Annual General Meeting held on 15 April 2004 resolved to not
grant discharge of liability to the directors who served on
Skandia's board during the period 1 January - 15 April 2003.
The same applied for Skandia's CEO during that period of time.
Against the background of that resolution, in summer 2004, the
Board commissioned attorneys Otto Rydbeck and Peter Danowsky to
investigate jointly, but to form independent opinions, as to
whether there were grounds to hold any director or directors of
Skandia's former boards liable for damages.  Their investigation
covered both the time during which discharge from liability was
not granted as well as earlier.  This investigative assignment
was later widened to also include Skandia's former auditors.

Former Skandia Directors

At the Board's meeting on 22 December 2004, the result of Otto
Rydbeck and Peter Danowsky's legal investigation regarding
Skandia's former directors was presented.  The lawyers were not
entirely in agreement with respect to their opinions and
recommendations, which show that the issues are difficult to
assess and that the outcome of any processes is uncertain.

From the presentation it was learned:

(a) that the statute of limitations for directors' liability for
    2000 expired at year-end 2003.  Consequently, the directors
    cannot be held liable for the period up to and including 31
    December 2000;

(b) that the statute of limitations for directors' liability for
    2001 would expire at year-end 2004;

(c) that claims for damages can be made after the end of the
    above-mentioned limitation periods only if Skandia can show
    that a director has harmed the company through criminal
    action;

(d) that, under Swedish law, the directors' liability for
    damages must be challenged individually, and that the
    directors cannot be held collectively liable for damages;

(e) that with respect to Lars Ramqvist, who was Chairman of the
    Board and chairman of the Compensation Committee and Audit
    Committee up and until the Annual General Meeting on 15
    April 2003, Otto Rydbeck and Peter Danowsky had formed
    differing opinions.  Mr. Danowsky felt that there was a
    legal basis to direct claims for damages, while Mr. Rydbeck
    felt that any suit seeking damages was associated with
    considerable uncertainty, both with respect to the law and
    in terms of evidence;

(f) that with respect to Bengt Braun, who was Vice Chairman of
    the Board and a member of the Compensation Committee until
    17 April 2001 and who thereafter left Skandia's board, both
    lawyers came to the conclusion that the prospects of success
    in a legal action were very small;

(g) that with respect to Boel Flodgren, who was a member of the
    Board and its Audit Committee during the time in question,
    both lawyers came to the opinion that the prospects of
    success in a legal action were very small; and

(h) that with respect to the other directors who served on the
    Board from 1 January - 15 April 2003, nothing had been found
    that could lead to liability for damages.

With respect to Lars Ramqvist it was reported:

(a) that in Peter Danowsky's opinion, there was an opportunity
    to hold Lars Ramqvist liable for damages for one event in
    2000, even though the statute of limitations for his normal
    liability as a director has expired for that year.  In his
    capacity as Chairman of the Board, Ramqvist had a
    responsibility to make sure that the Board's decisions were
    made in the proper manner.  Failure to fulfill this
    responsibility is a punishable offence.

    In Mr. Danowsky's opinion, it can be claimed that this
    responsibility was neglected in the Board's decision in
    early 2000 to extend the "Sharetracker" and "Wealthbuilder"
    bonus programs.  The statute of limitations has expired for
    criminal liability, but not for any liability for damages if
    the rules were not adhered to.  In Mr. Danowsky's opinion,
    this could entail liability for damages on the part of Lars
    Ramqvist.  Mr. Rydbeck had doubts about this opinion;

(b) that in 2001, circumstances arose which should have given
    Mr. Ramqvist reason to exercise better oversight with
    respect to the outcome of the Wealthbuilder bonus program.
    Had better control been exercised, Lars-Eric Petersson's
    removal of the cap for the Wealthbuilder program could
    have surfaced to the board, and Skandia's loss at least
    could have been limited.  According to Mr. Danowsky,
    Mr. Ramqvist could be held liable for damages for this
    failure;

(c) that also during the period 2002 - 15 April 2003, there were
    circumstances that should have given Mr. Ramqvist reason to
    ask further questions to the executive management and the
    external auditors regarding the reporting of the costs for
    the Sharetracker and Wealthbuilder programs.  If, however,
    it only pertained to that period, the likelihood of
    successful outcome in a legal action would not be high
    enough to justify a lawsuit against Mr. Ramqvist;

(d) that the damage that Mr. Ramqvist, through his carelessness,
    may have caused or avoided to limit is difficult to
    quantify.  In a lawsuit claiming damages, it must also be
    taken into account that the applicable legislation
    includes an adjustment provision.  Among the factors that
    must therefore be taken into account are that Mr. Ramqvist,
    as far as has been determined, did not intentionally cause
    any harm to Skandia, that Skandia at the time had a
    respected executive management, and that Skandia had several
    external auditors who were very familiar with the company's
    conditions and the issues at hand, and who therefore could
    have been expected to raise a warning flag when something
    wrong or improper occurred;

(e) that in assessing the amount of damages, Mr. Ramqvist's
    financial situation must also be taken into account, i.e.,
    his ability to pay damages, plus the fact that he was not a
    beneficiary of any bonus program at Skandia;

(f) that Skandia would have to bear a large share of the legal
    costs if Skandia were to direct claims for damages in a
    considerably higher amount than what ultimately may be
    awarded by a court ruling; and

(g) that after weighing in all aspects, Mr. Danowsky felt that a
    suit should be filed against Lars Ramqvist, while Mr.
    Rydbeck was of the opposite opinion.

With respect to Bengt Braun it was reported:

(a) that Braun was serving on the Board when the Sharetracker
    and Wealthbuilder programs were originally approved, that he
    was one of the directors who had been assigned with the task
    of deciding on individual grants in the bonus programs, and
    that he participated in the decision to extend the program
    and from May 2000 was a member of the Compensation
    Committee, which according to its instructions was
    particularly responsible for handling matters concerning the
    bonus programs. Comparatively high standards can be placed
    on him in any assessment of his prudence;

(b) that even if Mr. Braun out of carelessness during the period
    1997-2000 may have played a part in the unreasonable outcome
    of the bonus programs, no claims for damages can be directed
    against him due to the statute of limitations;

(c) that the statute of limitations had not expired for any
    claims for damages for carelessness in connection with
    Mr. Braun's board duties during the period 1 January-17
    April 2001, but that the only concrete circumstance that
    could be tied to allegations of carelessness during this
    period was that Mr. Braun did not note that the outcome of
    Wealthbuilder, which was presented in a note in the 2000
    Annual Report, was not in agreement with what the Board, in
    his view, had previously decided on.

    However, the task of checking the annual report in detail
    was not Mr. Braun's responsibility.  Added to this is the
    fact that Lars-Eric Petersson and the AGM-elected auditors,
    who were aware that larger amounts than those reported would
    be paid out and that the information in the note was
    incorrect, did not appear to have informed the Board of
    this; and

(d) that the prospects of winning in a lawsuit seeking damages
    from Bengt Braun based on the grounds outlined above were
    therefore considered to be very small.

With respect to Boel Flodgren it was reported:

(a) that Boel Flodgren was serving on the Board when the
    Sharetracker and Wealthbuilder programs were originally
    decided on, but that she did not participate in the
    individual grants to the participants;

(b) that in retrospect it can be stated that it would have been
    warranted of Flodgren in 2000 to have brought up the issue
    of examining the value calculations for the Wealthbuilder
    program with Lars Ramqvist, but that it is doubtful if she -
    by not doing so - can be considered to have been careless
    and in such way that can justify liability for damages, and
    that the statute of limitation for any carelessness in 2000
    has expired for all circumstances;

(c) that Flodgren, who was a member of the Audit Committee, did
    not react to the fact that the outcome of Wealthbuilder
    reported in the 2000 Annual Report dramatically differed
    from the highest amount which, by her understanding, was the
    cap that the Board had decided on.  However, Mr. Flodgren
    did not have equally extensive knowledge about the bonus
    programs that Lars Ramqvist and the other directors had who
    were previously members of the Board's executive council or
    Compensation Committee.  Further, it should be noted that
    Lars-Eric Petersson and the AGM-elected auditors, who knew
    that larger amounts than those reported would be paid out
    and that the information in the note in the annual report
    was incorrect, did not appear to have informed the Board or
    Audit Committee about this;

(d) that Flodgren asked some relevant questions in the Board and
    in the Audit Committee with respect to the bonus programs
    and the company's risks, however, the answers she received
    from persons in the executive management at that time and
    from the external auditors in some cases were incomplete and
    misleading; and

(e) that the prospects of winning in a lawsuit seeking damages
    from Boel Flodgren were therefore considered to be very
    small.

With respect to the other directors it was reported:

(a) that none of the other directors who were not granted
    discharge of liability for the period 1 January 2003 - 15
    April 2003, except for Lars-Eric Petersson, with whom
    arbitration proceedings are currently in progress, had
    participated in the individual grants of participation in
    Sharetracker and Wealthbuilder;

(b) that Lars Ramqvist had not taken up the issue of examining
    the value calculations of Wealthbuilder on the Compensation
    Committee's agenda, and the directors who were members of
    that committee therefore had not concerned themselves with
    that issue to a greater extent than the other directors; and

(c) that the prospects of winning a lawsuit seeking damages
    against the other directors due to inadequate oversight and
    follow-up of the Wealthbuilder and Sharetracker programs in
    2001 - 2003 were essentially non-existent, since Mr.
    Ramqvist - in his capacity as Chairman of the Board, and as
    chairman of the Audit Committee and Compensation Committee -
    was the person on the Board who had responsibility for
    ensuring that the division of duties between the Board and
    its committees was adequate and that no issues fell between
    two stools, and that Lars-Eric Petersson and the external
    auditors, despite their knowledge about the shortcomings in
    how the programs were applied, did not appear to inform that
    Board about this.

Finally, it was reported that with respect to the period for
which discharge of liability was not granted, i.e., 1 January
2003 - 15 April 2003, no other information has emerged with
could give rise to liability for damages.

The Board's Handling and Considerations Regarding the Settlement
with Lars Ramqvist

In view of the report that was presented, on 22 December 2004
the Board decided to sue Lars Ramqvist for SEK25 million before
the year's end, if he was not willing to enter into settlement
discussions and, pending the outcome of these, to accept a
continuance of the statute of limitations for his liability as a
director for 2001, which would otherwise expire at year-end
2004.  The conceived amount cited in the suit was based on what
the Board considered to be a justified starting point for a
lawsuit.  It is the Board's opinion that the amount could be
adjusted downward by a court, even if Skandia were to obtain a
favorable ruling in its suit.  In addition, the Board's opinion
was that the direct costs for a process would be substantial.

Mr. Ramqvist accepted the continuance of the statute of
limitation through 15 May 2005, in accordance with an agreement
of 27 December 2004.  Settlement negotiations were thereafter
initiated.

The settlement negotiations resulted at the end of January in
Mr. Ramqvist stating that he was prepared to publicly declare
that he has a moral responsibility for the events that occurred
at Skandia, and that as a consequence of this, he was also
prepared to pay back the director's fees he received in 2000 and
2001.

These amounted to slightly more than SEK2.2 million.  In
assessing the settlement amount, the following factors, among
others, should be taken into account: the Board's overall
opinion about the limited prospects of success in a legal
process, the risk of a material adjustment in the amount
demanded in damages even if success were achieved as a matter of
principle in the process, the substantial direct as well as
indirect costs of such a process, the time that would pass
before any damages would be awarded by a court, and the negative
exposure that the Skandia brand would suffer during a court
process that goes on for several years.  This is in line with
the general points of departure outlined in the introduction
that the Board has for its decisions.

Further, in the Board's opinion, an important factor that should
be weighed in is that through the proposed settlement, Mr.
Ramqvist has accepted a moral responsibility for the events that
occurred at Skandia.  In this context it can also be noted that
the principle of repaying directors' fees received was also
applied in the early 1990s in connection with the banking crisis
in Sweden at that time.  The Swedish government, in its capacity
as owner, applied this principle with respect to several banks,
which sustained very substantial credit losses do to poor board
work, among other things.  The credit losses in these cases were
many times larger than the costs incurred by Skandia due to the
criticized bonus programs.

A precondition for the Board to be prepared to enter into a
friendly settlement was that Mr. Ramqvist would not be indicted,
i.e., that senior prosecutor Christer van der Kwast would drop
his preliminary investigation against Mr. Ramqvist.

At a board meeting on 31 January 2005, the Board discussed the
settlement agreement that had been negotiated with Lars Ramqvist
that same day.  By that time the senior prosecutor had also
announced that he had dropped his preliminary investigation
against Mr. Ramqvist.

In his decision to drop the investigation, Mr. van der Kwast
states that on 22 June 2004 he served a writ to Lars Ramqvist
informing him that he was under criminal investigation.  In this
writ, Mr. van der Kwast stated that Mr. Ramqvist was under
suspicion of having abused his position of trust, since after
receiving knowledge that the cap for the Wealthbuilder program
had been removed, he did not take any action to limit the
company's costs for the program.

In his writ, Mr. van der Kwast estimated the damage at SEK546
million.  In his decision to drop the investigation eight months
later, after the completed preliminary investigation, Mr. van
der Kwast did not give any indication that Mr. Ramqvist had
caused damage to Skandia.  Information in the media that Mr. van
der Kwast was purported to have stated that Mr. Ramqvist had
caused damage of SEK546 million is thus incorrect.  This
statement has also been denied by Mr. van der Kwast.  In his
decision to drop the investigation, the senior prosecutor
stated:

In my opinion, what has emerged from the investigation lends
support to the conclusion that Mr. Ramqvist in several respects
failed in his role as chairman of the board and as chairman of
the compensation committee in connection with the handling of
the extension of the Wealthbuilder program, and that this
affected the course of events.  However, based on the
information at hand, it cannot be verified that Mr. Ramqvist,
through his actions or negligence, intentionally abused his
position of trust in the company and thereby caused damage to
the company.

With respect to Mr. van der Kwast's opinion, the Board noted
that the senior prosecutor did not feel he could verify that
Lars Ramqvist was guilty of the crime he had been served a writ
for, and that the conditions that the prosecutor's investigation
pertained to concerned the year 2000.  As noted above, the
statute of limitations for these circumstances has expired with
respect to liability for damages not based on criminal action.

Against the background of the conditions reported above, the
Board is of the opinion that the proposed settlement is clearly
better for Skandia than uncertain litigation in the courts over
damages.  This opinion was arrived at after very extensive
considerations.

In summary, for the Board's position on a friendly settlement
with Lars Ramqvist, it was very important that Mr. Ramqvist
declared that he accepts his share of moral responsibility for
what occurred at Skandia.  In the Board's unanimous opinion, for
Skandia the repayment of fees for 2000 and 2001 is a much better
alternative than a prolonged, costly and -- not least --
uncertain legal process.

The Board's Recommendation to the Annual General Meeting with
Respect to Directors' Liability

Against the background of the above, the Board recommends that
the shareholders at the Annual General Meeting on 14 April 2005
resolve to approve the settlement agreed upon with Lars Ramqvist
dated 31 January 2005, entailing that Lars Ramqvist will repay
the director's fees he received for 2000 and 2001, together
amounting to SEK2,216,667.

Former Auditors

Due to the fact that the statute of limitations for the
directors' liability for 2001 was set to expire at year-end
2004, while the statute of limitations for the auditors'
liability will not expire until 17 April 2005 (three years after
the Annual General Meeting of 17 April 2002), the legal
investigation was initially focused on former company directors.
After year-end 2004, attorney Peter Danowsky has continued his
investigation of the issue of whether there are grounds to
direct claims for damages against one or more of Skandia's
former auditors.  This investigation has not yet been concluded.

Against this background, for the time being the Board is not
issuing any recommendation to the Annual General Meeting on 14
April 2005 with respect to auditors' liability.

Stockholm, March 2005
The Board of Directors of Skandia Insurance Company Ltd.

CONTACT:  SKANDIA INSURANCE
          Harry Vos
          Head of Investor Relations
          Phone: +46-8-788 3643


SKANDIA INSURANCE: Chairman Justifies Predecessor's Reprieve
------------------------------------------------------------
On Wednesday, Skandia Insurance's board reported to the Annual
General Meeting its settlement with Lars Ramqvist and position
regarding directors' liability with respect to former company
directors.

From this report it is noted that the Board has recommended that
the Annual General Meeting approve the settlement with Lars
Ramqvist.  Further, it is reported why the Board will not be
initiating any actions regarding any other former directors.

With respect to Skandia's former auditors, the investigation has
not yet been completed.

Commenting on the Board's recommendation to the Annual General
Meeting, Bernt Magnusson, Chairman of the Board of Skandia,
said: "As chairman of the board that was elected in 2004 by
Skandia's owners to straighten out the past, but also -- and
primarily -- to conduct Skandia's business moving forward, I
understand the indignation and anger that has been expressed
from various directions with respect to past events at Skandia.

"At the same time, the primary obligation of the Board is to
look after the financial interests of Skandia's shareholders and
customers who have invested their pension savings with Skandia.
A large proportion of Skandia's shareholders are pension
institutions.  The visible cost of the investigative and
analysis work that was required by the need to sort out things
that had happened at Skandia under the former management is
quickly approaching a couple-hundred million kronor.  But the
hidden, indirect cost -- the time and energy that all of these
processes are draining from the company -- is considerably
larger.

"The settlement with Lars Ramqvist is essentially the same
agreement that the Swedish government reached with former
directors of Nordbanken during the financial crisis.  And in
this context it can be noted that the credit losses suffered by
the bank -- due among other things to poor board work -- were
infinitely greater than the bonus payments made by Skandia.

"The extensive legal analysis that has been reported [Wednes]day
takes into account two factual matters that are often overlooked
in the debate.  The one is the fact that the chief prosecutor
has laid down his criminal investigation of Mr. Ramqvist.

"The chief prosecutor could not prove intent or crime, and Mr.
Ramqvist had no personal gain in what had occurred.  The other
is that in connection with the settlement, false information had
been spread to the effect that the chief prosecutor had
determined that Mr. Ramqvist had caused loss to Skandia in the
amount of SEK546 million.  This figure pertains to the cost
incurred by Skandia from the failure to apply a cap for the
Wealthbuilder compensation program.  In the Board's opinion,
this liability issue should be resolved in the arbitration
process currently being conducted with Lars-Eric Petersson.  As
previously disclosed, Mr. Petersson's outcome from the
Sharetracker program was approximately SEK175 million."

CONTACT:  SKANDIA INSURANCE
          Harry Vos
          Head of Investor Relations
          Phone: +46-8-788 3643


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


SWISS INTERNATIONAL: Merger with Lufthansa a Done Deal
------------------------------------------------------
Lufthansa will take over Swiss International Air Lines,
according to Reuters sources.

The German airline intends to announce the deal either late
Wednesday or early Thursday prior to the presentation of its
2004 results, the report says.  After the announcement,
Lufthansa will then send offers to free-float shareholders and
register the deal with the European Union.

Swiss International's major shareholder met Monday to discuss
and approve the terms of the tie-up.  One source said, "The tone
of the meeting was that there was no real alternative to the
takeover for Swiss."

Under the deal, Lufthansa would acquire 14% of Swiss shares in
free float.  Both carriers refused to comment as well as UBS and
Credit Suisse, Swiss' largest private shareholders.  The
government, which holds a 20% stake in Swiss, also refused to
issue a statement.

In June 2004, Finance Minister Hans-Rudolf Merz suggested a tie-
up between Lufthansa and Swiss International, which has yet to
post a profit since its founding in 2002.  Swiss previously
turned down a merger with Lufthansa, pursuing instead a
membership into the Oneworld Alliance.  But the carrier failed
to join the alliance and was forced to fly on its own, a lose-
lose situation considering the crowded European airline market.
On Sunday, Lufthansa and Swiss confirmed their merger talks.

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


ARTI: Proofs of Claim Deadline March 23
---------------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Arti (code EDRPOU 20148453) on January 31,
2005 after finding the limited liability company insolvent.  The
case is docketed as 1/128-B.  Mr. Volodimir Temchishin (License
Number AA 630072) has been appointed liquidator/insolvency
manager.  The company holds account number 26009232215022 at CB
Privatbank, Volinska regional branch, MFO 303440.

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

(a) ARTI
    43016, Ukraine, Volinska region,
    Lutsk, Kovelska Str. 1

(b) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Volinska region,
    Lutsk, Voli Avenue, 54-a


CONTINENT-GROUP: Names Mihajlo Shkabrij Liquidator
--------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Continent-Group (code EDRPOU 32119302) on
February 2, 2005 after finding the limited liability company
insolvent.  The case is docketed as 44/11 b-05.  Mr. Mihajlo
Shkabrij (License Number AA 250093) has been appointed
liquidator/insolvency manager.

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

(a) CONTINENT-GROUP
    07300, Ukraine, Kyiv region,
    Vishgorod, Sholudenko Str. 29

(b) Mr. Mihajlo Shkabrij
    Liquidator/Insolvency Manager
    03150, Ukraine, Kyiv region,
    Chervonoarmijska Str. 57/3, office 221
    Phone: 8 (044) 239-23-90

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


DNIPROENERGOBUD: Declared Insolvent
-----------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Dniproenergobud (code EDRPOU 25007285) on
January 28, 2005 after finding the close joint company
insolvent.  The case is docketed as B 29/104/04.  Mr. Oleksij
Zabrodin (License Number AA 630146) has been appointed
liquidator/insolvency manager.   The company holds account
number 260031058180001 at CB Privatbank, MFO 305299.

Creditors have until March 22, 2005 to submit their proofs of
claim to:

(a) DNIPROENERGOBUD
    49083, Ukraine, Dnipropetrovsk region,
    Gagarin Avenue, 104/103

(b) Mr. Oleksij Zabrodin
    Liquidator/Insolvency Manager
    69121, Ukraine, Zaporizhya region, a/b 6335
    Phone: 8 (067) 780-39-60

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


ECO-DNIPRO: Insolvency Manager to Temporarily Oversee Business
--------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Eco-Dnipro (code EDRPOU 23856436) on
February 14, 2005 after finding the limited liability company
insolvent.  The case is docketed as 25/35.  Mr. Igor Buryak
(License Number AA 783131) has been appointed
liquidator/insolvency manager.  The company holds account number
26002025301 at JSB Metalurg, Zaporizhya branch, MFO 313582.

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

(a) ECO-DNIPRO
    69015, Ukraine, Zaporizhya region,
    Kiyashko Str. 28/11

(b) Mr. Igor Buryak
    Liquidator/Insolvency Manager
    69039, Ukraine, Zaporizhya region,
    Kujbishev Str. 71

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


FASTIVBUD: Creditors' Claims Due Next Week
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against OJSC FASTIVBUD (code EDRPOU 24219690) on
January 31, 2005 after finding the limited liability company
insolvent.  The case is docketed as 207/2 b-2004.  Mr. Sergij
Krupenko (License Number AA 668345) has been appointed
liquidator/insolvency manager.  The company holds account number
26004330301 at OJSC Oshadbank, Fastiv branch, MFO 320207.

Creditors have until March 22, 2005 to submit their proofs of
claim to:

(a) FASTIVBUD
    08500, Ukraine, Kyiv region,
    Fastiv, Strokova Str. 4

(b) Mr. Sergij Krupenko
    Liquidator/Insolvency Manager
    02183, Ukraine, Kyiv region, a/b 93
    Phone: 8 (050) 595-99-97

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


KOMUNENERGOMASHEKSPORT: Under Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Industrial-Financial Company
Komunenergomasheksport (code EDRPOU 31371465) on January 27,
2005.  The case is docketed as B 40/144/04.  Ms. Chesnova
Nataliya (License Number AA 250312) has been appointed temporary
insolvency manager.  The company holds account number 26002425
at JSPPB Aval, Zhovtneva branch, MFO 306555.

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

(a) KOMUNENERGOMASHEKSPORT
    49000, Ukraine, Dnipropetrovsk region,
    Lomana Str. 19

(b) Ms. Chesnova Nataliya
    Temporary Insolvency Manager
    49101, Ukraine, Dnipropetrovsk region,
    Kirov Avenue, 28-A, office 201

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


LUNARIYA: Lviv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Lunariya (code EDRPOU 23881807) after
finding the limited liability company insolvent.  The case is
docketed as 6/320-8/156.  Mr. Vinnikov Vitalij (License Number
AA 779141) has been appointed liquidator/insolvency manager.
The company holds account number 26000301365368 at
Prominvestbank, Lviv branch, MFO 325105; account number
26007335649004 at CB Privatbank, MFO 325321; and account number
26001012570001at at OJSC Bank Universalnij, MFO 325707.

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

(a) LUNARIYA
    Juridical address: Ukraine, Lviv region,
    Hvilyovij Str. 39/22

    Actual address: Ukraine, Lviv region,
    Bahmatyuk Str. 22

(b) Mr. Vinnikov Vitalij
    Liquidator/Insolvency Manager
    81100, Ukraine, Lviv region,
    Pustomiti, Sportivna Str. 2/9

(c) ECONOMIC COURT OF LVIV REGION
    79010, Ukraine, Lviv region,
    Lichakivska Str. 81


PENTAGRO: Proofs of Claim Deadline Expires Next Week
----------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Pentagro (code EDRPOU 32129682) on January
18, 2005 after finding the limited liability company insolvent.
The case is docketed as 01/2223.   Mr. Vasil Levchenko has been
appointed liquidator/insolvency manager.

Creditors have until March 22, 2005 to submit their proofs of
claim to:

(a) PENTAGRO
    Ukraine, Cherkassy region,
    Patsayev Str. 53

(b) Mr. Vasil Levchenko
    Liquidator/Insolvency Manager
    Ukraine, Cherkassy region,
    Transportnij Lane, 19

(c) ECONOMIC COURT OF CHERKASSY REGION
    18005, Ukraine, Cherkassy region,
    Shevchenko Avenue, 307


UKRBUDTEH: Gives Creditors Until Next Week to File Claims
---------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrbudteh (code EDRPOU 32829470) on February
15, 2005 after finding the limited liability company insolvent.
The case is docketed as 24/955-b.  Mr. Igor Mihno (License
Number AA 668302) has been appointed liquidator/insolvency
manager.  The company holds account number 26002153501 at JSC
Industrial-Financial Bank, Kyiv branch, MFO 320906.

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

(a) UKRBUDTEH
    Ukraine, Kyiv region,
    Saksaganskij Str. 115-a

(b) Mr. Igor Mihno
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Umanska Str. 35
    Phone: 243-32-58

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


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


AAA AA: Plumbing Company Calls in Administrator from Ward & Co.
---------------------------------------------------------------
Barry J. Ward (IP No 002700) has been appointed administrator
for plumbing company AAA AA All Areas Maintenance Limited.  The
appointment was made Feb. 23, 2005.  Its registered office is
located at Bank House, Shaw Street, Worcester WR1 3DT.

CONTACT:  WARD & CO.
          Bank House
          Shaw Street
          Worcester
          Worcestershire WR1 3DT
          Phone: 01905 25000
          Fax: 01905 26555
          E-mail: aws@ward-co.co.uk


ADVANCED TECHNOLOGY: Hires Fanshawe Lofts as Administrator
----------------------------------------------------------
Stephen John Adshead and Antony Robert Fanshawe (IP Nos 008574,
005944) have been appointed joint administrators for Advanced
Technology Ramar Limited.  The appointment was made March 4,
2005.

The company is into radio data collection for utilities.  Its
registered office is located at 1st Floor, 7 Enterprise Way,
Bournemouth International Airport, Christchurch, Dorset BH23
6HG.

CONTACT:  FANSHAWE LOFTS
          41 Castle Way
          Southampton
          Hampshire SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mail: arf@fanshawe-lofts.co.uk


A E VOSS: Calls in Liquidator
-----------------------------
At the extraordinary general meeting of A E Voss Limited on
March 4, 2005 held at 1 Gray's Inn Square, Gray's Inn, London
WC1R 5AA, the special resolution to wind up the company was
passed.  Michael Colin John Sanders of B. N. Jackson Norton, 1
Gray's Inn Square, Gray's Inn, London WC1R 5AA has been
appointed liquidator of the company.

CONTACT:  B N JACKSON NORTON
          1 Gray's Inn Square,
          Gray's Inn, London WC1R 5AA


AI PRODUCT: Appoints Joint Administrators from Begbies Traynor
--------------------------------------------------------------
W. John Kelly and James P. N. Martin (IP Nos 004857, 8316) have
been appointed joint administrators for AI Product Solutions
Limited.  The appointment was made March 8, 2005.  Its
registered office is located at St. Leonards Avenue, Stafford
ST17 4LT.

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          Newater House
          11 Newhall Street
          Birmingham
          West Midlands B3 3NY
          Phone: 0121 200 8151 or 0121 200 8150
          Fax: 0121 200 8160
          E-mails: john.kelly@begbies-traynor.com
                   james.martin@begbies-traynor.com


ASSEMBLY INDUSTRIES: Appoints Begbies Traynor Administrator
-----------------------------------------------------------
W. John Kelly and James P. N. Martin (IP Nos 004857, 8316) have
been appointed joint administrators for Assembly Industries
Limited.  The appointment was made March 8, 2005.

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          Newater House
          11 Newhall Street
          Birmingham
          West Midlands B3 3NY
          Phone: 0121 200 8151 or 0121 200 8150
          Fax: 0121 200 8160
          E-mails: john.kelly@begbies-traynor.com
                   james.martin@begbies-traynor.com


AUTOMOTIVE PRODUCTS: Automotive Manufacturer in Administration
--------------------------------------------------------------
Neil Tombs and Paul Melville (IP Nos 7830, 9313) have been
appointed administrators for Automotive Products Driveline
Technology Limited.  The appointment was made March 7, 2005.
The company manufactures automotive component.

CONTACT:  GRANT THORNTON UK LLP
          Enterprise House
          115 Edmund Street
          Birmingham
          West Midlands B3 2HJ
          Phone: 0121 212 4000
          Fax: 0121 233 9857 or 0121 212 4014
          E-mails: neil.tombs@gtuk.com
                   paul.melville@gtuk.com


BEARINGPOINT EUROPE: Hires Deloitte & Touche to Liquidate Assets
----------------------------------------------------------------
At the general meeting of Bearingpoint Europe Limited, the
special and ordinary resolutions to wind up the company were
passed.  J. R. D. Smith and N. J. Dargan of PO Box 810, Athene
Place, 66 Shoe Lane, London EC4A 3WA have been appointed joint
liquidators of the company.

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


BOWERBROOK LIMITED: Joint Liquidators from PwC Move in
------------------------------------------------------
At the meeting of Bowerbrook Limited on March 1, 2005, the
special and ordinary resolutions to wind up the company were
passed.  Jonathan Sisson and Richard Setchim of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the company.

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


BRIDE AND BEAUTY: Closure Leaves 80 Brides Without Gowns
--------------------------------------------------------
Dozens of brides-to-be will have to postpone their wedding plans
after Bride and Beauty went into liquidation, The Herald
reports.

According to the paper, the company's liquidation affected 70 to
80 clients who have paid their bridal gowns in full.  A
spokesman said they sent out letters to customers informing them
about the liquidation.  He added the chances of getting refunds
are slight.

A liquidator from Ferris Associates commiserates with the
clients, most of whom had saved up for their bridal gowns.  He
said all stocks left in the shop would be auctioned to pay off
debt.  Bridal and Beauty shop's bridal gowns ranges from GBP400
to GBP2,000.


CAMAS CONSULTANTS: Liquidator Takes over Helm
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Camas Consultants Ltd.

Notice is hereby given that on Feb. 22, 2005, I, James Inglis
Smith, Smith Inglis Ltd., Suite 412, Baltic Chambers, 50
Wellington Street, Glasgow G2 6HJ, was appointed liquidator of
Camas Consultants Ltd., which registered office is located at
152 Bath Street, Glasgow G2 4TB.

James Inglis Smith, Liquidator
February 22, 2005

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

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


CELSIUS LTD.: Laboratory Supplier Calls in Administrator
--------------------------------------------------------
Tracy A. Taylor (IP No 008899) has been appointed administrator
for Celsius Ltd.  The appointment was made March 4, 2005.

The company supplies laboratory apparatus.  Its registered
office is located at Northfield Road, Rotherham S60 1RR.

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


CHESTERTON INTERNATIONAL: In Administrative Receivership
--------------------------------------------------------
National Westminster Bank Plc appointed Nigel Morrison (Office
Holder No 8938) and Martin Ellis (Office Holder No 8687) joint
administrative receivers for holding company Chesterton
International Limited (Reg No 02485353, Trade Classification:
35).  The application was filed March 7, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          43 Queen Square
          Bristol BS1 4QR
          Phone: 0117 926 8901
          Fax: 0117 926 5458
          Web site: http://www.grant-thornton.co.uk

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


DCM CAPITAL: Hires Ernst & Young as Liquidator
----------------------------------------------
At the extraordinary general meeting of DCM Capital LDN (UK)
Limited on March 3, 2005 held at Sanno Park, Tower Building,
43F, 11-1, Nagatacho 2-chome, Chiyoda-ku, Tokyo 100-6150, Japan,
the special resolution to wind up the company was passed.  Roy
Bailey and Elizabeth Anne Bingham of Ernst & Young LLP, 1 More
London Place, London, SE1 2AF have been appointed joint
liquidators of the company.

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


DRIVE & SURVIVE: Hires Administrators from Kroll
------------------------------------------------
A. J. Wolstenholme and J. M. Wright (IP Nos 8995, 9152) have
been appointed administrators for Drive & Survive UK Plc.  The
appointment was made March 9, 2005.  The company is engaged in
other business activities.

CONTACT:  KROLL BUCHLER PHILLIPS LTD.
          Aspect Court
          4 Temple Row
          Birmingham
          West Midlands B2 5HG
          Phone: 0121 212 4999
          Fax: 0121 212 4944
          E-mail: jwright@krollworldwide.com


DUGDALE DAVIES: Calls in Administrators from DTE Leonard Curtis
---------------------------------------------------------------
J. M. Titley and A. Poxon (IP Nos 8617, 8620) have been
appointed administrators for Dugdale Davies Limited.  The
appointment was made March 10, 2005.

The company manufactures prepared farm animal feeds.  Its
registered office is located at Unit d Of Sett End Road West,
Shadsworth Business Park, Blackburn BB1 2QJ.

CONTACT:  DTE LEONARD CURTIS
          DTE House
          Hollins Mount
          Bury
          Lancashire BL9 8AT
          Phone: 0161 767 1250 or 0161 767 1200
          Fax: 0161 766 3685 or 0161 767 1201
          E-mails: jtitley@dte-Leonardcurtis.com
                   apoxon@dte-leonardcurtis.com


EAGLE COMPUTERS: Creditors Appoint Liquidator
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Eagle Computers Ltd.

Notice is hereby given that on Feb. 22, 2005, I, James Inglis
Smith, Smith Inglis Ltd., Suite 412, Baltic Chambers, 50
Wellington Street, Glasgow G2 6HJ was appointed liquidator of
Eagle Computers Ltd., which registered office is located at 152
Bath Street, Glasgow G2 4TB.

James Inglis Smith, Liquidator
February 22, 2005

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

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


EASTSTONE LIMITED: Creditors Meeting Set Later this Month
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Eaststone Limited
                        (In Liquidation)
I, Ian W. Wright, hereby give notice that I was appointed
Interim Liquidator of Eaststone Limited on February 18, 2005, by
Interlocutor of the Sheriff of Glasgow and Strathkelvin at
Glasgow.

Notice is also given that the First Meeting of Creditors of the
above company will be held at the offices of Haines Watts, James
Miller House, 98 West George Street, Glasgow G2 1PJ, on March
30, 2005, at 3:30 p.m. for the purposes of choosing a Liquidator
and of determining whether to establish a Liquidation Committee.

Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
meeting or lodged beforehand at the address below.  A resolution
will be passed when a majority of those voting have voted in
favor of it.  For the purpose of formulating claims, creditors
should note that the date of commencement of the liquidation is
January 28, 2005.

I. W. Wright, Interim Liquidator

CONTACT:  HAINES WATTS (GLASGOW INSOLVENCY)
          James Miller House
          98 West George Street
          Glasgow G2 1PJ
          Phone: 0141 342 1600
          Fax: 0141 342 1616
          Web site: http://www.hwca.com

          Ian William Wright
          E-mail: iwright@hwca.com


FOOD HAUL: Names Tenon Recovery Administrator
---------------------------------------------
Derek Oakley and Christopher Ratten (IP Nos 8630 and 9338) have
been appointed administrators for Food Haul Limited.  The
appointment was made March 10, 2005.  The company distributes
food supplies.

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


GADGET SHOP: Boardroom Tiff Sends firm into Administration
----------------------------------------------------------
The Gadget Shop called in administrators from PKF Tuesday after
a boardroom feud discouraged a potential buyer, says The
Independent.

The sale was scuttled by a dispute between a group of investors
holding 60% of the company and the minority bloc led by Peter
Wilkinson and Jon Wood.  Mr. Wilkinson, who founded Freeserve,
and Mr. Wood, a UBS trader, have a pending lawsuit against Tom
Hunter, the proponent of the sale.

The dispute goes back to the acquisition of Birthdays by Mr.
Hunter.  Messrs. Wilkinson and Wood claim Mr. Hunter prejudiced
their interest when he acquired the greeting card company using
his own investment vehicle.  Birthdays was the first acquisition
target of The Gadget Shop, which was established in 1991 to
takeover local retail chains.  Mr. Hunter eventually sold
Birthdays to rival Clinton Cards in November for about GBP14
million less than it was bought for.

Bryan Jackson, a partner at PKF, hopes to sell the business as a
going concern.  Last week, a retail group withdrew its takeover
offer, fearing it will not be able to take full control of the
company amid the boardroom row.

Sales of Gadget Shop, which retails computer games and other
electronic gadgets and gifts from 65 outlets, dipped in recent
months.  It blames intense competition from general retailers
that offer similar stock.  In the nine months to March 29, 2003,
the company booked pre-tax profit of GBP2.4 million on sales of
GBP36.5 million.  Its debt amount to GBP3 million.

CONTACT:  THE GADGET SHOP LIMITED
          Europa House
          184 Ferensway
          Hull HU1 3UT
          United Kingdom
          Phone: 0870 8400 567
           or (International): + 44 (0) 1482 595 100
          Fax: + 44 (0) 1482 595 110
          E-mail: shop@thegadgetshop.co.uk
          Web site: http://www.gadgetshop.com


GASKELL PLC: De-lists After Failure to Refinance
------------------------------------------------
The Board of Gaskell plc provided a trading update on 16
February 2005.  This referred to the Board continuing to explore
strategic alternatives for the Group, including a possible
refinancing as well as other initiatives such as the sale of all
or certain parts of the Group's businesses, the negotiation of
extended credit arrangements and a possible injection of new
equity.

The Board indicated, at that time, that the securing of such a
re-financing was by no means certain and, indeed, this has not
been achieved.  The Board is now focusing entirely on the sale
as a going concern of Gaskell's businesses and is in the process
of negotiating offers for its various trades and assets.

Following the potential disposals, it is unlikely that
shareholders will be left with any value.

Gaskell has requested that the shares be suspended from the
Official List of the London Stock Exchange with immediate effect
pending clarification of its financial position.

Shareholders will continue to be updated as appropriate.

CONTACT:  GASKELL PLC
          Phone: 01254 770 222
          Contact:
          Gerry Wheeler, Chief Executive
          Richard Hopkin, Finance Director


GMD MOULDINGS: Members Decide to Wind up Firm
---------------------------------------------
At the extraordinary general meeting of the members of GMD
Mouldings Limited on March 7, 2005 held at 4 St Giles Court,
Southampton Street, Reading RG1 2QL, 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


INTERNAL WINDOW: Construction Company Goes into Administration
--------------------------------------------------------------
Paul Stanley (IP No 1065) and David Moore (IP No 7510) have been
appointed administrators for Internal Window Systems Limited.
The appointment was made March 7, 2005.  The company manages
other special trades construction.  Its registered office is
located at 1 Abbots Quay, Monks Ferry, Birkenhead, Merseyside
L41 5LH.

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

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


MARCONI CORPORATION: To Meet Union Over Job-cuts Next Week
----------------------------------------------------------
Amicus representatives will meet with managers at Marconi on
Tuesday, March 22, 2005 discuss the proposed closure of the
company's Chorley plant.

The company announced Friday that the Chorley site that
manufactures payphones will close down on a phased basis over
the course of 2005 once current contracts are honored.

Amicus regional officer Steve Power said: "This is a great loss
for Chorley and is another nail in the coffin of U.K.
manufacturing.  Amicus will be seeking to establish the
timescale of the closure and also details of severance packages
for those staff affected by the closure."

Amicus national officer, Peter Skyte said: "This is a further
example of the lack of consultation from the company which has
increasingly become a pattern for Marconi."

CONTACT:  AMICUS
          Karen Viquerat
          Frank Corless
          Phone: +44-(0)1704-546-500


MEE COM: Joint Administrators from Begbies Traynor Move in
----------------------------------------------------------
W. John Kelly and James P. N. Martin (IP Nos 004857, 8316) have
been appointed joint administrators for Mee Com Limited.  The
appointment was made March 8, 2005.

The company manufactures electrical materials.  Its registered
office is located at Wolverhampton Science Park, Glaisher Drive,
Wolverhampton WV10 9RU.

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          Newater House
          11 Newhall Street
          Birmingham
          West Midlands B3 3NY
          Phone: 0121 200 8151 or 0121 200 8150
          Fax: 0121 200 8160
          E-mails: john.kelly@begbies-traynor.com
                   james.martin@begbies-traynor.com


NEW DRIVING: Hires Administrators from Kroll Limited
----------------------------------------------------
A. J. Wolstenholme and J. M. Wright (IP Nos 8995, 9152) have
been appointed administrators for New Driving Initiatives
Limited.  The appointment was made March 9, 2005.

CONTACT:  KROLL BUCHLER PHILLIPS LTD.
          Aspect Court
          4 Temple Row
          Birmingham
          West Midlands B2 5HG
          Phone: 0121 212 4999
          Fax: 0121 212 4944
          E-mail: jwright@krollworldwide.com


NTL INC.: Sale of Irish Arm Near
--------------------------------
Cable firm NTL is close to selling its Irish operation following
offers from suitors from Ireland, the UK and the United States.

Pan-European cable operator UGC has been tipped as among the
potential bidders of the division, which has been valued at up
to IEP300 million.  The Irish arm has 347,800 customers in
Dublin, Galway and Waterford.

Investment bank Goldman Sachs is leading the sale process.  Mr.
Sachs sold the group's broadcasting business for GBP1.27 billion
in January.

Meanwhile, Chief Executive Simon Duffy said the division might
be sold in at least two months, but warned that NTL might
consider retaining it.

In the last three months of 2004, the number of new subscribers
to NTL's UK business plunged to 20,7000 household customers from
the 58,400 subscriptions it received in the same period a year
earlier.

The UK network also suffered an increase in the number of
subscribers who did not renew their contracts following the
implementation of a tighter credit policy.

Mr. Duffy said the collection division also struggled to clear
out non-paying customers, causing the firm to downsize the
number of its collection offices from eight to only four last
year.

However, the network said full-year revenue rose 5.7% to just
over GBP2 billion and the pre-tax loss narrowed from GBP583.7
million to GBP484.2 million. It is now offering TV, telephone
and Internet services to 3.14 million residential customers, an
increase of 3.8% on 2003.

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


OPM MANAGEMENT: Names Liquidator from PKF
-----------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

        IN THE MATTER OF OPM Management Services Limited
                         (In Liquidation)

I, Anne Buchanan, Chartered Accountant, PKF, 78 Carlton Place,
Glasgow G5 9TH, hereby give notice that I was appointed
Liquidator of OPM Management Services Limited by a Resolution of
a Meeting of Creditors, duly convened and held in 78 Carlton
Place, Glasgow G5 9TH, under the terms of section 138 of the
Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland)
Rules 1986, on February 28, 2005.

A Liquidation Committee was formed at this Meeting.

Anne Buchanan, Liquidator
March 2, 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

          Anne Buchanan
          E-mail: anne.buchanan@uk.pkf.com
          Phone: 0141 418 1119
          Fax: 0141 429 1210


PASHMINA RESTAURANT: Meeting of Creditors Set Later this Month
--------------------------------------------------------------
The creditors of meeting of Pashmina Restaurant Riverside
Limited will meet on March 30, 2005 at 10:30 a.m.  It will be
held at Re10, Trinity House, Heather Park Drive, Wembley,
Middlesex HA0 1SU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Re10, Trinity House, Heather Park Drive, Wembley,
Middlesex HA0 1SU not later than 12:00 noon, March 29, 2005.

Contact:  D. M. PATEL & CO.
          40 Great James Street
          London WC1N 3HB
          Phone: 020 7430 9697
          Fax: 020 7430 9697


SAMACO LIMITED: Administrators from Begbies Traynor Move in
-----------------------------------------------------------
Jamie Taylor and David Paul Hudson (IP Nos 002748, 008977) have
been appointed administrators for Samaco Limited.  The
appointment was made March 8, 2005.  Its registered office is
located at 32 Queen Anne Street, London W1G 8HD.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


SBH CRUSHING: Hires Administrator from Houghton Stone Business
--------------------------------------------------------------
Simon Thornton (IP No 9031) has been appointed administrator for
SBH Crushing & Recycling Ltd.  The appointment was made March 8,
2005.  The company is engaged in crushing and recycling material
and soil.

CONTACT:  HOUGHTON STONE BUSINESS RECOVERY LIMITED
          The Conifers
          Filton Road
          Hambrook
          Bristol
          Avon BS16 1QG
          Phone: 0117 957 9009
          Fax: 0117 957 9001
          E-mail: simon_thornton@houghtonstone.co.uk


SILVER MINDS: DCD Trade Services Appoints Receiver
--------------------------------------------------
DCD Trade Services Limited appointed Paul Michael Davis and
Timothy John Edward Dolder (Office Holder Nos 7805, 9008) joint
administrative receivers for Silver Minds Direct (UK) Limited
(Reg No 3678709, Trade Classification: 22 Other Retail).  The
application was filed Feb. 28, 2005.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com


SO FRESH: National Westminster Bank Appoints Receiver
-----------------------------------------------------
National Westminster Bank Plc called in Philip Andrew Revill and
Andrew Philip Wood joint administrative receivers for So Fresh
Seafoods Limited (Reg No 04153068).  The application was filed
March 7, 2005.

CONTACT:  THE P & A PARTNERSHIP
          93 Queen Street
          Sheffield
          South Yourksire S1 1WF
          Phone: 0114 275 5033
          Fax: 0114 276 8556
          E-mails: philrevill@thepandapartnership.com
                   andywood@thepandapartnership.com


UNITY-BRISTOL LIMITED: Names B N Jackson Norton Administrator
-------------------------------------------------------------
Graham Lindsay Down (IP No 6600) has been appointed
administrator for Unity-Bristol Limited.  The appointment was
made March 7, 2005.  The company offers educational services.

CONTACT:  B N JACKSON NORTON
          14 Orchard Street
          Bristol
          Avon BS1 5EH
          Phone: 0117 905 5110
          Fax: 0117 905 5384
          E-mail: gdown@bnjn.com


VAN BENTLEY: Claims Filing Period Expires Later this Month
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Van Bentley Limited
                         (In Liquidation)

I, J. M. Hall, Chartered Accountant, 9 Coates Crescent,
Edinburgh EH3 7AL, hereby give notice pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986 that I was appointed
Liquidator of Van Bentley Limited by Resolution of the First
Meeting of Creditors held on February 25, 2005.

A Liquidation Committee was established.  All Creditors who have
not already done so are required to lodge their claims with me
by March 31, 2005.

J. M. Hall, Liquidator
February 25, 2005

CONTACT:  HAINES WATTS
          9 Coates Crescent
          Edinburgh EH3 7AL
          Phone: 0131 225 4661
          Fax: 0131 225 4663
          Web site: http://www.hwca.com

          John Michael Hall
          E-mail: jhall@hwca.com


WEST HYDE: Calls in Joint Administrators from Begbies Traynor
-------------------------------------------------------------
W. John Kelly and James P. N. Martin (IP Nos 004857, 8316) have
been appointed joint administrators for West Hyde Enclosures
Limited.  The appointment was made March 8, 2005.

The company manufactures metal.  Its registered office is
located at Wolverhampton Science Park, Glaisher Drive,
Wolverhampton WV10 9RU.

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          Newater House
          11 Newhall Street
          Birmingham
          West Midlands B3 3NY
          Phone: 0121 200 8151 or 0121 200 8150
          Fax: 0121 200 8160
          E-mails: john.kelly@begbies-traynor.com
                   james.martin@begbies-traynor.com


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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