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

                           E U R O P E

            Wednesday, March 23, 2005, Vol. 6, No. 58

                            Headlines

F R A N C E

ALSTOM SA: Mulls Job cuts in Germany
RHODIA SA: Buys back EUR300 Mln EMTN 6.00% Notes


G E R M A N Y

ANDERS GMBH: Court-appointed Administrator Takes over Helm
BEDACHUNG KRAMER: Creditors Have Until April to File Claims
BTE BAUTISCHLEREI: Administrator's Report Out April
FARBEN-KUHLMANN GMBH: Last Day for Filing Claims April 6
KARSTADTQUELLE AG: Deutsche Post Takes over Logistics Unit

MG TECHNOLOGIES AG: High Court Upholds Squeeze-out Resolution
PVG PARTY: Aachen Court Confirms Bankruptcy
SB SERVICE-TEAM: Falls into Bankruptcy
SCHRODER & LEHMANN: Cedes Control to Interim Administrator
STROMBURG ELEKTROTECHNIK: Applies for Bankruptcy Proceedings

THOMAS COOK: Abandoning Canadian, Indian Operations
TIEFBAUINGENIEURGEMEINSCHAFT GMBH: Declared Insolvent
WALTER BAU: Expert Claims Aussie Unit Traded While Insolvent
WESA WERTSTOFFSORTIERANLAGE: Declared Insolvent


I T A L Y

PARMALAT FINANZIARIA: Parma Prosecutors Firm up Case Against 120
PARMALAT U.S.A.: Wants More Time to Decide on Atlanta Contracts
SEAT PG: Reports EUR119.5 Million Net Loss for 2004


R U S S I A

ASTRAKHANSKIY FISH: Creditors Have Until April to File Claims
BALASHOVSKIIY FACTORY: Under Bankruptcy Supervision
BRATSK-POULTRY: Bankruptcy Hearing Set July
FISH-KHOZ MOZHAYSKIY: Moscow Court Appoints Insolvency Manager
KHINGANSKOYE TIN: Proofs of Claim Deadline April 19

LOSKUTOVSKOYE: Tomsk Court Hires V. Chayka as Insolvency Manager
NOVOZYBKOV-SEL-KHOZ-KHIMIYA: Declared Insolvent
PUGACHEVSKAYA ROAD-BUILDING: Under Bankruptcy Supervision
SALAVAT-HYDRO-MASH: Last Day for Filing Claims April 19
TEYKOVO-TRANS: Gives Creditors Until Next Month to File Claims
YUKOS OIL: U.K. Court Blocks Extradition of Former Executives
YUKOS OIL: Retains Oil Output Despite Unruly 2004


S W I T Z E R L A N D

ABB LTD.: Drafts New Proposal to Settle Asbestos Issue
SWISS INTERNATIONAL: Reaches Deal with Ground Personnel


U K R A I N E

CHERVONA POLYANA: Insolvency Manager Takes over Helm
CHERVONOSILSKA: Gives Creditors Until Friday to File Claims
DSP HORTITSYA: Under Bankruptcy Supervision
GORODNYA' FOOD: Bankruptcy Supervision Begins
KHRESCHATYK BANK: Gets 'B' Long-term Rating from Fitch

KREMENCHUK SILGOSPHIMIYA: Declared Insolvent
MAHARINTSI' SUGAR: Claims Filing Period Expires this Week
PROMIN LTD.: Last Day for Filing Claims March 25
SVITANOK: Court Freezes Debt Payments
TERMOIZOLYATSIYA: Court Orders Debt Moratorium
TOTUS: Harkiv Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ALL-WEATHER MARKETS: Hires Liquidator from Kelmanson Partnership
ASPLEY FOREST: Members Pass Winding-up Resolutions
ATLANTIS VACATIONS: Hires Middleton Partners as Administrator
AVONFAIR INVESTMENTS: Members Pass Winding-up Resolution
AYLESBURY DRYLINING: Names Elwell Watchorn & Saxton Liquidator

BAKE DIRECT: Calls in Liquidator from Elwell Warchorn & Saxton
BAKER CONSTRUCTION: Regulator Serves Eight-year Ban on Director
BLACKFORDS FENCING: Names BDO Stoy Hayward Administrator
BOIS LIMITED: Members Call in Liquidator from Findlay James
BOWD ENGINEERING: Names Elwell Watchorn & Saxton Liquidator

BRITISH ENERGY: Chief Executive Resigns
CARMODY LEISURE: Names Citroen Wells Liquidator
CARTER HAYNES: Members Pass Extraordinary Resolution
CLARE'S GARAGE: Hires Liquidator from Grant Thornton
COLAB GROUP: Names Administrators from Kroll Limited

COMPASS INVESTMENT: Members Call in Liquidator
COMPLETE CAR: Liquidator from Wright Associates Moves in
CONSUMER TECHNOLOGY: Liquidators from Wilson Pitts Move in
CORNWALL LITHO: Calls in Hacker Young Administrator
CP3I: Amicus Raps Receivers for Axing Employees Without Notice

GADGET SHOP: GAME Cites Boardroom Row in Withdrawing Offer
GATWOOD & ELCOMBE: Directors Banned for Four Years
HEC AEROSPACE: Insolvency Service Bans Director for Five Years
HSC CARPET: Former Topman Disqualified for Four Years
J T SCOTNEY: Barclay Bank Appoints PwC Receiver

PARKLAND INVESTMENTS: Administrator from Findlay James Moves in
PITTARDS PLC: Shares Drop as Results Came in Red
PRINGLE: Denies Buyout Rumors
RIVERBANK LEASING: Hires Ernst & Young as Liquidator
SCIENCE PARK: Creditors Meeting Set Next Month

STRAND OPTIONS: Debt Claims Deadline Set Next Month
SUPERFRAME GROUP: Names Joint Administrators from Leonard Curtis
T & J SCOTT: Members Decide to Wind up Firm
VIANET GROUP: Major Order News Softens Blow of Poor Results
WILLIAM TATHAM: Appoints Tenon Recovery Liquidator
WINDOW & CONSERVATORY: Top Honcho Receives Four-year Ban


                            *********


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


ALSTOM SA: Mulls Job cuts in Germany
------------------------------------
Engineering giant Alstom will reportedly dismiss around one-
fourth of its workforce at its Mannheim site in Germany,
Suddeutsche Zeitung says.

This latest cost-cutting measure will affect 450 to 500
employees, all from the power station construction unit, which
employs 1,800.  In all, the Mannheim site has 2,000 employees.

The redundancy still needs the approval of the works council,
according to management, adding negotiations are still ongoing.
Workers representatives are concerned the job cuts will
adversely affect production.

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

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

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


RHODIA SA: Buys back EUR300 Mln EMTN 6.00% Notes
------------------------------------------------
Rhodia S.A. completed an offer in Luxembourg to repurchase its
EUR300 million aggregate principal amount of 6.00% notes due
March 2006 listed on the Luxembourg Stock Exchange.  Rhodia
repurchased EUR245,792,000 aggregate principal amount of Notes
for a repurchase price of 103.230%, or EUR1,032.30 per EUR1,000
nominal value of Notes, plus accrued interest from and including
the last interest payment date of the Notes, as the case may be,
to but excluding the Settlement Date.

Settlement was made on 18 March 2005.  Following repurchase and
settlement, EUR54,208,000 aggregate principal amount of Notes
remains outstanding.

Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals.  Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs.  Rhodia generated net sales of EUR5.3 billion
in 2004 and employs 20,000 people worldwide.  Rhodia is listed
on the Paris and New York stock exchanges.

CONTACT:  RHODIA S.A.
          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


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


ANDERS GMBH: Court-appointed Administrator Takes over Helm
----------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Anders GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 3, 2005 to register their claims with
court-appointed provisional administrator Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on May 24, 2005, 10:30 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ANDERS GMBH & CO.
          Daimlerstr. 19-27, 32257 Bunde
          Contact:
          Peter Anders, Manager
          Daimlerstr. 19 - 27, 32257 Bunde

          Stefan Meyer, Administrator
          Ostertorstr. 7, 32312 Lubbecke


BEDACHUNG KRAMER: Creditors Have Until April to File Claims
-----------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Bedachung Kramer Gesellschaft mit beschrankter Haftung on March
1.  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 Dirk Obermuller.

Creditors and other interested parties are encouraged to attend
the meeting on April 25, 2005, 11:30 a.m. at the district court
of Bonn -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Saal W126 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
verify the claims set out in the administrator's report on July
22, 2005, 11:00 a.m. at the same venue.

CONTACT:  BEDACHUNG KRAMER GESELLSCHAFT MIT BESCHRANKTER
          HAFTUNG
          Wahnbachtalstr. 6, 53721 Siegburg
          Contact:
          Heinz Kramer, Manager

          Dirk Obermuller, Administrator
          Godesberger Allee 125-127, 53175 Bonn
          Phone: 81 000 45
          Fax: 81000820


BTE BAUTISCHLEREI: Administrator's Report Out April
---------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against BTE Bautischlerei und Elementehandel Dieter
Fechner GmbH on March 1.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until June 1, 2005 to register their claims with court-
appointed provisional administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on April 5, 2005, 9:30 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on July 19, 2005, 9:40 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.

CONTACT:  BTE BAUTISCHLEREI UND ELEMENTEHANDEL DIETER FECHNER
          GMBH
          Lichtenberg, Eitelstr. 68,10317 Berlin

          Hartwig Albers, Administrator
          Lutzowstr. 100, 10785 Berlin


FARBEN-KUHLMANN GMBH: Last Day for Filing Claims April 6
--------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Farben-Kuhlmann GmbH & Co. KG on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 6, 2005 to
register their claims with court-appointed provisional
administrator Martin Kienitz.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 11:30 a.m. at the district court
of Bielefeld Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  FARBEN-KUHLMANN GMBH & CO. KG
          Rintelner Str. 275, 32457 Porta Westfalica

          KUHLMANN VERWALTUNGS GMBH
          Rintelner Str. 275, 32457 Porta Westfalica
          Contact:
          Rolf Kuhlmann, Manager
          Frank Kuhlmann, Manager

          Martin Kienitz, Administrator
          Rugenweg 14, 32427 Minden


KARSTADTQUELLE AG: Deutsche Post Takes over Logistics Unit
----------------------------------------------------------
KarstadtQuelle Group signed an agreement on March 18 to sell a
large part of its logistics operation to Deutsche Post World
Net.

With effect from April 1, 2005, Deutsche Post subsidiary DHL
Solutions will be taking over distribution logistics for
Karstadt Warenhaus AG, together with staff.  This includes the
operation of the Unna/Holzwickede goods distribution center, the
jewelry warehouse in Essen, the industry centers in Essen-
Vogelheim and Brieselang, Brandenburg, and the regional
logistics centers in Hamburg, Berlin, Kirchheim b. Munchen,
Dusseldorf and Karlsruhe.  The logistics real estate comprises
usable space totaling over 700,000 sq. m.

Altogether, 2,650 employees are employed in this sector.  The
sales volume amounts to EUR260 million per annum.

Likewise, the large- and part-load operation (e.g. television
sets/furniture) of the mail-order suppliers Quelle and
Neckermann, including staff, will in future be run by DHL
Solutions.  The sales volume here comes to about EUR270 million;
some 1,000 employees are employed at 11 locations.  These
include Nuremberg, Ettlingen, Gross-Gerau, Bochum, Oranienburg,
Niederau, Lehrte, Bucknitz, Heideloh, Brieselang and Rennerod.
Usable space here totals 470,000 sq. m.

The transfer of all staff is planned for April 1, 2005.  The
transaction in the large- and part-load sector is still subject
to final approval by the Federal German Monopolies Commission.
The selling price for the entire transaction is about EUR200
million.

"This is a good day for KarstadtQuelle.  By this transaction we
have accomplished a further stage in our divestment program,"
said KarstadtQuelle Management Board Chairman Christoph
Achenbach.

"The Post is the most professional partner imaginable for
collaboration in the logistics field.  This transaction will
greatly benefit both companies."

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

          Media Contact
          Jorg Howe
          Phone: + 49 (0)201/727-25 38
          E-mail: joerg.howe@karstadtquelle.com


MG TECHNOLOGIES AG: High Court Upholds Squeeze-out Resolution
-------------------------------------------------------------
The higher regional court in Hamm, Germany on Thursday rejected
appeals against the official adoption of GEA AG's squeeze-out
resolution.  The Bochum regional court previously allowed the
resolution, which was adopted by GEA's annual shareholders'
meeting on August 13, 2004, to be officially entered in the
Commercial Register.  GEA is a subsidiary of mg technologies AG.

The high court's judgment is final.  There is now nothing to
prevent this squeeze-out resolution from being officially
entered in the Commercial Register and from GEA subsequently
being merged with mg technologies.  The outcome of the pending
appeals against the squeeze-out is now irrelevant to an official
entry in the Commercial Register, which cannot be reversed.

Mg technologies ag is an international technology group that
focuses on specialty mechanical engineering, especially process
engineering and equipment; and plant engineering.  The company
generated sales of roughly EUR4.1 billion -- excluding Dynamit
Nobel and other discontinued operations -- in 2003.  At
September 30, 2004, it employed around 17,000 people and is one
of the world's market and technology leaders in 90 percent of
its businesses.

CONTACT:  MG TECHNOLOGIES AG
          Bockenheimer Landstrasse 73-77
          D-60325 Frankfurt am Main
          Germany
          Phone: +49 (0)234 980 1081
          Fax : +49 (0)234 980 1087
          E-mail: info.mg@mg-technologies.com
          Web site: http://www.mg-technologies.com


PVG PARTY: Aachen Court Confirms Bankruptcy
-------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against PVG Party Vermietung Getrankeservice OHG on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 19, 2005
to register their claims with court-appointed provisional
administrator Caroline Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on May 23, 2005, 8:45 a.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen, II. Etage, Zimmer 21 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:  PVG PARTY VERMIETUNG GETRŽNKESERVICE OHG
          Halle 7/zum Frenser Feld 1, 50127 Bergheim
          Contact:
          Arnold Pohl, Manager
          Gerade Eiche 51, 52445 Titz-Rodingen
          Robert Pohl, Manager
          Kolner Str. 15 a, 50181 Bedburg

          Caroline Schmitz, Administrator
          Waisenhausstr. 3, 52349 Duren
          Phone: 02421/20908-0
          Fax: 02421/20908-18


SB SERVICE-TEAM: Falls into Bankruptcy
--------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against SB Service-Team GmbH on Feb. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 19, 2005 to register their
claims with court-appointed provisional administrator Dr. Axel
Fohrmann.

Creditors and other interested parties are encouraged to attend
the meeting on May 10, 2005, 9:30 a.m. at the district court of
Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, II. Etage, Zimmer 205 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:  SB SERVICE-TEAM GMBH
          Wiescherweg 100, 45472 Mulheim
          Contact:
          Bernt Krebber, Manager
          Kappenstr. 95, 45475 Mulheim

          Dr. Axel Fohrmann, Administrator
          Grossenbaumer Strasse 93, 45481 Mulheim


SCHRODER & LEHMANN: Cedes Control to Interim Administrator
----------------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Schroder & Lehmann Rohbauunternehmen GmbH &
Co. KG on March 2.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until April 20, 2005 to register their claims with court-
appointed provisional administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on May 25, 2005, 10:00 a.m. at the district court of
Frankfurt (Oder), Mullroser Chaussee 55, 15236 Frankfurt (Oder),
Saal 401 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  SCHRODER & LEHMANN ROHBAUUNTERNEHMEN GMBH & CO. KG
          Dorfstrasse 20, 16321 Rudnitz

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


STROMBURG ELEKTROTECHNIK: Applies for Bankruptcy Proceedings
------------------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Stromburg Elektrotechnik GmbH on Feb. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 3, 2005 to
register their claims with court-appointed provisional
administrator Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting on April 14, 2005, 8:45 a.m. at Saal 115,
Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen at which
time the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set
out in the administrator's report on May 26, 2005, 9:00 a.m. at
115, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen.

CONTACT:  STROMBURG ELEKTROTECHNIK GMBH
          Vahrer Str. 246C, 28329 Bremen
          Contact:
          Axel Stromburg, Manager
          Marion Stromburg, Manager
          Vahrer Strasse 246C, 28329 Bremen

          Uwe Kuhmann, Administrator
          Schusselkorb 3, 28195 Bremen
          Phone: 0421/33061-0
          Fax: 0421/33061-10


THOMAS COOK: Abandoning Canadian, Indian Operations
---------------------------------------------------
Loss-making tour operator Thomas Cook is reportedly selling a
large chunk of its operations, Die Welt says.

Businesses allegedly lined for sale are club chain Aldiana and
operations in Canada and India.  In December 2004, management
reportedly invited investment banks to organize the sale.  Rival
tour operator TUI is considered a possible buyer for the Aldiana
unit.

The group, jointly owned by KarstadtQuelle and Lufthansa,
reduced its net loss from EUR253 million in 2003 to EUR176
million last year after implementing drastic cost-cutting
measures, which included layoffs and salary cuts.

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

          TUI AG
          Karl-Wiechert-Allee 4
          D-30625 Hanover
          Phone: +49-511-566-00
          Fax: +49-511-566-1098
          Web site: http://www.tui.com


TIEFBAUINGENIEURGEMEINSCHAFT GMBH: Declared Insolvent
-----------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Subterrane Tiefbauingenieurgemeinschaft GmbH on Feb. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 10, 2005 to
register their claims with court-appointed provisional
administrator Detlef-Helmut Sturmann.

Creditors and other interested parties are encouraged to attend
the meeting on April 7, 2005, 8:30 a.m. at Saal 115,
Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen at which
time the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set
out in the administrator's report on June 2, 2005, 9:00 a.m.
Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195
Bremen.

CONTACT:  TIEFBAUINGENIEURGEMEINSCHAFT GMBH
          Ausser der Schleifmuhle 29, 28203 Bremen
          Contact:
          Jan Hiske, Manager
          Bremer Strasse 22a, 27299 Langwedel
          Friedrich Karl Muller, Manager
          Eekenhoge 18, 28355 Bremen

          Detlef-Helmut Sturmann, Manager
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


WALTER BAU: Expert Claims Aussie Unit Traded While Insolvent
------------------------------------------------------------
The administrator of Walter Bau's Australian arm, Walter
Constructions, believes the unit may have been trading while
insolvent, The West Australian says.

In its report, KordaMentha said the unit was already insolvent
way before its German parent declared bankruptcy.  The
consultancy group, specializing in insolvency, alleges directors
Roy Walter and Christian Fischer, who also sat at Walter Bau's
board, had known of the unit's dire situation long before other
directors did.  The administrator, however, did not reveal the
exact date when the two became aware of the unit's insolvency.

Walter Bau filed for insolvency on Feb. 1, 2005 after failing to
secure a EUR1.65 billion credit line from banks.  Within days,
Walter Construction and 11 other subsidiaries similarly filed
for bankruptcy.  Walter Construction owes unsecured creditors
around AU$90 million.

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

          KORDAMENTHA
          Level 4, 70 Pirie Street
          Adelaide 5000
          South Australia
          Phone:  +61 8 8212 6322
          Fax: +61 8 8212 2215
          E-mail: info@kordamentha.com
          Web site: http://www.kordamentha.com


WESA WERTSTOFFSORTIERANLAGE: Declared Insolvent
-----------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against WESA Vermogen der Firma WESA
Wertstoffsortieranlage on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 21, 2005 to register their claims
with court-appointed provisional administrator Christian Graf
Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting on May 26, 2005, 11:00 a.m. at the district court of
Frankfurt (Oder), Mullroser Chaussee 55, 15236 Frankfurt (Oder),
Saal 401 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  WESA WERTSTOFFSORTIERANLAGE BETRIEBS GMBH
          Trankeweg 15, 15517 Furstenwalde

          Christian Graf Brockdorff, Administrator
          Breite Strasse 9 A, 14467 Potsdam


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I T A L Y
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PARMALAT FINANZIARIA: Parma Prosecutors Firm up Case Against 120
----------------------------------------------------------------
Parma prosecutors have wrapped up their investigation into the
alleged financial fraud that caused the collapse of Parmalat
Finanziaria, Il Sole 24 Ore says.

About 120 personalities are expected to be indicted after chief
prosecutor Vito Zincani is done reviewing their charge sheets.
The final list of indictees will be released after Easter.
A Milan court is separately holding pre-trial hearings on the
market manipulation charges brought by prosecutors.

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

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


PARMALAT U.S.A.: Wants More Time to Decide on Atlanta Contracts
---------------------------------------------------------------
Parmalat U.S.A. Corp. and Farmland Dairies LLC seek the U.S.
Bankruptcy Court for the Southern District of New York's
authority to reject, assume, or assume and assign, as the case
may be, certain executory contracts and unexpired leases in
connection with a potential sale of Farmland's fluid milk and
other beverage business based in Atlanta, Georgia, on the
earlier of the sale's closing and June 30, 2005.

As described in their Chapter 11 Plan and Disclosure Statement,
the U.S. Debtors determined that the values of their estates
would be maximized by a reorganization of Farmland's business
around its Northeast and Michigan operations.  That revised
strategy called for Farmland to concentrate on its fresh-milk
and nationwide extended-shelf-life milk business and to divest
its non-core operations, including the Atlanta Business.
Accordingly, about that time, the U.S. Debtors and their
professionals commenced a marketing process for the assets
comprising the Atlanta Business.

Farmland is currently engaged in negotiations concerning the
terms and provisions of an asset purchase agreement related to
the sale of the Atlanta Business to a potential purchaser.  It
is anticipated that a request for an order approving the sale of
the Atlanta Business to the Purchaser, free and clear of all
liens, claims, encumbrances, and interests, will be filed
shortly.

Given that the Purchaser intends to operate the Atlanta Business
as a going concern, the terms of the sale agreement currently
under negotiation provide for the Purchaser's assumption of
certain of the Atlanta Contracts.

The U.S. Debtors also anticipate that the sale of the Atlanta
Business will close prior to the Effective Date of the Plan.
However, the Debtors cannot be absolutely certain that the sale
will close within that timeframe or that the consummation of the
proposed sale to the Purchaser will, in fact, occur.  Thus, the
Debtors believe that deciding on the Atlanta Contracts will
provide them with the flexibility needed to ensure that those
contracts are preserved pending the anticipated closing on the
sale of the Atlanta Business.

Marcia L. Goldstein Esq. at Weil, Gotshal & Manges LLP in New
York tells Judge Drain that the confirmation of the U.S.
Debtors' Plan implements their assumption or rejection of the
various executory contracts and unexpired leases.  Absent the
authority to decide on the contracts and leases, the Debtors
would have been forced to decide on the Atlanta Contracts
without knowing with certainty whether the potential sale of the
Atlanta Business to the Purchaser will, in fact, occur, or which
agreements the Purchaser has committed to assume.  A premature
rejection of the Atlanta Contracts would have jeopardized the
sale currently under negotiation.  A premature assumption of the
Atlanta Contracts, to preserve them in connection with the
potential sale of the Atlanta Business, would have burdened the
Debtors with current administrative costs.

Ms. Goldstein explains that if, ultimately, the Purchaser failed
to close on the Atlanta Business sale, or closed but determined
not to take certain contracts, the rejection damages arising
from any Atlanta Contracts prematurely assumed as of
confirmation would have generated unnecessary administrative
costs.  Granting the Debtors' request to assume or reject the
Atlanta Contracts at a time when there is certainty will void
subjecting their estates to unnecessary risks and costs.

The non-debtor parties to the Atlanta Contracts that are
affected by the U.S. Debtors' Request will not be unfairly
prejudiced, Ms. Goldstein assures the Court.  The Debtors'
request provides certainty to those parties that on the earlier
of the Sale Date and June 30, 2005, the Debtors will have
effectuated the applicable assumptions and rejections.

A list of the Atlanta Contracts is available for free at
http://bankrupt.com/misc/Atlanta_Contracts_and_Leases.pdf

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debt. (Parmalat Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

CONTACT:  PARMALAT U.S.A. CORPORATION
          520 Main Ave.
          Wallington, NJ 07057
          Phone: 973 777 2500
          Fax:   973 777 7648
          Toll Free: 888 727 6252
          Web site: http://www.parmalatusa.com


SEAT PG: Reports EUR119.5 Million Net Loss for 2004
---------------------------------------------------
Consolidated Figures

(a) Revenues amounted to EUR1,406.3 million, with a 2.0%
    increase at constant consolidation area (net of the transfer
    of businesses in the Business Information area),

(b) EBITDA amounted to EUR611.5 million (+1.9% at constant
    consolidation area), with a ratio to revenues rising to
    43.5% (from 41.5% in 2003),

(c) Net Loss amounted to EUR119.5 million, primarily due to non-
    operating amortization, which totaled EUR389.2 million
    (EUR324.4 million for goodwill and customer database arising
    from the merger between Seat, Silver and Spyglass, carried
    out at the end of 2003);

(d) Operating Cash Flow amounted to EUR637.8 million, sharply
    increasing compared to EUR534.4 million in 2003 (+19.3%),
    thanks to a reduction in working capital;

(e) Net Financial Debt at the end of the year dropped to
    EUR3,925.7 million, (from 4,039.5 million posted after the
    distribution of the extraordinary dividend, at the end of
    April 2004), with a 6.59% average debt cost for 2004; and

(f) Call for Shareholders' Meeting on April 28/29, 2005
    approved.

In 2005 -- consistent with the guidelines of the 2005-2007
three-year Plan -- the effort to strengthen the Italian business
is continuing, whilst Thomson and Telegate will continue to
expand their activities in their respective markets.

Repayments of the financial debt for a total of EUR84 million
are planned for Q1 2005, in addition to the voluntary early
repayment made in January and amounting to EUR50 million.

Seat Pagine Gialle S.p.A. was incorporated on August 1, 2003 as
a result of the partial proportional spinoff of former Seat
Pagine Gialle S.p.A. (now Telecom Italia Media S.p.A.) of the
Directories business area (operating in the telephone
directories sector, through solicitation of advertising and
publishing of print and online products), the Directory
Assistance business area (that supplies voice information
services), and the Business Information area (that supplies one-
to-one marketing services, marketing intelligence and database
management services to companies).

On December 23, 2003 the merger by incorporation of Seat S.p.A.
into Silver S.p.A. -- a wholly owned subsidiary of Spyglass
S.p.A. -- and of the resulting company into Spyglass S.p.A.
became effective.  Upon conclusion of this transaction, Spyglass
S.p.A. changed its name to SEAT PAGINE GIALLE S.p.A.
For the purpose of facilitating the analysis of financial data,
the pro-forma figures for 2003 are provided below, reclassified
so as to reflect the economic performance of the SEAT PAGINE
GIALLE Group and of the Parent Company, as if the spin-off of
SEAT PAGINE GIALLE S.p.A. from Telecom Italia Media S.p.A.
(carried out on August 1, 2003) had been effective as of January
1, 2003.

The merger by incorporation of Seat S.p.A. in Silver S.p.A. and
of the resulting Company into Spyglass S.p.A., which took place
at the end of 2003, did not influence revenues and operating
cost items.  Thus, it was not deemed necessary to state the
effects of these transactions in the pro-forma income statements
for 2003.  Consequently, goodwill amortization arising from the
above-mentioned merger operations only relates to the period
from August 1 to December 31 in the pro-forma income statement.
Compared to 2003, the consolidation area was reduced, in
particular due to the disposal of equity investments in
companies of the "Business Information" Area (the foreign
operations of the French Group Consodata, Consodata Germany GmbH
and NetCreations Inc).

The Board of Directors of Seat Pagine Gialle, chaired by Enrico
Giliberti, approved the draft annual report for the year 2004,
upon motion by CEO Luca Majocchi.

          Consolidated Results at December 31, 2004

Performance of Sales and Service Revenues

Consolidated revenues reached EUR1,406.3 million, up by 2.0%
based on a constant consolidation area (i.e., net of the
transfer of the foreign activities of the "Business Information"
area, performed during the year).

At a level of individual Business Areas, these should be noted:

(a) Italian Directories: notwithstanding the unfavorable
    macroeconomic scenario and the changes introduced during the
    financial year in the area of internal processes and sales
    approach, revenues reached Euro 1,060.4 million, up 0.4%.
    The multi-platform offering once again confirmed its
    validity: the growth in revenues from PAGINEGIALLE.it online
    advertising activities (EUR98.1 million, +15.0%) and from
    the voice platform (Pronto PAGINE GIALLE EUR55.0 million,
    +23.2%) offset the slight decrease posted by print products
    (-2.1%);

(b) U.K. Directories: revenues rose to EUR170.0 million,
    increasing by 10.4% in local currency and by 12.5% in euro,
    in spite of the strong competitive context in which the
    Thomson Group operates and thanks to actions aimed at
    product innovation and enhancement of the sales structure;

(c) Directory Assistance: revenues grew by 21.2%, thus reaching
    EUR173.1 million.  This Business Area benefited from further
    growth in the reference market of the Telegate Group
    (Germany) and from the development of international
    activities (Italy and Spain);

(d) Other Activities: this item includes the activities of
    Consodata S.p.A. (revenues of EUR29.3 million, down 1.4%)
    and of Euredit S.A. (revenues of EUR25.9 million, up 4.2%),
    whose performance highlighted the operating synergies
    developed with the rest of the Group.

Gross Operating Profit Performance

Gross operating profit grew by 0.8%, thus reaching EUR678.8
million, despite the significant increase in advertising
investments (+ EUR15.2 million compared to pro-forma 2003).  The
ratio to revenues also improved, rising to 48.3% from 46.5% at
December 31, 2003.

EBITDA Performance

Operating income before amortization (EBITDA) totaled EUR611.5
million, with a 1.5% increase compared to pro-forma 2003,
exceeding the forecasts for a 1.2% growth YoY announced in the
Half-Year Report.

EBITDA improved compared to 2003, also in terms of its ratio to
revenues (from 41.5% to 43.5%).

Also worthy of mention are the lower valuation adjustments
deriving from write-downs of receivables, which fell from
EUR41.7 million to EUR38.6 million, also following the improved
performance -- at the Parent Company level -- of credit
management, as regards the recovery of overdue receivables and
of receivables falling due in the short term, and to the
streamlining and rationalization of the collection processes (by
an ever increasing use of bank orders charged to current
accounts).

Operating Income Performance

Operating income amounted to EUR192.4 million, showing a
decrease compared to the pro-forma figure of EUR330.2 million
posted in 2003, mainly due to non-operating amortization that
increased by EUR151.8 million compared to the previous year.  In
fact, the 2003 pro-forma income statement reflected goodwill
amortization arising from the two mergers into the Parent
Company at the end of 2003, for five months only.

Performance of Income/Loss for the Year (Year performance)

Loss for the year was EUR119.5 million (compared to an income of
EUR16.4 million in 2003), after net financial expense (EUR224.4
million), net extraordinary expense (EUR30.8 million) and income
taxes (EUR48.1 million).

Performance of Net Financial Debt

Net financial debt decreased to EUR3,925.7 million at year-end
(from EUR4,039.5 million after the distribution of the
extraordinary dividend at the end of April 2004), despite the
payment of the EUR133,3 million substitute tax relating to the
customer data base.

The debt consists of a Senior loan amounting to EUR2,747.9,
96.15% of which denominated in euro and 3.85% in British pounds,
at floating interest rates governed by Euribor and Libor GBP
rates, respectively.  For the purposes of limiting interest rate
risks, SEAT entered into hedging contracts on amounts ranging
from 53% to 75% of the debt at floating interest rates in Euro
until 2009.

The remaining portion of the debt is made up of a subordinate
loan of EUR1,300 million, at a fixed interest rate.

The total cost of the loan was 6.59% p.a., including the above-
mentioned charges related to hedging contracts.

During the financial year, SEAT PAGINE GIALLE repaid a EUR108.5
million portion of the loan.  EUR50 million were also repaid in
advance at the end of January 2005 and another EUR84 million,
originally due at June 2005, will be repaid by the end of March
thanks to the good cash flow (EUR140 million availabilities as
of December 31, 2004).

The short-term portion of the loan, EUR171.2 million as of
December 31, 2004, will be reduced at the end of March to EUR84
million by effect of the voluntary repayments described above.

Performance of Operating Free Cash Flow

Excellent operating cash flow for the period was verified, and
amounted to EUR637.8 million, up EUR103.4 million compared to
pro-forma 2003, especially thanks to the containment of
operating working capital, which decreased by EUR57.0 million,
thus reverting the growth trend experienced in 2003.  This
result was achieved especially thanks to a reduction in trade
receivables.

The ratio of operating cash flow to revenues improved notably
(from 36.9% to 45.4%) as did the ratio to EBITDA (from 88.7% to
104.3%).

Performance of the Main Companies of Seat Pagine Gialle Group

Seat Pagine Gialle S.p.A.

In Italy, the primary market of the Group, FY 2004 reported a
slight increase in terms of volumes and margins despite an
unfavorable macroeconomic context in which SMEs acted cautiously
and were little inclined to increase promotional and advertising
investments.

Revenues amounted to EUR1,060.4 million (+0.4%) and also
reflected the initiatives aimed at increasing sales, arising
from the greater attention paid to the selection of customers
based on creditworthiness.

The improvement in customer quality also reflects an improvement
in the quality of the offering and a more precise definition of
the Company's reference market.

At individual product level, the main dynamics were:

(a) Print: revenues amounted to EUR859.6 million, with a slight
    decrease (-2.1%) compared to pro-forma 2003.  This reflected
    a 3.5% reduction for PAGINEGIALLE (particularly in large
    urban centers) and a 1.1% increase for PAGINEBIANCHE (which
    benefited from the greater visibility achieved through the
    bundle offering of the print and online versions);

(b) Online: the sustained rise in revenues of PAGINE GIALLE.it
    (+13.9%), which ended the year at EUR102.5 million, is
    rooted in the increase in searches against a substantially
    stable customer base, despite a significant rotation of the
    customer portfolio related to its improvement.  One constant
    during the year was the thrust towards innovation (new
    graphic interface, new search engine, and new search
    features);

(c) Voice: revenues from the 89.24.24 Pronto PAGINEGIALLE
    service increased by 23.2% to EUR55.0 million, both thanks
    to advertising revenues (EUR31.8 million, +11.6%), and to
    the telephone traffic (EUR23.3 million, + 44.8%);

(d) Other: the performance of Direct Marketing products also
    continued to improve (+16.8% to EUR11.4 million).  EBITDA
    reached EUR529.8 million, reporting a 1.3% rise (and
    accounting for 50.0% of revenues) despite higher costs of
    advertising (EUR20.3 million for 2004, rising by 30.4%
    compared with the pro-forma figures for 2003).  This rise
    was due to improved efficiency in procurement of paper and
    industrial processing, and a reduction of the provisions to
    the bad debt reserve.

Net financial debt at year-end was EUR3,926.7 million.

Operating free cash flow continued to improve and amounted to
EUR554.0 million, increasing by EUR87.7 million compared to pro-
forma 2003 figures, thanks to the decrease in net working
capital mainly due to the reduction in trade receivables.  The
ratio of operating free cash flow to revenues rose to 52.2% from
44.1% in 2003, whilst the ratio to EBITDA reached 104.6%
(compared to 89.2% in 2003).

Thomson

In 2004, in an increasingly competitive market scenario (also
resulting from the presence on the market of British Telecom,
which entered the directory sector only two years ago) the
Thomson Group posted a 10.4% revenue increase in local currency,
reaching EUR170 million (+12.5% in euro), thus consolidating its
market share.

The positive trend characterized both print directories (+7.0%)
and online directories (+73.8%), thus confirming the strength of
the commercial offering of the Thomson Group.  They are
significant results as reached through a constant growth of
customers base (+11.5%), also maintaining a stable average value
for customer.

As forecast, EBITDA decreased due to higher industrial costs
incurred to upgrade the Thomson Local directory and to augment
the commercial offer, as well as because of higher advertising
and promotional costs.

Telegate Group

The enhancement of the offering of value-added services in
Germany (which represents approximately 70% of the total
reference market of the Telegate Group) and the development of
international activities in Spain and Italy has lead to a 20.4%
growth in revenues (EUR166.9 million).

EBITDA grew at a more-than proportional pace, thus reaching
EUR34.5 million (+30.2%), spurred by the German activities,
though affected by the costs of product launches and by
advertising investments to support the service in Spain.

Adoption of IAS/IFRS Accounting Standards

As part of the process of implementing international accounting
standards, in 2004 SEAT continued its analysis that led to (a)
definition of the "transition date" (January 1, 2004); (b)
identification of the differences between the IAS/IFRS and
Italian accounting standards, considered essential to drawing up
the financial statements (amortization of goodwill and
consolidation differences, stock options, employee severance
indemnity, and derivative hedging instruments); and (c)
modifying, where necessary, the administrative processes and
corporate information system to enable implementation of these
new standards.

Presently, SEAT is completing the process of quantifying the
differences identified and the resulting accounts audit, which
has been assigned to Ernst & Young.

Based on the CONSOB reference document "Principi contabili
internazionali: rendicontazioni periodiche, prospetti di
sollecitazione/quotazione, definizione di parti correlate"
published on February 17, 2005, SEAT PAGINE GIALLE intends to
adopt international accounting standards for the first time in
preparing the consolidated interim report on June 30, 2005.
SEAT is still investigating the expediency of using
international accounting policies in drawing up the statutory
financial statements of SEAT PAGINE GIALLE S.p.A.

Evolution of Operations

As of August 2003, the Seat Pagine Gialle Group once again
focused on the core business of directories and related
activities, adopting a strategy centered on product innovation,
on offers aimed at increasing customer satisfaction and on the
search for sustainable long-term growth.

In Italy, the management implemented a series of initiatives in
2004, focusing on the organizational structures, processes and
commercial policies.  Specifically, more selective criteria were
implemented to raise the quality of the customer base and
turnover, while redefining the main commercial policies.

As laid down in the 2005-2007 three-year Plan, the effects of
the initiatives taken and investments made in terms of personnel
training, introduction of new products and promotion of the
offer in FY 2004 will begin to show results in FY 2005.

The first half of 2005 will still be influenced by the
initiatives aimed at improving sales quality, with particular
reference to large cities.

In Great Britain, Thomson will continue promoting its products
in order to gradually increase its customer base and turnover.
This activity began to perform better in 2003, despite the high
level of competition present on the British market.

Telegate will continue to increase its turnover by introducing
new services in Germany and expanding into the European markets
that have been deregulated or are undergoing deregulation in
directory assistance services.

On the whole, the Seat Pagine Gialle Group confirms the
strategic directions and objectives -- at an EBITDA level --
laid down in the 2005-2007 Plan, approved last November.

The Board of Directors resolved to convene the Shareholders'
Meeting on April 28 and 29 -- first and second call respectively
-- to resolve upon: in Ordinary session, the appointment of a
new Director (as Pietro Masera was co-opted by the Board of
Directors on November 25, 2004 to replace the resigning Hardy
McLain) and approval of the draft annual report for the year
ended December 31, 2004; in the Extraordinary session, a
definitive reduction and, as a result, cancellation of the
revaluation reserves used to cover the FY 2004 losses.

CONTACT:  SEAT PAGINE GIALLE COMMUNICATIONS
          Phone: +39 011 435.3030
          Fax: +39 011 435.3040
          E-mail: Comunicazione.stampa@seat.it

          Investor Relations
          Phone: +39.011.435.2600
          E-mail: Investor.relations@seat.it

          Legal and Corporate Affairs:
          E-mail: ufficio.societario@seat.it

          BARABINO & PARTNERS
          Phone: +39 02 72 02 35 35
          Fax: +39 02 89 00 519

          Federico Steiner
          E-mail: f.steiner@barabino.it
          Niccolo Moschini
          E-mail: n.moschini@barabino.it


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


ASTRAKHANSKIY FISH: Creditors Have Until April to File Claims
-------------------------------------------------------------
The Arbitration Court of Astrakhan region commenced bankruptcy
proceedings against Astrakhanskiy Fish Combine after finding the
open joint stock company insolvent.  The case is docketed as
A06-2790B/3-18k/2004.  Mr. V. Kozlov has been appointed
insolvency manager.  Creditors have until April 19, 2005 to
submit their proofs of claim to 414052, Russia, Astrakhan,
Avgustovskaya Str. 1.

CONTACT:  ASTRAKHANSKIY FISH COMBINE
          414052, Russia, Astrakhan region,
          Avgustovskaya Str. 1

          Mr. V. Kozlov
          Insolvency Manager
          414052, Russia, Astrakhan region,
          Avgustovskaya Str. 1


BALASHOVSKIIY FACTORY: Under Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on open joint stock company Balashovskiiy
Factory of Reinforced Concrete Constructions.  The case is
docketed as A57-243B/04-23.  Ms. T. Yalynycheva 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 July
28, 2005, 2:30 p.m.

CONTACT:  BALASHOVSKIIY FACTORY OF
          REINFORCED CONCRETE CONSTRUCTIONS
          412304, Russia, Saratov region,
          Balashov, Saratovskoye Shosse, 1B

          Ms. T. Yalynycheva
          Temporary Insolvency Manager
          410076, Russia, Saratov region,
          Post User Box 2493

          The Arbitration Court Of Saratov Region
          Russia, Saratov region,
          Babushkin Vvoz 1, 14th floor


BRATSK-POULTRY: Bankruptcy Hearing Set July
-------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Bratsk-Poultry after finding the limited
liability company insolvent.  The case is docketed as A19-
7773/04-37.  Mr. N. Kuzakov has been appointed insolvency
manager.

Creditors have until April 19, 2005 to submit their proofs of
claim to 664025, Russia, Irkutsk, Post User Box 3262.  A hearing
will take place on July 20, 2005, 10:00 a.m.

CONTACT:  BRATSK-POULTRY
          665770, Russia, Irkutsk region, Bratsk region,
          Vikhorevka, Pionerskaya Str. 18

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

          The Arbitration Court of Irkutsk Region
          664025, Russia, Irkutsk region,
          Gagarina Avenue, 70


FISH-KHOZ MOZHAYSKIY: Moscow Court Appoints Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on open joint stock company Fish-Khoz
Mozhayskiy (TIN 5028022035).  The case is docketed as A41-K2-
510/05.  Mr. V. Shevchenko has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 115597, Russia,
Moscow, Guryevskiy Proezd, 27, Building 2.  A hearing will take
place on June 1, 2005, 10:15 a.m.

CONTACT:  FISH-KHOZ MOZHAYSKIY
          143231, Russia, Moscow region,
          Mozhayskiy region, Bolshiye Parfenki, 22

          Mr. V. Shevchenko
          Temporary Insolvency Manager
          115597, Russia, Moscow region,
          Guryevskiy Proezd, 27, Building 2


KHINGANSKOYE TIN: Proofs of Claim Deadline April 19
---------------------------------------------------
The Arbitration Court of Evreyskaya Autonomous Republic
commenced bankruptcy proceedings against Khinganskoye Tin after
finding the open joint stock company insolvent.  The case is
docketed as A16-1283/2004.  Mr. D. Bichutskiy has been appointed
insolvency manager.  Creditors have until April 19, 2005 to
submit their proofs of claim to 679017, Russia, Evreyskaya
autonomous republic, Birobidzhan-17, Post User Box 47.

CONTACT:  KHINGANSKOYE TIN
          Russia, Evreyskaya autonomous republic,
          Obluchenskiy region, Khingansk

          Mr. D. Bichutskiy
          Insolvency Manager
          679017, Russia, Evreyskaya autonomous republic,
          Birobidzhan-17, Post User Box 47
          Phone/Fax: (42622) 2-49-64


LOSKUTOVSKOYE: Tomsk Court Hires V. Chayka as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on open joint stock company Loskutovskoye.
The case is docketed as A67-17180/04.  Mr. V. Chayka has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 634061, Russia, Tomsk, Post User Box
4196.

CONTACT:  Loskutovskoye
          634526, Russia, Tomsk region,
          Loskutovo, Sovetskaya Str. 1

          Mr. V. Chayka
          Temporary Insolvency Manager
          634061, Russia, Tomsk region,
          Post User Box 4196


NOVOZYBKOV-SEL-KHOZ-KHIMIYA: Declared Insolvent
-----------------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Novozybkov-Sel-Khoz-Khimiya (TIN 3222001723)
after finding the open joint stock company insolvent.  The case
is docketed as A09-7425/04-27.  Mr. M. Slanko has been appointed
insolvency manager.

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

(a) Novozybkov-Sel-Khoz-Khimiya
    243025, Russia, Bryansk region,
    Novozybkov, ROS Str. 1A

(b) Mr. M. Slanko
    Insolvency Manager
    243025, Russia, Bryansk region,
    Novozybkov, ROS Str. 1A


PUGACHEVSKAYA ROAD-BUILDING: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on close joint stock company Pugachevskaya
Road-Building Movable Mechanized Column.  The case is docketed
as A57-250B/04-23.  Mr. V. Tsuprikov has been appointed
temporary insolvency manager.

CONTACT:  PUGACHEVSKAYA ROAD-BUILDING MOVABLE MECHANIZED COLUMN
          Russia, Saratov region,
          Pugachev, Karyer MVD

          Mr. V. Tsuprikov
          Temporary Insolvency Manager
          Russia, Saratov region, Pugachev,
          Svobody Str. 120/132, Apartment 53
          Phone/Fax: 8 (4574) 2-37-81


SALAVAT-HYDRO-MASH: Last Day for Filing Claims April 19
-------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Salavat-Hydro-Mash after finding
the open joint stock company insolvent.  The case is docketed as
A07-4843/04-G-RSA/KhRM.  Mr. N. Bortnikov has been appointed
insolvency manager.

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

(a) Insolvency Manager
    618553, Russia, Perm region,
    Solikamsk-13, Post User Box 1780

(b) The Arbitration Court of Bashkortostan Republic
    Russia, Bashkortostan republic,
    Ufa, Oktyabrskoy revolyutsii Str. 63A

(c) Salavat-Hydro-Mash
    Russia, Bashkortostan republic,
    Salavat, Yuahnaya Prom.zone


TEYKOVO-TRANS: Gives Creditors Until Next Month to File Claims
--------------------------------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Teykovo-Trans after finding the close joint
stock company insolvent.  The case is docketed as A1208/14-B.
Mr. S. Andrianov has been appointed insolvency manager.
Creditors have until April 19, 2005 to submit their proofs of
claim to 155050, Russia, Ivanovo region, Teykovo, 1st Krasnaya
Str. 98.

CONTACT:  TEYKOVO-TRANS
          Russia, Ivanovo region, Teykovo

          Mr. S. Andrianov
          Insolvency Manager
          155050, Russia, Ivanovo region,
          Teykovo, 1st Krasnaya Str. 98


YUKOS OIL: U.K. Court Blocks Extradition of Former Executives
-------------------------------------------------------------
Senior District Judge Workman on Friday ruled at Bow Street
Magistrates' Court in London that two former executives of Yukos
Oil should not be extradited to Russia, on the basis that the
prosecutions were politically motivated, and that their human
rights were highly likely to be violated if they were returned.

Natalia Chernysheva was formerly a senior executive in one of
Yukos' largest shareholders, as well as in Yukos itself.  She
was a close associate of Mikhail Khodorkovsky, who is currently
jailed in Moscow.  Dmitry Maruev was formerly Yukos' Deputy
Chief Accountant and a close associate of Platon Lebedev, who is
also on trial in Moscow with Mr. Khodorkovsky.

Both Ms. Chernysheva and Mr. Maruev face fraud charges in
Russia, relating to transactions with the Volgograd local
authority in 1997.  Ms. Chernysheva faces a further charge
relating to a transaction involving a company named Apatit, in
1994.  Mr. Khodorkovsky faces the same charge in the trial
currently going on in Moscow.

Judge Workman concluded: "I have reached the inevitable
conclusion that President Putin directed that Miss Chernysheva
and Mr. Khodorkovsky should be prosecuted."  He also found that
the allegation of a US$20 million (RUB76 billion) fraud
involving Volgograd had been fully investigated in 1998, with a
conclusion that no criminal offenses had been committed.

Drawing a direct link with the trial of Mr. Khodorkovsky in
Moscow, Judge Workman went on to say that he was satisfied,
"that it is more likely than not that the prosecution of Mikhail
Khodorkovsky is politically motivated."  Therefore, he said, "It
is the inevitable conclusion that the prosecution of these two
defendants is also politically motivated."

The judge referred to the substantial amount of material
provided to him and, specifically, attached great weight to the
report by the Rapporteur of the Council of Europe's
Parliamentary Assembly, which he described as "demonstrably
measured and objective."

On the key issue of judicial independence, Judge Workman was
satisfied that the case was "so politically motivated that there
is a substantial risk that the judges of the Moscow City Court
would succumb to political interference in a way which would
call into question their independence."

The judge also referred to Mr. Alexei Pichugin, another Yukos
official currently on trial in secret in Moscow, and the fact
that he and Mr. Lebedev were being detained in Lefortovo Prison,
under control of the FSB, the successor to the KGB.  This is in
explicit contravention of the commitment given to the Council of
Europe in 1996 to transfer all Russian prisons to the control of
the Ministry of Justice.

Peter Binning of Corker Binning, representing Ms. Chernysheva,
said: "This is probably the most unanswerable case of a
politically motivated prosecution ever seen in modern times.
The judgment of the court, which directly implicates President
Putin in the prosecution, is a vindication of all that has been
done to oppose the persecution of Mikhail Khodorkovsky and
others since 2003."

Anand Doobay of Peters & Peters, representing Mr. Maruev,
emphasized: "This is not the first occasion when the Russian
Federation has been found to have employed the criminal justice
system for its own political ends.  The European Court of Human
Rights found conclusively that it had similarly misused its
criminal justice system in the prosecution of Vladimir Gusinsky.
The well-founded concerns of the many organizations, including
the Parliamentary Assembly of the Council of Europe, have been
echoed in the unequivocal judgment of the English court given
[Fri]day."

Ms. Chernysheva said: "This is an immensely significant
judgment, not just for me but for all those connected to Yukos,
who are the victims of political persecution.  I'm thinking in
particular of Svetlana Bakhmina, a young mother of two, who has
recently been on hunger strike in a Moscow prison."

Both Ms. Chernysheva and Mr. Maruev have made a claim for
political asylum in the U.K.  The Home Office is responsible for
all decisions on asylum, but will no doubt take into account
this forceful judgment.

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

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

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


YUKOS OIL: Retains Oil Output Despite Unruly 2004
-------------------------------------------------
Yukos Oil Company released on March 21, 2005 its preliminary
consolidated operating results for the full year of 2004.  The
Company produced 85.1 million metric tons (1.70 mmbpd) of crude
oil and gas condensate, including Yukos' interest in production
of equity affiliates, which is 5.3% more than in 2003.  Refinery
throughput increased by 5.6% in 2004 to 40.2 million metric tons
(0.80 mmbpd).  Despite the Russian government's constant attacks
on Yukos throughout the year, Yukos remained Russia's largest
domestic production company in 2004.

Throughout the year Yukos was operating in an environment where
it found itself subject to a range of very negative influences
from Russian authorities.  Their actions led to the blocking of
the Company's bank accounts and the arrest or freezing of
Company assets.  These measures were all initiated by the state
as part of their sustained campaign to collect disputed tax
claims from Yukos.

Steven Theede, chief executive officer, said: "Even with an
enforced stringent cash conservation policy and more than 50%
reduction of capital expenditures, Yukos managed to achieve
these impressive operating results in 2004".

In 2004 international sales of crude oil were 44.4 million
metric tons (324 million barrels), an increase of 3.3% over
2003.  Excluded from international sales of crude oil were 7.6
million metric tons (56 million barrels) of inter-company sales
of crude oil to Mazeikiu Nafta.

International sales of petroleum products were at a level of
19.9 million metric tons (147 million barrels) in 2004, which is
10.1% higher than in 2003.  Sales of petroleum products on the
Russian domestic market in 2004 were 17.0 million metric tons
(133 million barrels), which is 5.3% lower than in 2003.

In 2004 exports of crude oil outside the territory of the
Russian Federation including sales to Mazeikiu Nafta were 51.4
million metric tons (376 million barrels), an increase of 4.5%
over 2003.  Exports of petroleum products outside the territory
of the Russian Federation were 12.2 million metric tons (86
million barrels) in 2004, an increase of 2.9% over 2003.

The light product yield at Company refineries, including
Mazeikiu Nafta, was 61.5% in 2004, compared to 60.6% in 2003.
Placed on stream in 2004 were 281 new wells compared to 356 in
2003, excluding YUKOS' interest in equity affiliates.

The above preliminary operational data for the years 2004 and
2003 include Yuganskneftegas for the full year of 2004, include
shares in equity affiliates and does not include the operational
results of Yukos' subsidiary OAO Sibneft.

Preliminary Operational Results for 2004



                   12 months ended     12 months ended    change
                       Dec. 31,          Dec. 31,        %*
                   2004       2003      2004        2003
                   mln MT    mln MT    mln bbl*  mln bbl*

Crude oil production,
including Yukos'
interest in equity
affiliates          85.1      80.8       623        591   5.3%

Refinery throughput  40.2      38.1       294        279   5.6%

International sales
of crude oil        44.4      43.0       324        314   3.3%

International sales
of petroleum
products            19.9      18.1       147        131  10.1%

Domestic petroleum
product sales       17.0      17.9       133        136  -5.3%

Exports of crude oil
outside the territory
of the Russian
Federation**        51.4      49.2       376        359   4.5%

Exports of petroleum
products outside
the territory of
the Russian
Federation**        12.2      11.9        86         83   2.9%

Capital expenditures (incl. VAT)
(preliminary data from
management reporting system)
mln USD                        2004        2003     % change*

Total                          1031         2241       -54.0%
incl. E&P segment              864         1709       -49.4%
incl. R&M segment              148          488       -69.7%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Percentage changes and volume data in barrels were calculated
from the volume data in metric tons before rounding.  For
petroleum products approximate weighted average coefficients
were used, which can be different for domestic and international
sales as well as for different time periods.

** Exports of crude oil and petroleum products mean sales made
by Yukos companies domiciled in Russia to foreign companies
(both external foreign companies and Yukos companies domiciled
outside Russia) for use outside the territory of the Russian
Federation. International sales of crude oil and petroleum
products mean sales made by all YUKOS companies included in
Yukos consolidated U.S. GAAP financial statements to external
foreign companies for use outside the territory of the Russian
Federation.  External foreign companies mean foreign companies,
which are not included in Yukos consolidated U.S. GAAP financial
statements.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

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

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

          International Information Department
          Evgeny Fokin
          Phone: +7 095 540 6313
          E-mail: inter@Yukos.ru

          London
          Claire Davidson
          Phone: +44 7767 351 433
          E-mail: cdavidson@policypartnership.com


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


ABB LTD.: Drafts New Proposal to Settle Asbestos Issue
------------------------------------------------------
ABB Ltd. has agreed Monday on a term sheet that will form the
basis for an amended plan of reorganization for Combustion
Engineering (CE) and ABB Lummus Global to resolve the asbestos
claims of both companies.

The term sheet is the result of recent intensive discussions
between the company and the representatives of asbestos
claimants and has been agreed to by Steven Kazan, the
representative of certain cancer claimants, John Cooney and the
official creditors committee of CE and other leading
representatives of asbestos claimants, as well as David Austern,
the futures' representative of the CE asbestos trust.

"I am pleased that the cooperative efforts of the parties
involved have resulted in a commonly agreed proposal for an
amended plan in this short period of time," said Fred Kindle,
ABB President and CEO.  "This agreement is a vital step towards
a final resolution of our asbestos issue."

All parties to the term sheet believe the amended plan of
reorganization will fully address the issues raised in the 3rd
Circuit Court of Appeals decision of last December as well as
the objections raised by certain asbestos claimants to the
original plan.

The term sheet requires ABB to contribute an additional fixed
amount of US$232 million to the trust fund.  This contribution
will be derived from the sale of ABB Lummus Global assets within
two years of the plan's effective date or by a direct
contribution from ABB.

The parties intend to cooperate to produce an amended plan of
reorganization expeditiously, with a view to prompt confirmation
by the bankruptcy court.  Given the subsequent nature of this
event, ABB will revise its already published financial results
for 2004 to incorporate the full impact of this amended plan.

CONTACT:  ABB LTD.
          Affolternstr. 44
          P.O. Box 8131
          CH-8050 Zurich
          Switzerland
          Phone: +41 (0)43 317 7111
          Fax: +41 (0)43 317 4420
          Web site: http://www.abb.com


SWISS INTERNATIONAL: Reaches Deal with Ground Personnel
-------------------------------------------------------
Swiss International management agreed with the delegations from
its KV Switzerland, VPOD Air Transport and PUSH unions on a new
Collective Labour Agreement for Swiss-based ground personnel,
which will enter into effect on April 1, 2005.  The parties also
agreed on the simultaneous entry into effect of a new severance
benefits plan.

The new Collective Labor Agreement (CLA) and severance benefits
plan for Swiss-based ground personnel have been concluded
following SWISS' notice to terminate the existing CLA on March
31, 2005.  The partners have now reached agreement on a new CLA
following difficult but always constructive negotiations held
against a background of sizeable uncertainties.  The new CLA
pays due and full regard to the current corporate restructuring
and the intensified competitive environment, but also guarantees
employees continued socially-acceptable employment terms and
conditions.

The new agreement must now be formally approved by the bodies
responsible at the various social partners.  KV Switzerland,
VPOD and PUSH members will decide whether to accept the proposed
new agreement at the end of March.  In view of this, no further
details can be provided until such time of the content of the
agreement concluded.

The conclusion of the new CLA will avoid a situation in which
the company's Swiss-based ground personnel would not have been
subject to any collective working agreement from April 1, 2005
onwards.  It also ensures that the personnel concerned remain
committed to maintaining industrial peace.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 1 564 2122
          Fax: +41 (0) 61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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


CHERVONA POLYANA: Insolvency Manager Takes over Helm
----------------------------------------------------
The Economic Court of Herson region declared Chervona Polyana
(code EDRPOU 03784249) on January 13, 2005 after finding the
limited liability company insolvent.  The case is docketed as
6/195-B.  Mrs. Svitlana Tkachenko has been appointed
liquidator/insolvency manager.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) CHERVONA POLYANA
    Ukraine, Herson region,
    Chaplinskij district, Chervona Polyana

(b) Mrs. Svitlana Tkachenko
    Liquidator/Insolvency Manager
    Ukraine, Herson region,
    Tsuryupinsk, Polyova Str. 60-b/21

(c) ECONOMIC COURT OF HERSON REGION
    73000, Ukraine, Herson region,
    Gorkij Str. 18


CHERVONOSILSKA: Gives Creditors Until Friday to File Claims
-----------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Agrofirm Chervonosilska (code
EDRPOU 00855776) on January 31, 2005.  The case is docketed as
6/2-05.  Mr. Igor Filenko (License Number AA 783139) has been
appointed temporary insolvency manager.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) CHERVONOSILSKA:
    Ukraine, Sumi region, Sumi district,
    Chervone, Sumska Str. 36a

(b) Mr. Igor Filenko
    Temporary Insolvency Manager
    Ukraine, Sumi region,
    Bortsiv Revolutsiyi Str. 2

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Ribalko Str. 2


DSP HORTITSYA: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on DSP Hortitsya (code EDRPOU 00498052) on
February 1, 2005.  The case is docketed as 25/9.  Mr. Ishenko
Vasil (License Number AA 719771) has been appointed temporary
insolvency manager.  The company holds account number
26008001000241 at OJSC Bank Big Energy, Zaporizhya branch, MFO
313708.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) DSP HORTITSYA
    69017, Ukraine, Zaporizhya region,
    Island Hortitsya

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


GORODNYA' FOOD: Bankruptcy Supervision Begins
---------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on OJSC Gorodnyanskij Food Products Plant
(code EDRPOU 00381060).  The case is docketed as 9/86.  Mrs.
Nadiya Ridzel (License Number AB 116159) has been appointed
temporary insolvency manager.

Creditors have until March 26, 2005 to submit their proofs of
claim to:

(a) GORODNYA' FOOD PRODUCTS PLANT
    15100, Ukraine, Chernigiv region,
    Gorodnya

(b) Mrs. Nadiya Ridzel
    Temporary Insolvency
    Ukraine, Chernigiv region, Gorkij Str. 84/56
    Phone: 2-57-78

(c) ECONOMIC COURT OF CHERNIGIV REGION
    14000, Ukraine, Chernigiv region,
    Miru Avenue, 20


KHRESCHATYK BANK: Gets 'B' Long-term Rating from Fitch
------------------------------------------------------
Fitch Ratings assigned Ukraine-based bank Khreschatyk ratings of
Long-term 'B'; Short-term 'B'; Individual 'D/E'; and Support
'4'.  The Outlook is Stable.

Khreschatyk's Long-term, Short-term and Support ratings are
based on the potential for support being forthcoming from its
majority owner, the City of Kiev, in case of need.  In Fitch's
opinion, there would be a reasonably strong propensity on the
part of the city to provide support, although the city's ability
to do so could be limited, reducing the probability of support
being made available.

The Individual rating reflects Khreschatyk's small size, limited
franchise, weak, albeit improving, profitability, and
concentrated balance sheet.  It also takes into account the
bank's low loan loss reserve (LLR) coverage of gross loans and
the risks associated with a rapid growth strategy, as well as
weaknesses in the operating environment.  However, it also
considers the bank's adequate current asset quality (in a
Ukrainian context) and low market-risk profile.

Khreschatyk's lack of scale means performance has been weak,
with return on equity (based on International Financial
Reporting Standards) negligible in 2002 and 2003, although
Ukrainian statutory accounts suggest an improvement in
profitability in 2004.  Revenue growth appears to have picked up
well in H204 and revenue quality is satisfactory.  Nevertheless,
high loan book concentrations mean that even a relatively small
number of new non-performing loans (NPLs) could have a material
impact on earnings.  Asset quality has been adequate with low
NPL levels, but the rapid loan growth in H204 may lead to a
higher level of NPLs as loans season, particularly should the
macroeconomic environment deteriorate.  LLR cover of gross loans
(4% at end-2003) is low.  Market risk resides almost exclusively
in balance sheet mismatches and is low; securities operations
are minimal.

Khreschatyk was founded in 1993 and is one of the 20 largest
banks in Ukraine by assets.  It has a network of around 47
outlets, concentrated mainly around Kiev.  It services both
corporate and, increasingly, retail customers as well as
providing a number of services to its major shareholder, the
Kiev City Administration (which has a direct stake of 51%), and
lending under the city's lending programs.

CONTACT:  FITCH RATINGS
          Alexei Kechko, Moscow
          Phone: +7 095 956 9901

          James Longsdon, London
          Phone: +44 20 7417 4309

          James Watson
          Phone: +7 095 956 9901

          Media Relations:
          Julian Dennison, London
          Phone: +44 20 7862 4080


KREMENCHUK SILGOSPHIMIYA: Declared Insolvent
--------------------------------------------
The Economic Court of Poltava region declared Kremenchuk
Silgosphimiya (code EDRPOU 05487076) on February 10, 2005 after
finding the limited liability company insolvent.  The case is
docketed as 7/143.  Mr. O. Zayichenko (License Number AA 250351)
has been appointed liquidator/insolvency manager.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) KREMENCHUK SILGOSPHIMIYA
    Ukraine, Poltava region,
    Kremenchuk, Molodogvardijska Str. 30

(b) Mr. O. Zayichenko
    Liquidator/Insolvency Manager
    Phone: (05366) 3-26-53
    E-mail: zas@ukr.net

(c) ECONOMIC COURT OF POLTAVA REGION
    36000, Ukraine, Poltava region,
    Zigina Str. 1


MAHARINTSI' SUGAR: Claims Filing Period Expires this Week
---------------------------------------------------------
The Economic Court of Vinnitsyaregion commenced bankruptcy
supervision procedure on OJSC Maharintsi' Sugar Plant (code
EDRPOU 00371713).  The case is docketed as 10/6-05.  Mr. Ruslan
Gorbatyuk (License Number AA 783200) has been appointed
temporary insolvency manager.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) MAHARINTSI' SUGAR PLANT
    22141, Ukraine, Vinnitsya region,
    Kozyatin district, Maharintsi

(b) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


PROMIN LTD.: Last Day for Filing Claims March 25
------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Production-Commercial Firm Promin
Ltd. (code EDRPOU 19309546).  The case is docketed as
B/15/44/72.  Mr. V. Vernigora (License Number AA 249818) has
been appointed temporary insolvency manager.  The company holds
account number 26006153158001 at CB Privatbank, Krivij Rig
branch, MFO 305750.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) PROMIN LTD.
    50079, Ukraine, Dnipropetrovsk region,
    Krivij Rig, Biryuzova Str. 9/1

(b) Mr. V. Vernigora
    Temporary Insolvency Manager
    50000, Ukraine, Dnipropetrovsk region,
    Krivij Rig, Sivolapa Str. 44/72

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


SVITANOK: Court Freezes Debt Payments
-------------------------------------
The Economic Court of Zhitomir region declared Svitanok (code
EDRPOU 30838955) insolvent and ordered a moratorium on
satisfaction of creditors' claims.  Mr. Kazimir Nidetskij
(License Number AA 783248) has been appointed
liquidator/insolvency manager.   The company holds account
number 26043286169502 at JSCB Ukrsocbank.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) SVITANOK
    Ukraine, Zhitomir region,
    Berdichiv district, Gardishivka, Gagarin Str. 22

(b) Mr. Kazimir Nidetskij
    Liquidator/Insolvency Manager
    Ukraine, Zhitomir region,
    Berdichiv, Yabluneva Str. 22


TERMOIZOLYATSIYA: Court Orders Debt Moratorium
----------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on CJSC Termoizolyatsiya (code EDRPOU
0415000) on January 17, 2005 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as 42/7
B.  Mr. Vadim Skalyansklij (License Number AA 000235) has been
appointed temporary insolvency manager.  The company holds
account number 26008301660083/980 at JSB Prominvestbank,
Slovyanska branch, MFO 334561.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) TERMOIZOLYATSIYA
    94122, Ukraine, Donetsk region,
    Kramatorska Str. 8

(b) Mr. Vadim Skalyansklij
    Temporary Insolvency Manager
    84122, Ukraine, Donetsk region,
    Slovyansk, a/b 678
    Phone: (06262) 9-12-63

(c) ECONOMIC COURT OF DONETSK REGION
    83048, Ukraine, Donetsk, Artema Str. 157


TOTUS: Harkiv Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Harkiv region declared TOTUS (code EDRPOU
24132700) insolvent on February 21, 2005.  The case is docketed
as B-39/06-05.   Mrs. Olga Glushenko has been appointed
liquidator/insolvency manager.  The company holds account number
26006198882001 at Privatbank, Harkiv branch, MFO 351533.

Creditors have until March 25, 2005 to submit their proofs of
claim to:

(a) TOTUS
    Ukraine, Harkiv region,
    Biologichna Str. 3

(b) Mrs. Olga Glushenko
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region, Morozov Str. 1/35

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


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


ALL-WEATHER MARKETS: Hires Liquidator from Kelmanson Partnership
----------------------------------------------------------------
At the meeting of All-Weather Markets Plc on March 11, 2005, the
extraordinary and ordinary resolutions to wind up the company
were passed.  John Kelmanson and Elias Paourou have been
appointed joint liquidators of the company.

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


ASPLEY FOREST: Members Pass Winding-up Resolutions
--------------------------------------------------
At the extraordinary general meeting of the members of Aspley
Forest Products Limited held at The George Hotel, St George's
Square, Huddersfield HD1 1JA, the extraordinary and ordinary
resolutions to wind up the company were passed.  Matthew Colin
Bowker has been appointed liquidator of the company.

CONTACT:  UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton
          Lancashire BL1 1ET
          Phone: 01204 395000
          Fax: 01204 383999
          E-mail: matthewbowker@ubsg.co.uk


ATLANTIS VACATIONS: Hires Middleton Partners as Administrator
-------------------------------------------------------------
Michael Francis Stevenson and Julie Anne Palmer (IP Nos 008154,
008835) have been appointed administrators for travel agency
Atlantis Vacations Limited.  The appointment was made March 15,
2005.  Its registered office is located at 65 St Edmunds Church
Street, Salisbury, Wiltshire SP1 1EF.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Web site: http://www.middletonpartners.co.uk


AVONFAIR INVESTMENTS: Members Pass Winding-up Resolution
--------------------------------------------------------
At the extraordinary general meeting of the members of Avonfair
Investments Limited on March 10, 2005 held at Russell Bedford
House, City Forum, 250 City Road, London EC1V 2QQ, the special
resolution to wind up the company was passed.  Laurence Josef
Baehr of Baehr Lubbock Fine of Russell Bedford House, City
Forum, 250 City Road, London EC1V 2QQ has been appointed
liquidator of the company.

CONTACT:  BAEHR LUBBOCK FINE
          Russell Bedford House
          City Forum
          250 City Road
          London EC1V 2QQ
          Phone: 020 7490 7766
          Fax: 020 7490 5102
          E-mail: laurencebaehr@lubbockfine.co.uk


AYLESBURY DRYLINING: Names Elwell Watchorn & Saxton Liquidator
--------------------------------------------------------------
At the extraordinary general meeting of Aylesbury Drylining
Services Limited on March 10, 2005 held at Verna House, 9
Bicester Road, Aylesbury, Buckinghamshire HP19 9AG, the
subjoined extraordinary resolution to wind up the company was
passed.  John Michael Munn and Joseph Gordon Maurice Sadler of
Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby,
Leicestershire LE12 7NN have been appointed joint liquidators of
the company.

Creditors are required to send their names and addresses and
particulars of their debt or claims and the names and addresses
of their Solicitors (if any) to J. G. M. Sadler, Elwell Watchorn
& Saxton LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN
on or before April 20, 2005.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


BAKE DIRECT: Calls in Liquidator from Elwell Warchorn & Saxton
--------------------------------------------------------------
At the extraordinary general meeting of Bake Direct Limited on
March 15, 2005 held at 2 Axon, Commerce Road, Lynchwood,
Peterborough PE2 6LR, the subjoined extraordinary resolution to
wind up the company was passed.  Richard John Elwell and Graham
Stuart Wolloff of Elwell Watchorn & Saxton LLP, 2 Axon, Commerce
Road, Lynchwood, Peterborough PE2 6LR have been appointed joint
liquidators of the company.

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


BAKER CONSTRUCTION: Regulator Serves Eight-year Ban on Director
---------------------------------------------------------------
A director of businesses engaged in construction and supplying
building materials that failed with total debt estimated at
around GBP245,000 has given an undertaking not to hold
directorships or take part in any company management for eight
years.

The undertaking by Jagdeep Singh Virdee of Green Lanes, Sutton
Coldfield, West Midlands was given in respect of his conduct as
a director of Baker Construction Limited, Platform Construction
Limited and Medion Limited, all of which carried out business
from premises at Streetly Road, Erdington, Birmingham.

The acceptance of the undertaking on February 17, 2005 prevents
Mr. Virdee from being a director of a company or in any way,
whether directly or indirectly, being involved in the promotion,
formation or management of a company for the above period.

Baker Construction went into voluntary liquidation on 9 October
2002 with estimated debt of GBP162,000.  Medion went into
compulsory liquidation on May 6, 2003 with estimated liabilities
of GBP30,000 and Platform Construction went into compulsory
liquidation on October 14, 2003 with estimated liabilities of
GBP53,000.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section 6 of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in future.

Matters of unfit conduct, not disputed by Mr. Virdee were that:

(a) As director of Baker Construction Limited he caused or
    allowed the company to:

    (i) Continue to trade whilst insolvent from May 2002, to the
        detriment of creditors;

   (ii) Fail to maintain, preserve and/or provide adequate
        accounting records; and

  (iii) Fail to lodge returns with the Inland Revenue and HM
        Customs & Excise.

(b) As director of Platform Construction Limited he caused or
    allowed the company to:

    (i) Trade whilst insolvent from August 2002;

   (ii) Fail to maintain, preserve or provide adequate
        accounting records for its entire trading period;

(c) And as director of Medion Limited he caused or allowed the
    company to fail to keep, preserve and/or subsequently
    provide adequate accounting records for the entire period of
    trading.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


BLACKFORDS FENCING: Names BDO Stoy Hayward Administrator
--------------------------------------------------------
Martha H. Thompson and Shay Bannon (IP Nos 8678/01, 5694/01)
have been appointed administrators for fencing contractor
Blackfords Fencing Services Limited.  The appointment was made
March 11, 2005.

CONTACT:  BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


BOIS LIMITED: Members Call in Liquidator from Findlay James
-----------------------------------------------------------
At the extraordinary general meeting of the members of Bois
Limited on March 9, 2005 held at Saxon House, Saxon Way,
Cheltenham GL52 6QX, the extraordinary and ordinary resolutions
to wind up the company were passed.  Alisdair J. Findlay of
Findlay James, Saxon House, Saxon Way, Cheltenham GL52 6QX has
been appointed liquidator of the company.

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


BOWD ENGINEERING: Names Elwell Watchorn & Saxton Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Bowd Engineering Limited
on March 10, 2005 held at The Workshop, East Street, St Ives,
Cambridgeshire PE27 5PD, the subjoined extraordinary resolution
to wind up the company was passed.  John Michael Munn and Joseph
Gordon Maurice Sadler of Elwell Watchorn & Saxton LLP, 109 Swan
Street, Sileby, Leicestershire LE12 7NN have been appointed
joint liquidators of the company.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


BRITISH ENERGY: Chief Executive Resigns
---------------------------------------
Mike Alexander has stepped down as Chief Executive and resigned
as a Director of British Energy Group plc.  Bill Coley,
previously a non-executive Director, is being appointed as Chief
Executive.

Adrian Montague, Chairman of British Energy, said: "We would
like to record our appreciation to Mike Alexander for seeing the
company through our complex and difficult restructuring.  Now
that he has re-listed the company and laid the groundwork for
the operational and cultural rebuilding of British Energy, he
has decided to seek a new challenge elsewhere.  We are fortunate
that Bill Coley has taken on this challenge as he has
outstanding qualities for the job."

Bill Coley was appointed as a non-executive director in June
2003 and is Chairman of the company's Nuclear Performance Review
Committee.  That year, he retired from the Board of Directors of
Duke Energy and as Group President of Duke Power, a regulated
power generation, transmission and distribution division of the
major US utility where he had a 37-year career.  Bill Coley, who
has a BSc in Electrical Engineering, started his career with
Duke as a junior engineer at the Marshall Steam Station in 1966.
After holding a range of engineering and operating positions in
Duke, he became Senior Vice President, Power Delivery in
1988.  He was elected to Duke Power's Board of Directors in
1990, and was Group President of Duke Power from 1997 to
February 2003.  He is also a non-executive director of Peabody
Energy and CT Communications Inc. (both publicly traded
companies).

CONTACT:  BRITISH ENERGY GROUP PLC
          Systems House
          Alba Campus
          Livingston
          EH54 7EG
          Phone: +44 (0) 1506 408700
          Fax: +44 (0) 1506 408888
          Web site: http://www.british-energy.com

          Media Enquiries
          Andrew Dowler
          Phone: 020 7831 3113

          Investor Relations
          John Searles
          Phone: 01506 408 715


CARMODY LEISURE: Names Citroen Wells Liquidator
-----------------------------------------------
At the extraordinary general meeting of the members of Carmody
Leisure Limited on March 11, 2005 held at Devonshire House, 1
Devonshire Street, London W1W 5DR, the extraordinary and
ordinary resolutions to wind up the company were passed.  Mark
Richard Phillips and Murzban Khurshed Mehta of Citroen Wells,
Devonshire House, 1 Devonshire Street, London W1W 5DR have been
appointed joint liquidators of the company.

CONTACT:  CITROEN WELLS
          Devonshire House,
          1 Devonshire Street, London W1W 5DR
          Phone: +44 (0) 20 7304 2000
          Fax: +44 (0) 20 7304 2020
          Web site: http://www.citroenwells.co.uk


CARTER HAYNES: Members Pass Extraordinary Resolution
----------------------------------------------------
At the extraordinary general meeting of the members of Carter
Haynes Publishing Company Limited on March 11, 2005 held at The
Leyland Hotel (formerly the Jarvis), Leyland Way, Preston,
Lancashire PR5 2JX, the extraordinary resolution to wind up the
company was passed.  Timothy Hargreaves of T. H. Associates
Insolvency Practitioners, Towngate House, 116-118 Towngate,
Leyland PR25 2LQ has been nominated liquidator of the company.

CONTACT:  T. H. ASSOCIATES
          Towngate House
          116-118 Towngate
          Leyland
          Preston
          Lancashire PR25 2LQ
          Phone: 01772 641146
          Fax: 01772 452376


CLARE'S GARAGE: Hires Liquidator from Grant Thornton
----------------------------------------------------
At the extraordinary general meeting of Clare's Garage Limited
on March 9, 2005 held at 4 Mayes Close, Wilden, Bedford MK44
2PQ, the special resolution to wind up the company was passed.
Samantha Keen of Grant Thornton UK LLP, 31 Carlton Crescent,
Southampton, Hampshire SO15 2EW has been appointed liquidator of
the company.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


COLAB GROUP: Names Administrators from Kroll Limited
----------------------------------------------------
Adrian John Wolstenholme and Joanne Marie Wright (IP Nos 8995,
9152) have been appointed administrators for Colab Group
Limited.  The appointment was made March 14, 2005.  The company
processes photographic portrait activities.

CONTACT:  KROLL BIRMINGHAM
          Aspect Court
          4 Temple Row
          Birmingham B2 5HG
          United Kingdom
          Phone: 44 (0) 121 212 4999
          Fax: 44 (0) 121 212 4944
          Web site: http://www.krollworldwide.com


COMPASS INVESTMENT: Members Call in Liquidator
----------------------------------------------
At the extraordinary general meeting of the members of Compass
Investment Management Limited on March 14, 2005 held at 21-23
Station Road, Gerrards Cross, Buckinghamshire, the special
resolution to wind up the company was passed.  Helen Timothe
Phillips of Phillips & Co, 21-23 Station Road, Gerrards Cross,
Buckinghamshire SL9 8ES has been appointed liquidator of the
company.

Creditors are required to send in their full forenames and
surname, their addresses and descriptions, full particulars of
their debt or claims and the names and addresses of their
Solicitors (if any) to the undersigned, Helen Timothe Phillips
of Phillips & Co, 21-23 Station Road, Gerrards Cross SL9 8ES on
or before April 14, 2005.

CONTACT:  PHILLIPS & CO.
          21/23 Station Road
          Gerrards Cross
          Buckinghamshire SL9 8ES
          Phone: 01753 883315
          Fax: 01753 886324
          E-mail: insol@phillipsinsolvency.co.uk


COMPLETE CAR: Liquidator from Wright Associates Moves in
--------------------------------------------------------
At the extraordinary general meeting of the members of Complete
Car Spares (Bulldog) Limited on March 3, 2005 held at
"Newfields", Furnace Lane, Halesowen, West Midlands B63 3LU, the
extraordinary resolution to wind up the company was passed.
Kenneth John Wright of Wright Associates, The Studio, 231
Stourbridge Road, Kidderminster, Worcestreshire DY10 2XB has
been nominated liquidator of the company.

CONTACT:  WRIGHT ASSOCIATES
          The Studio
          231 Stourbridge Road
          Kidderminster
          Worcestershire DY10 2XB
          Phone: 01562 822125
          Fax: 01562 820684
          E-mail: kwright@wrightforbusiness.co.uk


CONSUMER TECHNOLOGY: Liquidators from Wilson Pitts Move in
----------------------------------------------------------
At the extraordinary general meeting of the members of Consumer
Technology Services Ltd. on March 11, 2005 held at Wilson Pitts,
Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 1PQ, the
extraordinary and ordinary resolutions to wind up the company
were passed.  D. F. Wilson and J. N. R. Pitts have been
appointed joint liquidators of the company.

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Phone: 0113 237 5560
          Fax: 0113 237 5561
          E-mail: julian.pitts@wilson-pitts.co.uk


CORNWALL LITHO: Calls in Hacker Young Administrator
---------------------------------------------------
Andrew Andronikou and Ladislav Hornan (IP Nos 1253, 2059) have
been appointed joint administrators for printing company
Cornwall Litho Limited.  The appointment was made March 11,
2005.  Its registered office is located at UHY Hacker Young, St
Alphage House, 2 Fore Street, London EC2Y 5DH.

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


CP3I: Amicus Raps Receivers for Axing Employees Without Notice
--------------------------------------------------------------
Amicus, Britain's largest Private Sector Union, is furious over
the sacking of up to 60 employees of printing company CP3i
without any notice, redundancy pay or holiday pay.

The Warwick-based company went into receivership Thursday last
week and administrator Deloitte & Touche plans to sack up to 100
staff without any consultation with the union.

Amicus Assistant General Secretary Tony Burke says: "Once again
this is an example of how the administrators of companies that
go into receivership can sack staff without any consultation
with the union.  Amicus has raised this with the Labour Party
and as part of an agreement signed at the Labour Party National
Policy Forum at Warwick last year, the Party have made a
commitment to end this unacceptable practice."

Staff arrived for work last week for the first shift only to be
told they no longer had jobs.  More staff face the same fate.

CONTACT:  AMICUS
          Ciaran Naidoo
          Phone: +44-(0)7768-931-315


GADGET SHOP: GAME Cites Boardroom Row in Withdrawing Offer
----------------------------------------------------------
Computer games retailer GAME withdrew from the Gadget Shop sale
talks because it feared being embroiled in the legal dispute
among shareholders.

The buyout would have saved the business from administration and
retained most of the company's 65 shops and 700 jobs.  But the
legal battle, which saw Freeserve founder Peter Wilkinson and
UBS trader Jon Wood pitted against Scottish entrepreneurs Tom
Hunter and Chris Gorman, scared GAME away.

Gadget Shop then called in administrators from PKF.  On Tuesday,
joint administrators, Bryan Jackson, Steve Holgate and Brian
Hamblin, offered for sale as a going concern the business and
assets of the company.

Messrs. Wilkinson and Wood earlier claimed Messrs. Hunter and
Gorman prejudiced their interest when the Scottish investors
bought greeting card company Birthdays through a private
investment vehicle.  Messrs. Wilkinson and Wood's stakes in the
business was also allegedly not guaranteed. They also claim the
Scottish duo broke an agreement stating the use of Gadget Shop
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.

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:  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

          Karen Christoforou
          E-mail: karen.christoforou@uk.pkf.com

          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


GATWOOD & ELCOMBE: Directors Banned for Four Years
--------------------------------------------------
The directors of a fireplace manufacturing business that failed
with total debt estimated at around GBP273,000 have each given
an undertaking not to hold directorships or take any part in
company management for four years.

The undertakings by Elizabeth Tew, 57, and Charlotte Amy Tew,
29, both of Durham Road, East Finchley, London N3, were given in
respect of their conduct as directors of Gatwood & Elcombe
Limited, which carried on business from premises at Unit 25,
Alston Works, Falkland Road, Barnet, Hertfordshire EN5 4EL.

Acceptance of the undertakings on February 23, 2005 prevents
Elizabeth and Charlotte Tew from being directors of a company or
in any way, whether directly or indirectly, being concerned or
taking part in the promotion, formation or management of a
company for the above period.  G & E was placed into voluntary
liquidation on October 17, 2002 with an estimated deficiency of
GBP273,087.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section 6 of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered unfit
to be involved in the management of companies in the future.

Matters of unfit conduct, not disputed by Elizabeth and
Charlotte Tew, were that they:

(a) Caused G & E to trade to the detriment of HM Customs &
    Excise from November 2000 onwards; and

(b) Caused G & E to fail to maintain and preserve adequate
    accounting records and to deliver G & E's accounting records
    on liquidation.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


HEC AEROSPACE: Insolvency Service Bans Director for Five Years
--------------------------------------------------------------
A director of a business that manufactured precision mechanical
components, which failed with total debt estimated at
GBP851,000, has given an Undertaking not to hold directorships
or take any part in company management for five years.

The undertaking by Alan John Thomas, 62, of Clifden Road,
Brentford TW8, was given in respect of his conduct as a director
of HEC (Aerospace) Limited, which carried on business from
premises at Unit 5, Cranleigh Gardens Industrial Estate,
Southall, Middlesex UB1 2BZ.

Acceptance of the Undertaking on February 17, 2005 prevents Mr.
Thomas from being a director of a company or in any way, whether
directly or indirectly, being concerned or taking part in the
promotion, formation or management of a company for the above
period.  HEC was placed into compulsory liquidation by Order of
the High Court on March 12, 2003 on the petition of HM Customs &
Excise for the sum of GBP292,299.56 in unpaid VAT.  The company
had estimated total debt of GBP851,000.  The Official Receiver
at London had conduct of the investigation and disqualification
procedure.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered unfit
to be involved in the management of companies in the future

A matter of unfit conduct not disputed by Mr. Thomas was that he
caused or allowed HEC to trade to the detriment of HM Customs
and Excise.  HEC did not make any payments to HM Customs &
Excise for VAT on returned liability for the period November
2000 to February 2003, which resulted in HEC's VAT liability
rising to GBP331,964 when trading ceased.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


HSC CARPET: Former Topman Disqualified for Four Years
-----------------------------------------------------
The director of a contract carpet cleaning business, which
failed with total debt estimated at around GBP189,000 has given
an undertaking not to hold directorships or take any part in
company management for four years.

The undertaking by Simon Howard Livingstone of Bidston Road,
Oxton, Wirral, was given in respect of his conduct as a director
of HSC Carpet Maintenance Limited which carried out business
from premises at 4A Newton Court, on Wavertree Technology Park
in Liverpool.

Acceptance of the undertaking on February 16, 2005 prevents Mr.
Livingstone from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.

HSC Carpet Maintenance Limited was placed into voluntary
liquidation on December 19, 2002 with estimated debt of
GBP189,083.

Matters of unfit conduct, not disputed by Mr. Livingstone,
solely for the purpose of the undertaking, were that he:

(a) Caused the company to trade to the detriment of the Crown
    Departments from the commencement of trade and, in addition,
    he caused it to fail to comply with its statutory
    obligations to make regular VAT and Income Tax returns. At
    liquidation, the company owed GBP115,209 to the Inland
    Revenue in respect of PAYE and National Insurance
    contribution for the tax years 2001/02 and 2002/03. Payments
    of only GBP16,754 had been made to the Inland Revenue for
    the entire period of trading; and

(b) At the date of liquidation, other creditors totaled
    GBP7,300, where as Crown claims totaled GBP224,833.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


J T SCOTNEY: Barclay Bank Appoints PwC Receiver
-----------------------------------------------
Barclays Bank Plc appointed Ian David Green (Office Holder No
9045) and Mark David Arthur Loftus (Office Holder No 8323) joint
administrative receivers for J. T. Scotney Limited (Reg No
170545, Trade Classification: 06).  The application was filed
March 11, 2005.

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

          PRICEWATERHOUSECOOPERS
          Queen Victoria House
          PO Box 88
          Guildhall Road
          Hull HU1 1HH
          United Kingdom
          Phone: [44] (1482) 224 111
          Fax: [44] (1482) 584 120
          Web site: http://www.pwc.com


PARKLAND INVESTMENTS: Administrator from Findlay James Moves in
---------------------------------------------------------------
Alisdair Findlay (IP No 8744) has been appointed administrator
for Parkland Investments Limited.  The appointment was made
March 14, 2005.

The company is into construction and civil engineering.  Its
registered office is located at Hawarden House, 1 Hawarden
Avenue, Wallasey, Wirral CH44 0AN.

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


PITTARDS PLC: Shares Drop as Results Came in Red
------------------------------------------------
Trading conditions proved tougher than Pittards hides as the
leather firm dipped into the red Thursday.  Shares in Pittards
plc, whose leather is used in products such as Timberland shoes
and Adidas football boots, ended at 23.5p, down 4p or 14.55 per
cent.

The leather producer, which saw turnover drop 14.3 percent to
GBP73.2 million in 2004, posted a pre-tax loss of GBP5.5 million
in the year to December 31, against profits of GBP1 million in
2003.  It blamed the depressed international leather market and
the cost of closing its raw materials division in Dumfries.

Chairman Stephen Boyd, who took over in December when Robert
Tomkinson retired, admitted market conditions have not been good
for the company over the last 18 months with firms from other
countries expanding.  He said: "China is an area where we
consistently have to run faster to be bigger."

With more than half of its revenues in dollars, the company has
also been hit by currency fluctuations.

However, Pittards, which was UK exporter of the year at the 2002
International Business Awards, said the firm is likely to
recover in the first half of the year with increasing export
levels and recent cost-cutting measures.  These included the
sale of a former sheepskin factory in Fife for o3.15million in
January.  Pittards hides are also used in making sports and
dress gloves, gloves for the military and horse saddles.

The company, which underwent restructuring last year, sent home
170 employees, downsizing its staff to fewer than 600.  It has
also moved from the main London stock market to the Alternative
Investment Market.

CONTACT:  PITTARDS PLC
          Sherborne Road
          Yeovil
          Somerset
          BA21 5BA
          United Kingdom
          Phone: +44 1935 474321
          Fax: +44 1935 427145
          E-mail: pittardsenquire@pittards.com
          Web site: http://www.pittardsleather.com


PRINGLE: Denies Buyout Rumors
-----------------------------
Scottish knitwear brand Pringle denied Wednesday rumors of a
possible sale by its Hong Kong owners, says Scotsman.com.

Davina Payne, Pringle's head of marketing, categorically denied
the brand was up for sale by the Feng Brothers Knitting of Hong
Kong.  Talks of Feng trying to sell the company are reportedly
no longer new in the cashmere industry.

The firm bought Pringle from Dawson International for a reported
GBP10 million in 2000, and employed ex-Marks & Spencer director
Kim Winser.  In December, Ms. Winser said Pringle was not
expecting to break into profit "in the short term."

Based on latest accounts, pre-tax losses totaled GBP3 million in
the year to 3 April, virtually unchanged on 2003.  Although
revenues were up 21 per cent, to GBP23 million, spend on its
product range and promotion went up from GBP12 million to
GBP15.3 million.

"The brand might be worth something, but I'd be surprised if
[Feng] got what they paid for it," said Analyst Richard Ratner
at Seymour Pierce.

CONTACT:  PRINGLE OF SCOTLAND
          Hayley Mitchell
          141-142 Sloane Street
          London SW1X 9AY
          Phone: +44 (0) 20 7259 1690
          Fax: +44 (0) 20 7259 1692
          E-mail: hayley.mitchell@pringlescotland.com


RIVERBANK LEASING: Hires Ernst & Young as Liquidator
----------------------------------------------------
At the general meeting of Riverbank Leasing 1 Limited (formerly
Assetfinance March (0) Limited), the special resolutions to wind
up the company were passed.  Elizabeth Anne Bingham and Alan
Lovett of Ernst & Young LLP, 1 More Place, London SE1 2AF have
been appointed 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


SCIENCE PARK: Creditors Meeting Set Next Month
----------------------------------------------
The creditors of Science Park Ventures Limited will meet on
April 1, 2005 at 11:00 a.m.  It will be held at Deloitte &
Touche LLP, Queen Anne House, 69-71 Queen Square, Bristol BS1
4JP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Deloitte & Touche LLP, Queen Anne House, 69-71
Queen Square, Bristol BS1 4JP not later than 12:00 noon, March
31, 2005.

CONTACT:  DELOITTE & TOUCHE
          Gainsborough House
          34-40 Grey Street
          Newcastle Upon Tyne
          Tyne And Wear NE1 6AE
          Phone: 0191 261 4111
          Fax: 0191 202 5401
          E-mail: ian.brown@deloitte.co.uk

          DELOITTE & TOUCHE
          1 City Square
          Leeds
          West Yorkshire LS1 2AL
          Phone: 0113 292 1748
          Fax: 0113 244 8942
          E-mail: aberry@deloitte.co.uk


STRAND OPTIONS: Debt Claims Deadline Set Next Month
---------------------------------------------------
At the extraordinary general meeting of Strand Options & Futures
Limited on Feb. 28, 2005 held at Leonard Curtis & Co, One Great
Cumberland Place, London W1H 7LW, the special resolution to wind
up the company was passed.  S. D. Swaden of Leonard Curtis & Co,
One Great Cumberland Place, Marble Arch, London W1H 7LW has been
appointed liquidator of the company.

Creditors are required to send their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims to the undersigned, S. D. Swaden of Leonard
Curtis & Co, One Great Cumberland Place, Marble Arch, London W1H
7LW on or before April 12, 2005.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


SUPERFRAME GROUP: Names Joint Administrators from Leonard Curtis
----------------------------------------------------------------
S. D. Swaden and K. D. Goodman (IP Nos 2719, 2407) have been
appointed joint administrators for Superframe Group Plc.  The
appointment was made March 9, 2005.  Its registered office is
located at 65 Cavendish Street, London W1G 7LS.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


T & J SCOTT: Members Decide to Wind up Firm
-------------------------------------------
At the extraordinary general meeting of the members of T & J
Scott Limited on March 11, 2005 held at 12 Gleneagles Court,
Brighton Road, Crawley, West Sussex, the special, extraordinary
and ordinary resolutions to wind up the company were passed.
Andrew John Tate and John David Ariel of Baker Tilly, 9-12
Gleneagles Court, Brighton Road, Crawley, West Sussex RH10 6AD
have been appointed joint liquidators of the company.

CONTACT:  BAKER TILLY
          Lancaster House
          7 Elmfield Road
          Bromley
          Kent BR1 1LT
          Phone: 020 8290 5522
          Fax: 020 8460 9156
          E-mail: axt2@bakertilly.co.uk

          BAKER TILLY
          12 Gleneagles Court
          Brighton Road
          Crawley
          Sussex RH19 6AD
          Phone: 01403 251666
          Fax: 01403 251466


VIANET GROUP: Major Order News Softens Blow of Poor Results
-----------------------------------------------------------
Vending machine technology developer Vianet Group is hopeful
about the future despite reporting more than GBP2 million in
losses last year, The Scotsman reports.

"Vianet has made much progress during the last 15 months and the
vending telemetry market is now beginning to develop," chief
executive Ian Orrock said.

"Significant contracts have been signed and we are in
negotiations with other companies both in the vending arena and
in other markets."

It announced last week a major order from MEI, one of the
world's largest manufacturer's of vending machines, to install
5,000 viTel and vOpen audit devices in the next two years.  Mr.
Orrock said the initial order is worth GBP500,000 to GBP600,000,
but this is just a "starter for ten."

The announcement came as it reported a loss after tax of GBP2.3
million for the 15 months to the end of December on sales of
GBP376,879.  Sales are substantially up from GBP33,714 of last
year.  The firm had a deficit of GBP1.9 million in the previous
12 months.

Vianet also disclosed plans to place over 6.4 million shares at
about 8p a share to raise around GBP500,000 before expenses to
satisfy working capital requirements in the short term.  It
intends to undertake a full institutional placing, subject to
shareholder approval, before the end of May to bring the group
towards profitability.  Mr. Orrock said they expect to report a
profit by the spring of 2006.

Vianet is one of Scotland's smallest listed companies.

CONTACT:  Vianet Group plc
          Buchan House
          Carnegie Campus South
          Queensferry Road
          Dunfermline
          KY11 8PL
          Phone: +44 (0)1383 748000
          Fax: +44 (0)1383 748001
          E-mail: info@vianet.co.uk
          Web site: http://www.vianet.co.uk/


WILLIAM TATHAM: Appoints Tenon Recovery Liquidator
--------------------------------------------------
At the general meeting of William Tatham Limited, the
resolutions to wind up the company were passed.  Derek Oakley
and Christopher Ratten of Tenon Recovery, Arkwright House,
Parsonage Gardens, Manchester M3 2LF have been appointed
liquidators of the company.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims and the names and addresses of their
Solicitors (if any), to the undersigned Christopher Ratten and
Derek Oakley of Tenon Recovery, Arkwright House, Parsonage
Gardens, Manchester M3 2LF on or before May 6, 2005.

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


WINDOW & CONSERVATORY: Top Honcho Receives Four-year Ban
--------------------------------------------------------
A director of a conservatory brokers business that failed with
total debt estimated at around GBP106,000 has been disqualified
in the Kingston Upon Hull County Court from acting as a company
director for four years.

Clive Preston Hemingway, of Norwood Grove, Beverley was a
director of The Window & Conservatory Brokers Limited which
carried on business from premises at County Road South, Hull
HU5.

The Window & Conservatory Brokers Limited was placed into
compulsory liquidation by Order of the Leeds District Registry
on March 18, 2003 on the petition of HM Customs & Excise for
GBP14,000 owed in respect of VAT.  The company has an estimated
total deficiency of GBP106,000.  The Disqualification Order made
on February 23, 2005 prevents Clive Preston Hemingway from being
a director a company or, in any way, whether directly or
indirectly, being concerned or taking part in the promotion,
formation or management of a company for the above period.

The Official Receiver at Hull had conduct of the investigation
and brought the disqualification proceedings on behalf of the
Secretary of State for Trade and Industry.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct, found by the court not disputed by
Clive Preston Hemingway, were that:

(a) He caused or allowed the company to trade to the detriment
    of HM Customs & Excise by failing to pay VAT; and

(b) He caused or allowed the company to trade to the detriment
    of the Inland Revenue by failing to address PAYE and
    National Insurance liabilities.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


                            *********


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

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

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

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