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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

             Tuesday, March 29, 2005, Vol. 6, No. 61

                            Headlines

B E L G I U M

VIRGIN EXPRESS: Halves Net Loss Despite 13% Drop in Revenues


B U L G A R I A

BALKAN AIRLINES: To Sell Overdue Receivables April 8


C Z E C H   R E P U B L I C

EBANKA AS: Full-year Net Loss up Twofold
KTP QUANTUM: To Repay CZK288 Million in Claims


G E R M A N Y

DEUTSCHE LUFTHANSA: Moody's to Cut Ratings After SWISS Takeover
MG TECHNOLOGIES: Returns to Black in 2004


H U N G A R Y

NABI RT: Sets Annual General Meeting April 29


I R E L A N D

ELAN CORPORATION: Takes Comfort in Latest U.S. FDA Report


I T A L Y

FIAT SPA: Lowers Net Loss to EUR950 Million
PARMALAT FINANZIARIA: Investigators Turn to Capitalia Execs
PARMALAT FINANZIARIA: Tanzi, Cohorts Seek Lesser Sentence


K Y R G Y Z S T A N

AVTO-TULPAR-TRANS: Claims Filing Period Expires Mid-May
CHUI POULTRY: Creditors Have Until May 17 to File Claims
CONSEPT OIL: Sets Proofs of Claim Deadline
OSH-TAZALYK: Calls Creditors Meeting
VITECH PLUS: Sets Deadline for Proofs of Claim


N E T H E R L A N D S

BUHRMANN N.V.: Gets 95% Turnout in Latest Capital Hike
NORTEM N.V.: Files Liquidation Accounts, Distribution Plan


R U S S I A

BUILDER: Creditors Have Until April to File Claims
DRY WORKS-SIBERIAN: Bankruptcy Proceedings Begin
ELECTRO-ENGINE: Deadline for Proofs of Claim April 19
FIRST KAZANSKIY: Appoints N. Morsin Insolvency Manager
KUPINSKIY MECHANICAL: Bankruptcy Hearing Set May 16

METROMEDIA INTERNATIONAL: Delays U.S. Filing of Annual Report
OAO SIBNEFT: Moody's Affirms Ba2/Ba3 Ratings
ORLOVSKOYE: Names A. Markelov Insolvency Manager
RUSSIAN WOOD: Declared Insolvent
SALYUT: Undergoes Bankruptcy Supervision Procedure

SIBERIA: Kemerovo Court Opens Bankruptcy Proceedings
SISTEMA JOINT: S&P Upgrades Rating to 'BB-'; Outlook Stable
USTYUGSKOYE: Declared Insolvent


S W I T Z E R L A N D

SWISS INTERNATIONAL: Improves Operations of Hub System


T U R K E Y

TURKCELL ILETISIM: S&P Affirms 'B' LT Foreign Currency Rating


U K R A I N E

AGROPROMTRANS: Under Bankruptcy Supervision
CONCERN BOGDAN: Lviv Court Brings in Liquidator
DRUZHBA: Succumbs to Insolvency
FAVORIT-X: Gives Creditors Until Next Week to File Claims
KOLOS: Insolvency Manager Takes over Operations

LAN: Cherkassy Court Opens Bankruptcy Proceedings
NOVE ZHITTYA: Declared Insolvent
PROGRES: Court Appoints Temporary Insolvency Manager
YUZEFO-MIKOLAIVSKE: Bankruptcy Supervision Starts
ZAHIDUKRZAKORDONNAFTOGAZBUD: Creditors' Claims Due Next Week


U N I T E D   K I N G D O M

ALLDERS CARD: Creditors Meeting Set Next Week
ASTAR LIMITED: Calls in Liquidator from Tom Harrison
AUTO COLOUR: HSBC Bank Appoints Begbies Traynor Receiver
A.V. STYAN: Hires Administrators from Jackson Jolliffe Cork
BENNALEX CARPETS: Members Pass Winding-up Resolutions

BLOOM HORTICULTURE: Liquidator from Langley & Partners Moves in
BON-BLEU LIMITED: Members Call in Liquidator from Jeffrey Henry
BT GLOBAL: Hires Liquidator from BDO Stoy Hayward
CAREBANK NURSING: Creditors Meeting Set Next Week
CEDAR CONSTRUCTION: Appoints Liquidators

CLARK SCOTT-HARDEN: Meeting of Creditors Next Week
DESERT EXPRESS: Joint Liquidators from PwC Move in
EQUITABLE LIFE: Ombudsman Ruling Could Trigger Mass Payouts
FLEDGLINGS.NET LIMITED: Administrator Clarke Bell Moves in
H.A. CLEANING: Names RSM Robson Rhodes Administrator

J. R. SMITH: Hires Liquidator from Fields
LAMINATE FLOORING: Appoints Joint Administrators from PKF
MUNICIPAL HIRE: Names Ernst & Young Administrator
NEWSPAPERS MUTUAL: Members Decide to Wind up Firm
OFFICESWITCH LIMITED: Hires Liquidator from Griffins

PREMIERFLAIR LIMITED: Calls in BDO Stoy Hayward Liquidator
PYEWIPE MOTOR: Administrators from Jackson Jolliffe Move in
RAFIQUES CONSTRUCTION: Hires David John Stringer as Liquidator
RALPH WILLIAMS: Hires Jackson Jolliffe Cork as Administrator
R P ENTERPRISES: Call in Administrators from Begbies Traynor

STRATHTAY-GREENWELLIES LIMITED: In Administrative Receivership
SVARUS LIMITED: Bank of Scotland Appoints Ernst & Young Receiver
TGM RESOURCE: Hires Edwin James Kirkwood as Liquidator
UNIQUE DISTRIBUTION: Hires Ernst & Young as Administrator
WELLAND MOTORCYCLES: Appoints Richard Frank Simms Liquidator
WILLOWBURN IMPORTS: Hires Ian Nigel Millington Liquidator

* Large Companies with Insolvent Balance Sheets


                            *********


=============
B E L G I U M
=============


VIRGIN EXPRESS: Halves Net Loss Despite 13% Drop in Revenues
------------------------------------------------------------
Highlights

(a) Highly competitive market -- fares and revenues down from
    last year;

(b) Operating losses cut by 75% to EUR3.9 million;

(c) Unit costs at 5.0 eurocents -- lowest ever in our history;

(d) Industry leading on-time performance -- over 90% for the
    third consecutive year; and

(e) Progress on the structuring of the EUR1.0 per share exit for
    all shareholders following the transaction with SN
    Airholding II.

Chairman's Statement

2004 was another tough year for Virgin Express, as we faced
growing competition from full-service, low-fare and charter
operators.  However, we reduced our operating losses from EUR16
million in 2003 to EUR3.9 million in 2004 by delivering industry
leading on-time performance levels and by carefully managing our
costs.

During 2003, the airline experienced unprecedented competition
across its entire route network, particularly on flights to Rome
and Milan; a position currently being investigated by the
European Commission.  Such competition was sustained during
2004, particularly on the Barcelona route, where fares have
declined significantly.  In response, we reduced the number of
rotations on loss-making routes, closed down our Bordeaux route
and started operating flights to Valencia.  In the first quarter
of 2004, aircraft numbers were reduced from 13 to 11 with a
further reduction planned for 2005.  Revenues fell by 13% in
2004 to EUR180 million with bookings over the Internet
increasing by almost 50% from 47% at the beginning of the year
to 70% by December 2004.  Load factors were in line with other
European low-fare carriers at 76%.

During the year costs was controlled exceptionally well. Unit
costs reached an all time low at 5.0 eurocents per available
seat kilometer (ASK) and are lower than all our competitors
operating from major airports.  This level has been achieved
despite unit fuel costs rising by 9%, partially offset by the
strength of the euro.

Service continues to be of the highest priority for all of us at
Virgin Express.  For the third year running we delivered on-time
performance of better than 90% on both departures 2/5 and
arrivals.  Comparing our on-time performance with that published
in the AEA Quarterly statistics shows that Virgin Express had
the best on-time record of all airlines to eight out of nine
major European airports.  We are proud to offer our customers
not only value for money pricing but also industry leading on-
time performance.

Good progress is being made towards completion of the common
ownership of Virgin Express NV/SA and SN Brussels Airlines
announced to the market on October 6, 2004 and the company is on
target to satisfy the conditions well in advance of the backstop
date of June 30, 2005. In addition, progress continues to be
made in structuring the proposed EUR1.00 a share exit strategy
for all equity shareholders.  It is the company's intention that
on completion of the proposed exit it will apply for a de-
listing from Euronext and termination of the Exchange Act
registration and reporting requirements in the United States.

David Hoare
Executive Chairman

                       4th Quarter Results

For the 4th quarter of 2004 the company reported a net loss of
EUR4.5 million versus a net loss of EUR9.6 million in the 3rd
quarter of 2003.

Revenues

Total revenues for the 4th quarter decreased by 18% to EUR37.1
million from EUR45.2 million last year.  This reduction in
revenues is mainly due to the lower number of aircraft operated.
The focus on new services and the ancillary revenue such as
extra legroom seats, lounges, catering services on board and
pre-ordered meals, overweight luggage, special service fees and
fuel surcharge continued to deliver additional revenues.

Expenses

The total operating expenses decreased by 27% to EUR41.0 million
for the 4th quarter 2004 from EUR56.2 million in the same
quarter of 2003.  The reduction in the variable expenses and the
continued focus on cost control have enabled a further
improvement of the unit costs in the 4th quarter to 5.08
eurocents per ASK, coming from 6.08 eurocents in 2003.
Excluding the negative impact of fuel price increases, the
operating expenses for the 4th quarter were 33% lower than in
the same period last year.

                    Results for the Year 2004

For the year 2004, the company reported a net loss of EUR7.3
million versus a net loss of EUR19.6 million in 2003.

Revenues

Total revenues for the full year decreased by 13% to EUR179.8
million from EUR207.1 million in 2003. This reduction in
revenues is mainly due to the lower number of aircraft operated.
The focus on new services and the ancillary revenue such as
extra legroom seats, lounges, catering services on board and
pre-ordered meals, overweight luggage, special service fees and
fuel surcharge delivered additional revenues.

Expenses

The total operating expenses decreased by 18% to EUR183.8
million in 2004 from EUR223.1 million in 2003.  The reduction in
the variable expenses and the continued focus on cost control
have enabled a further improvement of the unit costs in 2004 to
5.03 eurocents per ASK, coming from 5.41 eurocents in 2003.
Excluding the negative impact of fuel price increases, the
operating expenses in 2004 were 22% lower than in 2003.

(a) Aircraft leasing costs were reduced by 31% due to reduction
    of the aircraft fleet from 13 to 11 during the first quarter
    of 2004;

(b) Maintenance, passenger service expenses decreased by 27% due
    the reduction in fleet and careful cost management; and

(c) The non-operating loss of EUR2.7 million was mainly due to
    interest paid on the loans from VSIL.

Full copy of Virgin Express' 2004 results can be viewed free-of-
charge at http://bankrupt.com/misc/virginexpress_2004.pdf.

CONTACT:  VIRGIN EXPRESS HOLDINGS PLC
          Brussels Airport, Bldg. 116
          B-1820 Melsbroek
          Phone: +32-2-752-05-11
          Fax: +32-2-752-05-06
          Web site: http://www.virgin-express.com


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


BALKAN AIRLINES: To Sell Overdue Receivables April 8
----------------------------------------------------
Syndics of bankrupt flag carrier Balkan Airlines AD said last
week the sale of the carrier's overdue receivables worth over
BGN300,000 will be on April 8, according to Sofia News Agency.

Divided into two blocks, the tender will allow interested
parties to bid for separate and cumulative law estates from the
insolvency assets representing Balkan's receivables from third
parties.  The syndics of the airline, which is now operating
under the name Bulgaria Air, said the first block include
receivables from legal entities incorporated abroad, while the
second include receivables under contractual agreements.

In February 2001, a Bulgarian court placed Balkan Airlines
into receivership.  Bulstrad, a local insurance company,
initiated the bankruptcy proceedings.

CONTACT:  Balkan Bulgarian Airlines
          Sofia Airport
          Sofia 1540, Bulgaria
          Phone: (359-2) 881-800; 661-616
          Fax: (359-2) 791-206; 709-217; 797-046
          E-mail: balkanair@balkanair.bg
                  balkan@balkanairlines.bg
          Web site: http://www.balkan.com


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


EBANKA AS: Full-year Net Loss up Twofold
----------------------------------------
Loss-making eBanka suffered another disappointing year, as net
loss widened from CZK114 million in 2003 to CZK271 million in
2004, Financni Noviny says.

Romana Tomasova, spokesman for eBanka's owner PPF, says the loss
was primarily caused by a huge marketing expense and the cost of
completing the bank's branch network.  The shareholders,
however, covered the loss before 2004 ended via a CZK252 million
capital increase.  He said the bank is already reaping the
fruits of these investments, gaining CZK6.13 million in January
and CZK5.27 million in February.

Mr. Tomasova also revealed the bank-managed accounts went up 22%
to 107,000 while the volume of granted loans also swelled by
104% to CZK6.38 billion.  As at the end of 2004, eBanka had
400,000 clients.

A member of the Ceska pojistovna financial group, eBanka offers
a wide range of banking services and is considered the first
Czech bank to offer direct banking services.

CONTACT:  EBANKA a. s.
          Na Prikope 19
          117 19 Prague 1
          Phone: +420 222 115 222
          Fax: +420 222 115 500
          Web site: http://www.ebanka.com


KTP QUANTUM: To Repay CZK288 Million in Claims
----------------------------------------------
Three years after its collapse, KTP will finally start paying
its creditors at the end of the month, Ceskenoviny says.

The bankrupt securities broker will pay only CZK288 million of
the CZK2-3 billion in total claims.  Around 18,000 of KTP's
30,000 clients filed claims against the bank, but it will only
pay those it considered "clear."  Director Jiri Korb said, "We
will be paying a part about which we have no reason to doubt."
The repayment period is March 31 to May 20.

In January, the Prague Municipal Court ordered guarantee agency
Garancni Fond Obchodniku (GFO) to partially repay Jaroslav Kant,
a former KTP client.  KTP clients are supposed to be insured up
to 90% of their investments or CZK400,000 per person.  Some of
KTP's assets are currently disputed in court.

The company's bankruptcy in March 2002 is considered the biggest
not only in the domestic capital market, but also in the entire
post-Communist history.

CONTACT:  KTP QUANTUM A.S.
          Chmelova 357,
          Hradec Kralove 500 03
          Mailing address:
          Uhelna 160,
          Hradec Kralove 500 03
          Phone: 495 515 117
          Fax: 495 515 120
          Web site: http://www.ktpquantum.cz


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


DEUTSCHE LUFTHANSA: Moody's to Cut Ratings After SWISS Takeover
---------------------------------------------------------------
Moody's Investors Service placed on March 23 the ratings of
Deutsche Lufthansa Aktiengesellschaft on review for possible
downgrade, following the announcement of Lufthansa's takeover
offer for Swiss International.

Although the combination of the two airlines will mark a further
step in the consolidation of the European airline industry,
Moody's recognizes that the combined credit profile may not be
commensurate with the current Baa2 rating assigned to Lufthansa.
Based on preliminary understanding of the transaction and the
relative size of Swiss, Moody's does not anticipate that any
rating action following the review is likely to be greater than
one notch.

Ratings placed on review are:

(a) Lufthansa International Finance N.V. -- Baa2 for
    DEM250million Eurobonds guaranteed by Deutsche Lufthansa AG

(b) Deutsche Lufthansa AG -- Baa2 long-term issuer rating

(c) Deutsche Lufthansa AG -- Prime-2 short-term issuer rating

Moody's understands that the proposed takeover offer entails the
creation of a newly created Swiss company, which will initially
be 11% owned by Lufthansa, given the compliance requirements of
antitrust and current air traffic laws.  After receiving
antitrust approval, Lufthansa is expected to increase its share
to 49%, and further to 100% after having obtained the
corresponding traffic rights.  The proposed business model aims
to combine the strengths of the two airlines, while at the same
time retaining the independence of Swiss to the extent possible
through, inter alia, maintaining the air traffic infrastructure
within Switzerland as well as the Swiss brand.

The review will focus on:

(a) The details of the legal corporate structure and the
    timeframe to be adopted to finalize the takeover;

(b) The financial profile and liquidity of the combined group;
    and

(c) The potential impact on Lufthansa's short- and intermediate-
    term financial results of changes created in the competitive
    landscape by the combination.

Deutsche Lufthansa AG, headquartered in Cologne, Germany, with
approximately EUR17 billion in revenues in the fiscal year 2004
is one of Europe's leading airlines.

CONTACT:  MOODY'S DEUTSCHLAND GMBH
          Michael West
          Managing Director
          European Corporates Group

          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S FRANCE S.A.
          Myriam Durand
          Vice President - Senior Analyst
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


MG TECHNOLOGIES: Returns to Black in 2004
-----------------------------------------
Following the Supervisory Board meeting held to approve the
company's financial statements, MG Technologies AG announced
that in 2004 it returned to profit with pre-tax earnings (EBT)
of EUR10.2 million.

The Group reported net income of EUR61.6 million for 2004 (2003:
net loss of EUR198.6 million), representing earnings per share
of EUR0.32 (2003: a loss of EUR1.02 per share).  The net
position of the mg Group improved by more than EUR1 billion to
EUR326.8 million as a result of the disposal of the majority of
its Chemicals activities.

The strategic refocus on specialty mechanical engineering and
plant engineering is almost complete.  New orders increased
substantially by 17.3% to EUR4,243.6 million.  In 2004, MG
Technologies AG generated sales of EUR4,058.7 million, which was
virtually unchanged on the previous year (down 0.2%).  GEA was
able to increase both sales and earnings across all areas of its
business.

For the first time, GEA's activities were grouped under the new
segments of Customized Systems, Process Equipment and
Process Engineering.  The former Industrial Plant Engineering
business, which is now concentrated in the Plant Engineering
segment, did report an overall pre-tax loss of EUR25.7
million (2003: loss of EUR195.6 million), but this was due
exclusively to unsatisfactory performance at Lurgi.

MG Technologies AG is confident about prospects for 2005. Group
sales are expected to rise to around EUR4.5 billion and the
return on sales to around four%.  Based on these figures, the
company anticipates being able to distribute a dividend for
2005.

Key Figures
EUR million              2004         2003        Change

Order Intake           4,243.6      3,618.8         17.3%

Sales                  4,058.7      4,068.5         -0.2%

EBIT                      65.8       -310.6        121.2%

EBT                       10.2       -368.5        102.8%

Basic earnings
   per share, in EUR       0.32        -1.02       131.4%

Employees
   (at end of
   fiscal period)     17,114       16,879            1.4%

MG Technologies AG will provide more detailed information about
the 2004 fiscal year and developments in the individual segments
on March 29, 2005 at the Financial Statements Press Conference
in Dusseldorf and the Analysts' Meeting in Frankfurt am Main.

Since the second quarter of 2004, the Dynamit Nobel businesses
that were sold with effect from July 31, 2004 and the Dynamit
Nobel Plastics business currently for sale have been reported as
discontinued operations (DOPs).  To ensure comparability between
the figures for 2003 and 2004, the 2003 quarterly results and
the results for 2003 as a whole have been retroactively adjusted
to show the Dynamit Nobel Group as a discontinued operation.

CONTACT:  MG TECHNOLOGIES AG
          Bockenheimer Landstrasse 73-77
          60325 Frankfurt, Germany
          Phone: +49-69-7-11-99-0
          Fax: +49-69-7-11-99-100
          Web site: http://www.mg-technologies.com


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


NABI RT: Sets Annual General Meeting April 29
---------------------------------------------
The Board of Directors of NABI Bus Industries Company Limited by
Shares hereby notifies the honorable shareholders that the Board
of Directors decided to convene the annual general meeting of
the Company, to be held at 10:00 a.m. on Friday, April 29, 2005
at Hotel Novotel Budapest Centrum, Palace Room, 1088 Budapest,
Rakoczi ut 43-45.

Agenda:

(a) Closing of the 2004 business year

    (i) Report of the Board of Directors on the 2004 business
        year of the Company;

   (ii) Proposal of the Board of Directors for the approval of
        the 2004 standalone and consolidated financial
        statements and business report of the Company, and for
        the appropriation of the 2004 net losses;

  (iii) Report of the Supervisory Board on the report of the
        Board of Directors for 2004, on the 2004 standalone and
        consolidated financial statements and the business
        report of the Company and on the proposal of the Board
        of Directors for the appropriation of 2004 net losses;

   (iv) Acknowledgment of the report of the Auditor on the 2004
        standalone and consolidated financial statements;

    (v) Acknowledgement of the report of the Supervisory Board
        and the Auditor;

   (vi) Approval of the 2004 Report of the Board of Directors;

  (vii) Approval of the stand-alone and consolidated financial
        statements of the Company (prepared in accordance with
        the Hungarian and US Accounting Standards); and

(viii) Resolution on the appropriation of the net losses of the
        Company regarding 2004.

(b) Election of an Auditor and decision on the 2005
    remuneration;

(c) Modification of the Articles of Association

    (i) Extension of the scope of activity;

   (ii) Modification of the provisions regarding the pre-emption
        right of shareholders in case of a capital increase and
        the exclusion of the exercise of the pre-emption right
        to reflect the provisions of Act CXLIV of 1997 on
        economic associations;


  (iii) The extension of the powers of the Board of Directors
        and the Supervisory Board pursuant to the Companies Act
        (payment of interim dividend, approval of the interim
        balance sheet, issuance of convertible bonds or bonds
        with subscription right);

   (iv) Modification of the provisions on the operation and
        authority of the Board of Directors;

    (v) Modification of the provisions on the convocation of the
        general meeting;

   (vi) Modification of the provisions on the financial reports
        of the Company to comply with the Listing and Continued
        Trading Rules of the Budapest Stock Exchange;

  (vii) Decrease of the minimum number of the members of the
        Board of Directors to the minimum prescribed by the
        Companies Act;

(viii) Modification of the term of the members of the Board of
        Directors and the Supervisory Board;

   (ix) Modification of the provisions on the signature
        authority;

    (x) Modification of the provisions on dividend payment; and

   (xi) Amendments to NABI Rt.'s articles of association
        pursuant to sections 6.2.3.1 and 6.2.3.3 of the Listing
        Regulations of BSE effective as of March 9, 2005.

        The reason for the proposed modifications to the
        Articles of Association is to reflect the detailed
        mandatory provisions of the Companies Act and, wherever
        the Companies Act allows a deviation from the general
        rules, to ensure that the shareholders and the board of
        directors are able to exercise these rights;

(d) Election of members for the Board of Directors;

(e) Election of members for the Supervisory Board; and

(f) Compulsory capital decrease, the appropriate modification of
    the Articles of Association related thereto.  Reasons for
    the capital decrease: The book equity of the Company in the
    2004 balance sheet is expected to be less than two-thirds of
    the capital of the Company due to losses.

    The final, audited financial statements of the Company for
    2004, on the basis of which the book equity of 31 December
    2004 of the Company could be established, were still under
    preparation at the time of publication of this notice.

    The method of execution of the capital decrease: the
    appropriate decrease of the nominal value of the shares,
    replacement with shares of lower nominal value;


(g) Authorization of the Board of Directors to increase the
    capital of the Company;

(h) Approval of the by-laws of the Supervisory Board.

Pursuant to Section 13.1 of the Articles of Association, the
general meeting shall have a quorum if the attending
shareholders or their authorized representatives represent more
than half of the share capital, which carries with it a right to
vote.  The shareholders may attend the general meeting either
personally or through a representative or an attorney-in-fact.
The document constituting such representation right must be
handed over to the representative of the Company in form of a
public document or a fully verifiable private document with full
probative force not later than the beginning of the general
meeting.

Pursuant to Section 13.3 of the Articles of Association, those
shareholders whose names are listed in the Register of Shares on
the turning day of the process for verifying the shareholders
and their holding that precedes the general meeting and
possesses the appropriate securities account extract defined in
Section 7.4 of the Articles of Association shall have the right
to attend the general meeting and vote.  The Board of Directors
of the Company provides appropriate means of voting per share
for the shareholders.

Pursuant to Section 13.7 of the Articles of Association, one
dematerialized registered ordinary share of HUF1,000 entitles
the respective shareholder to exercise one vote.

We request the honorable shareholders to appear at the place of
the general meeting one hour before the announced opening time
of the general meeting for the purpose of registering the
presence of the shareholders and the delivery of the voting
appliances.  The general meeting shall vote openly.

The proposals for the agenda of the general meeting will be made
available at the Company's registered seat or on the Web site of
the Company at http://www.nabi.hu,and on the Web site of the
Budapest Stock Exchange at http://www.bet.huafter April 14,
2005 or, as they become available.

Board of Directors
Budapest, 24 March 2004

CONTACT:  NABI BUS INDUSTRIES RT.
          45. Ujszasz u.
          Budapest 1165

          Andras Bodor, Corporate Affairs Director
          Phone: +36-1-401-7100
          Fax: +36-1-407-2931
          E-mail: andras.bodor@nabi.hu

          Rita Szalay, Corporate Affairs Officer
          Phone: +36-1-401-7212
          Fax: +36-1-407-2931
          E-mail: rita.szalay@nabi.hu


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


ELAN CORPORATION: Takes Comfort in Latest U.S. FDA Report
---------------------------------------------------------
The U.S. Food and Drug Administration (FDA) issued a statement
last week saying that no post-marketing reports of PML in
multiple sclerosis (MS) patients administered with Elan's
Tysabri drug have been found, reports Business World.

According to the FDA statement, it has analyzed data in Elan's
post-marketing safety database and found no cases of PML, or
progressive multifocal leukoencephalopathy, reported in MS
patients receiving interferon beta therapy in combination with
TYSABRI (natalizumab).

The FDA statement serves as a boost to the troubled Irish
pharmaceutical firm, which, along with partner Biogen Idec, had
been named a respondent in a class action suit alleging that
both companies concealed the fact that TYSABRI, like other MS
drugs, made patients susceptible to PML. Both firms have already
pulled the drug out of the market.

Biogen said the FDA finding also supports its ongoing reviews of
safety databases by a panel of experts convened in the U.S. This
also revealed no previously reported cases of PML in MS patients
treated with interferon beta monotherapy.

CONTACT:  ELAN CORPORATION
          Investors
          Emer Reynolds
          Phone: 353-1-709-4000 or 800-252-3526
          or
          Media
          Anita Kawatra
          Phone: 212-407-5740 or 800-252-3526


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


FIAT SPA: Lowers Net Loss to EUR950 Million
-------------------------------------------
The Financial Statements of Fiat S.p.A. show a net loss of
approximately EUR950 million (EUR2.4 billion in 2003).  The
consolidated loss amounts to EUR1.5 billion (EUR1.9 billion in
2003).  The Stockholders Meeting is convened for May 10, 2005
(on second call).

The Board of Directors of Fiat S.p.A. met on March 24 under the
Chairmanship of Luca Cordero di Montezemolo to review the Report
on Operations and the Financial Statements for the 2004 fiscal
year.

The Financial Statements of Fiat S.p.A. for the fiscal year
ended Dec. 31, 2004 show a net loss of approximately EUR950
million compared with a loss of EUR2.4 billion in 2003.  The
2004 loss is mainly attributable to the net investment result,
negatively impacted by the loss posted in the Automobile Sector,
only partially offset by other nonrecurring income.  A motion
will be presented to the forthcoming Stockholders Meeting to
carry forward the 2004 loss.

The Board of Directors also approved the Consolidated Financial
Statements that, as already announced on Feb. 28, 2005, showed a
consolidated net loss of EUR1.548 billion (EUR1.9 billion in
2003).  Consolidated net financial position was negative at
EUR4.961 million and the proforma net financial position,
calculated as envisaged in the Convertible Facility Agreement,
exceeded the limit of EUR3.6 billion, without however taking
into account the receipt of a total of EUR1.55 billion as a
result of the agreement reached with General Motors on February
13, 2005.  The Lending Banks have the right, under the terms and
conditions of the Convertible Agreement, to proceed with the
conversion of the facility into capital for an amount up to EUR2
billion euros.

The Board of Directors also examined the project for the
establishment of Fiat Powertrain Technologies, a new industrial
unit that will integrate all Fiat Group activities in the area
of engines and transmissions.

Finally, the Board of Directors convened a Stockholders Meeting
for the approval of the Financial Statements, to be held on May
10 on second call, as usual.

Turin, March 24, 2005

The main effects that the adoption of IAS/IFRS will have for the
Group will be presented on March 30, 2005 during a "conference
call."  The call may be accessed live at the Group Web site
http://www.fiatgroup.com,where related documents will also be
made available.  The Annual Report will also be made available
on the same day.

The full copy of this financial report is available free of
charge at http://bankrupt.com/misc/fiat_spa.pdf.

CONTACT:  FIAT S.p.A.
          250 Via Nizza
          10126 Turin, Italy
          Phone: +39-011-686-1111
          Fax: +39-011-686-3798
          Web site: http://www.fiatgroup.com


PARMALAT FINANZIARIA: Investigators Turn to Capitalia Execs
-----------------------------------------------------------
Prosecutors investigating the collapse of Parmalat has started
probing Matteo Arpe, chief executive of banking group Capitalia
S.p.A., Il Sole 24 Ore says.

Mr. Arpe on March 8 agreed to turn state witness after receiving
assurance he would not be prosecuted.  But prosecutors say they
reserved the right to grill him again for giving false
information to third parties.  Aside from Mr. Arpe, prosecutors
are also investigating Capitalia Chairman Cesare Geronzi.

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

          CAPITALIA S.p.A.
          Via Marco Minghetti 17
          00187 Rome
          Phone: +39-06-6707-1
          Fax: +39-06-6707-0652
          Web site: http://www.capitalia.it


PARMALAT FINANZIARIA: Tanzi, Cohorts Seek Lesser Sentence
---------------------------------------------------------
Parmalat founder Calisto Tanzi has reportedly sent feelers to
Parma prosecutors now finalizing criminal raps against possibly
a hundred personalities, Il Sole 24 Ore says.

As many as 120 are facing market-rigging charges on April 5,
according to an earlier report by Troubled Company Reporter-
Europe.  They include Mr. Tanzi and his son Stefano, former
finance director Fausto Tonna, and general counsel Gianfranco
Zini.

Il Sole 24 Ore says these individuals have started plea-
bargaining, but authorities are bent on a minimum term of three
years for Mr. Tanzi.  Mr. Zini and Stefano are negotiating for
no more than two years in prison, while Mr. Tonna is hoping for
a maximum sentence of two and a half years.

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


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


AVTO-TULPAR-TRANS: Claims Filing Period Expires Mid-May
-------------------------------------------------------
Avto-Tulpar-Trans, which recently became insolvent, will accept
proofs of claim until May 17, 2005.  For more information, call
(+996 312) 29-64-58.


CHUI POULTRY: Creditors Have Until May 17 to File Claims
--------------------------------------------------------
OJSC Chui Poultry Farm, which recently became insolvent, will
accept proofs of claim until May 17, 2005 at Bishkek, Osmonkula
Str. 137.  For more information, call (+996 312) 26-21-20.


CONSEPT OIL: Sets Proofs of Claim Deadline
------------------------------------------
LLC Consept Oil, which recently became insolvent, will accept
proofs of claim until May 17, 2005 at Bishkek, Sovetskaya Str.
152/124.


OSH-TAZALYK: Calls Creditors Meeting
------------------------------------
The liquidation commission of JSC Osh-Tazalyk will hold a
general creditors meeting on April 8, 2005, 11:00 a.m. at Osh,
Microdistrict Anar, Abdykadyrova Str. administrative building of
JSC Osh-Tazalyk.

Agenda:

(a) Financial condition of the company;

(b) Presentation of the liquidation method; and

(c) Appointment of a temporary insolvency manager.

Proxies must have authorization to vote at the meeting.

CONTACT:  OSH-TAZALYK
          Osh, Microdistrict Anar,
          Abdykadyrova Str.


VITECH PLUS: Sets Deadline for Proofs of Claim
----------------------------------------------
Vitech Plus, which recently became insolvent, will accept proofs
of claim until May 17, 2005 at Osh region, Lenina Str. 335/2.
For more information call (+996 3222) 2-58-07.


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


BUHRMANN N.V.: Gets 95% Turnout in Latest Capital Hike
------------------------------------------------------
Buhrmann announced on March 24 that a total 95% of the rights
were exercised in its EUR250 million capital increase.
Approximately 6.3 million rights remained unexercised at the end
of the subscription period.

The distribution of rights to existing Buhrmann shareholders of
record on March 14, 2005 was made on the basis of one right per
share.  New shares could be subscribed at a price of EUR6.37 per
new Buhrmann share, based on a subscription ratio of 2 new
shares for 7 rights.

The 1,806,316 new shares (the rump) underlying the 6,322,106
rights remaining unexercised after the end of the subscription
period on March 23, 2005 was placed on March 24 through an
international private placement or through sales in the market.

Holders of unexercised rights will receive a cash payment per
unexercised right, subject to certain conditions, based on the
difference, if positive, between the placement price of the rump
(minus any related fees and/or taxes) and the subscription price
of EUR6.37, multiplied by the subscription ratio (2 for 7). Any
payment relating to unexercised rights will be made shortly
after the expected closing date of March 31, 2005.

As previously announced, Buhrmann will use the proceeds of the
capital raising to partly finance the repurchase of its
Preference Shares C.  The settlement and delivery of the new
Buhrmann shares is expected to take place on or about March 31,
2005.

CONTACT:  BUHRMANN N.V.
          P.O. Box 23456
          1100 DZ Amsterdam
          The Netherlands
          Phone: +31 20 651 11 11
          Fax: +31 20 651 10 05
          Web site: http://www.buhrmann.com


NORTEM N.V.: Files Liquidation Accounts, Distribution Plan
----------------------------------------------------------
Nortem N.V. in Liquidation (Nasdaq: MTCH), formerly Metron
Technology N.V., announced that it filed its liquidation
accounts and plan of distribution for public inspection with the
Dutch Commercial Registry in Arnhem.

A copy of the liquidation accounts and plan of distribution as
filed in The Netherlands is also available for public inspection
at Nortem's office in The Netherlands and will be filed with the
U.S. Securities and Exchange Commission as an exhibit to a
Current Report on Form 8-K which Nortem intends to file within
the next four business days.  As described in the liquidation
accounts and plan of distribution, Nortem expects the final
distribution to its shareholders to be in the range of
approximately $1.01 to approximately $1.09 per share, prior to
the effect of tax withholding requirements, as discussed in the
Current Report on Form 8-K filed by Nortem with the U.S. SEC on
February 28, 2005.

Within two months after the date of the filing of the
liquidation accounts and plan of distribution, Nortem's
creditors or other entitled parties may file with the court an
opposition to Nortem's liquidation.  Nortem may not make the
final liquidating distribution until such two months have passed
and there is no opposition to Nortem's liquidation.  The amount
of the final liquidating distribution will depend on a number of
factors, including the final amount of its liabilities, costs of
operations during the liquidation period, other related costs
involved in the wind down and liquidation of Nortem.  The timing
and amount of the final liquidating distribution will be
determined by Nortem's liquidators in accordance with the plan
of distribution.

Nasdaq Delisting Hearing

The Nasdaq National Market has scheduled a hearing for March 31,
2005 to determine when Nortem's common stock will be delisted
from Nasdaq.  Nortem does not anticipate that its stock will
continue to be traded on NASDAQ after March 31, 2005.

                            *   *   *

Nortem N.V. is engaged in the marketing, sales and service of
semiconductor equipment and materials support in Europe, Asia
and the U.S.  For six months ended November 30, 2004, the group
was able to cut its net loss by 47% to US$6.7 million after
posting a 25% increase in its revenues.

CONTACT:  NORTEM N.V.
          Kabelstraat 19
          NL-1322 AD Almere
          Phone: 31(0) 36-538-7000
          Fax: 31(0) 36-538-7010
          Web site: http://www.metrontech.com


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


BUILDER: Creditors Have Until April to File Claims
--------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Builder after finding the close joint stock
company insolvent.  The case is docketed as A27-13381/2004-4.
Mr. S. Bychkov has been appointed insolvency manager.  Creditors
have until April 19, 2005 to submit their proofs of claim to
654007, Russia, Novokuznetsk, Post User Box 7/25.

CONTACT:  BUILDER
          Russia, Kemerovo region,
          Mezhdurechensk

          Mr. S. Bychkov
          Insolvency Manager
          654007, Russia, Novokuznetsk,
          Post User Box 7/25


DRY WORKS-SIBERIAN: Bankruptcy Proceedings Begin
------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Dry Works-Siberian after finding the limited
liability company insolvent.  The case is docketed as A19-
6876/04-37.  Mr. V. Timonin has been appointed insolvency
manager.

Creditors have until April 19, 2005 to submit their proofs of
claim to 664049, Russia, Irkutsk, Post User Box 64.  A hearing
will take place on Jan. 26, 2006, 10:00 a.m. at 664025, Russia,
Irkutsk, Gagarina Avenue, 70, room 319.

CONTACT:  Mr. V. Timonin
          Insolvency Manager
          664049, Russia, Irkutsk region,
          Post User Box 64
          Phone: 53-17-37


ELECTRO-ENGINE: Deadline for Proofs of Claim April 19
-----------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Electro-Engine after finding the company
insolvent.  The case is docketed as A27-18734/2004-4.  Mr. E.
Sanzharevskiy has been appointed insolvency manager.  Creditors
have until April 19, 2005 to submit their proofs of claim to
650099, Russia, Kemerovo, Sovetskiy Pr. 25.

CONTACT:  ELECTRO-ENGINE
          650099, Russia, Kemerovo region,
          Sovetskiy Pr. 25

          Mr. E. Sanzharevskiy
          Insolvency Manager
          650099, Russia, Kemerovo region,
          Sovetskiy Pr. 25


FIRST KAZANSKIY: Appoints N. Morsin Insolvency Manager
------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against First Kazanskiy after finding the auto-
repair factory insolvent.  The case is docketed as A-65-
11263/2004-SG4-31.  Mr. N. Morsin has been appointed insolvency
manager.  Creditors have until April 19, 2005 to submit their
proofs of claim to Russia, Tatarstan republic, Kazan,
Belomorskaya Str. 69a.

CONTACT:  FIRST KAZANSKIY
          Russia, Tatarstan republic, Kazan,
          Belomorskaya Str. 69a

          Mr. N. Morsin
          Insolvency Manager
          Russia, Tatarstan republic, Kazan,
          Belomorskaya Str. 69a


KUPINSKIY MECHANICAL: Bankruptcy Hearing Set May 16
---------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on open joint stock company
Kupinskiy Mechanical Factory.  The case is docketed as A45-
714/05-25/4.  Ms. N. Lapchug has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 630049, Russia,
Novosibirsk, Galushaka Str. 3-1.  A hearing will take place on
May 16, 2005.

CONTACT:  KUPINSKIY MECHANICAL FACTORY
          630740, Russia, Novosibirsk region,
          Kupino, Rabochaya Str. 104

          Ms. N. Lapchug
          Temporary Insolvency Manager
          630049, Russia, Novosibirsk region,
          Galushaka Str. 3-1

          The Arbitration Court of Novosibirsk Region
          630007, Russia, Novosibirsk region,
          Kirova Str. 3


METROMEDIA INTERNATIONAL: Delays U.S. Filing of Annual Report
-------------------------------------------------------------
Metromedia International Group, Inc. (MIG) (OTCBB: MTRM) (PINK
SHEETS: MTRMP), the owner of interests in various communications
and media businesses in the countries of Russia and Georgia, has
not fully completed the preparation of its consolidated
financial statements and footnote disclosures for the annual
audit of the Company, as required for filing of its Annual
Report on Form 10-K for the fiscal year ended December 31, 2004,
and therefore does not expect that it will file its Form 10-K
with the United States Securities and Exchange Commission by
March 31, 2005, the required date in order for the Form 10-K to
be timely filed.

In making this announcement, Ernie Pyle, Chief Financial Officer
of MIG, commented, "The finance teams of the Company's PeterStar
and Magticom business ventures have required additional time to
prepare and finalize their final U.S. GAAP financial results,
which in turn has significantly delayed the completion of audit
procedures by the Company's outside independent accountants for
these business ventures.  At present, I anticipate that the
final U.S. GAAP financial results reports for PeterStar and
Magticom will be finalized and delivered to MIG shortly, and
upon their receipt, the Company will finalize its consolidated
financial statements and management's discussion and analysis of
the Company's financial condition and results of operation."

Mr. Pyle commented further, "Upon the determination that the
Company's 2004 financial results are not subject to substantial
change, the Company plans to issue a press release containing
its 2004 financial results to provide further insight on its
2004 business performance.  In closing, we are fully committed
to filing the 2004 Form 10-K as promptly as possible and
apologize for any difficulties this delay might cause our
investors."

Shortly following the Company's filing of the Form 10-K, the
Company expects to file with the U.S. SEC a preliminary proxy
statement on Schedule 14A and schedule a meeting of the
Company's stockholders for consideration of the previously
announced proposed sale of the Company's interest in PeterStar
and for the election of directors by our common and preferred
stockholders.  Assuming approval of the sale of the Company's
interest in PeterStar by a majority of the holders of the
Company's common stock at such stockholder meeting, the Company
presently expects to consummate the sale of PeterStar during the
third quarter of this year.

The Company cannot at this time provide any further guidance as
to when the Form 10-K will be filed with the U.S. SEC or when
the annual audited financial statements will be completed.

About Metromedia International Group

Through its wholly owned subsidiaries, the Company owns
interests in communications businesses in the countries of
Russia and Georgia.  Since the first quarter of 2003, the
Company has focused its principal attentions on the continued
development of its core telephony businesses, and has
substantially completed a program of gradual divestiture of its
non-core cable television and radio broadcast businesses. The
Company's core telephony businesses include PeterStar, the
leading competitive local exchange carrier in St. Petersburg,
Russia, and Magticom, Ltd., the leading mobile telephony
operator in Tbilisi, Georgia.

This news release contains certain forward-looking statements
that involve risks and uncertainties, including in particular
those regarding the likelihood that the pending sale of the
Company's interest in PeterStar will be consummated and the
timing of the closing of such transaction, the Company's ability
to complete its 2004 annual audit, file with the U.S. SEC its
2004 Form 10-K and Schedule 14A relating to the sale of the
Company's interest in PeterStar and the election of directors
and meet its future U.S. SEC public filing and reporting
requirements.  Various other factors beyond the Company's
control could cause or contribute to such risks and
uncertainties.  This also includes such factors as are described
from time to time in the U.S. SEC reports filed by the Company,
including the Current Annual Report on Form 10-K for the year
ended December 31, 2003, the Company's Form 10-Q for the fiscal
quarters ended March 31, 2004, June 30, 2004 and September 30,
2004 and its most recently filed Form 8-K reports (dated October
19, 2004, November 4, 2004, November 16, 2004, November 22, 2004
and December 9, 2004, January 6, 2005, February 9, 2005,
February 17, 2005 and March 9, 2005).  The Company is not under,
and expressly disclaims any, obligation to update the
information in this news release for any future events.

Additional Information and Where to Find It

The Company intends to file with the U.S. SEC a proxy statement
and other relevant documents in connection with the proposed
sale of the Company's interest in PeterStar.  Investors and
security holders of the Company are urged to read the proxy
statement and other relevant documents when they become
available because they will contain important information about
the Company and the proposed sale.  Investors and security
holders of the Company may obtain free copies of the proxy
statement and other relevant documents filed with the U.S. SEC,
when they become available, at the U.S. SEC's Web site at
http://www.sec.gov,and at the Company's Web site at
http://www.metromedia-group.com. In addition, investors and
security holders of the Company may obtain free copies of the
proxy statement, when it becomes available, by writing to 8000
Tower Point Drive, Charlotte, NC 28227, Attention: Investor
Relations, or by e-mailing to investorrelations@mmgroup.com.

The Company and its directors, executive officers, certain
members of management and certain employees may be deemed to be
participants in the solicitation of proxies in respect of the
proposed sale.  A description of the interests in the Company of
its directors and executive officers is set forth in the
Company's annual report on Form 10-K for the fiscal year ended
December 31, 2003 filed with the U.S. SEC on May 26, 2004 and in
the Company's proxy statement for its 2003 annual meeting of
stockholders filed with the U.S. SEC on October 20, 2003.
Additional information regarding the persons who may, under the
rules of the U.S. SEC, be deemed participants in the
solicitation of proxies in connection with the proposed sale,
and a description of their direct and indirect interests in the
proposed sale, will be set forth in the proxy statement when it
is filed with the U.S. SEC.

CONTACT:  METROMEDIA INTERNATIONAL GROUP, INC.
          8000 Tower Point Dr.
          Charlotte, NC 28227
          Phone: 704-321-7380
          Fax: 704-845-1835
          Web site: http://www.metromedia-group.com

          Ernie Pyle
          Phone: 704-321-7380
          E-mail: investorrelations@mmgroup.com


OAO SIBNEFT: Moody's Affirms Ba2/Ba3 Ratings
--------------------------------------------
Moody's Investors Service has confirmed the Ba2 senior implied
rating of OAO Siberian Oil Company (Sibneft).  Moody's has also
confirmed the Ba3 senior unsecured rating of Sibneft's US$400
million 2007 and US$500 million 2009 Eurobonds.  All ratings
have a stable outlook.

The rating action concludes a review of Sibneft's credit ratings
initiated after mounting back tax claims were imposed on
Sibneft's former majority shareholder, Yukos (rated Ca/Stable),
by Russian tax authorities, which has since lead to the demise
of Yukos and the invalidation of all but 20% of Yukos' ownership
in Sibneft.  A further 14.5% stake in Sibneft has presently been
frozen by Russian courts and is in the process of being returned
to Sibneft's original shareholders.

Moody's notes that Sibneft's operational and financial
performance has been largely unaffected by events at Yukos,
which supports the confirmation of its ratings.  Sibneft has so
far been spared from any comparable back tax claims and has now
been sufficiently disentangled from Yukos that -- in Moody's
view -- the risk of becoming involved in similar style disputes
has subsided.  Furthermore, Yukos has no influence on Sibneft's
management and no access to the company's financial resources.

Moody's also takes comfort from Sibneft's recent successful bid
for three new exploration and production blocks in western
Siberia awarded by the Ministry of Natural Resources, as well
successful license extensions to 2050 for several oil fields,
allowing for 750 million barrels of additional reserves to be
booked under U.S. SEC criteria.  Moody's also acknowledges
Sibneft's unimpaired ability to attract funding, as evidenced by
its recent raising of US$200 million in long-term financing from
an overseas bank.  Moody's adds that Sibneft's financial profile
remains strong, with half-year 2004 debt levels at around US$1.4
billion and strong cash generation, facilitated by high oil
prices.  At 1H 2004, Sibneft produced 16.6 million tons of
crude, which represents an increase of nearly 11% on 1H 2003,
exporting approximately 40% of total production.

At the same time, Moody's states that Sibneft's ratings remain
constrained by its comparably smaller scale to most of its
domestic peers, significant future investment requirements to
support its production growth and remaining uncertainty
regarding the group's ownership structure, given that Yukos
still holds a 20% stake in Sibneft and has demanded from
Sibneft's shareholders US$3.0 billion for this stake to be
returned to its original owners.  Attempts by Sibneft's
shareholders to finance the repurchase of this stake by raising
debt at Sibneft could eliminate much of the company's current
financial flexibility and even put pressure on ratings.  The Ba3
rating assigned to Sibneft's Eurobonds reflects the considerable
subordination of this debt to Sibneft's existing and potential
future indebtedness.

Moody's also notes Sibneft's history of aggressive dividend
payments, which the rating agency expects to be continued in the
future.  Moody's notes that Sibneft's ratings assume that it is
able to operate without political interference or material back
dated tax claims which could otherwise seriously impact its
financial position and credit ratings.

Headquartered in Moscow, OAO Siberian Oil Company (Sibneft) is
one of Russia's leading vertically integrated oil companies.  In
1H 2004, the company produced 16.6 million tons of oil and
generated total revenues of over US$4 billion (US$6.7 billion in
FYE 2003).

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          Contact:
          Philipp L. Lotter, Vice President - Senior Analyst
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Stuart Lawton, Managing Director
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


ORLOVSKOYE: Names A. Markelov Insolvency Manager
------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on close joint stock company Orlovskoye.
The case is docketed as K/E-154/04.  Mr. A. Markelov has been
appointed temporary insolvency manager.

CONTACT:  Mr. A. Markelov
          Temporary Insolvency Manager
          644047, Russia, Omsk region,
          Post User Box 5398


RUSSIAN WOOD: Declared Insolvent
--------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Russian Wood after finding the open joint
stock company insolvent.  The case is docketed as A71-96/2004-
G21.  Mr. A. Mironov has been appointed insolvency manager.
Creditors may submit their proofs of claim to 426000, Russia,
Izhevsk, Post User Box 62.

CONTACT:  RUSSIAN WOOD
          Russia, Udmurtiya republic, Kez,
          Komsomolskaya Str. 36a

          Mr. A. Mironov
          Insolvency Manager
          426000, Russia, Izhevsk,
          Post User Box 62


SALYUT: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on limited liability company
Salyut (TIN 2129035980, KPP 212901001).  The case is docketed as
A79-10592/04-SK1-9911.  Mr. A. Grigoryev has been appointed
temporary insolvency manager.  Creditors have until April 19,
2005 to submit their proofs of claim to Russia, Chuvashiya
republic, Novocheboksarsk, Sovetskaya Str. 25, Apartment 162.

CONTACT:  SALYUT
          Russia, Chuvashiya republic, Cheboksary

          Mr. A. Grigoryev
          Temporary Insolvency Manager
          603005, Russia, N. Novgorod,
          Post User Box 132


SIBERIA: Kemerovo Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Kemerovo region has commenced external
management bankruptcy procedure on close joint stock company
Siberia.  The case is docketed as A27-7104/2004-4.  Mr. E.
Karachurin has been appointed external insolvency manager.

CONTACT:  SIBERIA
          Russia, Kemerovo region, Belovo,
          2nd Rabochaya Str. 4A

          Mr. E. Karachurin
          External Insolvency Manager
          652600, Russia, Kemerovo region,
          Belovo, Post User Box 865


SISTEMA JOINT: S&P Upgrades Rating to 'BB-'; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services raised on March 24 its long-
term corporate credit rating on Russia-based telecommunications
and industrials holding group Sistema (JSFC) to 'BB-' from 'B'.
The outlook is stable.  The ratings were removed from
CreditWatch, where they had been placed on Dec. 17, 2004,
following Deutsche Telecom AG's (DT; A-/Stable/A-2) reduction of
its interest in Mobile TeleSystems (OJSC) (MTS; BB-/Stable/--),
Sistema's main operating subsidiary.  At the same time, the
ratings on Sistema's fully guaranteed subsidiaries' senior
secured and unsecured debt issues were affirmed at 'B'.

The rating actions result from the benefits to Sistema of its
increased control of MTS following DT's reduction of its stake.
The ratings on Sistema are now analytically consolidated and
equalized with those on MTS.  MTS is the largest mobile telecoms
company in Eastern Europe and Russia. It accounts for 80% of the
Sistema group's estimated revenues and 89% of its EBITDA.

The ratings reflect the consolidated credit risk of Sistema's
various operating subsidiaries, but principally that of MTS and
to a lesser degree of Moscow City Telephone Network (JSC) (MGTS;
BB-/Stable/--).  The ratings remain constrained by the group's
relatively aggressive financial policy, continuing focus on
business growth, evolving regulation, and increasing competition
in the Russian telecoms industry, and predisposition to future
acquisitions.

Sistema and MTS's business profile is continuously expanding,
and MTS's financial performance is improving.  Furthermore,
Sistema's ownership of MGTS provides it with the benefits of
this incumbent's strong market position and improving operations
in Russia's wealthiest and most economically robust market, the
City of Moscow. MGTS's expanding fixed-line telephony franchise
provides favorable synergies to Sistema's other telecoms
interests, including provision of long-distance, Internet, and
business communications services.

Sistema's consolidated financial risk profile has also been
improving, marked by attractive and stable profitability,
increasing free cash flow generation, and a strengthened balance
sheet, following its recently completed US$1.3 billion IPO.

Sistema's group structure continues to be fragmented, however,
and has not yet matured.  This is due to the developing and
evolving nature of many underlying businesses.  This
fragmentation could be further exacerbated by the company's
expected participation in the privatization of Svyazinvest, a
government-controlled telecoms holding company.

The two-notch difference between the corporate credit rating on
Sistema and the rating on its corporate bonds reflects the
structural subordination of these bonds to those issued by MTS.
Although the corporate credit rating on Sistema is equalized
with that on MTS, the prospective recovery of funds in a
potential default by either company is likely to be somewhat
more favorable for MTS's creditors than those of Sistema.

Liquidity

Sistema's liquidity is adequate. The group's key liquidity
resources are colocated with the respective centers of
indebtedness.  The group's consolidated short-term maturities
are relatively modest (about US$250 million), which is more than
adequately covered by the group's strong cash flow generation,
available cash balances, and bank lines.

The group's consolidated free operating cash flow is expected to
remain positive in the short term, indicating sufficient
internal funds to cover required capital investments, net of
acquisitions. In addition, Sistema's recently completed IPO,
which generated net proceeds of almost US$1.3 billion, provides
the company with a significant boost to its capital structure
and financial flexibility.  Although Sistema is expected to use
these funds for upcoming strategic acquisitions, the
availability of substantial equity-funded cash reserves reduces
the likelihood of future debt increases and lowers financing
risk.

Outlook

The outlook is stable.  Standard & Poor's expects Sistema's
credit profile to remain stable, supported by the improving
performance of its key operating subsidiaries.  The company is
expected to remain acquisitive and focus on further growth and
streamlining of its key strategic businesses, telecoms in
particular, but Standard & Poor's expects Sistema to manage its
future strategic investments prudently and in such a way as to
avoid materially affecting the group's financial risk profile.

Ratings List
                 To                 From
Sistema (JSFC)
Corporate credit rating
               BB-/Stable/--      B/Watch Pos/--

Sistema Finance S.A.
Senior secured debt*
               B                  B/Watch Pos

Sistema Capital S.A. and OJSC Sistema Finance Investments*
Senior unsecured debt*
               B                  B/Watch Pos

*Guaranteed by Sistema (JSFC).

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

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


USTYUGSKOYE: Declared Insolvent
-------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Ustyugskoye after finding the close joint
stock company insolvent.  The case is docketed as A33-16979/04-
s4.  Mr. S. Tolstikhin has been appointed insolvency manager.
Creditors may submit their proofs of claim to 660061, Russia,
Krasnoyarsk, Post User Box 13818.

CONTACT:  USTYUGSKOYE
          663030, Russia, Krasnoyarsk region,
          Emelyanovskiy region, Ustyug, Traktovaya Str. 4

          Mr. S. Tolstikhin
          Insolvency Manager
          660061, Russia, Krasnoyarsk region,
          Post User Box 13818


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


SWISS INTERNATIONAL: Improves Operations of Hub System
------------------------------------------------------
SWISS has made further substantial improvements at Zurich
Airport in collaboration with the airport operator.  The new
products and services will be introduced with the start of the
2005 summer schedules on Sunday, March 27.  In making the
enhancements, Switzerland's national airline and the operator of
its Zurich hub are striving to further improve the product for
the customer, making SWISS at Zurich Airport a swift, smooth and
comfortable air travel experience.

In introducing its series of innovations with the start of the
2005 summer schedules, SWISS aims to make travel from, to or via
Zurich Airport even pleasant than before.  SWISS and Zurich
Airport announced in December they would be reorganizing their
services and infrastructural arrangements.  The result of these
endeavors is a fast and efficient hub system that all passengers
should benefit from. And these measures are only the first major
step towards a substantially improved ground service product.

A Better Start to the Journey

One of the cornerstones of the new arrangements at Zurich
Airport is a clearer assignment of flights to the airport's
various areas.  All SWISS' European services will now use Dock
A, while all the company's long-haul services will be handled at
Dock E.  The greater plannability (sic) that the new arrangement
will provide will shorten both check-in and connecting times.
SWISS passengers will also feel the benefit of the clearer and
easier-to-understand overall concept, shorter journeys to and
from the gate, quicker connections and fewer problems with
connecting flights.  The changes will make Zurich one of the
most attractive transfer airports for travelers within Europe,
too.

When it comes to journeys to and from the gate, SWISS is the
undisputed leader among Europe's major hub systems.  And in
terms of travel times to and from the city center, SWISS also
offers the most comfortable airport-to-city transfer system
anywhere in Europe.

Quicker Connections

For anyone changing from one SWISS flight to another, the new
Zurich user concept offers swift and simple transfers,
especially between intra-European flights.  The minimum
connecting time between European services is being gradually
reduced to just 35 minutes, further cutting overall journey
times for the travelers involved.  SWISS and Zurich Airport thus
offer arriving, departing and transferring passengers alike the
shortest, smoothest and straightest ways through the airport of
any major European hub.

Faster check-in

The new improvements also include the provision of even more
self-service facilities for quick and easy check-in, even with
registered baggage.  These machines will be further enhanced in
the course of the summer to permit users to select or change
their own seat or to check in together with a companion.
Specially trained staff will be on hand to assist passengers
using this electronic check-in option or answer any other
questions they may have about their air journey.  SWISS' Airport
Ticket Office will also reopen shortly after a major
refurbishment to offer even better service quality.

Special Facilities for U.S. and Geneva Departures

The Dock E gates to be used for departures to the U.S.A. will
now be physically separated by a movable dividing wall from
those for other destinations.  For passengers flying SWISS who
have access to the Swiss First or VIP Lounge before their
departure, a special limousine service is being provided between
the Lounge and Dock E, offering a comfortable and convenient
alternative to the Skymetro light rail facility.

All SWISS flights to Geneva will depart from the "60s" gates in
Dock A.  To help travelers to Western Switzerland feel
immediately at home, the gate area here has been transformed
into an "Espace Romand" offering French-language newspapers and
TV

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


===========
T U R K E Y
===========


TURKCELL ILETISIM: S&P Affirms 'B' LT Foreign Currency Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
foreign-currency corporate credit rating on Turkey's leading
mobile telephony provider Turkcell Iletisim Hizmetleri A.S. on
CreditWatch with positive implications.  At the same time,
Standard & Poor's put its 'B' senior unsecured debt rating on
related entity Cellco Finance N.V. on CreditWatch with positive
implications.

The CreditWatch placement follows Nordic telecommunications
provider TeliaSonera AB's (A/Watch Neg/A-1) announced agreement
on March 25 to acquire a 27% indirect stake in Turkcell from
Turkey's Cukurova group for a cash payment of $3.1 billion
(Swedish kronor (SEK) 21.8 billion).  TeliaSonera already owns a
37% share in Turkcell and will consequently gain majority
control of the company with a 64.3% stake.

Turkcell had total debt of US$800 million at Sept. 30, 2004, or
US$1.9 billion including provisions relating to settled legal
disputes.

"We expect to resolve the CreditWatch status within three
months, after reviewing the deal's business and financial
repercussions for Turkcell," said Standard & Poor's credit
analyst Leandro de Torres Zabala.

Resolution is likely to result in an upgrade of Turkcell to the
'BB' category, as control by financially distressed Cukurova was
a source of concern and a credit constraint.  Any upgrade will
therefore be linked to Turkcell's stand-alone credit and its
control by a significantly stronger parent.

"Key aspects to assess include the degree of operating and
financial control that TeliaSonera will be able to exercise on
Turkcell, the funding of Turkcell in the future (including any
financial support from TeliaSonera), as well as Turkcell's post-
transaction financial policy and acquisition strategy," Mr. de
Torres said.

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

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

          TURKCELL ILETISIM HIZMETLERI A.S.
          Turkcell Plaza, Mesrutiyet Caddesi No. 153, Tepebasi
          34430 Istanbul, Turkey
          Phone: +90-212-313-1000
          Fax: +90-212-313-0099
          Web site: http://www.turkcell.com.tr


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


AGROPROMTRANS: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on CJSC Kotelva' Autotransport Enterprise
Agropromtrans (code EDRPOU 13933744) on February 18, 2005.  The
case is docketed as 8/18.  Mr. Volodimir Matlash (License Number
AA 783130) has been appointed temporary insolvency manager.

Creditors have until April 3, 2005 to submit their proofs of
claim to:

(a) KOTELVA' AUTOTRANSPORT ENTERPRISE AGROPROMTRANS:
    38600, Ukraine, Poltava region,
    Kotelva, Ostrovskij Str. 7

(b) Mr. Volodimir Matlash
    Temporary Insolvency Manager
    36034, Ukraine, Poltava region, a/b 487
    Phone: (0532) 53-92-51

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


CONCERN BOGDAN: Lviv Court Brings in Liquidator
-----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Concern Bogdan (code EDRPOU 22397765) on
February 24, 2005 after finding the close joint stock company
insolvent.  The case is docketed as 6/118-4/61.  Mr. Ruslan
Purij (License Number AA 668318) has been appointed
liquidator/insolvency manager.  The company holds account number
260000011562 at Ukrainian Creditbank, Lviv region branch, MFO
325871.

Creditors have until April 3, 2005 to submit their proofs of
claim to:

(a) CONCERN BOGDAN
    81092, Ukraine, Lviv region,
    Yavorivskij district, B. Hmelnitskij Str. 33-A

(b) Mr. Ruslan Purij
    Liquidator/Insolvency Manager
    79066, Ukraine, Lviv region, a/b 8110
    Phone: 96-50-83

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


DRUZHBA: Succumbs to Insolvency
-------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Druzhba (code EDRPOU 03796382) on February
22, 2005 after finding the limited liability company insolvent.
The case is docketed as 4/104 B.  Mr. Igorya Kozak has been
appointed liquidator/insolvency manager.  The company holds
account number 26003301715902 at Prominvestbank, Priluki branch,
MFO 353423.

Creditors have until April 3, 2005 to submit their proofs of
claim to:

(a) DRUZHBA
    17594, Ukraine, Chernigiv region,
    Priluki district, Biloshapki, Lenin Str.

(b) Mr. Igorya Kozak
    Liquidator/Insolvency Manager
    17580, Ukraine, Chernigiv region,
    Priluki district, Ivkovtsi, Prilutska Str. 32

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


FAVORIT-X: Gives Creditors Until Next Week to File Claims
---------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC FAVORIT-X (code EDRPOU 22918493) on
February 15, 2005 after finding the limited liability company
insolvent.  The case is docketed as 23/570-b.  Mr. S. Kitsula
(License Number AA 487782) has been appointed
liquidator/insolvency manager.

Creditors have until April 3, 2005 to submit their proofs of
claim to:

(a) FAVORIT-X
    03127, Ukraine, Kyiv region,
    Golosiyivska Str. 7

(b) Mr. S. Kitsula
    Liquidator/Insolvency Manager
    03127, Ukraine, Kyiv region,
    Lomonosov Str. 11/1
    Phone: 8 (067) 295-08-03

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


KOLOS: Insolvency Manager Takes over Operations
-----------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Kolos after finding the limited liability
company insolvent.  The case is docketed as 5/36.  Mrs.
Yevdokiya Homutenko has been appointed liquidator/insolvency
manager.

Creditors have until April 3, 2005 to submit their proofs of
claim to:

(a) KOLOS
    56100, Ukraine, Mikolaiv region,
    Bashtanka

(b) Mrs. Yevdokiya Homutenko
    Liquidator/Insolvency Manager
    56100, Ukraine, Mikolaiv region,
    Bashtanka, M. Arkas Str. 2
    Phone: 8 (05158) 2-21-51

(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


LAN: Cherkassy Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Lan (code EDRPOU 03792102) on January 27,
2005 after finding the limited liability company insolvent.  The
case is docketed as 14/2226.  Ms. Nataliya Levchenko (License
Number AB 116143) has been appointed liquidator/insolvency
manager.  The company holds account number 260063717 at JSPPB
Aval, Cherkassy regional branch, MFO 354411.

Creditors have until April 3, 2005 to submit their proofs of
claim to:

(a) LAN
    Ukraine, Cherkassy region,
    Katerinopil, Druzhbi Str. 43

(b) Mrs. Nataliya Levchenko
    Liquidator/Insolvency Manager
    18023, Ukraine, Cherkassy region,
    Tobilevich Lane, 9/1
    Phone: (0472) 32-59-75

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


NOVE ZHITTYA: Declared Insolvent
--------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against Nove Zhittya (code EDRPOU 95440548) on
January 13, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/178-B.  Ms. Andrushenko
Oksana (License Number AA 315496) has been appointed
liquidator/insolvency manager.

Creditors have until April 3, 2005 to submit their proofs of
claim to:

(a) NOVE ZHITTYA
    Ukraine, Herson region,
    Skadovskij district, Shiroke

(b) Mrs. Andrushenko Oksana
    Liquidator/Insolvency Manager
    73000, Ukraine, Herson region,
    Vijskovij Avenue, 6
    Phone: 8 (0552) 22-31-17

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


PROGRES: Court Appoints Temporary Insolvency Manager
----------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on OJSC Progres (code EDRPOU 20504694) on
February 14, 2005.  The case is docketed as 19/18(05).  Mr.
Sergij Vasiltsov (License Number AA 140487) has been appointed
temporary insolvency manager.  The company holds account number
26002800855001 at Ukraina, MFO 3133366.

Creditors have until April 3, 2005 to submit their proofs of
claim to:

(a) PROGRES
    70600, Ukraine, Zaporizhya region,
    Pologi, Chervonogvardijska Str. 31

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


YUZEFO-MIKOLAIVSKE: Bankruptcy Supervision Starts
-------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Yuzefo-Mikolaivske (code EDRPOU
00385603).  The case is docketed as 10/8-05.  Mr. Leshenko
Anatolij (License Number AA 484190) has been appointed temporary
insolvency manager.  The company holds account number
26003000107 at SCB Dnister, Vinnitsya branch, MFO 302430.

Creditors have until April 3, 2005 to submit their proofs of
claim to:

(a) YUZEFO-MIKOLAIVSKE
    287006, Ukraine, Vinnitsya region,
    Kostyantinskij district, Mihajlin

(b) Mr. Leshenko Anatolij
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Soborna Str. 15 a/501
    Phone: 32-46-72

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


ZAHIDUKRZAKORDONNAFTOGAZBUD: Creditors' Claims Due Next Week
------------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on Production Enterprise
Zahidukrzakordonnaftogazbud (code EDRPOU 04750761) on January
24, 2005.  The case is docketed as B-3/12.  Mr. Viktor Gorodchuk
(License Number AA 719807) has been appointed temporary
insolvency manager.  The company holds account number
26008076901000 at OJSC SCB Dnister, Ivano-Frankivsk branch, MFO
336291.

Creditors have until April 3, 2005 to submit their proofs of
claim to:

(a) ZAHIDUKRZAKORDONNAFTOGAZBUD
    76000, Ukraine, Ivano-Frankivsk region,
    Nezalezhnosti Str. 67

(b) Mr. Viktor Gorodchuk
    Temporary Insolvency Manager
    78000, Ukraine, Ivano-Frankivsk region,
    Tlumach, Promislovij Lane, 6

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Grunvaldska Str. 11


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


ALLDERS CARD: Creditors Meeting Set Next Week
---------------------------------------------
Name of companies:
Allders Card Services Limited
Allders Department Stores Limited
Allders Limited
Allders Stores Limited
Macfarlanes 105 Limited
Scarlett Retail Group Limited
Shotvent Limited

The creditors of these companies will meet on April 5, 2005
commencing at 10:00 a.m. and thereafter at 15-minute intervals.
It will be held at The New Connaught Rooms, 61-65 Great Queen
Street, Covent Garden, London WC2B 5DA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Kroll Limited, 10 Fleet Place, London EC4M 7RB
not later than 12:00 noon, April 4, 2005.

CONTACT:  KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


ASTAR LIMITED: Calls in Liquidator from Tom Harrison
----------------------------------------------------
At the extraordinary general meeting of Astar Limited on March
17, 2005, the extraordinary resolution to wind up the company
was passed.  TCE Harrison of Tom Harrrison Insolvency Services,
Concourse House, 432 Dewsbury Road, Leeds LS11 7DF has been
appointed liquidator of the company.

CONTACT:  TOM HARRISON INSOLVENCY SERVICES
          Concourse House
          432 Dewsbury Road
          Leeds
          West Yorkshire LS11 7DF
          Phone: 0113 272 6071
          Fax: 0113 272 6074
          E-mail: tomharrison@btconnect.com


AUTO COLOUR: HSBC Bank Appoints Begbies Traynor Receiver
--------------------------------------------------------
HSBC Bank Plc appointed David Moore and Donald Bailey (Office
Holder Nos 7510 and 6739) joint administrative receivers for
Auto Colour & Panel Centre Limited (Reg No 4243075, Trade
Classification: 5020).  The application was filed March 10,
2005.  The company supplies automotive paints.

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


A.V. STYAN: Hires Administrators from Jackson Jolliffe Cork
-----------------------------------------------------------
Matthew Colin Bowker and David Antony Willis (IP Nos 8106, 9180)
have been appointed administrators for construction company A.V.
Styan & Son (Builders) Limited.  The appointment was made March
9, 2005.

CONTACT:  JACKSON JOLLIFFE CORK
          33 George Street,
          Wakefield WF1 1LX
          Phone: 01924 363 366
          Fax:   01924 363 367
          E-mail: david.willis@jjcork.co.uk
          Web site: http://www.jjcork.co.uk


BENNALEX CARPETS: Members Pass Winding-up Resolutions
-----------------------------------------------------
At the extraordinary general meeting of the members of Bennalex
Carpets & Flooring Ltd. on March 17, 2005 held at Lindsay House,
13-15 Springfield Way, Anlaby, Hull HU10 6RJ, the extraordinary
and ordinary resolutions to wind up the company were passed.
Neil Henry and Michael Simister of Lines Henry, 27 The Downs,
Altrincham WA14 2QD have been appointed joint liquidators of the
company.

CONTACT:  LINES HENRY
          27 The Downs
          Altrincham
          Cheshire WA14 2QD
          Phone: 0161 929 1905
          Fax: 0161 929 1977
          E-mail: nola@lineshenry.co.uk


BLOOM HORTICULTURE: Liquidator from Langley & Partners Moves in
---------------------------------------------------------------
At the extraordinary general meeting of the members of Bloom
Horticulture Ltd. on March 10, 2005 held at Langley House, Park
Road, London N2 8EX, the extraordinary and ordinary resolutions
to wind up the company were passed.  Philip Simons has been
appointed liquidator of the company.

CONTACT:  LANGLEY & PARTNERS
          Langley House
          Park Road
          East Finchley
          London N2 8EX
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: philip.simons@langleypartners.co.uk


BON-BLEU LIMITED: Members Call in Liquidator from Jeffrey Henry
---------------------------------------------------------------
At the extraordinary general meeting of the members of Bon-Bleu
Limited on March 2, 2005 held at Fergusson House, 124-128 City
Road, London EC1V 2NJ, the resolution to wind up the company was
passed.  C. M. Iacovides of Jeffreys Henry Jacobs, 124-128 City
Road, London EC1V 2NJ has been nominated liquidator of the
company.

CONTACT:  JEFFREYS HENRY JACOBS
          124-128 City Road, London EC1V 2NJ
          Phone: 020 7670 9010
          Fax: 020 7670 9011
          Web site: http://www.jhj.co.uk


BT GLOBAL: Hires Liquidator from BDO Stoy Hayward
-------------------------------------------------
Name of companies:
BT Global Services (UK) No. 1 Limited
BT Global Services (UK) No. 2 Limited
BT Global Services (UK) No. 4 Limited

At the extraordinary general meeting of these companies on March
3, 2005 held at BT Centre, 81 Newgate Street, London EC1A 7AJ,
the subjoined special resolution to wind up the companies were
passed.  Malcolm Cohen of BDO Stoy Hayward LLP, 8 Baker Street,
London W1U 3LL has been appointed liquidator of the companies.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


CAREBANK NURSING: Creditors Meeting Set Next Week
-------------------------------------------------
The creditors of Carebank Nursing Services Limited will meet on
April 5, 2005 at 2:00 p.m.  It will be held at BWC Business
Solutions, 8 Park Place, Leeds LS1 2RU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BWC Business Solutions, 8 Park Place, Leeds LS1
2RU not later than 12:00 noon, April 4, 2005.

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


CEDAR CONSTRUCTION: Appoints Liquidators
----------------------------------------
At the meeting of the members of Cedar Construction Company
(Neath) Limited on March 17, 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: tkp@kelpart.co.uk


CLARK SCOTT-HARDEN: Meeting of Creditors Next Week
--------------------------------------------------
The creditors of Clark Scott-Harden Limited will meet on April
4, 2005 at 11:00 a.m.  It will be held at The Royal Station
Hotel, Neville Street, Newcastle upon Tyne NE1 5DH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BWC Business Solutions Limited 8 Park Place,
Leeds LS1 2RU not later than 12:00 noon, April 1, 2005.

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


DESERT EXPRESS: Joint Liquidators from PwC Move in
--------------------------------------------------
At the extraordinary general meeting of Desert Express Limited
on March 10, 2005, the special and ordinary resolutions to wind
up the company were passed.  Richard Setchim and Jonathon Sisson
of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
have been appointed joint liquidators of the company.

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


EQUITABLE LIFE: Ombudsman Ruling Could Trigger Mass Payouts
-----------------------------------------------------------
In a decision expected to trigger payouts to up to 1,500
policyholders, the financial ombudsman service last week ruled
that Equitable Life should compensate Ms. E, The Guardian says.

Chief ombudsman Walter Merricks ordered Equitable to compensate
Ms. E, a policyholder who claimed she was badly advised by the
company, through a payment into her pension fund. Considered a
test case, the ruling is expected to open the door to payouts
likely to cost the company millions.

Mr. Merricks said the compensation "should put her in the
position she would have been in if she had not invested with
Equitable Life".

Ms. E bought an Equitable Life personal pension in 1999 and
later claimed that bad advice given by one of Equitable's
salesmen caused her a financial loss. The ombudsman service then
ruled two years ago that Equitable had failed to tell her it
could lose a court case over valuable minimum income guarantees
given to many customers.

That decision was upheld by Mr. Merricks in his ruling, saying
that the advice Ms. E received "did not meet the standards" she
was entitled to expect.

Meanwhile, policyholder action groups expressed anger over a
separate decision by the chief ombudsman to not investigate
complaints relating to the findings of last year's Penrose
report into the reasons for the insurer's troubles.

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


FLEDGLINGS.NET LIMITED: Administrator Clarke Bell Moves in
----------------------------------------------------------
John Paul Bell (IP No 8608) has been appointed administrator for
recruitment company Fledglings.Net Limited.  The appointment was
made March 11, 2005.  Its registered office is located at
Parsonage Chambers, 3 The Parsonage, Manchester M3 2HW.

CONTACT:  CLARKE BELL
          Parsonage Chambers
          3 The Parsoange
          Manchester
          Greater Manchester M3 2HW
          Phone: 0161 907 4044
          Fax: 0161 907 4086
          E-mail: clarkebell@mac56.com


H.A. CLEANING: Names RSM Robson Rhodes Administrator
----------------------------------------------------
Matthew Dunham and Charles William Anthony Escott (IP Nos 8376,
8913) have been appointed joint administrators for H.A. Cleaning
& Maintenance Limited (formerly High Access Cleaning and
Maintenance Limited).  The appointment was made March 17, 2005.

The company is into cleaning and maintenance.  Its registered
office is located at Mitchell Charlesworth, Brazennose House,
Brazennose Street, Manchester M2 5FE.

CONTACT:  RSM ROBSON RHODES LLP
          Colwyn Chambers,
          19 York Street,
          Manchester M2 3BA
          Phone: +44 (0) 161 236 3777
          Fax:   +44 (0) 161 455 3444
          Web site: http://www.robsonrhodes.co.uk


J. R. SMITH: Hires Liquidator from Fields
-----------------------------------------
At the extraordinary general meeting of J. R. Smith (Chemists)
Limited on March 15, 2005 held at Fields, Asden House, Victoria
Street, West Bromwich B70 8HA, the subjoined special resolution
to wind up the company was passed.  David Asbury of Fields has
been appointed liquidator of the company.

CONTACT:  FIELDS
          Asden House
          1-5 Victoria Street
          West Bromwich
          West Midlands B70 8HA
          Phone: 0121 553 3001
          Fax: 0121 500 5944
          E-mail: enquiries@fields-accountants.co.uk


LAMINATE FLOORING: Appoints Joint Administrators from PKF
---------------------------------------------------------
Ian C. Schofield (IP No 002647) and Philip J. Long (IP No
002086) have been appointed joint administrators for holding
company Laminate Flooring Direct Plc.  The appointment was made
March 9, 2005.  Its registered office is located at Pannell
House, 6 Queen Street, Leeds LS1 2TW.

CONTACT:  PKF
          Pannell House
          6 Queen Street
          Leeds
          West Yorkshire LS1 2TW
          Phone: 0113 228 0000
          Fax: 0113 228 4242

          PKF
          Farringdon Place,
          20 Farringdon Road, London EC1M 3AP
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


MUNICIPAL HIRE: Names Ernst & Young Administrator
-------------------------------------------------
I. Best, A. Lovett and H. Kelly (IP Nos 8631, 6476, 8582) have
been appointed administrators for Municipal Hire Services
Limited.  The appointment was made March 17, 2005.

The company offers provision of hire services to local
authorities.  Its registered office is located at Highway House,
Station Road, Shirehampton, Bristol BS11 9XA.

CONTACT:  ERNST & YOUNG LLP
          One Colmore Square,
          Birmingham B3 6HQ
          Web site: http://www.ey.com


NEWSPAPERS MUTUAL: Members Decide to Wind up Firm
-------------------------------------------------
At the extraordinary general meeting of the members of
Newspapers Mutual Insurance Society Limited on March 14, 2005
held at Bloomsbury House, Bloomsbury Square, 74-77 Great Russell
Street, London WC1B 3DA, the special resolution to wind up the
company was passed.  A. C. Pickford of RSM Robson Rhodes, Anson
Court, La Route des Camps, St Martins, Guernsey has been
appointed liquidator of the company.

CONTACT:  RSM ROBSON RHODES LLP
          Anson Court, La Route des Camps,
          St Martins, Guernsey
          Web site: http://www.robsonrhodes.co.uk


OFFICESWITCH LIMITED: Hires Liquidator from Griffins
----------------------------------------------------
At the extraordinary general meeting of the members of
Officeswitch Limited (formerly Qualitech International Limited)
on March 15, 2005 held at Russell Square House, 10-12 Russell
Square, London WC1B 5EH, the special and ordinary were passed.
Martin Freeman has been appointed liquidator of the company.

CONTACT:  GRIFFINS
          Russell Square House
          10-12 Russell Square
          London WC1B 5EH
          Phone: 020 7307 8200
          Fax: 020 7307 8222
          E-mail: martin.freeman@griffins.net


PREMIERFLAIR LIMITED: Calls in BDO Stoy Hayward Liquidator
----------------------------------------------------------
At the extraordinary general meeting of Premierflair Limited on
March 14, 2005 held at The Courtyard, New Lodge, Drift Road,
Windsor, Berkshire SL4 4RR, the subjoined special resolution to
wind up the company was passed.  Malcolm Cohen and Antony David
Nygate of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL
have been appointed joint liquidators of the company.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


PYEWIPE MOTOR: Administrators from Jackson Jolliffe Move in
-----------------------------------------------------------
David Antony Willis and Matthew Colin Bowker (IP Nos 9180, 8106)
have been appointed administrators for Pyewipe Motor Services
Co. Limited.  The appointment was made March 15, 2005.

The company offers motor services.  Its registered office is
located at Jacksons Jolliffe Cork, Lowgate House, Lowgate, Hull
HU1 1EL.

CONTACT:  JACKSON JOLLIFFE CORK
          33 George Street,
          Wakefield WF1 1LX
          Phone: 01904 652100
          Fax:   01904 635349
          Web site: http://www.jjcork.co.uk


RAFIQUES CONSTRUCTION: Hires David John Stringer as Liquidator
--------------------------------------------------------------
At the extraordinary general meeting of Rafiques Construction
Limited on March 16, 2005, the extraordinary and ordinary
resolutions to wind up the company were passed.  David John
Stringer has been appointed liquidator of the company.

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


RALPH WILLIAMS: Hires Jackson Jolliffe Cork as Administrator
------------------------------------------------------------
David Antony Willis and Matthew Colin Bowker (IP Nos 9180, 8106)
have been appointed administrators for Ralph Williams Limited.
The appointment was made March 15, 2005.

CONTACT:  JACKSON JOLLIFFE CORK
          Lowgate House,
          Lowgate, Hull HU1 1EL
          Web site: http://www.jjcork.co.uk


R P ENTERPRISES: Call in Administrators from Begbies Traynor
------------------------------------------------------------
Steven Williams and Andrew Dick (IP Nos 8887, 8688) have been
appointed administrators for R P Enterprises Limited.  The
appointment was made March 10, 2005.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


STRATHTAY-GREENWELLIES LIMITED: In Administrative Receivership
--------------------------------------------------------------
Bank of Scotland appointed Robert Michael Young and Ian Michael
Rose (Office Holder Nos 7875 and 9144) joint administrative
receivers for Strathtay-Greenwellies Limited (Reg No 03040846,
Trade Classification: 7414/5114/7220/7450).  The application was
filed March 10, 2005.  The company manufactures pottery.

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


SVARUS LIMITED: Bank of Scotland Appoints Ernst & Young Receiver
----------------------------------------------------------------
Bank of Scotland Plc appointed I. Best, A. Lovett and H. Kelly
(Office Holder Nos 8631, 6476, 8582) joint administrative
receivers for Svarus Limited (Reg No 3474151, Trade
Classification: 28).  The application was filed March 16, 2005.

CONTACT:  ERNST & YOUNG LLP
          No 1 Colmore Square
          Birmingham B4 6HQ
          Phone: +44 [0] 121 535 2000
          Fax:   +44 [0] 121 535 2001
          Web site: http://www.ey.com


TGM RESOURCE: Hires Edwin James Kirkwood as Liquidator
------------------------------------------------------
At the extraordinary general meeting of TGM RESOURCE LIMITED on
March 15, 2005, the extraordinary and ordinary resolutions to
wind up the company were passed.  Edwin James Kirkwood has been
appointed liquidator of the company.

CONTACT:  EJK ASSOCIATES
          2 Church Court
          Morley
          Leeds
          West Yorkshire LS27 9TN
          Phone: 0113 253 5232
          Fax: 0113 253 5953
          E-mail: edwin.kirkwood@ejkassociates.co.uk


UNIQUE DISTRIBUTION: Hires Ernst & Young as Administrator
---------------------------------------------------------
Michael David Rollings and Alan Michael Hudson (IP Nos 8107,
9200) have been appointed administrators for Unique Distribution
Limited.  The appointment was made March 17, 2005.  The company
distributes mobile phones.

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


WELLAND MOTORCYCLES: Appoints Richard Frank Simms Liquidator
------------------------------------------------------------
At the extraordinary general meeting of the Welland Motorcycles
Limited on March 11, 2005, the subjoined extraordinary
resolution to wind up the company was passed.  Richard Frank
Simms has been appointed liquidator of the company.

CONTACT:  F A SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: fsimms@fasimms.com


WILLOWBURN IMPORTS: Hires Ian Nigel Millington Liquidator
---------------------------------------------------------
At the extraordinary general meeting of the members of
Willowburn Imports Limited on March 17, 2005, the extraordinary
and ordinary resolutions to wind up the company were passed.
Ian Nigel Millington has been appointed liquidator of the
company.

CONTACT:  UBSG
          Units 12/14 Macon Court
          Macon Way, Crewe
          Cheshire CW1 6EA
          Phone: 01270 250800
          Fax: 01270 254233
          E-mail: ianmillington@ubsg.co.uk


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

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

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (531)       1,471      129


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


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


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


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


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


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


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


LUXEMBOURG
----------
Oriflame Cosmetics S.A.   ORI.ST     (44)         378       97


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (422)       1,982      327
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Pan Fish ASA                         (24)         514      327
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


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


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


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


SWITZERLAND
-----------
Kaba Holding AG           KABZN      (23)         582      260
Swisslog Holding-R        SLOG       (98)         354      151


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (34)       3,877     (606)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,318)       3,472     (293)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Invensys PLC                        (559)       5,885      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L       (8)         297        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Misys Plc                 MSY       (334)         934       44
Mytravel Group            MT.L    (1,118)       2,551     (533)
Orange Plc                ORNGF     (594)       2,902        7
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L     (565)       1,105       34
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,092)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

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


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

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

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

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

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

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


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