TCREUR_Public/050330.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, March 30, 2005, Vol. 6, No. 62

                            Headlines

G E R M A N Y

ACON-BAU: Gives Creditors Until June to Prove Claims
ALFONS KIRSCH: Administrator's Report Out Third Week of April
AREA LIEGENSCHAFTS: Creditors Have Until June to File Claims
AUTOHAUS SIMON: Provisional Administrator Takes over Helm
BEMAS GMBH: Creditors Claims Due Mid-April

B & P QUALITY: Hamburg Court Stays All Pending Lawsuits
DRESDNER BANK: Sells Private Equity Assets to AIG Global
HAUSHALT UND SERVICE: Calls First Creditors Meeting
HOEFT & BECKER: Creditors Meeting Set Third Week of April
HOELTER TECHNOLOGIES: Firms up Decision to file for Chapter 11

JUMP TRANSPORTE: Court Appoints Provisional Administrator
MWG BIOTECH: Ends Year with Another Negative EBITDA
PAROSA BAUAUSFUHRUNGEN: Succumbs to Bankruptcy
SUSS MICROTEC: Net Loss Balloons to EUR16.7 Million in 2004
SUSS MICROTEC: Does not Discount Job cuts this Year


H U N G A R Y

NABI RT: Rehab Plan Recommends Sale of Businesses, Products


I R E L A N D

ELAN CORPORATION: Ex-chair Proposes Breakup


I T A L Y

CIRIO FINANZIARIA: Filipino Tycoon Leads Race for Del Monte
PARMALAT FINANZIARIA: Earnings Abroad Help Boost Profit


P O L A N D

ELEKTRIM SA: Rights to PTC Shares Suspended


R U S S I A

ALTAYSPETSTRANS: Public Auction of Assets Today
BASH-SPETS-OIL-STROY: Deadline for Proofs of Claim April
CHELNO-VARSHINSKOYE: Declared Insolvent
ELECTRO-MACHINE: Bankruptcy Proceedings Begin
ISKRA: Creditors Have Until April to File Proofs of Claim

MANTUROVSKAYA SEL-KHOZ-TEKHNIKA: Under Bankruptcy Supervision
NEVERKINSKAYA MTS: Declared Insolvent
OKHANSK-AGRO-PROM-ENERGO: Perm Court Appoints Insolvency Manager
PROM-VENTILATION: Undergoes External Management Procedure
WOOD CONCRETE: Appoints A. Bogus Insolvency Manager

YUKOS OIL: Former Security Chief to Appeal Murder Conviction
YUKOS OIL: Denies Monetary Liability to Rosneft
YUKOS OIL: Court Sides with Yukos in Gazpromneft Appeal
ZAKAMSKIY FACTORY: Undergoes Bankruptcy Supervision Procedure


S W I T Z E R L A N D

4M TECHNOLOGIES: Posts CHF12.1 Mln Operating Loss in 2004
SWISS INTERNATIONAL: Lufthansa Opts for Cost Cuts


U K R A I N E

CONSORTIUM UKRPROMTRANSMASH: Court Brings in Liquidator
DORSERVICE: Bankruptcy Supervision Begins
POKROVOBAGACHANSKE REPAIR: Declared Insolvent
SOLDO: Liquidator Takes over Operations
SOTA: Zakarpatska Court Opens Bankruptcy Proceedings

UKRKON: Creditors' Claims Due Next Week
VESTA: Poltava Court Appoints Insolvency Manager
YUZHPROMTEHNIKA: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

BALTIMORE TECHNOLOGIES: Delays Defense Against earthport
CARBO PLC: Stops Trading Pending Clarification of Status
CENTRAL STEEL: Hires Joint Liquidators from BDO Stoy Hayward
CHARLES CAMPION: Calls in Liquidator from Moore Stephens
CYBERDINE SYSTEMS: Hires S. G. Banister & Co. as Liquidator

DDH BUILDING: Members Decide to Wind up Firm
DEE TWO: Appoints Liquidator from Berley
DRAX: Plans to Re-list Before 2005 Ends
EUCLIDIAN GROUP: Members Pass Winding-up Resolutions
FERI'S OF LONDON: Joint Liquidators from Ashcrofts Move in

FINSTALL LIMITED: Members Decide to Wind up Company
GRAHAM CORPORATION: Hires Receiver for Discontinued U.K. Firms
HARRIS DIE: Hires Griffin & King as Liquidator
HEMEL RECOVERY: Members Call in Liquidator from D. Wald & Co.
HHG PLC: Henderson, Life Services Perform Strongly

INTEGRATE MECHANICAL: Names Liquidator from Monahans
INTERNATIONAL POWER: Results Generally Unchanged Under IFRS
INUX TECHNOLOGIES: Hires Liquidator from KSA
LUSH DESIGN: Joint Liquidators from Citroen Wells Move in
LYNDHURST ENGINEERING: Members Call in Liquidator

MANNING WILLIAMS: Hires Baker Tilly as Liquidator
MAYFAIR CARRIAGES: Members Hire Liquidator from Kakouris
METALTEC FABRICATION: Hires Liquidator from Vantis
MILESPEED INC: Names Ian Franses Associates Liquidator
MITCHELL WINDOWS: Members Name Liquidator from Rushtons

PREMIER FOOD: Members Pass Winding-up Resolutions
PRESTIGE PERSONAL: Names Geoffrey Martin & Co. Liquidator
ROYAL & SUNALLIANCE: Launching Scrip Dividend Scheme
SOMAREA PROMOTIONS: Hires Berley as Liquidator
STATION MANAGEMENT: Appoints Poppleton & Appleby Liquidator

STODDARD INTERNATIONAL: Pensioners May Benefit from Govt Scheme
STORM I.T.: Liquidator from Oury Clark Moves in
TOPPS TILES: Shares Fall by a Fifth
VEDANTA RESOURCES: Appoints Kuldip Kaura Chief Executive
WM MORRISON: Chairman Under Fire
YOUNG & CO: Members Call in Liquidator from Begbies Traynor


                            *********


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


ACON-BAU: Gives Creditors Until June to Prove Claims
----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against ACON-Bau Unternehmensgruppe GmbH on March 1,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until June 1,
2005 to register their claims with court-appointed provisional
administrator Wolfgang Kuhnel.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 10:55 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which
time the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set out
in the administrator's report on July 27, 2005, 10:55 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  ACON-BAU UNTERNEHMENSGRUPPE GMBH
          Kaiserdamm 12
          14057 Berlin

          Wolfgang Kuhnel, Administrator
          Berliner Str. 117
          10713 Berlin


ALFONS KIRSCH: Administrator's Report Out Third Week of April
-------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Alfons Kirsch Immobilien GmbH on March 1,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until June 1,
2005 to register their claims with court-appointed provisional
administrator Wolfgang Kuhnel.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 10:00 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which
time the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set out
in the administrator's report on July 27, 2005, 10:50 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  ALFONS KIRSCH IMMOBILIEN GMBH
          Gerstenweg 82 A
          12683 Berlin

          Wolfgang Kuhnel, Administrator
          Berliner Str. 117
          10713 Berlin


AREA LIEGENSCHAFTS: Creditors Have Until June to File Claims
------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Area Liegenschafts-, Entwicklungs- und
Beteiligungsgesellschaft mbH on March 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 1, 2005 to register their
claims with court-appointed provisional administrator Udo Freser.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 11:05 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which
time the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set out
in the administrator's report on July 27, 2005, 11:00 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  AREA LIEGENSCHAFTS-, ENTWICKLUNGS- UND
          BETEILIGUNGSGESELLSCHAFT MBH
          Linienstr. 158
          10115 Berlin

          Udo Feser, Administrator
          Uhlandstr. 165/166, 10719 Berlin


AUTOHAUS SIMON: Provisional Administrator Takes over Helm
---------------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Autohaus Simon GmbH on March 9, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 9, 2005 to
register their claims with court-appointed provisional
administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on June 13, 2005, 9:00 a.m. at the district court of
Frankfurt (Oder), Mullroser Chaussee 55, 15236 Frankfurt (Oder at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  AUTOHAUS SIMON GMBH
          Am Muggelpark 6
          15537 Gosen

          Rudiger Wienberg, Administrator
          Giesebrechtstr. 1
          10629 Berlin


BEMAS GMBH: Creditors Claims Due Mid-April
------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against BEMAS GmbH on March 9, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 13, 2005 to
register their claims with court-appointed provisional
administrator Thomas Wulten.

Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 9:40 a.m. at the district court of
Frankfurt (Oder), Mullroser Chaussee 55, 15236 Frankfurt (Oder)
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  BEMAS GmbH
          Vorwerk 9 A
          15518 Steinhofel

          Thomas Wulsten, Administrator
          Gross-Berliner Damm 73c
          12487 Berlin


B & P QUALITY: Hamburg Court Stays All Pending Lawsuits
-------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against B & P Quality Service GmbH & Co. KG on March 3, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 29, 2005
to register their claims with court-appointed provisional
administrator Jens-Soren Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on May 31, 2005, 9:30 a.m. at the district court of
Hamburg, Weidestrasse 122d, 22083 Hamburg at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  B & P QUALITY SERVICE GMBH & CO. KG
          Neuer Holtigbaum 1-3
          22143 Hamburg

          Jens-Soren Schroder, Administrator
          Raboisen 38
          20095 Hamburg
          Phone: 334460
          Fax: 33446111


DRESDNER BANK: Sells Private Equity Assets to AIG Global
--------------------------------------------------------
AIG Global Investment Group (AIGGIG) acquired the private equity
assets of Dresdner Bank's Institutional Restructuring Unit.
Dresdner Bank is a wholly owned subsidiary of Allianz AG.  The
member companies of AIGGIG are subsidiaries of American
International Group, Inc. (AIG).

"The agreement with Dresdner represents an extension of AIGGIG's
global private equity business, which has total assets under
management of more than US$15 billion across all major capital
markets," commented David B. Pinkerton, Managing Director, Head
of Developed Markets Alternative Investments, AIG Global
Investment Group.

"[The] transaction will provide AIGGIG with an expanded window on
both new fund and continuing co-investment opportunities."

Under the terms of the sale, AIGGIG companies, on behalf of
certain of their clients, have acquired the Dresdner private
equity limited partnership interests in approximately 150 funds.
Of these interests, approximately two-thirds of the partnerships
are based in the United States with the balance in Europe and
Asia.  The acquisition involves approximately EUR1.1 billion in
total limited partnership commitments.

"This transaction is a prime example of our ability to
strategically execute upon secondary portfolios," added Harvey
Lambert, Vice President, AIG Global Investment Group.

AIGGIG was represented in the transaction by an international
team of advisors, including Winchester Capital, and the law firms
of Sidley Austin Brown & Wood LLP and CMS Hache Siegel.

AIG Global Investment Group (AIGGIG) comprises a group of
international companies that provide investment advice and asset
management products and services to clients around the world.
Services and products are provided by one or more investment
management subsidiaries of American International Group, Inc.
AIGGIG has more than 1,500 employees located in 40 offices around
the world including New York, London, Hong Kong, Tokyo, Toronto
and Zurich.

American International Group, Inc. (AIG) is the world's leading
international insurance and financial services organization, with
operations in more than 130 countries and jurisdictions. AIG
member companies serve commercial, institutional and individual
customers through the most extensive worldwide property-casualty
and life insurance networks of any insurer.  In the United
States, AIG companies are the largest underwriters of commercial
and industrial insurance and AIG American General is a top-ranked
life insurer.  AIG's global businesses also include retirement
services, financial services and asset management.  AIG's
financial services businesses include aircraft leasing, financial
products, trading and market making.  AIG's growing global
consumer finance business is led in the United States by American
General Finance.

AIG also has one of the largest U.S. retirement services
businesses through AIG SunAmerica and AIG VALIC, and is a leader
in asset management for the individual and institutional markets,
with specialized investment management capabilities in equities,
fixed income, alternative investments and real estate.  AIG's
common stock is listed in the U.S. on the New York Stock Exchange
and ArcaEx, as well as the stock exchanges in London, Paris,
Switzerland and Tokyo.

CONTACT:  AMERICAN INTERNATIONAL GROUP, INC.
          Andrew Silver
          Phone: 212-770-3141


HAUSHALT UND SERVICE: Calls First Creditors Meeting
---------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
Haushalt und Service GmbH on March 3, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 22, 2005 to register their
claims with court-appointed provisional administrator J.
Schneider.

Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 1:30 p.m. at the district court of
Gera, Rudolf-Diener-Str. 1, Zimmer 310 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  HUS HAUSHALT UND SERVICE GMBH
          Adam-Opel-Str. 1
          07552 Gera

          J. Schneider, Administrator
          Tatzendpromenade 2a
          07745 Jena


HOEFT & BECKER: Creditors Meeting Set Third Week of April
---------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Hoeft & Becker Bau GmbH on March 21, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 1, 2005 to
register their claims with court-appointed provisional
administrator Peter Leonhardt.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 10:45 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which
time the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set out
in the administrator's report on July 27, 2005 10:45 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  HOEFT & BECKER BAU GMBH
          Radickestr. 55
          12489 Berlin

          Peter Leonhardt
          Kurfurstendamm 212
          10719 Berlin


HOELTER TECHNOLOGIES: Firms up Decision to file for Chapter 11
--------------------------------------------------------------
Hoelter Technologies Holding AG (OTC: HOTK) has found it
necessary to file a Chapter 11 proceeding to reorganize as a
result of the loss of its subsidiaries in Germany and throughout
Europe.  As a result of these losses and the uncertainty of the
circumstances in Europe, management has determined that the best
way to clean the slate is to follow this procedure.

Bayshore Media Group, a Nevada corporation, has agreed to sell to
HOTK the exclusive distribution rights to a series of movies.
These movies can be found at http://www.bayshoremediagroup.com.
David Dadon, the producer of these movies and a well-respected
producer and director has agreed to enter into this transaction.
The cash flow from these distribution rights will support the
company from hereon.  The value of the distribution rights
exceeds US$5 million.

The reorganization will include all new officers and directors as
well as a new direction concentrating in the Entertainment
Industry.  The company was moved to San Diego in early 2004, thus
the filing will take place there.  The Chapter Proceeding and
Plan of Reorganization will be filed simultaneously as soon as
they are prepared.

CONTACT:  HOELTER TEHNOLOGIES HOLDING AG
          Alfred Habib, President
          Phone:  +1(775) 831-7648
          Fax:  +1(760) 200-2647
          E-mail: lzaknrg@aol.com


JUMP TRANSPORTE: Court Appoints Provisional Administrator
---------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against JUMP Transporte u. Vermietung GmbH on March
7, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
June 3, 2005 to register their claims with court-appointed
provisional administrator Wolfgang Kuhnel.

Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 9:30 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which time
the administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on August 3, 2005, 9:30 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  JUMP TRANSPORTE U. VERMIETUNG GMBH
          Westhafenstrasse 1
          13353 Berlin

          Wolfgang Kuhnel
          Berliner Str. 117
          10713 Berlin


MWG BIOTECH: Ends Year with Another Negative EBITDA
---------------------------------------------------
MWG Biotech AG finished the 2004 business year with a total group
turnover of EUR33.0 million (2003 EUR43.0 million).  This
reduction by 23.2% resulted in its largest part from the two
business lines Genomic Diagnosis (microarrays) and Genomic
Technology (lab automation).

After the announcement in fall 2004 that these two segments would
be divested, turnover declined in these segments.  The two core
segments Genomic Synthesis (production of synthetic nucleic
acids, oligonucleotides) and Genomic Information (DNA sequencing,
reading the genes in the genomes of single and multi cell
organisms) together contributed EUR23.5 million, or 71.2%, to the
total turnover.  The reduction of 12.9% compared to prior year
(EUR27.0 million) resulted mainly from increased competition in
the market and the ongoing price decline associated with it.

Dr. Wolfgang Pieken, Speaker of the Management Board of MWG
Biotech, said: "The 2004 business year was a year of decisive
changes for the future of MWG Biotech.  The cuts we started in
the fall of 2004, which in part were very severe like the
divestment of the business units Genomic Diagnosis and Genomic
Technology, the closing of our subsidiaries in the U.K., in
France, Italy, Denmark and Ireland as well as the resulting,
massive decrease in personnel, were necessary to safeguard the
continuation of our Company."

To finance these measures the Company issued a convertible bond
on November 19, 2004.

The EBITDA (earnings before interest, tax and depreciation)
before restructuring was -EUR8.9 million in 2004 (2003: -EUR3.8
million).  To this the meanwhile divested two business units
Genomic Diagnosis and Genomic Technology contributed -EUR8.9
million.  The core business (Genomic Synthesis and Genomic
Information) delivered a balanced EBITDA.

Dr. Pieken added: "Against this background we feel confirmed that
the measures initiated in the fall of 2004 were necessary to lead
MWG Biotech into profitability as fast as possible."

On the reporting date, the number of employees had been reduced
from 380 to 285.  Since then the reduction has been continued on
schedule until the end of the second quarter of 2005.  MWG
Biotech will most likely employ approximately 165 employees in
its three facilities in Ebersberg, Germany, High Point, North
Carolina/USA, and Bangalore, India.

On December 31, 2004, the Company had EUR9.2 million cash after
EUR11.5 million at year-end 2003.

"With this MWG Biotech has a liquidity foundation to continue its
restructuring successfully," says Dr. Pieken.

CONTACT:  MWG BIOTECH AG
          Anzinger Strasse 7a
          85560 Ebersberg
          Germany
          Phone: +49 8092 82 890
          Fax: +49 8092 2 10 84
          Web site: http://www.the-mwg.com


PAROSA BAUAUSFUHRUNGEN: Succumbs to Bankruptcy
----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Parosa Bauausfuhrungen GmbH on March 4, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 2, 2005 to
register their claims with court-appointed provisional
administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 10:05 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which
time the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set out
in the administrator's report on Aug. 4, 2005, 10:00 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  PAROSA BAUAUSFUHRUNGEN GMBH
          Lynarstr. 14
          13585 Berlin

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


SUSS MICROTEC: Net Loss Balloons to EUR16.7 Million in 2004
-----------------------------------------------------------
The Supervisory Board of Suss MicroTec on March 22, 2005 approved
and ascertained the financial accounts for 2004.  In addition,
further cost savings initiatives to optimize the cost structure
were approved.

Order entries (+18%) and sales (+22%) increased significantly.
Besides a positive business development of the new Substrate
Bonder, especially the demand for 300mm production equipment for
advanced packaging contributed to the growth.  Thanks to a gross
profit raised by 26% the operating loss on basis EBITDA could be
reduced by 70%, already including the extraordinary charges as
previously announced.  Net loss amounted to EUR16.7 million due
to non-cash-effective valuation allowance on deferred tax assets.
Operating cash flow with -EUR42,000 was almost balanced, whereby
the liquidity of the company with liquid funds of EUR20 million
at the end of the year remained firm.

Key figures for the fiscal year and the 4th quarter at a glance:

EUR million          2004       2003     Q4/2004    Q4/2003

Order Entry         119.1(*)   101.0        30.1       24.6

Net Sales           112.9       92.6        35.4       32.0

EBITDA               -3.2      -11.0        -1.9       -0.5

EBIT                 -8.8      -17.1        -3.5       -1.9

Net Loss            -16.7      -14.6       -10.5       -4.4

Loss per Share (EUR) -1.10      -0.97       -0.69      -0.29

After the shutdown of the Asslar facility, further cost savings
initiatives especially in the areas administration and sales
support were approved.  In consequence the cost basis for 2005
will be further reduced by EUR3.3 million.  Together with the
Asslar shutdown, particularly in the 2nd half year 2005 more than
EUR3.5 million cost savings compared to 2004 will be realized
whilst for the first and second quarter of the current year with
regards to consulting services and Asslar relocation, we expect
charges up to EUR2 million.

The sustainable break even point on basis EBIT is expected to be
at sales of approximately EUR110 million in 2005 and
approximately EUR105 million in 2006, respectively.  Additional
savings activities are currently prepared and will be implemented
already this year, depending on the market development of certain
product lines in the first half.

Flanking activities, especially concerning a reduction of
inventories, should release further liquidity.

The current Business shows no signs for a major change compared
to the prior year, whereas the breakeven point could already be
achieved with only a slight increase in sales.

The joint development with IBM is on time.  During July the
related Equipment will be delivered to IBM in East Fishkill/U.S.
and is then prepared to process test wafers.  Current talks to
potential customers confirm the unchanged high interest in the
C4NP technology.

From 2006 on, the Board expects that the optimized cost structure
as well as the product introduction related to the C4NP program
will significantly improve the company's earnings performance.

The results 2004 at a glance:

EUR million          2004       2003     Q4/2004    Q4/2003

Net Order Entry     119.1(*)   101.0        30.1       24.6

Net Order Backlog    38.7       33.9          --         --

Net Sales           112.9       92.6        35.4       32.0

Equity               88.6      102.4          --         --

Equity Ratio         62%        64%           --         --

Liquid Funds         20.0       23.6          --         --

Free Cash Flow       -1.3        4.6         3.8        4.4

Gross Profit         45.9       36.4        14.8       13.2

Gross Profit Margin  40.7%      39.4%       41.8%      41.4%

EBITDA               -3.2      -11.0        -1.9       -0.5

EBITDA Margin        -2.9%     -11.9%       -5.4%      -1.7%

EAT                 -16.7      -14.6       -10.5       -4.4

EPS (EUR)            -1.10      -0.97       -0.69      -0.29

Employees           731        716             --         --

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Includes deduction of EUR3.8 Million due to allowance on
doubtful backlog to be delivered in 2005.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The full copy of Suss MicroTec's 2004 results is available free
of charge at http://bankrupt.com/misc/suss_2004.pdf

CONTACT:  SUSS MICROTEC AG
          Schleissheimer Str. 90
          D-85748 Garching/Munich
          Phone: (+49) [0] (89) 32007 -0
          Fax:(+49) [0] (89) 32007 -162
          Web site: http://www.suss.com

          Investor Relations
          Barbara von Frankenberg
          Phone: +49 (0) 89 / 320 07-314
          Fax: +49 (0) 89/ 320 07-450
          E-mail: b.frankenberg@suss.de


SUSS MICROTEC: Does not Discount Job cuts this Year
---------------------------------------------------
Loss-making microelectronics equipment manufacturer Suss MicroTec
did not rule out job cuts as an option to keep the group afloat,
Suddeutsche Zeitung says.

Suss, which saw its net loss swell to EUR16.7 million in 2004,
says there are no signs of turnover increase this year.  Still
it's too early to say how many jobs will be affected, if ever,
the company said.

CONTACT:  SUSS MICROTEC AG
          Schleissheimer Str. 90
          D-85748 Garching/Munich
          Phone: (+49) [0] (89) 32007 -0
          Fax:(+49) [0] (89) 32007 -162
          Web site: http://www.suss.com


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


NABI RT: Rehab Plan Recommends Sale of Businesses, Products
-----------------------------------------------------------
The board of directors NABI Bus Industries Company Limited on
Thursday released the proposed agenda relating to the upcoming
April 29 Annual General Meeting of the Company.  The Board would
like to inform and update shareholders with respect to various
matters in relation to the ongoing restructuring of NABI's
business and the Annual General Meeting.

As disclosed in NABI's announcement of November 12, 2004, in a
concerted effort to resolve the financial and operational
difficulties which the Company has been experiencing in recent
years, the Board adopted and decided to implement a comprehensive
restructuring plan.  The plan includes the streamlining of the
Company's activities, through the potential sale of businesses
and products to permit NABI to concentrate on its core
manufacturing operations, a reduction in production capacity to
meet the projected order book, and improvements in work
practices, organization and structure to improve productivity and
margins.

The Board believes that in the current circumstances this
restructuring plan is the most appropriate approach at this
juncture to secure the long term future of the Company to the
benefit of shareholders, customers, suppliers and employees.
This restructuring process is well underway and NABI's management
and its advisors are making efforts to achieve the intended
results as quickly as practicable.

During the restructuring process, NABI has been working closely
with its financiers.  As disclosed most recently in NABI's fourth
quarter 2004 flash report, the financiers agreed to forbear from
exercising their rights in connection with certain defaults that
arose from the Company's failure to meet certain financial
covenants contained in its financing agreements executed in April
2004.  At present, all of NABI's debt is repayable by the end of
2006.

In parallel with the implementation of the operational
restructuring process, NABI and its financiers have been in
ongoing discussions to develop a long-term solution to the
Company's financial situation.  NABI aims to achieve a
sustainable level of debt that would not jeopardize the continued
long-term viability of its core business.  In this regard, the
financiers have been supportive and negotiations have been
constructive.

However, given the complexities of NABI's financial and
operational position and the need to satisfy 11 individual
lenders in three countries with respect to different companies in
the NABI group, as yet, no definitive or binding agreement has
been entered into.  The Board is discussing with its financiers a
number of options available to the Company and believes that a
positive outcome will result in due course.

The fourth quarter 2004 flash report also disclosed that NABI's
book equity is very likely to decrease to a level that will
require the Board to propose to shareholders a reduction of
NABI's registered capital.  The reduction in book equity is due
mainly to losses and a number of non-cash items, including the
revaluation of certain key fixed assets and investments.

Shareholders will be asked to vote at the Annual General Meeting
on the exact amount of the decrease once the audited stand-alone,
Hungarian accounting standard financial statements of NABI have
been finalized.

Due to the complexities of the restructuring, related initiatives
and negotiations with the financiers underway at NABI, the
audited financial statements may not be available for the Annual
General Meeting scheduled for April 29, 2005.  As a result, the
Board may find it necessary to propose a suspension of the Annual
General Meeting until late May in accordance with section 236 (3)
of the Companies Act.

Although the Board and NABI's management will make every endeavor
to ensure that the suspension will not be necessary, the board of
directors have decided to make this announcement simultaneously
with the release of the agenda for the meeting to inform
shareholders of the current status of the restructuring process
in respect of the challenges that NABI continues to face.

The Board trusts that shareholders will understand the current
situation and looks forward to their continuing support
throughout the restructuring process.

CONTACT:  NABI BUS INDUSTRIES COMPANY LIMITED
          45 Ujszasz u.
          Budapest 1165
          Hungary
          Phone:  +36-1-401-7399
          Fax: +36-1-407-2931
          E-mail: nabihq@nabi.hu


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


ELAN CORPORATION: Ex-chair Proposes Breakup
-------------------------------------------
Elan Corporation is considering splitting into two public firms.
This came after former chairman Garo Armen urged directors to
consider the plan, which will shelter the drug distribution
business from the Tysabri scandal.  The company pulled out
Tysabri, a multiple sclerosis drug, in February following the
death of a patient.

The suggestion to split Elan was reportedly discussed at a
boardroom meeting recently.  It is not clear, however, if CEO
Kelly Martin agrees with Mr. Armen, who currently sits on the
board as a non-executive director.  The company is still positive
Tysabri did not cause the death of the patient.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House
          Lincoln Place
          Dublin2
          Ireland
          Phone: +353 1 709 4000
          Fax: +353 1 709 4108
          Web site: http://www.elan.com


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


CIRIO FINANZIARIA: Filipino Tycoon Leads Race for Del Monte
-----------------------------------------------------------
Cirio Finanziaria Special Commissioner Mario Resca says potential
buyers of Del Monte Pacific are all foreigners, according to
Agenzia Giornalistica Italia.

"[T]he groups that have shown an interest in our share of Del
Monte Pacific, namely 39.9%, are not Italian," Mr. Resca said.
He declined to name prospective candidates.

"The Board meeting is scheduled in April but there's no telling
whether we will still be at the helm of the company . . . [T]he
company is of profit to us and we will only sell if the price is
right," he added.

The party of Philippine tobacco tycoon Lucio Tan has publicly
declared interest in acquiring a stake in the Singapore-listed
fruit producer.  He is also reportedly eyeing the 22% stake held
by the second biggest shareholder in Del Monte, the family of
Luis Lorenzo, former Philippine secretary of agriculture.

CONTACT:  CIRIO DEL MONTE ITALIA S.P.A.
          Legal Address:
          Via Augusto Valenziani
          10 - 00187 Rome
          Phone: 06 421761
          Fax: 06 42176230

          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it


PARMALAT FINANZIARIA: Earnings Abroad Help Boost Profit
-------------------------------------------------------
Parmalat Finanziaria's EBITDA grew almost twice to EUR34.4
million (US$44.6 million) in the first two months of the year,
according to International Herald Tribune.  Last year's EBITDA
was EUR17.9 million.  The increase was due to growing profit from
some foreign units and gains at its Parma Football Club.

The firm's sales, however, fell slightly to EUR624.7 million from
EUR627.3 million.  Gross operating profit was EUR38.5 million in
the first two months.  Income from core activities amounted to
EUR568.7 million, up 4.6% compared to figures in the same period
a year ago.  Income from non-core activities came at EUR56
million, down over the 76.4 pro-forma.

Total debt at 28 February was largely unchanged at EUR11.8441
from EUR11.847 billion on 31 January.  It has been characterized
by a fall in liquidity.  Third-party debt by subsidiaries at the
end of December were EUR2.4 billion.  Parmalat reported EUR14
billion in debt when it filed for bankruptcy in December 2003.

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


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


ELEKTRIM SA: Rights to PTC Shares Suspended
-------------------------------------------
Elektrim has been banned from executing its rights to the shares
in PTC, operator of Era and Heyah mobile phone brands.

This came following a temporary decision issued Friday by a court
of arbitration in London on the motion of French Vivendi.

On the same day, 1.49 million Elektrim shares changed hands on
the Warsaw Stock Exchange.  The value of the shares boosted
earlier by over 14%, but it gradually declined in the afternoon.
Nevertheless, shares were up 8.2% at the end of the day.

The results came a day after the Arbitration Court in Vienna
issued a decision on the five-year quarrel between Deutsche
Telekom and Elektrim.  The Tribunal ruled that the German
company, which is Elektrim's partner in Polska Telefonia Cyfrowa
(PTC), was right to accuse the Polish firm of wrongly
transferring shares from PTC to Elektrim's subsidiary ET.

But the Tribunal found that Elektrim did not violate the
agreement between PTC partners, which saved the company from the
loss of its PTC shares.

The London court, however, decided that the ruling of the
Tribunal in Vienna is not binding for its London counterpart, but
it might be taken into consideration.

Based on the London ruling, Elektrim cannot among others, sell
its stake in the telecom, which means suspension of talks of
their possible sale to Deutsche Telekom.  It was found out that
Telco, Elektrim Telekomunikacja's other name, has the right to
propose its own supervisory board members and to issue
instructions concerning the company.  Elektrim disagreed with the
decision on the grounds of numerous formal and legal mistakes.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax: (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax: (+48 22) 432 87 99
          Web site: http://www.elektrim.pl


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


ALTAYSPETSTRANS: Public Auction of Assets Today
-----------------------------------------------
The insolvency manager of close joint stock company
Altayspetstrans will sell its property worth RUB3,418,000 on
March 30, 2005, 2:00 p.m. (local time).  For more information
about the auction please call (385-57) 6-21-42.

CONTACT:  ALTAYSPETSTRANS
          Russia, Altay region, Rubtsovsk,
          Stroitelnaya Str. 1
          Phone: (385-57) 6-21-42


BASH-SPETS-OIL-STROY: Deadline for Proofs of Claim April
--------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Bash-Spets-Oil-Stroy after finding
the close joint stock company insolvent.  The case is docketed as
A-07/26019/04-G-MOG.  Mr. V. Kryuchkov has been appointed
insolvency manager.  Creditors have until April 26, 2005 to
submit their proofs of claim to 453300, Russia, Bashkortostan
republic, Kumertau, K. Marksa Str. 24, Post User Box 140.

CONTACT:  BASH-SPETS-OIL-STROY
          453262, Russia, Bashkortostan republic,
          Salavat, Nurimanova Str. 23

          Mr. V. Kryuchkov
          Insolvency Manager
          453300, Russia, Bashkortostan republic,
          Kumertau, K. Marksa Str. 24, Post User Box 140


CHELNO-VARSHINSKOYE: Declared Insolvent
---------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Chelno-Varshinskoye (TIN 6385001059) after
finding the repair-technical enterprise insolvent.  The case is
docketed as A55-16488/2004-47.  Mr. V. Fedorov has been appointed
insolvency manager.  Creditors have until April 26, 2005 to
submit their proofs of claim to 446250, Russia, Samara region,
Bezenchuk, Neftyannikov Str. 38, Apartment 6.

CONTACT:  CHELNO-VARSHINSKOYE
          Russia, Samara region,
          Chelno-Vershiny, region STH

          Mr. V. Fedorov
          Insolvency Manager
          446250, Russia, Samara region,
          Bezenchuk, Neftyannikov Str. 38, Apartment 6


ELECTRO-MACHINE: Bankruptcy Proceedings Begin
---------------------------------------------
The Arbitration Court of Buryatiya republic commenced bankruptcy
proceedings against Electro-Machine (TIN 0323000015, KPP
032301001) after finding the factory insolvent.  The case is
docketed as A10-6609/04.  Mr. N. Teterin has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 670000, Russia, Buryatiya republic, Ulan-Ude,
Kommunisticheskaya Str. 57A, Office 410.

CONTACT:  ELECTRO-MACHINE
          670000, Russia, Buryatiya republic,
          Ulan Ude, Borsoeva Str. 105

          Mr. N. Teterin
          Insolvency Manager
          670000, Russia, Buryatiya republic,
          Ulan-Ude, Kommunisticheskaya Str.


ISKRA: Creditors Have Until April to File Proofs of Claim
---------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Iskra after finding the
engineering plant insolvent.  The case is docketed as
A07-7064/04-G-MOG.  Mr. V. Kryuchkov has been appointed
insolvency manager.  Creditors have until April 26, 2005 to
submit their proofs of claim to 353300, Russia, Bashkortostan
republic, Kumertau, K. Marksa Str. 24, Post User Box 140.

CONTACT:  ISKRA
          453300, Russia, Bashkortostan republic,
          Kumertau, Industrialnaya Str. 1

          Mr. V. Kryuchkov
          Insolvency Manager
          353300, Russia, Bashkortostan republic, Kumertau,
          K. Marksa Str. 24, Post User Box 140


MANTUROVSKAYA SEL-KHOZ-TEKHNIKA: Under Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Kostroma region has commenced bankruptcy
supervision procedure on open joint stock company Manturovskaya
Sel-Khoz-Tekhnika.  The case is docketed as A31-732/2005-18.  Mr.
A. Kovalev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 156025, Russia,
Kostroma, Rabochiy Pr. 48, Apartment 38.  A hearing will take
place on May 26, 2005, 9:40 a.m.

CONTACT:  MANTUROVSKAYA SEL-KHOZ-TEKHNIKA
          Russia, Kostroma region,
          Manturovo, Sovetskaya Str. 36

          Mr. A. Kovalev
          Temporary Insolvency Manager
          156025, Russia, Kostroma region,
          Rabochiy Pr. 48, Apartment 38


NEVERKINSKAYA MTS: Declared Insolvent
-------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
proceedings against Neverkinskaya MTS after finding the open
joint stock company insolvent.  The case is docketed as
A49-4278/04-796/20.  Mr. V. Zhukov has been appointed insolvency
manager.  Creditors have until April 26, 2005 to submit their
proofs of claim to 442370, Russia, Penza region, Mokshan, Post
User Box 9.

CONTACT:  NEVERKINSKAYA MTS
          442480, Russia, Penza region,
          Neverkino, Rabochaya Str. 4

          Mr. V. Zhukov
          Insolvency Manager
          442370, Russia, Penza region,
          Mokshan, Post User Box 9


OKHANSK-AGRO-PROM-ENERGO: Perm Court Appoints Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on limited liability company
Okhansk-Agro-Prom-Energo.  The case is docketed as
A50-1693/2005-B.  Ms. E. Mikheeva has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 614002, Russia,
Perm, Post User Box 6063.  A hearing will take place on May 27,
2005, 10:30 a.m.

CONTACT:  OKHANSK-AGRO-PROM-ENERGO
          618100, Russia, Perm region,
          Oktyabrskiy region, Kopylovka 1

          Ms. E. Mikheeva
          Temporary Insolvency Manager
          614002, Russia, Perm region,
          Post User Box 6063


PROM-VENTILATION: Undergoes External Management Procedure
---------------------------------------------------------
The Arbitration Court of Moscow has commenced external management
bankruptcy procedure on close joint stock company
Prom-Ventilation.  The case is docketed as A4-35026/04-95-24b.
Ms. Y. Mironova has been appointed external insolvency manager.

CONTACT:  PROM-VENTILATION
          104009, Russia, Moscow region,
          B. Kommunisticheskaya Str. 29/18

          Ms. Y. Mironova
          External Insolvency Manager
          117556, Russia, Moscow region,
          Post User Box 39


WOOD CONCRETE: Appoints A. Bogus Insolvency Manager
---------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Wood Concrete after finding the open joint
stock company insolvent.  The case is docketed as
A32-2183/2004-44/4-B-183 UT.  Mr. A. Bogus has been appointed
insolvency manager.  Creditors have until April 26, 2005 to
submit their proofs of claim to 385012, Russia, Maykop, Pushkina
Str. 153.

CONTACT:  WOOD CONCRETE
          354400, Russia, Krasnodar region,
          Kurganinsk, Rodnikovskoye Shosse, 1

          Mr. A. Bogus
          Insolvency Manager
          385012, Russia, Maykop,
          Pushkina Str. 153


YUKOS OIL: Former Security Chief to Appeal Murder Conviction
------------------------------------------------------------
Prosecutors on Friday successfully demanded a life sentence for
former Yukos security chief, Alexei Pichugin, according to the
Financial Times.

Mr. Pichugin was found guilty by a jury of murdering a married
couple and attempting on the life of a Moscow city official
allegedly on orders of Leonid Nevzlin, a key Yukos shareholder.
He was arrested in 2003, triggering what is now suspected as a
coordinated campaign to assault the company and its executives.

Mr. Nevzlin denies any wrongdoing.  He calls the case against Mr.
Pichugin politically motivated.  Mr. Pichugin's lawyers claim
their client's only 'sin' is that he is a Yukos employee.
According to them, this is supported by the fact that he was
charged with the murder only after he refused to testify against
the management during an investigation.  They plan to appeal to
Russia's Supreme Court and complain to the European Court for
Human Rights.

Mr. Pichugin's case has attracted human rights groups and the
Parliamentary Assembly of the Council of Europe.

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

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

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


YUKOS OIL: Denies Monetary Liability to Rosneft
-----------------------------------------------
Yukos Oil Company totally rejects any suggestion that money is
owed to Rosneft from historical operations of Yukos' subsidiary,
Yuganskneftegas as is being alleged by a lawsuit that has been
filed against YUKOS by Rosneft in the past few days.

A Yukos Oil Company spokesperson stated on March 15: "The claims
made last week by Rosneft are ridiculous and totally unfounded.
Yukos has still not received any formal notification that 77%
stock ownership of Yuganskneftegaz has been acquired by Rosneft.
As a result, Yukos still considers that Yuganskneftegas continues
to be a legitimate asset of Yukos, and Rosneft has illegally
confiscated it and is managing it illegally.  To steal our asset
and then file a false and unfounded multi-billion dollar lawsuit
against Yukos accusing our company of acting unlawfully in the
operation of that asset is ludicrous.  These latest allegations
take the insanity of the attack against YUKOS by government
authorities to a new level.  There seems to be no end to the
extraordinary lengths that the Russian authorities and its
state-owned companies will resort to in order to continue this
totally unjustified assault on Yukos and its employees.

"We will defend ourselves against these claims to our fullest
ability and we will use every legal avenue open to us."

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection on
Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement Esq., C. Mark Baker Esq., Evelyn H. Biery Esq., John A.
Barrett Esq., Johnathan C. Bolton Esq., R. Andrew Black Esq.,
Fulbright & Jaworski LLP represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection from
its creditors, it listed $12,276,000,000 in total assets and
$30,790,000,000 in total debt.  (Yukos Bankruptcy News, Issue No.
17; Bankruptcy Creditors' Service, Inc., 215/945-7000)

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

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

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


YUKOS OIL: Court Sides with Yukos in Gazpromneft Appeal
-------------------------------------------------------
The United States District Court for the Southern District of
Texas declined to vacate a temporary restraining order entered by
the Bankruptcy Court, enjoining certain entities from
participating in Russia' auction of Yuganskneftegas.

On March 3, 2005, District Court Nancy F. Atlas directed the
parties to advise whether Gazpromneft's Appeal could be
dismissed.

Yukos Oil Company asserted that the Appeal is moot.  Gazpromneft
responded that it does not consider the Appeal to be moot because
there are other issues pending before the Bankruptcy Court,
including Yukos' allegation in a related adversary proceeding
that Gazprom violated the TRO.

The District Court recognizes that issues remaining before the
Bankruptcy Court may generate future appeals, but those appeals
will be assigned to the District Court as new cases.  Thus, Judge
Atlas dismisses Gazpromneft's Appeal as moot.

Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation.  Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.  The Company filed for chapter 11 protection on
Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).  Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection from
its creditors, it listed $12,276,000,000 in total assets and
$30,790,000,000 in total debt.  (Yukos Bankruptcy News, Issue No.
17; Bankruptcy Creditors' Service, Inc., 215/945-7000)

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

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

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


ZAKAMSKIY FACTORY: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on close joint stock company Zakamskiy
Factory Of Silicate Brick.  The case is docketed as
A50-1396/2005-B.  Mr. I. Pismannik has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 614007, Russia,
Perm, Post User Box 7919.  A hearing will take place on July 15,
2005, 10:00 a.m.

CONTACT:  ZAKAMSKIY FACTORY OF SILICATE BRICK
          614113, Russia,
          Perm region, 105th Uchastok

          Mr. I. Pismannik
          Temporary Insolvency Manager
          614007, Russia, Perm region,
          Post User Box 7919


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


4M TECHNOLOGIES: Posts CHF12.1 Mln Operating Loss in 2004
---------------------------------------------------------
4M Technologies Holding released its consolidated annual accounts
ending Dec. 31, 2004.

The positive result for 4M in the first quarter of 2004 was
qualified at that time by the company's prudence in respect of
the lowering wholesale price of discs.  Such caution proved
justified in the face of subsequent wholesale price reductions,
aggravated by massive increases in polycarbonate pricing.  By May
2004, disc production margins were reduced to a level, which
caused producers to stop their investments in machinery for the
recordable sector.  As a result, 4M was obliged to go from a
highly promising turnaround situation into an immediate but
costly reduction mode.

4M investment and expenditure in R&D has not been curtailed.
Programmed investment in new manufacturing systems has continued
and the Asian service and marketing organizations enhanced, to
ensure that when the upswing occurs the Company is equipped to
profit from it.  Currently, few signs of a production machinery
investment upturn exist, despite the substantial continuing
growth of the consumer market for recordable discs and
considerable removal of disc manufacturing capacity, principally
in Europe.

Such a market environment has adversely influenced 2004 results,
with net sales amounting to CHF30.5 million (CHF 45.6 million in
2003) generating an operating loss of CHF12.1 million (CHF5.9
million in 2003).  The early adoption of accounting rule IFRS 2
on option-share based incentives to employees, accrued interest
convertible with the loan and provisions on slow-moving spare
parts resulted in a loss of CHF13.1 million (CHF7.1 million in
2003).

Despite these extreme market circumstances, 4M generated a
positive operating cash flow of CHF1.3 million in 2004 (negative
CHF2.0 million in 2003).

We are actively preparing the Company to take advantage of any
upswing in opportunities for our very promising new products,
while economizing operationally at a level well below our optimum
capacity.

In a post balance sheet date event, certain substantial 4M
building assets (made surplus to requirements by implementation
of our earlier revised business model) have been long term leased
at adequate yields by a major international "Fortune 500"
corporation.

CONTACT:  4M TECHNOLOGIES HOLDING
          Avenue des Sports 42
          1400 Yverdon-les-Bains
          Switzerland
          Phone: +41-24-423.71.63
          Fax: +41-24-423.71.81
          E-mail: anouck.ansermoz@4m-inc.ch


SWISS INTERNATIONAL: Lufthansa Opts for Cost Cuts
-------------------------------------------------
Deutsche Lufthansa has no plans to inject capital into
loss-making carrier Swiss International Air Lines, Reuters says.

Wolfgang Mayrhuber, Lufthansa's chief executive, revealed Swiss
International would undergo strict cost cutting measures, saying
there is no reason for a capital increase.  Mr. Mayrhuber added
Swiss' management is mulling to spin off it regional network an
option.  He said, "The management of Swiss already have a
positive notion of this."

Meanwhile, Mr. Mayrhuber denied reports that Lufthansa is seeking
alliance with other carriers, particularly Air France-KLM, to
expand its operations.  Mr. Mayrhuber added he is currently not
seeking a tie-up with other carriers, after recently forging a
EUR310 million takeover deal with Swiss International.

"That seems extremely far-fetched to me," Mr. Mayrhuber said in
an interview with NZZ am Sonntag newspaper.

Moody's Investors Service recently placed Lufthansa's long- and
short-term issuer ratings on review for possible downgrade.

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

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


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


CONSORTIUM UKRPROMTRANSMASH: Court Brings in Liquidator
-------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Consortium Ukrpromtransmash (code EDRPOU
19437076) after finding the limited liability company insolvent.
The case is docketed as B 40/151/04.  Mr. Igor Yasnogor (License
Number AA 630052) has been appointed liquidator/insolvency
manager.  The company holds account number 26001001000161 at
JSCB Premierbank, MFO 305686.

Creditors have until April 4, 2005 to submit their proofs of
claim to:

(a) CONSORTIUM UKRPROMTRANSMASH
    49000, Ukraine, Dnipropetrovsk region,
    Lenin Square, 1

(b) Mr. Igor Yasnogor
    Liquidator/Insolvency Manager
    49040, Ukraine, Dnipropetrovsk region, a/b 2350
    Phone/Fax: (0562) 31-82-12

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


DORSERVICE: Bankruptcy Supervision Begins
-----------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Trade House Dorservice (code EDRPOU
32563924) on February 21, 2005.  The case is docketed as
B-48/13-05.  Mr. V. Lipchanskij (License Number AA 487799) has
been appointed temporary insolvency manager.  The company holds
account number 26007293020000 at JSCIB Ukrsibbank, Harkiv
regional branch, MFO 351641.

Creditors have until April 4, 2005 to submit their proofs of
claim to:

(a) DORSERVICE
    61003, Ukraine, Harkiv region,
    Universitetskij Lane, 1

(b) Mr. V. Lipchanskij
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Druzhbi Narodiv Str. 267/192

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


POKROVOBAGACHANSKE REPAIR: Declared Insolvent
---------------------------------------------
The Economic Court of Polatva region commenced bankruptcy
proceedings against Pokrovobagachanske Repair Enterprise (code
EDRPOU 00909816) after finding the open joint stock company
insolvent.  The case is docketed as 7/294.  Mr. Sergij Kruchkov
has been appointed liquidator/insolvency manager.

Creditors have until April 4, 2005 to submit their proofs of
claim to:

(a) POKROVOBAGACHANSKE REPAIR ENTERPRISE
    37812, Ukraine, Poltava region,
    Horolskij district, Pokrovska Bagachka,
    Shevchenko Str. 1

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


SOLDO: Liquidator Takes over Operations
---------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Soldo (code EDRPOU 31067133) on February 7,
2005 after finding the limited liability company insolvent.  The
case is docketed as 19/24(04).  Mrs. Nataliya Likova (License
Number AB 116093) has been appointed liquidator/insolvency
manager.

Creditors have until April 4, 2005 to submit their proofs of
claim to:

(a) SOLDO
    69009, Ukraine, Zaporizhya region,
    Perspektivna Str. 2-B

(b) Mrs. Nataliya Likova
    Liquidator/Insolvency Manager
    69093, Ukraine, Zaporizhya region, a/b 1788
    Phone: 8 (067) 289-25-56

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


SOTA: Zakarpatska Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
proceedings against Sota (code EDRPOU 30472972) on February 8,
2005 after finding the limited liability company insolvent.  The
case is docketed as 6/5.  Mr. Mihajlo Nemesh has been appointed
liquidator/insolvency manager.  The company holds account number
26004893 at JSPPB Aval, Kyiv region branch, MFO 322960.

Creditors have until April 4, 2005 to submit their proofs of
claim to:

(a) SOTA
    90540, Ukraine, Zakarpatska region,
    Tyachivskij district, Neresnitsya, Lenin Str. 61

(b) Mr. Mihajlo Nemesh
    Liquidator/Insolvency Manager
    90500, Ukraine, Zakarpatska region,
    Tyachiv, Lenin Str. 48/12

(c) ECONOMIC COURT OF ZAKARPATSKA REGION
    88000, Ukraine, Zakarpatska region,
    Uzhgorod, Kotsubinski Str.2 a


UKRKON: Creditors' Claims Due Next Week
---------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against LLC UKRKON (code EDRPOU 30201578) on February
7, 2005 after finding the limited liability company insolvent.
The case is docketed as 19/24(04).  Mrs. Nataliya Likova (License
Number AB 116093) has been appointed liquidator/insolvency
manager.

Creditors have until April 4, 2005 to submit their proofs of
claim to:

(a) UKRKON
    69059, Ukraine, Zaporizhya region,
    Magara Str. 4

(b) Mrs. Nataliya Likova,
    Liquidator/Insolvency Manager
    69093, Ukraine, Zaporizhya region, a/b 1788
    Phone: 8 (067) 289-25-56

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


VESTA: Poltava Court Appoints Insolvency Manager
------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Vesta (code EDRPOU 31894156) after finding
the limited liability company insolvent.  February 10, 2005.
The case is docketed as 8/20.  Mr. Sergij Shapovalov (License
Number AA 487831) has been appointed liquidator/insolvency
manager.

Creditors have until April 4, 2005 to submit their proofs of
claim to:

(a) VESTA
    38760, Ukraine, Poltava region
    Poltava district, Buzova Paskivka

(b) Mr. Sergij Shapovalov
    Liquidator/Insolvency Manager
    36037, Ukraine, Poltava region,
    Ribalskij Avenue, 16/116
    Phone: 52-03-46

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


YUZHPROMTEHNIKA: Under Bankruptcy Supervision
---------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on CJSC Yuzhpromtehnika (code EDRPOU
24442820).  The case is docketed as B 40/135/04.  Mr. U. Nimak
(License Number AA 250189) has been appointed temporary
insolvency manager.  The company holds account number
26007300562001/980 at OJSC CB Nadra, Pavlograd branch, MFO
306674.

Creditors have until April 4, 2005 to submit their proofs of
claim to:

(a) Mr. U. Nimak
    Temporary Insolvency Manager
    51400, Ukraine, Dnipropetrovsk region,
    Pavlograd, Ternivska Str. 7
    Phone: 8 (050) 608-80-00

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


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


BALTIMORE TECHNOLOGIES: Delays Defense Against earthport
--------------------------------------------------------
After earthport plc provided security for costs, the court
ordered Baltimore Technologies to serve its defense by 25 March
2005.

Baltimore requested from earthport on 15 March 2005 an extension
of time from 25 March 2005 to 22 April 2005 to submit their
defense, because of various delaying factors including
availability of ex-Baltimore management and staff and location of
documents.  Earthport in response suggested an extension period
of two weeks, which has been accepted by Baltimore.

earthport is surprised by the above delay and apparent
difficulties in the service of Baltimore's defense, given
previous RNS announcements made by Baltimore, specifically RNS
4746H dated 18 January 2005 and RNS 6264F on 25 November 2004,
implying a lack of merit in earthport's claim.

CONTACT:  EARTHPORT PLC
          Rob Cunningham, CEO
          Phone: +44 (0)207 907 1100

          NABARRO WELLS & CO. LIMITED
          David Nabarro/Nigel Atkinson
          Phone: +44 (0)207 710 7400

          FINANCIAL DYNAMICS
          James Melville-Ross/Juliet Clarke
          Phone: +44 (0)207 831 3113


CARBO PLC: Stops Trading Pending Clarification of Status
--------------------------------------------------------
The Board of Carbo plc on Thursday requested that trading in the
company's shares on AIM be suspended under Rule 38 of the AIM
Rules pending clarification of the Company's financial position.

The Company will continue to consult with its professional
advisers and will make a further announcement in due course.

                            *   *   *

In October, Carbo chairman Lord Hodgson of Astley Abbotts said
that as warned on the annual report, the firm's performance in
the six months to 31 July 2004 were not good.

Lord Hodgson said: "The continuing shortage of working capital
has had twin adverse effects on our profitability.  Firstly, it
has not permitted the Group to fulfill its order book (the order
backlog has increased from GBP7 million to GBP8 million over the
six months).  Second, it has required short production runs that
cause unnecessary down time and waste, which inevitably eat into
profit margins."

Positively, he reported that the company reorganized its
structure and completed the reorganization of its Coated product
range without loss in sales.  The latter was expected to
substantially increase operational efficiency.  The company also
completed the raising of GBP3.2 million of new equity, which
together with the conversion of certain shareholder loans,
increased the equity base of the company by GBP3.7 million.

Lord Hodgson also announced the closure of Carbo's manufacturing
operation in the U.K.; the transfer of the Trafford Park to new
smaller premises comprising an Anglo distribution depot and a
small plc office; and redundancies in Germany and Italy.

He concluded: "Carbo stands now at a crossroads.  We have a good
order book, we have adequate funding and we have a determined
management team.  The remaining four months of the financial year
will show what can be achieved."

To see latest financial results:
http://bankrupt.com/misc/Carbo_6MosJuly2004.htm

CONTACT:  CARBO PLC
          Lakeside
          Trafford Park Road Trafford Park
          Manchester
          United Kingdom
          M17 1HP
          Phone: +44 161 872 2381
          Fax: +44 161 953 2982
          Web site: http://www.carbogb.co.uk


CENTRAL STEEL: Hires Joint Liquidators from BDO Stoy Hayward
------------------------------------------------------------
At the extraordinary general meeting of Central Steel Erection
Limited on March 14, 2005 held at 125 Colmore Row, Birmingham B3
3SD, the subjoined extraordinary resolution to wind up the
company was passed.  A. P. Supperstone and C. K. Rayment of BDO
Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD have been
appointed joint liquidators of the company.

CONTACT:  BDO STOY HAYWARD
          125 Colmore Row
          Birmingham B3 3SD
          Phone: 0121 200 4620 or 0121 200 4600
          Fax: 0121 200 4720 or 0121 200 4650
          E-mails: tony.supperstone@bdo.co.uk
                   kim.rayment@bdo.co.uk


CHARLES CAMPION: Calls in Liquidator from Moore Stephens
--------------------------------------------------------
At the extraordinary general meeting of Charles Campion Limited
on March 4, 2005 held at Moore Stephens Corporate Recovery,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Nigel Price of Moore Stephens Corporate Recovery,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB has been
appointed liquidator of the company.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


CYBERDINE SYSTEMS: Hires S. G. Banister & Co. as Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Cyberdine Systems Limited
on Feb. 11, 2005 held at S. G. Banister & Co, 40 Great James
Street, London WC1N 3HB, the subjoined extraordinary resolution
to wind up the company was passed.  Tim Alexander Clunie of S. G.
Banister & Co, 40 Great James Street, London WC1N 3HB has been
appointed liquidator of the company.

CONTACT:  S. G. BANISTER & CO.
          40 Great James Street,
          London WC1N 3HB
          Phone: 020-7430-9292


DDH BUILDING: Members Decide to Wind up Firm
--------------------------------------------
At the extraordinary general meeting of the members of DDH
Building & Maintenance Services Limited on March 17, 2005 held at
The Old Bridge Hotel, Holmfirth, Huddersfield HD9 7BB, the
extraordinary resolution to wind up the company was passed.
William Clive Swindell of Yorkshire House, 7 South Lane,
Holmfirth, Huddersfield HD9 1HN has been nominated liquidator of
the company.

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


DEE TWO: Appoints Liquidator from Berley
----------------------------------------
At the extraordinary general meeting of Dee Two Investments
Limited on March 15, 2005 held at 76 New Cavendish Street, London
W1G 9TB, the subjoined extraordinary resolution to wind up the
company was passed.  Jeremy Berman of Berley, 76 New Cavendish
Street, London W1G 9TB has been appointed liquidator of the
company.

CONTACT:  BERLEY
          76 New Cavendish Street
          London W1M 7LB
          Phone: 020 7636 9094
          Fax: 020 7636 4115


DRAX: Plans to Re-list Before 2005 Ends
---------------------------------------
The board of Drax plans to restructure its debt in preparation
for a stock market listing by the end of the year, according to
The Scotsman.

Negotiations with creditors are planned ahead of the annual
meeting in May.  Drax's adviser, Dresdner Kleinwort Wasserstein,
expects the firm to list in the London Stock Exchange by
December.  The plan could give U.K.'s largest coal-fired power
station an enterprise value of more than GBP1.5 billion,
including GBP908 million of debt, according to the report.

Plans for Drax's return to trading came after the firm reached
settlement with administrators of its biggest customer, power
giant TXU Europe.  Under the agreement, Drax will receive a net
compensation of GBP333 million, with the first money due by the
end of next month and two more payments in 2006.

Drax, which went into trouble after the collapse of TXU Europe in
2002, was restructured 15 months ago.  It believes it had "come a
long way," increasing power sales to GBP523 million during 2004
from GBP452 million a year earlier.  It said it had improved
profitability with gross margin of GBP239 million.

CONTACT:  DRAX GROUP LIMITED
          PO Box 3 Selby
          North Yorkshire YO8 8PQ, United Kingdom
          Phone: +44-17-5761-8381
          Fax: +44-17-5761-8504
          Web site: http://www.draxpower.com


EUCLIDIAN GROUP: Members Pass Winding-up Resolutions
----------------------------------------------------
At the extraordinary general meeting of the members of Euclidian
Group Plc on March 11, 2005 held at Regus, 68 Lombard Street,
London EC3V 9LJ, the extraordinary and ordinary resolutions to
wind up the company were passed.  Christopher Morris and Andrew
Dick of Begbies Traynor (South) LLP, 32 Cornhill, London EC3V 3BT
have been appointed joint liquidators of the company.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


FERI'S OF LONDON: Joint Liquidators from Ashcrofts Move in
----------------------------------------------------------
At the extraordinary general meeting of Feri's Of London Limited
on March 18, 2005 held at 33-33A Higham Hill Road, London E17
6EA, the subjoined extraordinary resolution to wind up the
company was passed.  Harjinder Johal and George Michael of
Ashcrofts, 33-33A Higham Hill Road, London E17 6EA have been
appointed joint liquidators of the company.

CONTACT:  ASHCROFTS
          33-33A Higham Hill Road,
          London E17 6EA


FINSTALL LIMITED: Members Decide to Wind up Company
---------------------------------------------------
At the extraordinary general meeting of the members of Finstall
Limited on March 14, 2005 held at 26-28 Goodall Street, Walsall
WS1 1QL, the extraordinary resolution to wind up the company was
passed.  Timothy Frank Corfield of Griffin & King, 26-28 Goodall
Street, Walsall WS1 1QL has been nominated liquidator of the
company.

CONTACT:  GRIFFIN & KING
          26-28 Goodall Street,
          Walsall, West Midlands WS1 1QL
          Phone: 01922 722205
          Fax: 01922 639480


GRAHAM CORPORATION: Hires Receiver for Discontinued U.K. Firms
--------------------------------------------------------------
Graham Corporation said Thursday that a receiver has been
appointed to administer Graham's discontinued operations in the
United Kingdom.  The discontinued operations, which include
Graham Vacuum and Heat Transfer Limited and GVHT's wholly owned
operating subsidiary, Graham Precision Pumps Limited, are located
in Congleton, Cheshire, U.K.

On March 15, 2005, Graham Corporation's Board of Directors
approved discontinuance of its U.K. operations and the sale of
the U.K. companies.  On March 21, 2005, the Company filed a Form
8-K with the U.S. Securities and Exchange Commission reporting
this decision and also that it had proposed to appoint an
appropriately qualified U.K. administrator for GVHT and GPPL as a
step toward proceeding with the sale of the companies.  The
appointment of an administrator gives U.K. companies protection
in a manner similar to bankruptcy proceedings in the U.S.

National Westminster Bank, as the primary creditor of the
U.K. operations, exercised its right to place the businesses in
receivership, which the Company anticipates will result in the
liquidation of the operations.  Receivership also provides
protection similar to U.S. bankruptcy proceedings.

Graham Corporation expects to incur a non-cash charge of
approximately $4.50 million to $5.25 million in the current
fiscal quarter, which ends March 31, 2005.  Any income tax
benefits that may be realized as a result of the loss are not yet
known.

Bill Johnson, President and CEO of Graham Corporation, commented:
"Strategically, we have recognized the need to streamline our
operations and improve our cost competitiveness in the global
market that we serve in order to grow the Company.  We concluded
that discontinuing our non-profitable U.K. business will
strengthen Graham's operating performance, focus our resources
and allow for greater investment in our core product lines."

The U.K. operations had sales of $5.6 million for the first
nine-months of fiscal year 2005, which ends March 31, 2005, and
its net loss for that period was $329,000.

Mr. Johnson said: "We anticipate that the closing of our U.K.
pump manufacturing operations will result in a seamless
transition to our selected alternative sources for pumps and
provide continued quality service of our core market channels and
customers for engineered vacuum solutions."

About Graham Corp.

A worldwide leader in vacuum technology, Graham designs and
builds vacuum and heat transfer equipment for the process
industries throughout the world.  The principal industries that
it serves include chemical, petrochemical, petroleum refining and
electric power generation, including cogeneration and geothermal
plants.  Other markets served include metal refining, pulp and
paper, shipbuilding, water heating, refrigeration, desalination,
food processing, drugs, heating, ventilating and air
conditioning.  Graham's ejectors, liquid ring and dry vacuum
pumps, condensers, heat exchangers and other products, sold
either as components or as complete systems, are used by its
customers to produce synthetic fibers, chemicals, petroleum
products (including gasoline), electric power, processed food
(including canned, frozen and dairy products), pharmaceutical
products, paper, steel, fertilizers and numerous other products
used everyday by people throughout the world.

CONTACT:  GRAHAM CORPORATION
          J. Ronald Hansen
          Vice President of Finance and Administration
          and Chief Financial Officer
          Phone: (585) 343-2216


HARRIS DIE: Hires Griffin & King as Liquidator
----------------------------------------------
At the extraordinary general meeting of the members of Harris Die
& Pattern Makers Limited on March 14, 2005 held at 26-28 Goodall
Street, Walsall WS1 1QL, the extraordinary resolution to wind up
the company was passed.  Timothy Frank Corfield of Griffin &
King, 26-28 Goodall Street, Walsall WS1 1QL has been nominated
liquidator of the company.

CONTACT:  GRIFFIN & KING
          26-28 Goodall Street,
          Walsall, West Midlands WS1 1QL
          Phone: 01922 722205
          Fax: 01922 639480


HEMEL RECOVERY: Members Call in Liquidator from D. Wald & Co.
-------------------------------------------------------------
At the extraordinary general meeting of the members of Hemel
Recovery Limited on March 16, 2005 held at 18 Sapcote Trading
Centre, Dudden Hill Lane, London NW10 2DH, the extraordinary and
ordinary resolutions to wind up the company were passed.  David
Wald of D. Wald & Co., 189 Sapcote Trading Centre, Dudden Hill
Lane, London NW10 2DH has been appointed liquidator of the
company.

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


HHG PLC: Henderson, Life Services Perform Strongly
--------------------------------------------------
Highlights of 2004 financial results:

(a) operating profit before tax of GBP107 million (2003: GBP98
    million) reflecting solid performance in both Henderson and
    Life Services;

(b) profit on ordinary activities before tax of GBP41 million
    (2003 loss: GBP864 million) after write-downs, interest
    costs, amortization, impairment of goodwill and present
    value of in-force business and profit on business disposals
    totaling GBP66 million (2003: -GBP962 million);

(c) profit on ordinary activities after tax GBP38 million (2003:
    GBP847 million loss);

(d) Henderson operating profit up 63% to GBP52 million (2003:
    GBP32 million)

(e) Henderson cost to income ratio improved to 79% (2003: 84%);

(f) Henderson assets under management of GBP69.1 billion (2003:
    GBP70.6 billion);

(g) Life Services operating profit up 6% to GBP86 million (2003:
    GBP81 million);

(h) Life Services' traditional embedded value GBP1.46 billion
    (30 June 2004: GBP1.31 billion, 31 December 2003: GBP1.15
    billion); and

(i) on track for sale of Life Services -- expected completion in
    April 2005.

Chief Executive Roger Yates said: "During 2004, we made good
progress against our business objectives, including solid
improvements in operating profit and efficiency.  We further
strengthened our financial position and created shareholder value
by restructuring the Group and through the turnaround in and
proposed sale of the Life Services business.

"Henderson operating profit was up 63% against the same period
last year on the back of improved market conditions and revenues
from higher margin products.  In addition, Henderson achieved its
2004 cost to income target; the improvement from 84% in 2003 to
79% for the year and 78% in the second half was driven by a shift
to higher margin business and increased transaction and
performance fees.  This trend increased total margins on average
AUM by 21% from 28bps in 2003 to 34bps in 2004.

"Life Services saw improved profit in the second half of 2004 to
deliver a full year result of GBP86 million, in line with 2003.
The embedded value of Life Services rose to GBP1.46billion due to
additional capital and improved investment returns although the
necessary strengthening of annuitant mortality reserves in the
first half did have a negative impact.

"During the period, we took action to improve the capital
position and operational structure of the Group.  We exited
non-core or non-performing businesses through the divestiture of
our investment in Virgin Money and the closure of Towry Law
International.  We improved the regulatory capital position,
increased provisions against risks across the business and
reduced costs where we could.  In addition, we simplified the
Group by buying out the remaining holding in HHG Invest from
Pearl and in the second half we entered into an agreement to sell
Life Services and put forward proposals to return the majority of
proceeds to shareholders.

"All of these actions have helped to create a stronger, more
streamlined Group and will ensure we are well placed for the
future."

Henderson - Strong Growth in Profits and Margins

Operating profit before tax was GBP52 million, up 63% from
GBP32million in 2003.  This reflects the recovery in equity
markets from their low in early 2003 and an improvement in fee
margins, a core business objective.  Total fee income in 2004 of
GBP234 million was 21% higher than in 2003 (GBP193 million),
reflecting higher management fees and greater transaction and
performance fees.

Henderson's cost to income ratio improved further as growth in
revenue ensured the asset management business achieved its target
for the year.  This was despite increases in the cost base for
variable and certain other costs (such as pension contributions).
In the second half of 2004 increased revenues drove the ratio to
78% compared to 79% in the first half of 2004 and 84% for 2003.

Total assets under management (AUM) at the end of 2004 were
higher than anticipated at GBP69.1 billion (up 1% on 30 June
2004, down 2% against 2003 year end).  Underlying this position
were the expected outflows associated with the run-off
of Life Services and outflows in institutional business offset by
market growth and inflows to higher margin products.  Henderson
has continued to focus on its target of improving margins on AUM.

Revenue lost through fund outflows from lower margin Life
Services assets and some external institutional business was
offset by gains in higher margin areas such as absolute return
funds, US and European mutual funds and property products.  This
trend increased total margins on average AUM by 21% from 28bps in
2003 to 34bps in 2004.

Life Services - Improved Efficiency and Realized Value

Life Services produced a relatively stable operating profit of
GBP86 million, up 6% on the prior year (GBP81 million) reflecting
the release of prudential margins from the run-off of the closed
books and the shareholder's share of bonuses on with-profits
business.

The second half of 2004 profit (GBP54 million) was significantly
above the first half of 2004 (GBP32 million), which had been
impacted by the strengthening of annuitant mortality assumptions
for NPIL and NPLL related business in that period.

HHG Services (the service company) achieved a GBP8 million profit
for 2004, well ahead of the breakeven target set for the year.
The rise in embedded value for the Life Services business to
GBP1.46 billion at 31 December 2004, included the positive impact
of additional capital attributed to the business unit, improved
investment return, earnings from the in-force book of business
partly offset by the adverse impact of strengthening the
annuitant mortality basis.

Life Services capital increased during the year as a result of
the sale by Pearl of its remaining 24% interest in HHG Invest to
HHG PLC and the GBP75 million consideration arising from the
disposal of HHG's interest in Virgin Money Group.

Update on the Sale of Life Services

On 21 February 2005, at the Extraordinary General Meeting, HHG
shareholders voted overwhelmingly in favor of the sale of the
Life Services business.  HHG is working to secure the required
Pension Trustee and U.K. Financial Services Authority approvals
and meet necessary conditions to complete the Sale in April 2005.

In addition to the Sale, HHG proposals also encompass the return
of capital to shareholders through two transactions that exchange
approximately GBP885 million of the cash proceeds for share
cancellation and reduce its register by over 700,000 holdings.
Assuming the Sale completes, these transactions are currently
expected to be executed in line with the indicative timetable
included in the Circular (dated 22 December 2004) issued to
shareholders and available at http://www.hhg.com.

Other Businesses

In February 2004, the sale of the AMPLE online financial services
business was completed, the impact of which was provided for in
the full year 2003 result.

In April 2004, HHG completed the sale of its 50% holding in
Virgin Money to the Virgin Group, resulting in an exceptional
profit of GBP18 million.  In the period to disposal, HHG's share
of Virgin Money profit was GBP1 million.

In May 2004, HHG announced the closure of Towry Law International
to new business.  This resulted in a non-operating exceptional
loss of GBP8 million.  Following recent review, management have
made additional prudent provisions for TLI in order to ensure an
orderly exit from these operations with no adverse impact on the
Group going forward.  Total provision for TLI product legacy
issues stands at GBP43 million at
2004 year-end.

The closure of TLI has no impact on the operations of Towry Law
in the United Kingdom, which reported a breakeven position for
2004.

Balance Sheet and Liquidity

On 31 March 2004, HHG issued 246,160,000 new ordinary shares for
a net consideration of GBP115 million to acquire Pearl's
remaining investment in HHG Invest.  The capital and liquidity
position of HHG improved as a result of the cash received from
the equity raising and from the disposal of its interest in
Virgin Money.

Dividend

No ordinary dividend is proposed for 2004 (2003:nil).  This is in
line with HHG's previous statement that, subject to ongoing
review, dividends are not likely to be paid in or in respect of
2004.  HHG does expect, subject to the completion of the sale of
Life Services, to pay a final 2005 dividend in early 2006.

The Board of Directors

Four new non-executive Directors, John Roques, Duncan Ferguson,
Gerald Aherne and Rupert Pennant-Rea were appointed to the HHG
Board during 2004.  Non-executive Director departures included
the two AMP Limited directors, Andrew Mohl (February 2004) and
Pat Handley (May 2004) Sir Malcolm Bates and Peter Costain
(February 2005).  Rupert Pennant-Rea succeeded Sir Malcolm Bates
as HHG Chairman in March 2005.

Outlook for Full Year 2005

HHG achieved its financial objectives for 2004, including
improved profitability and balance sheet strength.  Henderson is
benefiting from good sales of higher margin products, including
property, mutual and hedge funds, which are expected to offset
margins lost from outflows in assets under management during
2005.  Henderson's expense ratio will be managed by growing
revenues and we expect some further progress in 2005 towards our
medium term target of 75%.

Towry Law U.K. is expected to improve its operating result in
2005 although it is likely to remain small compared to the Group
as a whole.  Corporate costs will be reduced from the levels seen
in the first half through a decrease in shareholder servicing
costs and downsizing of the Corporate Office.

The group continues to manage their capital and risks within the
remaining group prudently.

Meanwhile, the sale of Life Services and return of cash to
shareholders is on track for April 2005 and the groups expects to
pay its first dividend in early 2006 in respect of the end of
2005.

About HHG PLC

HHG PLC is a diversified financial services group listed on the
London and Australian stock exchanges.  It is a member of both
the FTSE 250 and the ASX 100 indices.

HHG consists of:

(a) Henderson Global Investors, a leading U.K.-based investment
    manager with over GBP69 billion of assets under management;

(b) Life Services which is made up of the life and pension books
    of Pearl Assurance plc, NPI Limited, National Provident Life
    Limited and London Life Limited, which are closed to new
    business, and HHG Services Limited, which provides
    administration services to the life companies; and

(c) The financial advisory firm, Towry Law.

CONTACT:  HHG PLC
          4 Broadgate
          London
          EC2M 2DA, United Kingdom
          Phone: +44-20-7454-9779
          Fax: +44-20-7818-1820
          Web site: http://www.hhg.com

          Investor Inquiries
          Gail Williamson
          Director of Investor Relations
          Phone: +44 20 7818 5168
          E-mail: investor.relations@hhg.com


INTEGRATE MECHANICAL: Names Liquidator from Monahans
----------------------------------------------------
At the extraordinary general meeting of the members of Integrate
Mechanical Technologies Limited on March 16, 2005 held at
Monahans, 38-42 Newport Street, Swindon SN1 3DR, the
extraordinary resolution to wind up the company was passed.  Paul
Michael McConnell of Monahans, 38-42 Newport Street, Swindon SN1
3DR has been appointed liquidator of the company.

CONTACT:  MONAHANS
          38-42 Newport Street
          Swindon
          Wiltshire SN1 3DR
          Phone: 01793 521231
          Fax: 01793 512188
          E-mail: paulm@monahans.co.uk


INTERNATIONAL POWER: Results Generally Unchanged Under IFRS
-----------------------------------------------------------
International Power has adopted the International Financial
Reporting Standards (IFRS) on 1 January 2005.  To assist in
communicating the impact of the transition to IFRS, International
Power presented its unaudited results for the year ended 31
December 2004 in accordance with IFRS.

Mark Williamson, Chief Financial Officer of International Power,
said: "The financial information provided shows that IFRS would
not have had a significant impact on International Power's 2004
results.  We confirm that our 2005 earnings guidance for EPS at
11.0p to 12.5p remains unchanged under IFRS."

The impact of IFRS on the 2004 results is set out in the table.

Year ended 31 December 2004                             Proforma
                               U.K. GAAP      IFRS          IFRS
                                         excluding     including
                                         IAS 32/39     IAS 32/39
---------------------------------------------------------------
                                 GBP m       GBP m         GBP m
Excluding exceptional
and non-recurring items
---------------------------------------------------------------
Profit before interest and tax     287         288           289
Profit for the financial year      108         112           107
EPS (basic)                       8.3p        8.6p          8.2p
---------------------------------------------------------------
Including exceptional
and non-recurring items
---------------------------------------------------------------
Profit before interest and tax     302         303           304
Profit for the financial year       94          98            94
EPS (basic)                       7.2p        7.5p          7.2p
---------------------------------------------------------------
---------------------------------------------------------------
Shareholders' equity             1,825       1,833         1,799
---------------------------------------------------------------

About International Power

International Power plc is a leading independent electricity
generating company with 15,486 MW (net) in operation and 1,713 MW
(net) under construction.

International Power has power plants in operation or under
construction in Australia, the United States of America, the
United Kingdom, the Czech Republic, Italy, Portugal, Spain,
Turkey, Oman, Qatar, Saudi Arabia, the UAE, Indonesia, Malaysia,
Pakistan, Puerto Rico and Thailand.

International Power was listed on the London Stock Exchange and
the New York Stock Exchange (as ADRs), on 2 October 2000.  The
ticker symbol on both stock exchanges is 'IPR'.  Financial
statements are available free of charge at
http://bankrupt.com/misc/InternationalPower_2004.htm.

CONTACT:  INTERNATIONAL POWER PLC
          Senator House
          85 Queen Victoria Street
          London EC4V 4DP
          Phone: +44 (0)20 7320 8600
          Fax: +44 (0)20 7320 8700

          Investor
          Anna Hirst
          Phone: +44 (0)20 7320 8788
          Mobile: 07989 492 744

          Media
          Sara Richardson
          Phone: +44 (0)20 7320 8619
          Mobile: 07989 492 740


INUX TECHNOLOGIES: Hires Liquidator from KSA
--------------------------------------------
At the extraordinary general meeting of Inux Technologies Limited
on March 17, 2005 held at 1st Floor, 1 East Poultry Avenue, West
Smithfield, London EC1A 9PT, the subjoined extraordinary
resolution to wind up the company was passed.  M. J. Ryan has
been appointed liquidator of the company.

CONTACT:  KSA
          141 Parrock Street
          Gravesend
          Kent DA12 1EY
          Phone: 01474 532 862
          Fax: 01474 532 863
          E-mail: malcolmryan@ksabr.com


LUSH DESIGN: Joint Liquidators from Citroen Wells Move in
---------------------------------------------------------
At the extraordinary general meeting of the members of Lush
Design Gardens Limited on March 17, 2005 held at Devonshire
House, 1 Devonshire Street, London W1W 5DR, the extraordinary and
ordinary resolutions to wind up the company were passed.  Mark
Richard Phillips and Murzban Khurshed Mehta of Citroen Wells,
Devonshire House, 1 Devonshire Street, London W1W 6DR have been
appointed joint liquidators of the company.

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


LYNDHURST ENGINEERING: Members Call in Liquidator
-------------------------------------------------
At the extraordinary general meeting of the members of Lyndhurst
Engineering Company Limited on March 14, 2005 held at Station
House, Midland Drive, Sutton Coldfield, West Midlands B72 1TU,
the extraordinary and ordinary resolutions to wind up the company
were passed.  Gerald Irwin has been appointed liquidator of the
company.

CONTACT:  IRWIN & COMPANY
          Station House
          Midland Drive
          Sutton Coldfield
          Birmingham
          West Midlands B72 1TU
          Phone: 08700 111812
          Fax: 08700 111813
          E-mail: mail@irwinuk.net


MANNING WILLIAMS: Hires Baker Tilly as Liquidator
-------------------------------------------------
At the extraordinary general meeting of Manning Williams Holdings
Limited on March 16, 2005 held at the offices of David Rubin &
Partners, 26-28 Bedford Row, London WC1R 4HE, the subjoined
extraordinary resolutions to wind up the company were passed.
Matthew Richard Meadley Wild of Baker Tilly, The Clock House, 140
London Road, Guildford, Surrey GU1 1UW has been appointed
liquidator of the company.

CONTACT:  BAKER TILLY
          The Clock House, 140 London Road,
          Guildford, Surrey GU1 1UW
          Phone: 01483 307000
          Fax: 01483 569 281
          Web site: http://www.bakertilly.co.uk


MAYFAIR CARRIAGES: Members Hire Liquidator from Kakouris
--------------------------------------------------------
At the extraordinary general meeting of the members of Mayfair
Carriages Ltd. on March 18, 2005 held at 43 Blackstock Road,
London N4 2JF, the extraordinary resolution to wind up the
company was passed.  Andreas Georgiou Kakouris of 43 Blackstock
Road, London N4 2JF has been nominated liquidator of the company.

CONTACT:  KAKOURIS & MICHAELIDES
          43 Blackstock Road
          London N4 2JF
          Phone: 020 7226 6196
          Fax: 020 7704 6500
          E-mail: info@agkakouris.co.uk


METALTEC FABRICATION: Hires Liquidator from Vantis
--------------------------------------------------
At the extraordinary general meeting of Metaltec Fabrication
Limited on March 18, 2005 held at 82 St John Street, London EC1M
4JN, the extraordinary and ordinary resolutions to wind up the
company were passed.  Mark Newman of Vantis Business Recovery,
Judd House, East Street Tonbridge, Kent TN9 1HG has been
appointed liquidator of the company.

CONTACT:  VANTIS BUSINESS RECOVERY
          Judd House
          East Street
          Tonbridge
          Kent TN9 1HG
          Phone: 01732 378680
          Fax: 07917260099
          E-mail: mark.newman@vantisplc.com


MILESPEED INC: Names Ian Franses Associates Liquidator
------------------------------------------------------
At the extraordinary general meeting of Milespeed Inc Limited on
March 16, 2005 held at 24 Conduit Place, London W2 1EP, the
extraordinary resolution to wind up the company was passed.  Ian
Franses of Ian Franses Associates, 24 Conduit Place, London W2
1EP has been appointed liquidator of the company.

CONTACT:  IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Phone: 020 7262 1199
          Fax: 020 7262 2662
          E-mail: if@ianfranses.co.uk


MITCHELL WINDOWS: Members Name Liquidator from Rushtons
-------------------------------------------------------
At the extraordinary general meeting of the members of Mitchell
Windows Limited on March 14, 2005 held at Merchant's Quay, Ashley
Lane, Shipley BD17 7DB, the extraordinary and ordinary
resolutions to wind up the company were passed.  Raymond Stuart
Claughton of Rushtons, Merchant's Quay, Ashley Lane, Shipley BD17
7DB has been appointed liquidator of the company.

CONTACT:  RUSHTONS
          Merchant's Quay
          Ashley Lane
          Shipley
          West Yorkshire BD17 7DB
          Phone: 01274 598585
          Fax: 01274 599474
          E-mail: rushtonsinsol@btinternet.com


PREMIER FOOD: Members Pass Winding-up Resolutions
-------------------------------------------------
At the extraordinary general meeting of the members of Premier
Food Services Limited on March 16, 2005 held at C12 Marquis
Court, Marquis Way, Team Valley, Gateshead NE11 0RU, the
extraordinary and ordinary resolutions to wind up the company
were passed.  E. Wallis has been appointed liquidator of the
company.

CONTACT:  PREMIER FOOD SERVICES LTD.
          Unit 5 Park Road Industrial Estate
          Consett
          DH8 5PY
          Durham
          Phone: 01207 583742
          Fax: 01207 583743


PRESTIGE PERSONAL: Names Geoffrey Martin & Co. Liquidator
---------------------------------------------------------
At the extraordinary general meeting of Prestige Personal Laundry
Services Limited on March 14, 2005 held at Highfield Hotel, 335
Marton Road, Middlesbrough, Cleveland TS4 2PA, the extraordinary
and ordinary resolutions to wind up the company were passed.
Geoffrey Martin of Geoffrey Martin & Co., St James's House, 28
Park Place, Leeds LS1 2SP has been appointed liquidator of the
company.

CONTACT:  GEOFFREY MARTIN & CO.
          St James's House
          28 Park Place
          Leeds
          West Yorkshire LS1 2SP
          Phone: 0113 244 5141
          Fax: 0113 242 3851
          E-mail: geoffrey.martin@geoffreymartin.co.uk


ROYAL & SUNALLIANCE: Launching Scrip Dividend Scheme
----------------------------------------------------
The Royal & SunAllliance Insurance Group Plc offers shareholders
the opportunity to take new ordinary shares, credited as fully
paid, in lieu of cash dividends, by participating in a Scrip
Dividend Scheme.

In relation to the final dividend for 2004, the price of new
ordinary shares under the Scrip Dividend Scheme has been set at
79.05 p.  This is the average of the Company's middle market
closing price for the five consecutive dealing days commencing on
the ex-dividend date of 16 March 2005.

Shareholders wishing to participate in the proposed Scrip
Dividend Scheme should return their mandate forms to Lloyds TSB
Registrars to arrive no later than 3 May 2005.

CONTACT:  LLOYDS TSB REGISTRARS
          Phone: 0870 600 3988
                +44 121 415 7064 (if calling from overseas)
          Contact:
          Jackie Fox

          ROYAL & SUN ALLIANCE INSURANCE GROUP PLC
          Phone:  +44 (0) 20 7111 7042


SOMAREA PROMOTIONS: Hires Berley as Liquidator
----------------------------------------------
At the extraordinary general meeting of Somarea Promotions
Limited on March 15, 2005 held at 76 New Cavendish Street, London
W1G 9TB, the subjoined extraordinary resolution to wind up the
company was passed.  Mark Levy of Berley, 76 New Cavendish
Street, London W1G 9TB has been appointed liquidator of the
company.

CONTACT:  BERLEY
          76 New Cavendish Street
          London W1M 7LB
          Phone: 020 7636 9094
          Fax: 020 7636 4115
          E-mail: mark.levy@berley.co.uk


STATION MANAGEMENT: Appoints Poppleton & Appleby Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Station Management
Support Limited on March 16, 2005 held at 32 High Street,
Manchester M4 1QD, the subjoined extraordinary resolution to wind
up the company was passed.  Stephen James Wainwright and Stephen
Lord of Poppleton & Appleby, 32 High Street, Manchester M4 1QD
have been appointed liquidators of the company.

CONTACT:  POPPLETON & APPLEBY
          32 High Street
          Manchester
          Greater Manchester M4 1QD
          Phone: 0161 834 7025
          Fax: 0161 833 1548
          E-mail: insol@pandamanchester.co.uk


STODDARD INTERNATIONAL: Pensioners May Benefit from Govt Scheme
---------------------------------------------------------------
The chairman of Stoddard International pensions scheme trustees
believes workers could recover their money under a new government
pension scheme, according to Evening Times Online.

Ian Gordon hopes workers made redundant at Stoddard's Kilmarnock
plant will qualify for up to 90% of promised pensions under the
Pensions Protection Fund to be launched on April 6.

He said: "Everybody had assumed a company which became insolvent
before April 6 would not get the benefit.

"But the rules were reinterpreted and it is now fairly clear that
what has to happen after April 6 is an insolvency event of some
kind in relation to the company in order to trigger the PPF.  It
can be receivership, administration or liquidation."

He added: "The receivership is continuing and is likely to
continue until after April 6, with liquidation likely to occur
later."

This is despite skepticism from other pension lawyers who say the
rules governing the PPF have yet to be published.  According to
them the Government may still draft ways to limit payouts after
the General Election, expected on May 5.

Stoddard's pension fund has 1,750 members.


STORM I.T.: Liquidator from Oury Clark Moves in
-----------------------------------------------
At the extraordinary general meeting of Storm I.T. Computing
Limited on March 10, 2005 held at Oury Clark, Herschel House, 58
Herschel Street, Slough, Berkshire SL1 1PG, the subjoined
extraordinary resolution to wind up the company was passed.
Elliot Harry Green of Oury Clark, Herschel House, 58 Herschel
Street, Slough, Berkshire SL1 1PG has been appointed liquidator
of the company.

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


TOPPS TILES: Shares Fall by a Fifth
-----------------------------------
Shares in Topps Tiles dipped by a fifth after like-for-like sales
for the past four weeks were two to three percent lower year on
year.

Even though first-half pre-tax profit, for the 26 weeks to April
2, should be up 35 per cent at 21 million -- including a GBP1.5
million exceptional gain on disposals -- the shares, which have
outperformed their sector by 35 per cent over 12 months, fell 15
per cent to 189p.

The ceramic tile and wood flooring specialist reported in January
a 15 per cent rise in like-for-like sales in the first 14 weeks
of its financial year.  But the group admitted it would be hard
to maintain such growth rate.

"This is a very short-term period, the last four weeks, but the
company is guiding down to expect sales to be flat in the second
half," said brokerage Numis Securities.

Topps Tiles is engaged in retail and wholesale distribution of
ceramic tiles, wood flooring and related products.  It operates
in the United Kingdom and Mainland Europe.  Products include
wall, border and floor tiles, wood flooring, trim and tools,
adhesives and cleaning materials.

CONTACT:  TOPPS TILES PLC
          Rushworth House
          Wilmslow Road Handforth
          Wilmslow
          Cheshire
          United Kingdom
          SK9 3HJ
          Phone: +44 1625 446700
          Fax: +44 1625 446800
          Web site: http://www.toppstiles.co.uk


VEDANTA RESOURCES: Appoints Kuldip Kaura Chief Executive
--------------------------------------------------------
London listed metals and mining company Vedanta Resources plc has
restructured its board with immediate effect.

Kuldip Kaura, the Chief Operating Officer, is to become Chief
Executive Officer and join the Board.  Anil Agarwal, Chief
Executive, is to become Executive Chairman.  Michael Fowle, the
current Chairman, and Jean Pierre Rodier will retire from the
Board.  The Board has appointed Euan Macdonald, who has broad
experience in the London market and an excellent knowledge of
India, as a new non-executive director.  The Board intends to
appoint a further London-based Senior Independent Non Executive
Director.

The Board believes that India is changing rapidly and presents
the Group with significant opportunities.  The appointment of
Anil Agarwal as Chairman allows him to step back from operational
management and focus on turning these opportunities into value
creating projects, thereby extending our exceptional growth
pipeline further into the future.  Kuldip Kaura has done an
excellent job as Chief Operating Officer and will now move up to
become Chief Executive.

While the Board notes that the appointment of Anil Agarwal to
Chairman is not in compliance with the revised Combined Code, it
believes that the new structure better reflects the needs for the
development of the Group and makes best use of the talents within
our team.  The Board will have a healthy balance with a majority
of Non Executive Directors on the Board.

The Board would like to thank Michael Fowle and Jean Pierre
Rodier for their substantial contribution to the Group.

Michael Fowle said: "I am glad that I have been able to
contribute to Vedanta during such an exciting period.  I wish the
Group continued success in the future."

Anil Agarwal said: "We have achieved significant milestones that
we set out at the IPO including the rationalization of the Group
structure, the ongoing zinc and aluminum expansions and the
acquisition of Konkola Copper Mines.  I look forward to focusing
on the exciting opportunities available to the Group in
India."

Kuldip Kaura said: "I am delighted to be offered this opportunity
at a time when Vedanta offers so much growth and potential.
Vedanta remains the only U.K. mining company offering direct
exposure to India and I look forward to deepening my relationship
with the investment community."

                            *   *   *

In January, Standard & Poor's Ratings Services raised its
long-term foreign-currency corporate credit and senior unsecured
debt ratings on Vedanta Resources to 'BB+' from 'BB', following
the upgrade of the sovereign credit rating on the Republic of
India (BB+/Stable/B), where the majority of Vedanta's operations
are based.  The outlook is stable.  The recent sovereign upgrade
of India reflected the republic's improved external position and
growth prospects.

CONTACT:  VEDANTA RESOURCES PLC
          44 Hill Street Mayfair
          London
          United Kingdom
          W1J 5NX
          Phone: +44 20 7629 6070
          Fax: +44 20 7629 7426
          Web site: http://www.vedantaresources.com

     Investor Relations
          John Smelt, Head
          Phone: +44 20 7499 5900
                 +44 787 964 2675

          James Murgatroyd
          Robin Walker
          Finsbury
          Phone: +44 20 7251 3801


WM MORRISON: Chairman Under Fire
--------------------------------
Displeased shareholders are keeping WM Morrison Supermarket PLC
Chairman Sir Ken Morrison under fire.  Some reportedly are even
hoping for him to bow out soon.

Shareholders are still disappointed even after the supermarkets
giant went through boardroom changes last week.  The shake-up saw
Martin Ackroyd stepping down after 18 years as finance director,
and joint managing director Bob Stott being promoted to chief
executive.

Investors have been pressuring Mr. Morrison since his company
bought rival Safeway last year for GBP3.35 billion.  The planned
integration failed, which led Morrison to three profits warnings.

However, Mr. Stott said Mr. Morrison has not revealed any plans
to retire from the business, "apart from the odd day off."

"He works from very early in the morning to very late in the
evening. He gets no younger," Mr. Stott added.

News of the changes came after the company's pre-tax profits fell
to GBP297 million in the year to the end of January, compared
with GBP320 million the previous year.  The group took a GBP40
million charge resulting from an audit of Safeway's supplier
discounts.

Same-floorspace sales at core Morrison's stores were up 7.1 per
cent on the year, with converted Safeway stores up 10.9 per cent
and unconverted Safeway down 6.8 per cent.

And in the first six weeks of its new financial year, there was
improving performance from both converted and unconverted Safeway
stores, with like-for-like sales up 13 per cent and 1.2 per cent
respectively.

Stott said they are doing okay in Scotland, but the brand is not
yet as popular as it is in England.  He added 12 of the 50
Safeway stores bought in Scotland have adopted the Morrison
format, with the rest to follow by the end of the year.

The final dividend is 3.075p, making the total payout 14 per cent
higher at 3.7p.

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


YOUNG & CO: Members Call in Liquidator from Begbies Traynor
-----------------------------------------------------------
At the extraordinary general meeting of the members of Young &
Co. (Cases) Limited on March 16, 2005 held at 30 Park Cross
Street, Leeds LS1 2QH, the extraordinary and ordinary resolutions
to wind up the company were passed.  Rob Sadler and Michael
Edward George Saville of Begbies Traynor, 30 Park Cross Street,
Leeds LS1 2QH have been appointed joint liquidators of the
company.

CONTACT:  BEGBIES TRAYNOR
          30 Park Cross Street, Leeds LS1 2QH
          Web site: http://www.begbies.com


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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.

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