TCREUR_Public/050401.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, April 1, 2005, Vol. 6, No. 64

                            Headlines

G E R M A N Y

BACK-TECHNIK-SYSTEME GMBH: Names Handschumacher Administrator
BAUUNTERNEHMEN UNIVERSALBAU: Interim Administrator Moves in
CELANSE AG: BCP Crystal Extends Exchange Offer for Senior Notes
DEUTSCHER FEINTUCH-VERSAND: Under Bankruptcy Administration
ELEKTRO JITTLER: Creditors Claim Due this Week

ELEKTRO-SERVICE HUSTER: Claims Filing Period Expires Today
FLENDER HOLDING: Siemens Buys Business for EUR1.2 Billion
FLENDER HOLDING: S&P Reviews Rating for Possible Upgrade
GBAU GENERALBAUAUSFUHRUNG: Creditors to Meet Later this Month
GLOBUS ERD: Last Day for Filing Claims April 22

HANSEATISCHE YACHTWERFT: Hamburg Court Appoints Administrator
HUR METALLBAU: Wolff, Rapp & Kollegen Dresden Takes over Helm
STAHL-PRODUKTE SIMON: Proofs of Claim Due this Week


H U N G A R Y

MALEV HUNGARIAN: Same Old Problem, Same Old Results


I R E L A N D

ELAN CORPORATION: Third Case of Tysabri-linked Death Surfaces
ELAN CORPORATION: Johnson & Perkinson Files Class Action


I T A L Y

FIAT SPA: Stockholders Equity Down EUR0.8 Bln Under IFRS
FIAT SPA: Launches Powertrain Technologies Business


K Y R G Y Z S T A N

AK-BULA: Public Auction of Assets Set Second Week of April
BAIGER: Creditors' Claims Due Last Week of May
DEXTER: Sets Proofs of Claim Deadline
K-DIR-OSH: Gives Creditors Until May 23 to Prove Claims
SHAM: Creditors Have Until May to File Claims


R U S S I A

BRYANSKAYA AUTO-BASE: Bryansk Court Appoints Insolvency Manager
GRITSOVSKIY: Deadline for Proofs of Claim April 26
INDUSTRY & CONSTRUCTION: Long-term Rating Raised to 'B+'
LOTOS-20: Moscow Court Hires M. Dyakonov as Insolvency Manager
MEL-RUK: Bankruptcy Proceedings Begin

NET OF BUSINESS: Last Day for Filing Claims April 26
PROM-SERVICE: Declared Insolvent
ROL-TOM: Creditors Have Until April 26 to Prove Claims
SOCHI-AGRO-STROY-SERVICE: Declared Insolvent
UDARNIK: Creditors Have Until Next Week to File Claims
VOZROZHDENIYE: Declared Insolvent


S W I T Z E R L A N D

CONVERIUM AG: 2004 Net Loss Reaches US$760.8 Million
SWISS INTERNATIONAL: Lufthansa Buys More than 80% Stake


U K R A I N E

ENTERPRISE GARANT: Declared Insolvent
GALSHKIRA: Under Bankruptcy Supervision
HOUSING-WORKING: Sets Proofs of Claim Deadline
KALUSH' EQUIPMENT: Court Appoints Temporary Insolvency Manager
MIZAR: Kyiv Court Opens Bankruptcy Proceedings

NOVOUSHITSKIJ BUTTER: Insolvency Manager Steps in
PODILLYA-MOLOKO: Bankruptcy Supervision Starts
POLYGRAPH KOLEGIUM: Succumbs to Bankruptcy
SALNITSYA LTD.: Liquidator Takes over Operations
UKRRESURS-EXPORT: Creditors' Claims Due Second Week of Month


U N I T E D   K I N G D O M

ADVANCED BEVERAGE: Calls in Liquidator from Lee & Company
ALPHINGTON PROPERTIES: Members Decide to Wind up Firm
AMOS DANBY: Hires Joint Administrators from Fanshawe Lofts
ANGLIA CATERING: Hires Begbies Traynor as Liquidator
APOLLO TRANSPORT: Members Pass Winding-up Resolutions

ASSURED DIAMOND: Insolvency Service Bans Directors
AZZURRO DESIGNS: Names Liquidator from Fisher Partners
BBK INSTALLERS: Members Appoint Liquidator from Stones & Co.
BUDGET HIRE: Members Pass Winding-up Resolutions
CENTRAL EQUIPMENT: Appoints Liquidators from Portland Business

CHARD TYRES: Names Liquidator from BN Jackson Norton
CHARLES CONTRACTORS: Members Pass Winding-up Resolution
COLBURN HOUSE: Names Abbey Taylor Ltd. Liquidator
CORPORATE BY DESIGN: Appoints Liquidators from RMT
EUROTUNNEL PLC: Seeks Debt Waiver

FINDTREE LIMITED: Members Hire Liquidator from D. Wald & Co.
HAMILTON PERSONNEL: Winding-up Report Out Later this Month
HARVEY UNNA: Members Appoint Liquidators from Carter Backer
HEAT COMPLETE: Names Begbies Traynor Administrator
HOWARD FRAPWELL: Director Disqualified for Three Years

JUST ITALIAN: Director Banned for More than Three Years
LEDA WORKWEAR: Names Kay Johnson Gee Administrator
MG ROVER: Chances of Sealing Deal High
MYTRAVEL GROUP: Shareholders Approve Capital Reorganization
NATURAL OPTIONS: Creditors Meeting Set in Two Weeks

NETWORK RAIL: New Details of Predecessor's Collapse Emerge
NEWSTYLE CONSULTANCY: Calls in Rendell Thompson Liquidator
PARSONS PEEBLES: Bank of Scotland Appoints KPMG Receiver
PERRIS & KEARON: Members Pass Special Resolution
PLECK CASTINGS: Meeting of Creditors Set Next Week

P&L HOLDINGS: Members Pass Special Resolution
SILFELT LIMITED: Members Pass Winding-up Resolutions
STONE & ROLLS: Three-year Ban for Top Honcho Served
SUSSEX PHARMACEUTICAL: Creditors Meeting Set Next Week
TXU UK: Section 304 Petition Summary
WHITEHEAD MANN: Raising GBP13 Mln via Share Issuance
WIRELESS GROUP: Confirms Takeover Talks


                            *********


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


BACK-TECHNIK-SYSTEME GMBH: Names Handschumacher Administrator
-------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Back-Technik-Systeme GmbH on Feb. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 1, 2005 to register their
claims with court-appointed provisional administrator Markus M.
Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting on May 10, 2005, 11:45 a.m. at Saal 24, im
Gerichtsgebaude, Furstenstrasse 21 in Chemnitz 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:  BACK-TECHNIK-SYSTEME GMBH
          Rodewischer Strasse 2A, 08485 Lengenfeld/OT Plohn
          Contact:
          Henry Jurgen Priesemuth, Manager

          HANDSCHUMACHER
          Markus M. Merbecks, Administrator
          Ludwigstrasse 58, 09113 Chemnitz
          Web site: http://www.handschumacher.de


BAUUNTERNEHMEN UNIVERSALBAU: Interim Administrator Moves in
-----------------------------------------------------------
The district court of Frieburg opened bankruptcy proceedings
against Bauunternehmen Universalbau GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 18, 2005
to register their claims with court-appointed provisional
administrator Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting on June 1, 2005, 10:00 a.m. at Saal 28,
Gerichtsgebaude, Furstenstrasse 21 at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  BAUUNTERNEHMEN UNIVERSALBAU GMBH
          Am St.-Niclas-Schacht 11, 09599 Freiberg
          Contact:
          Wolfgang Strahle, Manager

          DR. JUNKER & KOLLEGEN
          Dr. Christoph Junker, Administrator
          Karcheralle 25a, 01277 Dresden
          Web site: http://www.junker-kollegen.de


CELANSE AG: BCP Crystal Extends Exchange Offer for Senior Notes
---------------------------------------------------------------
BCP Crystal U.S. Holdings Corp., an indirect subsidiary of
Celanese Corporation (NYSE:CE), extended the expiration date of
its offer to exchange all of its outstanding U.S. Dollar-
denominated 9 5/8% Senior Subordinated Notes due 2014 and all of
its outstanding Euro-denominated 10 3/8% Senior Subordinated
Notes due 2014 for U.S. Dollar-denominated 9 5/8% Senior
Subordinated Notes due 2014 and Euro-denominated 10 3/8% Senior
Subordinated Notes due 2014, which have been registered under
the Securities Act of 1933.  As a result of the extension, the
exchange offer is now scheduled to expire at 5 p.m., New York
City time, on April 5, 2005, unless further extended.

The exchange offer was originally set to expire at 12:00 a.m.
midnight, New York City time, on March 29, 2005.  As of this
date, tenders of approximately US$447 million aggregate
principal amount, or 56%, of the outstanding 9 5/8% Senior
Subordinated Notes and approximately EUR0 million aggregate
principal amount, or 0%, of the outstanding 10 3/8% Senior
Subordinated Notes have been received pursuant to the exchange
offer.  Except for the extension of the expiration date, all of
the other terms of the exchange offer remain as set forth in the
exchange offer prospectus.

This press release is not an offer to exchange the Exchange
Notes for the Outstanding Notes or the solicitation of an offer
to exchange, which we are making only through the exchange offer
prospectus.

Copies of the exchange offer prospectus and related documents
may be obtained from The Bank of New York, as exchange agent for
the exchange offer, at:

U.S. Dollar-Denominated denominated 9 5/8% Senior Subordinated
Notes due 2014:

By Registered or          By Fascimile     By Overnight Courier
Certified Mail:           Transmission:     or Hand Delivery:

   The Bank of New York    212-298-1915   The Bank of New York
Corporate Trust Operations            Corporate Trust Operations
   Reorganization Unit                    Reorganization Unit
101 Barclay Street--7 East            101 Barclay Street--7 East
    New York, NY 10286                    New York, NY 10286
Attn: Giselle Guadalupe               Attn: Giselle Guadalupe
   Phone: 212-815-6331                    Phone: 212-815-6331
                            To Confirm by
                              Telephone:
                              212-815-6331

Euro-Denominated 10 3/8% Senior Subordinated Notes due 2014:

    By Registered or        By Facsimile     By Overnight
    Certified Mail:         Transmission:       Courier
                                           or Hand Delivery:

  The Bank of New York,   +44-207-964-7294 The Bank of New York,
          London           (for eligible        London
   Lower Ground Floor       institutions   Lower Ground Floor
    30 Cannon Street            only)       30 Cannon Street
     EC4M 6XH London                         EC4M 6XH London
         England                                England
  Attn: Julie McCarthy                      Attn: Julie McCarthy
   Phone: +44-207-964-                      Phone: +44-207-964-
           6512                                        6512

A copy of the prospectus is available free of charge at
http://www.sec.gov/Archives/edgar/data/1314514/00010474690500361
6/a2151528zs-4a.htm

CONTACT:  CELANESE CORPORATION
          Dallas U.S.A.
          Jeanne Cullers
          Phone: +01 972-443 4824
          Fax: +01 972-443 8519
          E-mail: JECullers@celanese.com
          or
          Europe
          Michael Kraft
          Phone: +49 (0)69/305-14072
          Fax: +49 (0)69/305 36787
          E-mail: M.Kraft@celanese.com
          or

          Investors:
          Andrea Stine
          Phone: +01 908-901-4504
          Fax: +01 908-901-4805
          E-mail: A.Stine@celanese.com


DEUTSCHER FEINTUCH-VERSAND: Under Bankruptcy Administration
-----------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Deutscher Feintuch-Versand Gustav Kruse GmbH on March
10.  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 Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on May 20, 2005, 10:30 a.m. at the district court of
Bielefeld Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal 4065
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  DEUTSCHER FEINTUCH-VERSAND GUSTAV KRUSE GMBH & CO. KG
          Meierstr. 36, 32120 Hiddenhausen
          Contac:
          Peter Buiwitt, Manager
          Borgholzhausener Str. 8 a, 33824 Werther

          Hans-Peter Burghardt, Administrator
          Bunsenstr. 3, 32052 Herford


ELEKTRO JITTLER: Creditors Claim Due this Week
----------------------------------------------
The district court of Buckeburg opened bankruptcy proceedings
against Elektro Jittler GbR on March 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 5, 2005 to register their
claims with court-appointed provisional administrator Stephan
Holtershinken.

Creditors and other interested parties are encouraged to attend
the meeting on May 10, 2005, 10:45 a.m. at Saal 504,
Amtsgericht, Schulstr. 2, 31675 Buckeburg 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:  ELEKTRO JITTLER GBR
          Warbersche Str. 45, 31675 Buckeburg
          Contact:
          Dirk Wehrmann, Manager
          Zu den Brucken 26, 31675 Buckeburg

          Klaus-Dieter Wulf, Manager
          Neelhofsiedlung 44, 31737 Rinteln

          Stephan Holtershinken, Administrator
          Marienstr. 126, 32425 Minden
          Phone: 0571/64577-0
          Fax: 0571/64577-39


ELEKTRO-SERVICE HUSTER: Claims Filing Period Expires Today
----------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Elektro-Service Huster GmbH on Feb. 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 1, 2005 to
register their claims with court-appointed provisional
administrator Joachim Schneider.

Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 11:30 a.m. at Saal 24, im
Gerichtsgebaude, Furstenstrasse 21 in Chemnitz 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:  ELEKTRO-SERVICE HUSTER GMBH
          Reichenbacher Str. 34, 08527 Plauen
          Contact:
          Wolfgang Huster, Manager

          Joachim Schneider, Administrator
          Tatzendpromenade 2a, 07745 Jena


FLENDER HOLDING: Siemens Buys Business for EUR1.2 Billion
---------------------------------------------------------
Siemens is expanding its business in industrial drive technology
by acquiring Flender Holding GmbH, Bocholt, one of the world's
leading suppliers for gear systems.  The deal was closed by
Siemens and the seller, Citigroup Venture Capital Equity
Partners (CVC Equity Partners), London.  The purchase price
amounts to EUR1.2 billion.

The transaction is subject to the approval by the responsible
antitrust authorities.  The activities of Flender Holding GmbH
are to be integrated into the Siemens Automation and Drives
Group (A&D) as its eleventh division.  The aim is to expand the
Siemens drive technology portfolio by gear systems and thus
continually enhance the customer benefit offered by drive
solutions.

With 6,700 employees at 80 locations world-wide and sales of
EUR1.012 billion (fiscal 2003/04), the Flender Group is a
successful supplier of mechanical and electrical drive
equipment, such as is typically used in mechanical engineering,
basic materials processing, transport and conveying systems and
also in power generation.  Flender's product portfolio
particularly concentrates on gear technology, ranging from
couplings and industrial gear units to gear motors and large
gears for ships and wind power stations.  The regional
activities of the Flender Group are mainly concentrated in
Germany, France, China, India and the U.S.

Worldwide, gears are an integral component of many applications
and systems in production and logistics.  With the purchase of
Flender, Siemens is expanding its know how within its comprising
automation portfolio toward complete drive systems.  Thus,
Siemens will be able to optimize the installations of its
customers over the whole drive train.  Integrated development
and engineering will lead to smaller, lighter, long-living and
high-performing drive systems, contributing to the productivity
and competitiveness of industrial customers in all industries.

Helmut Gierse, Group President of A&D: "This acquisition is an
important step which ideally rounds off our drive systems
portfolio.  With gear technology, we will not only be in a
position to serve a rapidly growing part of the market but will
also be able to tailor our whole range of products and systems
even better to the requirements of our customers in all sales
industries and regions.  This will enable us to expand our
position as the world's leading supplier in the field of
industrial automation."

Dr. Winfried Walzer, CEO of Flender AG: "This transaction is an
excellent strategic combination for the Flender Group and
promises to accelerate the increasingly global nature of
Flender's business activities.  Since the beginning of CVC
Equity Partners' association with Flender in 1999, Flender has
achieved significant improvements in efficiency, productivity,
and cash flow generation, while extending its global reach.  We
view the acquisition of Flender by Siemens as an exciting step
which will further develop the company's activities to the
benefit of our customers, suppliers and employees."

The world market for industrial drive technology has a volume of
approximately EUR25 billion and yearly growth rates of around
2.5%.  From a technological point of view, it will be influenced
by the coalescence of electric motors and converters with gears
and gear components in many segments.  The previous range of
products in manufacturing automation and process automation is
increasingly being transformed into an integrated systems
business.  This provides complete-solution suppliers with higher
growth rates, greater value added and possibilities for
differentiation from competitors.  This especially applies to
conveyance and handling systems, the oil & gas, chemicals and
cement industries, cellulose processing and metalworking, as
well as transport, power stations and the food industry.

The offer of Siemens A&D is based on a comprehensive,
technologically consistent product portfolio (Totally Integrated
Automation), enabling Siemens to provide every customer with an
efficient, coordinated package of automation systems.  Thus,
companies are able to optimize their production processes,
shorten their product launching times and reduce their
production costs.

The Siemens Automation and Drives (A&D) Group, Nuremberg, is the
world's leading manufacturer in the field of automation and
drives.  Products supplied by A&D include standard products for
the manufacturing and process industries and for the electrical
installation industry as well as system solutions, for example
for machine tools, and solutions for whole industries such as
the automation of entire automobile factories or chemical
plants.  Supplementing this range of products and services, A&D
also offers software for linking production and management
(horizontal and vertical IT integration), as well as for
optimizing production processes.  A&D employs 51,800 people
worldwide and in fiscal year 2004 (to September 30) earned a
pre-tax profit of EUR1.077 billion on sales of EUR8.829 billion
and orders of EUR8.98 billion.

CONTACT:  SIEMENS AG
          A&D BV 200503.946e
          Alexander Machowetz
          Postfach 4848, 90327 Nurnberg
          Phone: +49 911 895-7944
          Fax: +49 911 895-7906
          E-mail: alexander.machowetz@siemens.com


FLENDER HOLDING: S&P Reviews Rating for Possible Upgrade
--------------------------------------------------------
Standard & Poor's Ratings placed on CreditWatch with positive
implications its 'B+' long-term corporate credit rating on
Germany-based power transmission component manufacturer Flender
Holding GmbH, following the announcement that Flender will be
acquired by Siemens AG (AA-/Stable/A-1+).

At the same time, the 'B-' senior secured debt rating on
Flender's EUR250 million bond was also placed on CreditWatch
with positive implications.

Siemens has announced that it will purchase Flender from
Citigroup Venture Capital (CVC) Equity Partner for EUR1.2
billion (US$1.6 billion).  The transaction is subject to final
approval by the relevant competition authorities.

"The CreditWatch placement primarily reflects the potentially
positive impact on Flender's ratings of Siemens' stronger credit
quality, which will strengthen Flender's business and financial
profiles," said Standard & Poor's credit analyst Eve Greb.  If
the transaction takes place, and Flender's debt is assumed and
guaranteed by Siemens, Flender's long-term corporate credit
rating could be equalized with that on Siemens.

Standard & Poor's will meet with management soon to discuss the
effect of this change in ownership on Flender's business
strategy and financial profile, with a view to resolving the
CreditWatch status.

The rating on Flender reflects its leading market positions in
fragmented and competitive end markets.  Flender has a
particular strength in the wind energy market.  The ratings
benefit from the company's good customer, end-market, and
product diversification, which mitigate end-market cyclicality.
Geographic diversification is fair, with about 70% of sales in
Europe.

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

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


GBAU GENERALBAUAUSFUHRUNG: Creditors to Meet Later this Month
-------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against GBAU Generalbauausfuhrung GmbH on March 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 6, 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 28, 2005, 9:45 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218 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:  GBAU GENERALBAUAUSFUHRUNG GMBH
          Ullsteinstrasse 108, 12109 Berlin

          Wolfgang Kuhnel, Administrator
          Berliner Str. 117, 10713 Berlin


GLOBUS ERD: Last Day for Filing Claims April 22
-----------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Globus Erd- und Tiefbau GmbH on March 9.  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 Dr. Florian Stapper.

Creditors and other interested parties are encouraged to attend
the meeting on May 27, 2005, 9:30 a.m. at Saal 101, Amtsgericht
Leipzig 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:  GLOBUS ERD- UND TIEFBAU GMBH
          Gewerbepark Blumroda, 04552 Borna
          Contact:
          Klaus Strohbach, Manager

          Dr. Florian Stapper, Administrator
          Karl-Heine-Strasse 16, 04229 Leipzig


HANSEATISCHE YACHTWERFT: Hamburg Court Appoints Administrator
-------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Hanseatische Yachtwerft GmbH & Co. KG on March 7.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 4, 2005 to
register their claims with court-appointed provisional
administrator Dr. Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting on May 25, 2005, 9:00 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene 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:  HANSEATISCHE YACHTWERFT GMBH & CO. KG
          Holstenkamp 54, 22525 Hamburg

          HANSEATISCHE SERVICE + BETEILIGUNG GMBH
          Holstenkamp 54, 22525 Hamburg

          Dr. Sven-Holger Undritz, Administrator
          Jungfernstieg 51, 20354 Hamburg
          Phone: 808136-212


HUR METALLBAU: Wolff, Rapp & Kollegen Dresden Takes over Helm
-------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against HUR Metallbau und Montage GmbH on March 4.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 11, 2005
to register their claims with court-appointed provisional
administrator Albert Wolff of Wolff, Rapp & Kollegen Dresden.

Creditors and other interested parties are encouraged to attend
the meeting on May 24, 2005, 10:30 a.m. at the district court of
Saal D131, Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden
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:  HUR METALLBAU UND MONTAGE GMBH
          Breite Strasse 38 in 01796 Pirna

          WOLFF, RAPP & KOLLEGEN DRESDEN
          Albert Wolff, Administrator
          Weisseritzstrasse 3, 01067 Dresden
          Web site: http://www.WORAKO.de


STAHL-PRODUKTE SIMON: Proofs of Claim Due this Week
---------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Stahl-Produkte Simon GmbH on March 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 8, 2005 to
register their claims with court-appointed provisional
administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on April 29, 2005, 10:30 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201 at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  STAHL-PRODUKTE SIMON GMBH
          Sudfeld 1 c, 59174 Kamen
          Contact:
          Hans Norbert Simon, Manager
          Zaberner Str. 1, 40468 Dusseldorf

          Dr. Winfrid Andres, Administrator
          Neuer Zollhof 3, 40221 Dusseldorf
          Phone: 0211/69076969
          Fax: 69 07 69-70


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


MALEV HUNGARIAN: Same Old Problem, Same Old Results
---------------------------------------------------
The government might cancel anew the sale of troubled national
carrier Malev Hungarian Airlines, Reuters says.

State privatization agency APV so far has received three valid
bids, all of which are below the sale price.  Business daily
Napi Gazdasag, citing unnamed sources, says the bidders are only
willing to pay HUF150 million to HUF200 million, but will assume
the carrier's HUF35 billion debt.  The paper adds APV will
likely declare a failure of bidding this week, paving the way
for direct talks with potential buyers.

In all there are five buyers competing for the government's
99.95% stake in Malev.  Of the five applications, three are bids
while the two others are regarded as letters of intent.  They
include Italy's Air One; Aviation Solutions, a group led by
Malev's former chief executive; Kyrgyzstan Airlines; and Sky
Alliance, a consortium made up primarily of Malev's
pilots.  Euroinvest Company, owned by Hungarian real estate
tycoon Sandor Demjan, is also interested in the airline.

Peter Honig, Malev's newly appointed chairman who wants the sale
cancelled, recently said he prefers a two-year reorganization
before the next tender.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Hotline: 06-40-212121
          Web site: http://www.malev.hu

          ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.)
          Web site: http://www.apvrt.hu/english/m3.html
          H-1133 Budapest, Pozsonyi ut 56
          H-1399 Budapest, P.O. Box 708
          Phone:(36 1) 237 4400
          Fax:(36 1) 237 4100
          E-mail: apvrt@apvrt.hu


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


ELAN CORPORATION: Third Case of Tysabri-linked Death Surfaces
-------------------------------------------------------------
The ongoing safety evaluation of Tysabri by Elan Corporation plc
and Biogen Idec has led to a previously diagnosed case of
malignant astrocytoma being reassessed as progressive multifocal
leukoencephalopathy (PML), in a patient in an open label Crohn's
disease clinical trial.

In light of the two previously reported cases of PML in multiple
sclerosis clinical trials, Elan and Biogen Idec initiated an
additional comprehensive safety evaluation of TYSABRI clinical
trial patients.  In the course of this safety review, the
companies identified a case warranting reassessment in an open
label Crohn's disease clinical trial.  In July 2003, the case
was reported by a clinical trial investigator as malignant
astrocytoma.  This diagnosis was confirmed at the time by
histopathology.  The patient died in December 2003.

As part of this ongoing safety review, the companies, in
agreement with the clinical trial investigator, reassessed the
case.  Following this additional evaluation, the diagnosis is
being reassessed as PML.  The patient had received eight doses
of Tysabri over an 18-month period and prior medication history
included multiple courses of immunosuppressant agents.

Elan and Biogen Idec's comprehensive safety evaluation
concerning TYSABRI and any possible link to PML is ongoing.  The
companies are reviewing clinical trial data, working with
investigators to evaluate the approximately 3,000 patients in
multiple sclerosis, Crohn's disease, and rheumatoid arthritis
trials, and working with PML and neurology experts.  The results
of this safety evaluation will be discussed with regulatory
agencies to determine possible re-initiation of dosing in
clinical trials and future commercial availability.

On February 28, 2005, the companies announced that they had
suspended marketing of TYSABRI in multiple sclerosis and dosing
in all clinical trials based on two previously reported cases of
PML, a rare and frequently fatal, demyelinating disease of the
central nervous system.

About Elan

Elan Corporation plc is a neuroscience-based biotechnology
company committed to making a difference in the lives of
patients and their families by bringing innovations in science
to fill significant unmet medical needs that continue to exist
around the world.  Elan shares trade on the New York, London and
Dublin Stock Exchanges.

About Biogen Idec

Biogen Idec creates new standards of care in oncology and
immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.

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

          BIOGEN IDEC INC.
          14 Cambridge Center
          Cambridge, MA 02142
          Phone: 617-679-2000
          Fax: 617-679-2617
          Web site: http://www.biogenidec.com


ELAN CORPORATION: Johnson & Perkinson Files Class Action
---------------------------------------------------------
Johnson & Perkinson filed on March 4, 2005 a first-class action
lawsuit on behalf of purchasers of Elan Corporation plc
securities during the period between February 18, 2004 and
February 25, 2005.

J&P has since been contacted by and discussed the Complaint with
hundreds of potential class members.  The complaint charges Elan
and certain of its officers with violations of the Securities
Exchange Act of 1934.  Throughout the Class Period, defendants
caused Elan to make a number of positive statements about the
status of its clinical trials and the commercial potential of
TYSABRI, a vaccine designed to treat patients with multiple
sclerosis (MS), causing Elan's stock to trade at artificially
inflated prices.

The Complaint alleges that Elan violated federal securities laws
by issuing false or misleading information, such as:

(a) that TYSABRI, a monoclonal antibody for the treatment of
    Multiple Sclerosis, posed serious immune-system side
    effects;

(b) that TYSABRI, like other MS drugs, made patients susceptible
    to progressive multifocal leukoencephalopathy (PML) by
    changing the way certain white blood cells function;

(c) that defendants knew and/or recklessly disregarded
    documented facts that MS drugs can cause greater incidents
    of PML to occur; and

(d) that defendants concealed these facts in order to fast track
    TYSABRI for FDA approval so that they could reap the
    financial benefits from the sales of the drug.  On February
    28, 2005, Elan shocked the market by reporting that they
    were withdrawing TYSABRI from the market following reports
    of patients contracting PML, with at least one instance
    resulting in death.  The announcement caused Elan's shares
    to plummet, declining over 70% to approximately US$8 per
    share on February 28, 2005.

J&P is a litigation boutique with expertise in prosecuting
investor class actions dedicated to maximizing shareholders'
returns and keeping the lead plaintiffs involved in the
litigation.  Attorneys Johnson and Perkinson are both former
employees of the U.S. Securities and Exchange Commission.
Members of the firm have prosecuted complex class actions on
behalf of plaintiffs in the areas of securities and consumer
fraud since 1985.

Based in South Burlington, Vermont, the firm has prosecuted
leading actions on behalf of defrauded investors against
numerous public companies resulting in the recovery of many
millions of dollars and has been singled out for its excellence
by various courts.  The firm is currently lead or co-lead
counsel in securities class actions pending against Xerox,
Priceline, i2, Allaire, and Exchange Applications and serves on
the Executive Committee in the Global Crossing case.

The Complaint seeks to recover damages on behalf of all
purchasers of Elan securities during the Class Period.

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

          JOHNSON & PERKINSON
          P.O. Box 2305
          South Burlington
          Vermont 05403
          Phone: 1-877-266-2133
          E-mail: email@jpclasslaw.com
          Web site: http://www.jpclasslaw.com


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


FIAT SPA: Stockholders Equity Down EUR0.8 Bln Under IFRS
--------------------------------------------------------
Fiat S.p.A. on Thursday presented to the financial markets the
main changes that the adoption of international Financial
Reporting Standards generated in its 2004 consolidated financial
statements.  Starting in 2005, adoption of these standards for
the preparation of consolidated financial statements is
mandatory for European publicly traded companies.  The first
consolidated data based on the new standards will be those
published for the first quarter of 2005.  They will be provided
together with comparative data for the same period in 2004,
restated in accordance with IAS/IFRS.

Following the adoption of IAS/IFRS and in order to make Fiat's
financial reporting consistent with market standards and provide
data that are more comparable with those of its automotive
peers, net debt of industrial activities (gross debt less cash,
cash equivalents and marketable securities) will be used as its
main debt metrics.  This parameter differs from the net
financial position, which was used in the past, in that it does
not take into consideration financial receivables.

The main effects deriving from the adoption of the new standards
on the 2004 consolidated financial statements are:

(a) Net result: Substantially unchanged in 2004.  For the
    future, Fiat expects the new standards to generate a
    recurring positive impact on the net result of about EUR0.2
    billion, attributable for the most part to the elimination
    of goodwill amortization.  In 2005, the bottom line should
    also benefit from the recognition of gains totaling about
    EUR0.3 billion, which had been reversed as part of the
    transition to IAS/IFRS, and from the impact of development
    costs for approximately EUR0.1 billion.  The overall impact
    for 2005 will thus amount to about EUR0.6 billion;

(b) Stockholders equity: Lower by about EUR0.8 billion (from
    EUR5.8 billion to EUR5 billion) at the end of 2004;
    and

(c) Net debt: At the end of 2004, higher by about EUR4.1 billion
    for industrial activities (from EUR5.3 billion to EUR9.4
    billion), due to a difference in the accounting treatment of
    factoring transactions and securitization of receivables
    (EUR2.7 billion euros), the different recognition of certain
    transactions (Italenergia) and changes in the scope of
    consolidation, for an overall amount of EUR1.4 billion.  The
    net debt of financial activities increases by about EUR8
    billion (from EUR8 billion to EUR16 billion) due to a
    different accounting treatment of receivables securitization
    transactions and the consolidation of BUC - Banca Unione di
    Credito.

These accounting changes will have no impact on the Group's
liquidity.

                            *   *   *

Fiat is aiming to lower its industrial debt of EUR9.4 billion to
EUR5 billion, equal to its shareholder equity, by the end of
next year, says The Financial Times.

CONTACT:  FIAT SPA
          Corso Marconi 20
          10125 Turin
          Italy
          Phone: +39 011 68 61 111
          Fax: +39 011 68 62 444
          Web site: http://www.fiatgroup.com


FIAT SPA: Launches Powertrain Technologies Business
---------------------------------------------------
Fiat S.p.A. is introducing its Fiat Powertrain Technologies, a
new industrial unit that will integrate all the Group's
innovation capabilities and expertise in engines and
transmissions -- a new business open to the external world.

The new company will operate in 12 countries with 26 plants and
16 research and development centers and will combine the
resources, employees and activities of Fiat Auto Powertrain,
Iveco Powertrain, Magneti Marelli Powertrain (including Motor
Sport), Iveco Motoren Forschung and the Powertrain research
activities of the Fiat Research Center and Elasis.  Domenico
Bordone, currently Magneti Marelli CEO, will be appointed CEO of
the new company to be headquartered in Turin.

Fiat Powertrain Technologies, which is expected to have a
considerable future growth potential, will start operating with
annual revenues of EUR6 billion, 20% of which from non-captive
customers.  It will employ over 23 thousand employees: 11,000
drawn from Fiat Auto, 7,200 from Iveco, 3,800 from Magneti
Marelli Powertrain and over 1,000 from the Fiat Research Centre,
Iveco Motoren Forschung and Elasis.

With an annual output of over 2,200,000 engines, some 2,000,000
transmissions, and an extensive range of both power outputs and
applications, Fiat Powertrain Technologies will be one of the
most significant players in the automotive world.

The ability of operating in an integrated way across a larger
number of cutting-edge research and engineering centers will
bear significant advantages in the development of highly
innovative and competitive products as far as performance and
costs are concerned.

The activities will be managed according to these strategic
lines:

(a) development of markets outside the Fiat Group;

(b) enhancement of centers of technological excellence and
    systematic transfer of results to the product range;

(c) integration of engineering capabilities from the product
    development to the testing phase, to product life-cycle
    management;

(d) synergies of the industrialization and manufacturing
    process;

(e) synergies in purchasing thanks to innovation, technological
    rationalization and larger volumes; and

(f) greater focus of R&D investments for environment-friendly
    powertrains: methane, hybrid, fuel-cell.

"This business, which represents a fundamental step in the re-
launch of the Fiat Group, will allow us to operate with greater
flexibility and to leverage on the huge potential --
particularly in the non-captive market -- that up to now has
been divided into different units," said Sergio Marchionne, Fiat
Group CEO.

"The integration of activities, products and highly qualified
people will allow us to fully express Fiat Group's great
technological and innovation capabilities.

"In Fiat's history, our competence in mechanics and engines, in
particular, has always been undisputed in the whole automotive
world.  Diesel engines are an example, to name but one.  In
fact, at the new company, a group of high-profile technicians,
who have been working for years on racing engines, including
Formula 1, will be devoted to the development and engineering of
high performance engines.

"Thanks to the synergies and efficiencies that will soon be
found, Fiat Powertrain Technologies will significantly
contribute to the improvement of the profitability of the Group,
which, thanks to its new company, will be able to operate across
international markets with renewed vigor and strength."

Turin, March 24, 2005

CONTACT:  FIAT COMMUNICATIONS
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


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


AK-BULA: Public Auction of Assets Set Second Week of April
----------------------------------------------------------
The bidding organizer and insolvency manager of JSC Ak-Bula will
sell its properties on April 11, 2005, 11:00 a.m. at Tokmok,
Industry Zone.  Assets for sale include hostels, production
buildings, facilities, technical and laboratory equipment,
tractor and excavator.

To participate, bidders must submit the necessary documents to
the temporary insolvency manager and deposit an amount
equivalent to 20% of the starting price on or before April 8,
2005, 12:00 noon.  For more information, call (0-502) 33-87-22
or (0-3138) 5-16-99.


BAIGER: Creditors' Claims Due Last Week of May
----------------------------------------------
Public Association Baiger, which recently became insolvent, will
accept all proofs of claim on or before May 23, 2005 at Naryn,
Tash-Kyia Str. 4.

CONTACT:  PUBLIC ASSOCIATION BAIGER
          Naryn, Tash-Kyia Str. 4.


DEXTER: Sets Proofs of Claim Deadline
-------------------------------------
LLC Dexter, which recently became insolvent, will accept all
proofs of claim on or before May 23, 2005 at Bishkek, Fere Str.
112.  For more information, call (0-312) 55-90-72.


K-DIR-OSH: Gives Creditors Until May 23 to Prove Claims
-------------------------------------------------------
LLC Polygraphic Center K-Dir-Osh, which recently became
insolvent, will accept all proofs of claim on or before May 23,
2005 at Kyzyl-Kia, Asanalieva Str. 3

CONTACT:  K-DIR-OSH
          Kyzyl-Kia, Asanalieva Str. 3


SHAM: Creditors Have Until May to File Claims
---------------------------------------------
LLC Sham, which recently became insolvent, will accept all
proofs of claim on or before May 23, 2005.

For more information, call (0-3138) 2-08-23.


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


BRYANSKAYA AUTO-BASE: Bryansk Court Appoints Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Bryanskaya Auto-Base (TIN 3233008230) after
finding the limited liability company insolvent.  The case is
docketed as A09-5174/04-26.  Mr. M. Mitasov has been appointed
insolvency manager.  Creditors have until April 26, 2005 to
submit their proofs of claim to 241030, Russia, Bryansk,
Kommunalnaya Str. 45-1.

CONTACT:  BRYANSKAYA AUTO-BASE
          241903, Russia,
          Bryansk region, B-Polpino

          Mr. M. Mitasov
          Insolvency Manager
          241030, Russia, Bryansk region,
          Kommunalnaya Str. 45-1


GRITSOVSKIY: Deadline for Proofs of Claim April 26
--------------------------------------------------
The Arbitration Court of Tula region commenced bankruptcy
proceedings against Gritsovskiy after finding the condenser
plant insolvent.  The case is docketed as A68-82/B-04.  Mr. R.
Kutlin has been appointed insolvency manager.  Creditors have
until April 26, 2005 to submit their proofs of claim.

CONTACT:  GRITSOVSKIY
          Russia, Tula region, Venevskiy region,
          Gritsovskiy, Lesnaya Str. 9

          Mr. R. Kutlin
          Insolvency Manager
          300002, Russia, Tula region,
          Arsenalnaya Str. 1D


INDUSTRY & CONSTRUCTION: Long-term Rating Raised to 'B+'
--------------------------------------------------------
Fitch Ratings upgraded Russia-based Industry & Construction
Bank, St Petersburg's (ICB) Long-term rating to 'B+' from 'B'
and placed it on Rating Watch Positive.  Its other ratings are
affirmed at Short-term 'B', Individual 'D' and Support '4'.

The upgrade of ICB's Long-term rating follows the recent
announcement by state-owned bank Vneshtorgbank (VTB, rated Long-
term foreign currency 'BBB-') that it has completed the
acquisition of a 25% plus 1 share stake in ICB.  The acquisition
was completed further to a Memorandum of Understanding signed
between ICB's controlling shareholders and VTB in September
2004.  In Fitch's view, the completion of the transaction
increases moderately the likelihood that support from VTB will
be forthcoming for ICB in case of need.

The Rating Watch Positive reflects VTB's option, acquired
together with the 25% plus 1 share, to increase its total stake
in ICB to 76% during the next two years, and also considers
recent statements by VTB that it is likely to exercise this
option in the near future.  The exercise of the option, in
Fitch's view, would likely further increase the probability of
support being forthcoming for ICB in case of need, and could
lead to a significant upgrade in ICB's ratings.

ICB is based in St. Petersburg and has a branch network covering
most of the northwest of Russia and some cities in the central,
eastern and southern regions of the country.  ICB is currently
ranked among the top 10 Russian banks by assets and boasts
strong market shares in corporate and retail business in the
north-west of Russia.  The bank is part of a financial
industrial group, whose investments are in pulp and paper,
timber, food/food processing and building materials.

CONTACT:  FITCH RATINGS
          James Watson, Moscow
          Phone: +7 095 056 9901

          Vladlen Kuznetsov
          Phone: +7 095 956 9901

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 4084


LOTOS-20: Moscow Court Hires M. Dyakonov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Lotos-20 (TIN 7730023074, OGRN 1037700127717) after
finding the trading company insolvent.  The case is docketed as
A40-44508/04-78-31B.  Mr. M. Dyakonov has been appointed
insolvency manager.  Creditors have until April 26, 2005 to
submit their proofs of claim to 111141, Russia, Moscow, Post
User Box 481.

CONTACT:  LOTOS-20
          Russia, Moscow region,
          B. Dorogomilovskaya Str. 10

          Mr. M. Dyakonov
          Insolvency Manager
          111141, Russia, Moscow region,
          Post User Box 481


MEL-RUK: Bankruptcy Proceedings Begin
-------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Mel-Ruk (TIN 2636038331) after finding the
agricultural company insolvent.  The case is docketed as A63-
223/2004-S5.  Mr. A. Zhidenko has been appointed insolvency
manager.  Creditors have until April 5, 2005 to submit their
proofs of claim to 355000, Russia, Stavropol region, Stavropol,
Lenina Str. 394, Floor 4, Room 7.

CONTACT:  MEL-RUK
          Russia, Stavropol region,
          Stavropol, Lenina Str. 293/2

          Mr. A. Zhidenko
          Insolvency Manager
          355000, Russia, Stavropol region,
          Stavropol, Lenina Str. 394, Floor 4, Room 7
          Phone/Fax: (8652) 35-76-88


NET OF BUSINESS: Last Day for Filing Claims April 26
----------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Net of Business Connection (TIN 7703295287) after
finding the close joint stock company insolvent.  The case is
docketed as A40-38588/04-70-10B.  Mr. A. Myasnikov has been
appointed insolvency manager.  Creditors have until April 26,
2005 to submit their proofs of claim to 163061, Russia,
Arkhangelsk, Troitskiy Pr. 61, Room 1.

CONTACT:  NET OF BUSINESS CONNECTION
          101000, Russia, Moscow region,
          Zoologocheskaya Str. 2

          Mr. A. Myasnikov
          Insolvency Manager
          124683, Russia,
          Moscow region, Zelen


PROM-SERVICE: Declared Insolvent
--------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Prom-Service (TIN 5259021350)
after finding the close joint stock company insolvent.  The case
is docketed as A43-8088/04-18-243.  Mr. I. Dyukov has been
appointed insolvency manager.  Creditors have until April 26,
2005 to submit their proofs of claim to 603029, Russia, Nizhniy
Novgorod, Pamirskaya Str. 11.

CONTACT:  PROM-SERVICE
          603157, Russia, Nizhniy Novgorod,
          Krasnyh Zor' Str. 27

          Mr. I. Dyukov
          Insolvency Manager
          603029, Russia, Nizhniy Novgorod,
          Pamirskaya Str. 11


ROL-TOM: Creditors Have Until April 26 to Prove Claims
------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on open joint stock company Rol-Tom.  The
case is docketed as A67-274/05.  Mr. N. Razumov has been
appointed temporary insolvency manager.  Creditors have until
April 26, 2005 to submit their proofs of claim to 634034,
Russia, Tomsk, Kuleva Str. 33.

CONTACT:  ROL-TOM
          634006, Russia, Tomsk region,
          Pushkina Str. 63, Building 51

          Mr. N. Razumov
          Temporary Insolvency Manager
          634034, Russia, Tomsk region,
          Kuleva Str. 33


SOCHI-AGRO-STROY-SERVICE: Declared Insolvent
--------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Sochi-Agro-Stroy-Service after finding the
open joint stock company insolvent.  The case is docketed as
A32-21194/2003-46/190-B.  Mr. V. Bikin has been appointed
insolvency manager.  Creditors have until April 26, 2005 to
submit their proofs of claim to Russia, Komi republic,
Syktyvkar, Tentyukovskaya Str. 63 B, Apartment 4.

CONTACT:  SOCHI-AGRO-STROY-SERVICE
          Russia, Sochi, Lazarevskiy,
          Dagomys, Baranovskoye Shosse, 2

          Mr. V. Bikin
          Insolvency Manager
          Russia, Komi republic, Syktyvkar,
          Tentyukovskaya Str. 63 B, Apartment 4


UDARNIK: Creditors Have Until Next Week to File Claims
------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Udarnik (TIN 5219000272) after
finding the open joint stock company insolvent.  The case is
docketed as A43-35016/04-24-550.  Mr. A. Romanov has been
appointed insolvency manager.  Creditors have until April 5,
2005 to submit their proofs of claim to 606702, Russia, Nizhniy
Novgorod region, Krasnobakovskiy region, Vetluzhskiy,
Zavodskaya Str. 1.

CONTACT:  UDARNIK
          606702, Russia, Nizhniy Novgorod region,
          Krasnobakovskiy region, Vetluzhskiy,
          Zavodskaya Str. 1

          Mr. A. Romanov
          Insolvency Manager
          606702, Russia, Nizhniy Novgorod region,
          Krasnobakovskiy region, Vetluzhskiy,
          Zavodskaya Str. 1


VOZROZHDENIYE: Declared Insolvent
---------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Vozrozhdeniye (TIN 2917000319) after finding
the close joint stock company insolvent.  The case is docketed
as A05-25840/04-27.  Ms. T. Lomova has been appointed insolvency
manager.  Creditors have until April 26, 2005 to submit their
proofs of claim to 163061, Russia, Arkhangelsk, Troitskiy Pr.,
61, Room 1.

CONTACT:  VOZROZHDENIYE
          164760, Russia, Arkhangelsk region,
          Mezenskiy region, Sovpolye

          Ms. T. Lomova
          Insolvency Manager
          163061, Russia, Arkhangelsk region,
          Troitskiy Pr. 61, Room 1


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


CONVERIUM AG: 2004 Net Loss Reaches US$760.8 Million
----------------------------------------------------
Highlights of Converium AG's annual report for 2004:

(US$ million)           2004        2003       2002      2001

Gross premiums written 3,840.9     4,223.9    3,535.8   2,881.2

Net premiums written   3,553.0     3,827.0    3,322.2   2,482.6

Net premiums earned    3,685.1     3,676.5    3,165.5   2,295.2

Total investment
   results               358.1       251.4      241.5     210.3

(Loss) income
   before taxes         -422.6       224.4       57.4    -537.3

Net (loss) income       -760.8       185.1       106.8   -367.4

Basic (loss) earnings
   per share (US$)[1]    -12.00        2.33        1.34    -4.61

Total equity           1,720.2     2,083.3     1,738.0  1,570.8

Total underwriting
   reserves, net of
   reinsurance         9,297.2     8,075.1     6,736.0  5,263.1

Total invested assets  7,804.4     7,528.7     6,117.3  4,915.9

Pre-tax return
   on equity (%)         -20.3        12.9         3.7    -49.4

Loss ratio non-life(%)    90.3        71.5         78.2    99.9

Expense ratio non-life(%) 27.9        26.4         25.5    29.4

Non-life combined
   ratio(%)              118.2        97.9        103.7   129.3

Book value
   per share (US$)        11.76       52.38        43.55   39.27

Dividend per share (CHF)    -          1.50         1.00     -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] For periods 2001 through 2004, the information is based on
the Rights Offering that occurred in October 2004.

The full copy of this report is available free of charge at
http://bankrupt.com/misc/Converium_2004.pdf


                      Letter from the Chairman

Dear shareholders,

When I wrote to you in Converium's 2003 Annual Report, I had
every reason to believe that 2004 would be another successful
year for our Company.  Today (March 18) I write with the clear
realization that this was not the case.  I share your
unhappiness and disappointment in the results we report in the
pages that follow.

Last year I wrote that even the best-made plans can be shaken.
At that time my colleagues on the Board and I had no indications
that Converium's reserve position would be challenged by the
unexpected.  The assessments during the course of 2003 gave us
reason to believe that our reserves were adequate overall.  As
you know, a material deficiency in the casualty provisions of
Converium's U.S. subsidiary developed during the second quarter
of 2004.  The shortfall was mainly the result of a higher than
modeled U.S. casualty loss emergence, primarily related to the
underwriting years 1997 to 2001.

Concerted and Comprehensive Reaction

Your Board responded swiftly and decisively.  We chose to cease
underwriting business in our U.S. subsidiaries, to place our
reinsurance operations there into run-off, and in future to
write selective U.S. business in Zurich.  Although the U.S.
generates the largest premium volume of any country in the
world, underwriting results there have generally been
unsatisfactory from our perspective.  In contrast, much of our
business outside the United States -- and especially that
written in recent years -- has proven both profitable and
resilient.

Your Board has decided to focus Converium's capital and talent
on reinsurance acceptances in more rewarding areas of business.
I have always indicated that, as a Board, we would be closely
involved in the activities of your Company.  We increased our
oversight in 2004, as well as our interaction with Converium's
management.  To strengthen day-to-day cooperation and
communication between your Board and senior executives, Terry G.
Clarke was appointed Managing Director with a view to working
actively with management in order to enhance the effectiveness
of strategic and operational decision-making and to ensure that
the Board and management are working in concert.  Following Dirk
Lohmann's departure on Feb. 23, 2005, Terry G. Clarke stepped
back as Managing Director and has since assumed the position of
Chief Executive Officer.

While I am sincerely dissatisfied and disappointed by the blows
inflicted on Converium by its past, I am not disillusioned about
its present, or disheartened over its future.  You have
expressed trust in your Company by approving a US$420 million
rights issue at the Extraordinary General Meeting that was held
on Sept. 28, 2004, and we will do the utmost to meet your trust.

Converium has much strength on which to trade forward.  Not
least of these is the operational and underwriting strategy
developed since 2001.  Having taken the decision to withdraw
from underwriting through U.S. subsidiaries and adjust the local
corporate governance structure, I believe that our existing
strategy remains sound in the current environment.  Many clients
have expressed their confidence in Converium by continuing to do
business with us.  This gives me personal confidence in the
inherent value of our organization. These clients have cleared
up a great uncertainty, which loomed over Converium in 2004: we
have indeed been able to maintain our franchise.

Our performance during the important renewal season of January
1, 2005 was in line with our expectations and targets.  From the
financial standpoint, as per the end of 2004, Converium's
tangible equity was US$1.6 billion, about the same as it was in
early 2003.  We now have a very strong capital base on which to
rebuild, especially in view of our reduced premium volume.  That
said, I do not wish to deny the seriousness of the events of
2004, or refute the challenges, which lie ahead.

Securing the Future

In a business where capital entry is easy and much of the
product is undifferentiated, we possess a proven resource to
provide value-added services.  Our current strategy has proven
robust: Specialty Lines underwriting, long-term joint ventures,
and our relationships with specialist syndicates at Lloyd's have
insulated Converium from some of the pressures arising from the
fall in our financial strength ratings.  Ratings are critical in
aviation, but Converium has drawn upon the support of its
partners in the Global Aerospace Underwriting Managers Ltd.
(GAUM) pool, to sustain our access to this preferred portfolio
of aviation risk.

Repositioning our life reinsurance segment to focus on new
business in Continental Europe has provided a steady revenue
stream.  In total these strategic business undertakings,
implemented since the Initial Public Offering (IPO) in 2001,
yield approximately US$ 800 million in annual premium income.
They provide a foundation on which to restore Converium's market
position.

Similarly, the strength of the direct business relationships
built by our Client Relationship Managers has proven to be
enormously beneficial in preserving our franchise.  Although we
have suffered certain business losses as a direct result of
rating actions, Converium continues to receive strong support
from many client segments.  This is due in part to the value
placed upon our technical skills, and on our expertise in
specialist areas such as credit and surety, asset liability
management, and natural catastrophe hazard modeling.  This
strong client support is also a clear benefit of increased
client contact, whether initiated by Converium or facilitated by
intermediaries.

Reputational damage cannot instantly be reversed.  However, I
believe that Converium's excellent standing can be restored.
The process has begun with your Board's effort to regain your
confidence in Converium.  It is mirrored by the ongoing work of
everyone within your organization to bolster the support of our
current, former and future clients.  Critically, it includes our
ongoing efforts to retain the trust of Converium employees.
Although, painful as it may be, our repositioning entails staff
reductions worldwide, in order to decrease our cost base.  These
regrettable necessities are already underway.

I am personally confident that we have the resources and the
will to continue to strengthen Converium's franchise and to
garner the renewed faith of rating agencies.  As always,
creation of shareholder value is the fundamental driver of your
Board's decision-making.  We have always worked to build a
modern, sophisticated reinsurance company engineered to create
value.  Clearly 2004 did not accomplish this, but following the
successful rights issue and strategic repositioning, I believe
that Converium is leaner and more focused today.

Some Thanks

I am very pleased to welcome Paul Dassenko as President and CEO
of Converium Reinsurance (North America) Inc.  His extensive
run-off experience and strong leadership skills will prove
invaluable to Converium's shareholders and clients alike.  Dirk
Lohmann and Martin Kauer have left their posts as Chief
Executive Officer and Chief Financial Officer, respectively.
They were great contributors to the Company, and their
commitment was critical for its establishment and for the
successful IPO.  The Board of Directors wishes both of them all
the best for the future.

I would like to express my thanks to all shareholders, both new
and long-term, for continuing to share my confidence in
Converium.  I would also like to thank our clients for their
ongoing trust.  Lastly, I wish to thank management and staff for
standing by us through the crisis of 2004.  I am thoroughly
aware that the past year has been a very dramatic and trying
one, but the Board and I look forward to cooperating with you to
return Converium to a successful track.

Sincerely,
Peter C. Colombo
Chairman of the Board of Directors

                            *   *   *

The Annual General Meeting 2005 is to be held at 10:30 a.m.
local time on Tuesday, April 12, 2005 at the Casino in Zug,
Switzerland.

Key share data for 2004

Shares registered as at December 31, 2004     146,689,462

SWX Swiss Exchange
- - - - - - - - -
Share price as at December 31, 2004 in          CHF 10.15
   Year High in CHF                                 37.03
   Year Low in CHF                                   7.42
Average price in 2004 in CHF                        22.57
Average daily trading volume                    1,063,672
Market capitalization
as at December 31, 2004 in CHF              1,488,898,039
Loss per share in CHF                              -14.89
Book value per share
as at December 31, 2004 in CHF                      13.37

New York Stock Exchange
- - - - - - - - - - - -
ADS price as at December 31, 2004 in US$             4.64
  Year High in US$                                  29.57
  Year Low in US$                                    3.15

Performance versus benchmarks since the IPO

Converium Ordinary Shares*                          -75.4%
Bloomberg European Insurance Index*                 -39.4%
Swiss Market Index*                                 -10.0%
Converium ADSs**                                    -67.6%
Bloomberg US Insurance Index**                        8.1%
Dow Jones Industrial Index**                          9.0%

Performance versus benchmarks in 2004

Converium Ordinary Shares*                          -69.6%
Bloomberg European Insurance Index*                   5.8%
Swiss Market Index*                                   3.7%
Converium ADSs** -70.2%
Bloomberg US Insurance Index**                       10.0%
Dow Jones Industrial Index**                          3.2%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* underlying figures in CHF
** underlying figures in US$
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

First listed on the SWX Swiss Exchange and on the New York Stock
Exchange on Dec. 11, 2001.  Shareholders and others may access
reporting and other information about Converium at
http://www.converium.com.

CONTACT:  CONVERIUM AG
          General Guisan-Quai 26
          P. O. Box, 8022 Zurich, Switzerland

          Zuzana Drozd
          Head of Investor Relations
          Phone +41 1 639 9120
          E-mail: zuzana.drozd@converium.com

          Esther Gerster
          Head of Public Relations
          Phone: +41 1 639 9022
          E-mail: esther.gerster@converium.com


SWISS INTERNATIONAL: Lufthansa Buys More than 80% Stake
-------------------------------------------------------
Lufthansa on Wednesday obtained almost all of the shares held by
large shareholders of Swiss International Air Lines, according
to Reuters.

The German carrier bought 83.96% of Swiss Air shares through
holding company AirTrust.  The large shareholders, composed of
the government and big companies, used to hold 86.13% of the
company.  The companies include the canton of Zurich, banks
Credit Suisse and UBS and car import and dealership group AMAG.

Swiss International and Lufthansa agreed last week to a EUR310
million (US$400.4 million) takeover.  The transaction involved
payment of up to EUR265 million (US$342.3 million) to large
shareholders and another EUR45 million (US$58.1 million) to
individuals whose shares are in free float.

Swiss International was created three years ago from the remains
of collapsed Swissair and regional carrier Crossair.

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


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


ENTERPRISE GARANT: Declared Insolvent
-------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Enterprise Garant (code EDRPOU 24892475) on
January 31, 2005 after finding the company insolvent.  The case
is docketed as 218/2b-2004.  Mr. O. Palshin has been appointed
liquidator/insolvency manager.

Creditors have until April 5, 2005 to submit their proofs of
claim to:

(a) ENTERPRISE GARANT
    Ukraine, Kyiv region,
    Vasilkivskij district, Kalinivka,
    Industrialna Str. 5

(b) Mr. O. Palshin,
    Liquidator/Insolvency Manager
    01030, Ukraine, Kyiv region, a/b 254

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


GALSHKIRA: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on Galshkira (code EDRPOU 23956787).  The
case is docketed as 6/392-8/180.  Mr. Suvala Oleg (License
Number AA 250475) has been appointed temporary insolvency
manager.

Creditors have until April 10, 2005 to submit their proofs of
claim to:

(a) GALSHKIRA
    Ukraine, Lviv region, Promislova Str. 53

(b) Mr. Suvala Oleg
    Temporary Insolvency Manager
    81300, Ukraine, Lviv region,
    Mostiska, I. Ivasuk Str. 2/9

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


HOUSING-WORKING: Sets Proofs of Claim Deadline
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Housing-Working Department (code EDRPOU
01392404) on after finding the limited liability company
insolvent.  Mr. M. Titarenko (License Number AA 719846) has been
appointed liquidator/insolvency manager.  The company holds
account number 26001301361648 at Prominvestbank, Zaliznichne
branch of Kyiv region, MFO 322153.

Creditors have until April 10, 2005 to submit their proofs of
claim to:

(a) HOUSING-WORKING DEPARTMENT
    02186, Ukraine, Kyiv region,
    Donetska Str. 8/10

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


KALUSH' EQUIPMENT: Court Appoints Temporary Insolvency Manager
--------------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on OJSC Kalush' Plant Of Public
Equipment (code EDRPOU 03327730) on January 20, 2005.  The case
is docketed as B-7/13.  Mr. I. Hlibejchuk (License Number AA
719769) has been appointed temporary insolvency manager.  The
company holds account number 260053083 at JSPPB Aval, Ivano-
Frankivsk regional branch, MFO 336462.

Creditors have until April 10, 2005 to submit their proofs of
claim to:

(a) Mr. I. Hlibejchuk
    Temporary Insolvency Manager
    Ukraine, Ivano-Frankivsk region,
    Tismenitskij district,
    Dragomirchani, Miru Str. 10

(b) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Shevchenko Str. 16


MIZAR: Kyiv Court Opens Bankruptcy Proceedings
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against MIZAR (code EDRPOU 23503324) after finding
the limited liability company insolvent.  The case is docketed
as 24/78 b.  Mr. Valerij Sinelnikov (License Number AA 669658)
has been appointed liquidator/insolvency manager.

Creditors have until April 10, 2005 to submit their proofs of
claim to:

(a) MIZAR
    Ukraine, Kyiv region,
    Vishgorodska Str. 12

(b) Mr. Valerij Sinelnikov
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Chervonotkatska Str. 19/37

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


NOVOUSHITSKIJ BUTTER: Insolvency Manager Steps in
-------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Novoushitskij Butter Plant (code EDRPOU
30895248) on February 15, 2005 after finding the limited
liability company insolvent.  The case is docketed as 13/228-B.
Mr. Grigorenko Igor (License Number AA 668334) has been
appointed liquidator/insolvency manager.  The company holds
account number 260051944 at JSPPB Aval, Hmelnitskij regional
branch, MFO 315966.

Creditors have until April 5, 2005 to submit their proofs of
claim to:

(a) NOVOUSHITSKIJ BUTTER PLANT
    Ukraine, Hmelnitskij region,
    Nova Ushitsya, Gagarin Str. 86

(b) Mr. Grigorenko Igor
    Liquidator/Insolvency Manager
    Ukraine, Hmelnitskij region,
    Nova Ushitsya, Gagarin Str. 105/13

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti Square, 1


PODILLYA-MOLOKO: Bankruptcy Supervision Starts
----------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Podillya-Moloko (code EDRPOU 32623957).
The case is docketed as 10/12-05.  Mr. Yurij Tushevskij (License
Number AA 250425 of March 29, 2002) has been appointed temporary
insolvency manager.  The company holds account number 2600411524
at JSPPB Aval, MFO 322247.

Creditors have until April 10, 2005 to submit their proofs of
claim to:

(a) PODILLYA-MOLOKO
    Ukraine, Vinnitsya region,
    Bar, Privokzalna Str. 1

(b) Mr. Yurij Tushevskij
    Temporary Insolvency Manager
    21016, Ukraine, Vinnitsya region, a/b 5883
    Phone/Fax: 8 (0432) 35-63-09

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


POLYGRAPH KOLEGIUM: Succumbs to Bankruptcy
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on State Enterprise Publishing-Polygraphic
Center Polygraph Kolegium (code EDRPOU 23521865) on January 21,
2005.  The case is docketed as 23/93-b.  Mr. Oleksij Sherban
(License Number AB 116282) has been appointed temporary
insolvency manager.  The company holds account number
2600401285671 at JSCB Ukreksimbank, MFO 322313.

Creditors have until April 10, 2005 to submit their proofs of
claim to:

(a) POLYGRAPH KOLEGIUM
    03035, Ukraine, Kyiv region,
    Solomyanska Square, 2

(b) Mr. Oleksij Sherban
    Temporary Insolvency Manager
    01030, Ukraine, Kyiv region, a/b 157

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


SALNITSYA LTD.: Liquidator Takes over Operations
------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Salnitsya Ltd. (code EDRPOU 20101708) on
February 17, 2005 after finding the limited liability company
insolvent.  The case is docketed as 10/19-05.  Department of PFU
in Hmilnik district has been appointed liquidator/insolvency
manager.

Creditors have until April 5, 2005 to submit their proofs of
claim to:

(a) SALNITSYA LTD.
    22000, Ukraine, Vinnitsya region,
    Hmilnik, Lenin Str. 29

(b) Liquidator/Insolvency Manager
    22000, Ukraine, Vinnitsya region,
    Hmilnik, Stolyarchuk Str. 21

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


UKRRESURS-EXPORT: Creditors' Claims Due Second Week of Month
------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Ukrresurs-Export (code EDRPOU
31902795).  The case is docketed as 23/79-B.  Mr. Volodimir
Bakumenko (License Number AA 719796) has been appointed
temporary insolvency manager.

Creditors have until April 10, 2005 to submit their proofs of
claim to:

(a) UKRRESURS-EXPORT
    04213, Ukraine, Kyiv region,
    Obolonskij Avenue, 26

(b) Mr. Volodimir Bakumenko
    Temporary Insolvency Manager
    04116, Ukraine, Kyiv region,
    Dovnar-Zapolskij Str. 4/82

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


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


ADVANCED BEVERAGE: Calls in Liquidator from Lee & Company
---------------------------------------------------------
At the extraordinary general meeting of Advanced Beverage
Systems Limited on March 16, 2005 held at the offices of Lee &
Company, Crown House, Armley Road, Leeds LS12 2EJ, the subjoined
extraordinary resolution to wind up the company was passed.

CONTACT:  LEE & COMPANY
          Crown House
          Armley Road
          Leeds
          West Yorkshire LS12 2EJ
          Phone: 0113 247 0047
          Fax: 0113 247 0040
          E-mail: insoleeds@lee-co.freeserve.co.uk


ALPHINGTON PROPERTIES: Members Decide to Wind up Firm
-----------------------------------------------------
At the extraordinary general meeting of the members of
Alphington Properties Limited on March 15, 2005, the special
resolution to wind up the company was passed.  Neil Francis
Hickling of No 1 St Swithin Street, Worcester WR1 2PY has been
appointed liquidator of the company.

CONTACT:  SMITH & WILLIAMSON
          1 St Swithin Street
          Worcester
          Worcestershire WR1 2PY
          Phone: 01905 730100
          Fax: 01905 723502
          E-mail: nfh@smith.williamson.co.uk


AMOS DANBY: Hires Joint Administrators from Fanshawe Lofts
----------------------------------------------------------
Antony Robert Fanshawe and Stephen John Adshead (IP Nos 005944,
008574) have been appointed joint administrators for Amos Danby
& Sons (Shopfitting) Limited.  The appointment was made March
16, 2005.  Its registered office is located at Empress House,
129-155 Empress Road, Southampton, Hampshire SO14 0JW.

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


ANGLIA CATERING: Hires Begbies Traynor as Liquidator
----------------------------------------------------
At the extraordinary general meeting of Anglia Catering Supplies
(Suffolk) Limited on March 15, 2005 held at Prospect House,
Footscray High Street, Sidcup, Kent DA14 5HN, the subjoined
extraordinary resolution to wind up the company was passed.
Nedim Patrick Ailyan and David Paul Hudson of Begbies Traynor,
The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex
SS1 2EG have been appointed joint liquidators of the company.

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


APOLLO TRANSPORT: Members Pass Winding-up Resolutions
-----------------------------------------------------
At the extraordinary general meeting of the members of Apollo
Transport Limited on March 18, 2005 held at The Europarc
Innovations Centre, Innovation Way, Grimsby, North East
Lincolnshire, the extraordinary and ordinary resolutions to wind
up the company were passed.  Charles Howard Ranby-Gorwood has
been appointed liquidator of the company.

CONTACT:  CRG INSOLVENCY & BUSINESS RECOVERY
          Suite 4
          Alexandra Dock Business Centre
          Fishermans Wharf
          Grimsby
          Lincolnshire DN31 1UL
          Phone: 01472 250001


ASSURED DIAMOND: Insolvency Service Bans Directors
--------------------------------------------------
The husband and wife directors of two Accrington businesses
involved in the supply and distribution of tools and tool parts,
which failed with combined debt of more than GBP452,000 have
been disqualified from acting as a company directors for seven
and five years respectively in the Manchester County Court.

Craig William Johnson and his wife Sandra Kathryn Johnson, both
42, and of Park Avenue, Great Harwood, were directors of Assured
Diamond Limited.  Craig was also a director of The Tool Supply
Company Limited.  Both companies carried on business from
premises at 28 Manor Place on Dill Hall Lane in Church, near
Accrington in Lancashire.  Assured was placed into voluntary
liquidation on December 4, 2002 with estimated debt of
GBP386,845.  Supply was placed into voluntary liquidation on
September 13, 2001 with estimated debt of GBP64,908.

The Disqualification Order, made on March 4, 2005, prevents both
Craig and Sandra Johnson from being directors of a company or,
in any way, whether directly or indirectly, being concerned in
or taking part in the promotion, formation or management of a
company.  Craig was disqualified for seven years and Sandra for
five years.

Matters of unfit conduct, found by the court, were that:

(a) In relation to Assured Diamond Limited:

    (i) They had failed to ensure that the company filed
        statutory returns with HM Customs & Excise since July
        31, 2001 and the company had been in arrears with its
        liability to the Crown since that date;

   (ii) They continued trading whilst insolvent at the
        unreasonable risk and detriment of the company's
        creditors such that debt were increased by at least
        GBP32,187 at a time when they ought to have been aware
        that it would be unable to pay its liabilities and
        insolvency proceedings were likely; and

  (iii) They failed to ensure that adequate accounting records
        were maintained, preserved and/or delivered up to the
        company liquidator.

(b) In relation to The Tool Supply Company Limited, Craig
    Johnson failed to ensure that statutory returns were filed
    and monies due to the Inland Revenue were paid as and when
    due.

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

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

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

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


AZZURRO DESIGNS: Names Liquidator from Fisher Partners
------------------------------------------------------
At the meeting of the members of Azzurro Designs Limited on
March 18, 2005, the extraordinary resolutions to wind up the
company was passed.  Stephen M. Katz of Acre House, 11-15
William Road, London NW1 3ER has been appointed liquidator of
the company.

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


BBK INSTALLERS: Members Appoint Liquidator from Stones & Co.
------------------------------------------------------------
At the extraordinary general meeting of the members of BBK
Installers Limited on Feb. 28, 2005 held at 63 Walter Road,
Swansea SA1 4PT, the extraordinary and ordinary resolutions to
wind up the company were passed.  Gary Stones of Stones & Co.,
63 Walter Road, Swansea SA1 4PT has been nominated liquidator of
the company.

CONTACT:  STONES & CO.
          63 Walter Road
          Swansea
          Glamorgan SA1 4PT
          Phone: 01792 654607
          Fax: 01792 644491
          E-mail: stones.co@btconnect.com


BUDGET HIRE: Members Pass Winding-up Resolutions
------------------------------------------------
At the extraordinary general meeting of the members of Budget
Hire Limited on March 17, 2005 held at 111 Hagley Road,
Edgbaston, Birmingham B16 8LB, the extraordinary and ordinary
resolutions to wind up the company were passed.  Andrew W.
Thompson and Daniel P. Hennessy have been appointed joint
liquidators of the company.

CONTACT:  THOMPSON SHAW ASSOCIATES
          The Old Halsall Arms
          2 Summerwood Lane
          Halsall
          Merseyside L39 8RJ
          Phone: 01704 841870
          Fax: 01704 841811


CENTRAL EQUIPMENT: Appoints Liquidators from Portland Business
--------------------------------------------------------------
At the extraordinary general meeting of Central Equipment
Holdings Limited on March 16, 2005 held at 1640 Parkway, Solent
Business Park, Whiteley, Fareham, Hampshire, the extraordinary
and ordinary resolutions to wind up the company were passed.
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd., 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire have been appointed joint
liquidators of the company.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley
          Fareham
          Hampshire PO15 7AH
          Phone: 01489 550 440
          E-mails: carl.faulds@portland-solutions.co.uk
                   james.tickell@portland-solutions.co.uk


CHARD TYRES: Names Liquidator from BN Jackson Norton
----------------------------------------------------
At the extraordinary general meeting of Chard Tyres & Exhaust
Limited on March 18, 2005 held at 14 Orchard Street, Bristol BS1
5EH, the extraordinary and ordinary resolutions to wind up the
company were passed.  Graham Lindsay Down of BN Jackson Norton,
14 Orchard Street, Bristol has been appointed liquidator of the
company.

CONTACT:  BN JACKSON NORTON
          14 Orchard Street, Bristol


CHARLES CONTRACTORS: Members Pass Winding-up Resolution
-------------------------------------------------------
At the extraordinary general meeting of the members of Charles
Contractors Limited on March 17, 2005 held at the offices of
Harris Lipman, 2 Mountview Court, 310 Friern Barnet Lane,
Whetstone, London N20 0YZ, the extraordinary resolution to wind
up the company was passed.  A. Stoneman and S. Underwood of
Menzies Corporate Restructuring, 17-19 Foley Street, London W1W
6DW have been appointed joint liquidators of the company.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


COLBURN HOUSE: Names Abbey Taylor Ltd. Liquidator
-------------------------------------------------
At the extraordinary general meeting of Colburn House Limited on
March 15, 2005 held at The Blades Enterprise Centre, John
Street, Sheffield S2 4SU, the subjoined extraordinary resolution
to wind up the company was passed.  Tracy Ann Taylor of Abbey
Taylor Ltd., Blades Enterprise Centre, John Street, Sheffield S2
4SU has been appointed liquidator of the company.

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


CORPORATE BY DESIGN: Appoints Liquidators from RMT
--------------------------------------------------
At the extraordinary general meeting of the members of Corporate
By Design Ltd. on March 10, 2005 held at the offices of RMT, 3
Portland Terrace, Newcastle upon Tyne NE2 1QQ, the extraordinary
resolution to wind up the company was passed.  A. A. Josephs and
L. A. Farish of RMT, 3 Portland Terrace, Newcastle upon Tyne NE2
1QQ have been appointed liquidators of the company.

CONTACT:  RMT
          3 Portland Terrace
          Jesmond
          Newcastle Upon Tyne
          Tyne And Wear NE2 1QQ
          Phone: 0191 281 8816
          Fax: 0191 281 0530
          E-mail: linda.farish@r-m-t.co.uk


EUROTUNNEL PLC: Seeks Debt Waiver
---------------------------------
Eurotunnel plc has requested a waiver to its Credit Agreement.
This waiver requires the approval of a qualified majority of the
creditors, which Eurotunnel expects to receive as soon as
possible.

In the event of a favorable reply, Eurotunnel will begin
negotiations with the intention of reaching a financial
arrangement that will ensure the future of the Group, while at
the same time maintaining shareholder interests.  The
negotiations are expected to take eight months.

The fees for the advisors to the creditors, which have for a
long time been deemed unacceptable by the Joint Board, have been
reduced in agreement with the Ad-hoc Committee of the principal
creditors.  This agreement has received the consent of a
majority of the Board.

At the request of the Joint Board, Jacques Gounon, Eurotunnel's
Chairman, takes responsibility for the restructuring of the
debt.  He has requested the assistance of Herve Huas, who leaves
his role as Deputy Chief Executive to become Special Advisor to
the Chairman, while still remaining a member of the
Joint Board.

Following the Joint Board meeting Wednesday, Jacques Gounon
said: "This convergence of positions between Eurotunnel and the
Ad-hoc Committee is very positive.  After many months of effort
and thanks to the hard work of all concerned, I am very pleased
to be making this announcement today (March 30).  The Board will
continue to work to secure the long term future of the Group."

Eurotunnel manages the infrastructure of the Channel Tunnel and
operates accompanied truck shuttle and passenger shuttle (car
and coach) services between Folkestone, U.K. and
Calais/Coquelles, France.  Eurotunnel also earns toll revenue
from other train operators (Eurostar for rail passengers, and
EWS and SNCF for rail freight), which use the Tunnel.
Eurotunnel is quoted in London, Paris and Brussels.

CONTACT:  EUROTUNNEL PLC
          Cheriton Park
          Cheriton High Street
          Folkestone
          Kent CT19 4QS
          United Kingdom
          Phone: +44-1303-288-750
          Fax: +44-1303-850-360
          Web site: http://www.eurotunnel.co.uk


FINDTREE LIMITED: Members Hire Liquidator from D. Wald & Co.
------------------------------------------------------------
At the extraordinary general meeting of the members of Findtree
Limited on March 18, 2005 held at Prospect House, 96 Point
Pleasant, London SW18 1PP, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
D. I. L. Wald of D. Wald & Co, 18 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


HAMILTON PERSONNEL: Winding-up Report Out Later this Month
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

       IN THE MATTER OF Hamilton Personnel Recruitment Ltd.
                        (In Liquidation)

Notice is hereby given, pursuant to section 106 of the
Insolvency Act 1986, that a final meeting of the members of
Hamilton Personnel Recruitment Ltd. will be held at Sherwood
House, 7 Glasgow Road, Paisley PA1 3QS on April 29, 2005, at
10:00 a.m. to be followed at 10:30 a.m. by a final meeting of
creditors for the purpose of having an account laid before them
by the liquidator showing the manner in which the winding-up has
been conducted and the property of the company disposed of, and
of hearing any explanation that may be given by the Liquidator,
and also of determining the manner in which the books, accounts
and documents of the company and of the Liquidator shall be
disposed of and for the Liquidator to seek sanction for his
release from office.

A resolution at the meeting will be passed if a majority of
those voting have voted in favor of it.  A member or creditor
will be entitled to attend and vote at the meeting only if a
claim has been lodged with me at or before the meeting and it
has been accepted for voting purposes in whole or in part.
Proxies may also be lodged with me at the meeting or before the
meeting at my office.

David K. Hunter, Liquidator
March 10, 2005

CONTACT:  CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com

          David Kelso Hunter
          E-mail: david@camdal.com


HARVEY UNNA: Members Appoint Liquidators from Carter Backer
-----------------------------------------------------------
At the extraordinary general meeting of the members of Harvey
Unna Limited on March 11, 2005 held at Enterprise House, 21
Buckle Street, London E1 8NN, the special resolution to wind up
the company was passed.  John Alfred George Alexander and Joan
Yvonne Venvil have been appointed joint liquidators of the
company.

CONTACT:  CARTER BACKER WINTER
          Enterprise House, 21 Buckle Street,
          London E1 8NN
          Phone: + 44 (0) 20 7309 3800
          Fax:   + 44 (0) 20 7309 3801
          E-mail: info@cbw.co.uk
          Web site: http://www.cbw.co.uk


HEAT COMPLETE: Names Begbies Traynor Administrator
--------------------------------------------------
Jamie Taylor and David Paul Hudson (IP Nos 002748, 008977) have
been appointed joint administrators for Heat Complete Limited.
The appointment was made March 22, 2005.  The company manages
plumbing and heating engineers.  Its registered office is
located at 27 Old Gloucester Street, London WC1N 3AF.

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


HOWARD FRAPWELL: Director Disqualified for Three Years
------------------------------------------------------
The director of a financial services business, which failed with
total debt estimated at around GBP181,000, has given an
Undertaking not to hold directorships or take any part in
company management for three years.

The Undertaking by Ian Theodore Malyk, 55, of Fairview,
Liversedge, West Yorkshire, was given in respect of his conduct
as a director of Howard Frapwell Insurance and Mortgage
Independent Financial Advisors Limited, which carried on
business from premises at 28 Dunstall Street, Scunthorpe, DN15
6LD.

Acceptance of the Undertaking on February 3, 2005 prevents Ian
Theodore Malyk from being a director of a company or in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.  Howard Frapwell was placed into compulsory
liquidation on October 14, 2002 on the petition of Norwich Union
Life and Pensions.  The company has an estimated total
deficiency of GBP181,382.  The Official Receiver at Hull had
conduct of the investigation and disqualification procedure.

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

Matters of unfit conduct, not disputed by Ian Theodore Malyk
solely for the purposes of the undertaking, were that he:

(a) Overdrew available profits of Howard Frapwell from at least
    October 1999 for his own personal benefit without the
    Company making adequate provision for the payment of
    resultant corporation tax and/or income tax liabilities to
    the Inland Revenue.  Furthermore, as his cumulative drawings
    increased and sums classified as director's loans were not
    repaid to Howard Frapwell, other creditors of Howard
    Frapwell were left unpaid.  He withdrew sums classified as
    director's loans estimated to total GBP113,000 by the date
    Howard Frapwell went into liquidation on October 14, 2002.
    The loans were drawn in contravention of Section 330 of the
    Companies Act 1985 and to date they have not been repaid
    leaving an estimated deficiency to creditors of GBP149,382;
    and

(b) Failed to ensure that Howard Frapwell maintained and/or
    preserved proper accounting records for the period August 1,
    2002 to October 14, 2002 and failed to deliver up such
    records in the liquidation with the consequence that the
    Official Receiver has been unable to:

    (i) Establish the precise level of remuneration, benefits
        and loans that were drawn by him from Howard Frapwell
        over that period;

   (ii) Establish the precise level of creditors' claims in the
        liquidation; and

  (iii) Check that all assets in the liquidation had been
        identified.

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

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

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


JUST ITALIAN: Director Banned for More than Three Years
-------------------------------------------------------
The director of a car breaker, sales of spares, servicing and
repair business that failed with a total deficiency estimated at
around GBP102,000 has given an Undertaking not to hold
directorships or take any part in company management for three-
and-a-half years.

The Undertaking by Angela Sharon McNamee, 32, of Maplewell,
Stonesfield, Witney, Oxfordshire was given in respect of her
conduct as director of Just Italian Limited, which carried on
business from premises at Standlake Business Park, Witney Road,
Witney, Oxfordshire OX29 7PR.

Acceptance of the Undertaking on February 23, 2005 prevents
Angela Sharon McNamee from being a director of a company or, in
any way, whether directly or indirectly, being concerned or
taking part in the promotion, formation or management of a
company for the above period.  Italian was placed into
compulsory liquidation by Order of the High Court of Justice on
March 26, 2003 on the petition of a creditor, HM Customs &
Excise for GBP77,671.99 owed in respect of unpaid VAT.  The
company has an estimated total deficiency of GBP102,155.  The
Official Receiver at Reading had conduct of the investigation
and disqualification procedure.

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

The matter of unfit conduct, not disputed by Sharon Angela
McNamee, was that she caused Italian to trade to the detriment
of HM Customs & Excise between February 28, 2001 and March 26,
2003, and the Inland Revenue between April 5, 2001 and March 26,
2003.

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

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

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


LEDA WORKWEAR: Names Kay Johnson Gee Administrator
--------------------------------------------------
Jonathan Elman Avery-Gee (IP No 001549) has been appointed
administrators for Leda Workwear Limited.  The appointment was
made March 22, 2005.  The company sells clothing and workwear.
Its registered office is located at Griffin Court, 201 Chapel
Street, Manchester M3 5EQ.

CONTACT:  KAY JOHNSON GEE
          Griffin Court
          201 Chapel Street
          Salford, Manchester
          Greater Manchester M3 5EQ
          Phone: 0161 832 6221
          Fax: 0161 834 8479


MG ROVER: Chances of Sealing Deal High
--------------------------------------
Legal contracts are being drawn up over a joint venture deal
between MG Rover and China's Shanghai Automotive Industrial
Corporation, says The Scotsman.

A Rover spokesman said the company is confident of sealing the
deal, which could translate to up to GBP1 billion of additional
funding from its proposed Chinese partner.

The British company, which employs 6,000 workers at its huge
plant in Longbridge, Birmingham, has received strong support
from the Government.  Prime Minister Tony Blair has written to
the Chinese Government backing the venture.

Last year, the two companies revealed hopes of "a far-reaching
strategic co-operation."

Tony Woodley, general secretary of the Transport & General
Workers Union, has described the possible tie-up as the "only
show in town" for MG Rover's future.  Rover has had a number of
owner in recent years, before it was finally sold to a group of
businessmen led by John Towers in 2000.

If the agreement is concluded though it could mean some 2,000
workers at the Longbridge factory would lose their jobs.

Under the proposed venture, Rover will get further funding from
SAIC to help it develop new models.  In return, the Chinese
company would secure ownership rights to Rover's more advanced
technology.  It also aims to move Rover 25 production to China
and export it to the UK.

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham
          B31 2TB, United Kingdom
          Phone: +44-121-475-2101
          Fax: +44-121-482-2403
          Web site: http://www1.mg-rover.com


MYTRAVEL GROUP: Shareholders Approve Capital Reorganization
-----------------------------------------------------------
At MyTravel Group plc's March 31 extraordinary general meeting,
class meetings and warrantholders meeting, the resolutions
required to approve the capital reorganization were passed
overwhelmingly.

As a result, the reclassification of 10p ordinary shares and A
ordinary shares into a single class of new A ordinary shares is
expected to become effective, 1 April 2005.  The 30:1
consolidation, which is the second stage of the capital
reorganization, is expected to take effect no later than the
close of business on 8 July 2005.

The company also announces that at Thursday's annual general
meeting, the resolutions set out in the notice of meeting were
put to the meeting and duly passed.

CONTACT:  MYTRAVEL GROUP PLC
          Phone: 0161 232 6523

          Peter McHugh
          Chief Executive Officer

          John Allkins
          Finance Director


NATURAL OPTIONS: Creditors Meeting Set in Two Weeks
---------------------------------------------------
The creditors of Natural Options Health Products Limited will
meet on April 11, 2005 at 11:00 a.m.  It will be held at
Numerica LLP, 66 Wigmore Street, London W1U 2HQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Numerica LLP, PO Box 2653, 66 Wigmore Street,
London W1U 2HQ not later than 12:00 noon, April 8, 2005.

CONTACT:  NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


NETWORK RAIL: New Details of Predecessor's Collapse Emerge
----------------------------------------------------------
U.K.'s former transport secretary used his power to bring the
collapse of Railtrack four years ago, a report revealed,
according to The Guardian.

A document published under Freedom of Information Act details
how Stephen Byers, determined the fate of Railtrack at a meeting
in October 2001.  Mr. Byers reportedly threatened to remove
former power regulator Tom Winsor from office by parliamentary
act if he attempted to save the rail infrastructure company.
The report, written by Mr. Winsor, was released by the Office of
the Rail Regulator.

Mr. Byers prepared to put the company into administration -- an
event that happened three days after the fateful meeting -- by
rejecting a request from the company for funding.  Railtrack
chairman John Robinson had requested unlimited public funding on
a "cost-plus basis" for up to four years.  In return, he was
offering the government an equity stake in the company.  The
scheme would allow it to "spend taxpayers' money without any
accountability whatsoever," according to the report.

It also emerged in the report that the government originally
planned to retain Railtrack's directors and put them on the
board of a replacement not-for-profit company -- later Network
Rail.

The news is expected to please former Railtrack shareholders who
are suing the government for misfeasance in public office.  The
case is due to reach the high court later this year.

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com


NEWSTYLE CONSULTANCY: Calls in Rendell Thompson Liquidator
----------------------------------------------------------
At the extraordinary general meeting of Newstyle Consultancy
Limited on March 16, 2005 held at 30 Reading Road South, Fleet,
Hampshire GU52 7QL, the special and ordinary resolutions to wind
up the company were passed.  Robert James Thompson of Rendell
Thompson, 30 Reading Road South, Fleet, Hampshire GU52 7QL has
been appointed liquidator of the company.

CONTACT:  RENDELL THOMPSON
          30 Reading Road South
          Fleet
          Hampshire GU13 9QL
          Phone: 01252 816636
          Fax: 01252 815792
          E-mail: rendellthompson@btconnect.com


PARSONS PEEBLES: Bank of Scotland Appoints KPMG Receiver
--------------------------------------------------------
Bank of Scotland appointed Blair Carnegie Nimmo and Gary Steven
Fraser (Office Holder Nos 8208, 420) joint administrative
receivers for Parsons Peebles (Holdings) Limited (Reg No
004486029, Trade Classification: 07 Engineering and Allied
Industries).  The application was filed March 9, 2005.  The
company manages general mechanical engineering.

CONTACT:  KPMG LLP
          24 Blythswood Square
          Glasgow
          Strathclyde G2 4QS
          Phone: 0141 226 5511
          Fax: 0141 204 1584

          KPMG LLP
          Saltire Court
          20 Castle Terrace
          Edinburgh
          Lothian EH1 2EG
          Phone: 0131 222 2000
          Fax: 0131 527 6666
          E-mail: gary.fraser@kpmg.co.uk


PERRIS & KEARON: Members Pass Special Resolution
------------------------------------------------
At the extraordinary general meeting of the members of Perris &
Kearon Limited on March 21, 2005 held at Catalyst Industrial
Estate, Waterloo Road, Widnes, Cheshire WA8 0WG, the special
resolution to wind up the company was passed.  John Sallabank of
Harrisons, 35 Waters Edge Business Park, Modwen Road, Manchester
M5 3EZ has been appointed liquidator of the company.

CONTACT:  HARRISONS
          35 Water Edge Business Park,
          Modwen Road, Manchester M5 3EZ
          Phone: 0161 876 4567
          Fax:   0161 876 4554
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


PLECK CASTINGS: Meeting of Creditors Set Next Week
--------------------------------------------------
The creditors of Pleck Castings Limited will meet on April 7,
2005 at 10:00 a.m.  It will be held at 435 Lichfield Road,
Aston, Birmingham B6 7SS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to CBA, 435 Lichfield Road, Aston, Birmingham B6 7SS
not later than 12:00 noon, April 6, 2005.

CONTACT:  CBA
          435 Lichfield Road
          Aston Birmingham B6 7SS
          Phone: (0121) 326 0880
          Fax: (0121) 328 6456
          E-mail: bham@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


P&L HOLDINGS: Members Pass Special Resolution
---------------------------------------------
At the extraordinary general meeting of the members of P&L
Holdings Limited on March 16, 2005 held at 4 St Giles Court,
Southampton Street, Reading RG1 2QL, the special resolution to
wind up the company was passed.  Douglas Paul Glenn Walker of
Harrisons, St Brandon's House, Great George Street, Bristol has
been appointed liquidator of the company.

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


SILFELT LIMITED: Members Pass Winding-up Resolutions
----------------------------------------------------
At the extraordinary general meeting of the members of Silfelt
Limited on March 17, 2005 held at Spafield Mills, Batley Carr,
Batley WF17 7LS, the special and extraordinary resolutions to
wind up the company were passed.  J. P. Philmore of Philmore &
Co., Caxton House, 1 Queen Street, Mirfield WF14 8AH has been
appointed liquidator of the company.

CONTACT:  PHILMORE & CO.
          Caxton House,
          1 Queen Street,
          Mirfield WF14 8AH


STONE & ROLLS: Three-year Ban for Top Honcho Served
---------------------------------------------------
A director of an investment and soft commodities trading
business, which failed with total debt estimated at over GBP72
million, has given an Undertaking not to hold directorships or
take any part in company management for three years.

The undertaking by Amanda Lesley Mason, 32, of Abbots Close,
Ballasalla, Isle of Man was given in respect of her conduct as a
director of Stone & Rolls Limited, which carried on business
from premises at 32 Hans Road, London, EC2.

Acceptance of the Undertaking on March 7, 2005 prevents Ms.
Mason from being a director of a company or, in any way, whether
directly or indirectly, being concerned or taking part in the
promotion, formation or management of a company for the above
period. Stone & Rolls Limited was placed into compulsory
liquidation by Order of the High Court of Justice on January 15,
2003 on the petition of Komercni Banka for GBP59,242,452 aimed
in respect of an unpaid Judgment debt.  The company has an
estimated total deficiency of GBP72,708,688.

The matter of unfit conduct, not disputed by Ms. Mason, was that
during the period of her appointment as a director of Stone &
Rolls Limited between July 13, 1998 and February 1, 2000, she
allowed another of the company's directors, who whilst not a
registered director nevertheless controlled the company, amongst
other things, to act unchecked in a fraudulent scheme designed
to obtain money from Komercni Banka, A.S by the production and
presentation to the Bank of false and misleading invoices and
warrant lists in support of Letters of Credit issued by the Bank
in favour of Stone & Rolls at the request of BCL Trading GmbH.

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

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

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


SUSSEX PHARMACEUTICAL: Creditors Meeting Set Next Week
------------------------------------------------------
The creditors of Sussex Pharmaceutical Limited will meet on
April 11, 2005 at 11:00 a.m.  It will be held at Numerica LLP,
66 Wigmore Street, London W1U 2HQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Numerica LLP, 66 Wigmore Street, London W1U 2HQ
not later than 12:00 noon, April 8, 2005.

CONTACT:  NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


TXU UK: Section 304 Petition Summary
------------------------------------
Petitioners: Alan Robert Bloom,
             Roy Bailey,
             Gareth Hughes,
             Alan Lovett and
             Martin Fishman
             Ernst & Young LLP
             1 More London Place
             London, England SE1 2AF

Debtors: TXU UK Limited
         fka Eastern Natural Gas (Retail) Limited
         fka TXU (UK) Limited
         c/o Ernst & Young LLP
         1 More London Place
         London, England SE1 2AF

         TXU Direct Sales Limited
         fka Eastern Energy Limited
         c/o Ernst & Young LLP
         1 More London Place
         London, England SE1 2AF

         TXU Europe Energy Trading Limited
         fka Eastern Power and Energy Trading Limited
         c/o Ernst & Young LLP
         1 More London Place
         London, England SE1 2AF

         TXU (UK) Holdings Limited
         fka Eastern Natural Gas Limited
         c/o Ernst & Young LLP
         1 More London Place
         London, England SE1 2AF

Case Nos.: 05-12017, 05-12018, 05-12019, 05-12020

Type of Business: The Debtors are affiliates of TXU Europe Group
                  PLC, which filed for Section 304 petition on
                  November 12, 2004.  TXU Europe Group PLC is an
                  indirect, wholly owned subsidiary of TXU
                  Corporation -- http://www.txu.com/-- a Texas
                  corporation (TXU Corporation).  The Debtors
                  are members of the European division of the
                  TXU group of companies.  The TXU Group's
                  business activities included power production,
                  retail energy sales and related services,
                  wholesale energy sales, energy delivery,
                  portfolio management, risk management and
                  various trading activities.  On November 19,
                  2002, the TXU Europe Group and several of its
                  subsidiaries were placed under the
                  "administration" process in the United
                  Kingdom.  Some units have been liquidated.  As
                  a result more than $1 billion in cash is now
                  held with the TXU Group pending distribution.

Section 304 Petition Date: March 29, 2005

Court: Southern District of New York (Manhattan)

Petitioners' Counsel: Kenneth P. Coleman Esq.
                      Daniel Guyder Esq.
                      Adrian Stewart Esq.
                      Allen & Overy LLP
                      1221 Avenue of Americas
                      New York, New York 10022
                      Tel: (212) 610-6300
                      Fax: (212) 610-6399

                           -- and --

                      Ronald Dekoven Esq.
                      Foley & Lardner LLP
                      321 North Clark Street, Suite 2800
                      Chicago, Illinois 60610
                      Tel: (312) 832-4500

                               Total Assets      Total Debt
                               ------------      -----------
TXU UK Limited               More than $100M   More than $100M

TXU Direct Sales Limited     More than $100M   More than $100M

TXU Europe Energy
Trading Limited              More than $100M   More than $100M

TXU (UK) Holdings Limited    More than $100M   More than $100M


WHITEHEAD MANN: Raising GBP13 Mln via Share Issuance
----------------------------------------------------
Whitehead Mann plc is seeking to raise approximately GBP13.1
million by means of a Placing and Open Offer of 32,694,910 New
Ordinary Shares at 40 pence per share raising net proceeds of
GBP11.7 million.  The Placing and Open Offer is fully
underwritten by Baird.

It plans to implement New Incentive Arrangements (including an
Employee Offer) to better align the interests of employees and
shareholders.  Management and certain senior employees of the
Group will invest approximately GBP1 million in Whitehead Mann.
The group also aims at stabilizing current trend in line with
the Directors' expectations.

Whitehead Mann plans to de-list from the Official List and apply
for admission to trading on the Alternative Investment Market of
the London Stock Exchange, a market that is considered by the
Directors to be more appropriate to a company the size of
Whitehead Mann.

An Extraordinary General Meeting of Shareholders to seek
approval for the Proposals outlined above will be held at The
Lincoln Centre, 18 Lincoln's Inn Fields, London, WC2A 3ED, on 22
April 2005 at 11.00 a.m.  It is expected that the cancellation
of the listing of the Company's Existing Ordinary Shares on the
Official List and Admission will become effective, and trading
in the Enlarged Share Capital will commence, on 28 April 2005.

Commenting on the Placing and Open Offer, Sir Colin Southgate,
Chairman of Whitehead Mann said: "This fund raising represents a
fresh start for Whitehead Mann.  It allows the new Management
Team to implement our Strategic Plan, strengthens the Group's
financial position and better aligns the interests of employees
and shareholders.  We believe that this is a balanced outcome
for all stakeholders and the Directors look forward to a
successful future for the Group."

                            *   *   *

Whitehead Mann has closed its U.S. unit and shifted stock market
listing to AIM.  This came after the company warned it was
likely to reveal a GBP20 million annual loss.

The executive recruitment company said its New York business was
to be placed in Chapter 11 liquidation Thursday to "minimize
costs in the U.S."

CONTACT:  WHITEHEAD MANN GROUP PLC
          14 Hay's Mews
          London
          United Kingdom
          W1J 5PT
          Phone: +44 20 7290 2000
          Fax: +44 20 7290 2050
          Web site: http://www.wmann.com


WIRELESS GROUP: Confirms Takeover Talks
---------------------------------------
The Wireless Group PLC, owner of talkSPORT radio, admitted
Wednesday it was in talks with several potential buyers.

Following a 13.4 percent drop in annual losses, the group
confirmed last month it had received an approach that involved
chairman and chief executive Kelvin MacKenzie and other senior
management.

Wireless kicked off well in 2005, with losses down to GBP9.7
million from GBP11.2 million a year earlier, and cash revenues
up 9.9 percent compared to the same quarter in 2004.

Mr. MacKenzie said the company was hit by tough trading in its
local markets, although talkSPORT somewhat made up for it with
adjusted operating profits up 36.8 percent to GBP2.6 million.

He also expressed concern over advertisers putting off spending
until after the general election in May.  The situation is
likely to affect the company's national revenues in April.

CONTACT:  The Wireless Group PLC
          18 Hatfields
          London
          England
          SE1 8DJ
          Phone: +44 20 7959 7900
          Fax: +44 20 7959 7804
          Web site: http://www.talksport.net


                            *********


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

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

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

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

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

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


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