TCREUR_Public/050404.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

              Monday, April 4, 2005, Vol. 6, No. 65

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Intends to Keep Hellas Jet Flying


F I N L A N D

METSO CORPORATION: 2004 Results Look Better Under IFRS


F R A N C E

ALSTOM SA: Corners EUR190 Million Project in Sweden


G E R M A N Y

ALLES FUR'S: Bonn Court Appoints Provisional Administrator
ELEKTRO-UNION GMBH: Cedes Control to Interim Administrator
FLENDER HOLDING: Moody's Reviews Ratings for Possible Upgrade
GS FITNESS: Sets First Creditors Meeting Thursday
HAPPY PLAY: Proofs of Claim Deadline Nears

HERMANN SCHWARZE: Court-appointed Administrator Takes over Helm
ITALIENISCHER FEINKOSTLADEN: Under Bankruptcy Administration
JAM! CONCEPT: Hamburg Court Confirms Bankruptcy
JURGEN VOSS: Interim Administrator Takes over Operations
LUST AUF: Gives Creditors Until April 29 to File Claims
MTU AERO: On CreditWatch Positive After Posting Better Results
UP SCHUTZDACH: Bielefeld Court Stays all Pending Lawsuits


H U N G A R Y

MALEV HUNGARIAN: Sale Fails to Take off Anew


I R E L A N D

ELAN CORPORATION: Rating Unaffected by Tysabri Trial Failure
ELAN CORPORATION: Senior Unsecured Convertible Rating Unchanged


I T A L Y

ALITALIA SPA: February Net Debt Up


K Y R G Y Z S T A N

BITECH PLUS: Creditors' Claims Due Last Week of May
TERMO SERVISE: Sets Proofs of Claim Deadline
UNIKOIL-BISHKEK: Gives Creditors Until May 29 to Prove Claims


N E T H E R L A N D S

BUHRMANN N.V.: Buys back US$520 Million Preference Shares C
ROYAL SHELL: Proved Reserves Stands at 11.9 Billion BOE
ROYAL SHELL: CEO Gets GBP1 Mln Bonus Despite Reserves Fiasco


N O R W A Y

DNO ASA: Books NOK20.2 Million Net Profit in 2004


R O M A N I A

ROMPETROL GROUP: Public Prosecutor's Probe Enters Second Year


R U S S I A

AGRO-ENERGO: Bankruptcy Proceedings Begin
BELGOROD-GEOLOGY: Belgorod Court Hires Insolvency Manager
BRYUKHOVETSK-AGRO-PROM-SNAB: Proofs of Claim Deadline Nears
EVROFINANCE-MOSNARBANK: Lower-B Ratings Affirmed
FIRST OIL-BASE: Last Day for Filing Claims April 26

OYASHINSKIY: Declared Insolvent
PAVLOVSKIY: Hires A. Kulinich as Insolvency Manager
PROM-SERVICE: Deadline for Proofs of Claim Nears
SERVICE-IMPORT-MACHINERY: Bankruptcy Proceedings Begin
UNECHA-AGRO-TRANS: Declared Insolvent
VERKHNEBULAYSKOYE: Appoints V. Afanasyeva Insolvency Manager


S W E D E N

SKANDIA INSURANCE: Probe on Auditor's Liability Continues


U K R A I N E

AZOVZALIZOBETON: Court Grants Debt Moratorium
FOX-OIL-SERVICE: Succumbs to Insolvency
HRISTINIVSKIJ COMBI: Creditors' Claims Due Next Week
METKOM: Dnipropetrovsk Court Appoints Insolvency Manager
NAFTA-K: Bankruptcy Supervision Starts

OMEKS: Kyiv Court Opens Bankruptcy Proceedings
SPETSODYAG: Declared Insolvent
TEKSTILKONVEYER: Proofs of Claim Deadline Set
TREST LISICHANSKHIMNAFTOBUD: Under Bankruptcy Supervision
TSEMTORGSERVICE: Liquidator Takes over Firm


U N I T E D   K I N G D O M

ALL SEASON: Hires Liquidator from Arrans
AMADEO NETWORKS: Members Call in Begbies Traynor Liquidator
APPLEGARTH SOFTWARE: Hires Baker Tilly as Liquidator
ATKINS NUTRITIONALS: Business for Sale
BATH BUILDING: Members Decide to Wind up Firm

BAXTERS GAS: Hires Liquidator from PKF
BOY MEETS GIRL: Names Kroll Limited Liquidator
CHALEMARK LTD.: Members Call in Liquidator from Jeffreys Henry
C P GARAGES: Appoints Liquidator from Elliot Woolfe & Rose
CREATE DIRECT: Members Decide to Wind up Company

DANIELSON LIMITED: Names Smith & Williamson Limited Liquidator
DRAX POWER: To Receive GBP14 Million TXU Compensation
DRAX POWER: Ratings Unchanged After TXU Europe Claim Payment
ELEQUIP ELECTRICAL: Hires Tenon Recovery as Administrator
EQUITABLE LIFE: Chairman Rallies Confidence in Future

EURODIS ELECTRON: Philips Deal to end January 2006
EURO MOTOR: Director Banned for Four-and-a-half Years
FASTLANE FORWARDING: Meeting of Creditors Set this Week
FELIX FASTENERS: Members Pass Special Resolutions
FIREBALL LIVE: Insolvency Service Disqualifies Director

FREEDOM MANAGED: Appoints Administrators from Portland Business
HALL PLANK: Calls in Joint Administrators for Harrisons
HIGHWAY SCOTLAND: Appoints Liquidator from Begbies Traynor
KITEN HOLDINGS: Hires Deloitte & Touche as Liquidator
LAMPLIGHT MUSIC: Liquidator from Fisher Partners Moves in

L.H. HOME: Members Call in Liquidators from Deloitte & Touche
LPR ENTERTAINMENTS: Calls in Administrators from Tenon Recovery
MYTRAVEL GROUP: Targets Operating Profit for U.K. Biz by 2006
MYTRAVEL GROUP: Lists Additional A Ordinary Shares
POETRY BARS: Appoints BDO Stoy Hayward Administrator

PROJECT LABOUR: Director Banned for Four Years
RMCB LIMITED: Calls in Administrators from Begbies Traynor
SHOWHOUSES (EBBGATE): Members Pass Winding-up Resolutions
TMA GLOBAL: Names Rothman Pantall & Co. Administrators
TRADITIONAL SEAFOODS: In Administrative Receivership

TXU EUROPE: Balfour Beatty in Line for GBP179.3 Million Payout
TXU EUROPE: Pays Scottish and Southern GBP159.1 Million
WANDEL & GOLTERMANN: Hires Smith & Williamson as Liquidator


                            *********


===========
C Y P R U S
===========


CYPRUS AIRWAYS: Intends to Keep Hellas Jet Flying
-------------------------------------------------
Troubled national flag carrier Cyprus Airways denies it is
shutting down Hellas Jet.

According to the company, rumors that the Greek subsidiary will
be grounded soon are mere "conjectures."  It admitted, however,
that it has yet to make a decision on Hellas Jet's future and is
still reviewing several options, including its sale.

Cyprus Airways has been posting losses in recent years, booking
CYP33.5 million in net loss for 2004.  The carrier blames last
year's huge loss to the liberalization of air transport, high
fuel prices and costly fleet renewal.  The loss-making carrier
is currently waiting for the European Commission to rule on a
EUR50 million bridging loan.

The government, which holds a 69.62% stake in the carrier, has
been trying to bail out the carrier.  It recently named a
technocrat and a senior economist to the board, which lost
three members following an impromptu strike by cabin crew.
Management is now implementing cost-cutting measures, which
include redundancies, division spin-offs and sale of Hellas Jet.

CONTACT:  CYPRUS AIRWAYS LIMITED
          21 Alkeou Str.
          2404 Engomi
          P.O. Box 21903
          1514 Nicosia, Nicosia
          Phone: 22663054
          Fax: 22663167
          E-mail: webcentre@cyprusair.com.cy
          Web site: http://www.cyprusairways.com


=============
F I N L A N D
=============


METSO CORPORATION: 2004 Results Look Better Under IFRS
------------------------------------------------------
Metso Corporation will publish its first financial statements
under International Financial Reporting Standards (IFRS) for the
year ending Dec. 31, 2005.  The comparative data for 2005 will
include the income statement, balance sheet, cash flow statement
and breakdown of shareholders' equity for one year, for which
reason the actual transition date for reporting under IFRS is
Jan. 1, 2004.  The purpose of the comparison figures for 2004
published in the accompanying release is to report to
shareholders and stakeholders on the effects of the transition
on the company's balance sheet and income statement.

The primary changes caused to Metso by the adoption of IFRS as
against the Finnish Accounting Standards (FAS) were an
improvement in the result for 2004 and a reduction in equity.
The main factors leading to the improved result were the
reversal of pension liabilities as a result of changes in the
Finnish employees' pension plan and the fact that goodwill is
not amortized under IFRS.  The most important factors weakening
equity per share in reporting under IFRS are the increase in
pension liabilities and the reduction in deferred tax assets.
The differences are presented in more detail in the release.

                        2004 IFRS            2004 FAS

Earnings/share, EUR        1.05                0.51

                       31.12.2004   IFRS     31.12.2004 FAS

Equity/share, EUR          7.27                  7.72

Equity to assets ratio, % 30.9                  32.7

Gearing, %                49.7                  50.0

Balance sheet total,
   EUR million           3,570                 3,578

The release presents the opening IFRS balance sheet for Jan. 1,
2004, the reconciliation of the consolidated net income and
shareholders' equity as of Jan. 1, 2004 and Dec. 31, 2004, and
comparative IFRS data for the consolidated statements of income
and the consolidated balance sheets for the financial year, Jan.
1 to Dec. 31, 2004.

The interim reports for 2005 will be prepared in accordance with
the principles of recognition and measurement laid down in the
IFRS.  The 2004 comparative quarterly data will be published
before the release of the first quarter interim review 2005.

Metso is a global technology corporation serving customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.  In 2004, the net
sales of Metso Corporation were approximately EUR4 billion, and
it has some 23,000 employees in more than 50 countries.  Metso's
shares are listed on the Helsinki and New York Stock Exchanges.

CONTACT:  METSO CORPORATION
          Olli Vaartimo
          Executive Vice President and CFO
          Phone: +358 204 84 3010

          Reijo Kostiainen
          Senior Vice President, Financial Control
          Phone: +358 204 84 3127


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


ALSTOM SA: Corners EUR190 Million Project in Sweden
---------------------------------------------------
Alstom S.A. won a contract worth around EUR190 million to
provide steam turbine and generator equipment as part of a
project to increase the power output of Ringhals nuclear power
station in Sweden.

Under the contract with Ringhals AB, owned by Swedish energy
companies Vattenfall and Sydkraft, ALSTOM will supply new
internal retrofit parts for four turbine/generator sets at units
3 & 4 of the four-unit plant.  Each set contains one generator,
one high-pressure steam turbine and three low-pressure steam
turbines.

In addition, Alstom will replace and upgrade moisture separator
re-heaters, turbine instrumentation and control system, main
steam valves and other balance of plant, as well as carrying out
dismantling, installation, commissioning and testing work.

With the upgrading of the nuclear reactors and the design of the
retrofitted turbine and generator equipment, the rated
electrical power output of each of the two units will increase
from the current 920 MW to slightly more than 1100 MW on unit 3
and approximately 1150 MW on unit 4.  Most of the work will be
carried out during scheduled annual outage periods, with the
main installation work for unit 3 taking place in 2006 and 2007,
and in 2008 and 2011 for unit 4.

About Alstom

Alstom designs, builds and services technologically advanced
products and systems for the world's energy and transport
infrastructure.  It builds power plants and has supplied around
20% of the world's total installed capacity in power generation.

The firm engineered and built the TGV, the world's fastest
train, Singapore's automatic metro and almost the entire fleet
of metros for the city of Paris.  It also builds trains, which
run on every continent, as well as highly complex ships, which
include the recently completed Queen Mary 2, the largest cruise
ship in the world.

Alstom employs 75,000 people in over 70 countries worldwide.

                            *   *   *

Alstom's net loss was -EUR315 million compared with -EUR624
million in the first half of last year.  This improvement comes
from the better operational performance and by the decrease in
restructuring and financial charges.

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

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

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


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


ALLES FUR'S: Bonn Court Appoints Provisional Administrator
----------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
alles fur's Haar Doris Lenz GmbH on March 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 2, 2005 to register their
claims with court-appointed provisional administrator Ludger
Westrick.

Creditors and other interested parties are encouraged to attend
the meeting on June 10, 2005, 9:00 a.m. at the district court of
Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.22 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:  ALLES FUR'S HAAR DORIS LENZ GMBH
          Zum Kalkofen 35, 53844 Troisdorf-Bergheim
          Contact:
          Doris Lenz, Manager
          Helene-Wessel-Strasse 16, 53844 Troisdorf-Bergheim

          Ludger Westrick, Administrator
          Hensstr. 12/14, 53173 Bonn
          Phone: 9347-0-12 oder-24
          Fax: 934799


ELEKTRO-UNION GMBH: Cedes Control to Interim Administrator
----------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Elektro-Union GmbH on March 7.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 10, 2005 to
register their claims with court-appointed provisional
administrator Rudiger Weiss.

Creditors and other interested parties are encouraged to attend
the meeting on June 7, 2005, 11:45 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle 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-UNION GMBH
          Pfannerhohe 35, 06110 Halle
          Contact:
          Torsten Wolfer, Manager
          Waldseestrasse 27, 39245 Gommern

          Rudiger Weiss, Delitzscher Str. 70, 06112 Halle
          Phone: 0345/614080
          Fax: 0345/6140810


FLENDER HOLDING: Moody's Reviews Ratings for Possible Upgrade
-------------------------------------------------------------
Moody's Investors Service placed the debt ratings of Flender
Holding GmbH, including the B2 rating on the 2010 senior notes,
under review for possible upgrade.  This action follows the
announcement that Siemens has signed an agreement with Citigroup
Venture Capital Equity Partners to acquire Flender for EUR1.2
billion (including assumed debt).  The proposed transaction is
subject to regulatory approval by competition authorities.

Ratings placed under review for possible upgrade are:

(a) The Ba2 rating on the EUR100 million Senior Secured Revolver
    Credit Facility of A. Friedrich Flender GmbH;

(b) The Ba3 rating on the EUR97 million Senior Secured Bank
    Credit Facility of Flender Beteiligungsverwaltungs GmbH;

(c) The Ba3 Senior implied rating of Flender Holding GmbH;

(d) The B2 Unsecured issuer rating of Flender Holding GmbH;

(e) The B2 rating on the EUR250 million in senior notes due 2010
    at Flender Holding GmbH.

Moody's review of Flender's ratings will focus on the likely
business and financial strategies and support of Siemens with
respect to Flender as well as the relative ranking of Flender's
existing creditors within Siemens' capital structure.  Moody's
notes that Flender's senior noteholders benefit from put options
in the event of a change of control.

Registered in Germany, Flender is a global manufacturer of
stationary power transmission components and systems and a
leading specialist supplier of components and complete drive
systems for use in industrial applications.  For the last twelve
months ended 30 September 2004, Flender generated revenues of
EUR1.012 billion.

CONTACT:  Moody's Investors Service Ltd.
          London
          Arnaud Gravier
          Asst Vice President - Analyst
          Corporate Finance Group

          London
          Amanda Neff
          VP - Senior Credit Officer
          Corporate Finance Group
          For Journalists: 44 20 7772 5456


GS FITNESS: Sets First Creditors Meeting Thursday
-------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against GS Fitness Studio GmbH on March 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 3, 2005 to register their
claims with court-appointed provisional administrator Klaus
Jonek.

Creditors and other interested parties are encouraged to attend
the meeting on April 7, 2005, 9:40 a.m. at Saal 115,
Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen at which
time the administrator will present his first report of the
insolvency proceedings.  The court will verify the claims set
out in the administrator's report on May 26, 2005, 10:30 a.m. at
Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195
Bremen.

CONTACT:  GS FITNESS STUDIO GMBH
          Volkmannstr. 2-4, 28201 Bremen
          Contact:
          Andreas Voss, Manager
          Cramerstr. 15, 27749 Delmenhorst

          Klaus Jonek, Administrator
          Schwachhauser Heerstr. 48, 28209 Bremen
          Phone: 348585,
          Fax: 3478582


HAPPY PLAY: Proofs of Claim Deadline Nears
------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Happy Play Spielgerate Betriebsgesellschaft mbH on March
10, 2005.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
April 20, 2005 to register their claims with court-appointed
provisional administrator Dr. Sabine Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting on June 1, 2005, 9:00 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:  HAPPY PLAY SPIELGERATE BETRIEBSGESELLSCHAFT MBH
          Oestermarsch 77, 44145 Dortmund
          Contact:
          Charalampos Lazaridis, Manager
          Oestermarsch 77, 44145 Dortmund

          Dr. Sabine Aldermann, Administrator
          Landgrafenstr. 2 a, 44139 Dortmund
          Phone: 0231-8808390
          Fax: 0231-88083922


HERMANN SCHWARZE: Court-appointed Administrator Takes over Helm
---------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Hermann Schwarze GmbH on March 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 19, 2005 to register their
claims with court-appointed provisional administrator Stefan
Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on May 10, 2005, 11:15 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:  HERMANN SCHWARZE GMBH & CO. KG
          Driffenstr. 8, 32312 Lubbecke

          SCHWARZE VERWALTUNGS-GMBH
          Driffenstr. 8, 32312 Lubbec
          Contact:
          Hermann Schwarze, Manager

          Stefan Meyer, Administrator
          Ostertorstr. 7, 32312 Lubbecke


ITALIENISCHER FEINKOSTLADEN: Under Bankruptcy Administration
------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against "Lario" -- Italienischer Feinkostladen GmbH on March 8.
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 Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting on May 27, 2005, 11:50 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122 d, 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:  "LARIO" -- ITALIENISCHER FEINKOSTLADEN GMBH
          Waitzstrasse 3, 22607 Hamburg
          Contact:
          Francesco de Felice, Manager

          Ulrich Rosenkranz, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8078810
          Fax: 80788120


JAM! CONCEPT: Hamburg Court Confirms Bankruptcy
-----------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against JAM! Concept GmbH on March 8.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 28, 2005 to register their claims
with court-appointed provisional administrator Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting on May 31, 2005, 11:40 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122 d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) 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:  JAM! CONCEPT GMBH
          RehhoffstraSSe 16, 20459 Hamburg
          Contact:
          Mario Georg Kansy, Manager

          Stephan Neubauer, Administrator
          Spitalerstrasse 4, 20095 Hamburg
          Phone: 334010
          Fax: 33401521


JURGEN VOSS: Interim Administrator Takes over Operations
--------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Jurgen Voss GmbH on March 14.  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 Klaus Knetter.

Creditors and other interested parties are encouraged to attend
the meeting on May 2, 2005, 10:00 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:  JURGEN VOSS GMBH
          Linnenstr. 77, 33699 Bielefeld
          Contact:
          Jurgen Voss, Manager
          Jahnstr. 8, 33818 Leopoldshohe

          Klaus Knetter, Administrator
          Otto-Brenner-Str. 186, 33604 Bielefeld


LUST AUF: Gives Creditors Until April 29 to File Claims
-------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Lust auf Italien GmbH on March 8.  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 Dirk
Decker.

Creditors and other interested parties are encouraged to attend
the meeting on May 27, 2005, 11:05 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122 d, 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:  LUST AUF ITALIEN GMBH
          Grosse Elbstrasse 133, 22767 Hamburg
          Contact:
          Hermann Pein, Manager

          Dirk Decker, Administrator
          Speersort 4-6, 20095 Hamburg
          Phone: 303010
          Fax: 30301435


MTU AERO: On CreditWatch Positive After Posting Better Results
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
Germany-based aircraft engine manufacturer MTU Aero Engines
GmbH, including its 'BB-' long-term corporate credit rating, on
CreditWatch with positive implications.

At the same time, following the termination of the group's
EUR585 million secured bank facility, Standard & Poor's withdrew
its 'BB-' senior secured bank loan rating and '2' recovery
rating on MTU.  The facility has been replaced by a new EUR250
million unsecured, syndicated bank line, which is not rated.

"The CreditWatch placement reflects MTU's continued improvement
in operating performance and cash flow generation during 2004,
which has allowed the group to substantially reduce debt
levels," said Standard & Poor's credit analyst Leigh Bailey.
"This less-aggressive financial policy also helps to reinforce
the group's financial structure."

For the full-year 2004, Standard & Poor's expects MTU to
continue improving EBITDA and free cash flow generation.
Operating improvements to date have reflected the success of the
group's ongoing cost-savings program, a 15% reduction in R&D
expenses, and improving market conditions for civil-aviation
spare parts.  Although Standard & Poor's had already factored
into its ratings the possibility that improving operating
performance would allow the group to strengthen its aggressively
leveraged financial profile, MTU has reduced total pension-
adjusted debt to EBITDA to a level lower than the expected 4.0x.

We expect to meet with MTU's management to resolve the
CreditWatch status in the next three months, which is likely to
result in an upgrade of the group -- although this will be
limited to the 'BB' category.  Key aspects to assess will be the
group's financial results for full-year 2004, operating strategy
and outlook, near-to-intermediate-term strategic plan, and
financial structure.

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
          CorporateRatingsEurope@standardandpoors.com


UP SCHUTZDACH: Bielefeld Court Stays all Pending Lawsuits
---------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against UP Schutzdach- und Vorzeltfabrikation GmbH on March 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 26, 2005
to register their claims with court-appointed provisional
administrator Dr. Jurgen M. Thiel.

Creditors and other interested parties are encouraged to attend
the meeting on May 17, 2005, 11:00 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:  UP SCHUTZDACH- UND VORZELTFABRIKATION GMBH
          Goebenstr. 36, 32423 Minden

          Dr. Jurgen M. Thiel, Administrator
          Markt 8, 32423 Minden


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


MALEV HUNGARIAN: Sale Fails to Take off Anew
--------------------------------------------
The sale of loss-making carrier Malev Hungarian Airlines is
again a failure, according to Reuters.

The government, represented by state privatization agency APV,
declared the tenders invalid after all bidders failed to meet
its expectations.  "The board of directors concluded that based
on a complex financial and business assessment of the valid
bids, none of the bids fulfill the business expectations of the
owner," APV said in a statement.

Business daily Napi Gazdasag, citing unnamed sources, reported
last week all three bidders were only willing to pay HUF150
million to HUF200 million, but offered to assume the carrier's
HUF35 billion debt.  APV will immediately open direct talks with
parties who have submitted bids or expressed interests.  The
state holds a 99.95% stake in Malev, which has HUF36.2 billion
in debt.

At least five offers were made in this latest sale attempt.
Of these, three were bids while the two others were 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 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 prefers the
cancellation of the sale, plans to implement a two-year
reorganization before the next tender.  Malev's reorganization,
as Mr. Honig has suggested, includes disposal of non-core units,
fleet rationalization, and marketing and communications
augmentation.  Mr. Honig eyes competing with discount carriers
in Central Europe while keeping its position in the Balkans
region.

The failed sale is the second in 12 months and the fourth since
Hungary rejected Communism in 1990.

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: Rating Unaffected by Tysabri Trial Failure
------------------------------------------------------------
Standard & Poor's Ratings Services says the rating and outlook
on specialty pharmaceutical company Elan Corp. plc (B/Stable/--)
would not be affected following reports that a patient enrolled
for clinical trials of one of the company's drugs had suffered a
rare brain infection.

This was the third patient enrolled in trials for the multiple
sclerosis treatment Tysabri to suffer progressive multifocal
leukoencephalopathy (PML).  Tysabri was approved by the U.S.
Food and Drug Administration in November 2004 but withdrawn from
the market in February of this year when two patients developed
PML while being treated with a combination of both Tysabri and
Biogen Idec Inc.'s multiple sclerosis treatment Avonex.  Tysabri
is critical to the Dublin, Ireland-based Elan if the company
hopes to return to profitability and restore positive cash
flows.

While this latest case of PML makes the drug's return to market
more uncertain, Elan still has US$1.5 billion of cash on hand
and does not face significant debt maturities until February
2008. This liquidity remains an important support for the
current credit rating.  Standard & Poor's affirmed its ratings
on Elan in February following the withdrawal of Tysabri and
revised the outlook to stable from positive.

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


ELAN CORPORATION: Senior Unsecured Convertible Rating Unchanged
---------------------------------------------------------------
Standard & Poor's Ratings Services says it is not changing its
'CCC+' rating on US$460 million in 6.5% senior unsecured
convertible notes issued by Elan Capital Corp. Ltd., a
subsidiary of pharmaceutical manufacturer Elan Corp. plc
(B/Stable/--).

These notes, due Nov. 10, 2008, were contractually subordinated
to the notes of subsidiary Elan Pharmaceutical Investments III
Ltd. (EPIL III), which have now been retired.  Elan Corp. has
obtained additional subsidiary guarantees for US$650 million in
7.25% senior unsecured notes issued by Athena Neuroscience
Finance (due Feb. 21, 2008).  These guarantees were not obtained
for the Elan Capital convertible notes, thus it is Standard &
Poor's opinion that the convertible notes are structurally
subordinated to Elan's other existing senior unsecured debt.

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


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


ALITALIA SPA: February Net Debt Up
----------------------------------
Troubled national carrier Alitalia revealed Thursday a 2.6% rise
on its net debt for the month of February, Reuters says.

Alitalia posted a EUR1.822 billion net debt in February, up from
EUR1.766 billion in January.  The carrier also revealed they
have already used up EUR155 million of its EUR400 million state-
guaranteed bridging loan.

Alitalia's performance worsened last year, driving operating
losses to EUR402.5 million, up from EUR373 million in 2003.  The
carrier, however, remains optimistic of its prospect, expecting
to break even next year.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


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


BITECH PLUS: Creditors' Claims Due Last Week of May
---------------------------------------------------
Bitech Plus, which recently became insolvent, will accept all
proofs of claim on or before May 23, 2005 at Osh, Lenina Str.
335/2.  For more information, call (0-3222) 2-58-07.


TERMO SERVISE: Sets Proofs of Claim Deadline
--------------------------------------------
LLC Termo Servise, which recently became insolvent, will accept
all proofs of claim on or before May 29, 2005 at Bishkek,
Chuguevski Side Str. 40 a.

CONTACT:  TERMO SERVISE
          Bishkek, Chuguevski Side Str. 40 a


UNIKOIL-BISHKEK: Gives Creditors Until May 29 to Prove Claims
-------------------------------------------------------------
Unikoil-Bishkek, which recently became insolvent, will accept
all proofs of claim on or before May 29, 2005.  For more
information, call (0-502) 53-03-98.


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


BUHRMANN N.V.: Buys back US$520 Million Preference Shares C
-----------------------------------------------------------
Buhrmann N.V. said it has completed the repurchase of all
outstanding Preference Shares C.  The repurchase price of US$520
million was paid to Apollo Management and Bain Capital and to
some other investors.  Also a contingent call option was granted
in connection with this repurchase.  The specific rights of
Apollo and Bain have been cancelled as from this date.

As part of the financing for the repurchase Buhrmann
successfully raised EUR250 million via a rights offering.  The
settlement and the delivery of these new Buhrmann shares took
place on 31 March 2005.  On the same day the newly issued shares
became eligible for trading on Euronext Amsterdam.

Buhrmann also completed a US$150 million Senior Subordinated
Notes offering in February 2005.

Upon the closing of the repurchase, Mr. S.W. Barnes, managing
director of Bain Capital; and Mr. J.J. Hannan, managing partner
of Apollo Management, have stepped down as Members of the
Supervisory Board of Buhrmann.  We would like to thank them for
their contribution.

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


ROYAL SHELL: Proved Reserves Stands at 11.9 Billion BOE
-------------------------------------------------------
Royal Dutch Petroleum Company and The "Shell" Transport and
Trading Company (the Registrants) filed on Wednesday their 2004
Annual Report on Form 20-F for the year ended 31 December 2004
with the U.S. Securities and Exchange Commission (SEC).

The Royal Dutch/Shell Group of Companies financial statements in
the Annual Report on Form 20-F have been prepared under U.S.
Generally Accepted Accounting Principles (GAAP) and Netherlands
GAAP.

Consistent with the earlier guidance provided on 3 February 2005
on the impact of the reserves restatement on the financial
statements, net income for the year ended 31 December 2004 was
US$18.2 billion.  Cash generation, including cash from
operations and divestments, was US$33 billion.

The proved reserves base at the end of 2004, including
associates, was 11.9 billion barrels of oil equivalent (BOE),
excluding the Athabasca oil sands mining reserves of 0.6 billion
BOE.  Consistent with earlier guidance, the Reserve Replacement
Ratio (RRR), excluding the impact of divestments and year-end
pricing and including associates, was 49%, within the 45%-55%
range as provided on 3 February 2005.  Including the impact of
divestments and year-end pricing, the RRR was 19%, within the
15-25% range as provided on 3 February 2005.  Including the
Athabasca Oil sands mining reserves would raise the RRR by 4%.
Shell continues to target at least 100% Reserves Replacement
over the period 2004-2008, including associates.

Separately, a schedule of the 2004 financial statements by
quarter, as prepared under U.S. GAAP, has been provided.

With the filing of the 2004 Annual Report on Form 20-F, Shell
remains on schedule with the timetable for the proposals to
shareholders for the unification of the Royal Dutch/Shell Group
of Companies under a single parent company, Royal Dutch Shell
plc.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com


ROYAL SHELL: CEO Gets GBP1 Mln Bonus Despite Reserves Fiasco
------------------------------------------------------------
Jeroen van der Veer, chief executive of Royal Dutch/Shell,
received a bonus of GBP1.82 million in 2004 despite the
"reserves" scandal, The Guardian says.

The Anglo-Dutch oil and gas group had to cut its figures for
proven reserves four times last year -- the worst ever for the
world's third-largest oil group by market capitalization.  Mr.
Van der Veer, who receives a basic salary of EUR1.28 million,
took home a deferred bonus in 2004 of EUR267,460 plus 150,000
stock options over the next three years.  He also received a 15%
raise in basic salary to EUR1.5 million for taking on the new
title of chief executive.

At the end of 2004, Shells' proven reserves stood at 11.9
billion barrels of oil equivalent (BOE), equal to less than nine
years' production at average 2004 rates, excluding the Athabasca
oil sands reserves in Canada, which it put at 0.6 billion BOE.
Shell, however, said: "The reserve replacement ratio, excluding
the impact of divestments and year-end pricing and including
associates, was 49%."

Including the impact of divestments and year-end pricing, the
ratio fell as low as 19%.  The company targets at least a 100%
replacement of its oil reserves from 2004 to 2008.  Its shares
fell 1p to 475p.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com


===========
N O R W A Y
===========


DNO ASA: Books NOK20.2 Million Net Profit in 2004
-------------------------------------------------
In a Board Meeting on March 30, 2005, the board of DNO A.S.A.
approved DNO's consolidated financial statements for 2004.
DNO's net profit for 2004 is NOK20.2 million, which is identical
to the preliminary results released in the stock exchange notice
dated Feb. 15, 2005.

Following a period of strong growth resulting from the
successful strategy implemented in 1996, DNO realized
substantial values through the asset sale to Lundin in 2003.  As
a result of this the company has paid out a total amount of
NOK496 million in extraordinary dividend payment, of which NOK56
million was paid out in 2003 and NOK440 million in 2004.

In view of the company's current financial position, the Board
of Directors has decided to propose to the General Shareholders
Meeting ca. NOK130 million in ordinary dividend payment for 2004
consisting of a cash payment of NOK0.5 per share, plus one DNO
ASA share for each 20th share in the company.  In case of an
uneven number, the difference will be compensated by cash
payment.  The recommended dividend payment will be provided for
in the final 2004 N GAAP financial statements.

In light of the investment plans and financial requirements
related to the company's license portfolio the Board of
Directors may recommend additional extraordinary dividend
payment in 2005.

DNO ASA
March 31, 2005

CONTACT:  DNO ASA
          Helge Eide
          Managing Director

          Haakon Sandborg
          Chief Financial Officer
          Phone: (+47) 55 22 47 00 / (+47) 23 23 84 80


=============
R O M A N I A
=============


ROMPETROL GROUP: Public Prosecutor's Probe Enters Second Year
-------------------------------------------------------------
The investigations started a year ago against several managers
of Rompetrol are still ongoing.  The Public Prosecutor's office
invited them for additional interviews on Tuesday, March 29, to
present the allegations against them and ask for further
clarifications.

This investigation started in March 2004 as a result of a
memorandum issued by the former Presidential Administration.  In
the spirit of openness and transparency the Rompetrol Group will
continue to fully support the Public Prosecutor's Office inquiry
into the Romanian oil industry.

Last autumn the prosecutors have opened an inquiry against
several of our employees.  We expect that the on-going
investigation will be completed soon and will fully exonerate
them.

Rompetrol Rafinare has opened a data room where bona fide
investigators, reporters or shareholders of the company may read
the most relevant documents and clarify all possible suspicions.
Rompetrol has taken a similar action last year, when the
privatization and the activity of Petromidia refinery was
subject of countless investigations by the Romanian
anticorruption and fiscal authorities.

In October 2004 the General Prosecutor of the Anticorruption
Public Prosecution Office [PNA] Mr. Ioan Amarie stated publicly
in a televised show that the prosecutors concluded the
privatization of Petromidia refinery was free of any acts of
corruption that may fall under the PNA authority.  The penal
inquiry has been terminated and the file has been referred to
the Public Prosecution Office.

"We have already opened all the communication and information
channels in 2004 because we have nothing to hide.  Nobody has
broken the law and the law-enforcers will prove it.  The
authorities will enjoy our full support and we are sure they
will conclude the allegations against us are unfounded," said
Rompetrol communications director, Eugen Babau Iladi.

"We believe that the questions are legitimate and we are
convinced that the state institutions will carry out their
duties in the most efficient way and -- as soon as possible --
will favorably clarify all the matters related to Petromidia
refinery in general and the aspects that differentiate
Petromidia from any other refinery in Romania -- in particular.
This will be in the benefit of our company, of its shareholders
and its employees alike, as well as contributing to the well-
being of the entire Romanian economy," added Babau.

The Rompetrol Group welcomes the decision of the Public
Prosecution Office and the Parliamentary Commission for Industry
and Services to examine the privatization of all the Romanian
refineries and to apply an equal treatment to all the players on
the Romanian oil market.  This only shows that the
administration and the justice system have an unbiased approach
in their attempts to clarify these matters quickly, once and for
all.

The Rompetrol Group is the largest Romanian private industrial
group, with a gross revenue of US$1.61 billion in 2004, and more
than 7,300 employees.  The Group re-launched the Petromidia
refinery after privatizing it in 2001, and transformed it in the
most modern refinery in the country.  In 2004 Petromidia
reported a net profit of US$4 million for the first time since
opening in 1979.  For the first two months of 2005 the net
profit registered at Petromidia came up to US$17.7 million.

The Rompetrol Group has always met its fiscal obligations,
contributing US$603 million in taxes in 2004, which represents
the equivalent of 1 million average pensions in Romania.

                            *   *   *

In June, Standard & Poor's Ratings Services assigned its 'B-'
long-term corporate credit rating to The Rompetrol Group N.V.,
which has key oil refining and marketing operations in Romania
(foreign currency BB/Positive/B; local currency BB+/Positive/B).
The outlook is stable.

At the same time, Standard & Poor's assigned its 'B-' senior
unsecured debt rating to the proposed EUR150 million bond to be
issued by Rompetrol under the guarantees of all its key
subsidiaries.

CONTACT:  ROMPETROL GROUP
          Rompetrol Building
          222 Calea Victoriei
          010099 Bucharest
          Romania
          Phone: +40 21 30 30 800
          Phone: +40 21 30 30 801
          Fax: +40 21 31 22 490
          E-mail: office@rompetrol.com


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


AGRO-ENERGO: Bankruptcy Proceedings Begin
-----------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Agro-Energo (TIN 3123059144) after finding
the limited liability company insolvent.  The case is docketed
as A08-10594/04-11.  Mr. V. Rukavitsyn has been appointed
insolvency manager.  Creditors have until April 26, 2005 to
submit their proofs of claim to 308017, Russia, Belgorod, K.
Zaslonova Str. 181.

CONTACT:  AGRO-ENERGO
          Russia, Belgorod region,
          Preobrazhenskaya Str. 42

          Mr. V. Rukavitsyn
          Insolvency Manager
          308017, Russia, Belgorod region,
          K. Zaslonova Str. 181


BELGOROD-GEOLOGY: Belgorod Court Hires Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Belgorod-Geology (TIN 3123019550) after
finding the open joint stock company insolvent.  The case is
docketed as A08-9270/04-11.  Mr. V. Rukavitsyn has been
appointed insolvency manager.  Creditors have until April 26,
2005 to submit their proofs of claim to 308501, Russia, Belgorod
region, Dubovoye, Zelenaya Str. 2V.

CONTACT:  BELGOROD-GEOLOGY
          Russia, Belgorod region,
          K. Zaslonova Str. 181

          Mr. V. Rukavitsyn
          Insolvency Manager
          308501, Russia, Belgorod region,
          Dubovoye, Zelenaya Str. 2V


BRYUKHOVETSK-AGRO-PROM-SNAB: Proofs of Claim Deadline Nears
-----------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Bryukhovetsk-Agro-Prom-Snab after finding
the open joint stock company insolvent.  The case is docketed as
A-32-6847/2004-43/46-B.  Mr. P. Chernyshov has been appointed
insolvency manager.  Creditors have until April 26, 2005 to
submit their proofs of claim.

CONTACT:  BRYUKHOVETSK-AGRO-PROM-SNAB
          353730, Russia, Krasnodar region,
          Brykhovetskaya St., Stepnaya Str. 2

          Mr. P. Chernyshov
          Insolvency Manager
          350075, Russia, Krasnodar region,
          Sormovskaya Str. 1, Office 18


EVROFINANCE-MOSNARBANK: Lower-B Ratings Affirmed
------------------------------------------------
Fitch Ratings affirms the ratings of Russia's Evrofinance-
Mosnarbank at long-term 'B', short-term 'B', Individual 'D',
Support '5' and National Long-term 'BBB(rus)'.  The long-term
rating has a stable outlook.

The Long-term, Short-term and Individual ratings reflect very
high concentration levels on both sides of EVMB's balance sheet,
and the relatively low contribution of commercial banking to
revenues.  They also take into account the bank's significant,
albeit declining, market risk levels, and certain weaknesses in
the operating environment.  However, the ratings also factor in
EVMB's developed risk management practices for a Russian bank,
adequate asset quality, satisfactory liquidity and some progress
in the development of the bank's customer franchise.

Following the gradual expansion of EVMB's loan portfolio in 2003
and in the first nine months of 2004, preliminary end-2004
results showed an increase in the loans/assets ratio to 44%
(end-9M04: 31%).  Concentration levels are very high, with the
top 10 groups of borrowers at end-2004 accounting for around 75%
of the loan book (about 2.1x equity), and exposures to one group
of customers in the oil industry equal to some 95% of equity,
although these were relatively short-term and well
collateralized.

Fitch notes that these concentrations are a significant rating
negative for the bank, and that any further increase in such
concentrations, or extension of tenors or worsening of
collateral on loans to the current largest group of borrowers,
could lead to a negative rating action in the future.  The loan
loss reserve (LLR) to gross loans ratio (3.3% at end-9M04)
reflects, however, the generally good quality of EVMB's
borrowers and the negligible level of non-performing loans.

While EVMB's bottom-line performance has been reasonable,
revenues have come primarily from securities gains (equal to a
very high 94% of pre-tax profit in 9M04), which means earnings
are potentially volatile.  EVMB's securities positions -- mainly
government bonds and the debt of better-quality Russian
corporates -- have been reduced but are still significant (at
end-9M04: 25% of total assets; end-2004: around 19%).

Liquidity is satisfactory, supported by the high level of liquid
assets.  Customer funding (account balances, promissory notes
and depository certificates) comprised 74% of non-equity funding
at end-9M04, with the largest 10 groups of clients making up 45%
of this amount.  EVMB's total capital ratio was a sound 22.8% at
end-9M04, although fixed assets and non-marketable securities (a
portfolio of minority stakes in media companies, majority-owned
by Gazprom), together comprised 53% of equity.  The
equity/assets ratio fell to around 15.2% at end-2004 from 17.6%
at end-9M04, and is considered modest in light of the very high
year-end loan concentrations.

EVMB, one of the 30 largest banks in Russia, was formed in 2003
by the effective acquisition of Mosnarbank by Evrofinance, which
was founded in 1993.  EVMB is almost 50%-owned by Russian state
banks, including the CBR's U.K. (Moscow Narodny Bank) and French
(BCEN-Eurobank) subsidiaries, Vneshtorgbank and Vnesheconombank
(all rated Long-term 'BBB-').

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

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


FIRST OIL-BASE: Last Day for Filing Claims April 26
---------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against First Oil-Base after finding the limited
liability company insolvent.  The case is docketed as A10-
14379/04-49.  Ms. E. Timofeeva has been appointed insolvency
manager.

Creditors have until April 26, 2005 to submit their proofs of
claim to 664025, Russia, Irkutsk, Post User Box 103.  A hearing
will take place on Jan. 25, 2006, 10:00 a.m. at Russia, Irkutsk,
Gagaina Avenue, 70, Room 309.

CONTACT:  FIRST OIL-BASE
          664025, Russia,
          Irkutsk region, Marata Str. 38

          Ms. E. Timofeeva
          Insolvency Manager
          664025, Russia, Irkutsk region,
          Post User Box 103


OYASHINSKIY: Declared Insolvent
-------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Oyashinskiy after finding the factory
insolvent.  The case is docketed as A45-4599/04-SB/54.  Mr. V.
Avgustovskiy has been appointed insolvency manager.  Creditors
have until April 26, 2005 to submit their proofs of claim to
630099, Russia, Novosibirsk, Zhurinskaya Str. 37.

CONTACT:  OYASHINSKIY
          633150, Russia, Novosibirsk region,
          Moshkovskiy region, Statsionno-Oyashinskiy,
          Kommunisticheskaya Str. 150

          Mr. V. Avgustovskiy
          Insolvency Manager
          630099, Russia, Novosibirsk region,
          Zhurinskaya Str. 37


PAVLOVSKIY: Hires A. Kulinich as Insolvency Manager
---------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Pavlovskiy after finding the auto-repair
factory insolvent.  The case is docketed as A-32-13813/2004-
1/110B.  Mr. A. Kulinich has been appointed insolvency manager.
Creditors have until April 26, 2005 to submit their proofs of
claim.

CONTACT:  PAVLOVSKIY
          Russia, Krasnodar region, Pavlovskiy region,
          Pavlovskaya St. Promyshlennaya Str. 44


PROM-SERVICE: Deadline for Proofs of Claim Nears
------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region 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


SERVICE-IMPORT-MACHINERY: Bankruptcy Proceedings Begin
------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Service-Import-
Machinery after finding the open joint stock company insolvent.
The case is docketed as A75-1540-B/2005.  Mr. S. Leschev has
been appointed insolvency manager.  Creditors have until April
26, 2005 to submit their proofs of claim to 628260, Russia,
Tyumen region, Yugorsk, Kirova Str. 10-88.

CONTACT:  SERVICE-IMPORT-MACHINERY
          Russia, Beloyarskiy region,
          Beloyarskiy, Stroiteley Str. 1

          Mr. S. Leschev
          Insolvency Manager
          628260, Russia, Tyumen region,
          Yugorsk, Kirova Str. 10-88


UNECHA-AGRO-TRANS: Declared Insolvent
-------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Unecha-Agro-Trans after finding the open
joint stock company insolvent.  The case is docketed as A09-
3552/04-08.  Mr. A. Makartsev has been appointed insolvency
manager.  Creditors have until April 26, 2005 to submit their
proofs of claim to Russia, Lipetsk, Tereshkovoy Str. 22,
Apartment 134.

CONTACT:  UNECHA-AGRO-TRANS
          Russia, Bryansk region,
          Unecha, Zalineynaya Str. 19

          Mr. A. Makartsev
          Insolvency Manager
          Russia, Lipetsk,
          Tereshkovoy Str. 22, Apartment 134


VERKHNEBULAYSKOYE: Appoints V. Afanasyeva Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Verkhnebulayskoye (TIN 3843002582) after
finding the close joint stock company insolvent.  The case is
docketed as A19-6826/02-8-46-34.  Ms. V. Afanasyeva has been
appointed insolvency manager.  Creditors have until April 26,
2005 to submit their proofs of claim to 664025, Russia, Irkutsk,
Lenina Str. 18, Office 308.

CONTACT:  VERKHNEBULAYSKOYE
          665431, Russia, Irkutsk region,
          Cheremkhovskiy region, Verkhnij Bulay

          Ms. V. Afanasyeva
          Insolvency Manager
          664025, Russia, Irkutsk region,
          Lenina Str. 18, Office 308


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


SKANDIA INSURANCE: Probe on Auditor's Liability Continues
---------------------------------------------------------
Skandia Insurance said an investigation into the possibility of
holding its former auditors liable for damages is not yet
complete.  This is in connection with the notice of Skandia's
Annual General Meeting that was issued on 17 March 2005.

Since this investigation has still not yet been completed, the
issue of auditors' liability will not be taken up at Skandia's
Annual General Meeting on 14 April 2005.  The Board will return
to this issue once the investigation has been completed.  At
present it cannot be determined when this will take place.

The issues under focus in the continuing investigation are not
affected by the statute of limitations in connection with the
2005 Annual General Meeting.

CONTACT:  SKANDIA INSURANCE
          Gert Engman, Executive Vice President, Skandia
          Head of Skandia Norden
          Phone: +46-8-788 25 00

          Per Wahlstrom, CEO-elect, Skandia Denmark
          Phone: +46-8-788 25 00

          Gunilla Svensson, Press Manager, Skandia
          Phone: +46-8-788 25 00


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


AZOVZALIZOBETON: Court Grants Debt Moratorium
---------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Azovzalizobeton (code EDRPOU
01235099) on January 10, 2005 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as 5/3-
B.  Mr. Sergij Slavgorodskij (License Number AA 783066) has been
appointed temporary insolvency manager.  The company holds
account number 26001303361749 at Prominvestbank, Mariupol
branch, MFO 334389.

Creditors have until April 11, 2005 to submit their proofs of
claim to:

(a) AZOVZALIZOBETON
    87500, Ukraine, Donetsk region,
    Mariupol, Taganrozka Str. 1

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


FOX-OIL-SERVICE: Succumbs to Insolvency
---------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Fox-Oil-Service (code EDRPOU 13377404) after
finding the state enterprise insolvent.  The case is docketed as
11/9 b.  Mr. Oleksij Shvidkij (License Number AA 719866) has
been appointed liquidator/insolvency manager.  The company holds
account number 260073720430 at Oshadbank, Lisichansk branch
2867, MFO 364070.

Creditors have until April 11, 2005 to submit their proofs of
claim to:

(a) FOX-OIL-SERVICE
    93117, Ukraine, Lugansk region,
    Lisichansk

(b) Mr. Oleksij Shvidkij
    Liquidator/Insolvency Manager
    91054, Ukraine, Lugansk region,
    Norinskij Quarter, 5/132

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square, 3a


HRISTINIVSKIJ COMBI: Creditors' Claims Due Next Week
----------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Hristinivskij Combi Provender Plant (code
EDRPOU 00687863) on February 23, 2005 after finding the limited
liability company insolvent.  The case is docketed as 01/3893.
Mr. Kovalenko Grigorij has been appointed liquidator/insolvency
manager.  The company holds account number 260067001 at JSPPB
Aval, Cherkassy regional branch, MFO 354411.

Creditors have until April 11, 2005 to submit their proofs of
claim to:

(a) HRISTINIVSKIJ COMBI PROVENDER PLANT
    20000, Ukraine, Cherkassy region,
    Hristinivskij district, Rozsishki,
    Polyova Str. 3

(b) Mr. Kovalenko Grigorij
    Liquidator/Insolvency Manager
    Ukraine, Cherkassy region,
    Blagovisna Str. 299/55
    Phone: (0472) 65-11-28

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


METKOM: Dnipropetrovsk Court Appoints Insolvency Manager
--------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against LLC METKOM (code EDRPOU 32280541) on March
1, 2005 after finding the limited liability company insolvent.
The case is docketed as B15/28/05.  Mr. Volodimir Vojtovich has
been appointed liquidator/insolvency manager.

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

(a) METKOM
    52071, Ukraine, Dnipropetrovsk region,
    Dnipropetrovsk district,
    Doslidne, Naukova Str. 1

(b) Mr. Volodimir Vojtovich
    Liquidator/Insolvency Manager
    49000, Ukraine, Dnipropetrovsk region,
    Geroiv Avenue, 46/440
    Phone: 8 (0562) 67-74-79

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


NAFTA-K: Bankruptcy Supervision Starts
--------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Nafta-K (code EDRPOU 25284346) on
January 21, 2005.  The case is docketed as 46/66-b.  Mr. S.
Kovalenko (License Number AB 116204) has been appointed
temporary insolvency manager.  The company holds account number
260063012440 at Prominvestbank, Kyiv regional branch, MFO
300012.

Creditors have until April 11, 2005 to submit their proofs of
claim to:

(a) NAFTA-K
    02002, Ukraine, Kyiv region,
    Florenciyi Str. 11

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


OMEKS: Kyiv Court Opens Bankruptcy Proceedings
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC SCIENTIFIC-PRODUCTION COMMERCIAL
FIRM OMEKS (code EDRPOU 22972092) on February 24, 2005 after
finding the limited liability company insolvent.  The case is
docketed as 43/150.  Ms. Svitlana Lunyova has been appointed
liquidator/insolvency manager.  The company holds account number
26004301000913 at JSCB Transbank, MFO 300089.

Creditors have until April 11, 2005 to submit their proofs of
claim to:

(a) OMEKS
    Ukraine, Kyiv region,
    Institutska Str. 25

(b) Ms. Svitlana Lunyova
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 2/10

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


SPETSODYAG: Declared Insolvent
------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Spetsodyag (code EDRPOU 32343831) on after
finding the limited liability company insolvent.  February 22,
2005.  The case is docketed as 43/153.  Mr. O. Tarovskij has
been appointed liquidator/insolvency manager.  The company holds
account number 26008001439001 at JSC Index-Bank, Kyiv region
branch, MFO 300614.

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

(a) SPETSODYAG
    03049, Ukraine, Kyiv region,
    Povitroflotskij Avenue, 25

(b) Mr. O. Tarovskij
    Liquidator/Insolvency Manager
    03049, Ukraine, Kyiv region,
    Povitroflotskij Avenue, 25

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


TEKSTILKONVEYER: Proofs of Claim Deadline Set
---------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Tekstilkonveyer (code EDRPOU 24846003) on
February 8, 2005 after finding the limited liability company
insolvent.  The case is docketed as 2-5/10631-2004.  Mr. Sergij
Miheyev (License Number AB 116207) has been appointed
liquidator/insolvency manager.

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

(a) TEKSTILKONVEYER
    95000, Ukraine, AR Krym region,
    Simferopol, Kiyivska Str. 76

(b) Mr. Sergij Miheyev
    Liquidator/Insolvency Manager
    95015, Ukraine, AR Krym region,
    Simferopol, Sevastopolska Str. 23/3-1

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


TREST LISICHANSKHIMNAFTOBUD: Under Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on CJSC Trest Lisichanskhimnaftobud (code
EDRPOU 01241036).  The case is docketed as 20/14 b.  Ms.
Chugunova Vera (License Number AA 487830) has been appointed
temporary insolvency manager.  The company holds account number
2600730840120 at Prominvestbank, Lisichansk branch, MFO 304416.

Creditors have until April 11, 2005 to submit their proofs of
claim to:

(a) TREST LISICHANSKHIMNAFTOBUD
    93113, Ukraine, Lugansk region,
    Lisichansk, Sverdlov Str. 349

(b) Ms. Chugunova Vera
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Lutuginska Str. 123/6

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square, 3a


TSEMTORGSERVICE: Liquidator Takes over Firm
-------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Tsemtorgservice (code EDRPOU 25381016) on
February 24, 2005 after finding the company insolvent.  The case
is docketed as 14/54.  Mr. Sergij Kornienko has been appointed
liquidator/insolvency manager.  The company holds account number
26000001303228 at JSCB Raiffaizenbank Ukraine, Mikolaiv branch,
MFO 326911.  Creditors have until April 10, 2005 to submit their
proofs of claim to the Economic Court of Mikolaiv Region, 54009,
Ukraine, Mikolaiv, Admiralska Str. 22.


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


ALL SEASON: Hires Liquidator from Arrans
----------------------------------------
At the extraordinary general meeting of All Season UK Limited
(t/a Super Pound Discounts) on March 18, 2005 held at the Castle
Hotel, Lady Bank, Tamworth, Staffordshire B79 7NB, the subjoined
extraordinary resolution to wind up the company was passed.
Robert Gibbons of Arrans, PO Box 9377, Falcon House, Falcon
Park, Tamworth, Staffordshire B77 5HL has been appointed
liquidator of the company.

CONTACT:  ARRANS
          PO Box 9377
          Tame Valley Industrial Estate
          Wilnecote
          Tamworth
          Staffordshire B77 5HL
          Phone: 01827 262550
          Fax: 0870 7622 141
          E-mail: enquiries@arrans.co.uk


AMADEO NETWORKS: Members Call in Begbies Traynor Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of the members of Amadeo
Networks Limited on March 18, 2005 held at Albert Chambers, 221-
223 Chingford Mount Road, London E4 8LP, the extraordinary and
ordinary resolutions to wind up the company were passed.
Richard Andrew Segal of Begbies Traynor, Albert Chambers, 221-
223 Chingford Mount Road, London E4 8LP and Paul M Davis of
Bebgies Traynor, 32 Cornhill, London EC3V 3LJ have been
appointed joint liquidators of the company.

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


APPLEGARTH SOFTWARE: Hires Baker Tilly as Liquidator
----------------------------------------------------
At the extraordinary general meeting of Applegarth Software
Limited on March 18, 2005 held at The Clock House, 140 London
Road, Guildford, Surrey GU1 1UW, the special and extraordinary
resolutions to wind up the company were passed.  Matthew Richard
Meadley Wild and Geoffrey Lambert Carton-Kelly of Baker Tilly,
The Clock House, 140 London Road, Guildford, Surrey GU1 1UW have
been appointed joint liquidators of the company.

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


ATKINS NUTRITIONALS: Business for Sale
--------------------------------------
The Administrators of Atkins Nutritionals (United Kingdom)
Limited offer for sale its assets and business.  Atkins
Nutritionals develops, markets and sells Atkins' range food
supplements and controlled carbohydrate products for the
European blue-chip market.

CONTACT:  MOORE STEPHENS
          1 Snow Hill
          London EC1A 2DH
          Phone: 020 7334 9191
          Fax: 020 7651 1822
          Web site: http://www.moorestephens.co.uk

          Jeanette Biggs
          E-mail: jeanette.biggs@moorestephens.com


BATH BUILDING: Members Decide to Wind up Firm
---------------------------------------------
At the extraordinary general meeting of the members of Bath
Building Maintenance Co. Ltd. on March 18, 2005 held at 58 Queen
Square, Bristol, the extraordinary and ordinary resolutions to
wind up the company were passed.  Simon Robert Haskew and Ian
Edward Walker of Begbies Traynor, 58 Queen Square, Bristol BS1
4LF have been appointed joint liquidators of the company.

CONTACT:  BEGBIES TRAYNOR
          58 Queen Square,
          Bristol BS1 4LF
          Phone: 0117 929 4800
          Fax:   0117 922 0114
          Web site: http://www.begbies.com


BAXTERS GAS: Hires Liquidator from PKF
--------------------------------------
At the extraordinary general meeting of the members of Baxters
Gas Service Engineers Limited on March 17, 2005 held at PKF,
Sovereign House, Queen Street, Manchester M2 5HR, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Kerry Bailey and Jonathan D Newell of PKF,
Sovereign House, Queen Street, Manchester M2 5HR have been
appointed joint liquidators of the company.

CONTACT:  PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk


BOY MEETS GIRL: Names Kroll Limited Liquidator
----------------------------------------------
At the general meeting of Boy Meets Girl LLP on March 22, 2005
held at Club Quarters, 24 Ludgate Hill, London, the resolutions
to wind up the company were passed.  N. H. Sinclair and A. P.
Beveridge of Kroll, 10 Fleet Place, London EC4M 7RB have been
appointed joint liquidators of the company.

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


CHALEMARK LTD.: Members Call in Liquidator from Jeffreys Henry
--------------------------------------------------------------
At the extraordinary general meeting of the members of Chalemark
Ltd. on March 16, 2005 held at Fergusson House, 124-128 City
Road, London EC1V 2NJ, the resolution to wind up the company was
passed.  C. M. Iacovides of Jeffreys Henry Jacobs, 124-128 City
Road, London EC1V 2NJ has been nominated liquidator of the
company.

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


C P GARAGES: Appoints Liquidator from Elliot Woolfe & Rose
----------------------------------------------------------
At the extraordinary general meeting of C P Garages Ltd. on
March 18, 2005 held at Pine Lodge, Vicarage Road, Chigwell,
Essex, the subjoined special resolution to wind up the company
was passed.  Melvyn L. Rose of Elliot, Woolfe & Rose, 1st Floor,
Equity House, 128-136 High Street, Edgware, Middlesex HA8 7TT
has been appointed liquidator of the company.

CONTACT:  ELLIOT WOOLFE & ROSE
          1st Floor
          Equity House
          128/136 High Street
          Edgware
          Middlesex HA8 7TT
          Phone: 020 8952 0707
          Fax: 020 8952 2332
          E-mail: mlr@ewr.co.uk


CREATE DIRECT: Members Decide to Wind up Company
------------------------------------------------
At the extraordinary general meeting of the members of Create
Direct Limited on March 3, 2005 held at 111 Hagley Road,
Edgbaston, Birmingham B16 8LB, the special resolution to wind up
the company was 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


DANIELSON LIMITED: Names Smith & Williamson Limited Liquidator
--------------------------------------------------------------
At the extraordinary general meeting of Danielson Limited on
March 17, 2005 held at Paul Davidson Taylor Solicitors, Chancery
Court, Queen Street, Horsham, West Sussex RH13 5AD, the
subjoined special resolution to wind up the company was passed.
Anthony Murphy and Roger Tulloch of Smith & Williamson Limited
have been appointed joint liquidators of the company.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Bishops Wharf
          Walnut Tree Close
          Guildford GU1 4RA
          Phone: 01483 407 100
          Fax: 01483 301 232
          Web site: http://www.smith.williamson.co.uk


DRAX POWER: To Receive GBP14 Million TXU Compensation
-----------------------------------------------------
Against their agreed principal claims totaling approximately
GBP348 million, Drax Power Limited and Drax Holdings Limited
(Drax) were informed late Thursday evening by the
Administrators/Supervisors of TXU Europe Energy Trading
Limited (TXU EET) and TXU Europe Group plc (TXUEG) that they
will receive as a first distribution on account a sum of
GBP14,234,904 pursuant to the Company Voluntary Arrangements for
these TXU companies.

The Administrators/Supervisors of TXU EET and TXUEG have stated
that this payment is intended be made to Drax March 30.  This
first distribution is slightly higher than previous estimates
given by the Administrators as to the likely first distribution.

Drax expects to receive a further interim distribution from the
CVAs before the end of the third quarter of 2005, and continues
to expect repayment of its principal claims of approximately
GBP348 million broadly in full by April 2006, although the exact
timing and amount of further distributions from the CVAs remains
to be determined by the TXU Administrators/Supervisors.

Drax is required to make certain deductions from the payments
received from TXU EET and/or TXUEG for which its B creditors
have already given their consent.  In respect of the first
distribution, after deductions for VAT and a GBP2.5 million
payment to TXU Europe Limited (in administration), the sum of
GBP204,734,904 will be made available for distribution of
principal to Drax's B Lenders and to B Noteholders.  This will
be done in the case of B Lenders by paying the funds to Deutsche
Bank AG London as Agent, who will distribute the funds to B
Lenders.  In the case of B Noteholders, payments will be made
through the clearing systems.

Drax will transfer the funds it receives to Deutsche Bank AG
London as Agent shortly following the payment being received by
Drax, and Deutsche Bank AG London upon actual receipt of such
funds will promptly distribute these to B Lenders.  In the case
of B Noteholders, as a consequence of Tuesday's announcement by
the TXU EET and TXUEG Administrators/Supervisors, Noteco Limited
intends to issue a notice of partial redemption of the principal
amount of the B Notes and set the Record Date for such
redemption as Wednesday's date.

Pursuant to the terms and conditions of the B Notes, payment of
the redemption proceeds is required to take place 15 calendar
days following the Record Date.  Accordingly, payments are
expected to be made to B Noteholders via the clearing systems on
or about 14 April 2005.

If you have any queries concerning the mechanics of making
payment, B Lenders should contact Elizabeth Macadie at Deutsche
Bank (+44 (0)20 7547 5905) and B Noteholders should contact
Helena Durr at The Bank of New York (+44 (0)20 7964 4835).

                            *   *   *

Drax has principal claims against TXU EET, which total
approximately GBP348 million, which were partly guaranteed by
TXUEG.  On 28 January 2005, CVAs were approved for a number of
TXU companies, including TXU EET and TXUEG.

It is envisaged that Drax will receive distributions from the
CVAs for TXU EET and TXUEG totaling an estimated GBP348 million.
This is on the basis that the Administrators have estimated in
the Explanatory Statement to the CVA Proposals that, on a
"realistic" basis, Drax could eventually receive payment of its
principal claims broadly in full.

Drax is required to make deductions on account of VAT from the
distributions received from TXU, with the B creditors having
given their consent to these arrangements on 30 December 2004.
The total VAT payable is estimated not to exceed approximately
GBP12 million on the basis that the total amount recovered is
approximately GBP348 million.  In respect of the first
distribution of GBP214,234,904 the sum of GBP7 million will be
retained on account of the potential VAT liability on the first
distribution.

Further VAT deductions will need to be made on each future
distribution paid.  The sum of GBP2.5 million is also being
deducted from the payment prior to payment to B Lenders/B
Noteholders.  This sum represents an amount payable to the
administrators of TXU Europe Limited and which Drax considered
appropriate to pay in order to move the CVA process forward,
with the B creditors having given their consent to Drax making
such payment on 30 December 2004.

CONTACT:  DRAX POWER LIMITED
          Melanie Wedgbury
          Phone: 01757 618381

          BUCHANAN COMMUNICATIONS
          Kelly-Ann French/Eric Burns
          Phone: 01943 883990
          Charles Ryland/Ben Willey
          Phone: 020 7466 5000


DRAX POWER: Ratings Unchanged After TXU Europe Claim Payment
------------------------------------------------------------
Standard & Poor's Ratings Services said that the receipt by
U.K.-based power station Drax Power Ltd. of the first payment,
of GBP214 million, resulting from its GBP348 million ($655
million) claim against defunct TXU Europe Ltd. would not affect
the:

(a) A-/Stable rating on Drax Power's GBO100 million super-
    priority letter of credit facility due December 2006;

(b) BBB-/Stable rating on InPower2 Ltd.'s GBP400 million class
    A1 senior secured loans due 2015, of which GBP120 million
    was repackaged as A1 notes issued by NoteCo Ltd.

The payment will be made available for distribution of principal
to holders of Drax's unrated B debt, who have a first-right
claim over any claim proceeds.  The payment, however, will
reduce overall debt and interest.  This  could result in
increased cash sweep payments on the A1 debt.  B debt holders
could expect a high recovery of about 85%-95%, if Drax's
expectations of further payments in the third quarter of 2005
and a further installment by April 2006 are realized.

CONTACT:  STANDARD & POOR'S
          Group E-mail Address:
          InfrastructureEurope@standardandpoors.com


ELEQUIP ELECTRICAL: Hires Tenon Recovery as Administrator
---------------------------------------------------------
Dilip K. Dattani and Simon R. Thomas (IP Nos 007915, 008920)
have been appointed administrators for Elequip Electrical
Limited.  The appointment was made March 14, 2005.  The company
manufactures electrical motors.

CONTACT:  TENON RECOVERY
          1 Bede Island Road
          Bede Island Business Park
          Leicester LE2 7EA
          Phone: 0116 222 1101
          Fax: 0116 222 1102
          E-mail: leicester@tenongroup.com
          Web site: http://www.tenongroup.com


EQUITABLE LIFE: Chairman Rallies Confidence in Future
-----------------------------------------------------
Business Highlights

(a) directors report that the Society is more stable and secure
    than at any time since 2000;

(b) bonuses: 2004 Policy values increased for U.K. with-profits
    pensions policies by 3.5% per annum (pa) (2003: 2%) and 2.8%
    pa for U.K. life policies(2003: 1.5% pa).  Interim non-
    guaranteed bonus of 2.5% pa (2.0% pa for U.K. life
    policies), effective January 1, 2005;

(c) claims: Surrenders more than halved to GBP835 million (2003:
    GBP1788 million); and

(d) future: Board exploring business strategy and investment
    policy.

Vanni Treves, Equitable Life's Chairman, said: "The Society
continues to be solvent and is more stable and secure than at
any time in the last four years.  With the major obstacles being
steadily overcome and our improved stability, we can now turn
our focus to developing the various options we have identified
for the longer term future of the Society and its
policyholders."

Charles Thomson, the Society's Chief Executive, said: "Since
2001, the new Board has had to overcome a myriad of hugely
difficult challenges and we are now much closer to resolving
most of the outstanding issues.  While we still have issues from
the past to fix, we have made significant progress on all fronts
and we are achieving much greater clarity and certainty
regarding the Society's current position and prospects."

Financial statements are available free of charge at
http://bankrupt.com/misc/EquitableLife_2004.htm

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


EURODIS ELECTRON: Philips Deal to end January 2006
--------------------------------------------------
Eurodis Electron said its long-running franchise distribution
agreement with Philips Semiconductors will cease in January
2006.  Philips represents approximately EUR44 million of the
group's turnover.

Group sales for the six months ended November 2004 were EUR154.6
million, as the company confirms current business trading has
been in line with expectations.  It reported sales of EUR327
million in the last full year to May 2004.

"The Board will now work towards repositioning the business
through existing and new franchises," said the company.

Eurodis took on the Philips line in the U.K. in 1999.  Following
the extension of its franchise agreement with Infineon
Technologies in February, it now carries product lines of the
German broadline chip supplier in the U.K., Germany, Benelux,
Eastern Europe, Nordic countries and Austria.

CONTACT:  EURODIS ELECTRON PLC
          Electron House
          43 London Rd.
          Reigate
          Surrey RH2 9PW
          Phone: +44-1737-242-464
          Fax: +44-1737-229-600
          Web site: http://www.eurodis.com
          Contact:
          Doug Rogers, Chairman
          Phone: 01737242464

          Steven Swayne, Chief Executive
          Phone: 01737242464

          BELL POTTINGER
          David Rydell
          Zoe Sanders
          Phone: 020 78613232


EURO MOTOR: Director Banned for Four-and-a-half Years
-----------------------------------------------------
A director of a motor finance broker business, which failed with
total debt estimated at around GBP265,000, has given an
Undertaking not to hold directorships or take any part in
company management for four-and-a-half years.

The Undertaking by Martin John Heaps of Ackers Road, Stockton
Heath, Warrington, was given in respect of his conduct as a
director of Euro Motor Finance Limited which carried out
business from premises at 3-4 Bewsey Road, in Warrington.

Acceptance of the Undertaking on March 3, 2005 prevents Mr.
Heaps 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.  Euro Motor Finance Limited was placed into voluntary
liquidation on February 20, 2005 with estimated debt of
GBP265,468.

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

(a) caused the company to trade to the detriment of the Inland
    Revenue, as a result of which there was a debt in respect of
    PAYE and NIC totaling GBP153,212 at liquidation, being
    GBP70,468 in respect of PAYE/NIC for the tax year 2001/2002
    and GBP82,745 in respect of PAYE/NIC for the tax year
    2002/2003.  Only GBP8,205 was paid to the Inland Revenue in
    respect of the liability for 2002/2003; and

(b) At the time when debt due to the Inland Revenue were not
    being paid as and when due, he caused his own remuneration
    by way of salary, benefits and dividends to be increased
    from GBP14,216 for the period January 28, 2000 to December
    31, 2000 to GBP45,476 during the year ended December 31,
    2001, and to GBP65,675 between January 1, 2002 and February
    20, 2003.  The increased remuneration and benefits paid to
    him were to his own benefit and to the detriment of
    creditors generally, in particular the Inland Revenue.

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


FASTLANE FORWARDING: Meeting of Creditors Set this Week
-------------------------------------------------------
The creditors of Fastlane Forwarding Limited will meet on April
8, 2005 at 12:00 noon.  It will be held at Caesar Room, Imperial
Hotel, Southampton Row, Russell Square, London WC1B 5BB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Fastlane Forwarding Limited of Fairview
Industrial Estate, Marsh Way, Rainham, Essex RM13 8UH not later
than 12:00 noon, April 7, 2005.

CONTACT:  FASTLANE FORWARDING LIMITED
          Fairview Industrial Estate,
          Marsh Way, Rainham,
          Essex RM13 8UH


FELIX FASTENERS: Members Pass Special Resolutions
-------------------------------------------------
At the extraordinary general meeting of the members of Felix
Fasteners Limited on March 18, 2005 held at 5 Heron Park,
Lychpit, Basingstoke, the special resolution to wind up the
company was passed.  P. R. Boyle of Harrisons, 4 St Giles Court,
Southampton Street, Reading RG1 2QL has been appointed
liquidator of the company.

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


FIREBALL LIVE: Insolvency Service Disqualifies Director
-------------------------------------------------------
A director of an Events Management business that failed with
total debt estimated at around GBP242,000 has given an
Undertaking not to hold directorships or take any part in
company management for two and a half years.

The Undertaking by Bryan Walters, 61, of Mountbatten Drive,
Ringstead, Northants, was given in respect of his conduct as a
director of Fireball Live Communications Limited, which carried
out business from premises at 104 The Foundry, 156 Blackfriars
Road, London, SE1 8EN.

Acceptance of the Undertaking on March 1, 2005 prevents Bryan
Walters 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.  Fireball Live Communications Limited was placed
into liquidation on August 21, 2001 with estimated debt of
GBP242,460 owed to creditors.

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 Bryan Walters, were
that:

(a) Between May 30, 2001 and cessation of trading on August 21,
    2001, he caused FLC to trade to the specific detriment of
    the Inland Revenue by causing FLC to fail to make any
    payments, through the retention of GBP40,688 payable to HM
    Inland Revenue.  In the same period payments amounting to
    GBP896,902.72 were made to trade and expense creditors; and

(b) Between January 19, 2001 and cessation of trading on August
    21, 2001, he caused FLC to trade to the specific detriment
    of HM Customs and Excise by causing FLC to fail to make
    payments, through the retention of GBP42,327 payable to HM
    Customs & Excise. In the same period payments amounting to
    GBP1,396,500 were made to trade and expense creditors.

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


FREEDOM MANAGED: Appoints Administrators from Portland Business
---------------------------------------------------------------
James Richard Tickell and Carl Derek Faulds (IP Nos 8125,
008767) have been appointed joint administrators for Freedom
Managed Services Limited.  The appointment was made March 17,
2005.  The company offers IT (Hardware and Software) Outsourcing
Service.

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


HALL PLANK: Calls in Joint Administrators for Harrisons
-------------------------------------------------------
P. R. Boyle and J. C. Sallabank (IP Nos 008897, 008099) have
been appointed joint administrators for agricultural agents Hall
Plank Robinson Limited.  The appointment was made March 17,
2005.  Its registered office is located at 4 St Giles Court,
Southampton Street, Reading, Berkshire RG1 2QL.

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


HIGHWAY SCOTLAND: Appoints Liquidator from Begbies Traynor
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Highway (Scotland) Ltd.

Notice is hereby given that on Feb. 18, 2005, I, I. Scott
McGregor, Begbies Traynor (Scotland) LLP, 4th Floor, 78 St
Vincent Street, Glasgow G2 5UB was appointed liquidator of
Highway (Scotland) Ltd., which registered office is located at
57 West Harbour Road, Edinburgh EH5 1PT.

I. Scott McGregor, Liquidator

CONTACT:  BEGBIES TRAYNOR
          4th Floor
          78 St. Vincent Street
          Glasgow G2 5UB
          Phone: 0141 222 2230
          Fax: 0141 222 2330
          E-mail: glasgow@begbies-traynor.com
          Web site: http://www.begbies.com


KITEN HOLDINGS: Hires Deloitte & Touche as Liquidator
-----------------------------------------------------
At the extraordinary general meeting of Kiten Holdings Limited
on March 22, 2005, the special resolution to wind up the company
was passed.  James Robert Drummond Smith and Nicholas James
Dargan have been appointed joint liquidators of the company.

CONTACT:  DELOITTE & TOUCHE
          180 Strand
          London WC2R 1BL
          Phone: 020 7438 3000
          Fax: 020 7583 8517
          E-mails: jamie.smith@deloitte.co.uk
                   nick.dargan@deloitte.co.uk


LAMPLIGHT MUSIC: Liquidator from Fisher Partners Moves in
---------------------------------------------------------
At the meeting of Lamplight Music Limited on March 18, 2005, the
special resolution to wind up the company was passed.  Julian
Simon Challis 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: jsc@hwfisher.co.uk


L.H. HOME: Members Call in Liquidators from Deloitte & Touche
-------------------------------------------------------------
At the general meeting of the members of L.H. Home Services
(Ebbgate) Limited, the special and ordinary resolutions to wind
up the company were passed.  J. R. D. Smith and N. J. Dargan of
Deloitte & Touche LLP, Athene Place, PO Box 810, 66 Shoe Lane,
London EC4A 3WA has been appointed joint liquidators of the
company.

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


LPR ENTERTAINMENTS: Calls in Administrators from Tenon Recovery
---------------------------------------------------------------
S. R. Thomas and S. J. Parker (IP Nos 8920, 8989) have been
appointed administrators for LPR Entertainments Limited.  The
appointment was made March 23, 2005.  Its registered office is
located at Sherlock House, 73 Baker Street, London W1U 6RD.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


MYTRAVEL GROUP: Targets Operating Profit for U.K. Biz by 2006
-------------------------------------------------------------
Annual General Meeting Statement

We completed the financial restructuring on 31 December 2004,
when trading began in the new shares issued following the
restructuring.  This has created a strong foundation and
momentum for the business.  The company rejoined the FTSE 250
index on 18 March 2005.

We have made significant progress in restoring the business,
however a lot remains to be accomplished in the U.K.  The
company is making good progress in line with our business plan
and we continue to target an operating profit for all three
divisions in 2006 and an industry standard 3.5% margin in the
U.K. in 2007.

As part of this business plan, in the U.K. we have reduced
capacity for this year, begun to make improvements to our
product offering and continued to focus on cost control.

All three divisions have performed in line with our expectations
for the winter, despite the effect of the tragic events in South
East Asia, which we estimate to have impacted our operating
result by GBP10 million in our Northern Europe business and GBP2
million for the U.K.

We have been encouraged by bookings for all three divisions for
the summer.  In the U.K., as outlined above, we have reduced
capacity significantly and begun reshaping our product.  We have
achieved close to the same number of brochure bookings as last
year and we now have significantly fewer holidays left to sell
than we had at this time last year.  In Northern Europe,
following a slight increase in capacity, bookings are also up
slightly with improved margins.  In North America, bookings are
encouraging but still at an early stage.

With regard to the recent increases in the price of oil, we are
taking mitigating actions and have purchased caps for jet fuel
at $600 per metric ton (c. $60 per barrel of Brent crude) for
the remaining 300,000 tons of fuel forecast to be required for
the remainder of this financial year.  The longer the oil price
is near to $600 per ton (c. $60 per barrel) over the period, the
more difficult it will be to mitigate the effect of this through
other actions.

Overall the Board continues to believe that we will be able to
achieve our business plan for the year.

CONTACT:  BRUNSWICK GROUP LLP
          Phone: 020 7404 5959
          William Cullum

          Analyst/investor enquiries:
          Steven Olivant, Director of Communications
          Phone: 0161-232 6424


MYTRAVEL GROUP: Lists Additional A Ordinary Shares
--------------------------------------------------
Application has been made to the London Stock Exchange and the
U.K. Listing Authority for an additional listing of 544,461,136
A Ordinary shares of 1 pence each, which will replace the
existing Ordinary shares of 10p each of My Travel Group Plc, the
shares will be admitted to the Official List.

The shares will rank pari passu in all respects with the
existing issued ordinary share capital of the company.

Copies of the Proposed Capital Reorganization and Reduction of
Capital circular will be available at the Document Viewing
Facility, 25 North Colonnade, Canary Wharf London E14 5HS, and
copies of this announcement will be available for fourteen days
following the date of this announcement from the offices of
Credit Suisse First Boston (Europe) Limited, One Cabot Square,
London, E14 4QJ.

CONTACT:  MYTRAVEL GROUP PLC
          Phone: 0161 232 6523
          Peter McHugh
          Chief Executive Officer

          John Allkins
          Finance Director


POETRY BARS: Appoints BDO Stoy Hayward Administrator
----------------------------------------------------
Antony David Nygate and Shay Bannon (IP Nos 9237 8777/01) have
been appointed joint administrators for Poetry Bars Limited.
The appointment was made March 11, 2005.  The company manages
bars and restaurants.

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


PROJECT LABOUR: Director Banned for Four Years
----------------------------------------------
The director of two labor sub-contractor businesses, which
failed with total debt estimated at GBP390,000, has given an
Undertaking not to hold directorships or take any part in
company management for four years.

The Undertaking by David John Bounds, 49, of St. Crispin's
Crescent, Dunston, Northampton, was given in respect of his
conduct as a director of Project Labour Limited and D.L.H.
Construction Limited, which both carried on business from
premises at 78 Old Gorse Way, Mawsley, Kettering,
Northamptonshire, NN14 1GJ.

Acceptance of the Undertaking on March 8, 2005 prevents Mr.
Bounds 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.  Project was placed into compulsory liquidation by
Order of the High Court of Justice on November 24, 2003 on the
petition of HM Customs & Excise for GBP229,916 owed in respect
of unpaid VAT. The company has an estimated total deficiency of
GBP243,040.

DLH was placed into compulsory liquidation by Order of the High
Court of Justice on December 1, 2003 on the petition of HMCE for
GBP38,083 owed in respect of unpaid VAT.  The company has an
estimated total deficiency of GBP146,561.  The Official Receiver
at Northampton 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 Mr. Bounds, were that:

(a) He caused Project Labour to trade to the specific detriment
    of HMCE in that in the period May 2000 to November 5, 2002
    he failed to make payments when due in respect of VAT
    arrears leaving a final outstanding liability of GBP239,793.
    In the same period, he caused Project Labour to make
    payments to himself in the form of increased drawings in the
    amount of GBP153,148 whilst causing Project Labour to make
    payments to HMCE totaling only GBP10,638.

(b) He caused both Project and DLH to enter into transactions to
    the detriment of HMCE in that he failed to make payments of
    outstanding VAT arrears.

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


RMCB LIMITED: Calls in Administrators from Begbies Traynor
----------------------------------------------------------
P. Stanley and S. L. Conn (IP Nos 008123, 001762) have been
appointed joint administrators for RMCB Limited (t/as Readymade
Curtains and Bedding Centre).  The appointment was made March
23, 2005.  The shop sells curtains and beddings.  Its registered
office is located at George House, 48 George Street, Manchester
M1 4HF.

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


SHOWHOUSES (EBBGATE): Members Pass Winding-up Resolutions
---------------------------------------------------------
At the general meeting of the members of Showhouses (Ebbgate)
Limited, the special and ordinary resolutions to wind up the
company were passed.  J. R. D. Smith and N. J. Dargan of
Deloitte & Touche LLP, Athene Place, PO Box 810, 66 Shoe Lane,
London EC4A 3WA have been appointed joint liquidators of the
company.

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


TMA GLOBAL: Names Rothman Pantall & Co. Administrators
------------------------------------------------------
Robert Derek Smailes and Stephen B. Ryman (IP Nos 8975, 4731)
have been appointed administrators for marketing company TMA
Global Limited.  The appointment was made March 17, 2005.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


TRADITIONAL SEAFOODS: In Administrative Receivership
----------------------------------------------------
Mr. B. I. Jaines-White appointed Colin Burke and Gary J Corbett
(Office Holder Nos 8803, 9018) joint administrative receivers
for Traditional Seafoods Limited (Reg No 04604233, Trading Name:
Traditional Seafoods).  The application was filed March 21,
2005.  The establishment process and preserves fish products.

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


TXU EUROPE: Balfour Beatty in Line for GBP179.3 Million Payout
--------------------------------------------------------------
Balfour Beatty, the international engineering, construction and
services group, said that Barking Power Ltd., in which it has a
25.5% equity interest, has agreed a claim for damages for breach
of contract of GBP179.3 million following TXU Europe's entry
into administration in November 2002.

TXU Europe had both an equity interest in and a power purchase
agreement with Barking Power Ltd. prior to its insolvency.

Barking Power Ltd. has received a first dividend of GBP112.3
million and it is expected that further distributions will take
place later this year and in the first quarter of 2006.

The initial dividend is expected to generate a post-tax gain of
GBP68 million, of which Balfour Beatty's share is GBP17 million.

CONTACT:  BALFOUR BEATTY
          Tim Sharp
          Phone: 020 7216 6884
          Web site: http://www.balfourbeatty.com


TXU EUROPE: Pays Scottish and Southern GBP159.1 Million
-------------------------------------------------------
Scottish and Southern Energy plc announced on 3 December 2004
that its subsidiary, SSE Energy Supply Ltd., had agreed a claim
of GBP294.2 million with the administrators of TXU Europe Group
plc and certain of its subsidiaries in respect of a 14-year
contract originally entered into in 1997.

It said that it expected that more than 75% of its agreed claim
would be settled, subject to creditor approval of a company
voluntary agreement (CVA), and that it was anticipated that the
first distribution to creditors would be made on or around 31
March 2005, with other distributions being made in the autumn of
2005 and the spring of 2006.

The CVA was approved on 28 January 2005 and SSE has now received
the first net distribution of GBP159.1 million from the
administrator.

CONTACT:  SCOTTISH AND SOUTHERN ENERGY
          Alan Young, Director of Corporate Communications
          Phone: 0870 900 0410

          Denis Kerby, Investor and Media Relations Manager
          Phone: 0870 900 0410


WANDEL & GOLTERMANN: Hires Smith & Williamson as Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Wandel & Goltermann
Management Limited on March 17, 2005 held at Spinnaker House,
Lime Tree Way, Hampshire International Business Park, Chineham,
Basingstoke, Hampshire RG24 8GG.  Stephen John Tancock of Smith
& Williamson Limited has been appointed liquidator of the
company.

CONTACT:  SMITH & WILLIAMSON
          No 1 Riding House Street
          London W1A 3AS
          Phone: 020 7637 5377
          Fax: 020 7631 0741
          Web site: http://www.smith.williamson.co.uk


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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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