TCREUR_Public/050405.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

             Tuesday, April 5, 2005, Vol. 6, No. 66

                            Headlines

F R A N C E

L.S.P. SARL: Falls into Administration
ROLLER CENTER: Interim Administrator Takes over Helm
SAONE-ET-LOIRE: Liquidator Starts Selling Assets
SKANDER SARL: Dijon Court Names Philip Maitre Administrator
SPIDELOR SA: Succumbs to Insolvency


G E R M A N Y

AGETHEN HEIZUNG: Koln Court Appoints Interim Administrator
AUGUSTA TECHNOLOGIE: Net Loss Balloons to EUR23.9 Million
CELANESE AG: Celanese Europe Extends Offer Until June
CONTINENTAL AG: Unsecured Debt Ratings Raised to Baa1
CPL DISTRIBUTION: Proofs of Claim Deadline Nears

DACH FASSADENBAU: Court Stays All Pending Lawsuits
EM.TV AG: Posts First Operating Profit in Years
GUSTAV DOPKE: Court Sets Date for Verification of Late Claims
HBR SOMMERER: Proofs of Claim Due Next Month
H. & C.H. SIEBERG: Creditors Meeting Set May 30

HDS IMMOBILIEN: Claims Deadline Expires Today
KK SERVICE: To Hold Creditors Meeting Later this Month
MALER BETRIEB: Applies for Bankruptcy Proceedings
M. WIEGERING: Court Appoints Provisional Administrator
PCM-SPEDITION GMBH: Magdeburg Court Confirms Bankruptcy

PIVOTTURN GMBH: Creditors Meeting Set Second Week of May
RADEMACHER & SCHLEEDE: Sets First Creditors Meeting April 19
SCHEFENACKER AG: Upgrades Hungarian Plant
STEINHAUS BAUBETREUUNG: Under Bankruptcy Administration
WGVO VERMOGENSVERWALTUNG: Creditors' Claims Due Mid-May


I R E L A N D

AN POST: Sells Subsidiaries for EUR85 Million


I T A L Y

PARMALAT FINANZIARIA: Monthly Performance Improves
STREGLIO SPA: Borsci Acquires 'Streglio' Brand for EUR2.25 Mln


N E T H E R L A N D S

NORTEM N.V.: To De-list from Nasdaq Today


P O L A N D

ELEKTRIM SA: Brings PAK Contract Row to Court


R U S S I A

B.I.N. BANK: Short-term Rating Affirmed at 'C'
GEYA-M: Proofs of Claim Deadline Expires Today
LAPSARSKAYA: Chuvashiya Court Appoints Insolvency Manager
NABEREZHNOCELNINSKIY EXPERIMENTAL: Declared Insolvent
NATIONAL RESERVE: Fitch Retains 'CCC+' Long-term Rating

NORD-GAS-SERVICE: Bankruptcy Proceedings Begin
OAO SEVERSTAL: Fitch Takes Ratings Off Watch Negative
REM-STROY-MONTAZH: Undergoes Bankruptcy Supervision Procedure
SOLIGALICHSKOYE: Deadline for Proofs of Claim April 19
SOUYZ-OBSHE-MASH-BANK: Declared Insolvent

TASMA: Names O. Ruviskiy Insolvency Manager
YOSKAR-OLINSKIY: Gives Creditors Until April 26 to File Claims
YUKOS OIL: In Talks over Control of Lithuanian Venture
YUZH-URAL-METALLURG-STROY: Claims Filing Deadline Nears


U N I T E D   K I N G D O M

ALEXANDER MANNING: Hires Baker Tilly as Administrator
APPLEBY DESIGN: Calls in Administrators from Wilson Pitts
APPLICA LIMITED: Members Call in Liquidator from Vantis Redhead
AQUAHOME POOLS: Appoints D S Insolvency Services Administrator
AVEREX TRADING: Twelve-year Ban for Top Honcho Served

BIG FOOD: Fitch Withdraws Rating; Assigns Negative Outlook
BLACK SHUCK: Appoints Tenon Limited Liquidator
BRIDLINGTON HOTELS: Members Pass Winding-up Resolutions
CARPETS INTERNATIONAL: Hundreds to Lose Major Part of Pension
CHESTER PROPERTY: Creditors Meeting Set Tomorrow

COMPASS GROUP: Chief Under Fire After Warning
COMPUTER CAB: Calls in Liquidator from Kranefields
DALTON CONSTRUCTION: Members Meeting May 6
DREAMTXT LIMITED: Hires Joint Administrators for Moore Stephens
EIDOS PLC: Continues to Evaluate Offers

FREEMAN BARON: Members General Meeting Set Later this Month
FULMAC (UK): Calls in Administrators from Begbies Traynor
GREATER LONDON: Names Rothman Pantall Administrator
HANIMEX (UK): Hires Liquidators from Chantrey Vellacott DFK
HUGH MACKAY: Calls in Ernst & Young Administrator

LONDONWIDE RESIDENTIAL: Insolvency Service Bans Director
MATRIX FILMS: Final Meeting Set Next Month
MIDLANDS 75: Members Final Meeting Set Later this Month
MG ROVER: GBP100 Million Bailout to Oil Chinese Deal
NEW TIGER: Winding-up Report Out Later this Month

NORWOOD FREEHOLDS: Members General Meeting Set Later this Month
OLDENBAY LIMITED: Director Disqualified for Eight Years
PATCHETT ESTATES: Liquidator from Horwath Clark Moves in
RAW TRADING: Sets Creditors Meeting Friday
RSE SANDBACH: Appoints Administrators from Kroll

SOLITAIRE PRODUCTIONS: Members Final Meeting Set Next Month
TPL DIGITAL: General Meeting Set May
TTG EUROPE: Sets Sale of Anglia Telecom April
WARDOUR ENTERTAINMENT: Director Gets Ten-year Ban
WAVEFENCE LIMITED: Members Decide to Wind up Firm
WOODWAY LANE: Hires Liquidator from F A Simms & Partners

* Large Companies with Insolvent Balance Sheets


                            *********


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


L.S.P. SARL: Falls into Administration
--------------------------------------
The Commercial Court of Beaune placed L.S.P. SARL under
administration on March 18, 2005 and appointed Me. Ph. Maitre
administrator.  Creditors are urged to submit their proofs of
claim as soon as possible.  The company wholesales and retails
jewelry and accessories.

CONTACT:  L.S.P. SARL
          5, Chemin Neuf
          21700 Corgoloin

          Me Ph. Maitre, Administration
          19, Avenue Albert-Camus
          21065 Dijon


ROLLER CENTER: Interim Administrator Takes over Helm
----------------------------------------------------
The Commercial Court of Dijon placed Roller Center SARL under
administration on March 15, 2005 and appointed Bissieux Jean-
Joachim administrator.  Creditors are urged to submit their
proofs of claim as soon as possible.  The company organizes and
manages sporting events.

CONTACT:  ROLLER CENTER SARL
          25 Boulevard Thiers
          21000 Dijon

          Bissieux Jean-Joachim, Administrator
          36, rue Jeannin
          21000 Dijon


SAONE-ET-LOIRE: Liquidator Starts Selling Assets
------------------------------------------------
The liquidator of SARL Saone-Et-Loire Confort offers for sale
the business and assets of the company.  Interested buyers are
urged to submit their bids to SCP Becheret-Thierry, 22, Quai
Gambetta, 71100 Chalon-sur-Saone on or before April 11, 2005,
11:00 a.m.

CONTACT:  SARL SAONE-ET-LOIRE CONFORT
          10, Quai Saint-Cosme
          71100 Chalon-sur-Saone

          SCP BECHERET-THIERRY
          22, Quai Gambetta
          71100 Chalon-sur-Saone
          Fax: 03 85 48 98 10


SKANDER SARL: Dijon Court Names Philip Maitre Administrator
-----------------------------------------------------------
The Commercial Court of Dijon placed Skander SARL under
administration on March 15, 2005 and appointed Me Philip Maitre
administrator.  Creditors are urged to submit their proofs of
claim as soon as possible.  The company operates restaurants.

CONTACT:  SKANDER SARL
          Rue Bernard-Palissy
          21300 Chenove

          Me Philippe Maitre, Administrator
          19, Av. Albert-Camus
          21000 Dijon


SPIDELOR SA: Succumbs to Insolvency
-----------------------------------
Car parts manufacturer Spidelor filed for insolvency Thursday,
Le Figaro says.

The decision followed a two-hour meeting with the works council.
The court is expected to rule on the insolvency filing and
appoint an administrator today.  The administrator is expected
to meet Spidelor's 114 employees on April 6.  The company
manufactures plastic components for the car industry.

CONTACT:  SPIDELOR S.A.
          1, Rue de la Liberation
          88360 Ferdrupt
          Phone: 03 29 25 04 75
          Fax: 03 29 25 04 75
          E-mail: spidelor@spidelor.com
          Web site: http://www.spidelor.com


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


AGETHEN HEIZUNG: Koln Court Appoints Interim Administrator
----------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Agethen Heizung- & Sanitargesellschaft on March 14.
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 Siegfried Muller.

Creditors and other interested parties are encouraged to attend
the meeting on June 1, 2005, 10:00 a.m. at the district court of
Koln Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage,
Saal 142 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:  AGETHEN HEIZUNG- & SANITARGESELLSCHAFT MBH
          Neusser Str. 33 A, 50126 Bergheim
          Contact:
          Reinhold Krauskopf, Manager
          Siebengebirgsalle 14, 50939 Koln

          Siegfried Muller, Administrator
          Kolner Str. 197, 50226 Frechen
          Phone: 02234/96788-0
          Fax: +4922349678820


AUGUSTA TECHNOLOGIE: Net Loss Balloons to EUR23.9 Million
---------------------------------------------------------
AUGUSTA Technologie AG reports a consolidated net loss of
EUR23.9 million in fiscal year 2004 (loss in 2003: EUR9.0
million).  Main cause was again a loss of EUR16.7 million
reported by the Communication Systems division, caused by a weak
operating business of Pandatel AG, restructuring expenses of
EUR6.8 million and the accrued expense of Data Display AG of
EUR13.3 million.  Write-downs on the carrying amounts of
investments were required in the AG, which lead to a loss
amounting to more than half the share capital of the Company.

The Sensor Systems division improved its sales revenues and its
earnings.  Segment earnings rose by around 55% to EUR11.8
million in fiscal year 2004 (2003: EUR7.6 million).  Sales
revenues rose by around 20% to EUR72.7 million (2003: EUR60.5
million).  Sales revenues and segment earnings in the IT Systems
division developed in line with the expectations.

Overall, AUGUSTA generated consolidated sales revenues of
EUR234.2 million (2003: EUR235.6 million).  At -EUR17.0 million,
EBITDA returned from positive territory in 2003 (EBITDA 2003:
EUR0.8 million) back to the negative.  EBIT decreased in the
period under review to -EUR22.4 million (2003: -EUR5.4 million),
while EBT amounted to -EUR30.7 million (2003: -EUR12.7 million).
This results in a loss per share of EUR2.00 (loss per share in
2003: EUR0.78).

As of December 31, 2004, the AUGUSTA Group reported booked
business of EUR82.5 million (December 31, 2003: EUR108.7
million) and aggregate incoming orders for 2004 of EUR229.5
million (2003: EUR226.7 million).

For the current fiscal year, the Managing Board of AUGUSTA
Technologie AG expects a return to operating profit after the
successful completion of the current restructuring.

Due to the current restructuring of the liabilities causing a
delay in the completion of the annual report, the annual report
2004 will not be published as intended on March 31, 2005, but on
April 6, 2005 in German and English.

Key figures for 2004 with comparative figures for 2003


Key Figures                             2004             2003
Sales revenues                        EUR234.2 m      EUR235.6 m

EBITDA                               -EUR17.0  m      EUR0.8 m
EBIT                                 -EUR22.4  m     -EUR5.4 m
EBT                                  -EUR30.7  m     -EUR12.7 m
Net income/net loss for the year     -EUR23.9  m     -EUR9.0 m
Income/loss per share                -EUR2.00        -EUR0.78

AUGUSTA Technologie AG (SCN 508860; ISIN DE0005088603) is listed
on the Prime Standard.

CONTACT:  AUGUSTA TECHNOLOGIE AG
          Wilhelm-Leuschner-Strasse 9-11
          60329 Frankfurt am Main Deutschland
          Lena Trautmann, Investor Relations
          Phone: +49-(0)69-242669-19
          Fax: +49-(0)69-242669-40
          E-mail: trautmann@augusta-ag.de
          Web site: http://www.augusta-ag.de


CELANESE AG: Celanese Europe Extends Offer Until June
-----------------------------------------------------
The subsequent acceptance period of the mandatory offer by
Celanese Europe Holding GmbH & Co. KG (formerly known as BCP
Crystal Acquisition GmbH & Co. KG), to purchase all of the
issued and outstanding registered ordinary shares of Celanese AG
(other than ordinary shares owned by Celanese Europe Holding
GmbH & Co. KG or held by Celanese AG in treasury) for EUR41.92
per share in cash (plus interest) has been extended as required
by German law, due to the pendency of award proceedings relating
to the mandatory offer.

The subsequent acceptance period is now scheduled to expire on
June 1, 2005 at 12:01 a.m. New York City time, 6:01 a.m. Central
European Time, unless otherwise further extended as required by
German law.  The mandatory offer is required by Section 305 of
the German Stock Corporation Act in connection with the
domination and profit and loss transfer agreement between
Celanese Europe Holding GmbH & Co. KG and Celanese AG.  As
described in the offer document relating to the mandatory offer
and the amendments thereto, the consideration offered in the
subsequent acceptance period is EUR41.92 in cash (plus
interest), as reduced by any guaranteed dividend payments.  No
shares tendered during the subsequent acceptance period may be
withdrawn after tender.

Celanese Europe Holding GmbH & Co. KG is a German limited
partnership controlled by Celanese Corporation, a Delaware
corporation.

CONTACT:  Frankfurter Strasse 111
          61476 Kronberg
          Germany
          Phone: +49 69 305 16000
          Fax: +49 69 305 16006
          Web site: http://www.celanese.com


CONTINENTAL AG: Unsecured Debt Ratings Raised to Baa1
-----------------------------------------------------
Moody's Investors Service upgraded the long term unsecured debt
ratings of Continental AG and its subsidiaries to Baa1 from
Baa2.  The outlook is stable.

The upgrade was prompted by:

     (i) Conti's ongoing improvement in operating performance
         over the last 3 years;

    (ii) strong margins development which is driving cash flows
         (EBITA margin improved to 8.6% in 2004 from -0.6% in
         2001);

   (iii) significant free cash flow generation over the same
         period that has consistently applied towards debt
         repayment, bringing net debt down from its peak of
         EUR3.2 billion at June 30, 2001 to EUR0.7 billion at
         the end of 2004;

    (iv) Conti's achievements in cost savings, in particular due
         to relocation of production out of high wage cost
         countries to low cost countries strengthening the
         company's competitive position in their markets; and

     (v) Moody's expectation of a successful turnaround in the
         U.S. passenger and light truck tire business unit
         according to the company's own targets, breaking even
         in Q4 2005.

The Baa1 rating takes into account Conti's moderate and
improving debt leverage with adjusted retained cash flow to net
adjusted debt at 45.7% in 2004 up from 14.2% in 2001 and Conti's
gearing ratio at 24% down from 59% as of December 31, 2003
including the debt consolidated with the acquisition of Phoenix
(EUR0.2 billion).

With regard to Phoenix, Moody's anticipates that Conti will
successfully integrate and restructure the acquired businesses.
The rating also encompasses Moody's expectation that Conti will
pursue further growth organically, and assumes that the company
will not undertake any further sizeable acquisitions in the near
future, which would materially impact the company's overall
expected financial flexibility.

The Baa1 rating also reflects:

     (i) leading market positions in regional and specialty
         markets, which balance and offset the company's
         exposure to the cyclical OEM automotive industry
         (exposure around 60%);

    (ii) well managed cost base following acquisitions and
         restructuring which is likely to positively impact
         margins;

   (iii) Moody's expectation that management be able to
         implement turnaround at the weaker U.S. passenger and
         light truck tire operations;

    (iv) clear management strategy with respect to accelerating
         profitable growth into key innovative auto supply areas
         (e.g. electronic brake systems, chassis technology);
         and

     (v) sound liquidity provided principally by operating cash
         flows and supplemented by EUR1.1 billion cash on hands
         plus a EUR1.5 billion committed back up facility.

However, the current rating also reflects:

     (i) significant competitive pressures from larger market
         players coupled with margin pressure from OEM
         customers;

    (ii) execution risk regarding continuing restructuring and
         integration needs, in particular with respect to its
         U.S. passenger and light truck tire business;

   (iii) sizable R&D and capital expenditure requirements which
         are necessary to maintain a competitive advantage in
         electronics; and

    (iv) the sustainability of current performance given initial
         high penetration growth at Continental Automotive
         Systems (CAS).

Continental AG, headquartered in Hanover, Germany, is Europe's
second-largest automotive systems supplier of brake and chassis
technology and the world's fourth-largest manufacturer of
passenger and commercial vehicle tyres.  In FY2004 Conti
generated consolidated sales of EUR12.6 billion.

CONTACT:  MOODY'S DEUTSCHLAND GMBH
          Frankfurt
          Michael West
          Managing Director
          Corporate Finance Group

          Frankfurt
          Falk Frey
          VP - Senior Credit Officer
          Corporate Finance Group

          For Journalists:
          Phone: 44 20 7772 5456


CPL DISTRIBUTION: Proofs of Claim Deadline Nears
------------------------------------------------
The district court of Ludwigshafen am Rhein opened bankruptcy
proceedings against CPL Distribution GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 27, 2005
to register their claims with court-appointed provisional
administrator Reinhard Buchholz.

Creditors and other interested parties are encouraged to attend
the meeting on June 1, 2005, 9:15 a.m. at Sitzungssaal XI,
Amtsgericht, Wittelsbachstr. 10, 67061 Ludwigshafen/Rhein 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:  CPL DISTRIBUTION GMBH
          Am Flossbach 2, 67112 Mutterstadt
          Contact:
          Steffen Charles, Manager
          Grundelbachstrasse 29, 69469 Weinheimanwalt
          Peter Muller, Lawyer
          Neumayerring 31, 67227 Frankenthal

          Reinhard Buchholz, Administrator
          Herzog-Otto-Str. 104, D-67105 Schifferstadt


DACH FASSADENBAU: Court Stays All Pending Lawsuits
--------------------------------------------------
The district court of Neubrandenburg opened bankruptcy
proceedings against Dach und Fassadenbau GmbH on March 8, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 25, 2005
to register their claims with court-appointed provisional
administrator Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting on May 30, 2005, 1:20 p.m. at the district court of
Neubrandenburg 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:  DACH UND FASSADENBAU GMBH
          Schweriner Strasse 7
          17235 Neustrelitz

          Berthold Brinkmann, Administrator
          Freiligrathstr. 1
          18055 Rostock


EM.TV AG: Posts First Operating Profit in Years
-----------------------------------------------
EM.TV AG reached all its economic objectives in 2004.  Earnings
after taxes amounted to EUR43.9 million after adjusting for the
restructuring gain booked in the first quarter and were
therefore in the pre-announced target corridor.  As a result,
the group operated profitably for the first time since 1999.  As
far as the current year is concerned, the Management Board is
optimistic about strengthening the two business segments --
Sports and Entertainment -- further, thereby increasing the
earnings power of EM.TV.

Development of consolidated sales and earnings Consolidated
sales amounted to EUR206.6 million in the last financial year
and were above the original target level of EUR200 million.
Sales of the former EM.TV & Merchandising AG which, was merged
with the new EM.TV AG in April 2004 amounted to EUR270.0 million
in the previous year.  The comparability of the numerical data
is limited very much on account of the significant portfolio
changes and restructurings within the group, however.

Consolidated sales of EUR55.0 million were achieved in the
fourth quarter.  Other operating income amounted to EUR76.8
million.  This item is marked by the income achieved in the
second quarter from the final settlement of business
relationships between KirchMedia and EM.TV.  A one-off income of
EUR48.2 million resulted from this transaction and
simultaneously from the acquisition agreed with KirchMedia of
the remaining 50 percent in Junior.TV GmbH & Co. KG.

Consolidated earnings before interest, taxes, depreciation and
amortization (EBITDA) amounted to EUR73.2 million, whereby
EUR11.0 million was attributable to the final quarter.  A cash-
neutral restructuring gain of EUR94.4 million resulted from the
restructuring of the convertible bond 2000/2005 of the former
EM.TV & Merchandising AG.  In view of this special effect, the
group shows a high level of earnings from ordinary trading
activities in the amount of EUR142.5 million, with these being
equivalent to the earnings before taxes (EBT).

After taxes but before minority interests, the group shows a net
profit for the year of EUR138.3 million.  Adjusted for the
restructuring gain, the surplus amounted to EUR43.9 million and
was well within expectations.  After minority interests, the
consolidated net profit amounted to EUR134.4 million (after
adjustments: EUR40.0 million).  EUR1.1 million thereof was
attributable to the fourth quarter.

Consolidated Balance Sheet and Cash flow

The balance sheet total of the group at December 31, 2004
amounted to EUR426.6 million and was EUR249.3 million lower that
the equivalent level on the same date in 2003.  The reduction is
mainly attributable to the portfolio changes during the course
of the restructuring process.  The shareholders' equity amounted
to EUR153.1 million and the equity ratio on the balance sheet
date reached a sound 36 percent therefore.  Liquid funds
amounted to EUR106.0 million, thereby being equivalent to 25% of
the balance sheet total.  The EM.TV Group had no bank
liabilities at the end of 2004.

The group generated a positive cash flow of EUR60.9 million in
2004.  This is mainly marked by a cash flow from deconsolidation
of EUR67.2 million attributable to the deconsolidation of the
shareholding in Tele Munchen Gruppe (TMG).  The stake was sold
in December 2004.

Investments by the EM.TV Group amounted to EUR18.3 million in
the report year.  EUR13.5 million of the aforesaid amount was
attributable to the Entertainment segment, mainly for the
purchase of new programs in the TV sector.  EUR4.8 million were
invested in the Sports  segment, mainly in PLAZAMEDIA for
modernizing the transmission center and for digital channels.

           Information on the Business Segments

Sports

The Sports segment consists of the free-TV station DSF,
Germany's leading sports online platform Sport1 and the
production company PLAZAMEDIA.  Following the acquisition of the
shares in DSF and Sport1 from KarstadtQuelle and the sports
investor Dr. h. c. Hans-Dieter Cleven at the beginning of 2005,
EM.TV will be the sole shareholder of all sports companies after
approval from media and antitrust authorities.  The exclusive
European merchandising marketing rights to the 2006 FIFA World
Cup(TM) also belong to the Sports segment.  This segment
developed much better in 2004 than originally planned and
achieved sales of EUR177.6 million, i.e. 86% of consolidated
sales.  The segment results amounted to EUR21.8 million.

Major highlights, based on the figures in the individual
financial statements according to the German Accounting
Principles of the German Commercial Code (HGB):

DSF had its most successful year since the start of
transmissions in 1993.  Sales were increased by 30.3% to
EUR107.4 million despite the European Soccer Cup and Olympic
Games on competing channels and the continuing reticence of the
advertising market.  At the same time, classic advertising
income rose by 27% contrary to the market trend.

The second source of T-commerce income (DRTV, value-added
services and new business) achieved a growth rate of 57% and now
accounts for 43% of total sales.  For the first time since its
foundation, the station generated a positive operating result
(EBIT) of EUR8.1 million.  DSF has developed into one of the
most distinguished TV stations and has firmly established in the
German media scene with a level of awareness in excess of 95%.

The station was able to acquire some attractive exclusive rights
in the report year, such as to the tennis tournament in
Wimbledon, to the games of the German Davis Cup team, to the
European and World Cup competitions of the basketball national
team and to the Tour de Suisse (each for the next three years).

In the sports online platform Sport1, the factual focusing and
the changed and far more disciplined corporate structure made a
positive contribution to the development of business.  In 2004,
the online portal succeeded in increasing its sales by
approximately 20% to EUR8.9 million in comparison with the
previous year and generated a positive EBIT of EUR0.2 million
for the first time.  In total, the extensive offerings in the
report period led to a coverage of 125.4 million visits and more
than 862 million page impressions.  In this way, Sport 1
consolidated its market leadership amongst the online sports
offers in Germany.

PLAZAMEDIA likewise had a successful year and made a significant
contribution to the Sports segment results.  The order position
for production companies improved slightly in the report year in
view of the fact that TV stations and producers again developed
new formats and acquired new rights.  As a result of the long-
term production framework agreements with Premiere and DSF, it
was possible to achieve a good capacity utilization.  PLAZAMEDIA
generated sales of EUR75.6 million as a result and recorded a
positive EBIT of EUR11.2 million for the year.

In addition, the customer portfolio of PLAZAMEDIA was extended
by the production of formats in the field of interactive added
value services in the studio segment.  The competitiveness of
the company was also improved as a result of investments in new
technologies in areas such as play-out and transmission.  The
field is experiencing a new dynamism with the expansion of the
digitalization of cable networks in Germany and has therefore
acquired a high level of importance for PLAZAMEDIA together with
the start of HDTV productions.

Since the acquisition of the European merchandising marketing
rights to the 2006 FIFA World Cup(TM) in April 2002, EM.TV AG
has been operating as exclusive "Licensing Representative" for
Europe on behalf of the world soccer body FIFA.  In 2004, EM.TV
was able to acquire a total of 18 licensees in the various
product categories.  In this way, the strategy of commencing the
marketing of the most important sporting event in this decade in
Germany as soon as possible was proved to be correct.  Also, the
concentration on selected licensees with a broad product
portfolio proved to be successful.

Entertainment The Entertainment segment combines the classic
business with children and youth programming.  Sales amounted to
EUR29.0 million in 2004, equivalent to 14% of group turnover.
The segment results reached EUR29.3 million and were marked by
the one-off income from the "Kirch settlement."   The costs of
the holding division are included in the results of this segment
as a counter effect.

The Entertainment segment improved its market position
considerably in 2004.  The main highlights were:

(a) As a result of the acquisition of the remaining 50% of the
    shares in Junior.TV GmbH & Co. KG from previous joint
    venture partner KirchMedia, EM.TV is now the sole owner of
    one of the world's largest high quality rights libraries in
    the children's and youth market;

(b) Collaboration with major customers such as the pay-TV
    platform Premiere and the ProSiebenSat. 1 Group was
    established on a new, long-term basis; and

(c) The internationalization of the segment was progressed
    decisively following a corporate company reorganization of
    the extremely successful holding Planeta Junior in Spain and
    Portugal, thereby expanding its geographic reach to the
    important Italian market.

Prospects for 2005

These measures are in the foreground in the Sports segment
during the current year:

(a) An increase in new intelligent forms of approaching viewers
    (T-commerce and B2C offers);

(b) Investments in attractive program rights and thereby an
    additional intensification of the profile of DSF as a male-
    oriented sports channel;

(c) An extension of the sales network for the Official Licensed
    Products for the 2006 FIFA World CupTM in Europe;

(d) An expansion of the leading market position of Sport1 as a
    sports online platform and the development of a user
    community; and

(e) Apart from the optimization of the service quality,
    strengthening competitiveness of PLAZAMEDIA by means of
    investments in technical innovations such as HDTV; further
    internationalization of the business.

The major strategic tasks for the Entertainment segment are:

(a) Strengthening the profile of EM.TV as far as production and
    content are concerned, thereby generating original rights
    for children's and youth programs;

(b) Utilizing international sales power and assuming sales
    activities for third parties;

(c) Expanding the home entertainment sector;

(d) Examining acquisition possibilities as part of the current
    market consolidation of the children's and youth market
    business.

As far as 2005 is concerned, the Management Board is aiming to
increase group sales by a single-digit percent rate at least.
The aim is to show positive consolidated results before taxes
for the first time excluding special and one-off effects.

Werner E. Klatten, Chairman of the Management Board of EM.TV AG:
"We finally and conclusively left the past behind us in 2004.
EM.TV is a media company based on two segments with a sound
operating business full of future perspectives and with a sound
financial base.  This positive development is also receiving a
positive reaction from the capital markets.  Our company has all
the prerequisites to utilize market opportunities in the coming
years and to generate growth.  Our major objective is to
increase the profitability of the group on all levels, thereby
creating consistent benefits for our shareholders.  We will
carefully judge every decision on this basis."

Changes in the Supervisory Board of EM.TV AG at the Annual
General Meeting Moreover, the company is announcing changes in
the Supervisory Board, which are to take place at the next
annual general meeting to be held on July 5, 2005.

Following the completion of the restructuring and reorientation
phase of the company, Prof. Roland Berger (67), Deputy Chairman
of the Supervisory Board for many years now, and Dr. Andreas
Meissner (45) will relinquish their Supervisory Board mandates
at the AGM as intended by both from the very beginning.

Whereas restructuring-related and legal considerations have been
in the foreground in the last three years in particular, the
duties and responsibilities of the Supervisory Board of EM.TV AG
are now moving to supporting and controlling the Management
Board in the relevant operating sectors.

For this reason, Hans-Holger Albrecht (42), President and
Chairman of the Management Board of the Modern Times Group in
Sweden and Arthur Bastings (38), Director of Discovery Networks
Europe in Great Britain, are being proposed by the general
meeting for their appointment to the Supervisory Board of EM.TV
AG.

"With their experience and competence, Prof. Roland Berger and
Dr. Andreas Meissner have made major contributions to the
successful restructuring of the company in the past.  The
Management Board of EM.TV AG and I personally would like to
thank them most sincerely for this dedication.  At the same
time, I am pleased that we are able to recommend two visionaries
and internationally experienced media managers for the tasks in
the Supervisory Board, Mr. Albrecht and Mr. Bastings," comments
Dr. Bernd Thiemann, Chairman of the Supervisory Board of EM.TV
AG.

EM.TV Group: Major Key Figures at a Glance (based on IFRS)

  EUR million                         2004          2003[1]

Sales                                206.6           270.0

Other operating income                76.8            46.9

Cost of materials                   -117.9          -195.0

Personnel expenses                  - 48.2           -49.2

Earnings before interest,
taxes, depreciation
and amortization (EBITDA)            73.2           -11.6

Amortization and depreciation        -22.5           -85.5

Earnings before interest and taxes    50.7           -97.1

Financial results                     -2.5           -38.0

Result from restructuring activities  94.4             0

Earnings before taxes (EBT)          142.5          -135.2

Taxes                                 -4.2             3.4

Earnings after taxes
and before minority interests       138.3          -131.8

Earnings after taxes
and before minority interests
(adjusted)[2]                        43.9          -131.8

Minority interests                    -4.0             1.8

Earnings after taxes
and after minority interests        134.4          -129.9

Earnings per share in EUR (undiluted)  3.22          -0.89


                               Dec. 31, 2004  Dec. 31, 2003[3]

Balance sheet total                   426.6           675.9

Liquid funds                          106.0           129.3

Shareholders' equity                  153.1           -17.64

Long-term financial liabilities       181.9           435.8

Short-term financial liabilities        0              80.8


                                      2004             2003
Operating cash flow                    26.2            85.3

Cash flow for the report year          60.9            93.1


EM.TV AG (German Commercial Code - HGB)




                                            Dec. 31, 2004

Balance sheet total                              295.1

Shareholders' equity (in Euro 000)               163.1

Equity ratio (%)                                 55.3

Liquid funds                                     74.6

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Details relating to 2003 relate to the former EM.TV &
Merchandising AG.  On account of special effects and numerous
changes in the companies forming part of the consolidation
group, a direct comparison of the figures shown in the profit
and loss account is only possible to a very limited extent.

[2] Details adjusted by the result from restructuring
activities.

[3] Details relate to the consolidated financial statements of
the former EM.TV & Merchandising AG at December 31, 2003.  A
direct comparison with the consolidated balance sheet of EM.TV
AG at December 31, 2004 is only possible to a very limited
extent on account of the restructuring of the convertible bond
2000/2005 effected in the first half of 2004 and the significant
company law changes made as a result.

[4] Prior to minority interests (IFRS 1 revised in 2003).  An
accumulated loss of EUR24.8 million not covered by equity.

CONTACT:  EM.TV AG
          Press Relations
          Sabine Lais
          Phone: +49 (0) 89 - 99 500 461
          Fax: +49 (0) 89 - 99 500 466


GUSTAV DOPKE: Court Sets Date for Verification of Late Claims
-------------------------------------------------------------
The insolvency court of Gifhorn has set a special verification
meeting on April 7, 2005, 9:40 a.m. for late claims filed
against Gustav Dopke GmbH & Co.  The meeting will be at Saal
118, Amtsgericht Gifhorn, Am Schlossgarten 4, 38518 Gifhorn.

CONTACT:  GUSTAV DOPKE GMBH & CO
          Steinweg/Herzog-Franz-Str. 38518 Gifhorn
          Contact:
          Hannelore Dopke, Manager
          Dickhorster Weg 41, 38518 Gifhorn

          Sieglinde Dopke, Manager
          Steinweg 57, 38518 Gifhorn


HBR SOMMERER: Proofs of Claim Due Next Month
--------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Sommerer Planungs und Handelsgesellschaft mbH on March
9.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until May 4,
2005 to register their claims with court-appointed provisional
administrator Uwe Kassing.

Creditors and other interested parties are encouraged to attend
the meeting on May 25, 2005, 9:15 a.m. at Gebaude des
Amtsgerichts Hamburg, Insolvenzgericht, Weidestrasse 122d, 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:  HBR SOMMERER PLANUNGS UND HANDELSGESELLSCHAFT MBH
          Topfertwiete 30, 21029 Hamburg
          Contact:
          Hartmut Sommerer, Manager

          Uwe Kassing, Administrator
          Hohe Bleichen 5, 20354 Hamburg
          Phone: 0700/80080025
          Fax: 0700/80080027


H. & C.H. SIEBERG: Creditors Meeting Set May 30
-----------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against H. & C.H. Sieberg KG Autoausstattung on March 3.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 9, 2005 to
register their claims with court-appointed provisional
administrator Rainer U. Muller.

Creditors and other interested parties are encouraged to attend
the meeting on May 30, 2005, 9:45 a.m. at Justizgebaude,
Sitzungssaal 162, Am Alten Einlass 1, 86150 Augsburg, 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:  H. & C.H. SIEBERG KG AUTOAUSSTATTUNG
          Speckbacher Str. 14, 86165 Augsburg,
          HRA 9114, Augsburg
          Contact:
          Carl Heinz, Manager

          Rainer U. Muller, Administrator
          Schiesstattenstr. 15, 86159 Augsburg


HDS IMMOBILIEN: Claims Deadline Expires Today
---------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against HDS Immobilien GmbH on March 14, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 5, 2005 to
register their claims with court-appointed provisional
administrator Heinrich C. Friedhoff.

Creditors and other interested parties are encouraged to attend
the meeting on June 7, 2005, 9:40 a.m. at Gebaude des
Amtsgerichts Aachen, Nebenstelle Augustastrasse, Augustastrasse
78/80, 52070 Aachen, II. Etage, Zimmer 21, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  HDS IMMOBILIEN GMBH
          Marienstr. 32, 52249 Eschweiler
          Contact:
          Hans-Dieter Schreck, Manager

          Heinrich C. Friedhoff
          Viktoriastrasse 73-75,
          52066 Aachens
          Phone: 0241/9491915
          Fax: 0241/9491919


KK SERVICE: To Hold Creditors Meeting Later this Month
------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against KK GmbH Service Wassertechnik on March 10.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 10, 2005
to register their claims with court-appointed provisional
administrator Rudiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on April 25, 2005, 9:05 a.m. at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on Aug. 8, 2005, 9:05 a.m. at Amtsgericht
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218.

CONTACT:  KK GMBH SERVICE WASSERTECHNIK
          Mollendorffstrasse 52,10367 Berlin

          Rudiger Wienberg, Administrator
          Giesebrechtstr. 1, 10629 Berlin


MALER BETRIEB: Applies for Bankruptcy Proceedings
-------------------------------------------------
The district court of Neubrandenburg opened bankruptcy
proceedings against Maler Betrieb und Service Siemonsmeier GmbH
on March 11, 2005.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until April 29, 2005 to register their claims with court-
appointed provisional administrator Wolfgang Matussek.

Creditors and other interested parties are encouraged to attend
the meeting on May 30, 2005, 1:30 p.m. at the district court of
Neubrandenburg 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:  MALER BETRIEB UND SERVICE SIEMONSMEIER GMBH
          Muhlenstrasse 8
          17109 Demmin

          Wolfgang Matussek, Administrator
          Elisabethstrasse 30
          17235 Neustrelitz


M. WIEGERING: Court Appoints Provisional Administrator
------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against M. Wiegering GmbH on March 16, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 19, 2005 to register their
claims with court-appointed provisional administrator Andreas
Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting on June 9, 2005, 10:00 a.m. at the district court of
Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster 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:  M. WIEGERING GMBH
          Bocholder Esch 31
          48683 Ahaus
          Contact:
          Werner Wiegering, Manager
          Dornkamp 18
          48683 Ahaus

          Andreas Sontopski, Administrator
          Gnoiener Platz 1
          48493 Wettringen
          Phone: 02557/9384-0
          Fax: +492557938450


PCM-SPEDITION GMBH: Magdeburg Court Confirms Bankruptcy
-------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against PCM-Spedition GmbH on March 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 18, 2005 to register their
claims with court-appointed provisional administrator Sabine von
Stein-Lausnitz.

Creditors and other interested parties are encouraged to attend
the meeting on May 23, 2005, 10:00 a.m. at Saal D,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg 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:  PCM-SPEDITION GMBH
          Schierstedter Str. 06449 Giersleben
          Contact:
          Eike Richter, Manager
          Uhlandweg 3, 39418 Stassfurt

          Sabine von Stein-Lausnitz
          Schonebecker Str. 82-84, 39104 Magdeburg
          Phone: 0391/4082090
          Fax: 0391/40820922


PIVOTTURN GMBH: Creditors Meeting Set Second Week of May
--------------------------------------------------------
The district court of Neubrandenburg opened bankruptcy
proceedings against Pivotturn GmbH on March 9, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 8, 2005
to register their claims with court-appointed provisional
administrator Angela Tost.

Creditors and other interested parties are encouraged to attend
the meeting on May 9, 2005, 1:45 p.m. at the district court of
Neubrandenburg 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:  PIVOTTURN GMBH
          Neubrandenburger Strasse 48
          17039 Neverin

          Angela Tost, Administrator
          Otto-von-Guericke-Strasse 5
          17033 Neubrandenburg


RADEMACHER & SCHLEEDE: Sets First Creditors Meeting April 19
------------------------------------------------------------
The district court of Kleve opened bankruptcy proceedings
against Rademacher & Schleede on March 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors had until March 30, 2005 to register their
claims with court-appointed provisional administrator Horst
Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting on April 19, 2005, 10:55 a.m. at the district court
of Kleve Hauptstelle, Schlossberg 1, 47533 Kleve, Erdgeschoss, C
58 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:  RADEMACHER & SCHLEEDE, BETEILIGUNGS- UND
          VERWALTUNGSGESELLSCHAFT MBH
          Filder Strasse 2, 47441 Moers
          Contact:
          Lothar Schleede, Manager
          Zahnstrasse 42, 47441 Moers

          Horst Piepenburg, Administrator
          Heinrich-Heine-Allee 20, 40213 Dusseldorf
          Phone: 0211/492240
          Fax: 0211/494087


SCHEFENACKER AG: Upgrades Hungarian Plant
-----------------------------------------
Auto parts maker Schefenacker AG has invested EUR7.5 million to
expand its Hungarian painting facility, according to Budapest
Business Journal.

The investment enabled Sapu Industrial and Trading BT to buy
1,500 sq. m. of land and build a 2,000-square-meter warehouse.
This will increase the plant's daily output of painted car parts
by 25,000.  Sapu plans to add 200 workers; half of whom will be
hired after it starts plastic dye-casting at the end of this
year.  But it will have to shed 70-80 jobs under a plan to stop
making car lights.

Sapu had revenues of EUR143,000 last year.  Its customers
include Mercedes, Opel, Volkswagen and Audi.  In November,
Standard & Poor's lowered its long-term corporate credit rating
on Schefenacker to 'B' from 'B+', after noting the company's not
so good liquidity situation until the first quarter of 2005.

CONTACT:  SCHEFENACKER AG
          Eckenerstrasse 2
          D- 73730 Esslingen
          Phone: +49 (0) 711 31 54 0
          Fax: +49 (0) 711 31 54 102
          E-mail: info@schefenacker.com
          Web site: http://www.schefenacker.com


STEINHAUS BAUBETREUUNG: Under Bankruptcy Administration
-------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Steinhaus Baubetreuung GmbH on March 14, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 25, 2005
to register their claims with court-appointed provisional
administrator Michael Hawelka.

Creditors and other interested parties are encouraged to attend
the meeting on May 23, 2005, 2:15 p.m. at Saal 056, Amtsgericht
Leipzig at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  STEINHAUS BAUBETREUUNG GMBH
          Mozartstrasse 4, 04107 Leipzig

          Michael Hawelka, Administrator
          Nonnenstrasse 37, 04229 Leipzig


WGVO VERMOGENSVERWALTUNG: Creditors' Claims Due Mid-May
-------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against WGVO Vermogensverwaltung GmbH on March 17, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 15, 2005 to
register their claims with court-appointed provisional
administrator Dr. Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting on June 14, 2005, 11:00 a.m. at the district court
of Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne
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:  WGVO VERMOGENSVERWALTUNG GMBH
          Engelsdorfer Str. 25
          50321 Bruhl
          Contact:
          Rainer Liedtke, Manager
          Zum Elzenberg 7
          53925 Kall-Sotenich

          Dr. Christian Frystatzki, Administrator
          Sankt-Augustiner-Str. 94 a
          53225 Bonn
          Phone: 02 28/40 09 4-90
          Fax +492284009499


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


AN POST: Sells Subsidiaries for EUR85 Million
---------------------------------------------
An Post has sold PostTS U.K. and PostTS Spain -- its two
subsidiary companies in the international mobile telephone
electronic top-up market -- to Alphyra for EUR85 million.  The
sale price establishes a new market norm in the valuation of
companies of this size involved in prepaid mobile telephone
TopUp (ETU) in the European market.

The two companies -- originally eCommercell U.K. and Spain --
were bought from the Caudwell Group for EUR8.5 million in
February 2002.  Since then An Post invested a further EUR7.5
million in the businesses which were returned to profit in 2004.
The price represents a very acceptable return to An Post on its
investment.

Derek Kickham, Commercial Director of An Post, said he was
pleased with the deal.  "Timing is important in these
transactions.  The price we achieved demonstrates very clearly
that we moved at the right time.  A new benchmark price has been
set internationally for businesses in the E-TopUp sector.

"Alphyra represents a natural partner for the Post TS businesses
and will provide the investment to fund new products/services,
exploit acquisition opportunities, look at further geographical
expansion and invest in the existing terminal base," Mr. Kickham
said.

"We put the two companies on the market last Autumn, following a
careful analysis of trends in the European payment processing
industry.  The consolidation taking place in the sector, driven
by a number of large payment processors, created an opportunity
for us to achieve a premium price in the sale of the
businesses," he said.

"Our analysis gave us confidence that the market conditions were
right for the disposal of the two companies and that we had a
real opportunity to optimize out position," Mr. Kickham added.

The sale of the international E-TopUp companies is part of An
Post's overall recovery strategy, which mandates the disposal,
at the appropriate time, of non-core subsidiaries.  An Post was
advised by Goodbody Corporate Finance and by solicitors Arthur
Cox.  The sale was conducted entirely in accordance with
Government guidelines for the disposal of State assets.

CONTACT:  AN POST
          Phone: 1850 262 362
          E-mail: pressoffice@anpost.ie
          Web site: http://www.anpost.ie


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


PARMALAT FINANZIARIA: Monthly Performance Improves
--------------------------------------------------
Operating Performance Financial Highlights:

Cumulative Through December

                                 Revenues
Values in
millions
of Euro            Previous      Previous        Current
                     year          year            year
                                 Pro-Forma

Core Businesses [*]   543.9        543.9           568.7

Non-Core
Businesses [**]        83.4         76.4            56.0

Total                 627.3        620.3           624.7

                                  EBITDA

                   Previous      Previous        Current
                     year          year            year
                                 Pro-Forma

Core Businesses [*]    31.0         31.0            38.5

Non-Core
Businesses [**]        (3.3)        (3.1)            5.8

Subtotal               27.7         27.8            44.4

Proceedings Costs      (9.7)        (9.7)          (10.0)

Total                  17.9         18.1            34.4

                            EBITDA % of Revenues

                    Previous      Previous         Current
                      year          year             year
                                  Pro-Forma

Core Activities [*]     5.7          5.7              6.8

Non-Core
Activities [**]        (4.0)        (4.1)             10.4

Subtotal                4.4          4.5               7.1

Total                   2.9          2.9               5.5

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] The Core Businesses include the following product
categories: beverages (milk and fruit juices) and functional
dairy products, focused on approximately 30 brands (both global
and strong local brands) primarily in high-potential countries
in which there is sustained demand for wellness products,
consumers are willing to pay a premium price for Parmalat brands
and where there is access to leading-edge technologies.

[**] The Non-core Businesses are those that are located in
countries or engaged in activities that are not strategically
significant and have been earmarked for divestiture.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Core Businesses

The Group's Core Businesses had revenues of EUR568.7 million at
February 28, 2005, up 4.6% from the EUR543.9 million booked in
the same period last year.  This revenue gain produced an
improvement in EBITDA as well, which grew both in absolute terms
(from EUR31.0 million to EUR38.5 million) and as a percentage of
revenues (from 5.7% to 6.8%).

These data do not reflect the impact of the nonrecurring charges
related to the extraordinary administration proceedings, which
amounted to about EUR10.0 million, which is in line with
February 2004.

Italy

At EUR206.1 million, cumulative revenues were slightly lower (-
3.3%) than the EUR213.2 million booked in February 2004.  This
decrease was accompanied by a decrease in EBITDA, which declined
from EUR15.7 million to EUR15.4 million.  The revenue shortfall
mainly reflects lower sales by Boschi, an affiliate that
operates primarily in the co-packing business and was recently
declared eligible for Extraordinary Administration.  Total
EBITDA held at about the same level as last year, as savings in
manufacturing costs and overhead offset increases in promotional
and advertising expenses.

Spain

Net revenues for the period totaled EUR31.5 million, down
slightly compared with February 2004 (-2.5%) from the EUR32.3
million reported last year.  At the same time, EBITDA improved
from EUR1.5 million (4.6% of revenues) to EUR1.7 million (5.3%
of revenues).  Lower unit sales and changing conditions in the
domestic market, where competition is becoming increasingly
aggressive, are the main reasons why revenues fell short of the
level achieved in 2004.

South Africa

At February 28, 2005, revenues rose to EUR41.4 million, or 16.9%
more than the EUR35.4 million booked in the same month last
year. During the same period, EBITDA declined from EUR3.4
million to EUR3.3 million, equal to 9.5% and 7.9% of revenues,
respectively.

The main reasons for the improvement in revenues compared with
February 2004 include the significant appreciation of the South
African rand versus the euro (average exchange rate up 9.6%
compared with February 2004) and an increase in unit sales for
all of the main product lines (only cheese shipments were
lower).  Higher promotional expenses explain the reduction in
EBITDA.

Venezuela

The decline in the value of the Bolivar versus the euro, which
amounted to 17.1% compared with the average exchange rate for
February 2004, was less than in previous months (-27.6% in
December 2004, -24.8% in January 2005).

At EUR24.2 million, cumulative revenues were 15.1% lower than in
February 2004 (EUR28.5 million).  At the same time, EBITDA
doubled in absolute terms (EUR2.0 million, compared with EUR0.9
million in 2004) and improved from 3.1% to 8.3% as a percentage
of revenues.

The results reported in February, along with those of recent
months, point to a turnaround for the Venezuelan companies, made
possible by the recent implementation of reorganization and
refocusing programs.  However, this progress is being hampered
by the social policies recently adopted by the Venezuelan
government.

Canada

Revenues were sharply higher, rising to EUR188.8 million, or
20.0% more than the EUR157.4 million reported in
February 2004.

The gain in net revenues, made possible by the combined impact
of higher unit sales and the price increases implemented at the
beginning of the year, produced an improvement in EBITDA, which
rose both in absolute terms (from EUR6.7 million to EUR12.3
million) and as a percentage of revenues (from 4.3% to 6.5%).
An increase in sales days compared with February 2004 and a
slight appreciation of the Canadian dollar versus the euro
(+3.0% compared with the average exchange rate for February
2004) were also positive contributing factors.

Australia

At February 28, 2005, revenues were little changed from the
EUR60.5 million booked last year.  At EUR3.8 million (6.3% of
revenues), EBITDA were slightly better than in February 2004
(EUR3.4 million, 5.6% of revenues).

A more favorable product mix (sales of pasteurized cream,
desserts and tea were lower, but shipments of pasteurized and
UHT milk were higher) is the main reason for the increase in
EBITDA in the face of flat revenues.  In addition, the
Australian dollar depreciated slightly against the euro compared
with the same period last year (-3.7% compared with the average
exchange rate for February 2004).

Non-core Businesses

In February 2005, the Group's Non-core Businesses reported
revenues of EUR56.0 million, a decrease of 36.4% from pro forma
revenues of EUR76.4 million in February 2004.  However, even
though net revenues were down, EBITDA improved from a negative
EUR3.1 million to a positive EUR5.8 million, due mainly to an
outstanding performance by the Parma Football Club.

Full copy of Parmalat Finanziaria's February 2005 results can be
viewed at http://bankrupt.com/misc/parmalat_0205.pdf.

                            *   *   *

Scope of Consolidation

The scope of consolidation has been defined using principles
that are consistent with those adopted in preparing the
statement of income and balance sheet at December 31, 2004.
Companies that are subject to certain restrictions on their
management as a result of local bankruptcy proceedings that have
effectively placed them outside the control of Parmalat
Finanziaria S.p.A. in Extraordinary Administration, and
companies in voluntary liquidation are no longer consolidated on
a line-by-line basis.

The current scope of consolidation no longer includes companies
in which the Group held equity investments that were sold after
January 1, 2005.  The corresponding 2004 data have been restated
accordingly on a pro forma basis.  The operations divested in
2005 include the companies that comprised the U.S.A. Bakery
Division (Mother's Cake & Cookies, Archway Cookies and three
production units in Canada), which were sold in January 2005,
and Parmalat Uruguay, which was sold in February 2005.

Margherita Yogurt, which was placed in liquidation in February
2005, has also been removed from the scope of consolidation.

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

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


STREGLIO SPA: Borsci Acquires 'Streglio' Brand for EUR2.25 Mln
--------------------------------------------------------------
Streglio S.p.A., in Amministrazione Straordinaria, on Thursday
agreed to sell to the Borsci Group Industria Liquori certain
business operations consisting of the production and marketing
of cocoa, chocolate, confectionery, and other candy and
chocolate-based products.  It also transferred to the buyer the
ownership of the Streglio brand for EUR2,250,000.

The agreement calls for the buyer to maintain employment for two
years at least at the level provided for in the Business
Continuity Plan appended to the buyer's offer.  Streglio is a
subsidiary of Parmalat Finanziaria S.p.A.  Parmalat was assisted
in this transaction by KPMG (Corporate Finance and K Studio
Associato).  Borsci was assisted in this transaction by
PricewaterhouseCoopers Advisory Corporate Finance Division.

CONTACT:  STREGLIO S.p.A.
          Via Sestriere 116 - 10060 NONE (Torino)
          Phone: 011.9868311
          Fax: 011.9864384
          E-mail: info@streglio.it
          Web site: http://www.streglio.it/home/index.html


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


NORTEM N.V.: To De-list from Nasdaq Today
-----------------------------------------
Nortem N.V. will be delisted from The Nasdaq National Market
prior to the open of Nasdaq on April 5, 2005.  Nortem had been
scheduled to appear at an administrative hearing before a Nasdaq
Listing Qualifications Panel on March 31, 2005, to determine
whether Nasdaq should delist Nortem.  Nortem informed Nasdaq
that it was withdrawing from the administrative hearing process.

Once Nortem ceases to be listed on Nasdaq, pursuant to Dutch
law, any transfers of Nortem common shares that constitute a
change in the record ownership of such shares will require a
deed to that effect to be executed in front of a notary
practicing in The Netherlands.  In addition, shareholders should
be aware that they must observe any applicable securities laws
and regulations, including but not limited to, the provisions of
the Netherlands Act on the Supervision of the Securities Trade
1995, if applicable, in relation to any offering of common
shares of Nortem.

Shareholders of Nortem are advised that they will be responsible
for obtaining Dutch counsel to complete any sale or transfer of
shares that constitutes a change in the record ownership of such
shares or involves an offer in or from within The Netherlands
once Nortem is delisted from Nasdaq.

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


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


ELEKTRIM SA: Brings PAK Contract Row to Court
---------------------------------------------
Elektrim S.A. is suing the State Treasury for blocking decisions
on the Patnow-Adamow-Konin (PAK) power plant investment after
being advised of a potential fine for delays in the contract.

The power and telecom group wants the Arbitration Court of the
National Chamber of Commerce to annul the privatization
agreement it had entered with the Treasury.  The company and its
subsidiary PAK, jointly owned by the state, have already
completed 47% of the project, spending some EUR210 million.  But
for lack of funds and disagreement with the Treasury regarding
deadline, it was forced to suspend construction in May last
year.  The new deadline expired last month.

Elektrim representatives are holding the Treasury at fault for
the delay.  Zygmunt Solorz, a major Elektrim shareholder, blames
the company for suspending decision on a crucial investment.
Last week, the Treasury sent a letter to Elektrim advising it of
the expiration for the completion of the project.  It warned
that if the terms of the agreement are violated it can demand
compensation that could cost Elektrim up to PLN1.1 billion.

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

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

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

          ELEKTROWNIA PATNOW
          62-510 Konin
          ul. Kazimierska 45
          Phone: +48(63) 247-30-00
          Fax: +48(63) 247-30-30
          Web site: http://www.zepak.com.pl


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


B.I.N. BANK: Short-term Rating Affirmed at 'C'
----------------------------------------------
Fitch Ratings affirmed the ratings of Russia-based B.I.N. Bank's
(BIN) at Long-term 'CCC+' with Positive Outlook, Short-term 'C',
Individual 'D', Support '5' and National Long-term 'BB-(rus)'.

The Long-term, Short-term, Individual and National Long-term
ratings reflect the high level of concentration of BIN's
business, limited franchise, small size, and significant
operations with other BIN group companies and weak
profitability.  However, they also take into account an absence
of sizeable asset quality problems to date and relatively low
market risk.

The Individual rating affirmation and the Positive Outlook on
the Long-term rating reflect Fitch's expectations that a US$100
million capital injection (equal to around 88% of end-H104
equity) will be forthcoming by end-2005, significantly improving
the bank's already acceptable capitalization ratios.

Improvements in the bank's key weaknesses, such as very high
concentration levels, limited franchise and weak profitability,
could also provide uplift to the ratings.  However, the absence
of a capital injection, coupled with a lack of improvement in
these areas of weakness, could result in downward pressure on
the ratings.

Profitability is weak with sub-inflation returns on equity,
reflecting BIN's relatively low net interest margin and high
cost base.  Concentration by sector (in particular oil and
commercial real estate) and by customer has remained very high,
with the top 20 borrowers accounting for 73% of gross loans, or
around 3.7x equity at end-H104.  The loan book grew a modest 14%
in 2003, with growth accelerating to 20% in H104, mainly due to
lending to new borrowers.

Despite an absence of sizeable asset quality problems to date,
the quality of the majority of borrowers is poor, meaning that
the 4.5% loan loss reserve coverage of the loan portfolio may be
insufficient, particularly taking into account the recent growth
in lending to new borrowers.  Market risk at BIN is mainly
structural, reflecting the low level of securities trading and
minimal proprietary foreign exchange operations.  Structural FX
risk can at times be high.

BIN's funding base comes mainly from customers, with retail
accounting for a high 41% of the latter at end-H104.  However,
the funding base is volatile and concentration is high (top 20
customers accounting for 34% of deposits at end-H104).  During
the Russian banking mini-crisis in the summer of 2004, BIN's
shareholders made additional funding available to the bank,
although Fitch is informed that the bank would have been able to
withstand the strain on its liquidity even without this.
Capital adequacy ratios have decreased since end-2003, although
they were still acceptable at end-H104 (total capital ratio 19%,
the majority of which was Tier 1).

BIN was established in 1993, initially to provide banking
services to other members of the BIN group, which now also
includes assets in the oil and commercial real estate sectors.
The bank is majority-owned by one family (including the bank's
President), which also controls the BIN group.  BIN's lending
operations are currently predominantly with large corporates,
but in 2002 the bank broadened its strategy to encompass the
retail and small- to medium-sized enterprise sectors, although
success has been modest to date, especially in lending.

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

          James Watson
          Phone: +7 095 956 9901

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


GEYA-M: Proofs of Claim Deadline Expires Today
----------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Geya-M (TIN 2454002193, KPP 245401001) after
finding the open joint stock company insolvent.  The case is
docketed as A33-32526/04-s4.  Mr. S. Khizhnenko has been
appointed insolvency manager.  Creditors have until April 5,
2005 to submit their proofs of claim to 663540, Russia,
Krasnoyarsk region, Partizanskiy region, Partizanskoye,
Sovetskaya Str. 77.

CONTACT:  GEYA-M
          663131, Russia, Krasnoyarsk region,
          Lesosibirsk, Rechnoy Per. 7

          Mr. S. Khizhnenko
          Insolvency Manager
          663540, Russia, Krasnoyarsk region, Partizanskiy
          region, Partizanskoye, Sovetskaya Str. 77


LAPSARSKAYA: Chuvashiya Court Appoints Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on close joint stock company
Lapsarskaya (TIN 2128018069, KPP 212801001).  The case is
docketed as A79-3976/04-SK1-3752.  Mr. V. Akhrameev has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) Lapsarskaya
    428000, Russia, Chuvashiya republic,
    Cheboksary, Lapsarskiy Pr. 55

(b) Temporary Insolvency Manager
    429954, Russia, Chuvashiya republic,
    Novocheboksarsk, Promyshlennaya Str. 4

A hearing will take place on April 26, 2005, 2:00 p.m.


NABEREZHNOCELNINSKIY EXPERIMENTAL: Declared Insolvent
-----------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Naberezhnocelninskiy Experimental after
finding the repair-mechanical factory insolvent.  The case is
docketed as A65-9170/2004-SG4-21.  Mr. B. Surov has been
appointed insolvency manager.  Creditors have until April 26,
2005 to submit their proofs of claim to 420126, Russia, Kazan,
Post User Box 309.

CONTACT:  NABEREZHNOCELNINSKIY EXPERIMENTAL
          423802, Russia, Tatarstan republic,
          Naberezhnye Chelny, BSI, Post User Box 35

          Mr. B. Surov
          Insolvency Manager
          420126, Russia, Kazan region
          Post User Box 309


NATIONAL RESERVE: Fitch Retains 'CCC+' Long-term Rating
-------------------------------------------------------
Fitch Ratings changed the Outlook for the Long-term 'CCC+'
rating of Russia's National Reserve Bank (NRB) to Positive from
Stable, and assigned a National Long-term rating to the bank of
'B+(rus)'.  The bank's Short-term, Individual and Support
ratings have been affirmed at 'C', 'D/E' and '5' respectively.

The Outlook reflects the recent expansion of NRB's commercial
banking business and the possibility that the bank's market risk
exposure could be significantly reduced in 2005 due to the
potential reduction of a very large equity position in Gazprom.
However, the Long-term, Short-term, Individual and the National
Long-term ratings also reflect NRB's concentrated business,
substantial related-party exposures, and high exposure to market
risk.  They also take into account its low quality income,
relatively small customer franchise, and weaknesses in the
operating environment.  The ratings are supported, however, by
the bank's sound capitalization and reasonable liquidity.

NRB's reported non-related party lending increased by a rapid
75% in 2003, albeit from a very low base, and a further 67%
during the first nine months of 2004.  This, together with a
substantial increase in related-party lending, led to a rise in
the net loans/assets ratio to 44% at end-9M04 (end-2003: 27%;
end-2002: 8%).  Concentration levels within the loan portfolio
are very high, although they are more reasonable when measured
against equity.  Levels of sub-standard and doubtful loans are
significant, although loan loss reserve coverage of impaired
credits is reasonable.

Notwithstanding the expansion of NRB's commercial franchise, at
end-9M04 securities continued to comprise a sizeable 35% of
total assets.  Equity positions in Gazprom and Russian sovereign
debt comprised the majority of the portfolio, with exposures
(taking into account also loans made in securities) equal to a
very high 72% and 28%, respectively of NRB's equity.

NRB's profitability was exceptional in 2003 and 9M04, with
returns on assets of 12.5% and 23.3%, respectively.  However,
earnings quality has been very low, driven primarily by
securities gains.  In 9M04, gains on Gazprom equity contributed
a very high 76% of operating income.

Non-equity funding is concentrated, but liquidity has been
supported by the long-term nature of some non-equity funding,
the large equity base and substantial holdings of liquid
securities.  Capital ratios have been very high (total capital
ratio of 48% at end-9M04) and, notwithstanding NRB's high market
risk appetite, related-party lending and loan concentrations,
Fitch considers capitalization to be sound.

As part of a restructuring of the assets of NRB's shareholders
in 2004, a new holding company, the National Reserve
Corporation, was established and now holds an 85% stake in NRB.
Almost 75% in NRC is in turn held by a former President and the
current President of NRB.

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

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


NORD-GAS-SERVICE: Bankruptcy Proceedings Begin
----------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Nord-Gas-Service after
finding the close joint stock company insolvent.  The case is
docketed as A75-202-B/04-1476/2005.  Mr. M. Galimov has been
appointed insolvency manager.  Creditors have until April 26,
2005 to submit their proofs of claim to 628624, Russia, Khanty-
Mansiyskiy autonomous region, Nizhnevartovsk, Indusrtialnaya
Str. 20.

CONTACT:  NORD-GAS-SERVICE
          Russia, Khanty-Mansiyskiy autonomous region,
          Nizhnevartovsk, Indusrtialnaya Str. 20

          Mr. M. Galimov
          Insolvency Manager
          628624, Russia, Khanty-Mansiyskiy autonomous region,
          Nizhnevartovsk, Indusrtialnaya Str. 20
          Phone: 41-47-10


OAO SEVERSTAL: Fitch Takes Ratings Off Watch Negative
-----------------------------------------------------
Fitch Ratings removed Russia-based steel manufacturer OAO
Severstal's Senior Unsecured 'B+' and National Senior Unsecured
'A (rus)' ratings from Rating Watch Negative and affirmed both
ratings.  This rating action follows an Ontario court decision
on March 30, 2005 to allow acquisition target Canada-based
Stelco Inc. to pursue capital-raising opportunities, which makes
a successful takeover bid by Severstal unlikely.  The 'B+'
rating on Severstal's US$375 million senior unsecured bond is
also affirmed at 'B+' and removed from Rating Watch Negative.
The Outlooks for all ratings are now Stable.

In November 2004, Fitch placed Severstal's ratings on Rating
Watch Negative on the view that a successful acquisition of
Stelco would have had a negative impact on Severstal's financial
profile.  Earlier this month, Stelco's Board of Directors
rejected Severstal's bid to take over the assets of the company.
Had the bid been successful, it would have resulted in total
financial commitments from Severstal of around US$869 million,
including refinancing of secured debt (approximately US$230
million as at September 2004) and paying cash to Stelco's
unsecured bond and trade creditors (some US$304 million as at
September 2004).

Since FY03 Severstal has embarked on an aggressive international
acquisition strategy, which is associated with further debt
increases, as well as substantial integration and execution
risks.  In February 2005 Severstal announced plans together with
its affiliated companies to purchase a 62% stake in the Italy-
based steel manufacturer Lucchini S.p.A. but Fitch considers
that the acquisition would have limited financial impact on
Severstal.

The acquisition will be made via a EUR450 million capital
increase by Lucchini, to which Severstal and its affiliated
companies would subscribe EUR430 million and the Lucchini family
EUR20 million.  While EUR430 million in cash will be paid by
Severstal itself, out of a total cash balance of about US$1.3
billion at FYE04, net leverage should remain low at about 0.3x
compared to 0.1x at FYE04.  Fitch notes that Severstal itself
will only acquire 20% less one share in Lucchini, but will
provide loans to affiliated companies that will acquire the
remaining 42% ownership stake.  Fitch views this purchase of the
stake in Lucchini to be in line with Severstal's existing
aggressive debt-financed acquisition policy, which continues to
constrain the rating.

Severstal's business profile benefits from the dominance of flat
steel products (some 81% of total output) -- usually a high
margin segment -- and its ability to generate high operating
margins (EBITDA margin 31% in FY03 and 21% in FY02).  While
profit margins are historically high, they are likely to be
negatively affected by future cost increases if Russia's gas and
railway industries are deregulated.

Severstal is the second largest Russia-based steel manufacturer
in terms of output (9.89 million tons in FY03).

CONTACT:  FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986

          Sonya Dilova, London
          Phone: +44 20 7417 3485

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


REM-STROY-MONTAZH: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy supervision procedure on close
joint stock company Rem-Stroy-Montazh.  The case is docketed as
A56-1234/05.  Mr. P. Zimin has been appointed temporary
insolvency manager.

Creditors have until April 26, 2005 to submit their proofs of
claim to 197349, Russia, Saint-Petersburg, Post User Box 798.  A
hearing will take place on May 24, 2005.

CONTACT:  REM-STROY-MONTAZH
          187026, Russia, Leningrad region, Tosnenskiy region,
          Nikolskoye, Otradnenskoye Shosse, 1

          Mr. P. Zimin
          Temporary Insolvency Manager
          197349, Russia, Saint-Petersburg region,
          Post User Box 798


SOLIGALICHSKOYE: Deadline for Proofs of Claim April 19
------------------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Soligalichskoye after finding the auto
transport enterprise insolvent.  The case is docketed as A31-
4831/18.  Mr. A. Rufanov has been appointed insolvency manager.

Creditors have until April 19, 2005 to submit their proofs of
claim to 157170, Russia, Kostroma region, Soligalichskiy region,
Turovka.  A hearing will take place on May 26, 2005, 9:20 a.m.

CONTACT:  SOLIGALICHSKOYE
          157170, Russia, Kostroma region,
          Soligalichskiy region, Turovka

          Mr. A. Rufanov
          Insolvency Manager
          157170, Russia, Kostroma region,
          Soligalichskiy region, Turovka

          The Arbitration Court of Kostroma region
          156961, Russia, Kostroma region,
          Shagova Str. 20


SOUYZ-OBSHE-MASH-BANK: Declared Insolvent
-----------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Souyz-Obshe-Mash-Bank after finding the joint stock
commercial bank insolvent.  The case is docketed as A40-4213/05-
38-8B.  Mr. A. Myasnikov has been appointed insolvency manager.
Creditors may submit their proofs of claim to 123022, Russia,
Moscow, Stolyarnyj Per. 3, Building 3.

CONTACT:  SOUYZ-OBSHE-MASH-BANK
          123022, Russia, Moscow region,
          Stolyarnyj Per. 3, Building 3


TASMA: Names O. Ruviskiy Insolvency Manager
-------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Tasma after finding the company insolvent.
The case is docketed as A65-19870/2004-SG4-21.  Mr. O. Ruvinskiy
has been appointed insolvency manager.  Creditors may submit
their proofs of claim to 420044, Russia, Tatarstan republic,
Kazan, Post User Box 125.

CONTACT:  TASMA
          420095, Russia, Tatarstan republic,
          Kazan, Vosstaniya Str. 100

          Mr. O. Ruvinskiy
          Insolvency Manager
          420044, Russia, Tatarstan republic,
          Kazan, Post User Box 125
          Phone: (8432) 18-73-54


YOSKAR-OLINSKIY: Gives Creditors Until April 26 to File Claims
--------------------------------------------------------------
The Arbitration Court of Mariy El republic commenced bankruptcy
proceedings against Yoskar-Olinskiy after finding the factory of
timber engineering insolvent.  The case is docketed as A-38-
4884-11/10-2005.  Mr. N. Senchenko has been appointed insolvency
manager.  Creditors have until April 26, 2005 to submit their
proofs of claim.

CONTACT:  YOSKAR-OLINSKIY
          424000, Russia, Mariy El republic,
          Yoshkar-Ola, Suvorova Str. 7

          Mr. N. Senchenko
          Insolvency Manager
          424000, Russia, Mariy El republic,
          Yoshkar-Ola, Suvorova Str. 7


YUKOS OIL: In Talks over Control of Lithuanian Venture
------------------------------------------------------
Yukos Oil has began talks with the Lithuanian government over
the future of Mazeikiu Nafta refinery amidst attempts by Russia
to elbow the oil firm out of the venture.

Russian oil pipeline monopoly Transneft effectively halted
Yukos' oil supply to Mazeikiu on April 1.  It did not allocate
to Yukos or its subsidiaries any export quotas in the year's
second quarter as it cut overall crude oil supplies to 1.8
million tons.  The remaining volumes it apportioned among
several Russian state-owned or state-friendly companies,
including Lukoil and Rosneft.

Two days earlier, the Lithuanian deputy economy minister Nerijus
Eidukevicius met with Yukos "regarding the further governance of
the company," the ministry revealed in a statement.  It added
the move was prompted by fears Yukos could default on its
commitments to the country after the loss of its major
production unit, Yuganskneftegaz, in December, according to
MosNews.

Yukos controls 53.7% of the refinery; Lithuania holds 40.66%,
and it wants to obtain an additional 10% so that it could
prevent a hostile takeover by a Russian company.  On Tuesday,
Lukoil chief Vagit Alekperov said it is in talks with Yukos to
buy the latter's 53.7% controlling stake in Mazeikiu.

Transneft's move to cut oil shipment to Mazeikiu is perceived as
a politically inspired move to prepare the refinery for a
takeover by a Russia-friendly oil company.  Yukos has a
preemptive right to acquire additional stake, with the
Lithuanian government next in line.  At the sidelines, Lukoil
seems interested in luring Yukos out with the promise of a cash
that could help it pay a huge tax bill in Russia.

Russia made similar attempts to take over the refinery in 2000-
2002 under the threat of halting oil supplies.  That was when
Yukos entered the scene as major supplier.

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

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

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


YUZH-URAL-METALLURG-STROY: Claims Filing Deadline Nears
-------------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Yuzh-Ural-Metallurg-Stroy after finding the
company insolvent.  The case is docketed as A76-19033/04-32-19.
Mr. S. Sergeev has been appointed insolvency manager.  Creditors
have until April 26, 2005 to submit their proofs of claim to
454080, Russia, Chelyabinsk, Lenina Pr. 83, Office 305.

CONTACT:  YUZH-URAL-METALLURG-STROY
          456910, Russia,
          Satka, Kalinina Str. 53

          Mr. S. Sergeev
          Insolvency Manager
          454080, Russia, Chelyabinsk region,
          Lenina Pr. 83, Office 305


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


ALEXANDER MANNING: Hires Baker Tilly as Administrator
-----------------------------------------------------
Lindsey Jane Cooper and Stephen Mark Quinn (IP Nos 008931,
005761) have been appointed joint administrators for Alexander
Manning Limited.  The appointment was made March 18, 2005.  The
company manufactures furniture and metal products.  Its
registered office is located at Baker Tilly, Brazennose House,
Lincoln Square, Manchester M2 5BL.

CONTACT:  BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


APPLEBY DESIGN: Calls in Administrators from Wilson Pitts
---------------------------------------------------------
D. F. Wilson and J. N. R. Pitts (IP Nos 703, 7851) have been
appointed joint administrators for Appleby Design Limited.  The
appointment was made March 22, 2005.  The shop sells greeting
cards.  Its registered office is located at Wilson Pitts,
Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 1PQ.

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


APPLICA LIMITED: Members Call in Liquidator from Vantis Redhead
---------------------------------------------------------------
At the extraordinary general meeting of the members of Applica
Limited on March 21, 2005 held at 82 St John's Street, London
EC1M 4JN, the extraordinary and ordinary resolutions to wind up
the company were passed.  J. S. French and G. Mummery have been
appointed liquidator of the company.

CONTACT:  VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX
          Phone: 01708 458211
          Fax: 01708 442308
          E-mail: jeremy.french@vantisredheadfrench.co.uk


AQUAHOME POOLS: Appoints D S Insolvency Services Administrator
--------------------------------------------------------------
Martin Williamson (IP No 9222) has been appointed administrator
for Aquahome Pools (Marketing) Limited.  The appointment was
made March 18, 2005.  The company manufactures and installs
swimming pools.

CONTACT:  D S INSOLVENCY SERVICES
          29 King Street,
          Newcastle-under-Lyme,
          Staffordshire ST5 1ER


AVEREX TRADING: Twelve-year Ban for Top Honcho Served
-----------------------------------------------------
A director of a mobile phone and computer chip business that
failed with debt of more than GBP971,000 has given an
undertaking not to hold directorships or take any part in
company management for a period of twelve years.

The undertaking by Ian Remy St. Hilaire, 32, of Stanway Court,
Geffrye Estate, London N1, was given in respect of his conduct
as a director of Averex Trading Company Limited, which carried
on business from premises at 181 Romford Road, Stratford, London
E15 4JE.  Averex was placed into voluntary liquidation on
February 11, 2004 with estimated debt of GBP971,652.

The acceptance of the undertaking on February 15, 2005 prevents
Mr. Remy St. Hilaire 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 twelve years.

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

Matters of unfit conduct not disputed by Mr. Remy St. Hilaire
were:

(a) As the sole director of Averex, he caused it to trade to the
    detriment of H M Customs and Excise; and

(b) He abrogated his responsibility as sole director of Averex
    by:

    (i) Allowing another person to control the affairs of Averex
        despite not having full details of him, in particular an
        address and national insurance number;

   (ii) Causing or allowing goods to be purchased on the
        direction of another by authorizing payment to Averex's
        suppliers;

  (iii) Never speaking with a client of Averex and having no
        involvement with the pricing policy of goods; and

   (iv) Failing to request that Averex accounted to the Inland
        Revenue.

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


BIG FOOD: Fitch Withdraws Rating; Assigns Negative Outlook
----------------------------------------------------------
Fitch Ratings affirms U.K.-based The Big Food Group plc's
ratings at Senior Unsecured 'BB-' and Short-term 'B' and removed
them from Rating Watch Negative.  A Negative Outlook is
assigned.  Fitch has also affirmed the 'B' rating on BFG's
GBP150 million 9.75% senior subordinated notes due 2012 and
removed it from Rating Watch Negative.  At the same time, the
agency has simultaneously withdrawn all of these ratings.  Fitch
will no longer provide ratings or analytical coverage of this
issuer.

The withdrawal of the ratings of BFG follows the redemption of
the outstanding 9.75% senior subordinated notes due 2012 through
the make-whole provisions, as announced by the company on 24
February 2005.  These notes were therefore tendered on 29 March
2005 at 113.958%.  This follows the completion of the
acquisition of BFG by the Baugur-led consortium Giant Bidco at a
price of GBP326m and the subsequent delisting of its shares from
the London Stock Exchange on 11 February 2005.

The Negative Outlook signals the continuing underperformance of
the group's core food retail business.  Iceland has continued to
be a drag on profits thus far in financial year 2005,
highlighting the management's inability to turn around its
retail operations.  Negative like-for-like ('lfl') sales growth
also spread to the newly converted convenience-format stores,
highlighting the very competitive retail environment.  In
addition, despite Booker having been to date the main driver for
profit and cash generation within the group, Fitch considers its
growth potential to be severely limited.

Baugur will conduct a strategic review of the business to be
completed by end-2005.  In the meantime, Iceland will be carved
out from the group while Woodward, the foodservice business, is
earmarked to be sold in due course.  This may contribute
positively to the group's operating margin since Woodward is
still loss making, although the achieved combined procurement
cost savings are likely to taper off.

Although Iceland is regarded as the unit with the greater upside
potential, capital spending will need to increase in order for
Iceland to compete more efficiently with larger retailers.
Similarly, Booker may need to be expanded via acquisitions to
increase its critical mass.  This adds some uncertainty to the
future cash flows of the group.  Moreover, additional lump-sum
pension contributions, as well as increased ongoing pension
contributions agreed by Baugur to make good the hefty pension
deficit estimated at GBP130 million, will further burden the
group's cash flows.  However, in the short term, cash flow
pressure may be alleviated by the sale of property assets for
GBP213m, although it is uncertain what the proceeds of this sale
will be used for, hence potentially affecting remaining
unsecured creditors.

CONTACT:  FITCH RATINGS
          Pablo Mazzini
          Leveraged Finance, London
          Phone: +44 0207 417 3540

          Jonathan Pitkanen, Corporates
          Phone: +44 0207 417 4201

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


BLACK SHUCK: Appoints Tenon Limited Liquidator
----------------------------------------------
At the extraordinary general meeting of Black Shuck Ltd. (t/a
Furniture Medic) on March 23, 2005 held at 75 Springfield Road,
Chelmsford, Essex CM2 6JB, the extraordinary and ordinary
resolutions to wind up the company were passed.  Duncan R. Beat
has been appointed liquidator of the company.

CONTACT:  TENON LIMITED
          Moriston House
          75 Springfield Road
          Chelmsford
          Essex CM2 6JB
          Phone: 01245 348868
          E-mail: duncan.beat@tenongroup.com


BRIDLINGTON HOTELS: Members Pass Winding-up Resolutions
-------------------------------------------------------
At the extraordinary general meeting of the members of
Bridlington Hotels & Inns Limited on March 23, 2005 held at 68
Thorpe Lane, Almondbury, Huddersfield HD5 8UF, the extraordinary
and ordinary resolutions to wind up the company were passed.
Andrew Hartley Wilkinson of Wilkinson & Co, 68 Thorpe Lane,
Almondbury, Huddersfield HD5 8UF has been appointed liquidator
of the company.

CONTACT:  WILKINSON & CO.
          68 Thorpe Lane
          Almondbury
          Huddersfield
          West Yorkshire HD5 8UF
          Phone: 01484 349468
          E-mail: ahw@ahwilk.demon.co.uk


CARPETS INTERNATIONAL: Hundreds to Lose Major Part of Pension
-------------------------------------------------------------
About 200 former factory workers of collapsed Carpets
International stand to lose 75% of their pension due to a major
shortfall in the firm's pension scheme.

Walker Morris Trustees has officially informed former employees
that the scheme does not have enough funds to provide promised
benefits, according to The Belfast Telegraph Digital

Those who have not received their pension before May 2004 will
only receive an estimated 25% of their investments; those who
were receiving pensions before May 12, 2004 will continue to
receive, but without any future increases.  Members of the
pension scheme for more than two years will not be refunded.
Aggrieved workers are planning legal action to recover
investment, according to the report.

Carpets International filed for receivership in October 2003.


CHESTER PROPERTY: Creditors Meeting Set Tomorrow
------------------------------------------------
The creditors of Chester Property Investments Limited will meet
on April 6, 2005 at 2:30 p.m.  It will be held at the offices of
Jeffreys Henry Jacobs, 2nd Floor, Fergusson House, 124-128 City
Road, London EC1V 2NJ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Jeffreys Henry Jacobs, 2nd Floor, Fergusson
House, 124-128 City Road, London EC1V 2NJ not later than 12:00
noon, April 5, 2005.

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


COMPASS GROUP: Chief Under Fire After Warning
---------------------------------------------
Shareholders are pressuring Compass chief executive Mike Bailey
to justify the catering group's second profits warning in seven
months.

Several investors said the management had not advised them
another profits warning was coming, following Mr. Bailey's
pledge that the first one in September was a rarity.

One shareholder said Sunday: "Investors never like shocks and I
think there is a feeling that no one who had met the company in
the last few months would have left thinking we would get the
news we got last week."

He added: "I think a lot of people are very disappointed, to put
it mildly. A lot of people will be asking whether this
management has got a grip."

Other investors are reportedly mulling to demand changes before
Compass chairman Sir Francis Mackay, which include Mr. Bailey's
resignation.  This came as Compass faces concerns over British
schools reconsidering their contracts with Scolarest, a
subsidiary of the company which provides one in 10 school meals
in Britain.

Compass issued a profit warning in September amid deals with
several local education authorities that failed to profit.  The
warning, which involved a GBP30 million profits hit and a
surprise GBP200 million cash outflow, wiped 25% off its share
price.

Its shares have underperformed their sector by 29% over the last
12 months, mainly because of last year's warning.

Insiders, however, note that the company's share price was down
by only 2% down.  They added that profits warning was only GBP24
million, or 3% of profits.

A source from the company has also said it was business as
usual.

CONTACT:  COMPASS GROUP PLC
          Compass House
          Guildford Street
          Chertsey
          Surrey
          United Kingdom
          KT16 9BQ
          Phone: +44 1932 573 000
          Fax: +44 1932 569 956
          Web site: http://www.compass-group.com


COMPUTER CAB: Calls in Liquidator from Kranefields
--------------------------------------------------
At the extraordinary general meeting of Computer Cab Data
Systems Limited on March 18, 2005 held at Hygeia, 66-68 College
Road, Harrow, Middlesex HA1 1BE, the subjoined special
resolution to wind up the company was passed.  Nimish C. Patel
of Kranefields, Trinity House, Heather Park Drive, Wembley,
Middesex HA0 1SU has been appointed liquidator of the company.

CONTACT:  KRANEFIELDS
          Trinity House,
          Heather Park Drive,
          Wembley, Middesex HA0 1SU
          Phone: 01622727700


DALTON CONSTRUCTION: Members Meeting May 6
------------------------------------------
The members of Dalton Construction Company Limited will meet on
May 6, 2005 at 10:15 a.m.  It will be held at the offices of
Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF not
later than 12:00 noon, May 5, 2005.

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


DREAMTXT LIMITED: Hires Joint Administrators for Moore Stephens
---------------------------------------------------------------
Colin Prescott and Nigel Price (IP Nos 9056, 8778) have been
appointed joint administrators for telecommunications company
Dreamtxt Limited.  The appointment was made March 18, 2005.

CONTACT:  MOORE STEPHENS
          1-2 Little King Street,
          Bristol BS1 4HW
          Web site: http://www.moorestephens.co.uk


EIDOS PLC: Continues to Evaluate Offers
---------------------------------------
As shareholders will be aware, since the announcement of the
recommended cash offer of 50 pence per Eidos share by Elevation
Partners on 21 March 2005, a further offer for the Company has
been announced by SCi Entertainment Group Plc in the form of one
new SCi share for every six Eidos shares.

Since the relevant announcements, the Board has undertaken
discussions with both parties in relation to their respective
offers.  These discussions are ongoing as the Board continues to
evaluate the merits of the certain value represented by the
Elevation cash offer contrasted with the greater, but less
certain, current value of the SCi paper offer.  The Board
intends to await further clarification in relation to each offer
and to take account of any further developments before
recommending a final course of action, which will be
communicated to shareholders in due course.  In the meantime,
shareholders are advised to take no action.

The Directors of Eidos accept responsibility for the information
contained in this announcement save that the only responsibility
accepted by them in respect of information relating to Elevation
and the Elevation Offer, and SCi and the SCi Offer respectively
(which has been compiled from public sources) is to ensure that
such information has been correctly and fairly reproduced and
presented.  Subject as aforesaid, to the best of the knowledge
and belief of the Directors of Eidos (who have taken all
reasonable care to ensure that such is the case), the
information contained in this announcement for which they accept
responsibility is in accordance with the facts and does not omit
anything likely to affect the import of such information.

CONTACT:  EIDOS PLC
          Phone: +44 (0)20 8636 3000
          John van Kuffeler, Chairman
          Mike McGarvey, CEO

          BRUNSWICK (U.K.)
          Phone: +44 (0) 20 7404 5959
          Jonathan Glass
          Wendel Verbeek

          BRUNSWICK (NY)
          Phone: +1 212 333 3810
          Nina Devlin

          UBS INVESTMENT BANK
          Phone: +44 (0)20 7567 8000
          (Financial Adviser to Eidos)
          Adrian Haxby
          Benjamin Robertson


FREEMAN BARON: Members General Meeting Set Later this Month
-----------------------------------------------------------
The general meeting of the members of Freeman Baron (Financial
Services) Limited will be on April 29, 2005 at 11:00 a.m.
It will be held at 284 Clifton Drive South, Lytham St Annes,
Lancashire FY8 1LH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.

CONTACT:  FREEMAN RICH
          284 Clifton Drive South
          Lytham St Annes
          Lancashire FY8 1LH
          Phone: 01253 712231
          Fax: 01253 721871
          E-mail: insol@freemanrich.fsnet.co.uk


FULMAC (UK): Calls in Administrators from Begbies Traynor
---------------------------------------------------------
Timothy John Edward Dolder and Nicholas Roy Hood (IP Nos 9008,
8350) have been appointed administrators for wholesaler Fulmac
(UK) Limited.  The appointment was made March 22, 2005.  Its
registered office is located at Chiltern House, 24-30 King
Street, Watford WD18 0BP.

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


GREATER LONDON: Names Rothman Pantall Administrator
---------------------------------------------------
Robert Derek Smailes and Stephen B Ryman (IP Nos 8975, 4731)
have been appointed administrators for Greater London
Scaffolding Limited.  The appointment was made March 22, 2005.
The company is into general construction and demolition.

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


HANIMEX (UK): Hires Liquidators from Chantrey Vellacott DFK
-----------------------------------------------------------
Name of companies:
Hanimex (UK) Holdings Limited
Macrofund Limited
NRG Distributors Limited

At the general meeting of these companies on March 16, 2005,
the, special resolutions to wind up the company were passed.
Kevin Anthony Murphy and David Anthony Ingram of Chantrey
Vellacott DFK, Russell Square House, 10-12 Russell Square,
London WC1B 5LF have been appointed joint liquidators of the
companies.

CONTACT:  CHANTREY VELLACOTT DFK
          Russell Square House,
          10-12 Russell Square,
          London WC1B 5LF
          Phone: 020 7509 9000
          Fax: 020 7436 8884
          Web site: http://www.cvdfk.com


HUGH MACKAY: Calls in Ernst & Young Administrator
-------------------------------------------------
G. Wilson and R. H. Kelly (IP Nos 9062, 9876) have been
appointed administrators for Hugh Mackay Limited.  The
appointment was made March 21, 2005.

The shop manufactures carpet.  Its registered office is located
at PO Box 1, St Johns Road, Meadowfield Industrial Estate,
Durham DH7 8YQ.

CONTACT:  ERNST & YOUNG
          PO Box 61, Cloth Hall Court
          14 King Street, Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com


LONDONWIDE RESIDENTIAL: Insolvency Service Bans Director
--------------------------------------------------------
The director of a property investment company that failed with
debt of over GBP152,000 has been disqualified in the Royal
Courts of Justice, from acting as a company director for nine
years.

Jay Patel, 45, of Century House, Forty Avenue, Wembley HA9, was
a director of Londonwide Residential Estates Ltd., which carried
on business from premises at Unit 4, 3rd Floor, Wembley Point, 1
Harrow Road, Wembley, Middlesex HA9 6DE.  Londonwide Residential
Estates Limited was placed into voluntary liquidation on
December 9, 2002 with estimated debt of GBP152,100.

The Disqualification Order, made on February 28, 2005, prevents
Mr. Patel 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.

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

Matters of unfit conduct, found by the court and not disputed by
Mr. Patel, were that:

(a) He failed to ensure that Londonwide maintained or preserved
    adequate accounting records;

(b) He caused Londonwide to trade at the risk and to the
    detriment of creditors from at least July 2001 to December
    2002, and to continue to trade during that period after he
    had informed Crown Departments that Londonwide was insolvent
    and in voluntary liquidation; and

(c) he failed to assist the liquidator in delivering the
    director's questionnaire and also Londonwide's accounting
    records.

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


MATRIX FILMS: Final Meeting Set Next Month
------------------------------------------
The final meeting of Matrix Films (No. 70) Limited will be on
May 3, 2005 at 10:30 a.m.  It will be held at Numerica, PO Box
2653, 66 Wigmore Street, London W1A 3RT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Shareholders who want to be
represented at the meeting may appoint proxies.  Proxy forms
must be lodged with Numerica, PO Box 2653, 66 Wigmore Street,
London W1A 3RT not later than 12:00 noon, May 2, 2005.

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


MIDLANDS 75: Members Final Meeting Set Later this Month
-------------------------------------------------------
The final meeting of the members of Midlands 75 Club Ltd. will
be on April 29, 2005 at 11:00 a.m.  It will be held at Royce
Peeling Green Ltd., The Copper Room, Deva Centre, Trinity Way,
Manchester M3 7BG.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Royce Peeling Green Ltd., The Copper Room, Deva Centre,
Trinity Way, Manchester M3 7BG not later than 12:00 noon, April
28, 2005.

CONTACT:  ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Phone: 0161 6080000
          Fax:   0161 608 0001
          E-mail: info@rpg.co.uk
          Web site: http://www.rpg.co.uk


MG ROVER: GBP100 Million Bailout to Oil Chinese Deal
----------------------------------------------------
Ministers have offered MG Rover a GBP100 million bridging loan
to help secure the carmaker's link-up with Shanghai Automotive
Industry Corporation (SAIC).

The bailout came amid fears the firm would run out of cash on
the eve of a general election, with the jobs of 6,500 workers at
stake.

The joint venture partnership with SAIC is seen as Rover's "only
hope."  The Chinese company could invest up to GBP1 billion in
Rover, and help the Birmingham firm launch a new range of cars.

TRADE and Industry Secretary Patricia Hewitt said Thursday: "We
want to see this deal succeed. It really is the only hope for
Rover and thousands of skilled workers in the West Midlands."

Tony Blair and Gordon Brown approved the money as DTI officials
traveled to China to help seal the deal with SAIC.

It is now up to the four directors of Phoenix Venture Holdings,
Rover's parent company, to contribute several millions for the
carmaker to start running smoothly again.

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


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

                               and

         IN THE MATTER OF Edinburgh New Tiger Trust Plc
                         (In Liquidation)

Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final General Meeting of Edinburgh New Tiger
Trust Plc will be held at Ten George Street, Edinburgh EH2 2DZ,
on April 29, 2005 at 10:00 a.m. for the purpose of having a
final account laid before it showing how the winding-up of the
Company has been conducted and the property of the Company
disposed of, and of hearing any explanations that may be given
by the Liquidator.

Members are entitled to attend in person or alternatively by
proxy.  A Member may vote according to the rights attaching to
his shares as set out in the Company's Articles of Association.
A Resolution will be passed only if a majority of those voting
in person or by proxy vote in favor.  Proxies must be lodged
with me at or before the Meeting.

T. M. Burton, Liquidator
March 14, 2005

CONTACT:  ERNST & YOUNG LLP
          George House
          50 George Square
          Glasgow G2 1RR
          Phone: +44 [0] 141 626 5000
          Fax: +44 [0] 141 626 5001
          Web site: http://www.ey.com

          Thomas Merchant Burton
          E-mail: tburton@uk.ey.com
          Phone: 0141 626 5000
          Fax: 0141 626 5003


NORWOOD FREEHOLDS: Members General Meeting Set Later this Month
---------------------------------------------------------------
The general meeting of the members of Norwood Freeholds Limited
will be on April 29, 2005 at 10:00 a.m.  It will be held at
Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF not
later than 12:00 noon, April 28, 2005.

CONTACT:  BAKER TILLY
          3rd & 4th Floors
          Temple Plaza
          Temple Row
          Birmingham
          West Midlands B2 5AF
          Phone: 0121 214 3100
          Fax: 0121 214 3101
          E-mail: hedleybrunt@hotmail.com


OLDENBAY LIMITED: Director Disqualified for Eight Years
-------------------------------------------------------
The director of a security personnel business that failed with
debt of more than GBP421,000 has been disqualified, in the High
Court of Justice, for eight years from acting as a company
director.

Donald Constantine Smith of Winchmore Hill Road, London N14, was
a director of Oldenbay Limited, which carried on business from
premises at 3rd Floor Stanmore House, 15-19 Church Road,
Stanmore, Middlesex HA7 4AR.  The company was placed into
voluntary liquidation on December 5, 2002 with estimated debt of
GBP421,000.  The Disqualification Order, made on March 8, 2005,
prevents Mr. Smith 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.

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

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

(a) Failed to cooperate with the liquidator by not delivering a
    completed questionnaire and any of the company books and
    records, despite numerous requests; and

(b) Caused Oldenbay to trade at the risk, detriment and ultimate
    expense of Crown 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


PATCHETT ESTATES: Liquidator from Horwath Clark Moves in
--------------------------------------------------------
At the extraordinary general meeting of Patchett Estates Limited
on March 22, 2005 held at North Lane House, 9B North Lane,
Headingly, Leeds LS6 3HG, the special resolution to wind up the
company was passed.  Mark N. Ransom of Horwath Clark Whitehill
(Yorkshire) LLP, North Lane House, 9B North Lane, Headingley,
Leeds LS6 3HG has been appointed liquidator of the company.

CONTACT:  HORWATH CLARK WHITEHILL (YORKSHIRE) LLP
          North Lane House, 9B North Lane,
          Headingley, Leeds LS6 3HG
          Phone: 0113 274 0404
          Fax: 0113 274 3780
          Web site: http://www.horwathcw.com


RAW TRADING: Sets Creditors Meeting Friday
------------------------------------------
The creditors of Raw Trading Limited will meet on April 8, 2005
at 2:30 p.m.  It will be held at 76 New Cavendish Street, London
W1G 9TB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Berley, 76 New Cavendish Street, London W1G 9TB
not later than 12:00 noon, April 7, 2005.

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


RSE SANDBACH: Appoints Administrators from Kroll
------------------------------------------------
Fraser J. Gray (IP No 8905) and Peter Mark Saville (IP No 9029)
have been appointed administrators for RSE Sandbach Limited.
The appointment was made March 22, 2005.  The company manages
freight transport by road.  Its registered office is located at
Unit 9, Holmes Chapel Business Park, Manor Lane, Holmes Chapel,
Cheshire CW4 8AF.

CONTACT:  KROLL GLASGOW
          Afton House 26 West Nile Street
          Glasgow, Scotland G1 2PF
          United Kingdom
          Phone: 44 (0) 141 248 1250
          Fax: 44 (0) 141 248 1262
          Web site: http://www.krollworldwide.com

          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


SOLITAIRE PRODUCTIONS: Members Final Meeting Set Next Month
-----------------------------------------------------------
The final meeting of the members of Solitaire Productions Plc
will be on May 3, 2005 at 10:15 a.m.  It will be held at Avco
House, 6 Albert Road, Barnet, Hertfordshire EN4 9SH.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members or creditors who want to be
represented at the meeting may appoint proxies.

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


TPL DIGITAL: General Meeting Set May
------------------------------------
The general meeting of the contributories of TPL Digital (UK)
Limited will be on May 5, 2005 at 10:30 a.m.  It will be held at
the offices of Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.

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


TTG EUROPE: Sets Sale of Anglia Telecom April
---------------------------------------------
TTG Europe plc has exchanged contracts for the sale of the
entire issued share capital of its subsidiary Anglia Telecom
Centres Limited, a U.K. mobile distributor and fixed line
reseller, for a cash consideration of GBP10 million to
Symphony Telecom Holdings plc, a subsidiary of Eckoh
Technologies plc.  This transaction is expected to be completed
no later than 30 April 2005.

The proceeds from the sale will enable TTG to repay its U.K.
bank debt in full (approximately GBP6.6 million) and meet the
final installment of the consideration outstanding from the
original purchase of Anglia amounting to approximately GBP1.2
million.  The balance of funds will be used to settle other
outstanding creditors and to facilitate a restructuring of the
Groups' businesses in the Netherlands and Belgium.  These
businesses are still loss making and the restructuring is
intended to restore profitability and facilitate a sale of those
businesses in the future.

Background to and Reasons for the Sale

Following the resignation of Michael Hanna, the Group's former
Chief Executive, and the termination of the bulk trading
activities, significant accounting irregularities were
identified.  These irregularities are likely to result in
significant write offs and have had a major impact on cash flow.

The Board therefore had to take immediate action to realize cash
and reduce the Group's indebtedness as without additional
support from the Company's bankers, which they were unwilling to
provide, the Company would be unable to continue to trade.

The total consideration payable is GBP10 million in cash and
completion is conditional on no insolvency event having taken
place in respect of Anglia or its parent companies, and Symphony
having obtained bank finance to enable it to complete the
acquisition.  TTG has received assurances that the purchaser
expects this condition to be satisfied.

Andrew Smith, a Director of TTG and Chief Executive of Anglia,
will resign from the board of TTG on completion and enter into a
new service agreement with Symphony.

About Anglia

Anglia acts as a distributor in the mobile phone market
providing an interface for connections between dealers and the
mobile networks.  This includes airtime connection and the
provision of handsets, SIM cards and accessories.  Anglia is
also a fixed line reseller.

CONTACT:  TTG EUROPE PLC
          Unit 1 Clifton Court
          Corner Hall
          Hemel
          Hempstead
          United Kingdom
          HP3 9XY
          Phone: +44 1442 244 444
          Fax: +44 1442 244 445
          Web site: http://www.ttg-europe.com

          Julian Synett, Acting CEO and Group Finance Director
          Phone: 020 7681 6387


WARDOUR ENTERTAINMENT: Director Gets Ten-year Ban
-------------------------------------------------
The director of a bar and restaurant business that failed with
debt of more than GBP520,000 has been disqualified in the High
Court of Justice from acting as a company director for 10 years.

Didier Amed Dembri of Wormholt Road, London W12, was a director
of Wardour Entertainment Limited, which carried on business from
premises at 201 Wardour Street, London W1V 3FA.  The company was
placed into voluntary liquidation on January 7, 2003 with
estimated debt of GBP520,000.  The Disqualification Order, made
on March 8, 2005, prevents Mr. Dembri 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.

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

Matters of unfit conduct found by the Court included that Mr.
Dembri:

(a) Caused Wardour to commence trading in the same type of
    business as Car Wash Limited, which also went into
    liquidation, without any significant change in method of
    operation;

(b) Caused Wardour to trade at the risk and detriment of
    creditors as Wardour failed to pay all its debt from the
    outset;

(c) Caused Wardour to adopt a policy of retaining amounts due to
    the Crown revenue collection departments; and

(d) Failed to ensure Wardour complied with its statutory
    obligation to submit returns and make payments to the Inland
    Revenue and HM Customs and Excise.

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


WAVEFENCE LIMITED: Members Decide to Wind up Firm
-------------------------------------------------
At the extraordinary general meeting of the members of Wavefence
Limited on March 24, 2005 held at 77 Oakleigh Avenue, London N20
9JG, the special resolutions to wind up the company were passed.
Elizabeth Arakapiotis has been appointed liquidator of the
company.


WOODWAY LANE: Hires Liquidator from F A Simms & Partners
--------------------------------------------------------
At the extraordinary general meeting of Woodway Lane Allotments
Limited on March 22, 2005 held at Walsgrave Club Limited, 146
Woodway Lane, Coventry CV2 2EJ, the special resolution to wind
up the company was passed.  R. F. Simms of F. A. Simms &
Partners Plc, Insol House, 39 Station Road, Lutterworth,
Leicestershire LE17 4AP has been appointed liquidator of the
company.

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


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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