TCREUR_Public/050406.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, April 6, 2005, Vol. 6, No. 67

                            Headlines

C Z E C H   R E P U B L I C

DAEWOO AVIA: SGM International to Push for Debt-to-equity Swap


F R A N C E

ORFEVRERIE D'ERCUIS: Under Court-supervised Administration
RHODIA SA: AMF Suspects Disclosure Rule Infringements
RHODIA SA: To Build Diphenols Plant in China


G E R M A N Y

A P M GMBH: Ravensburg Court Appoints Provisional Administrator
BERENTZEN GRUPPE: Books EUR13.8 Million Full-year Net Loss
BRUNE UND VON WAHLDE: Creditors Meeting Set April 22
DACHBAU VIERRADEN: Creditors' Claims Due Next Week
EISLAUFCENTER TROISDORF: Sets First Creditors Meeting June

ERWIN BODENHOFER: Bankruptcy Proceedings Begin
H & E BEDACHUNG: Munster Court Confirms Bankruptcy
KARSTADTQUELLE AG: Stores Attract BC Partners
LQS KERAMIK: Under Bankruptcy Administration
MEDIEN TENOR: Plans to Relocate Business to Switzerland

NORDEX AG: Launches EUR41.46 Million Capital Increase
SAWITZKI & TAUTE: Creditors' Claims Due Later this Month
SCHUHMARKT JANSSEN: Calls First Creditors Meeting


I T A L Y

PARMALAT FINANZIARIA: Relisting Plan Hits Major Snag


K A Z A K H S T A N

HALYK BANK: Fitch Affirms 'B' Short-term Rating


N E T H E R L A N D S

HAGEMEYER N.V.: Hires Stibbe and Herbert Smith Adviser
KONINKLIJKE AHOLD: Closes Sale of 13th Polish Hypermarket


P O L A N D

NETIA SA: Sets Warrants Subscription Deadline


R U S S I A

ADAMANTAN: Assets for Public Auction Next Week
AF SEVERNYE: Undergoes Bankruptcy Supervision Procedure
AUTO-MAGISTRAL: Belgorod Court Hires Insolvency Manager
CASCADE: Creditors Have Until May to File Claims
KASP-FISH: Public Auction Set Thursday

LUCH: Assets Worth RUB4.5 Mln up for Auction Next Week
ROMASHKA: Deadline for Proofs of Claim May 5
TIKHORETSK-TEKH-MASH: Declared Insolvent
URAL-SPETS-MONTAZH: Sets Deadline for Proofs Claims
YAGODNOYE: Bankruptcy Proceedings Begin


S E R B I A   &   M O N T E N E G R O

JAT AIRWAYS: Resumes Operations


S L O V E N I A

EMONA OBALA: Stays in the Red


U K R A I N E

IZMAIL: Creditors Have Until April 12 to File Claims
METIMPEKS: Bankruptcy Proceedings Begin
MOGILIV-PODILSKIJ: Vinnitsya Court Names Insolvency Manager
NOVOIVANIVSKIJ TSUKOR: Deadline for Proofs of Claim Next Week
PROSKURIV-MYASO: Undergoes Bankruptcy Supervision Procedure
UKROBORONPOSTACHALNIK: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

AIR CONDITIONING: Hires Administrator from Haines Watts
ALLEGIS CORPORATION: Members Decide to Wind up Firm
AMLON HOLDINGS: Members Hire Joint Liquidators from Wilder Coe
BEAUCHAMP (UK): Calls in Liquidator from Antony Batty & Co.
BLENDCAUSE LIMITED: Members Pass Special Resolution

BUSYUPPER LIMITED: Names Richard Floyd & Co. Liquidator
CARBO PLC: Names Ernst & Young Administrator
CATEGORIC SOFTWARE: Calls in Administrators from Re10 & Shahens
CHESTERTON PROPERTY: In Administrative Receivership
CIMAC INTERNATIONAL: Hires Grant Thornton as Administrator

CLAIRE FRAGRANCE: Hires Chantrey Vellacott DFK as Administrator
CLYDESDALE BANK: Cutting Jobs as Profit Continues to Drop
COMPUTERISED SHEET: Names G. Craig Administrator
DIAMONITE AIRCRAFT: Creditors General Meeting Set Today
EDGEWELL PROPERTIES: Names Liquidators from Buchanans

ENSKILDA VENTURES: Hires PricewaterhouseCoopers as Liquidator
EQUITABLE LIFE: Faces Huge Cost in Fight for Compensation
HI TECH: Appoints Begbies Traynor Administrator
IGL SOLUTIONS: Company Calls in Geoffrey Martin Administrator
IMPACT CONSTRUCTION: Administrators from Begbies Traynor Move in

INDEPENDENT INSURANCE: Administrators to Sue KPMG for Negligence
KEMUTEC GROUP: Fortis Bank Appoints Ernst & Young Receiver
MG ROVER: Planned Tie-up with SAIC Hits Major Snag
MORADA INTERIORS: Names DTE Leonard Curtis Administrator
MYTRAVEL GROUP: Royal Bank Sells A Ordinary Shares

NEWS DIGEST: Names Administrators from BDO Stoy Hayward
RATHBONE BAKERIES: Up for Sale
STANDARD LIFE: Clients Condemn Huge Executive Bonus
THERM TEMPERED: Calls in Administrators from Baker Tilly
TOURELL GARDNERS: In Administrative Receivership

TRICELL INTERNATIONAL: Debt Claims Due Today
ULTIMATE PLEASURE: Bank of Scotland Appoints Receiver
WHITEHEAD MANN: Files Prepackaged Chapter 11 Plan in New York
WHITEHEAD MANN: Case Summary & 20 Largest Unsecured Creditors


                            *********


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


DAEWOO AVIA: SGM International to Push for Debt-to-equity Swap
--------------------------------------------------------------
SGM International will reportedly take over truck manufacturer
Daewoo Avia soon.

According to EIU Viewswire, the Dutch company, which recently
acquired a CZK5 billion (US$215.5 million) claim on Daewoo
Avia's debt from Odien, is considering a debt-to-equity swap in
coming weeks.

It took a long time for owner Daewoo Motors of South Korea to
find a strategic buyer for the subsidiary.  This is the same
dilemma still being faced by the Polish government, which has
been unable to find Daewoo-FSO a new owner.

CONTACT:  DAEWOO AVIA AS
          Mr. Sang-Hun Park
          Beranovych 140
          199 03 Praha 9 - Letnany
          Czech Republic
          Phone: 00420 2 6614 2756
          Fax: 00420 2 6614 2064
          E-mail: Sang-Hun.Park@da.cz
          Web site: http://www.daewoo-avia.cz


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


ORFEVRERIE D'ERCUIS: Under Court-supervised Administration
----------------------------------------------------------
The Paris commercial court has put Orfevrerie d'Ercuis under
administration.  It will examine its possibilities of recovery
on July 6.  In 2003, the French silverware company recorded a
loss of EUR0.9 million.  It blames the fading demand for its
products on the French market, and the increasing cost of
production.  Founded in 1867, Orfevrerie d'Ercuis produces
silvery cutlery at the rate of 500,000 a year.

CONTACT:  ORFEVRERIE D'ERCUIS
          9, Rue Royale
          75008 Paris
          Phone: 01 40 17 01 00
          Web site: http://www.ercuis.com


RHODIA SA: AMF Suspects Disclosure Rule Infringements
-----------------------------------------------------
The Autorite des Marches Financiers notified Rhodia S.A. on the
evening of Friday, March 25 of the findings by the specialized
commission of the AMF College of alleged rule infringements by
the company following an investigation, opened in 2003.  The
investigation concerns Rhodia financial disclosures starting
December 31, 2000.  There are three alleged rule infringements
being brought against the company:

     (a) Valuation of the company ChiRex in 2003: Rhodia would
         have not disclosed "in a sufficiently precise and
         sincere manner" the evolution of its ChiRex
         subsidiary's turnover and outlook during 2003, making
         it difficult for the market to evaluate the risk of
         value loss and the consequences on the financial
         situation of the Group.  In any case, the information
         that would have been held by the company should have
         resulted in a depreciation of ChiRex's goodwill as
         early as the first half 2003, whereas it was only
         depreciated in the 2003 fiscal year financial
         statements (information disclosed December 23, 2003);

     (b) Valuation of deferred taxes assets: the deterioration
         of the company's business should have led Rhodia to
         depreciate in the 2002 fiscal year financial statements
         and "a fortiori in [those] of June 30, 2003", deferred
         taxes assets (which represent savings resulting from
         future taxes that the company could benefit from if it
         were to return to generating positive net income).
         However, this depreciation was not done until the 2003
         fiscal year financial statements (information disclosed
         December 23, 2003); and

     (c) Financial disclosures on the debt, liquidity (financial
         headroom) and the environment: during the period
         covered by the investigation until the presentation of
         earnings for the 2003 fiscal year, Rhodia would not
         have communicated "correctly and regularly on all the
         components of its debt, particularly off balance sheets
         items that were significant", on the level of its
         liquidity (financial headroom) and on "the coverage of
         its environmental risks."

The notice of findings of alleged rule infringements indicates
the beginning of a proceeding during which Rhodia will present
its arguments to the AMF.  It is at the end of this period of
several months that the Commission des Sanctions will decide to
pronounce, or not, penalties against the company on the grounds
of the alleged rule infringements.

Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals.  Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs.  Rhodia generated net sales of EUR5.3 billion
in 2004 and employs 20,000 people worldwide.  Rhodia is listed
on the Paris and New York stock exchanges.

CONTACT:  RHODIA SA
          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48

          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


RHODIA SA: To Build Diphenols Plant in China
--------------------------------------------
Rhodia S.A. will further strengthen its leadership position in
the Diphenols business by building a new production plant for
catechol and hydroquinone in China.  The manufacturing facility,
which will be located near Shanghai, will have an estimated
annual production capacity of about 12,000 tons and is scheduled
to be on-stream in early 2007.

This project will extend Rhodia's worldwide Diphenols
manufacturing base from Europe and North America to Asia.  As a
leader in the diphenol products line, which includes catechol
and, hydroquinone for various industry applications, as well as
down-stream derivatives such as vanillin, ethyl vanillin,
veratrol and mono-methyl ether of hydroquinone, Rhodia utilizes
the most advanced hydroxylation technology.  This provides
Rhodia with flexibility and allows it to be particularly well
adapted to meet the current trends in the marketplace.

The Rhodia Perfumery, Performance & Agro (PPA) Enterprise,
specializing in organic chemistry, is refocusing its business
portfolio on three product trees, in which it holds strong
market and technology leadership positions:

     (a) Diphenols and derivatives,

     (b) Salicylic acid product line,

     (c) Trifluoroacetic acid (TFA) and fluorination

This strategic refocus, completed by operational improvement
programs at all its manufacturing sites, will ensure Rhodia
PPA's long-term competitiveness.

Specialized in fine organic chemistry, Rhodia Perfumery,
Performance & Agro is the leader of diphenols and derivates,
salicylic acid product line and Trifluoroacetic acid and
fluorination, dedicated to the Flavor & Fragrance market,
Performance Specialties (polymerization inhibitors, imaging,
antiozonants), and the Agrochemical industry.  Headquartered in
Lyon, the Enterprise has a sales network that spans the world,
with manufacturing facilities in Europe, North America, South
America and Asia.  For more information, visit
http://www.rhodia-ppa.com.

Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals.  Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs.  Rhodia generated net sales of EUR5.3 billion
in 2004 and employs 20,000 people worldwide.  Rhodia is listed
on the Paris and New York stock exchanges.

CONTACT:  RHODIA S.A.
          Press Relations
          Rita Hillig
          Phone: +33 1 55 38 46 13

          Investor Relations
          Nicolas Nerot
          Phone: +33 1 55 38 43 08


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


A P M GMBH: Ravensburg Court Appoints Provisional Administrator
---------------------------------------------------------------
The district court of Ravensburg opened bankruptcy proceedings
against A P M GmbH Airport -- Equipment on March 11.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 15, 2005
to register their claims with court-appointed provisional
administrator Mathias Dorn.

Creditors and other interested parties are encouraged to attend
the meeting on April 22, 2005, 10:30 a.m. at Amtsgericht, 88212
Ravensburg, Aussenstelle, Herrenstr. 13, Zimmer 3 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:  A P M GMBH AIRPORT - EQUIPMENT
          Eichelstr. 15, 88285 Bodnegg
          Contact:
          Peter Klenk, Manager
          Oliver Beck, Manager
          Walter Kessler, Manager

          Mathias Dorn, Administrator
          Allgauer Str. 1, 87435 Kempten


BERENTZEN GRUPPE: Books EUR13.8 Million Full-year Net Loss
----------------------------------------------------------
Berentzen Gruppe closed 2004 with a net loss of EUR13.8 million.
Turnover for the German beverage group dropped 6.9 percent to
EUR180.1 million last year.

The company, which made a net profit of EUR1.8 million in 2003,
blames restructuring costs and the consumers' waning preference
for strong spirits.  It earlier announced it will not be paying
shareholders a dividend for 2004.

The group recorded negative EBIT of EUR6.4 million last year
compared with positive EBIT of EUR1.9 million in 2003.  At the
end of 2004, equity amounted to EUR72 million or 44.6% of the
firm's balance sheet total of EUR161.4 million.

For years now, sales of the German manufacturer have been
dropping.  In December, the company told shareholders it was
expecting losses of more than EUR10 million and a further drop
in 2005.  Berentzen will cut down its workforce this year as
part of its cost-cutting measures.

CONTACT:  BERENTZEN-GRUPPE AG
          Ritterstrasse 7
          49740 Haseluenne
          Phone: +49 5961 502-0
                 +49 5961 502-268
          Web site: http://www.berentzen-gruppe.com

          Oliver Bartelt
          Head of Corporate Communications
          E-mails: oliver.bartelt@berentzen.de
                   presse@berentzen.de
          Phone: +49 (0) 5961/502-386
          Fax: +49 (0) 5961/502-550


BRUNE UND VON WAHLDE: Creditors Meeting Set April 22
----------------------------------------------------
The district court of Vechta opened bankruptcy proceedings
against Brune und von Wahlde GmbH on Feb. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 10, 2005 to register their
claims with court-appointed provisional administrator Manfred
Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting on April 22, 2005, 11:20 a.m. at Hauptgebaude,
Kapitelplatz 8, 49377 Vechta at which time the administrator
will present his first report of the insolvency proceedings.
The court will verify the claims set out in the administrator's
report on May 20, 2005, 11:20 a.m. at the same venue.

CONTACT:  BRUNE UND VON WAHLDE GMBH
          Paul-Klee-Str. 12, 49377 Vechta
          Contact:
          Detlef Brune, Manager
          Paul-Klee-Str. 12, 49377 Vechta

          Jurgen von Wahlde, Manager
          Strothmannsweg 17 a, 49393 Lohne

          Manfred Vellmer, Administrator
          Rothenburg 20/21, 48143 Munster
          Phone: 0251/511801
          Fax: 0251/9277785


DACHBAU VIERRADEN: Creditors' Claims Due Next Week
--------------------------------------------------
The district court of Frankfurt opened bankruptcy proceedings
against Dachbau Vierraden GmbH on March 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 19, 2005, to register their
claims with court-appointed provisional administrator Susanne
Muller.

Creditors and other interested parties are encouraged to attend
the meeting on May 24, 2005, 11:15 a.m. at the district court of
Frankfurt (Oder), Mullroser Chaussee 55, 15236 Frankfurt (Oder),
Saal 401, 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:  DACHBAU VIERRADEN GMBH
          Kleine Strasse 4, 16306 Vierraden

          Susanne Muller, Administrator
          Vietmannsdorfer Strasse 23, 17268 Templin


EISLAUFCENTER TROISDORF: Sets First Creditors Meeting June
----------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Eislaufcenter Troisdorf GmbH on March 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 3, 2005 to register their
claims with court-appointed provisional administrator Johannes
Gather.

Creditors and other interested parties are encouraged to attend
the meeting on June 10, 2005, 10:00 a.m., at the district court
of Bonn, Wilhelmstrasse 21, 53111 Bonn, 2. Stock, Saal S 2.22,
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  EISLAUFCENTER TROISDORF GMBH
          Evrystr. 46, 53844 Troisdorf
          Contact:
          Marie - Luise Landen, Manager
          Marbacher, Evrystr. 46, 53844 Troisdorf

          Johannes Gather, Manager
          Hausdorffstr. 11, 53129 Bonn
          Phone: 911 51 11
          Fax: 9115199


ERWIN BODENHOFER: Bankruptcy Proceedings Begin
----------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against Erwin Bodenhofer GmbH on March 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 20, 2005 to register their
claims with court-appointed provisional administrator Dr. Volker
Viniol.

Creditors and other interested parties are encouraged to attend
the meeting on May 12, 2005, 8:45 a.m. at Hauffstr. 5, 70190
Stuttgart, AG Stuttgart, Hauffstr. 5, EG, Saal 4, 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:  ERWIN BODENHOFER GMBH
          Contact:
          Herrn Klaus Bodenhofer, Manager
          Tiefenbachstr. 53, 70329 Stuttgart,
          HRB 4632, AG Stuttgart

          Dr. Volker Viniol, Administrator
          Danneckerstr. 52, 70182 Stuttgart
          Phone: 0711/238890
          Fax: 0711/2388930


H & E BEDACHUNG: Munster Court Confirms Bankruptcy
--------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against H & E Bedachung Verwaltungs GmbH on March 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 24, 2005 to
register their claims with court-appointed provisional
administrator Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting on June 14, 2005, 9:00 a.m. at the district court of
Munster Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, EG, Saal 13 B 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 & E BEDACHUNG VERWALTUNGS GMBH
          Hubertustal 65, 48734 Reken

          Ulrich Zerrath, Administrator
          Lange Wanne 57, 45665 Recklinghausen
          Phone: 02361/4884-0
          Fax: +492361488499


KARSTADTQUELLE AG: Stores Attract BC Partners
---------------------------------------------
Private equity group BC Partners is interested in acquiring the
department stores being sold by KarstadtQuelle AG, the Financial
Times reports.

The retail giant is trying to dispose of 75 stores as part of a
crucial restructuring program announced last year.  It needs a
cash injection to survive another year.  Based in Essen,
KarstadtQuelle is Europe's largest department store and mail-
order group.  The group's business segments include Over-the-
counter retail, Mail order, Services and Real estate.  The group
employs about 95,000 people.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com

          BC Partners
          43-45 Portman Square
          London W1H 6DA
          Phone: +44 (0)20 7009 4800
          Fax: +44 (0)20 7009 4899
          E-mail: london@bcpartners.com
          Web site: http://www.bcpartners.com


LQS KERAMIK: Under Bankruptcy Administration
--------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against LQS Keramik GmbH on March 10.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 29, 2005 to register their claims
with court-appointed provisional administrator Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting on May 27, 2005 at the district court of 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:  LQS KERAMIK GMBH
          Grusonstrasse 59, 22113 Hamburg
          Contact:
          Thomas Spengler, Manager

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


MEDIEN TENOR: Plans to Relocate Business to Switzerland
-------------------------------------------------------
A fresh start is in the works for insolvent German media
research company Medien Tenor, reports Handelsblatt.

Founder and managing director Roland Schatz plans to set up
Medien Tenor International in Lugano, Switzerland in the coming
weeks.  The new company will take over all the activities and
the 230-strong workforce of the insolvent firm, which ran into
financial trouble last month.

Shares in the new company will be initially held by Innovatio
Verlag, the Bern-based publishing firm founded by Mr. Schatz in
1985.  Mr. Schatz will later on place around 30 percent of the
shares with appropriate investors, which he believes he can find
within six months.

CONTACT:  MEDIEN TENOR GMBH
          Roland Schatz
          Kurt-Schumacher-Str. 2
          53113 Bonn
          Phone: +49 (0) 228 93 444-33
          Fax: +49 (0) 228 93 444-93
          E-mail: r.schatz@innovatio.de
          Web site: http://www.medien-tenor.de


NORDEX AG: Launches EUR41.46 Million Capital Increase
-----------------------------------------------------
Nordex AG has placed its cash capital increase in full and thus
successfully completed the main recapitalization measures.  As
part of the cash capital increase, a total of 41.46 million
shares were subscribed at an issue price of EUR1 per share.  The
capital reduction and ensuing capital increase were entered in
the companies register on March 30, 2005.

Under the terms of the cash capital increase, the CMP and
Goldman Sachs investor group acquired roughly 31.45 million
shares, with CMP acquiring 20,728,950 and Goldman Sachs taking
over 10,728,950 shares.  As already stated in the ad hoc
bulletin issued on February 21, 2005, the German Federal
Supervisory Agency for Financial Services has exempted the
investors from the obligation to lodge a compulsory public
takeover bid.  In the subscription period ending on March 15,
2004, Nordex shareholders subscribed to 10,182,100 shares.
Nordex AG's subscribed capital now stands at EUR46,845,000,
divided into 46,845,000 shares, of which 5,205,000 are old
shares.

The last day of trading in the old shares prior to the 10-for-1
capital reduction is expected on April 8, 2005.  The converted
and merged old shares are to be re-listed on April 11, 2005.
The first date of listing for the new shares arising from the
cash capital increase is expected on April 21, 2005.  The stock
market listing prospectus should be available as of April 19,
2005.

The successful cash capital increase means that the conditions
for continued bank finance have now also been met.  In return
for the issue of up to roughly 12 million new shares, the banks
will be reducing loan receivables by around EUR28 million as
part of a non-cash capital increase over the next few months.
New cash and bond facilities of EUR50 million to EUR60 million
are to be made available to Nordex AG by the banks with
immediate effect.

CONTACT:  NORDEX AG
          Ralf Peters
          Phone: +49 40 500 -100
          Fax: +49 40 500 - 333


SAWITZKI & TAUTE: Creditors' Claims Due Later this Month
--------------------------------------------------------
The district court of Neuruppin opened bankruptcy proceedings
against Sawitzki & Taute Bau GmbH on March 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 21, 2005 to
register their claims with court-appointed provisional
administrator Susanne Muller.

Creditors and other interested parties are encouraged to attend
the meeting on May 12, 2005, 12:35 p.m., at Saal 325, 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:  SAWITZKI & TAUTE BAU GMBH
          Gewerbegebiet Schwarzer Weg 14, 19348 Perleberg
          Contact:
          Peter Sawitzki and Karl Heinz, Managers

          Susanne Muller, Administrator
          Vietmannsdorfer Strasse 23, 17268 Templin


SCHUHMARKT JANSSEN: Calls First Creditors Meeting
-------------------------------------------------
The district court of Aurich opened bankruptcy proceedings
against Schuhmarkt Janssen GmbH on March 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 19, 2005 to register their
claims with court-appointed provisional administrator Dr. Heiner
Buss.

Creditors and other interested parties are encouraged to attend
the meeting on May 19, 2005, 11:00 a.m. at Saal 115, Amtsgericht
Aurich, Schlossplatz 2, 26603 Aurich, 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:  SCHUHMARKT JANSSEN GMBH
          Esenser Strasse 2-4, 26603 Aurich
          Contact:
          Dietmar Janssen, Manager
          Prinz-Ratibor-Strasse 2b, 26603 Aurich

          Dr. Heiner Buss, Administrator
          Hauptstrasse 169, D-26639 Wiesmoor
          Phone: 04944/1033
          Fax: 04944/912035


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


PARMALAT FINANZIARIA: Relisting Plan Hits Major Snag
----------------------------------------------------
Italy's financial market watchdog Consob has rejected Parmalat's
plan to return to the Milan stock exchange, reports The Wall
Street Journal.

According to sources close to the matter, Consob took issue with
parts of the new offering document and decided to reject the
prospectus altogether.  The regulator also asked the collapsed
dairy giant to provide more details on its foreign businesses
and the firm's ongoing legal battles.

Consob had until Thursday last week to either approve or reject
Parmalat's relisting based on earnings for the first half of
2004.  With the regulator's decision, the company, which
collapsed in December 2003 after the discovery of an US$18
billion hole in its books, will now have to re-file its
application and include earnings for the whole of 2004.

The Consob decision is likely to delay any return to the market
until the end of the year. Parmalat administrator Enrico Bondi
originally aimed to re-list the firm by July.   The company's
relisting is crucial to its restructuring efforts, as it would
allow the firm to convert creditors' debt into shares.

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

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


===================
K A Z A K H S T A N
===================


HALYK BANK: Fitch Affirms 'B' Short-term Rating
-----------------------------------------------
Fitch Ratings upgrades Kazakhstan-based Halyk Bank's Individual
rating to 'C/D' from 'D'.  The bank's other ratings are affirmed
at Long-term 'BB' with a Stable Outlook, Short-term 'B', and
Support '3'.

The upgrade of the Individual rating reflects Halyk's continued
strong performance in 2004 with a return on average assets of
2.5%, building on a marked improvement in profitability in 2003.

The Long-term, Short-term and Individual ratings also reflect
the bank's broad franchise, in particular in the retail and
small and medium-sized enterprise sectors, reasonable liquidity
and relatively low market risk appetite.  However, they also
consider the risk inherent in the rapid expansion of the bank's
loan book (loans grew by some 55% in 2004), significant, albeit
reduced, loan concentrations (exposures to the top 20 borrowers
were equal to around 1.8x equity at end-2004) and less prudent
provisioning policies (no loan loss reserves are created against
standard loans).  Capitalization is moderate, with an
equity/assets ratio of 9.0% at end-2004, while the total capital
ratio (14.3% at end-2004) is supported by significant
subordinated debt issuance.

Halyk is one of the three largest banks in Kazakhstan and,
reflecting its roots as the former state savings bank, has the
largest branch network in the country.  The bank is ultimately
majority-owned by one politically well-connected individual.  In
Q105, Halyk appointed Grigori Marchenko, the former Governor of
the National Bank of Kazakhstan, to the position of Chief
Executive Officer.

CONTACT:  FITCH RATINGS
          James Watson
          Alexei Kechko, Moscow
          Phone: +7 095 956 9901

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


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


HAGEMEYER N.V.: Hires Stibbe and Herbert Smith Adviser
------------------------------------------------------
Alliance partners Stibbe and Herbert Smith is jointly advising
Hagemeyer N.V., a leading international business-to-business
distributor of electrical materials and safety and other
maintenance, repair and operations products, on its issue of
EUR135 million 3.50% subordinated convertible bonds due 2012.

The bonds are convertible into ordinary shares and have been
listed on Euronext Amsterdam.  The initial conversion price has
been set at EUR2.83 per ordinary share.

Hagemeyer issued the bonds to enhance its debt maturity profile,
reduce interest costs and improve its financial flexibility.
The net proceeds from the sale of the bonds will be used to
refinance part of its existing debt.

The cross-border team was led by partners Egbert Vroom, Derk
Lemstra and Alex Bafi, along with Jaap Willeumier and Jonathan
Moult.  They were assisted by Tina Boudreaux, Jeff Hendrickson,
Inge Timmerman and Jan Roeland.

Alex Bafi, a partner in the firms' combined international equity
capital markets practice group, commented: "We are delighted to
have worked with Hagemeyer again on this bond issue, which
underlines our international equity capital markets capability."

Stibbe partner Egbert Vroom commented: "We are extremely pleased
to have reinforced our relationship with Hagemeyer on this
convertible bond issue.  It is evidence of the growing strength
of our fully integrated Anglo-Dutch finance practice, which is
based in Amsterdam and headed by Jaap Willeumier and Jonathan
Moult."

Norton Rose and Linklaters advised the global coordinator, ABN
AMRO Rothschild.

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69
          1411 GE Naarden
          The Netherlands
          Phone: +31 (0)35 6957676
          Fax: +31 (0)35 6944395
          Web site: http://www.hagemeyer.com


KONINKLIJKE AHOLD: Closes Sale of 13th Polish Hypermarket
---------------------------------------------------------
Koninklijke Ahold finalized the sale of its 13th and last
Hypernova hypermarket in Poland to Real sp. z o.o. i Spolka s.k.

Finalizing the transaction, announced in Poland on March 4,
2005, required fulfilling a number of conditions, including
anti-trust approval.  On February 24, 2005, Ahold announced the
completion of the divestment process of the other 12 large
Hypernova hypermarkets in Poland as part of its strategy of
asset portfolio optimization and strengthening of its financial
position by reducing its debt.

Ahold will focus its Polish operations on continued development
of two store formats: Albert supermarkets and Hypernova compact
hypermarkets.  Currently, Ahold manages a chain of approximately
170 Albert supermarkets and 13 Hypernova compact hypermarkets in
Poland.

CONTACT:  AHOLD N.V.
          Corporate Communications
          Phone: +31.75.659.5720


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


NETIA SA: Sets Warrants Subscription Deadline
---------------------------------------------
In connection with the expiration of Netia S.A.'s two-year
subscription warrants authorizing to subscribe for Netia's
ordinary bearer series J shares on April 29, 2005, the firm says
that this day will be the last day of subscription for series J
shares authorized from the Warrants (i.e., in accordance with
par. 24.3.2 chapter III of the Polish prospectus of Netia's
notes and shares dated April 17, 2002).

In addition, Netia informed that the management board of the
Warsaw Stock Exchange resolved on April 1, 2005 that:

     (a) the Warrants will not be traded as of the WSE session
         on April 27, 2005 until the date of their expiration;

     (b) brokerage instructions for Warrants will not be
         accepted as of April 27, 2005; and

     (c) brokerage instructions for Warrants will expire if they
         are not executed until April 26, 2005 (inclusive).

Netia (WSE: NET) is Poland's largest alternative provider of
fixed - line telecommunications services.

CONTACT:  NETIA S.A.
          02-822 Warszawa
          ul. Poleczki 13
          Phone: [48] (22) 330 2000
          Fax: [48] (22) 330 2323

          Investor Relations Manager
          Anna Kuchnio
          Phone: [48] (22) 330 2061
          E-mail: anna_kuchnio@netia.pl

          Netia Public Relations
          Jolanta Ciesielska
          Phone: [48] (22) 330 2407
          E-mail: jolanta_ciesielska@netia.pl


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


ADAMANTAN: Assets for Public Auction Next Week
----------------------------------------------
The close joint stock company Adamantan will sell its property
on April 11, 2005, 12:00 noon.  The public auction will take
place at Russia, Moscow region, Egoryevskiy region, Shuvoe,
Kommunisticheskaya Str. 1.  Up for sale are different buildings.
Starting price: RUB56,000,000.

Preliminary examination and reception of bids are done on April
8, 2005 until 6:00 p.m. (Moscow time).  The list of documentary
requirements is available at Russia, Moscow region, Egoryevskiy
region, Shuvoe, Kommunisticheskaya Str. 1.

CONTACT:  ADAMANTAN
          Russia, Moscow region, Egoryevskiy region,
          Shuvoe, Kommunisticheskaya Str. 1


AF SEVERNYE: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company Af
Severnye Sady (TIN 2352007876).  The case is docketed as A-32-
490/2005-1/29B.  Mr. V. Goncharov has been appointed temporary
insolvency manager.  A hearing will take place on June 6, 2005.

CONTACT:  AF SEVERNYE SADY
          353500, Russia, Krasnodar region,
          Temryuk, 27th September Str. 21

          Mr. V. Goncharov
          Temporary Insolvency Manager
          350075, Russia, Krasnodar region,
          Post User Box 4450


AUTO-MAGISTRAL: Belgorod Court Hires Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy proceedings against Auto-Magistral after finding the
open joint stock company insolvent.  The case is docketed as
A08-4744/04-11.  Mr. A. Kovalevskiy has been appointed
insolvency manager.  Creditors have until May 5, 2005 to submit
their proofs of claim to 308000, Russia, Belgorod, Krasina Str.
38, Office 307.

CONTACT:  AUTO-MAGISTRAL
          309530, Russia, Belgorod region,
          Staryj Oskol, Pryadchenko Str. 148

          Mr. A. Kovalevskiy
          Insolvency Manager
          308000, Russia, Belgorod region,
          Krasina Str. 38, Office 307
          Phone/Fax: 27-05-90


CASCADE: Creditors Have Until May to File Claims
------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Cascade after finding the close joint stock
company insolvent.  The case is docketed as A76-19229/04-55-27.
Mr. A. Naydyenov has been appointed insolvency manager.
Creditors have until May 5, 2005 to submit their proofs of claim
to 454091, Russia, Chelyabinsk, Svobody Str. 76, Apartment 2.

CONTACT:  CASCADE
          Russia, Chelyabinsk region,
          Trekhgornyj, Mira Str. 32

          Mr. A. Naydyenov
          Insolvency Manager
          454091, Russia, Chelyabinsk region,
          Svobody Str. 76, Apartment 2


KASP-FISH: Public Auction Set Thursday
--------------------------------------
The bidding organizer of open joint stock company Kasp-Fish will
sell its property on April 7, 2005, 2:00 p.m.  The public
auction will take place at 109316, Russia, Moscow, Volgogradskiy
Pr., 42, 12th floor, Room 14.  Up for sale are fishing vessels.
Starting price: RUB97,100,000.

The list of documentary requirements is available at 109316,
Russia, Moscow, Volgogradskiy Pr. 42, 12th floor, Room 14.  To
participate, bidders must deposit an amount equivalent to 10% of
the starting price to the settlement account
40702810500000001252, correspondent account
30101810000000000700, BIC 044585700 in LLC CB SVIB, Moscow.

CONTACT:  KASP-FISH
          109316, Russia, Moscow,
          Volgogradskiy Pr., 42, Floor 12, Room 14


LUCH: Assets Worth RUB4.5 Mln up for Auction Next Week
------------------------------------------------------
The insolvency manager of close joint stock company Luch will
sell its property on April 13, 2005, 1:00 p.m.  The public
auction will take place at 352271, Russia, Krasnodar region,
Otradneneskiy region, Romanchukov, Tsentralnaya Str. 45.

The assets for sale are:

Lot 1: Different Properties.  Starting price: RUB4,461,466

Lot 2: 18 cattles.

Preliminary examination and reception of bids are done from 9:00
a.m. to 3:00 p.m. until April 8, 2005.  The list of documentary
requirements is available at 352271, Russia, Krasnodar region,
Otradneneskiy region, Romanchukov, Tsentralnaya Str. 45.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the settlement account
40702810230240103155 at Armavirskoye OSB RF #1827 Otradnenskiy
branch, correspondent account 30101810600000000602, BIC
046015602 until April 8, 2005.

CONTACT:  LUCH
          352271, Russia, Krasnodar region, Otradneneskiy
          region, Romanchukov, Tsentralnaya Str. 45

          Insolvency Manager
          350058, Russia, Krasnodar region,
          Post User Box 4269


ROMASHKA: Deadline for Proofs of Claim May 5
--------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Romashka (TIN 3834001519) after finding the
limited liability company insolvent.  The case is docketed as
A19-498/04-29.  Mr. I. Misharin has been appointed insolvency
manager.  Creditors have until May 5, 2005 to submit their
proofs of claim to Russia, Irkutsk-50, Post User Box 29.

CONTACT:  ROMASHKA
          Russia, Irkutsk region, Ust-Ilimsk,
          Mira Str. 31, Apartment 87

          Mr. I. Misharin
          Insolvency Manager
          Russia, Irkutsk-50,
          Post User Box 29


TIKHORETSK-TEKH-MASH: Declared Insolvent
----------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Tikhoretsk-Tekh-Mash after finding the close
joint stock company insolvent.  The case is docketed as A-32-
19347/2003-2/167-B.  Ms. S. Bystrova has been appointed
insolvency manager.  Creditors have until May 5, 2005 to submit
their proofs of claim to 353475, Russia, Krasnodar region,
Gelendzhik, Post User Box 62.

CONTACT:  TIKHORETSK-TEKH-MASH
          352122, Russia, Krasnodar region,
          Tikhoretsk, Achkasova Str. 2

          Ms. S. Bystrova
          Insolvency Manager
          353475, Russia, Krasnodar region,
          Gelendzhik, Post User Box 62
          Phone/Fax: (86141) 7-00-33


URAL-SPETS-MONTAZH: Sets Deadline for Proofs Claims
---------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Ural-Spets-Montazh after finding the
production association insolvent.  The case is docketed as A76-
19228/04-32-21.  Mr. M. Lepin has been appointed insolvency
manager.  Creditors have until May 5, 2005 to submit their
proofs of claim to 454091, Russia, Chelyabinsk, Svobody Str. 76-
2.

CONTACT:  URAL-SPETS-MONTAZH
          Russia, Chelyabinsk region,
          Trekhgornyj, Mira Str. 32

          Mr. M. Lepin
          Insolvency Manager
          454091, Russia, Chelyabinsk region,
          Svobody Str. 76-2


YAGODNOYE: Bankruptcy Proceedings Begin
---------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Yagodnoye after finding the close joint
stock company insolvent.  The case is docketed as A45-13811/04-
SB/152.  Mr. E. Fedorchenko has been appointed insolvency
manager.  Creditors have until May 5, 2005 to submit their
proofs of claim to 630007, Russia, Novosibirsk, Krasnyj Pr. 11-
39.

CONTACT:  YAGODNOYE
          Russia, Novosibirsk region, Leninskiy

          Mr. E. Fedorchenko
          Insolvency Manager
          630007, Russia, Novosibirsk region,
          Krasnyj Pr. 11-39


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


JAT AIRWAYS: Resumes Operations
-------------------------------
The Management of JAT Airways called in mechanics from Tunisia
10 days after its own aeromechanics started a strike that halted
flights.  The replacement enabled some aircraft to take off by
the end of March.

The president of the aeromechanics union, Dragan Bogdanovic,
said the Tunisian mechanics receive monthly wages of between
EUR7,000 and EUR8,000.  He warned the move is against
international work laws, and might cause problems for Tunisia,
according to a report in Seeurope.net.

"What they are doing goes against international conventions.
They do not have the right to break the strike, so Tunisia could
potentially have problems because of this," he said.

JAT director of security and air traffic awareness Velibor
Vukasinovic said the carrier and the Tunisian company Kartaga
had a cooperation agreement way back in 1966.  The deal is also
upheld by the Chicago Convention of 1944, he said.

In February, the dispute between management and the union over
salaries sent the carrier on a tailspin and caused bankruptcy
rumors to swirl.  But Serbian Labor Minister Slobodan Lalovic
said the anarchy currently ruling the company is more
responsible for threats of bankruptcy than economic reasons.

CONTACT:  JAT AIRWAYS
          Bul. umetnosti 16,
          11000 Beograd, Yugoslavia
          Web site: http://www.jat.com


===============
S L O V E N I A
===============


EMONA OBALA: Stays in the Red
-----------------------------
Wholesaler and retailer Emona Obala registered a loss of
SIT2.046 billion (EUR8.5 million) last year.  The amount is
SIT1.6 billion (EUR6.7 million) better than the loss it incurred
in 2003.

The group, an importer of foreign brands, recorded an 18 percent
drop on its net sales revenues of SIT13.4 billion (EUR55.9
million) in 2004 compared to the year earlier.

Emona Obala is optimistic though about operations in 2005.  It
noted it has slowly worked out mistakes in the balance sheets
from previous years, and problems that arose after Slovenia
joined the European Union.  It has mulled beefing up its
wholesale operations via acquisitions, and enhancing its current
brands campaign.

Emona Obala chairman Ales Skraba is looking into the full
strengthening of its wholesale network in the countries of the
former Yugoslavia this year.  Although it has plans of expansion
into Serbia-Montenegro and Macedonia, the group continues to
observe cost-cutting measures.

CONTACT:  EMONA OBALA DD
          Pristaniska ulica 12
          6000 Koper
          Phone: +386 5 6653 100
          Fax: +386 5 6653 119
          E-mail: info@e-obala.si
          Web site: http://www.emonaobala.si


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


IZMAIL: Creditors Have Until April 12 to File Claims
----------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
proceedings against Izmail (code EDRPOU 30317967) on Feb. 15,
2005 after finding the agricultural machine-technological
station insolvent.  Mr. V. Brikulskij (License AA #249867) has
been appointed liquidator/insolvency manager.

Creditors have until April 12, 2005 to submit their proofs of
claim to:

(a) Economic Court Of Odesa Region
    65032, Ukraine, Odesa region,
    Shevchenko avenue, 4

(b) Izmail
    Ukraine, Odesa region,
    Izmail district, Safyani


METIMPEKS: Bankruptcy Proceedings Begin
---------------------------------------
The Economic Court of Odesa region commenced bankruptcy
proceedings against Metimpeks (code EDRPOU 31314368) on Feb. 22,
2005 after finding the limited liability company insolvent.  The
case is docketed as 32/6-05-776.  Ms. Svitlana Safronova
(License AA #783026) has been appointed liquidator/insolvency
manager.  The company holds account number 260033314007 at JSB
Pivdennij, MFO 328209.

Creditors have until April 12, 2005 to submit their proofs of
claim to:

(a) Liquidator/Insolvency Manager
    65012, Ukraine, Odesa region,
    Rishelyevska Str. 74/1

(b) Economic Court Of Odesa Region
    65032, Ukraine, Odesa region,
    Shevchenko avenue, 4

(c) Metimpeks
    65026, Ukraine, Odesa region,
    Vice-admiral Zhukov Str. 3-7/23


MOGILIV-PODILSKIJ: Vinnitsya Court Names Insolvency Manager
-----------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on limited liability company Mogiliv-
Podilskij Hothouse-Vegetable Combine (code EDRPOU 25494730).
The case is docketed as 10/16-05.  Mr. Vasil Glebov (License AA
#630087) has been appointed temporary insolvency manager.

Creditors have until April 12, 2005 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Luka-Meleshkivska, Vinnitska Str. 26

(b) Economic Court Of Vinnitsya Region
    Ukraine, Vinnitsya region,
    Hmelnitske shose, 7

(c) Mogiliv-Podilskij Hothouse-Vegetable Combine
    24000, Ukraine, Vinnitsya region,
    Mogiliv-Podilskij, Nezalezhnosti Square, 144-a


NOVOIVANIVSKIJ TSUKOR: Deadline for Proofs of Claim Next Week
-------------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on limited liability company
Novoivanivskij Tsukor (code EDRPOU 31798892).  The case is
docketed as B-24/18-05.  Mr. Igor Sanzharevskij (License Number
AA #116041) has been appointed temporary insolvency manager.
The company holds account number 26000265130000 at JSCIB
Ukrsibbank, Harkiv regional branch, MFO 351641.

Creditors have until April 12, 2005 to submit their proofs of
claim to:

(a) Economic Court Of Harkiv Region
    61022, Ukraine, Harkiv region,
    Svobodi square, 5, Derzhprom, 8-th entrance

(b) Novoivanivskij Tsukor
    63109, Ukraine, Harkiv region,
    Kolomak, Peremogi Str. 123


PROSKURIV-MYASO: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on subsidiary enterprise Proskuriv-Myaso
(code EDRPOU 23835776).  The case is docketed as 2/46-B.  Mr.
Karvan Oleksandr (License AA #779279) has been appointed
temporary insolvency manager.  The company holds account number
26007301211311 at Prominvestbank, Central branch, MFO 315278.

Creditors have until April 12, 2005 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager
    29000, Ukraine, Hmelnitskij region,
    Ostrovskij Str. 19/1

(b) Economic Court Of Hmelnitskij Region
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti square, 1

(c) Proskuriv-Myaso
    31362, Ukraine, Hmelnitskij region,
    Hmelnitskij district, Rozsosha


UKROBORONPOSTACHALNIK: Under Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on state enterprise Ukroboronpostachalnik
(code EDRPOU 24974907) on Jan. 21, 2005.  The case is docketed
as 23/92-b.  Mr. Sherban Oleksij (License AA 116282) has been
appointed temporary insolvency manager.  The company holds
account number 260043544 at JSPPB Aval, Kyiv branch, MFO 300335.

Creditors have until April 12, 2005 to submit their proofs of
claim to:

(a) Temporary Insolvency Manager
    01030, Ukraine, Kyiv, a/b 157

(b) Economic Court Of Kyiv region
    01030, Ukraine, Kyiv,
    B. Hmelnitskij boulevard, 44-B

(c) Ukroboronpostachalnik
    04050, Ukraine, Kyiv,
    Melnikov Str. 81


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


AIR CONDITIONING: Hires Administrator from Haines Watts
-------------------------------------------------------
Colin Nicholls (IP No 009052) has been appointed administrator
for Air Conditioning Engineering Ltd.  The appointment was made
March 14, 2005.  The company specializes in air conditioning.
Its registered office is located at 11 Malvern Road, St Johns,
Worcester WR2 4LE.

CONTACT:  HAINES WATTS BUSINESS RECOVERY & INSOLVENCY
          6 College Road
          Worcester WR1 2LA
          Phone: 01905 745779
          Fax: 01905 22654
          E-mail: briworcester@hwca.com


ALLEGIS CORPORATION: Members Decide to Wind up Firm
---------------------------------------------------
At the extraordinary general meeting of the members of Allegis
Corporation Limited on March 21, 2005 held at 200 East Randolph,
52nd Floor, Chicago IL 60601, the special resolution to wind up
the company was passed.  Martin Henry Linton has been appointed
liquidator of the company.


AMLON HOLDINGS: Members Hire Joint Liquidators from Wilder Coe
--------------------------------------------------------------
At the extraordinary general meeting of the members of Amlon
Holdings Limited on March 16, 2005 held at the offices at 54-58
High Street, Edgware HA8 7EJ, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Norman Cowan and Mark Pearce Riley of Wilder Coe, 12th Floor,
Southgate House, St George's Way, Stevenage SG1 1HG have been
appointed joint liquidators of the company.

CONTACT:  WILDER COE
          12th Floor
          Southgate House
          St. George's Way
          Stevenage
          Hertfordshire SG1 1HG
          Phone: 01438 847 200
          Fax: 01438 847 150
          E-mail: insol@wildercoe.co.uk

          WILDER COE
          233-237 Old Marylebone Road
          London NW1 5QT
          Phone: 020 7724 2345
          Fax: 020 7402 0246
          E-mail: insol@wildercoe.co.uk


BEAUCHAMP (UK): Calls in Liquidator from Antony Batty & Co.
-----------------------------------------------------------
At the extraordinary general meeting of Beauchamp (UK) Limited
on March 23, 2005 held at 179 Harrow Road, London W2 6NB, the
subjoined special resolution to wind up the company was passed.
W. A. Batty of Antony Batty & Company, New House, Suite 24, 67-
68 Hatton Garden, London EC1N 8JY has been appointed liquidator
of the company.

CONTACT:  ANTONY BATTY & COMPANY
          New House
          Suite 24
          67-68 Hatton Garden
          London EC1N 8JY
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


BLENDCAUSE LIMITED: Members Pass Special Resolution
---------------------------------------------------
At the extraordinary general meeting of the members of
blendcause limited on March 11, 2005 held at Kingston Smith,
Orbital House, 20 Eastern Road, Romford, Essex RM1 3DP, the
special resolution to wind up the company was passed.  Nicholas
John Miller and Ian Robert of Kingston Smith & Partners LLP,
Devonshire House, 60 Goswell Road, London EC1M 7AD have been
appointed joint liquidators of the company.

CONTACT:  KINGSTON SMITH AND PARTNERS LLP
          Devonshire House, 60 Goswell Road,
          London EC1M 7AD
          Phone: 020 7566 4000
          Fax:   020 7566 4010
          Web site: http://www.kingstonsmith.co.uk


BUSYUPPER LIMITED: Names Richard Floyd & Co. Liquidator
-------------------------------------------------------
At the extraordinary general meeting of Busyupper Limited on
March 17, 2005 held at Daisy Cottage, 1 Blackmore Vale Close,
Templecombe, Somerset BA8 0HB, the subjoined special resolution
to wind up the company was passed.  Richard Eaglesfield Floyd of
29 Roseacre Gardens, Chilworth, Guildford, Surrey GU4 8RQ has
been appointed liquidator of the company.

CONTACT:  RICHARD FLOYD & CO.
          29 Roseacre Gardens
          Chilworth
          Guildford
          Surrey GU4 8RQ
          Phone: 01483 302782
          Fax: 01483 300909


CARBO PLC: Names Ernst & Young Administrator
--------------------------------------------
Simon Allport and Garry Wilson (IP Nos 8763 and 9062) have been
appointed administrators for Carbo Plc.  The appointment was
made March 29, 2005.  Its registered office is located at
Lakeside, Trafford Park Road, Trafford Park, Manchester M17 1HP.

CONTACT:  ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


CATEGORIC SOFTWARE: Calls in Administrators from Re10 & Shahens
---------------------------------------------------------------
Bijal Shah (IP No 8717) and Nimish Patel (IP No 8679) have been
appointed administrators for Categoric Software Limited.  The
appointment was made March 23, 2005.  The company supplies and
develops software.  Its registered office is located at RE10,
Suite 215, Signal House, Lyon Road, Harrow, Middlesex HA1 2AQ.

CONTACT:  SHASENS
          Suite 215
          Signal House
          Lyon Road
          Harrow
          Middlesex HA1 2AQ
          Phone: 020 8863 6697
          Fax: 020 7212 2626

          RE10
          Trinity House, Heather Park Drive,
          Wembley, Middlesex HA0 1SU
          Helpline: 870 787 2346
          Web site: http://www.re10.co.uk


CHESTERTON PROPERTY: In Administrative Receivership
---------------------------------------------------
National Westminster Bank Plc appointed Nigel Morrison (Office
Holder No 8938) and Martin Ellis (Office Holder No 8687) joint
administrative receivers for real estate agency Chesterton
Property Services Limited (Reg No 02159315, Trade
Classification: 35).  The application was filed March 11, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


CIMAC INTERNATIONAL: Hires Grant Thornton as Administrator
----------------------------------------------------------
Name of companies:
Cimac International Limited
Freedoor Limited
Prophet Control Systems Limited

Nicholas Stewart Wood and Daniel Robert Whiteley Smith (IP Nos
9064, 8373) have been appointed administrators for these
companies.  The appointment was made March 23, 2005.  The
companies offer other business services.

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


CLAIRE FRAGRANCE: Hires Chantrey Vellacott DFK as Administrator
---------------------------------------------------------------
Richard Howard Toone and Kevin Anthony Murphy (IP Nos 9146,
8349) have been appointed administrators for Claire Fragrance
Limited.  The appointment was made March 18, 2005.  The company
manufactures and markets perfumery products.

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


CLYDESDALE BANK: Cutting Jobs as Profit Continues to Drop
---------------------------------------------------------
About 750 jobs are to be cut at Clydesdale Bank under its
parent's plan to cut cost, reports say.  National Australia Bank
expects to save GBP117 million by axing 1,700 jobs across both
Clydesdale and Yorkshire Bank.

Clydesdale has seen profits tumble, and business banking
managers fleeing to Royal Bank of Scotland for the past 18
months.

In December, the bank announced a 44% drop in profits to GBP90
million.  It slashed interim dividend to NAB and scrapped final
dividend.  Clydesdale's profit has been in decline for the past
three years.  It was performing poorly at a time when rival HBOS
and Royal Bank of Scotland are flourishing.

NAB itself is still trying to recover from an unauthorized
foreign exchange trading scandal that cost it about GBP104
million.  Its only source of hope from Clydesdale Bank is in the
area of business banking.  Clydesdale is able to keep a strong
customer base and maintain position against bigger rivals.  It
has invested some GBP8 million in eight Financial Solutions
Centres with a further 15 planned for this year in addition to
217 branches.

CONTACT:  CLYDESDALE BANK
          Banking Hall
          30 St. Vincent Place
          Glasgow G1 2HL
          Phone: 0141 951 7000
          Web site: http://www.cbonline.co.uk


COMPUTERISED SHEET: Names G. Craig Administrator
------------------------------------------------
Gordon Craig (IP No 0978) has been appointed administrator for
Computerised Sheet Metal Limited.  The appointment was made
March 15, 2005.  The company manufactures metal structures and
parts.

CONTACT:  Gordon Craig
          30 Derby Street,
          Ormskirk L39 2BY


DIAMONITE AIRCRAFT: Creditors General Meeting Set Today
-------------------------------------------------------
The general meeting of the creditors of Diamonite Aircraft
Furnishings Ltd. will be on April 6, 2005 at 3:30 p.m.  It will
be held at BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL.
Creditors who want to be represented at the meeting may appoint
proxies.

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


EDGEWELL PROPERTIES: Names Liquidators from Buchanans
-----------------------------------------------------
At the extraordinary general meeting of Edgewell Properties
Limited on March 21, 2005 held at Latimer House, Cumberland
Place, Southampton SO15 2BH, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Peter Hall and Peter Whalley of Buchanans plc have been
appointed joint liquidators of the company.

CONTACT:  BUCHANANS PLC
          Latimer House
          5 Cumberland Place
          Southampton SO15 2BH
          Phone: 023 8022 1222


ENSKILDA VENTURES: Hires PricewaterhouseCoopers as Liquidator
-------------------------------------------------------------
Name of companies:
Enskilda Ventures Limited
Henley & Capital Estates Limited
Metropolis Holdings Limited
Scandinavian Trading And Financial Services Limited
Statkit Limited

At the extraordinary general meeting of these companies on March
23, 2005, the special and ordinary resolutions to wind up the
companies were passed.  Richard Setchim and Tim Walsh of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the companies.

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


EQUITABLE LIFE: Faces Huge Cost in Fight for Compensation
---------------------------------------------------------
Equitable Life stands to hit record for pursuing the most
expensive civil suit by far should it decide to sue its former
auditor and directors this week, according to The Herald.

The society is claiming GBP2 billion in compensation from Ernst
& Young and GBP1.75 billion from 15 former directors for their
role in its collapse in 2000.  It must win the case or face a
bill of GBP100 million if it losses -- a scenario most
disadvantageous to policyholders.  Officials at Equitable have
admitted that by this time it already spent close to GBP25
million.

"Litigation is very expensive," said chairman Vanni Treves.  His
camp says they remain "ready to consider any serious and
substantial settlement offer from the other parties."

Mr. Treves was hoping for a settlement "by the end of the year,"
but the opposing appears unyielding.  Ernst & Young considers
the claim extreme.  "[W]e cannot see there is any realistic
prospect of a settlement," it said.

Previously, the Financial Times quoted "a person familiar with
the litigation" as saying that, realistically, Equitable would
settle for GBP200 million to GBP400 million."

Equitable is blaming Ernst & Young for delaying a decision to
sell the firm before the crisis broke, disastrously advising it
on bonuses between 1997 and 2000, and failing to audit it
properly in the 1990s.  Ernst dismissed the complaints as
"unfounded and misguided".

Equitable seemed encouraged by the accountancy profession's
joint disciplinary scheme's reproach of the auditor six months
ago.  The JDS hearing has been deferred until next year, after
any court action.

Paul Braithwaite, secretary of Emag, considers the case a risk
of policyholders' money.  "We hope that the society succeeds,"
he said.

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


HI TECH: Appoints Begbies Traynor Administrator
-----------------------------------------------
James P. N. Martin and W. John Kelly (IP Nos 008316, 004857)
have been appointed joint administrators for Hi Tech Systems
(Europe) Limited.  The appointment was made March 29, 2005.

The establishment designs and engineers paint finishing systems.
Its registered office is located at Ground Floor, Neville House,
42-46 Hagley Road, Edgbaston, Birmingham B16 8PE.

CONTACT:  BEGBIES TRAYNOR
          Newater House
          11 Newhall Street
          Birmingham B3 3NY
          E-mail: birmingham@begbies-traynor.com
          Web site: http://www.begbies.com


IGL SOLUTIONS: Company Calls in Geoffrey Martin Administrator
-------------------------------------------------------------
Name of companies:
IGL Solutions Limited
Inscom Investments Limited
Pender Telecommunications Facility Limited
Pender Telecommunications Facility Management Limited

John Twizell and Geoffey Martin (IP Nos 7822/01, 2207/01) have
been appointed administrators for these companies.  The
appointment was made March 18, 2005.

The company handles consultancy for business and management.
Its registered office is located at St James's House, 28 Park
Place, Leeds LS1 2SP.

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


IMPACT CONSTRUCTION: Administrators from Begbies Traynor Move in
----------------------------------------------------------------
Jamie Taylor and Louise Donna Baxter (IP Nos 002748, 009123)
have been appointed joint administrators for Impact Construction
Ltd.  The appointment was made March 17, 2005.  Its registered
office is located at 7 Sylvan Court, Sylvan Way, Southfields
Business Park, Basildon, Essex SS15 6TH.

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


INDEPENDENT INSURANCE: Administrators to Sue KPMG for Negligence
----------------------------------------------------------------
PricewaterhouseCoopers, the administrators of collapsed
Independent Insurance, has launched a major legal action against
the insurer's auditors, KPMG, saying it should have spotted
clues to the giant hole that opened up in Independent's
accounts. The suit follows a similar negligence claim against
Watson Wyatt, Independent's actuaries.

According to a report by local newspaper The Independent, the
administrators are demanding that KPMG pay damages amounting to
tens of millions of pounds, approximately the same amount it is
demanding from Watson Wyatt.

The details of the claim have not yet been served, but it is
believed its particulars are believed to tot up losses caused by
board decisions to continue writing new business or pay
shareholder dividends based on a financial picture that resulted
from KPMG's allegedly negligent audit performance.

Independent, which had been worth almost GBP1 billion at its
height, collapsed in 2001 after Watson Wyatt admitted it could
not put a figure on the company's employer's liability insurance
claims, promptly triggering the withdrawal of a fund raising
aimed at propping up the company's balance sheet.

CONTACT:  Independent Insurance Group Plc
          Mincing Lane
          London, EC3R 7XD UNITED KINGDOM
          Phone: +44 020 7623 8877
          Fax: +44 020 7283 8275


KEMUTEC GROUP: Fortis Bank Appoints Ernst & Young Receiver
----------------------------------------------------------
Fortis Bank SA/NV appointed Garry Wilson, Simon Allport and
Charles King (Office Holder Nos 009062, 008763 and 008985) joint
administrative receivers for Kemutec Group Limited (Reg No
02092475, Trade Classification: 11).  The application was filed
March 24, 2005.  The company manufactures equipment for power
handling and processing.

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


MG ROVER: Planned Tie-up with SAIC Hits Major Snag
--------------------------------------------------
Concerns raised by Chinese car-maker Shanghai Automotive
Industrial Corporation (SAIC) over the finances of troubled
British car giant MG Rover have reportedly stalled talks between
the two companies Tuesday.

The state-owned Chinese firm reportedly took issue with Rover's
financial health after a confidential report it commissioned
accountancy firm Ernst and Young to do concluded that MG Rover's
parent company, Phoenix Venture Holdings (PVH), would be
insolvent by the end of last week.

"The talks have stalled and the Chinese are looking for the PVH
directors to come forward with new proposals", said a member of
the Department of Trade and Industry (DTI) team sent to Shanghai
last week to try to smooth the deal with a pledge of a GBP100
million bridging loan from the Government. "The Rover position
is worse than both we and the Chinese thought. The issue is
about solvency past the deal," the official added.

SAIC, which has already invested GBP67 million in the company,
fears that it would be left with substantial liabilities,
particularly in relation to the British carmaker's pension fund,
if MG Rover were to become insolvent after a deal had been
signed.

The government has already told the four men who own MG Rover
through PVH that they should make loans of "several millions of
pounds" to the company from their own pockets.

The SAIC's proposed GBP200 million rescue deal is crucial to the
future of MG Rover, the 6,000-strong workforce at its Longbridge
plant and thousands of other workers who are employed by MG
Rover's suppliers.

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


MORADA INTERIORS: Names DTE Leonard Curtis Administrator
--------------------------------------------------------
J. M. Titley, A. Poxon and N. A. Bennett (IP Nos 8617, 8620,
9083) have been appointed joint administrators for Morada
Interiors Limited.  The appointment was made March 23, 2005.
The company retails furniture.  Its registered office is located
at Duttons Way, Shadsworth Business Park, Blackburn, Lancashire
BB1 2QR.

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


MYTRAVEL GROUP: Royal Bank Sells A Ordinary Shares
--------------------------------------------------
MyTravel Group plc informs that the Royal Bank of Scotland Group
plc notified the company on 1 April 2005 of the sale of a
holding of 1,131,963,416 A ordinary shares of 1p each, which
were placed with institutional investors.

The company confirms that on 31 March 2005, holders of
1,101,168,506 convertible preference shares of 1p exercised
their entitlement to convert to A ordinary shares.  This is
pursuant to the quarterly conversion arrangements for non-EEA
shareholders.

Following the reclassification implemented on 1 April 2005, this
quarterly conversion of convertible preference shares and
further ad hoc conversions of these shares, the company's share
capital is made up of:

A ordinary shares                                 11,275,617,222
Convertible preference shares                      2,054,211,246
Deferred shares (unlisted)                           544,491,152

There remain GBP55.9 million of convertible bonds to be
converted into 281.7 million A ordinary shares or convertible
preference shares, depending on the nationality of the holder.

The company also announces that Michael Beckett, Chairman, has
notified the Company that on 1 April 2005 he purchased 350,000 A
ordinary shares at a price of 5.73p per share, representing
0.0031% of the issued A ordinary shares of 1p each.  He now owns
a total of 500,000 shares or 0.0044% of the A ordinary shares.

CONTACT:  MYTRAVEL GROUP PLC
          Phone: 0161 232 6523 (thereafter)

          Peter McHugh
          Chief Executive Officer

          John Allkins
          Finance Director

          BRUNSWICK
          Fiona Antcliffe
          William Cullum
          Phone: 020 7404 5959


NEWS DIGEST: Names Administrators from BDO Stoy Hayward
-------------------------------------------------------
Martha Thompson (Office Holder No 8678) and David Harry Gilbert
(Office Holder No 2376) have been appointed joint administrators
for News Digest International Limited.  The appointment was made
March 23, 2005.

The company sells Japanese language periodicals.  Its registered
office is located at 5th Floor, Winchester House, 259 Old
Marylebone Road, London.

CONTACT:  BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk

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


RATHBONE BAKERIES: Up for Sale
------------------------------
Rathbones Bakeries has appointed corporate recovery experts from
KPMG for the sale of the business, after it suffered tough
trading conditions and a factory blaze.

Amid difficult market conditions, fire hit the bakery group's
Carlisle site in February, which cost it millions of pounds.  It
has also put in jeopardy the jobs of 1,550 employees, including
the 185 people who worked at the factory.

Richard Hill, a KPMG partner, said: "We believe we can achieve a
sale of the business as a going concern and we have already
received expressions of interest from potential buyers.  We are
confident, that with the support of the staff, suppliers and
customers, we will be able to achieve a positive outcome."

Bought from the Irish-based Greencore by Finedon Mill last year,
Rathbones captured about 15% of the market for own-label bread
for the U.K. retail trade.  It also features Harvestime and
Fresha Bakeries.

Rathbones Bakeries, which had sales of GBP100 million last year
and supplies Tesco and Morrisons, employs 444 staff at its
Walsall head office, with another 409 at Leicester and the rest
at Peterborough, Wigan, Wakefield and Middlesbrough.

CONTACT:  FINEDON MILL LTD.
          5 Bevan Close, Finedon Industrial Estate
          Wellingborough Northants NN8 4BL
     Phone: 01933 225711
     Fax: 01933 443513


STANDARD LIFE: Clients Condemn Huge Executive Bonus
---------------------------------------------------
Policyholders of Standard Life were angered to learn chief
executive Sandy Crombie has earned additional pension benefits
at a time when they were receiving reduced payouts.

It emerged at the insurance giant's annual accounts that Mr.
Crombie will receive an additional GBP2.75 million to his
pension of GBP3.95 million.

John Quigley, Scottish regional secretary of the union Amicus,
said: "It's a kick in the teeth for the thousands of hardworking
policyholders who are trying to save for retirement."  They are
demanding new rules for preventing corporate greed.

Mr. Crombie declined to comment, while a spokesman for Standard
Life says the pension is for his 35 years of service, in which
he "achieved a hell of a lot" in the last year.

The firm has reduced payouts to policyholders for the last
three, and is laying off about 2,000 workers to contain stock
market downturn and financial uncertainty.


THERM TEMPERED: Calls in Administrators from Baker Tilly
--------------------------------------------------------
Andrew Martin Sheridan and Guy Edward Brooke Mander (IP Nos
008839, 008845) have been appointed administrators for Therm
Tempered Limited.  The appointment was made March 24, 2005.  The
company manufactures sealed glass units.

CONTACT:  BAKER TILLY
          1 Georges Square
          Bristol BS1 6BP
          Phone: 0117 945 2000
          Fax: 0117 945 2001
          Web site: http://www.bakertilley.co.uk


TOURELL GARDNERS: In Administrative Receivership
------------------------------------------------
Fortis Bank SA/NV appointed Garry Wilson, Simon Allport and
Charles King (Office Holder Nos 009062, 008763 and 008985) joint
administrative receivers for real estate operator Tourell
Gardners Limited (Reg No 00412779, Trade Classification: 35).
The application was filed March 24, 2005.

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


TRICELL INTERNATIONAL: Debt Claims Due Today
--------------------------------------------
Name of companies:
Tricell International Limited
Tricell (UK) Limited

The creditors of these companies will meet on April 7, 2005 at
10:00 a.m. and 11:00 a.m. respectively.  It will be held at The
Grange, 100 High Street, London N14 6TG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Bond Partners LLP, The Grange, 100 High Street,
London N14 6TG not later than 12:00 noon, April 6, 2005.

CONTACT:  BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: tp@bondpartners.co.uk


ULTIMATE PLEASURE: Bank of Scotland Appoints Receiver
-----------------------------------------------------
The Governor and Company of The Bank of Scotland appointed
Andrew Gordon Stoneman and Paul John Clark (Office Holder Nos
8728 and 8570) joint administrative receivers for bar operator
Ultimate Pleasure Limited (Reg No 4012631, Trade Classification:
5540).  The application was filed March 16, 2005.

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


WHITEHEAD MANN: Files Prepackaged Chapter 11 Plan in New York
-------------------------------------------------------------
Whitehead Mann Inc., the U.S.-based unit of Whitehead Mann Group
Plc -- the sixth largest executive search firm in the world --
filed a prepackaged chapter 11 plan of liquidation in the U.S.
Bankruptcy Court for the Southern District of New York on
Thurs., Mar. 31, 2005.

The British-based parent is shuttering its offices New York,
Boston and Colorado Springs, and wants to wind up its existing
U.S. businesses.  The U.S. company reports in its bankruptcy
papers that it has $546,000 in assets and $7.8 million of
liabilities.

Whitehead Mann Inc. merged with three other search firms (Baines
Gwinner (North America), Inc.; Pendletom James * Associates,
Inc.; and Summit Leadership Solutions Corp.) between 2000 and
2002.  In 2002, as a result of a general slowdown in the U.S.
economy, Peter A. Clarke, the company's sole officer relates,
the U.S. executive search market, highly sensitive to
macroeconomic trends, has declined significantly.  By the end of
2002, the Company reduced its staff.  In 2003, senior search
partners jumped ship.  Rent and other overhead costs became
unmanageable as revenues declined.  As a result, the Company
couldn't meet its financial obligations.

Management concluded that an orderly liquidation was the best
course of action.

Douglas L. Furth Esq. at Golenbock Eiseman Assor Bell & Peskoe
LLP, representing the Debtor, tells the Court that the Company
wants immediate authority to walk away from its office leases
at:

    * 280 Park Avenue in Manhattan
    * 70 East 55th Street in Manhattan
    * 200 Park Avenue in Manhattan
    * 90 South Cascade Avenue in Colorado Springs and
    * One International Place in Boston.

The Debtor also wants to advertise an auction for the contents
of its 280 Park Avenue office in the Sunday, April 3, edition of
The New York Times, and hold that sale on Wed., April 6, 2005,
at 10:30 a.m. headquartered in New York City, New York,
Whitehead Mann Inc., -- http://www.wmann.com/-- provides
consultancy services relating to the recruitment of executive
personnel, management assessment, executive development and
psychometric evaluation.  The Company filed for chapter 11
protection on March 31, 2005 (Bankr. S.D.N.Y. Case No. 05-
12046).  Douglas L. Furth Esq. at Golenbock Eiseman Assor Bell &
Peskoe LLP, represents the Debtor in its restructuring efforts.
When the Debtor filed for protection from its creditors, it
listed total assets of $546,000 and total debt of $7.8 million.


WHITEHEAD MANN: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Whitehead Mann Inc.
        dba Whitehead Mann Pendleton James
        dba Whitehead Mann Pendleton
        fdba Pendleton James & Associates, Inc.
        fdba Baines Leadership Solutions Corporation
        280 Park Avenue
        East Tower, 25th Floor
        New York, New York 10017-1216

Bankruptcy Case No.: 05-12046

Type of Business: The Debtor provides consultancy services
                  concerning the recruitment of executive
                  personnel, management assessment, executive
                  development and psychometric evaluation.
                  See http://www.wmann.com/

Chapter 11 Petition Date: March 31, 2005

Court: Southern District of New York (Manhattan)

Judge: Stuart M. Bernstein

Debtor's Counsel: Douglas L. Furth Esq.
                  Golenbock Eiseman Assor Bell & Peskoe LLP
                  437 Madison Avenue
                  New York, New York 10022
                  Tel: (212) 907-7340
                  Fax: (212) 754-0777

Debtor's
Accountants:      DeGrazia and Company
                  One Hollis Street, Suite 435
                  Wellesley, MA 02482

Total Assets:  $545,847

Total Debt: $7,788,874

Debtor's 20 Largest Unsecured Creditors:

   Entity                     Nature Of Claim       Claim Amount
   ------                     ---------------       ------------
Carleta (Jodi) Taylor         Compensation               $79,003
1555 Gold Camp Road
Colorado Springs, CO 80906

A. James DiFilippo            Compensation               $70,862
653 Case Road
Neshanic Station, NJ 08853

Diamond Castle Holdings LC    Real Property Lease        $45,736
280 Park Avenue, 25th Floor
New York, NY 10017

Leigh Kearney                 Compensation               $37,863
1819 North Cascade
Colorado Springs, CO 80907

The State Insurance Fund      Workers' Compensation      $23,922
Workers' Compensation         Insurance
PO Box 4788
Syracuse, NY 13221-4788

Chubb                         Trade Debt                 $20,764

AGResearch.info               Trade Debt                 $15,416

Guardian                      Trade Debt                 $13,644

David J. Loring               Compensation                $9,525

Palmer Center Ltd.           Real Property Lease         $7,185

Forum Personnel Inc.         Trade Debt                  $6,617

DSCI Corporation              Trade Debt                  $5,545

American Express Company      Trade Debt                  $4,759

IKON Financial Services       Trade Debt &                $4,742
                              Equipment Lease

Control Solutions Group       Trade Debt                  $2,819

Fedex                         Trade Debt                  $2,341

Cogent Communications, Inc.   Trade Debt                  $2,000

Pritchard Industries, Inc.    Trade Debt                  $1,643

First Corporate Sedans        Trade Debt                  $1,620

Fedex                         Trade Debt                  $1,479


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

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