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        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

             Thursday, April 7, 2005, Vol. 6, No. 68

                            Headlines

B U L G A R I A

CHIMCO AD: Losing Streak Continues


F I N L A N D

FINNAIR OYJ: Pilots Give Management Ultimatum on New Pact


F R A N C E

ALSTOM SA: Wins EUR265 million Contract in India
EUTELSAT SA: Off CreditWatch After Recapitalization
TONKIN INVESTISSEMENT: Reports EUR100 Million Turnover for 2004


G E R M A N Y

AC-TRANS GMBH: Falls into Bankruptcy
AGIV REAL: Citigroup Out to Buy Real Estate Units
AUGUSTA TECHNOLOGIE: Reduces Pandatel Interest to 49.98%
AUGUSTA TECHNOLOGIE: Shareholder Blocks Capital Reduction
BITTNER GMBH: Sets Creditors Meeting May

COGNIS GMBH: 2004 Net Loss Down to EUR34 Million
EPS TRANSPORT: Creditors' Claims Due June
FRA-WO GMBH: Under Bankruptcy Administration
GENC TROCKENBAU: Claims Deadline Nears
MG TECHNOLOGIES: Rolf Schildmann Leaving GEA Group

MISSOUM-DACH: Creditors Meeting Set Later this Month
PHOENIX KAPITALDIENST: Estimated Losses Bloated, Says Paper
P-H PROJEKTMANAGEMENT: Creditors Meeting Set Next Month
ROBOPORT GMBH: Gives Creditors Until April 20 to Prove Claims
ROSCH BAUUNTERNEHMEN: Calls First Creditors Meeting
WABNITZ & KLEPZIG: Applies for Bankruptcy Proceedings
WALTER BAU: Insolvency Proceedings Officially Open


G R E E C E

OLYMPIC AIRLINES: Privatization First Priority of New Government


I R E L A N D

MEDIALAB EUROPE: Liquidation May Leave Surplus


I T A L Y

ALITALIA SPA: Talks with Air France over Capital Hike Underway
PARMALAT FINANZIARIA: Ex-accountants' Plea Agreements Accepted
PARMALAT U.S.A.: Court Okays US$61 Mln LaSalle Exit Funding


R U S S I A

BRIDGE-CONSTRUCTION TRAIN: Pskov Court Names Insolvency Manager
BUGURUSLAN-AGRO-PROM-TRANS: Declared Insolvent
ISKRA 98: Kemerovo Court Opens Bankruptcy Proceedings
KINESHMA-LES-PROM: Bankruptcy Hearings Resume Next Month
LAPSARSKAYA: Undergoes Bankruptcy Supervision Procedure

OGO-AGRO-CENTRE: Names A. Cherkasov Insolvency Manager
PRUZHINKI: Assets up for Public Auction Weekend
SVET: Deadline for Proofs of Claim Expires Next Month
UST-ILIMSK-GRAZHDAN-STROY: Bankruptcy Proceedings Begin
VOSKHOD: Creditors Have Until Next Month to File Claims


S P A I N

IZAR: Liquidation Is Now Official
TERRA MITICA: Registers EUR35 million Loss in 2004


S W E D E N

CONCORDIA BUS: Restructures Senior Subordinated Notes Due 2010


U K R A I N E

BANKOMZVYAZOK: Applies for Bankruptcy Proceedings
BARVINOK: Bankruptcy Proceedings Begin
BETONNIK: Harkiv Court Hires G. Deryaga as Insolvency Manager
MRIYA: Declared Insolvent
STAROSINYAVSKIJ SUGAR: Hmelnitskij Court Brings in Liquidator
VO CENTR: Appoints I. Morozov Insolvency Manager


U N I T E D   K I N G D O M

ABBEYMOOR HOUSE: Names Portland Business Liquidator
ACTIVE PRINT: Members Call in Liquidator from Bevan & Buckland
AFRO CARIBBEAN: Hires Unique Business Finance as Liquidator
AG WHESSOE: Names Liquidator from Fergusson & Co. Limited
ALEXON GROUP: Allders' Demise to Hit Alexon's Profits

ALLDERS PLC: Debenhams Spent GBP34 Mln on Allders Stores
AQUARIUS ENGINEERING: Calls in Liquidator from Begbies Traynor
ARTHUR FITT: Members Decide to Wind up Firm
ASSYRIAN EQUINE: Appoints Liquidator from Begbies Traynor
BOOTS GROUP: To Give Trading Update Thursday

BRAINTEASER SOLUTIONS: Members Decide to Wind up Company
CENTIVA LIMITED: Calls in Liquidator from Butcher Woods
COBELLA LIMITED: Hires Liquidator from Alexander Lawson & Co.
CREATIVE IMAGE: Appoints Crawfords Liquidator
FEDERAL-MOGUL: Estimation Hearing Scheduled June 14

FREEFORCE LIMITED: Members Hire Liquidator from Budsworth & Co.
FROST-IT (UK): Hires Bridgestones as Administrator
GREAT NORTHERN: Members Pass Special Resolution
LILLIMAN ENGINEERING: Names Administrator from Vantage
LYNN LAW: Calls in PricewaterhouseCoopers Administrator

MAP CREATION: Members Name Harris Lipman Liquidator
MG ROVER: PVH Directors Pledge Personal Cash to Save SAIC Talks
NETWORK RAIL: Saves GBP420 Mln from Efficiency Measures in 2004
NORHAM HOUSE: Members Hire Joint Liquidators from Baker Tilly
OCBC NOMINEES: Appoints Richard Long & Co. Liquidator

PINNACLE PARK: Members Pass Winding-up Resolution
PIONEER PLASTICS: Liquidators from P&A Partnership Move in
RICHARD CANNON: Hires Numerica as Liquidator
SUNATLAS LIMITED: Members Call in Liquidator from Albert Goodman
TOLL MANAGEMENT: Appoints Mazars Liquidator
WHITE & SONS: Appoints Administrators from Bridgestones


                            *********


===============
B U L G A R I A
===============


CHIMCO AD: Losing Streak Continues
----------------------------------
A EUR75.064 million charge to account for the depreciation of
fixed tangible assets widened Chimco AD's loss for 2004,
Reporter.gr says.

The still unaudited results peg the net loss at BGN80.951
million, or a fourfold increase from last year's BGN20.713
million.  The fertilizer maker only managed to book revenues of
BGN2.111 million.

Despite the poor results, the two companies that have earlier
expressed interest in the company remain committed.  Swiss
Indagro is offering to rehabilitate Chimco's facilities in
Vratsa by installing a new thermal power plant and acquiring
tanks and wagons to transport products.

Inter RAO Bulgaria, the other interested buyer that holds a
33.4% stake acquired from a stock-exchange deal in February,
plans to invest EUR200 million to modernize Chimco's equipment.
It also plans to introduce a new product line -- special glues.
Inter RAO is backed by Finnish, British, American and Russian
investors, which together control 69.4% of Chimco.

CONTACT:  CHIMCO AD
          3037 Vratza, Bulgaria
          Phone: +359-92-61071
          Fax: +359-92-61118
          E-mail: info@chimco.bg
          Web site: http://www.chimco.bg


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


FINNAIR OYJ: Pilots Give Management Ultimatum on New Pact
---------------------------------------------------------
Pilots of troubled carrier Finnair are threatening to stop
rendering overtime work beginning April 25 if a new deal with
management is not reached by then, Reuters reports.

According to union head Panu Maki, its 620 members are not yet
considering a strike at this point.  He said pilots are still
hoping the state mediator could help bring about an accord.

The pilots, Mr. Maki said, are mainly concerned over working and
rest hours, which the company has no intention of changing.
"Especially in long-distance flights, where Finnair has added
many destinations, there are too short rest times and too small
crew.  We fly too long days also in global comparison with only
two pilots."

He added the pilots also want to have a say in outsourcing
issues.

CONTACT:  FINNAIR OYJ
          Taneli Hassinen
          Communications Officer, IR
          Phone: +358 9 818 4976

          Mr. Christer Haglund
          SVP Communications
          Phone: +358 9 8184007

          Mr. Timo Riihimaki
          Assistant VP, Cargo
          Phone: +358 9 8185487


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


ALSTOM SA: Wins EUR265 million Contract in India
------------------------------------------------
Alstom S.A. has been selected for a EUR265 million project with
India's National Hydroelectric Power Corporation (NHPC) for the
turnkey supply of power generation equipment to the Subansiri
Hydro Power Project, in Assam, India.  The project will be the
largest hydropower scheme in the country.

NHPC is one of the largest organizations for hydropower
development in India and has awarded Alstom this important
contract owing to Alstom's extensive experience in such
projects, combined with its capability to produce the majority
of the equipment in India.

Alstom's scope of supply for the 2000 MW power plant covers
electro-mechanical equipment including: turbines, generators,
balance of plant, plant control and monitoring systems.  The
main components will be manufactured at Alstom's newly expanded
factory in Baroda, India.

The plant is due to come into operation in 2010.  Once
completed, the hydropower station will increase the total power
generation capacity of India by 2%.  This order confirms the
strong position of Alstom and its development strategy in the
Indian power generation market.

Philippe Joubert, President of Alstom's Power Turbo Systems and
Power Environment Sectors, said: "Alstom has more than a 30%
share of world hydropower generation and we consider India to be
one of the most important developing markets.  We have been
investing in our Baroda factory in order to develop it into a
world hub for hydro projects.  We are very pleased to have been
selected for this project, which will be the biggest hydro
project in the country.  It confirms that our commitment to
India is the right strategy for Alstom."

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

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

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


EUTELSAT SA: Off CreditWatch After Recapitalization
---------------------------------------------------
Standard & Poor's Ratings Services affirms its 'BB' long-term
corporate credit ratings on France-based leading satellite
capacity provider Eutelsat S.A. and related entities and removed
the ratings from CreditWatch (where they were originally placed
on March 17, 2005), following completion of the group's
recapitalization.  The outlook is stable.

At the same time, the ratings on Eutelsat's EUR1.3 billion ($1.7
billion) senior unsecured term and revolving facilities were
removed from CreditWatch and raised to 'BB+' from 'BB', and a
recovery rating of '1' has been assigned -- indicating Standard
& Poor's expectation of full recovery for lenders to these
facilities, despite their unsecured nature.  The ratings on all
other outstanding debt issues were affirmed, along with the '3'
recovery rating on related entity SatBirds Finance Sarl's
EUR1.78 billion senior secured facilities.

"The rating actions follow the completion of Eutelsat's
leveraged recapitalization transaction in accordance with
Standard & Poor's expectations, with no more than EUR300 million
(US$385 million) of pay-in-kind (PIK) notes issued," said
Standard & Poor's credit analyst Michael O'Brien.

The ratings on Eutelsat reflect the significant increase in
leverage resulting from the group's substantial debt-financed
dividend payments to existing shareholders, which has switched
the company's capitalization to a highly leveraged financial
structure, thereby moving away from the previously sound
structure that was in place.  Eutelsat's total debt (including
satellite performance incentives, capital leases, and service
purchase commitments) was about EUR1.4 billion at Dec. 31, 2004.
Pro forma for the transaction this would have been about EUR3.8
billion, with group debt increasing by EUR2.4 billion.

The stable outlook reflects Standard & Poor's expectation that
Eutelsat's good contract backlog and operating track record
should enable the group to withstand the current overcapacity
and testing trading conditions in the satellite market, and
maximize solid operating cash flow generation and dividend
distribution ability.  Standard & Poor's further expects
Eutelsat to defend its strong European market position in the
video segment, which is the mainstay of its solid business risk
profile.

"Solid operating performance is expected to assist Eutelsat and
related entities with headroom on their loan covenants, which is
key for financial management at the holding company level," said
Mr. O'Brien.  "Any narrowing of covenant headroom or impairment
of dividend paying ability at Eutelsat, thereby reducing the
ability of the holding companies to pay interest on debt, will
put negative pressure on the ratings."

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

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


TONKIN INVESTISSEMENT: Reports EUR100 Million Turnover for 2004
---------------------------------------------------------------
Tonkin Investissement returned to black last year by posting
about EUR100 million in turnover, Les Echos reported Tuesday.

Plagued by management problems that date back to the reign of
former owner Hurrle, a family-owned German firm, the company has
been able to avoid bankruptcy despite posting consecutive
losses.  Now owned by Laboratoires Merieux, which took over the
helm in 2003, the company employs 1,500 with 928 beds and health
centers, of which 600 are located in Lyon.  The company plans to
invest EUR25 million in a health center with a capacity of 40
patients in 2007, according to general manager Alain Lyonnet.
The project will have cancer treatment and radiotherapy units,
among other facilities.

CONTACT:  LABORATOIRE MARCEL MERIEUX
          19 Avenue
          69007 Lyon
          France
          Phone: +33 04 72 80 10 10
          Fax: +33 04 72 80 10 65
          Web site: http://www.lab-merieux.fr


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


AC-TRANS GMBH: Falls into Bankruptcy
------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against AC-Trans GmbH on March 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 6, 2005 to
register their claims with court-appointed provisional
administrator Thomas Georg.

Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 9:45 a.m. at Gebaude des
Amtsgerichts Monchengladbach, Hohenzollernstr. 157, 41061
Monchengladbach, Erdgeschoss, Sitzungssaal A 14, 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:  AC-TRANS GMBH
          St. Martinus Strasse 41, 41812 Erkelenz
          Contact:
          Gottfried Cremer, Manager

          Thomas Georg, Administrator
          Hohenzollernstr. 124 - 126, 41061 Monchengladbach


AGIV REAL: Citigroup Out to Buy Real Estate Units
-------------------------------------------------
Financial services giant Citigroup leads the race to buy two
healthy subsidiaries of Agiv Real Estate, according to Europe
Intelligence Wire.

Citigroup is keen on acquiring the property group's Deutsche
Real Estate and Adler Real Estate units.  Deutsche Real Estate
looks particularly attractive with its property assets of worth
EUR550 million.

Reinhard Titz, AGIV's insolvency administrator, said there are
several interested parties in the subsidiaries, but refused to
reveal names.  According to him, a sale could be completed
within the next three months.  Citigroup declined to comment.

Agiv was pushed into insolvency late February due to problems
with its rental guarantees.

CONTACT:  AGIV REAL ESTATE AG
          Warburgstrasse 50
          D-20354 Hamburg
          Phone: +49-40 4 15 26-0
          Fax: +49-40 4 15 26-199
          Web site: http://www.agiv.de

          Reinhard Titz, Provisional Administrator
          Speersort 4-6
          20095 Hamburg

          GERMAN COMMUNICATIONS DBK AG
          Jorg Bretschneider
          Badestrasse 42
          20148 Hamburg
          Phone: 040/46 88 33 0
          Fax: 040/47 81 80
          E-mail: presse@german-communications.com


AUGUSTA TECHNOLOGIE: Reduces Pandatel Interest to 49.98%
--------------------------------------------------------
By way of a mandatory notification in accordance with section
21, sentence 1 of the WpHG (Wertpapierhandelsgesetz
- German Securities Trading Act), AUGUSTA Technologie AG (WKN
508860; ISIN DE0005088603) reduced its interest in Pandatel AG,
Hamburg, which is also a listed company, from 51.14% to 49.98%
as of March 30, 2005.

As AUGUSTA's interest has fallen below the 50% threshold, it
will deconsolidate Pandatel AG in the first quarter of 2005 and
report the latter at equity.

The Managing Board

CONTACT:  AUGUSTA AG
          Lena Trautmann, Investor Relations
          Phone: +49-(0)69-242669-19
          Fax: +49-(0)69-242669-40
          E-mail: trautmann@augusta-ag.de


AUGUSTA TECHNOLOGIE: Shareholder Blocks Capital Reduction
---------------------------------------------------------
The extraordinary shareholders' meeting of AUGUSTA Technologie
AG (ISIN DE0005088603), a member of the Prime Standard Segment
of the German Stock Exchange, resolved on January 7, 2005 to
initially reduce the share capital of the company in simplified
form by way of consolidation of shares.  This is to cover losses
and to transfer funds to the capital reserves and to
subsequently increase the share capital through contributions in
kind excluding the statutory subscription right of shareholders.

A second shareholder has filed an action for avoidance against
the above resolutions with the Frankfurt am Main Regional Court.
The shareholder has petitioned the Court to determine the
nullity of the resolutions or alternatively to declare the
resolutions null and void.  This action as well has no chances
of succeeding in the opinion of the company.

The Managing Board

CONTACT:  AUGUSTA TECHNOLOGIE
          Lena Trautmann, Investor Relations
          Phone: +49-(0)69-242669-19
          Fax: +49-(0)69-242669-40
          E-mail: trautmann@augusta-ag.de


BITTNER GMBH: Sets Creditors Meeting May
----------------------------------------
The district court of Frankfurt opened bankruptcy proceedings
against Bittner GmbH on March 16.  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 Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on May 27, 2005, 10:40 a.m. at Gebaude des
Amtsgerichts 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:  BITTNER GMBH
          Furstenwalder Strasse 17, 15537 Erkner

          Hartwig Albers, Administrator
          Lutzowstrasse 100, 10785 Berlin


COGNIS GMBH: 2004 Net Loss Down to EUR34 Million
------------------------------------------------
Cognis GmbH has reported significant growth in both sales and
operating results for 2004.  In the twelve months from January 1
to December 31, 2004, the global specialty chemicals supplier
posted total net external sales of EUR3,073 million (+4.2%).

Cognis' 2004 Adjusted EBITDA (earnings before interest, income
taxes, depreciation, amortization and exceptional items) went up
by 16.0% to EUR362 million, with a margin of 11.8%, up from
10.6% the year before.

Comments Antonio Trius, CEO of Cognis: "The 2004 financial year
was a successful one for us.  Despite the continuing weakness of
the U.S. dollar and increasing raw material, energy and
transport prices, we achieved a significant turnaround in our
business.  This is a result of a volume pick-up in our markets
but also confirms the validity of our strategy of focusing on
the wellness and sustainability trends.  The comprehensive
package of restructuring measures initiated through 2003 and
2004 has also contributed substantially to the cost savings."

Cognis' organic sales (sales adjusted for the effects of
currency fluctuations, acquisitions and divestments) grew 8.3%
from 2003, with all five SBUs achieving growth.  Positive
organic sales growth was also achieved by all regions, led by
Central and South America (+24%) and Asia-Pacific (+16%).  North
America achieved +10%, North Europe +4% and South Europe +6%.

Cognis' Adjusted EBITDA increased from EUR312 million to EUR362
million (+16.0%), due to the various restructuring measures
undertaken such as the optimization of the organizational
structure, the integration of Grunau Illertissen GmbH, and
further improvements in production efficiency.  However,
significant increases in raw material and energy costs had an
adverse effect on Adjusted EBITDA.

Despite unfavorable foreign currency effects, sales growth and
cost savings meant that EBIT (earnings before interest and
income taxes) for 2004 increased significantly to EUR99 million,
up from EUR50 million in 2003.  As in 2003, EBIT was affected by
restructuring expenses (EUR35 million) and other exceptional
items (EUR32 million), primarily the ongoing costs of putting in
place an organizational infrastructure separate from that of
Henkel.  The net loss in 2004 was EUR34 million, compared with a
2003 figure of EUR71 million.

Sales by Strategic Business Unit (SBU)

In the course of the restructuring measures in 2004, the Care
Chemicals SBU came to include two business areas that were
previously part of Oleochemicals - Basic Surfactants and Fatty
Alcohols.  Cognis' largest SBU achieved sales of EUR1,155
million, as compared to EUR1,101 million in 2003 (+5.0%).
Organic sales growth was 8.2%.  The increase in sales was
largely driven by innovative products, including Dehypon GRA,
the first granular rinse additive for multifunction automatic
dishwashing detergents, and a new range of active powders which
enable moisturizing effects from apparently dry powder
compositions.

In 2004, the Nutrition & Health SBU reported significant growth,
with sales rising to EUR287 million (+8.9%).  Organic sales
growth was 11.0%.  The SBU benefited from strong sales of
phytosterols, Tonalin CLA and carotenoids.  Overall sales of
Vitamin E declined compared to the previous year despite higher
sales volumes as a result of the weak U.S. dollar.

With sales up 11.1% at EUR772 million, Functional Products
achieved the highest growth of any of the Cognis group's five
SBUs.  The SBU reported organic sales growth of 11.8%.  The
Polymers, Coatings & Inks (PCI) performed well, largely as a
result of a strong U.S. housing and construction market, the
successful introduction of new coating additives, and
significant growth in emulsion polymerization.  The synthetic
lubricants business achieved double-digit organic growth thanks
to an increase in its share of the U.S. transportation market.
The agricultural chemicals business achieved the highest organic
growth rate within the SBU, capitalizing on its approach of
focusing on selected key accounts in order to become a strategic
partner to those customers.  The Mining Technology business
maintained its position as global leader in copper solvent
extraction and made significant progress in the development and
rollout of phase transfer catalysts and mining auxiliary
products.

Process Chemicals' total sales amounted to EUR401 million, 7.0%
down on 2003.  This decrease was due to foreign currency effects
and the divestment of the PVC stabilizers business on July 1,
2004, which posted total sales of EUR44 million in 2003.
Adjusted for foreign currency effects and this divestment, the
SBU's organic sales actually increased by 1.1%.  This growth was
driven by higher average selling prices as a result of changes
to the product mix, and price increases.  Textile Technology was
particularly affected by sluggish European markets and shrinking
output as production shifts to Asia.  Organic growth in Plastics
Technology was mainly volume-driven, though there was also a
slight increase in average selling prices.  Due to a decline in
sales to its European customers, Leather Technology did not
match its total 2003 turnover.

The Oleochemicals SBU achieved a significant turnaround in its
business in 2004.  The oleochemical basestocks business posted
total sales of EUR430 million (+4.1%).  Organic sales growth was
8.7%, thanks largely to higher sales volumes of fatty acids.
Glycerin prices suffered a sharp decline in Europe due to
oversupply resulting from increased biodiesel production, and
the silicates business remained stable.  The oilfield chemicals
business, which produces biodegradable drilling fluids, remained
subdued in 2004.

Outlook

Assuming the economic conditions remain favorable, Cognis
expects moderate sales and Adjusted EBITDA growth in 2005.
Product portfolio improvements -- namely increased market
penetration of new and specialty products -- will drive sales,
while overall quantities are expected to remain comparable to
2004.  The expected growth in Adjusted EBITDA will be achieved
by incorporating more profitable, innovative specialties into
the product mix, allied to higher selling prices and cost
savings resulting from the measures initiated in 2004.  As in
2004, the main risks in 2005 are the dollar/euro exchange rate,
although Cognis has taken steps to partly safeguard itself
against this, and raw material prices.

Overview of results for the annual year 2004

Sales in millions of euros       Annual Year      Change
                                2003     2004


Cognis Group                   2,950    3,073     +4.2%

Care Chemicals                 1,101    1,155     +5.0%

Nutrition & Health               263      287     +8.9%

Functional Products              695      772    +11.1%

Process Chemicals                431      401     -7.0%

Oleochemicals                    413      430     +4.1%

Earnings in millions of euros (Cognis Group)

                                 Annual Year      Change
                                2003     2004


EBIT                             50       99     +98.0%

Adjusted EBITDA                 312      362     +16.0%

About Cognis

Cognis is a worldwide supplier of innovative specialty chemicals
and nutritional ingredients.  The company employs about 8,100
people, and it operates production sites and service centers in
30 countries.  Cognis has dedicated its activities to a high
level of sustainability and delivers natural source raw
materials and ingredients for food, nutrition and healthcare
markets, and the cosmetics, detergents and cleaners industries.
Additionally, Cognis provides solutions for a number of other
industries, such as coatings and inks, lubricants, textiles and
plastics, as well as agriculture and mining.

Cognis is owned by private equity funds advised by Permira, GS
Capital Partners, and SV Life Sciences.

CONTACT:  COGNIS DEUTSCHLAND GMBH & CO. KG
          Susanne Marell
          Vice President Corporate Communications
          Phone: +49-2173-4995-222
          E-mail: susanne.marell@cognis.com

          Susanne Sengel
          Senior Communications Manager
          Phone: +49-2173-4995-220
          E-mail: susanne.sengel@cognis.com
          Web site: http://www.cognis.com


EPS TRANSPORT: Creditors' Claims Due June
-----------------------------------------
The district court of Berlin opened bankruptcy proceedings
against EPS Transport GmbH on March 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 2, 2005 to register their
claims with court-appointed provisional administrator Dr. Petra
Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on April 21, 2005, 10:20 a.m. at Amtsgericht
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on August 4, 2005,
10:05 a.m.

CONTACT:  EPS TRANSPORT GMBH
          Kurfurstendamm 195/196, 10707 Berlin

          Dr. Petra Hilgers, Administrator
          Goethestr. 85, 10623 Berlin


FRA-WO GMBH: Under Bankruptcy Administration
--------------------------------------------
The district court of Berlin opened bankruptcy proceedings
against FRA-WO GmbH & Co. Erste Grundbesitz KG on March 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 7, 2005 to
register their claims with court-appointed provisional
administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on April 26, 2005, 9:00 a.m. at Amtsgericht
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
September 6, 2005, 9:25 a.m. while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  FRA-WO GMBH & CO. ERSTE GRUNDBESITZ KG
          Alte Schonhauser Str. 33/34, 10119 Berlin

          Dr. Wolfgang Schroder, Administrator
          Genthiner Str. 48, 10785 Berlin


GENC TROCKENBAU: Claims Deadline Nears
--------------------------------------
The district court of Karlsruhe opened bankruptcy proceedings
against Genc Trockenbau GmbH on March 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 13, 2005 to register their
claims with court-appointed provisional administrator Marc
Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting on May 11, 2005, 9:00 a.m. at Gebaude des
Amtsgerichts Karlsruhe, Schlossplatz 23, 76131 Karlsruhe, Saal
IV/1, 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:  GENC TROCKENBAU GMBH
          Sophienstr. 82, 76133 Karlsruhe

          Marc Schmidt-Thieme, Administrator
          Stephanienstr. 8, 76133 Karlsruhe
          Phone: (0721) 7569652


MG TECHNOLOGIES: Rolf Schildmann Leaving GEA Group
--------------------------------------------------
Rolf Schildmann, who has been a member of the Executive
Board of GEA AG since 1989, is to leave the company when it is
merged with its parent mg technologies AG.  Until then, his
responsibilities on GEA's Executive Board will cover the
business operations in the Process Engineering, Dairy Farm
Systems, Air Treatment and Energy Technology divisions as well
as Group-wide procurement.

Mr. Schildmann, who is 60 years old and holds degrees in
business administration and engineering, joined the GEA Group in
1981 as commercial director at GEA GmbH, Herne.  Between 1985
and 1988 he was managing director of GEA Wiegand GmbH in
Ettlingen.  When the company floated on the stock market in 1989
he was appointed to the executive board of this Bochum-based
specialty engineering firm.  He was also the company's personnel
director until 2000.

As a member of the Executive Board, Mr. Schildmann played a key
role in transforming GEA into a globally active specialty
engineering group that is one of the world's market leaders.
Among the crowning achievements of his career have been the
integration of several acquisitions such as Grasso, Niro,
Tuchenhagen and Westfalia Separator into the GEA Group and the
latter's strong profitability, particularly in recent years.

Mr. Schildmann's retirement from GEA AG, which will become
effective once the merger has been officially entered in the
Commercial Register, is in accordance with the company's various
boards.  He will continue to make his wide-ranging expertise
available to the company in an advisory capacity.

Mg technologies AG is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and equipment - and plant engineering.  The
company generated sales of roughly EUR4.1 billion -- excluding
Dynamit Nobel and other discontinued operations -- in 2004.  At
December 31, 2004, it employed around 17,000 people and is one
of the world's market and technology leaders in 90% of its
businesses.

                            *   *   *

MG's continuing operations reported a pre-tax loss of EUR29.2
million for the first nine months of 2004.  This was an
improvement of EUR75.6 million on the corresponding period last
year, which included restructuring costs.  The main reasons for
these continuing losses were the losses incurred in the
Industrial Plant Engineering division and charges at the holding
level.  As expected, the MG Group reported a pre-tax profit --
EUR10.2 million -- for the third quarter of 2004, having posted
a pre-tax loss of EUR8.1 million in the third quarter of 2003.

CONTACT:  MG TECHNOLOGIES AG
          Kommunikation
          Bockenheimer Landstrasse 73-77
          D-60325 Frankfurt am Main
          Phone: +49-69-7 11 99-241
          Fax: +49-69-7 11 99-112
          E-mail: info.mg@mg-technologies.com
          Web site: http://www.mg-technologies.com


MISSOUM-DACH: Creditors Meeting Set Later this Month
----------------------------------------------------
The district court of Pforzheim opened bankruptcy proceedings
against Missoum-Dach GmbH on March 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 30, 2005 to register their
claims with court-appointed provisional administrator Dr.
Gunther Staib.

Creditors and other interested parties are encouraged to attend
the meeting on April 29, 2005, 10:30 a.m. at Gebaude des
Amtsgerichts, Mannheimer Str. 17, 75179 Pforzheim, 3.
Stockwerk/Raum 310, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report on
June 10, 2005, 10:00 a.m., while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  MISSOUM-DACH GMBH
          Contact:
          Freddy Missoum, Manager
          Muhlweg 6/1, 75249 Kieselbronn

          Dr. Gunther Staib, Administrator
          Bahnhofstrasse 3, 75172 Pforzheim


PHOENIX KAPITALDIENST: Estimated Losses Bloated, Says Paper
-----------------------------------------------------------
The damage caused by the scandal at securities house Phoenix
Kapitaldienst is not as severe as had been originally thought
of, Europe Intelligence Wire says.

Using a different accounting treatment, the hole on the
company's books appears smaller.  According to the report, the
losses would have only been EUR300 million, instead of EUR600
million, had deposits of about EUR500 million that were made by
investors were taken into account.

According to the report, at least EUR100 million are in a trust
account in Germany, while smaller cash accounts are in
Scandinavia.  Phoenix's insolvency administrator could recover a
total of around EUR200 million.

Frankfurt prosecutors investigated the company last month on
suspicions management misstated assets by hundreds of million of
euros.  Germany's markets regulator, BaFin, closed the firm
early in March.

CONTACT:  PHOENIX KAPITALDIENST GMBH
          Vilbeler Strasse 29
          Arcadia-Haus
          D-60313 Frankfurt am Main
          Phone: +49 69 28 02 66
          Fax: +49 69 29 01 80
          Web site: http://www.phoenix-ffm.de


P-H PROJEKTMANAGEMENT: Creditors Meeting Set Next Month
-------------------------------------------------------
The district court of Hildesheim opened bankruptcy proceedings
against P-H Projektmanagement u. Bauregie GmbH on March 14.
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 Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting on May 23, 2005, 9:00 a.m. at Saal 124,
Hauptgebaude, Kaiserstrasse 60, 31134 Hildesheim, 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:  P-H PROJEKTMANAGEMENT U. BAUREGIE GMBH
          Lange Str. 43, 31171 Nordstemmen
          Contact:
          Peter Hiersemann, Manager

          Dr. Steffen Koch, Administrator
          Konigstr. 26, 30175 Hannover
          Phone: 0511/5248523
          Fax: 0511/5422944


ROBOPORT GMBH: Gives Creditors Until April 20 to Prove Claims
-------------------------------------------------------------
The district court of Ravensburg opened bankruptcy proceedings
against Roboport GmbH 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 Matthias Bott.

Creditors and other interested parties are encouraged to attend
the meeting on April 29, 2005, 10:30 a.m. at Amtsgericht, 88212
Ravensburg, Aussenstelle, Herrenstr. 42, Saal 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:  ROBOPORT GMBH
          Gottlieb-Daimler-Str. 10, 88214 Ravensburg
          Contact:
          Rolf Kleck, Manager

          Matthias Bott, Administrator
          Bodnegger Str. 19, 88287 Grunkraut


ROSCH BAUUNTERNEHMEN: Calls First Creditors Meeting
---------------------------------------------------
The district court of Amberg opened bankruptcy proceedings
against Rosch Bauunternehmen GmbH on March 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 13, 2005 to
register their claims with court-appointed provisional
administrator Mechthild Bruche.

Creditors and other interested parties are encouraged to attend
the meeting on May 30, 2005, 9:00 a.m. at Amtsgericht Amberg,
Baustadelgasse 1, Sitzungssaal V, 1. Stock, Zimmer 115, 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:  ROSCH BAUUNTERNEHMEN GMBH
          Wolfsfeld 3 a in 92280 Kastl

          Mechthild Bruche, Administrator
          Stahlstrasse 17, 90411 Nurnberg
          Phone: 0911/9512850
          Fax: 0911/95128510


WABNITZ & KLEPZIG: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Wabnitz & Klepzig GmbH on March 7.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 17, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on June 7, 2005, 9:00 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  WABNITZ & KLEPZIG GMBH
          Auf der Spitze 3, 06308 Klostermansfeld
          Contact:
          Dagmar Klepzig and Hans Gunter Klepzig, Managers

          Dr. Jur. Rainer Eckert, Administrator
          Universitatsring 6, D-06108 Halle
          Phone: 0345/530490
          Fax: 0345/5304926


WALTER BAU: Insolvency Proceedings Officially Open
--------------------------------------------------
A court in Augsburg has officially opened insolvency proceedings
against Walter Bau AG.  Creditors were scheduled to meet
Wednesday to discuss the takeover offer lodged by Austrian rival
Strabag, among other issues.

German construction group Bilfinger Berger and the Lenz family
have reportedly expressed interests for Walter Bau, but
creditors have received one concrete takeover offer so far.
Walter Bau declared insolvency in February after creditor banks
refused to approve its restructuring plan, denying it access to
a EUR1.5 billion credit line.

CONTACT:  WALTER BAU AG
          Boheimstr. 8
          86153 Augsburg
          Phone: +49 (0)8 21/55 82-00
          Fax: +49 (0)8 21/55 82-3 20
          Web site: http://www.walter-bau.de


===========
G R E E C E
===========


OLYMPIC AIRLINES: Privatization First Priority of New Government
----------------------------------------------------------------
State-owned national carrier Olympic Airlines will be put up for
sale by Greece's new conservative government, as part of a
privatization program to raise US$2.1 billion.

According to Asia Intelligence Wire, this is the first attempt
by the fledgling government to sell the airline, which was
created last year by the previous Socialist government after
failing to find buyers for the nearly bankrupt Olympic Airways.
The latter has been racking up an estimated debt of more than
US$133 million a year.

In advertisements published in several Greek newspapers, the
government said Lazard, National Bank of Greece, Emporiki
Investment Bank and Alpha Finance are acting as financial
advisers for the privatization of the airline and Olympic
Airways Services, a merger of the ground handling and
maintenance services of Olympic Airways.

CONTACT:  OLYMPIC AIRLINES S.A.
          Web site: http://www.olympicairlines.com


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


MEDIALAB EUROPE: Liquidation May Leave Surplus
----------------------------------------------
Liquidator Ernst & Young assured unsecured creditors of
international research institute MediaLab Europe there is enough
cash to pay all of them, according to Europe Intelligence Wire.

The firm's creditors, which are owed a total of EUR23,920,
include electricity and heating suppliers.  MediaLab's cash in
the bank was worth EUR3.01 million at the time of the
liquidation.  Further, it has receivables of EUR407,607.  The
liquidation is estimated to cost EUR3.12 million, and the board
still expects a surplus of 325,644 following payment of
outstanding debt.  The lab's article of association provides
that the surplus from liquidation should go to charitable
causes.

MediaLab voluntarily filed for winding-up after talks between
the government and the Massachusetts Institute of Technology
over a financial rescue package fell through.  The institute was
put up by the government in 2000 using EUR35.5 million of
taxpayer's money.  The original plan was for it to thrive on
corporate funding, but the idea obviously did not work out.

The Public Accounts Committee is still to examine the collapse
of MediaLab.  Meanwhile, reports obtained from the Freedom of
Information Act suggest the flagship project collapse as a
result of chronic mismanagement.

CONTACT:  MEDIA LAB EUROPE
          Sugar House Lane, Bellevue
          Dublin 8
          Ireland
          Phone: +353 1 474 2800
          Web site: http://www.medialabeurope.org/


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


ALITALIA SPA: Talks with Air France over Capital Hike Underway
--------------------------------------------------------------
Air France KLM's possible participation in Italian carrier
Alitalia's planned capital increase is currently the subject of
ongoing negotiations between the two groups, Reuters reports,
citing an unnamed source close to the talks.

The source says it was too early to say whether the Franco-Dutch
group would ultimately participate in the capital increase for
up to EUR1.2 billion (US$1.54 billion), which Alitalia is
planning to hold in the coming months to finance a restructuring
plan that aims to return the loss-making airline to break-even
by 2006.

The source's comments come after a report that Air France KLM is
being pressured by Alitalia chief executive Giancarlo Cimoli for
a letter that would confirm its intention to buy shares in
Alitalia when the government lowers its stake.  A spokesman for
Air France KLM on Tuesday said that at the moment, the group has
not committed itself to buying Alitalia shares.

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


PARMALAT FINANZIARIA: Ex-accountants' Plea Agreements Accepted
--------------------------------------------------------------
Prosecutors have accepted plea agreements with two former
accountants of bankrupt dairy giant Parmalat, Bloomberg News
reports.

This would mean that accountants Gianfranco Bocchi and Claudio
Pessina would receive one-year prison sentences instead of a
possible five years for the market manipulation charges brought
against them.  The plea agreements, however, still have to be
approved by Judge Cesare Tacconi, who is conducting the
preliminary hearing in the Milan criminal case.

Parmalat declared bankruptcy in December 2003 and later
disclosed more than US$18 billion of debt, about eight times the
amount reported by management.  Milan prosecutors have requested
indictments against Parmalat founder Calisto Tanzi and 28
others, including Bocchi and Pessina.

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


PARMALAT U.S.A.: Court Okays US$61 Mln LaSalle Exit Funding
-----------------------------------------------------------
Farmland Dairies LLC, a Parmalat U.S.A. Corporation debtor-
affiliate, needs to obtain a working capital credit facility to
repay its DIP facility, to fund certain payments under the
confirmed Plan of Reorganization, and to operate its business
after the effective date of the Plan.

Gary T. Holtzer, Esq., at Weil, Gotshal & Manges LLP in New
York, relates that under the Plan, Farmland's exit financing
will consist of two facilities:

   -- a "Junior Secured Exit Facility," and

   -- a "Senior Secured Exit Facility."

Farmland and General Electric Capital Corporation have executed
a commitment letter with respect to the Junior Secured Exit
Facility, and they are in the process of formalizing the
negotiated terms into a final loan document.

In connection with Farmland's efforts to secure Exit Financing,
its investment banker, Lazard Freres and Co. LLC, prepared and
delivered to a number of potential lenders an informational
memorandum, related diligence materials, and requests for
proposals regarding the Senior Secured Exit Facility portion of
the Exit Financing.  After reviewing the initial proposals
submitted by several potential lenders, Farmland pursued further
discussions with three potential lenders interested in providing
the Senior Secured Exit Facility whose proposals were among the
more favorable for Farmland's needs.  The Potential Lenders each
performed due diligence in connection with making a proposal for
a potential Senior Secured Exit Facility.

Subsequent to the negotiations, Farmland and Lazard ultimately
concluded, at the time, that Wachovia Investment Holdings LLC
had offered the most favorable terms for the Senior Secured Exit
Facility.  On December 4, 2004, Farmland executed Wachovia's
revised proposal letter and paid Wachovia $75,000 for Wachovia's
performance of due diligence.

Wachovia and Farmland reached a substantial agreement on a
commitment letter pursuant to which Wachovia was to provide
Farmland with the Senior Secured Exit Facility.  Under the
proposed Wachovia Commitment Letter, Wachovia was to provide a
secured revolving loan facility, including a letter of credit
sub-facility, and a term loan facility of up to an aggregate of
$55,000,000.  In connection with the Wachovia Commitment Letter,
Farmland agreed to pay Wachovia a $100,000 commitment fee and a
$75,000 additional deposit for fees and expenses.

The Court had also previously authorized Farmland to enter into
the Wachovia Commitment Letter and pay the Wachovia Commitment
Fee.  Farmland executed the Wachovia Commitment Letter and paid
Wachovia the agreed commitment amount.

Subsequent to Farmland's selection of Wachovia, LaSalle Business
Credit LLC, one of the initial Potential Lenders, approached
Farmland with a proposal to provide the Senior Secured Exit
Facility on more favorable terms than LaSalle's initial
proposal.

According to Mr. Holtzer, Farmland continued to negotiate with
LaSalle and the negotiations ultimately resulted in a proposal
for the Senior Secured Exit Facility with significantly better
terms than those negotiated with Wachovia, taking into account
the additional costs and fees attendant to entering into the
proposed credit facility with LaSalle.

On March 2, 2005, Farmland executed a proposal letter with
LaSalle and, to date, has paid LaSalle an aggregate of $150,000
as Diligence Deposit as previously authorized by the Court.
Farmland and LaSalle subsequently negotiated and entered into a
commitment letter pursuant to which LaSalle will provide
Farmland with a Senior Secured Exit Facility up to an aggregate
of $61,000,000 through these credit facilities:

   * a $35,000,000 revolving line of credit facility, including
     a letter of credit sub-facility; and

   * $26,000,000 consisting of various term loans.

                    LaSalle Has Superior Offer

Although Farmland initially received the best proposal from
Wachovia, the terms proposed by LaSalle are superior and more
beneficial than the terms otherwise offered by Wachovia, Mr.
Holtzer says, because LaSalle:

   -- offers a facility that is $6,000,000 larger and provides
      for greater than $10,000,000 more in availability;

   -- has a $1,000,000 smaller availability block;

   -- requires $6,000,000 less in borrowing availability at
      closing;

   -- charges less for letters of credit;

   -- requires $120,000 less a year in servicing fees; and

   -- has lower prepayment fees.

The LaSalle Commitment Letter contains these salient terms:

     Borrower:            Farmland Dairies, LLC

     Agent:               LaSalle Business Credit, LLC

     Lenders:             LaSalle and a syndicate of financial
                          institutions and other accredited
                          investors assembled by LaSalle.

     Maximum Credit:      $61,000,000

     Revolving Loan       Lenders commit to advance an amount up
     Facility:            to the lesser of $35,000,000 or the
                          sum of the listed sublimits described
                          in the LaSalle Commitment Letter.

     Term Loans:          The Lenders commit to advance these
                          additional amount on the closing date
                          or at other time as specified:

                          * Term Loans A and B -- Up to the
                            lesser of:

                            a. the sum of:

                               -- the lesser of:

                                  (A) 80% of the appraised
                                      orderly liquidation value
                                      of the Borrower's
                                      domestic machinery and
                                      equipment other than those
                                      located in Atlanta,
                                      Georgia, or any idle
                                      machinery and equipment;
                                      or

                                  (B) 100% of the forced
                                      liquidation value of
                                      domestic machinery and
                                      equipment at specified
                                      locations as identified in
                                      a schedule to the LaSalle
                                      Commitment Letter; and

                               -- 75% of the appraised fair
                                  market value of the Farmland's
                                  real estate as identified in
                                  the Commitment Letter; or

                            b. $16,000,000 allocated between
                               Term Loans A and B as determined
                               by LaSalle in its sole
                               discretion;

                               plus

                          * Term Loan C -- $5,000,000 as a
                            special accommodation loan.

                          * Term Loan D -- In LaSalle's sole
                            discretion, up to $5,000,000 to be
                            used by the Borrower from time to
                            time for purposes to be agreed upon
                            between the parties in the final
                            documentation.

     Collateral:          A first priority lien on all of the
                          Borrower's assets.  However, the lien
                          on the Borrower's Atlanta Facility
                          will be released when Term Loan C is
                          repaid in full and the Term Loan C
                          commitment is terminated.

     Interest Rates:      * Revolving Credit Facility -- An
                            interest at the Borrower's option,
                            at either (i) the publicly announced
                            prime rate of LaSalle Bank Nation
                            Association or (ii) at the LIBOR
                            Rate plus the applicable amount set
                            forth in the pricing grid contained
                            in the LaSalle Commitment Letter.

                          * Term Loans A and B -- An interest
                            rate at the Borrower's option at
                            either (i) the Prima Rate plus 1.25%
                            of (ii) the LIBOR Rate plus 2.5%.

                          * Term Loans C and D -- An interest
                            rate at the Borrower's option at
                            either:

                            -- the Prime Rate plus 1.75%, or

                            -- the greater of (i) the LIBOR Rate
                               plus 3.00% or (ii) 5.00% per
                               annum.

     Letters of Credit:   The Lenders will cause the issuance of
                          and co-sign for, upon the Borrower's
                          request, commercial and standby
                          letters of credit, provided that the
                          aggregate undrawn face amount of these
                          letters of credit will not exceed the
                          lesser of Availability or $25,000,000,
                          in the aggregate.  The Borrower will
                          pay the issuer's normal charges for
                          letters of credit, and in addition,
                          will pay the Lenders an administrative
                          charge equal to 2% per annum payable
                          on the outstanding amount of the
                          letters of credit, which charges will
                          be payable monthly in arrears on each
                          day that interest is payable.  The
                          Borrower's contingent liability under
                          the letters of credit will
                          automatically reduce, dollar-for-
                          dollar, the amount of Revolving Loans
                          which the Borrower may borrow.

     Excess               The Borrower will, at the time of the
     Availability:        initial disbursement of the Loans,
                          have Availability plus cash and cash
                          equivalents in excess of $11,000,000.

     Good Faith Deposit:  The Borrower has remitted to LaSalle
                          $150,000 as an initial good faith
                          deposit.  At the Court's approval, the
                          Borrower will remit an additional
                          $125,000 deposit.  The good faith
                          deposits, less (i) LaSalle's charges
                          and expenses for its initial
                          examination of the Borrower's
                          Collateral, as well as the Borrower's
                          books and records and (ii) all other
                          out-of-pocket expenses will be
                          refunded to the Borrower at the time
                          LaSalle makes the initial disbursement
                          of the Loan or the termination of the
                          LaSalle Commitment Letter.

     LaSalle Commitment   The Borrower will pay LaSalle a
     Fee:                 $100,000 Commitment Fee, on the later
                          of (i) the execution of the LaSalle
                          Commitment Letter by both parties and
                          (ii) receipt of the Court's approval.
                          The Commitment Fee will be fully
                          earned and non-refundable when paid
                          and will be applied as a credit to the
                          closing fee at the closing date.

     Indemnification:     The Borrower will indemnify and hold
                          LaSalle harmless from and against any
                          loss, claim, liability or expense,
                          including reasonable outside
                          attorney's fees and legal expenses
                          incurred in connection with, arising
                          out of, or in any way related to the
                          LaSalle Commitment Letter or any of
                          the contemplated transactions, except
                          to the extent directly arising from
                          the gross negligence, willful or
                          criminal misconduct or an Indemnified
                          Party as determined pursuant to a
                          final, non-appealable order of a court
                          of competent jurisdiction.  The
                          Indemnified Parties will not, in any
                          case be liable for any special,
                          indirect or consequential damages in
                          respect of a breach of alleged breach
                          of any of LaSalle's or the Borrower's
                          obligation that might be deemed to
                          exist under the LaSalle Commitment
                          Letter.

Mr. Holtzer assures the Court that any additional fees and
expenses incurred as a consequence of moving the Senior Secured
Exit Facility to LaSalle and Farmland's proposed payment of the
LaSalle Commitment Fee will not impact the recovery to
Farmland's general unsecured creditors under the Plan.  Under
these circumstances, Farmland believes that incurring the
LaSalle Commitment Fee at this time is warranted and is a
necessary step in furtherance of procuring the Senior Secured
Exit Facility.

Farmland sought and obtained the Court's authority to:

   (a) enter into the LaSalle Commitment Letter; and

   (b) pay LaSalle a good faith deposit for $125,000 and a
       commitment fee for $100,000.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.  The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debt. (Parmalat Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

CONTACT:  PARMALAT U.S.A. CORPORATION
          520 Main Ave.
          Wallington, NJ 07057
          Phone: 973 777 2500
          Fax:   973 777 7648
          Toll Free: 888 727 6252
          Web site: http://www.parmalatusa.com


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


BRIDGE-CONSTRUCTION TRAIN: Pskov Court Names Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Pskov region commenced bankruptcy
proceedings against Bridge-Construction Train #64 (TIN
6025000162) after finding the limited liability company
insolvent.  The case is docketed as A52/1414/2004/4.  Ms. T.
Gudkova has been appointed insolvency manager.  Creditors have
until May 5, 2005 to submit their proofs of claim to 182100,
Russia, Pskov, Konnaya Str. 2.

CONTACT:  BRIDGE-CONSTRUCTION TRAIN #64
          182100, Russia, Pskov region,
          Velikiye Luki, Depovskaya Str. 12A

          Ms. T. Gudkova
          Insolvency Manager
          182100, Russia, Pskov region,
          Konnaya Str. 2


BUGURUSLAN-AGRO-PROM-TRANS: Declared Insolvent
----------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Buguruslan-Agro-Prom-Trans after finding the
open joint stock company insolvent.  The case is docketed as
A47-6792/2004-14GK.  Ms. E. Portnova has been appointed
insolvency manager.  Creditors have until May 5, 2005 to submit
their proofs of claim to 460014, Russia, Orenburg, Sovetskaya
Str. 11, Post User Box 63.

CONTACT:  BUGURUSLAN-AGRO-PROM-TRANS
          461600, Russia, Orenburg region, Buguruslan,
          Pilyuginskoye Shosse, 51

          Ms. E. Portnova
          Insolvency Manager
          460014, Russia, Orenburg, Sovetskaya Str. 11,
          Post User Box 63
          Phone/Fax: (3532) 78-38-44


ISKRA 98: Kemerovo Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Iskra 98 after finding the open joint stock
company insolvent.  The case is docketed as A27-7607/2004-4.
Mr. M. Pitintsev has been appointed insolvency manager.

Creditors may submit their proofs of claim to:

(a) Mr. M. Pitintsev
    Insolvency Manager
    650033, Russia, Kemerovo
    Post User Box 3027

(b) ISKRA 98
    652090, Russia, Kemerovo region
    Anzhero-Sudzhensk,
    Festivalnaya str. 1a

A hearing will take place on May 18, 2005.


KINESHMA-LES-PROM: Bankruptcy Hearings Resume Next Month
--------------------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
supervision procedure on open joint stock company Kineshma-Les-
Prom.  The case is docketed as A17-1223/04-10-B.  Mr. M.
Astashov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 155800, Russia,
Ivanovo region, Kineshma, Lesozavodskaya Str. 10.  A hearing
will take place on May 16, 2005.

CONTACT:  KINESHMA-LES-PROM
          155800, Russia, Ivanovo region,
          Kineshma, Lesozavodskaya Str. 10
          Phone/Fax: (09331) 2-35-70

          Mr. M. Astashov
          Temporary Insolvency Manager
          155800, Russia, Ivanovo region,
          Kineshma, Lesozavodskaya Str. 10
          Phone/Fax: (09331) 2-35-70


LAPSARSKAYA: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
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

(c) The Arbitration Court of Chuvashiya Republic
    Russia, Chuvashiya republic, Lenina Pr. 4

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


OGO-AGRO-CENTRE: Names A. Cherkasov Insolvency Manager
------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Ogo-Agro-Centre after finding the limited
liability company insolvent.  The case is docketed as A41-K2-
23850/04.  Mr. A. Cherkasov has been appointed insolvency
manager.  Creditors have until May 5, 2005 to submit their
proofs of claim to 119048, Russia, Moscow, Post User Box 114.

CONTACT:  OGO-AGRO-CENTRE
          Russia, Moscow region,
          Troitsk, Solnechnaya Str. 12

          Mr. A. Cherkasov
          Insolvency Manager
          119048, Russia, Moscow region,
          Post User Box 114


PRUZHINKI: Assets up for Public Auction Weekend
-----------------------------------------------
The bidding organizer and insolvency manager of close joint
stock company Pruzhinki will sell its property worth
RUB6,500,000 on April 8, 2005, 12:00 noon.  The public auction
will take place at Russia, Lipetsk region, Pruzhinki, the
administrative building.

The list of documentary requirements is available at 399031,
Russia, Lipetsk region, Pruzhinki, the administrative building.
To participate, bidders must deposit an amount equivalent to 5%
of the starting price to the settlement account
40702810724000000052 at Lipetskiy RF OJSC Rosselkhozbank,
Lipetsk, BIC 044206756, correspondent account
30101810800000000756.

CONTACT:  PRUZHINKI
          Russia, Lipetsk region, Pruzhinki

          Insolvency Manager
          Phone: 8 (903) 699-59-79 or 8 (0742) 33-70-60 or
                 8 (0742) 75-41-14


SVET: Deadline for Proofs of Claim Expires Next Month
-----------------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
proceedings against Svet after finding the weaving-finishing
factory insolvent.  The case is docketed as A11-4315/2004-K1-
40B.  Ms. V. Tikhonova has been appointed insolvency manager.
Creditors have until May 5, 2005 to submit their proofs of claim
to 600022, Russia, Vladimir, Zavodskogo Str. 11V, Apartment 16.

CONTACT:  SVET
          601423, Russia, Vladimir region,
          Vyaznikovskiy region, Serkovo

          Ms. V. Tikhonova
          Insolvency Manager
          600022, Russia, Vladimir region,
          Zavodskogo Str. 11V, Apartment 16


UST-ILIMSK-GRAZHDAN-STROY: Bankruptcy Proceedings Begin
-------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Ust-Ilimsk-Grazhdan-Stroy after finding the
open joint stock company insolvent.  The case is docketed as
A19-15697/03-8.  Mr. K. Sobolev has been appointed insolvency
manager.  Creditors have until May 05, 2005 to submit their
proofs of claim to 664011, Russia, Irkutsk, Post User Box 176.

CONTACT:  UST-ILIMSK-GRAZHDAN-STROY
          Russia, Irkutsk region,
          Ust-Ilimsk, Ust-Ilimskoye Shosse, 6

          Mr. K. Sobolev
          Insolvency Manager
          664011, Russia, Irkutsk region,
          Post User Box 176


VOSKHOD: Creditors Have Until Next Month to File Claims
-------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Voskhod after finding the close joint stock
company insolvent.  The case is docketed as A-32-11388/2044-
46/83-B.  Mr. A. Korovko has been appointed insolvency manager.
Creditors have until May 5, 2005 to submit their proofs of claim
to Russia, Krasnodar region, Tikhoretskiy region, Bratskiy,
Shkolnaya Str. 3.

CONTACT:  VOSKHOD
          Russia, Krasnodar region, Tikhoretskiy region,
          Bratskiy, Shkolnaya Str. 3

          Mr. A. Korovko
          Insolvency Manager
          Russia, Krasnodar region, Tikhoretskiy region,
          Bratskiy, Shkolnaya Str. 3


=========
S P A I N
=========


IZAR: Liquidation Is Now Official
---------------------------------
Shareholders of state-owned shipbuilder Izar have approved the
liquidation of the firm, putting at risk the jobs of almost
4,000 employees, El Pais reported.

At the meeting, the board said Izar had liabilities of more than
EUR2.242 billion, and assets of EUR537 million last year.  Izar
was brought down by the decision of the European Union last year
to return to state industrial holding SEPI some EUR1.2 billion
in illegal government aid.

Izar's liquidation was widely expected to signal the sale of its
four remaining facilities.  Its shipbuilding yards in Seville
and Gijon have work only until the end of the year and March,
2006.  A declaration of insolvency in Spain prevents a firm from
entering into any new contracts.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


TERRA MITICA: Registers EUR35 million Loss in 2004
--------------------------------------------------
Terra Mitica ended 2004 with a loss of EUR35 million.  The
Spanish theme park, which has been under temporary receivership
for about a year, recorded a loss of over EUR70 million a year
earlier.

According to Europe Intelligence Wire, the park's accounts will
be ratified by the shareholders' meeting set in late May or
early June.  The board of directors approved the accounts last
week.

With a 7.5 percent rise in turnover and a 33.4 percent reduction
in costs, Terra Mitica aims to register EUR2.2 million in
operating profits this year.  The park shortened its hours of
operation and cut down the wages of management late last year as
part of its cost-cutting measures.

CONTACT:  TERRA MITICA PARQUE TEMATICO DE BENIDORM S.A.
          Ctra. Benidorm a Finestrat
          Partida del Moralet s/n
          03502 Benidorm (Alicante)
          Phone: 902 02 02 20
          Fax: 965 00 47 49
          E-mail: callcenter@terramiticapark.com
          Web site: http://www.terramiticapark.com


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


CONCORDIA BUS: Restructures Senior Subordinated Notes Due 2010
--------------------------------------------------------------
Concordia Bus Nordic AB, an Ad Hoc Committee of the 11% Senior
Subordinated Notes due 2010 issued by Concordia Bus, the main
equity holders in the Group's parent company (Concordia Bus
B.V.) and Concordia Bus AB, have negotiated non-binding,
indicative terms for a restructuring of the Subordinated Notes.

The Indicative Terms that outline a basis for a restructuring of
Concordia Bus by way of a debt-to-equity exchange is available
free of charge at:
http://bankrupt.com/misc/Concordia_Restructuring.pdf

To facilitate a restructuring of Concordia Bus, Nordic is
soliciting consents and agreements from holders of its 9.125%
Senior Secured Notes due 2009, as outlined in the Consent
Solicitation attached to the Indicative Terms.

General creditors of Concordia Bus AB, Concordia Bus Nordic AB
and of other companies in the Concordia Group, including finance
lessors and trade creditors, will not be affected by the
recapitalization.

"We are very pleased with the efforts of all parties and the
progress of the negotiations," said Ragnar Norback, Chief
Executive Officer of Nordic.  "The restructuring would, if
consummated, allow us to face the future with optimism.  We are
therefore hoping for strong support for the restructuring from
noteholders."

Per Skargard, Chief Financial Officer of Concordia Bus, said:
"We are happy that the shareholders and the Ad Hoc Committee of
Subordinated Noteholders have negotiated terms designed to give
Concordia Bus a new and viable capital structure."

Concordia Bus AB is being advised on financial issues by Alvarez
& Marsal (Europe) Limited and on legal issues by Clifford Chance
Limited Liability Partnership and Advokatfirman Lindahl KB.  The
Ad Hoc Committee is being advised on financial issues by
Houlihan Lokey Howard & Zukin (Europe) Limited and on legal
issues by Cadwalader, Wickersham & Taft LLP and Setterwalls
Advokatbyra AB.

CONTACT:  ALVAREZ & MARSAL (Europe) Limited
          5th FloorOne Canada Square London E14 5AA
          Contact:
          Tony Alvarez III
          Phone: +44 (0) 207 715 5200
          E-mail: TAlvarezIII@alvarezandmarsal.com

          HOULIHAN LOKEY HOWARD & ZUKIN (Europe) LIMITED
          3rd Floor83 Pall MallLondon SW1Y 5ES Cadwalader,

          WICKERSHAM & TAFT LLP
          265 StrandLondon WC2R 1BH England
          Contact:
          Joseph Swanson
          E-mail: jswanson@hlhz.com

          Samantha Wessels
          E-mail: swessels@hlhz.com

          Andrew Wilkinson
          E-mail: andrew.wilkinson@cwt-uk.com

          Justin Bickle
          E-mail: justin.bickle@cwt-uk.com

          Phone: +44 (0) 207 747 2742
                 +44 (0) 207 170 8621

          GAVIN ANDERSON & COMPANY
          Ragnar Norback
          Phone: +46(0)854630141

          Per Skargard
          Phone: +46(0)854630021

          Richard Constant/Candace Carpenter
          Phone: +44(0)207.554.1400


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


BANKOMZVYAZOK: Applies for Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Bankomzvyazok (code EDRPOU 24336165) on Jan.
17, 2005 after finding the limited liability company insolvent.
The case is docketed as B-48/82-04.  Mr. V. Lyalyuk (License AA
779233) has been appointed liquidator/insolvency manager.

Creditors may submit their proofs of claim to:

(a) Liquidator/Insolvency Manager
    61004, Ukraine, Harkiv region,
    Maryinska Str. 7/1

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

(c) Bankomzvyazok
    Ukraine, Harkiv region,
    Moskovskij Avenue, 254-V/185


BARVINOK: Bankruptcy Proceedings Begin
--------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Barvinok (code EDRPOU 30772793) on Jan. 17,
2005 after finding the agro-industrial association insolvent.
The case is docketed as B-48/90-04.  Mr. O. Guz (License AA
250400) has been appointed liquidator/insolvency manager.

CONTACT:  Mr. O. Guz
          Liquidator/Insolvency Manager
          Phone: 8 (050) 402-81-91

          Economic Court Of Harkiv Region
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom, 8th Entrance


BETONNIK: Harkiv Court Hires G. Deryaga as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Betonnik (code EDRPOU 01331207) on Jan. 18,
2005 after finding the open joint stock company insolvent.  The
case is docketed as B-39/03-05.  Mr. G. Deryaga has been
appointed liquidator/insolvency manager.

CONTACT:  BETONNIK
          Ukraine, Harkiv region, Lozova district,
          Orilka, Tsukrozavodska Str. 1

          Mr. G. Deryaga
          Liquidator/Insolvency Manager
          Phone: 8 (050) 140-74-39

          Economic Court Of Harkiv Region
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom, 8th entrance


MRIYA: Declared Insolvent
-------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Mriya (code EDRPOU 23412188) on Jan. 26,
2005 after finding the enterprise insolvent.  The case is
docketed as 42/8 B.  Mr. Sergij Yankovskij has been appointed
liquidator/insolvency manager.  The company holds account number
26009301553114 at Prominvestbank, Gorlivka central city branch,
MFO 334464.

CONTACT:  MRIYA
          84610, Ukraine, Donetsk region,
          Gorlivka, Gorlivskoyi Diviziyi Str. 10

          Mr. Sergij Yankovskij
          Liquidator/Insolvency Manager
          Phone: (06242) 7-81-30

          Economic Court Of Donetsk Region
          83048, Ukraine, Donetsk region,
          Artema Str. 157


STAROSINYAVSKIJ SUGAR: Hmelnitskij Court Brings in Liquidator
-------------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Starosinyavskij Sugar (code EDRPOU 31919437)
on Jan. 18, 2005 after finding the agro-industrial complex
insolvent.  The case is docketed as 13/232-B.  Mr. S. Shishkin
(License AA 668307) has been appointed liquidator/insolvency
manager.  The company holds account number 26002537 at JSPPB
Aval, Hmelnitskij regional branch, MFO 315869

CONTACT:  STAROSINYAVSKIJ SUGAR
          31400, Ukraine, Hmelnitskij region,
          Stara Sinyava, Zavodska Str. 28

          Mr. S. Shishkin
          Liquidator/Insolvency Manager
          Ukraine, Hmelnitskij region,
          Institutska Str. 17/3-47

          Economic Court Of Hmelnitskij Region
          29000, Ukraine, Hmelnitskij region,
          Nezalezhnosti Square, 1


VO CENTR: Appoints I. Morozov Insolvency Manager
------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Vo Centr (code EDRPOU 30004562) on Dec. 29,
2005 after finding the close joint stock company insolvent.  The
case is docketed as B 29/222/03.  Mr. Igor Morozov has been
appointed liquidator/insolvency manager.

CONTACT:  VO CENTR
          49000, Ukraine, Dnipropetrovsk region,
          Chaplinska Str. 96

          Mr. Igor Morozov
          Liquidator/Insolvency Manager
          49044, Ukraine,
          Dnipropetrovsk region, a/b 2734
          Phone: (056) 770-27-40

          Economic Court Of Dnipropetrovsk Region
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


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


ABBEYMOOR HOUSE: Names Portland Business Liquidator
---------------------------------------------------
At the extraordinary general meeting of Abbeymoor House Limited
on March 21, 2005 held at 43 Pall Mall, London SW1, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Peter Robin Bacon of Portland Business & Financial
Solutions, 1640 Parkway, Solent Business Park, Whiteley,
Fareham, Hampshire has been appointed liquidator of the company.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley
          Fareham
          Hampshire PO15 7AH
          Phone: 01489 550 440


ACTIVE PRINT: Members Call in Liquidator from Bevan & Buckland
--------------------------------------------------------------
At the extraordinary general meeting of the members of Active
Print Media Limited on March 23, 2005 held at Bevan and
Buckland, Russell House, Russell Street, Swansea SA1 4HR, the
extraordinary resolution to wind up the company was passed.
Alun Evans of Bevan & Buckland, 45 High Street, Haverfordwest
SA61 2BP has been nominated liquidator of the company.

CONTACT:  BEVAN AND BUCKLAND
          45 High Street
          Haverfordwest
          Pembrokeshire SA61 2BP
          Phone: 01437 760666
          Fax: 01437 760078
          E-mail: alun@bevanbuckland.co.uk


AFRO CARIBBEAN: Hires Unique Business Finance as Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Afro Caribbean World
Association Limited on March 17, 2005 held at The Blue Room,
Virgin 1st Class Passenger Lounge, Euston Station, London, the
extraordinary resolution to wind up the company was passed.
Mark Prideaux of Unique Business Finance Ltd., 6 Lockside Office
Park, Lockside Road, Preston PR2 2YS has been appointed
liquidator of the company.

CONTACT:  UNIQUE BUSINESS FINANCE LTD.
          Unit 6
          Lockside Office Park
          Lockside Road
          Preston
          Lancashire PR2 2YS
          Phone: 01772 731994


AG WHESSOE: Names Liquidator from Fergusson & Co. Limited
---------------------------------------------------------
At the extraordinary general meeting of AG Whessoe Limited on
March 22, 2005 held at 10 Paternoster Square, London EC4M 7LS,
the special and ordinary resolutions to wind up the company were
passed.  Malcolm Edward Fergusson of Fergusson & Co Ltd.,
Shackleton House, Falcon Court, Preston Farm Industrial Estate,
Stockton on Tees TS18 3TS has been appointed liquidator of the
company.

CONTACT:  FERGUSSON & CO. LIMITED
          35 Knowles Lane
          Gomersal
          Cleckheaton
          Bradford
          West Yorkshire BD19 4LE
          Phone: 01274 878008


ALEXON GROUP: Allders' Demise to Hit Alexon's Profits
-----------------------------------------------------
Fashion group Alexon warned Monday that the collapse of
department store chain Allders could hit its earnings by GBP3
million in 2005.

Alexon, which owned 118 concessions in Allders outlets, has
already lost GBP2.2 million from money owed and stock and
fixtures write-downs.

Chief executive John Osborn said: "We do not know the exact
scale of the business lost from the break-up of the Allders
Group.  Our best estimate, however, is that operating profits
will be some GBP3 million per annum lower in the current and
future years as a consequence."

The blow comes amid sluggish trading at the group's Bay Trading
Fashion chains, which saw same-store sales slide 1.3 percent in
the last financial year.  Profits for the year ended 29 January
2005 dropped to GBP26.9 million against GBP29.4 million a year
earlier.

Shares fell 14p or 4.66 per cent to 286.5p as like-for-like
sales in the first nine weeks of the current financial year were
three percent down.

The company is positive though to reap the benefits of its
initiatives, which include improving the design content and
appeal of its product line, in the second half of the year.

Mr. Osborn said the figures represented the company's
"creditable performance in a difficult retail environment".

He added: "Our emphasis on innovative design and giving good
value to our customers has enabled us to maintain a competitive
edge in the markets in which we operate and we begin the new
financial year well prepared for the challenges that lie ahead."

CONTACT:  ALEXON GROUP PLC
          40-48 Guildford Street
          Luton
          Bedfordshire
          England
          LU1 2PB
          Phone: +44 1582 723131
          Fax: +44 1582 399864


ALLDERS PLC: Debenhams Spent GBP34 Mln on Allders Stores
--------------------------------------------------------
For the very first time, department stores group Debenhams has
made public Tuesday that it spent GBP34 million to acquire eight
stores from the collapsed Allders chain in February.

According to a Telegraph report, Debenhams also plans to shell
out another GBP18 million in refurbishing the Allders stores
under the Debenhams brand.

Debenhams, which was acquired by a consortium of private equity
groups for GBP1.7 billion in December 2003, now has 116 stores
under its wing.

CONTACT:  ALLDERS PLC
          131 Park St.
          London W1K 7BB
          Phone: +44-20 7855 3800
          Fax: +44-20 7855 3809
          Web site: http://www.allders.com


AQUARIUS ENGINEERING: Calls in Liquidator from Begbies Traynor
--------------------------------------------------------------
At the extraordinary general meeting of Aquarius Engineering
Limited on March 24, 2005 held at The Knights Hill Hotel,
Knights Hill Village, Grimston Road, King's Lynn PE30 3HQ, the
subjoined extraordinary resolution to wind up the company was
passed.  Lloyd Biscoe of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been
appointed liquidator of the company.

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


ARTHUR FITT: Members Decide to Wind up Firm
-------------------------------------------
At the extraordinary general meeting of the members of Arthur
Fitt Leisure Group Limited on March 23, 2005 held at Little
Silver Country Hotel, Ashford Road, St Michaels, Tenterden, Kent
TN30 6SP, the resolutions to wind up the company were passed.
William Jeremy Jonathan Knight has been appointed liquidator of
the company.

CONTACT:  JEREMY KNIGHT & CO.
          68 Ship Street
          Brighton
          Sussex BN1 1AE
          Phone: 01273 203654
          Fax: 01273 206056
          E-mail: jknight@mistral.co.uk


ASSYRIAN EQUINE: Appoints Liquidator from Begbies Traynor
---------------------------------------------------------
At the extraordinary general meeting of the members of Assyrian
Equine Services Limited on March 15, 2005 held at Begbies
Traynor, 1 Winckley Court, Chapel Street, Preston PR1 8BU, the
extraordinary and ordinary resolutions to wind up the company
were passed.  David R. Acland of Begbies Traynor, 1 Winckley
Court, Chapel Street, Preston, Lancashire PR1 8BU has been
appointed liquidator of the company.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


BOOTS GROUP: To Give Trading Update Thursday
--------------------------------------------
A month after issuing a shock profit warning, beleaguered stores
group Boots is scheduled to give its latest trading update on
Thursday with investors expecting gloomy news, reports Europe
Intelligence Wire.

The group's shares have lost almost 9% of their value since it
said last month that results would be 7% below expectations.
From the GBP490 million to GBP500 million annual operating
profit previously forecast by analysts for its core Boots the
Chemists' chain, Boots said the actual result is expected to be
in the range of GBP465 million to GBP475 million.

The profit warning came as a shock to many, since it came only
six weeks after chief executive Richard Baker said full-year
results for the 1400-strong chain would be "broadly in line".

The firm is being stifled by cutthroat competition from rival
supermarket chains such as Asda and Tesco.  It is also suffering
the setbacks of poor investment in its core stores in the last
years.

CONTACT:  BOOTS GROUP PLC
          1 Thane Road
          Notttingham NG2 3AA
          Phone: 0115 950 6111
          Customer Service: 0845 070 80 90
          Web site: http://www.boots-plc.com


BRAINTEASER SOLUTIONS: Members Decide to Wind up Company
--------------------------------------------------------
At the extraordinary general meeting of the members of
Brainteaser Solutions Limited on March 24, 2005 held at the
offices of Begbies Traynor, No 1 Old Hall Street, Liverpool L3
9HF, the extraordinary resolution to wind up the company was
passed.  David Moore and Donald Bailey of Begbies Traynor, No 1
Old Hall Street, Liverpool L3 9HF have been appointed joint
liquidators of the company.

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


CENTIVA LIMITED: Calls in Liquidator from Butcher Woods
-------------------------------------------------------
At the extraordinary general meeting of Centiva Limited on March
18, 2005 held at Butcher Woods, 79 Caroline Street, Birmingham
B3 1UP, the extraordinary and ordinary resolutions to wind up
the company were passed.  Roderick Graham Butcher of Butcher
Woods, 79 Caroline Street, Birmingham B3 1UP has been appointed
liquidator of the company.

CONTACT:  BUTCHER WOODS
          79 Caroline Street,
          Birmingham B3 1UP


COBELLA LIMITED: Hires Liquidator from Alexander Lawson & Co.
-------------------------------------------------------------
At the extraordinary general meeting of Cobella Limited on March
30, 2005 held at Imperial Hotel, Southampton Row, Russell
Square, London WC1B 5BB, the subjoined extraordinary resolution
to wind up the company was passed.  Ninos Koumettou of Alexander
Lawson & Co, 641 Green Lanes, London N8 0RE has been appointed
liquidator of the company.

CONTACT:  ALEXANDER LAWSON & CO.
          641 Green Lanes
          London N8 0RE
          Phone: 020 8348 0183
          Fax: 020 8340 9115


CREATIVE IMAGE: Appoints Crawfords Liquidator
---------------------------------------------
At the extraordinary general meeting of the members of Creative
Image Limited on March 22, 2005 held at Interview Room 9,
Chartered Accountants Hall, Moorgate Place, London EC2R 6EA, the
extraordinary resolution to wind up the company was passed.
Alex Kachani of Crawfords, Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB has been nominated liquidator of the
company.

CONTACT:  CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: akachani@aol.com


FEDERAL-MOGUL: Estimation Hearing Scheduled June 14
---------------------------------------------------
Scotta E. McFarland Esq. at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub P.C., in Wilmington, Delaware, relates that as
a result of proceedings before the U.S. Bankruptcy Court for the
District of Delaware, Federal-Mogul Corporation's estimation
proceedings are now scheduled to begin in the District Court on
June 14, 2005, with the confirmation hearing on the Plan to
follow thereafter.

                    The Estimation Proceedings

The amount of Asbestos Claims against the U.K. Debtors is at the
core of the dispute among the various constituencies in Federal-
Mogul's chapter 11 cases.

The Asbestos PI Committee's expert, Dr. Mark Peterson, has
estimated the total amount of all Asbestos Claims against the
U.K. Debtors at $10.97 billion.

EMB, the U.K. Administrators' expert, estimates the tort system
liability of Asbestos Claims against the U.K. Debtors at $5.3
billion, and has suggested that there is some other, even lower,
value that will be produced if the English Court disregards the
U.S. jury system in assessing the Asbestos Claims that arise
under U.S. law.

Tillinghast, the expert for the T&N Retirement Benefits Scheme
(1989) Trustee, estimates the liability in the range of $2.1 to
$5.5 billion.

The Property Damage Committee says it's $2.4 billion.

This disagreement, the Debtors observe, has resulted in a
stalemate among the creditor constituencies that is costing
millions of dollars per year in professional fees while
creditors wait for distributions.

The Estimation Proceeding is expect to broadly resolve the
parties' dispute regarding the aggregate amount of the Asbestos
Claims against the U.K. Debtors for both the Chapter 11 Cases
and the English Proceedings.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub P.C.,
Represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.
At Dec. 31, 2004, Federal-Mogul's balance sheet showed a
US$1.925 billion stockholders' deficit.  (Federal-Mogul
Bankruptcy News, Issue No. 75; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


FREEFORCE LIMITED: Members Hire Liquidator from Budsworth & Co.
---------------------------------------------------------------
At the extraordinary general meeting of the members of Freeforce
Limited (t/a Modern Office Furniture) on March 24, 2005 held at
454 Chester Road, Old Trafford, Manchester M16 9HD, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Beverley Ellice Budsworth has been appointed
liquidator of the company.

CONTACT:  BUDSWORTH & CO.
          454 Chester Road
          Old Trafford
          Manchester
          Greater Manchester M16 9HD
          Phone: 0161 877 2081
          Fax: 0161 877 2091
          E-mail: advice@recoverypros.co.uk


FROST-IT (UK): Hires Bridgestones as Administrator
--------------------------------------------------
Robert Cooksey and Jonathan Lord (IP Nos 9040, 9041) have been
appointed administrators for Frost-IT (UK) Limited.  The
appointment was made March 22, 2005.  The company shapes and
process flat glass.

CONTACT:  BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


GREAT NORTHERN: Members Pass Special Resolution
-----------------------------------------------
At the extraordinary general meeting of the members of Great
Northern Developments Limited on March 7, 2005 held at 5
Hawthorn Park, Coal Road, Leeds LS14 1PQ, the special resolution
to wind up the company was passed.  David Horner of David Horner
& Co., 11 Clifton Moor Business Village, James Nicolson Link,
Clifton Moor, York YO30 4XG has been appointed liquidator of the
company.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


LILLIMAN ENGINEERING: Names Administrator from Vantage
------------------------------------------------------
Robert Preston James Allen (IP No 9238) has been appointed
administrators for Lilliman Engineering Limited.  The
appointment was made March 22, 2005.  The company is responsible
in fabricating and erecting structural steelwork.

CONTACT:  VANTAGE
          20-24 Kirby Street
          London EC1N 8TS
          Phone: 0845 225 5801
          Fax: 0845 225 5802
          E-mail: Rallen_vantage@hotmail.com


LYNN LAW: Calls in PricewaterhouseCoopers Administrator
-------------------------------------------------------
Ian David Green and David Malcolm Walker (IP Nos 9045, 3606)
have been appointed administrators for hotel company Lynn Law
Properties Limited.  The appointment was made March 29, 2005.
Its registered office is located at New Horton Grange Hotel,
Seaton Burn, Newcastle upon Tyne NE13 6BU.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          Web site: http://www.pwcglobal.com


MAP CREATION: Members Name Harris Lipman Liquidator
---------------------------------------------------
At the extraordinary general meeting of the members of Map
Creation Limited on March 24, 2005 held at Atlantic House,
Imperial Way, Reading RG2 0TD, the extraordinary resolution to
wind up the company was passed.  Freddy Khalastchi of Harris
Lipman, Atlantic House, Imperial Way, Reading RG2 0TD has been
appointed liquidator of the company.

CONTACT:  HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


MG ROVER: PVH Directors Pledge Personal Cash to Save SAIC Talks
---------------------------------------------------------------
The four owners of struggling MG Rover have pledged to shell out
their own money to help salvage a proposed rescue deal by state-
owned Chinese auto firm Shanghai Automotive Industry Corp
(SAIC), reports The Financial Times. According to the British
car maker, the move has effectively put its attempt to secure an
emergency GBP100 million British government loan back on track.

The statement follows reports that talks with SAIC were stalled
after the Chinese firm expressed concerns over MG Rover's
financial health, citing a report by accountancy firm Ernst and
Young saying that MG Rover's parent company, Phoenix Venture
Holdings (PVH), would be insolvent by the end of last week.

Both MG Rover and the Department of Trade and Industry did not
say how much the four PVH directors, which include MG Rover
chairman John Towers, are going to shell out, but it is thought
to be several million pounds. Their decision is apparently in
response to pressure that they will have to contribute "several
million pounds" of their own money towards any rescue deal.

Mr. Towers said his team and a Chinese team had been working
"non-stop" to finalize a deal, the paper said.

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


NETWORK RAIL: Saves GBP420 Mln from Efficiency Measures in 2004
---------------------------------------------------------------
Network Rail has set new, tougher targets for train punctuality.
Launching its new Business Plan, the company showed that it is
ambitious for Britain's railway by raising the bar on train
punctuality after a year of tremendous success in cutting delays
for passengers.

The company substantially beat its punctuality target in
2004/05, reducing delays by 2.2 million minutes, from 13.7m
minutes to 11.5m minutes -- a target-busting fall of 16%.  The
independent Rail Regulator's target of 12.3m minutes was beaten
by some 800,000 minutes.  The new, even tougher targets mean
that the pre-Hatfield level of punctuality (86.1% PPM) is
expected to be achieved next year, in August 2006.

With the new targets, Network Rail aims to deliver additional
reductions in delays each year, every year for the next four
years.  In total, the 'not for dividend' company intends to cut
passenger delays by an extra 3.6m minutes -- over and above the
already demanding targets set by the Rail Regulator.

At the same time, Network Rail announced that its efficiency
drive has achieved real results in the last 12 months.  In
total, a GBP420 million efficiency saving was made during
2004/05, including: a GBP100 million saving on operations; a
GBP70 million saving on maintenance; and a GBP250 million
efficiency saving on the renewals program.

Speaking on the publication of the Business Plan, Chairman, Ian
McAllister, said: "Network Rail is raising the bar on train
punctuality.  We've made substantial improvements in the last
year and now we want to go even further, even faster.  That's
why we're making the targets even tougher, ensuring passengers
should see improvements in punctuality well ahead of schedule.

"The two million-plus minutes we have taken off delays in the
last year is a superb achievement, a testament to the efforts of
our 30,000 employees and evidence of a much better working
relationship with the train and freight operators.

"We've managed to beat the tough ORR-set targets by: taking
maintenance in-house; rolling integrated control centers out
across the network; and continuing our massive program of
rebuilding the railway.  These initiatives are delivering real
benefits to passengers.

"On top of the performance improvements, rapid progress is being
made on efficiency too with a GBP420 million saving in the last
year.  This has been done by improving the way we do our
renewals and manage our operations and, of course, by bringing
maintenance in-house.

Further costs savings will continue to be made in the coming
years as we strive to meet the challenging 31% efficiency target
set by the ORR."

In addition to raising the bar on train performance, the 2005/6
Business Plan details record investment in Britain's railway,
significant efficiency savings and fully costed initiatives
which will ultimately improve train punctuality.

The Plan reveals:

(a) Network Rail delays in 2004/05 are forecast to be around
    11.5m minutes, compared to 13.7m minutes the previous year
    and against a target of 12.3m minutes.  This means Network
    Rail delays fell by 16%;

(b) The number of Trains classified as 'on-time' has risen to
    83.5% on an annual average basis compared to 81.2% last
    year, and against a target of 82.8%;

(c) The company will spend GBP20.5 billion over the remaining
    four years of the control period, to continue the task of
    slashing delays and rebuilding the railway;

(d) 2005/06 expenditure will total GBP5.5 billion ensuring
    continued sustained investment;

(e) GBP2.6 billion to be spent on renewals in the next year,
    with around 570 miles of new rail to be laid -- more than
    double the typical rate five years ago;

(f) The roll-out of Integrated Control Centres is on schedule
    and already delivering a better service to passengers.  To
    date, six of Network Rail's eight Routes benefit from
    integrated control, with the remaining two Routes to be
    covered during the next year;

(g) Where Integrated Control Centres have been introduced,
    delays per incident have come down significantly -- evidence
    of improved cross-working between Network Rail and train
    operators;

(h) Further safety improvements continue, with broken rails at
    historically low levels and a further 8% reduction forecast
    for the next twelve months;

(i) Plans to purchase a second high-tech New Measurement Train
    and other track inspection technology to supplement the high
    output track relayers and ballast cleaners that are
    contributing significantly to the rebuilding of the railway;

(j) The freight market remains healthy with 14% growth forecast
    over the next four years;

(k) A major investment in training and development, with new
    signaler training facilities open, a new apprenticeship
    scheme with 200 places being launched, and the creation of a
    management training school by the end of 2005;

(l) The gradual transfer of responsibilities to Network Rail
    under the Government's Future of Rail White Paper is
    progressing well. Work is already underway on Network Rail's
    Route Utilisation Studies and from 4 April Network Rail will
    be responsible for reporting on overall industry performance
    to the Department for Transport.

Ian McAllister concluded: "Our plan for the future is clear and
robust.  By raising the bar on train performance and
accelerating the benefits to passengers we're showing that we
are ambitious for Britain's railways."

Network Rail is the 'not for dividend' owner and operator of
Britain's railway infrastructure, which includes the tracks,
signals, tunnels, bridges, viaducts, level crossings and
stations -- the largest of which we also manage.

We are working to rebuild Britain's railway and provide a safe,
reliable and efficient rail infrastructure for freight and
passenger trains to use.

The 2005/6 Business Plan and accompanying documents (including
the summary, management plan, route plan and business planning
criteria) are available at:
http://bankrupt.com/misc/NetworkRail_BusinessPlan2005.pdf

CONTACT:  NETWORK RAIL
          Media
          Phone: 020 7557 8292
          Web site: http://www.networkrail.co.uk


NORHAM HOUSE: Members Hire Joint Liquidators from Baker Tilly
-------------------------------------------------------------
At the extraordinary general meeting of the members of Norham
House 1 Limited on March 16, 2005, the special resolution to
wind up the company was passed.  R. H. Barker and T. E.
Callaghan of Baker Tilly, 2 Whitehall Quay, Leeds LS1 4HG have
been appointed joint liquidators of the company.

CONTACT:  BAKER TILLY
          2 Whitehall Quay, Leeds LS1 4HG
          Phone: 0113 285 5000
          Fax:   0113 285 5001
          Web site: http://www.bakertilly.co.uk


OCBC NOMINEES: Appoints Richard Long & Co. Liquidator
-----------------------------------------------------
At the general meeting of the members of OCBC Nominees (London)
Limited, the resolutions to wind up the company were passed.
Richard William James Long of Richard Long & Co, Castlegate
House, 36 Castle Street, Hertford, Hertfordshire SG14 1HH has
been appointed liquidator of the company.

CONTACT:  RICHARD LONG & CO.
          381-383 City Road
          London EC1V 1NA
          Phone: 020 7454 1110
          Fax: 020 7853 1701
          E-mail: rlong@richardlong.co.uk


PINNACLE PARK: Members Pass Winding-up Resolution
-------------------------------------------------
At the extraordinary general meeting of the members of Pinnacle
Park Homes Limited on March 17, 2005 held at Northampton Saints
Rugby Club, Weedon Road, Northampton, the extraordinary
resolution to wind up the company was passed.  Gary Steven
Pettit and Peter John Windatt of BRI Business Recovery and
Insolvency have been appointed joint liquidators of the company.

CONTACT:  BRI BUSINESS RECOVERY AND INSOLVENCY
          100-102 St James Road,
          Northampton NN5 5LF
          Phone: 01604 754352
          Fax: 01604 751660
          E-mail: pwindatt@briuk.co.uk


PIONEER PLASTICS: Liquidators from P&A Partnership Move in
----------------------------------------------------------
At the extraordinary general meeting of Pioneer Plastics Limited
on March 22, 2005 held at Hotel Elizabeth Hull, Ferriby North
Road, North Ferriby, North Humberside HU14 3LG, the
extraordinary resolutions to wind up the company were passed.
John Russell and Allan Cooper of The P&A Partnership, 93 Queen
Street, Sheffield S1 1WF have been appointed liquidators of the
company.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


RICHARD CANNON: Hires Numerica as Liquidator
--------------------------------------------
At the extraordinary general meeting of Richard Cannon Systems
Ltd. on March 24, 2005 held at 2 Hurlingham, 14 Manor Road,
Bournemouth BH1 3EY, the special, ordinary and extraordinary
resolutions to wind up the company were passed.  Colin Ian
Vickers and Sarah Nancollas of Numerica, 4th Floor, Southfield
House, 11 Liverpool Gardens, Worthing, West Sussex BN11 1RY have
been appointed joint liquidators of the company.

CONTACT:  NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing, West Sussex
          Phone: 01903 222500
          Fax:   01903 207009
          Web site: http://www.numerica.biz


SUNATLAS LIMITED: Members Call in Liquidator from Albert Goodman
----------------------------------------------------------------
At the extraordinary general meeting of the members of Sunatlas
Limited on March 22, 2005 held at Hendford Manor, Yeovil,
Somerset BA20 1UN, the special resolution to wind up the company
was passed.  Laurence Russell of Albert Goodman, Mary Street
House, Mary Street, Taunton, Somerset TA1 3NW has been appointed
liquidator of the company.

CONTACT:  ALBERT GOODMAN
          Mary Street House
          Mary Street
          Taunton
          Somerset TA1 3NW
          Phone: 01823 286096
          Fax: 01823 257319


TOLL MANAGEMENT: Appoints Mazars Liquidator
-------------------------------------------
At the extraordinary general meeting of Toll Management Company
Limited on March 23, 2005 held at Cofiroute, Salle D501, 6 a 10,
rue Troyon, 92310 Sevres, France, the special and ordinary
resolutions to wind up the company were passed.  Timothy Collin
Hamilton Ball of Mazars LLP has been appointed liquidator of the
company.

CONTACT:  MAZARS LLP
          Clifton Down House
          Beaufort Buildings
          Clifton Down, Clifton
          Bristol, Avon BS8 4AN
          Phone: 0117 973 4481
          Fax: 0117 974 5203
          E-mail: tim.ball@mazars.co.uk


WHITE & SONS: Appoints Administrators from Bridgestones
-------------------------------------------------------
Robert Cooksey and Jonathan Lord (IP Nos 9040, 9041) have been
appointed administrators for packaging company White & Sons
Logistics (London) Limited.  The appointment was made March 22,
2005.

CONTACT:  BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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