TCREUR_Public/050411.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, April 11, 2005, Vol. 6, No. 70

                            Headlines

B U L G A R I A

CHIMCO AD: Creditors to Adopt 'Auction' Rules at Next Meeting


C Z E C H   R E P U B L I C

CZECH AIRLINES: Seeking Financier for Aircraft Purchase
FDM: Receiver in Hot Water for Shady Deals
LETECKE ZAVODY: Receiver Puts up 'For Sale' Sign


G E R M A N Y

ARCHITEKTURWERKSTATT LEIPZIG: Under Bankruptcy Administration
DAIMLERCHRYSLER AG: Wins Tracinda Merger Row
DB AUTOHAUS: Creditors Have Until April 19 to File Claims
FORSTER LOGISTICS: Applies for Bankruptcy Proceedings
IBK INDUSTRIE-BUCHBINDEREI-KOLN: Declares Bankruptcy

INFINEON TECHNOLOGIES: Exar Acquires Optical Biz Assets
KARSTADTQUELLE AG: Management Board Chairman Resigns
MENNINGER GMBH: Proofs of Claim Due Next Week
NOWROTEK GMBH: Court Appoints Nermin Sahin Administrator
REA SVEN: Court to Verify Claims August

SIEBER CONTAINERDIENST: Leipzig Court Confirms Bankruptcy
WALTER BAU: Strabag Acquisition of Major Units Approved
WERNER HERDE: Creditors Meeting Set May 25
WISO GMBH: Calls First Creditors Meeting


H U N G A R Y

NABI RT: Proposes to Amendments to Directors' Tenure


I T A L Y

IMPREGILO SPA: Posts EUR101 Million Net Loss
PARMALAT U.S.A.: Has Until June to Decide on Atlanta Contracts
TISCALI SPA: 'CCC+' Senior Unsecured Rating Affirmed
TISCALI SPA: Telecom Italia to Buy Liberty Surf for EUR226 Mln


P O L A N D

POLSKA GRUPA: Rating Cut on Financial Policy Changes


R U S S I A

BEREZOVSKIY: Proofs of Claim Deadline Tomorrow
CHISTOOZERNOYE: Declared Insolvent
HOUSE-BUILDER: Undergoes Bankruptcy Supervision Procedure
KEMEROVO-METALL-OPT-TORG: Sets Public Auction Tuesday
MINE DALNIYE: Appoints A. Polyakov Insolvency Manager

RED OCTOBER: To Auction Assets Tomorrow
RUS-AGRO: Bankruptcy Proceedings Begin
SHOES OF TREKHGORNYJ: Deadline for Proofs of Claim May 12
STANOVLYANSKIY CREAMERY: Declared Insolvent
ZABAYKAL-SPIRIT: Chita Court Names S. Karpov Insolvency Manager


S W E D E N

SAS GROUP: March Passenger Traffic Down


U K R A I N E

AUTO TRANSPORT 2101: Declared Insolvent
BIZNES-STOLITSYA: Creditors' Claims Due Saturday
DMITRIVSKA: Court Orders Debt Moratorium
EAST OIL: Gives Creditors Until Weekend to File Claims
ELOHIM: Liquidator Takes over Operations

GRAVIKS: Court Appoints Liquidator
KOLORIT: Bankruptcy Supervision Starts
MAKIYIVKA' MAKTEKS: Donetsk Court Opens Bankruptcy Proceedings
NIVA: Igor Gusak Named Insolvency Manager
TRANSENERGO: Under Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

AIG HEAVY: Hires Tomlinsons as Liquidator
ANGLO ABRASIVES: Hires Ernst & Young as Administrator
BOOTS GROUP: Revises Operating Profit Forecasts
BOOTS GROUP: On Rating Watch Negative Over Profit Warning
BOOTS GROUP: Rating Lowered to 'BBB+' After Earnings Plunge

CABARETCLUB LIMITED: Names Administrator from Milner Boardman
CHARLES E. CHAPLIN: Calls in Administrators from Stoy Hayward
CINEFILMTREATMENT & CO.: Names Liquidator from Crane & Partners
COMMSTEC LIMITED: Members Decide to Wind up Company
CRAYHURST PROPERTIES: Appoints Begbies Traynor Liquidator

DARAY LIMITED: Appoints Administrator from Marlor Walls & Co.
DARE HOLDINGS: Calls in Liquidator from Ward & Co.
DUNCAN MCKEE: Director Banned for Five Years
EIDOS PLC: Prefers SCi Offer Over Elevation's
FET TRANSPORT: Administrators from Gerald Edelman Move in

FINE ART: Liquidators from PwC Step in
GASKELL CARPETS: Calls in PricewaterhouseCoopers Administrator
HEAVY CONSTRUCTION: Names Vantis Business Recovery Administrator
HOLMES FUNDING: Members Call in Liquidator from Tenon Recovery
IMPERIAL PUB: Hires Grant Thornton as Administrator

JILLAND ENGINEERING: Appoints Mazars Administrator
KINGCREST LIMITED: Deadline for Debt Claims May 29
LANTON LEISURE: Appoints Liquidator from RSM Robson Rhodes
LOCKERBY PACKAGING: Name Administrators from PwC
MATRON TRUSTEES: Members Pass Special Winding-up Resolution

MEIJI YASUDA: Joint Liquidators from Ernst & Young Move in
NIPPON STEEL: Calls in Liquidators from KPMG
PREMIER TRAINING: Gives Creditors Until June to File Claims
SHOO 27: Appoints Grant Thornton Liquidator
SPRINGFIELD SOCIAL: Calls in Liquidator from CBA

STATION GARAGE: Liquidator Takes over Helm
SUMMERCOVE LIMITED: Names Ian Franses Associates Liquidator
TESTNEED LIMITED: Insolvency Service Bans Bigwig for Six Years
TRIO CONTRACTS: In Administrative Receivership


                            *********


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


CHIMCO AD: Creditors to Adopt 'Auction' Rules at Next Meeting
-------------------------------------------------------------
Creditors of bankrupt fertilizer maker Chimco will meet on May 5
to appoint a second receiver for the group, Europe Intelligence
Wire says.

Requested by the National Electric Company (NEK), one of Chimco's
major creditors, the meeting will also take up the proposed rules
and procedure for the evaluation and sale of Chimco's assets.  An
expert assessment puts Chimco's assets at BGN43 million and its
debt at over BGN150 million.

The company recently reported an unaudited net loss of BGN80.951
million, or a fourfold increase from last year's BGN20.713
million.  A huge chunk of this loss was caused by a record-high
depreciation charge amounting to BGN75.064 million.  Despite the
poor results, investors keep pouring in.

Swiss group 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, which 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 offers to introduce a
new product line.  Inter RAO is backed by Finnish, British,
American and Russian investors, which together control 69.4% of
Chimco.

Aside from Indagro and Inter RAO, a western investor is also
keenly interested in the group.  According to sources, the
unnamed investor recently acquired Chimco shares on the local
bourse and appointed representatives to act on his behalf.
Observers attribute these interests to the group's attractive
trademarks, which are recognized abroad.

The district court of Vratsa declared Chimco insolvent in
December 2004 and subsequently launched bankruptcy proceedings.
It suspended the powers of the management and supervisory boards
and appointed Boris Borissov receiver.  The court also placed its
assets under distraint.

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


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


CZECH AIRLINES: Seeking Financier for Aircraft Purchase
-------------------------------------------------------
On 6 April, Czech Airlines initiated a tender for a provider to
finance its 12 new medium-haul Airbus A320 and A319 aircraft.
The new tender is aimed at acquiring a method of financing with
the best overall economic effectiveness for a period of 12-15
years with the maximum possible flexibility for drawing on, and
repayment of, resources.

Delivery of the aircraft is planned for the 2006-2008 period.  In
2006, CSA will acquire three airplanes, five in 2007, and four in
2008.  The delivery will consist of:

(a) 6 Airbus A320 aircraft for 162 passengers with a two-class
    configuration; and

(b) 6 Airbus A319 aircraft for 135 passengers with a two-class
    configuration.

The airline will consider methods of new aircraft financing based
especially on financing using guarantees from European export
agencies, financing through capital markets, financing supported
by the European Investment Bank, and possibly also operative
leasing.  Several renowned domestic and international banks and
financial institutions have indicated their participation in the
tender.

CSA initiated the marketing phase last December when it organized
a "Bankers' Day" aimed at providing the relevant information to
potential financing providers and at drawing their attention
toward the upcoming tender.

Then the marketing phase continued with an "Investors' Day" this
April -- on this day, potential bidders could present their
approaches and the preferred financing structures they considered
to be the most suitable for Czech Airlines.

Upon announcement of the tender, the participants complying with
the qualification criteria will receive a memorandum containing
detailed information about the company and contract documentation
specifying the selection process as well as the requirements of
Czech Airlines regarding the parameters of the financing.

Firm offers are expected in June and the winning offer (financing
structure) should be selected till the end of July 2005.  Further
talks with the winning participant will be held in order to allow
the financing to be available by the end of February 2006 at the
latest.

For this selection process Czech Airlines is cooperating with
renowned international consulting agencies -- Weil, Gotshal &
Manges (legal adviser), and Deloitte (finance advisor).

Parties (reputable banking and finance institutions) interested
in providing the financing can contact the advisor to Czech
Airlines at mscholz@deloittece.com.

Jitka Novotna
CSA Spokesperson

CONTACT:  WEIL,GOTSHAL,MANGES
          Charles Bridge Center
          Krizovnicke Nam. 1
          111 00 Prague 1, Czech Republic
          Phone: +420 22140 7300
          Fax: +420 22140 7310
          Web site: http://www.weil.com

          DELOITTE & TOUCHE LLP
          Tyn 641/4
          110 00 Prague 1
          CZECH REPUBLIC
          Phone: +420 296 767 111 or
                 +420 224 895 500
          Fax: +420 296 767 555, or
               +420 224 895
          Web site: http://www.deloitte.com


FDM: Receiver in Hot Water for Shady Deals
------------------------------------------
A former unit of defunct Children and Youth Fund (FDM) allegedly
had a hand in the questionable sale of its parent's properties,
daily Hospodarske noviny reports.

Mlada fronta Dnes publishing house is reportedly closely
associated with private companies Pilates and Communication
design, which bought FDM's properties at a fire sale in autumn.
A total of 18 buildings and land plots worth millions of crowns
were allegedly sold for a fraction of their book value.

The Register of Companies shows Pilates is owned by the European
trust services organization based in the U.S. state of Oregon.
It became Mlada fronta's main stakeholder after investing some
CZK21 million in the printing firm.  FDM owned part of Mlada
fronta four years ago.

Communication design, which makes client's magazines, reportedly
belongs to the media empire controlled by Mlada fronta.  The
report said the establishment of Pilates was also surrounded by
doubtful circumstances.  It emerged only ten days after Mr. Zak
announced the auction.  It won the tender a month later.

Mr. Zak is also being questioned for the sale of FDM four years
ago.  He sold the company that had been valued by expert at
CZK103 million for only CZK21.6 million to a little-known, newly
established firm.  He pushed through with the sale despite a
Finance Ministry ban issued the day before the auction.


LETECKE ZAVODY: Receiver Puts up 'For Sale' Sign
------------------------------------------------
The receiver of Letecke zavody Kunovice offered Thursday to sell
the Czech aircraft maker, Czech Happenings says.

Aside from Letecke, which has been bankrupt since March 2004,
receiver Miroslav Sladek will also sell part of another bankrupt
aircraft maker, Moravan Aeroplanes.  Moravan bought Letecke for
CZK200 million in 2001.

Mr. Sladek said: "I consider the sale of the company as a whole
in this way the best and most efficient method."

Letecke's 492 employees, who have been receiving regular wages
since the company was put under receivership, may be able to
retain their jobs, according to union head Milan Blazek.
Deadline for bids has been set sometime in June.  Bidders, which
are required to deposit CZK25 million in a special account, will
be shortlisted to three binding bids based on purchase price and
business plan.  An international airport is included in the sale
package.

Moravan-Airplanes went bankrupt in June 2004, following a global
recession in the aircraft industry.

CONTACT:  LETECKE ZAVODY KUNOVICE
          Na Zahonech 1177
          686 04 Kunovice
          Phone: +420 572 816161
          Fax: +420 572 816163
          E-mail: let@let.cz
          Web site: http://www.let.cz


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


ARCHITEKTURWERKSTATT LEIPZIG: Under Bankruptcy Administration
-------------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Architekturwerkstatt Leipzig GmbH on March 21.
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 Gorge Scheid.

Creditors and other interested parties are encouraged to attend
the meeting on May 31, 2005, 10:45 a.m. at Saal 145, Amtsgericht
Leipzig at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  ARCHITEKTURWERKSTATT LEIPZIG GMBH
          Contact:
          Klaus-Ruprecht Dietze, Manager
          Dorotheenplatz 3b, 04109 Leipzig

          Gorge Scheid, Administrator
          Jacobstrasse 25, 04105 Leipzig


DAIMLERCHRYSLER AG: Wins Tracinda Merger Row
--------------------------------------------
The U.S. District Court for the District of Delaware has
decisively ruled in favor of DaimlerChrysler AG in the securities
litigation Tracinda v. DaimlerChrysler et al.

In his opinion, Judge Farnan stated that, "in sum, the Court will
enter final judgment in favor of Defendants and against Tracinda
on all claims."

Professor Jurgen E. Schrempp, Chairman of the Board of
Management, said: "We are pleased that the Court's decision
confirms, once and for all, that the Tracinda case lacked any
merit and that all claims against DaimlerChrysler relating to the
1998 merger were completely baseless."

"We will continue to concentrate our efforts on making this
merger a great success by implementing our strategy and
optimizing our operations in the U.S., in Germany and around the
globe.  We at DaimlerChrysler remain committed to creating value
for all of our shareholders," Professor Schrempp continued.

Further information from DaimlerChrysler is available at
http://www.media.daimlerchrysler.com

CONTACT:  DAIMLERCHRYSLER AG
          Hartmut Schick
          Phone: +49-711-17-93444
          Thomas Froehlich
          Phone: +49-711-17-93311
          Han Tjan
          Phone: +1-212-909-9063


DB AUTOHAUS: Creditors Have Until April 19 to File Claims
---------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
DB Autohaus Burscheid GmbH on March 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 19, 2005 to register their
claims with court-appointed provisional administrator Dr. Frank
Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on May 19, 2005, 10:15 a.m. at the district court of
Amtsgerichts Koln, Hauptstelle, Luxemburger Strasse 101, 50939
Koln, 12. Etage, Raum 1240 at the district court of 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:  DB AUTOHAUS BURSCHEID GMBH
          Industriestrasse 105, 51399 Burscheid
          Contact:
          Hans Dieter Raffelsieker, Manager
          Zum Acker 14, 57614 Steimel

          Dr. Frank Kebekus, Administrator
          Scheibenstrasse 45, 40479 Dusseldorf
          Phone: 0211/49 76 59 - 0
          Fax: +49211497659 59


FORSTER LOGISTICS: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Forster Logistics Aircargo GmbH on March 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 28, 2005
to register their claims with court-appointed provisional
administrator Joachim Stumpf.

Creditors and other interested parties are encouraged to attend
the meeting on June 9, 2005, 10:00 a.m. at the district court of
Darmstadt, Saal U 2, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, 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 during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  FORSTER LOGISTICS AIRCARGO GMBH
          Langer Kornweg 42, 65451 Kelsterbach
          Contact:
          Jurgen Ziran, Manager
          Krimhildstr. 2, 64407 Frankisch-Crumbach

          Joachim Stumpf, Administrator
          Lindberghstrasse 7, 64625 Bensheim
          Phone: 06251/984171
          Fax: 06251/984173


IBK INDUSTRIE-BUCHBINDEREI-KOLN: Declares Bankruptcy
----------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
IBK Industrie-Buchbinderei-Koln GmbH on March 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 25, 2005 to
register their claims with court-appointed provisional
administrator Wolfgang Breuer.

Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 11:15 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 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:  IBK INDUSTRIE-BUCHBINDEREI-KOLN GMBH
          Girlitzweg 20, 50829 Koln
          Contact:
          Paul Sulzner, Manager
          Am Courts Garten 4, 51143 Koln

          Wolfgang Breuer, Administrator
          Sachsenring 75, 50677 Koln
          Phone: 3981180
          Fax: +492213981190


INFINEON TECHNOLOGIES: Exar Acquires Optical Biz Assets
-------------------------------------------------------
Infineon Technologies AG (FSE/NYSE: IFX) and Exar Corporation
(NASDAQ: EXAR) entered into a definitive agreement in which Exar
has agreed to acquire for cash a significant part of Infineon's
Optical Networking(ON) Business Unit.  The acquisition includes
assets relating to multi-rate TDM framer products, Fiber Channel
over SONET/SDH, Resilient Packet Ring (RPR), as well as certain
intellectual property for Data Over SONET products.  The
transaction is expected to close shortly.

The existing MetroMapper(TM) family of Ethernet over Sonet
products will remain part of Infineon's product solution
portfolio to ensure continued support for its customers.

"Following the sale of a significant part of our Fiber Optics
group, the Optical Networking sale is yet another step towards
our overall commitment to streamlining our business activities to
focus on our core markets in wireless and broadband access
communication," said Loh Kin Wah, Member of Infineon's Management
Board.  "In Exar, we have found an excellent company with a
mutual interest in supporting our customer base."

About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for automotive, industrial and multi-market
sectors, for applications in communication, as well as memory
products. With a global presence, Infineon operates through its
subsidiaries in the U.S. from San Jose, CA, in the Asia-Pacific
region from Singapore and in Japan from Tokyo.  In fiscal year
2004 (ending September), the company achieved sales of Euro 7.19
billion with about 35,600 employees worldwide.  Infineon is
listed on the DAX index of the Frankfurt Stock Exchange and on
the New York Stock Exchange (ticker symbol: IFX).  Further
information is available at http://www.infineon.com.

CONTACT:  INFINEON TECHNOLOGIES AG
          Worldwide Headquarters
          P.O. Box 80 09 49
          D-81609 Muenchen
          Germany
          Web site: http://www.infineon.com
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com

          For Investors and Analysts based in Europe:
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          For Investors and Analysts based in North America:
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com

          Christoph Liedtke
          U.S.A.
          Phone: +1-408 501-6790
          Fax: +1-408 501-2424
          E-mail: christoph.liedtke@infineon.com

          Kaye Lim
          Asia
          Phone: +65-6840-0689
          Fax: +65-6840-0073
          E-mail: kaye.lim@infineon.com

          Hirotaka Shiroguchi
          Japan
          Phone: +81-3-5449-6795
          Fax: +81-3-5449-6401
          E-mail: hirotaka.shiroguchi@infineon.com


KARSTADTQUELLE AG: Management Board Chairman Resigns
----------------------------------------------------
Dr. Christoph Achenbach informed the KarstadtQuelle AG
Supervisory Board that he is resigning as chairman of the
Management Board.  The Supervisory Board has respectfully taken
note of this wish and complies with it.

The Chairman of the KarstadtQuelle AG Supervisory Board, Dr.
Thomas Middelhoff, thanked Dr. Achenbach in the name of the
Supervisory Board, the company and also in the name of the
shareholders for the many years of successful activity,
especially for the work done in the realignment of the group in
difficult times.

Until the nomination of a new Chairman of the Management Board,
the Management Board will be coordinated by the Chief Financial
Officer, Harald Pinger.

In line with a clear requirements profile a new chairman of the
KarstadtQuelle AG Management Board is being sought on an
international scale.

                            *   *   *

Mr. Achenbach's resignation came in the wake of the company's
growing financial woes in recent years, according to the
International Herald Tribune.

Blaming competition from discount and specialty shops,
KarstadtQuelle's sales figures fell at the start of the year.
The company forecasts losses of about EUR1.4 billion, and sales
fall of 7%.

CONTACT:  KARSTADTQUELLE AG
          Head of Investor Relations
          Detlef Neveling
          Phone: + 49 (0)201/727-98 17
          Fax: + 49 (0)201/727-98 54
          E-mail: detlef.neveling@karstadtquelle.com


MENNINGER GMBH: Proofs of Claim Due Next Week
---------------------------------------------
The district court of Hagen opened bankruptcy proceedings against
Menninger GmbH on March 21.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 15, 2005 to register their claims with
court-appointed provisional administrator Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting on May 6, 2005, 9:00 a.m. at the district court of
Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen, Etage
2, Raum 251,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:  MENNINGER GMBH
          Selbecker Str. 131 q, 58091 Hagen
          Contact:
          Klaus Menninger, Manager
          Am Waldesrand 74, 58093 Hagen

          Bernd Depping, Administrator
          Alfredstr. 108 - 112, 45131 Essen
          Phone: 0201/879040
          Fax: +492018790412


NOWROTEK GMBH: Court Appoints Nermin Sahin Administrator
--------------------------------------------------------
The district court of Hildesheim opened bankruptcy proceedings
against Nowrotek GmbH on March 16.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 3, 2005 to register their claims with
court-appointed provisional administrator Nermin Sahin.

Creditors and other interested parties are encouraged to attend
the meeting on May 30, 2005, 9:00 a.m. at the district court of
Hildesheim, 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:  NOWROTEK GMBH
          Immengarten 6, 31134 Hildesheim
          Contact:
          Henrik Nowrotek, Manager
          Carlo-Mierendorff-Str. 54, 31139 Hildesheim

          Nermin Sahin, Administrator
          Theaterstr. 6, 30159 Hannover
          Phone: 0511/35771030
          Fax: 0511/35771059


REA SVEN: Court to Verify Claims August
---------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against REA Sven Roske GmbH Reinigungssysteme und
Warmlufttechnik on March 18.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 10, 2005 to register their claims with
court-appointed provisional administrator Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on May 3, 2005, 9:15 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on August 2, 2005,
9:20 a.m.

CONTACT:  REA SVEN ROSKE GMBH
          Nordbahnstr. 17,13359 Berlin

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


SIEBER CONTAINERDIENST: Leipzig Court Confirms Bankruptcy
---------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Sieber Containerdienst GmbH on March 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 3, 2005 to
register their claims with court-appointed provisional
administrator Gorge Scheid.

Creditors and other interested parties are encouraged to attend
the meeting on May 31, 2005, 10:30 a.m. at Saal 145, Amtsgericht
Leipzig at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  SIEBER CONTAINERDIENST GMBH
          Hans-Weigel-Str. 10b, 04319 Leipzig
          Contact:
          Bernd Sieber, Manager
          Fichtegang 5, 04827 Machern, AG Leipzig

          Gorge Scheid, Administrator
          Jacobstrasse 25, 04105 Leipzig


WALTER BAU: Strabag Acquisition of Major Units Approved
-------------------------------------------------------
Austrian builder Bauholding Strabag will takeover large parts of
insolvent construction group Walter Bau, Borsen Zeitung says.

Walter Bau's creditors committee has approved the sale, allowing
Strabag to acquire the group's Dywidag Holding division, which is
composed of four operating businesses.  The businesses include an
Austria-based unit, an international construction unit, a
road-building arm and Walter Heilit Verkehrswegebau GmbH.  The
subsidiaries have a total business volume of EUR1.2 billion and
employ around 3,100 people.  Market insiders believe the sale
could fetch between EUR80 million and EUR100 million, though the
actual price has yet to be known.

Aside from Dywidag Holding, Strabag would also acquire a 4.8%
stake in construction group Ed.Zublin, 53% of which is owned by
Walter Bau.  Several construction groups have expressed interest
in acquiring the group's remaining 48.7% stake in Ed. Zublin,
which is currently guaranteed by public sector bank Bayerische
Landesbank.

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

          BAUHOLDING STRABAG AG
          Ortenburgerstrasse 27
          9800 Spittal/Drau, Austria
          Phone: +43-47-62-62-00
          Fax: +43-47-62-49-62
          Web site: http://www.bauholding.at

          ED ZUBLIN AG
          Albstadtweg 3
          70567 Stuttgart
          Phone: (07 11) 78 83 -5 29
          Fax: (07 11) 78 83 -5 26
          E-mail: zkb@zueblin.de
          Web site: http://www2.zueblin.de


WERNER HERDE: Creditors Meeting Set May 25
------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Werner Herde GmbH on March 18.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 4, 2005 to register their claims with
court-appointed provisional administrator Jochen Schnake.

Creditors and other interested parties are encouraged to attend
the meeting on May 25, 2005, 9:55 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  WERNER HERDE GMBH
          Westbarthauser Str. 137, 33829 Borgholzhausen
          Contact:
          Werner Herde, Manager

          Jochen Schnake, Administrator
          Ravensberger Str. 12, 33824 Werther


WISO GMBH: Calls First Creditors Meeting
----------------------------------------
The district court of Munchen opened bankruptcy proceedings
against WISO -- Grundstucks -- Verwaltungs -- GmbH on March 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 22, 2005
to register their claims with court-appointed provisional
administrator Peter C. Darr.

Creditors and other interested parties are encouraged to attend
the meeting on May 23, 2005, 9:20 a.m. at Infanteriestr. 5,
Sitzungssaal 101 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:  WISO -- GRUNDSTUCKS -- VERWALTUNGS -- GMBH
          82041 Oberhaching

          Peter C. Darr, Administrator
          Candidplatz 13, 81543 Munchen
          Phone: 089/61469638
          Fax: 089/61469666


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


NABI RT: Proposes to Amendments to Directors' Tenure
----------------------------------------------------
Based on the request of NABI Rt's shareholder, The First Hungary
Fund Ltd., NABI's Board of Directors added new items to the
agenda of the Annual General Meeting of shareholders.

The Board of Directors of NABI Bus Industries Rt. convened the
Company's annual general meeting of shareholders for 10:00 a.m.
on April 29, 2005.

The Company's Board of Directors hereby informs its honorable
shareholders that based on the request of a shareholder,
submitted in accordance with section 230 (1) of the Companies
Act, that in compliance with its obligation determined by 231
of the Companies Act it had added to the agenda of the AGM the:

(a) Amendment of the articles of association in relation to the
    term of appointment of the members of the Board of Directors
    (section 15.1) and the Supervisory Board (section 18.1) and
    the election of the existing members of these boards to
    their current positions from May 1, 2005 to May 31, 2005;

(b) Decision on the indemnification of members of the Board of
    Directors; and

(c) Amendment of the articles of association in relation to the
    provisions on independent directors.

The election of the board members for a month ensures the
operation of the company for the event that there was a
suspension.  The numbering of Items from 1 to 8 as in the
announcement published on March 24, 2005 will change to 4 to 11
respectively but the agenda remains unchanged in every other
respect.

                            *   *   *

Nabi reported in February that primarily as a result of the
charges associated with its restructuring, the operating loss for
the year ended December 31, 2004 increased significantly to
US$57.5 million from an operating loss of US$23.7 million in the
prior year.  In addition, the Company recorded additional
provisions for potential warranty costs and expected losses on
unprofitable contracts to be completed in 2005, and established
reserves against obsolete and slow-moving inventory.

CONTACT:  NABI RT
          45. Ujszasz u., 1165 Budapest
          Andras Bodor, Corporate Affairs Director
          Phone: +36-1-401-7100
          Fax: +36-1-407-2931
          E-mail: andras.bodor@nabi.hu


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


IMPREGILO SPA: Posts EUR101 Million Net Loss
--------------------------------------------
2004 Consolidated Results:

(a) value of production: EUR2,961 million,

(b) operating profit: EUR127 million,

(c) pre-tax result: -EUR31 million,

(d) net result: -EUR101 million,

(e) capital expenditure: EUR205 million,

(f) net financial position: -EUR499 million,

(g) project financing: -EUR349 million,

(h) shareholders' equity: EUR211 million,

(i) contracting backlog:

     (i) construction: EUR5.6 billion,

    (ii) concessions: EUR8.9 billion.

At a meeting chaired by Paolo Savona, the Impregilo S.p.A. Board
of Directors examined the parent company and Group consolidated
draft financial statements for 2004, which will be presented to
the Shareholders' Meeting convened for 30 April (first call) and
2 May (second call).

The Shareholders will also appoint the Board of Directors and the
Board of Statutory Auditors for the three-year period 2005-2008.

The main Group consolidated figures were in line with the
previously reported pre-closure figures examined by the Board of
Directors on 18 February, as:

(a) value of production was EUR2,961 million against EUR2,932
    million in 2003;

(b) operating profit was EUR127 million, against EUR181 million
    in 2003; the return on value of production was 4.3% compared
    with 6.2% in 2003; in addition to write-downs and
    provisions, the decrease was largely due to the difficulties
    on the Campania waste disposal project;

(c) a pre-tax loss of EUR31 million, compared with pre-tax
    income of EUR116 million in 2003.  Besides the factors
    affecting operating profit described above, the pre-tax
    result reflected a EUR68 million write-down on receivables
    due from Imprepar, and consisting largely of the
    precautionary write-down of receivables due from Iraq.  This
    followed the Club de Paris decision in November 2004 to
    effect an 80% reduction in Iraq's public external debt.  The
    pre-tax result also reflects a rise in financial charges
    from EUR71 to 131 million, due mainly to higher interest
    expense as a result of the expansion of the consolidation
    area, to an increase in commissions on guarantees and to
    losses on the disposal of securities;

(d) a net loss of EUR101 million (compared with a net
    profit of EUR50 million in 2003) after a tax charge
    totaling EUR75 million, of which approximately EUR24 million
    of Irap and Ires tax on 2004 income; the residual charge
    substantially reflects the net effect of deferred and
    prepaid tax;

(e) capital expenditure in 2004 totaled approximately EUR205
    million, and referred to concessions for approximately
    EUR153 million and production machinery and equipment for
    approximately EUR52 million;

(f) the net financial position net of project financing was
    EUR499 million, EUR528 million in 2003;

(g) project financing stood at EUR349 million, EUR239 million in
    2003, and related mainly to work on the motorway concession
    in Chile;

(h) book shareholders' equity amounted to EUR211 million,
    EUR326 million in 2003; and

(i) the contracting backlog for construction contracts grew by
    approximately 19% to EUR5.6 billion, from EUR4.7 billion in
    December 2003; the concessions backlog was stable at EUR8.9
    billion (EUR8.7 billion in December 2003).  The market
    outlook remains bright.

Figures for the parent company are:

(a) value of production grew to EUR2,054 million from EUR1,772
    million in 2003;

(b) operating profit totaled EUR88 million, from EUR123 million
    in 2003;

(c) a pre-tax loss of EUR104 million, compared with a pre-
    tax profit of EUR63 million in 2003.  This was due to
    the EUR68 million write-down on the receivable due from
    Imprepar described above and other write-downs on equity
    investments totaling EUR132 million.  These referred mainly
    to Impregilo Edilizia e Servizi S.p.A., where, in response
    to the industry crisis, precautionary postings of
    approximately EUR105 million were recognized for impairment
    of goodwill and capital losses;

(d) a net loss of EUR143 million (compared with a net
    profit of EUR32 million in 2003) after tax totaling EUR38
    million;

(e) the net financial position was EUR101 million, an
    improvement of EUR90 million from EUR191 million at the end
    of 2003; and

(f) shareholders' equity decreased from EUR511 million to EUR346
    million, largely as a result of the net loss for the year.

With regard to adoption of the IAS/IFRS international accounting
standards by E.U. listed companies that publish consolidated
financial statements, Impregilo has set up a taskforce to manage
a special project on the application of the new accounting
standards.  The taskforce has conducted its first accounting
analysis and expects the project to be completed before approval
of the half-year report at 30 June 2005.

The Board of Directors examined the annual report on corporate
governance and compliance with the voluntary code of conduct. The
document will be included in the Annual Report and be published
at http://www.impregilo.it.

Pursuant to article 3.2 of the voluntary code of conduct for
listed companies, the Board of Directors performed the prescribed
check on the independence of its members.  On the basis of the
information provided by each director, Messrs. Umberto Colombo,
Adriano De Maio, Vittorio De Stasio, Ezio Gandini, Gian Luigi
Garrino, Enzo Grilli and Carlo Lotti qualify for recognition as
independent directors.

Finally, the Board of Directors noted with satisfaction that one
of the conditions precedent set by the agreement reached by the
key shareholder Gemina with Newco (the company being established
by leading industrial and financial groups, including Techint
European Holding B.V., Argo Finanziaria S.p.A-Gavio Group,
Autostrade per l'Italia S.p.A. and Efibanca S.p.A.) has already
been fulfilled with the arrangement of a EUR120 million bridging
loan, and that talks are continuing with the banks to define the
recapitalization and overall financial restructuring of the
Group.

Subject to the successful completion of this restructuring --
regarded, in light of recent events, as being organized on a
solid basis -- the Board of Directors said that the Group would
be able to meet all its obligations.

In this connection, the Board of Directors also noted the
commitment undertaken by Impregilo S.p.A. to allocate sufficient
funds to Fibe S.p.A and Fibe Campania S.p.A. to enable them to
proceed with the project as planned and to settle their
obligations to suppliers both in and outside the Group.

A full copy of the financial statements is available free of
charge at http://bankrupt.com/misc/Impregilo.htm

CONTACT:  IMPREGILO SPA
          Viale Italia 1,
          Sesto S. Giovanni
          20099 Milan
          Phone: +39-02-244-22111
          Fax: +39-02-244-22293
          Web site: http://www.impregilo.it


PARMALAT U.S.A.: Has Until June to Decide on Atlanta Contracts
--------------------------------------------------------------
Parmalat U.S.A. Corp. and Farmland Dairies LLC sought and
obtained the U.S. Bankruptcy Court for the Southern District of
New York's authority to reject, assume, or assume and assign, as
the case may be, certain executory contracts and unexpired leases
in connection with a potential sale of Farmland's fluid milk and
other beverage business based in Atlanta, Georgia, on the earlier
of the sale's closing and June 30, 2005.

As described in their Chapter 11 Plan and Disclosure Statement,
the U.S. Debtors determined that the values of their estates
would be maximized by a reorganization of Farmland's business
around its Northeast and Michigan operations.  That revised
strategy called for Farmland to concentrate on its fresh-milk and
nationwide extended-shelf-life milk business and to divest its
non-core operations, including the Atlanta Business.
Accordingly, about that time, the U.S. Debtors and their
professionals commenced a marketing process for the assets
comprising the Atlanta Business.

Farmland is currently engaged in negotiations concerning the
terms and provisions of an asset purchase agreement related to
the sale of the Atlanta Business to a potential purchaser.  It is
anticipated that a request for an order approving the sale of the
Atlanta Business to the Purchaser, free and clear of all liens,
claims, encumbrances, and interests, will be filed shortly.

Given that the Purchaser intends to operate the Atlanta Business
as a going concern, the terms of the sale agreement currently
under negotiation provide for the Purchaser's assumption of
certain of the Atlanta Contracts.

The U.S. Debtors also anticipate that the sale of the Atlanta
Business will close prior to the Effective Date of the Plan.
However, the Debtors cannot be absolutely certain that the sale
will close within that timeframe or that the consummation of the
proposed sale to the Purchaser will, in fact, occur.

Marcia L. Goldstein Esq., at Weil, Gotshal & Manges LLP, in New
York, tells Judge Drain that the confirmation of the U.S.
Debtors' Plan implements their assumption or rejection of the
various executory contracts and unexpired leases.

A list of the Atlanta Contracts is available for free at:

   http://bankrupt.com/misc/Atlanta_Contracts_and_Leases.pdf

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


TISCALI SPA: 'CCC+' Senior Unsecured Rating Affirmed
----------------------------------------------------
Fitch Ratings changes Italy-based Tiscali S.p.A.'s rating Outlook
to Stable from Negative, following its agreement to dispose its
95% controlling stake in France's Liberty Surf S.A. to Telecom
Italia for EUR266 million.  At the same time, the agency has
affirmed Tiscali's ratings at Senior Unsecured 'CCC+' and
Short-term 'B'.  Tiscali Finance S.A.'s EUR250 million guaranteed
floating-rate notes due in July 2005 and its EUR209.5 million
guaranteed equity-linked bonds due in September 2006 are also
affirmed at 'CCC+'.

The change in the Outlook is based on the assumptions that the
agreed transaction will be approved by the French antitrust
authority and, crucially, that sufficient cash proceeds will
become available to Tiscali to at least bridge the current
funding gap between the company's ready available cash resources
and the EUR250 million notes maturing in July 2005.

"The disposal of Liberty Surf represents a strategic change of
tack for Tiscali's management and should be welcomed by Tiscali's
bondholders," says Stefano Podesta, Director in Fitch's European
Leveraged Finance team.  "If the transaction is closed rapidly
and sufficient proceeds are cashed in, this sale, when added to
the funds raised with the previous disposals of "non core"
operations and share capital increase, has the potential to
remove any short-term liquidity pressure on Tiscali."

However, should the announced transaction fail to close within
the envisaged time frame and no additional resources become
available to meet the funding gap, the existing ratings may still
be downgraded notwithstanding [the current] action.

In changing the Outlook Fitch has also considered the financial
flexibility that the announced transaction may give to Tiscali in
relation to the repayment of the convertible notes due in
September 2006 as well as to its investment requirements for 2005
and 2006.

"This disposal has the potential to provide Tiscali with more
time and flexibility to pursue its growth strategy in its
remaining core markets.  The focus now is on the execution of
this strategy," adds Mr. Podesta.

CONTACT:  FITCH RATINGS
          Stefano Podesta, London
          Phone: +44 (0) 20 7417 4316

          Susan Hunter
          Phone: +44 (0) 20 7417 6347

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

          TISCALI S.p.A.
          Sa Illetta
          09122 Cagliari
          Phone: +39 02 309011
          E-mail: ir@tiscali.com
          Web site: http://www.tiscali.com


TISCALI SPA: Telecom Italia to Buy Liberty Surf for EUR226 Mln
--------------------------------------------------------------
Telecom Italia and Tiscali have signed an agreement to purchase
Tiscali's 95% stake in Liberty Surf S.A., a French company listed
at Euronext in Paris.  The price agreed is approximately EUR266
million, valuing 100% of Liberty Surf at EUR280 million.  This
valuation takes into account Liberty Surf's net cash of
approximately EUR28 million and corresponds to an estimated
Enterprise Value of EUR252 million for 100% of the company.

Once the transaction is finalized, Telecom Italia will launch a
public offer for the remaining 5% of Liberty Surf 's share
capital, as required by law.  Finalization of the transaction is
conditional on approval by the French antitrust authorities.

Liberty Surf is a leading Internet service provider in France,
with a nationwide presence.  Through its own network
infrastructure it provides Internet services to 344,000 broadband
customers and approximately 700,000 narrowband customers (of
which 448,000 retail).

The company's 2004 revenues totaled approximately EUR225 million.

Mediobanca and Sopaf Corporate Finance were the financial
advisers for Telecom Italia while Tiscali was represented by
Rothschild.

CONTACT:  TISCALI S.p.A.
          Sa Illetta
          09122 Cagliari
          Phone: +39 02 309011
          E-mail: ir@tiscali.com
          Web site: http://www.tiscali.com


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


POLSKA GRUPA: Rating Cut on Financial Policy Changes
----------------------------------------------------
Fitch Ratings downgraded Polska Grupa Farmaceutyczna S.A.'s
National ratings to Long-term 'BB+(pol)' from 'BBB-(BBB
minus)(pol)' and Short-term 'B(pol)' from 'F3(pol)'.  The rating
Outlook remains Stable.

The downgrade reflects PGF management's return to a more
aggressive financial policy, which is evident in its 2004
preliminary results and increased target level of debt to around
PLN300 million for 2005 from PLN150 million.  Two debt-financed
acquisitions completed in 2004, together with weaker net free
cash flow generation, resulted in a considerable increase in
PGF's indebtedness.  With EBITDA generation remaining stable, net
debt-to-EBITDA ratio as a result deteriorated sharply to 4.0x at
FYE04 from 2.1x at FYE03.

The ratings are supported by PGF's leading position (20% share)
in the Polish pharmaceutical wholesale market, its national
wholesale distribution network and extended retail operations
with 300 Polish pharmacies (3% of the market).  The ratings are
constrained by the company's relatively small size when compared
to other European distributors, and its over-reliance on the
Polish healthcare market, which proved challenging in 2004.  They
also factor in the integration risk involved in the recent
acquisitions and potential related cash outflows.

The Stable Outlook reflects management's commitment to a
meaningful deleveraging of PGF by end-2005.  Fitch will continue
to monitor closely the company and failure to decrease leverage
is likely to lead to a Negative Outlook or a downgrade.

PGF's pharmaceutical retail business was extended during 2004
through acquisitions of Apteki Polskie (AP), the owner of some
100 pharmacies, for PLN74 million and Cefarm Lodz (CL),
state-owned local distributor with some 100 pharmacies, for PLN22
million.  AP and CL both reported losses in 2004.  Fitch
recognizes that these acquisitions follow the international trend
towards vertical integration in the pharmacy business, which
yields substantially higher margins than in pharmaceutical
wholesale's.  The acquisitions, however, bear integration risk
and might result in further cash outflows for restructuring.

PGF's EBITDA margin has been under pressure, decreasing gradually
to 2.2% in 2004 from 2.9% 2001, mainly due to increased price
competition and unfavorable regulatory changes in the Polish
pharmaceuticals distribution market.  Its FY04 EBITDA margin was
further negatively affected by the two acquisitions.  While these
acquisitions, if successfully integrated, could enhance the
company's EBITDA margin, this will take at least a few years for
the benefits to kick in.

CONTACT:  FITCH RATINGS
          Arkadiusz Wicik, Warsaw
          Phone: +48 22 338 62 86

          Britta Holt, London
          Phone: +44 20 7862 4022

          Raymond Hill
          Phone: +44 20 7417 4314

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


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


BEREZOVSKIY: Proofs of Claim Deadline Tomorrow
----------------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on limited liability company Berezovskiy.
The case is docketed as A14-1066-2005/20b.  Mr. V. Sidelev has
been appointed temporary insolvency manager.

Creditors have until April 12, 2005 to submit their proofs of
claim to 394018, Russia, Voronezh, Kirova Str. 9, Office 30.  A
hearing will take place on June 9, 2005, 10:00 a.m. at Russia,
Voronezh, Srednemoskovskaya Str. 77, Room 501.

CONTACT:  BEREZOVSKIY
          397574, Russia, Voronezh region,
          Vorobyevskiy region, Berezovka, Lenina Str. 50

          Mr. V. Sidelev
          Temporary Insolvency Manager
          394018, Russia, Voronezh region,
          Kirova Str. 9, Office 30


CHISTOOZERNOYE: Declared Insolvent
----------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Chistoozernoye after finding the open joint
stock company agro-service insolvent.  The case is docketed as
A45-577/05-10/1.  Mr. Ya. Gomerov has been appointed insolvency
manager.  Creditors have until May 12, 2005 to submit their
proofs of claim to 630501, Russia, Novosibirsk region,
Krasnoobsk, Post User Box 325.

CONTACT:  CHISTOOZERNOYE
          652721, Russia, Novosibirsk region, Chistoozernyj
          region, Chistoozernoye, M. Gorkogo Str. 12

          Mr. Ya. Gomerov
          Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk, Post User Box 325


HOUSE-BUILDER: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on open joint stock company House-Builder.
The case was docketed as A27-30118/2004-4.  Mr. O. Kushmarev has
been appointed temporary insolvency manager.

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

(a) House-Builder:
    654005, Russia, Kemerovo region,
    Novokuznetsk, Proezd Burkatskogo, 30

(b) Temporary Insolvency Manager
    654052, Russia, Kemerovo region,
    Prokopyevsk, Post User Box 2486

(c) The Arbitration Court Of Kemerovo Region
    650099, Russia, Kemerovo region,
    Krasnaya Str. 8

A hearing will take place on July 11, 2005, 10:30 a.m. at 650099,
Russia, Kemerovo, Krasnaya Str. 8.


KEMEROVO-METALL-OPT-TORG: Sets Public Auction Tuesday
-----------------------------------------------------
The bidding organizer and insolvency manager of open joint stock
company Kemerovo-Metall-Opt-Torg will sell its property on
April 12, 2005, 3:00 p.m. (local time).  The public auction will
take place at Russia, Kemerovo, Oktyabrskiy Pr., 53/2, 4th floor,
Office 402.  Up for sale is an immovable property.  Starting
price: RUB1,942,000.

The list of documentary requirements is available at Russia,
Kemerovo, Oktyabrskiy Pr., 53/2, 4th floor, Office 402.  To
participate, bidders must deposit RUB388,400 to the settlement
account 40702810100530120042 at OJSC-Bank Moskvy, Kemerovo
branch, Kemerovo, correspondent account 30101810700000000743, BIC
043207743 not later than 12:00 noon, April 12, 2005.

CONTACT:  KEMEROVO-METALL-OPT-TORG
          Russia, Kemerovo region,
          Oktyabrskiy Pr. 53/2, 4th floor, Office 402

          Mr. K. Andrusik
          Insolvency Manager/Bidding Organizer
          Russia, Kemerovo region,
          Oktyabrskiy Pr. 53/2, 4th floor, Office 402


MINE DALNIYE: Appoints A. Polyakov Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Mine Dalniye Gory after finding the open
joint stock company insolvent.  The case is docketed as
A27-14304/2002-4.  Mr. A. Polyakov has been appointed insolvency
manager.  Creditors have until May 12, 2005 to submit their
proofs of claim to 652708, Russia, Kemerovo region, Ktiselevsk,
Estakadnaya Str. 41.

CONTACT:  MINE DALNIYE GORY
          652708, Russia, Kemerovo region,
          Ktiselevsk, Estakadnaya Str. 41

          Mr. A. Polyakov
          Insolvency Manager
          652708, Russia, Kemerovo region,
          Ktiselevsk, Estakadnaya Str. 41


RED OCTOBER: To Auction Assets Tomorrow
---------------------------------------
The bidding organizer of agricultural industrial complex Red
October will sell its property on April 12, 2005, 11:00 a.m.

The assets for sale are:

Lot 1: 43 property units located at Russia, Belgorod region,
       Severniy.  Starting price: RUB1,846,310 inclusive of VAT;

Lot 2: 61 property units located at Russia, Belgorod region,
       Kisilevo, Khokhlovo, Belomestnoye, Petropavlovka,
       Shishino, Belgorod.  Starting price: RUB4,934,300
       inclusive of VAT.

The list of documentary requirements is available at Russia,
Belgorod, Nekrasova Str. 9/15, Room 216.  To participate, bidders
must deposit an amount equivalent to 10% of the starting price to
the settlement account 40602810416020000052 CB Vneshtorgbank
branch at Belgorod, BIC 041403757, correspondent account
30101810400000000757.

CONTACT:  RED OCTOBER
          Russia, Belgorod region,
          B. Khmelnitskogo Pr. 199

          GSU FUND OF PROPERTY OF BELGOROD REGION
          Bidding Organizer
          Russia, Belgorod region,
          Nekrasova Str. 9/15, Room 216
          Phone: 31-07-21
          Fax: 31-02-43


RUS-AGRO: Bankruptcy Proceedings Begin
--------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Rus-Agro after finding the limited liability
company insolvent.  The case is docketed as A08-1174/04-2 B.  Ms.
O. Ivanova has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 308000, Russia, Belgorod,
Narodnyj Avenue, 57, Apartment 59.

CONTACT:  Ms. O. Ivanova
          Insolvency Manager
          308000, Russia, Belgorod region,
          Narodnyj Avenue, 57, Apartment 59


SHOES OF TREKHGORNYJ: Deadline for Proofs of Claim May 12
---------------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Shoes Of Trekhgornyj after finding the
limited liability company insolvent.  The case is docketed as A
76-24630/04-60-18.  Mr. M. Motorin has been appointed insolvency
manager.  Creditors have until May 12, 2005 to submit their
proofs of claim to 456080, Russia, Chelyabinsk region,
Trekhgornyj, Zarechnaya Str. 13.

CONTACT:  SHOES OF TREKHGORNYJ
          456080, Russia, Chelyabinsk region,
          Trekhgornyj, Zarechnaya Str. 13

          Mr. M. Motorin
          Insolvency Manager
          456080, Russia, Chelyabinsk region,
          Trekhgornyj, Zarechnaya Str. 13


STANOVLYANSKIY CREAMERY: Declared Insolvent
-------------------------------------------
The Arbitration Court of Lipetsk region commenced bankruptcy
proceedings against Stanovlyanskiy Creamery after finding the
unitary municipal enterprise insolvent.  The case is docketed as
A 36-57-B/1-04.  Ms. L. Bogomazova has been appointed insolvency
manager.

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

(a) Stanovlyanskiy Creamery
    399730, Russia, Lipetsk region,
    Stanovlyanskiy region, Solovyevo

(b) Insolvency Manager
    398059, Russia, Lipetsk region,
    Post User Box 1252

(c) The Arbitration Court Of Lipetsk Region
    398019, Russia, Lipetsk region,
    Skorokhodova Str. 2


ZABAYKAL-SPIRIT: Chita Court Names S. Karpov Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Chita region commenced bankruptcy
proceedings against Zabaykal-Spirit after finding the open joint
stock company insolvent.  The case is docketed as
A78-4206/2004-b-49.  Mr. S. Karpov has been appointed insolvency
manager.
Creditors have until May 12, 2005 to submit their proofs of claim
to 672000, Russia, Chita, Main Post Office, Post User Box 734.

CONTACT:  ZABAYKAL-SPIRIT
          673400, Russia, Nerchinsk,
          Beregovaya Str. 66

          Mr. S. Karpov
          Insolvency Manager
          672000, Russia, Chita region,
          Main Post Office, Post User Box 734


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


SAS GROUP: March Passenger Traffic Down
---------------------------------------
Highlights of traffic figures for March:

(a) Total passenger traffic (RPK) increased by 4.5% in March
    2005 vs. 2004;

(b) The SAS Group transported 2.7 million passengers in March
    2005, a decrease of 2.9%, negatively affected by the Easter
    holiday (in April 2004);

(c) Overall group passenger load factor increased by 1.7 p.u. to
    64.0% for March 2005 vs. 2004.

Group Market Trends and Yield Development

Group total traffic volumes (RPK) developed well in March with an
increase in March of 4.5%.  Capacity (ASK) increased by 1.8%
resulting in an improved load factor of +1.7 p.u.

Yield for Scandinavian Airlines in February 2005 was up by 3% vs.
2004 due to improved yield management and full effect of fuel
charges.  Yield for March will be reported next month, and is
expected to be slightly negative primarily due to the effect of
the Easter holiday and lower prices especially on European routes
out from Copenhagen.

Capacity on intercontinental routes, was not fully met and load
factor was down 2.9 p.u. vs. last year.

SAS Group European traffic increased and passenger load factor
improved by 3.6 p.u. SAS Braathens traffic decreased by 3.2%
mainly due to the Easter holiday as capacity was reduced by 9.8%.
Scandinavian Airlines Sverige's traffic decreased due to capacity
reduction.  The new domestic concept has been well received in
the market.  Spanair's traffic was strong, positively affected by
Easter, but also underlying growth from new routes.  Traffic was
up 27.6% and load factor was up by 3.7 p.u.

Blue 1 in Finland developed very well with an increase in number
of passengers of 36.9% and improved load factor by 10.0 p.u.

Traffic and load factor trends improved slightly in March. Yields
in general are expected to continue to be stable, but will be
slightly negatively affected by more low fare tickets on key
domestic markets.

Yield for February was up 3% vs. 2004.  Yields going forward will
however also be positively affected by new price initiatives
designed to offset the increased jet fuel costs.  Due to the
situation with continued overcapacity and the competitive
situation with price pressure in many markets, the overall
outlook remains cautious.

Scandinavian Airlines Businesses

(a) Scandinavian Airlines traffic (RPK) decreased by 2.5% in
    March 2005 compared with 2004;

(b) Scandinavian Airlines passenger load factor increased by 1.9
    p.u. to 66.9%;

(c) SAS Braathens traffic decreased 3.2% and passenger load
    factor improved by 4.2 p.u. to 61.8%;

Intercontinental passenger load factor was down 2.9 p.u. a
significant improvement vs. February.

Traffic on the European routes was down primarily due to capacity
reductions initiated under Capacity & Utilization focus.
Intra-Scandinavian traffic decreased fairly in line with capacity
adjustments.  It must be noted that most of Scandinavian Airlines
routes are negatively affected by Easter holidays.

CONTACT:  SAS GROUP
          Sture Stoelen
          VP, Head of SAS Group Investor Relations
          Phone: + 46 8 797 1451
          E-mail: sture.stolen@sas.se
          Web site: http://www.sasgroup.net


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


AUTO TRANSPORT 2101: Declared Insolvent
---------------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against OJSC Specialized Auto Transport Enterprise
2101 (code EDRPOU 05396706) on March 5, 2005 after finding the
limited liability company insolvent.  The case is docketed as
6/268-B.  Mr. E. Pirozhok (License Number AA 419249) has been
appointed liquidator/insolvency manager.

Creditors have until April 16, 2005 to submit their proofs of
claim to:

(a) SPECIALIZED AUTO TRANSPORT ENTERPRISE 2101
    Ukraine, Herson region, Antonivka,
    Krimska Str. 57

(b) Mr. E. Pirozhok
    Liquidator/Insolvency Manager
    73000, Ukraine, Herson region,
    Budyonnij Str. 16/60

(c) ECONOMIC COURT OF HERSON REGION
    73000, Ukraine, Herson region,
    Gorkij Str. 18


BIZNES-STOLITSYA: Creditors' Claims Due Saturday
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Biznes-Stolitsya Ltd. (code EDRPOU 31171984)
on February 21, 2005 after finding the limited liability company
insolvent.  The case is docketed as 24/79-b.  Mr. Yurij Tukman
(License Number AB 116285) has been appointed
liquidator/insolvency manager.  The company holds account number
26001002424 at JSPPB Aval, Kyiv region central branch, MFO
322904.

Creditors have until April 16, 2005 to submit their proofs of
claim to:

(a) BIZNES-STOLITSYA LTD.
    04050, Ukraine, Kyiv region,
    Biloruska Str. 5/20

(b) Mr. Yurij Tukman
    Liquidator/Insolvency Manager
    10011, Ukraine, Kyiv region, a/b 209
    Phone: (044) 490-88-79

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


DMITRIVSKA: Court Orders Debt Moratorium
----------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Agrofirm Dmitrivska (code EDRPOU
30844790) on February 17, 2005 and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as 15/18
B.  Ms. I. Sholohova (License Number AA 047997) has been
appointed temporary insolvency manager.  The company holds
account number 26000303550474 at Prominvestbank, Volnovaha
branch, MFO 334646.

Creditors have until April 16, 2005 to submit their proofs of
claim to:

(a) DMITRIVSKA
    85771, Ukraine, Donetsk region,
    Volnovaskij district,
    Dmitrivka, Dzerzhinskij Str. 51

(b) Ms. I. Sholohova
    Temporary Insolvency Manager
    Ukraine, Donetsk region,
    Universitetska Str. 6/27

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


EAST OIL: Gives Creditors Until Weekend to File Claims
------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against East Oil (code EDRPOU 32745553) on March 3,
2005 after finding the limited liability company insolvent.
The case is docketed as B-19/04-05.  Ms. I. Stahova (License
Number AA 779138) has been appointed liquidator/insolvency
manager.

Creditors have until April 16, 2005 to submit their proofs of
claim to:

(a) EAST OIL
    Ukraine, Harkiv region,
    Harkiv district, Visokij, Oshepkova Str. 52

(b) Ms. I. Stahova
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Lenin Avenue, 5
    Phone: (050) 343-07-67

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square, 5, Derzhprom, 8th entrance


ELOHIM: Liquidator Takes over Operations
----------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Elohim (code EDRPOU 24423136) on March 3,
2005 after finding the limited liability company insolvent.
The case is docketed as B24/35/05.  Mr. Oleksij Zabrodin (License
Number AA 630146) has been appointed liquidator/insolvency
manager.  The company holds account number 26005000899501 at FB
Finances and Credit, Zaporizhya branch, MFO 313731.

Creditors have until April 16, 2005 to submit their proofs of
claim to:

(a) ELOHIM
    49034, Ukraine, Dnipropetrovsk region,
    Bilostotskij Str. 123 a

(b) Mr. Oleksij Zabrodin
    Liquidator/Insolvency Manager
    69121, Ukraine, Zaporizhya, a/b 6335
    Phone: (067) 780-39-60

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


GRAVIKS: Court Appoints Liquidator
----------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Graviks (code EDRPOU 21823148) on February
15, 2005 after finding the limited liability company insolvent.
The case is docketed as 20/22 b.  Mr. Dmitro Litsoyev (License
Number AA 520122) has been appointed liquidator/insolvency
manager.  The company holds account number 2600630130410 at
Prominvestbank, Severodonetsk branch, MFO 804013.

Creditors have until April 16, 2005 to submit their proofs of
claim to:

(a) GRAVIKS
    93400, Ukraine, Lugansk region,
    SeveroDonetsk region, Yegorov Str. 11

(b) Mr. Dmitro Litsoyev
    Liquidator/Insolvency Manager
    91000, Ukraine, Lugansk region,
    Serov Str. 111

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


KOLORIT: Bankruptcy Supervision Starts
--------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
supervision procedure on LLC Production-Commercial Firm Kolorit
(code EDRPOU 20543671).  The case is docketed as B-11/15.  Mr. I.
Vatutin (License Number AA 250388) has been appointed temporary
insolvency manager.  The company holds account number
2600430011113 at JSCB Ukrsocbank, Ivano-Frankivsk regional
branch, MFO 336019.

Creditors have until April 17, 2005 to submit their proofs of
claim to:

(a) KOLORIT
    77300, Ukraine, Ivano-Frankivsk region,
    Kalush, L. Ukrainka Str. 14-a

(b) Mr. I. Vatutin
    Temporary Insolvency Manager
    Ukraine, Ivano-Frankivsk region,
    Kolomiya, Novodvorskij Str. 34

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


MAKIYIVKA' MAKTEKS: Donetsk Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Makiyivka' Cotton-Spinning Factory Makteks
(code EDRPOU 05482883) on February 22, 2005 after finding the
open joint stock company insolvent.  The case is docketed as
33/111 B.  Ms. O. Gnedova (License Number AA 249607) has been
appointed liquidator/insolvency manager.

Creditors have until April 16, 2005 to submit their proofs of
claim to:

(a) MAKIYIVKA' COTTON-SPINNING FACTORY MAKTEKS
    86116, Ukraine, Donetsk region,
    Makiyivka, Obyednane, Sherbakova str.

(b) Ms. O. Gnedova
    Liquidator/Insolvency Manager
    83050, Ukraine, Donetsk region,
    Vatutin Avenue, 3/60

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


NIVA: Igor Gusak Named Insolvency Manager
-----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Niva (code EDRPOU 248813582) on January 11,
2005 after finding the limited liability company insolvent.  The
case is docketed as 122/11 b-04.  Mr. Igor Gusak (License Number
AA 630109) has been appointed liquidator/insolvency manager.  The
company holds account number 260002315 at OJSC JSB Ukrgazbank,
Kyiv region branch, MFO 300090.

Creditors have until April 16, 2005 to submit their proofs of
claim to:

(a) NIVA
    Ukraine, Kyiv region,
    Barishivska, Parhomenko Str. 34

(b) Mr. Igor Gusak
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Novokonstantinivska Str. 8

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


TRANSENERGO: Under Bankruptcy Supervision Procedure
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on CJSC Transenergo (code EDRPOU 24738609).
The case is docketed as 23/364-b.  Mr. Kachkurov Farit (License
Number AB 116187) has been appointed temporary insolvency
manager.

Creditors have until April 17, 2005 to submit their proofs of
claim to:

(a) TRANSENERGO
    01046, Ukraine, Kyiv region,
    Pirogov Str. 2/8

(b) Mr. Kachkurov Farit
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 83-d

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


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


AIG HEAVY: Hires Tomlinsons as Liquidator
-----------------------------------------
At the extraordinary general meeting of AIG Heavy Haulage Limited
on March 23, 2005 held at Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL, the resolutions to wind up
the company were passed.  Alan H. Tomlinson of Tomlinsons, St
John's Court, 72 Gartside Street, Manchester M3 3EL has been
appointed liquidator of the company.

CONTACT:  TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


ANGLO ABRASIVES: Hires Ernst & Young as Administrator
-----------------------------------------------------
Name of companies:
Anglo Abrasives Limited
Carbo Abrasives Limited
Carborundum Abrasives Plc
Carborundum Abrasives UK Limited
CSW Abrasives UK Ltd.

Simon Allport and Garry Wilson (IP Nos 8763, 9062) have been
appointed joint administrators for these companies.  The
appointment was made March 30, 2005.

The company manufactures abrasive products.  Its registered
office is located at Lakeside, Trafford Park Road, Trafford Park,
Manchester M17 1HP.

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


BOOTS GROUP: Revises Operating Profit Forecasts
-----------------------------------------------
Highlights:

(a) BTC Q4 total sales +1.1%, -0.9% like-for-like;

(b) BTC Q4 underlying LFL +0.7%;

(c) BTC and Group performance for 04/05 expected to be in line
    with revised market forecasts;

(d) lower consumer spending and infrastructure costs expected to
    lead to lower BTC operating profits in 05/06;

(e) proposed sale of Boots Healthcare International; and

(f) continued return of cash to shareholders.

Q4 Trading Update

Boots The Chemists had a difficult fourth quarter with LFL sales
down 0.9%.  Adjusting for the leap day in February 2004 and other
calendar effects underlying LFL is up 0.7%.  Although a slow down
on the rate of growth seen earlier in the year, it remains ahead
of that reported by the BRC.

Q4 sales grew strongly in the core pharmacy and beauty
businesses.  Sales growth in Health is estimated at 2.8% helped
by the continued investment in the pharmacy business, which is
expected to be up 3.9%.  Beauty and Toiletries sales growth is
estimated at 0.5% with the investment in beauty halls and the No7
re-launch helping to offset a difficult quarter in Toiletries.
The trends identified in the March update have continued.  Sales
in Lifestyle are expected to be down 2.0%.

The full year is expected to deliver overall LFL growth of 2.3%
with the second half, despite a good Christmas in comparison to
other retailers, showing the effects of the consumer slowdown.

Gross margin for the year is estimated to be down 80 basis
points, which is better than guidance given at the start of the
year.  This is due to the benefits from Getting in Shape, good
initial results from better buying and an improved sales mix.

BTC operating profit is expected to be in line with revised
market forecasts at around GBP470 million.

Boots Healthcare International sales are estimated to be up 5.7%
for the year on a comparable basis with operating profit slightly
ahead of current market expectations at around GBP85 million.

Management expects full year Group pre-exceptional pre-tax
profits to be in line with revised market expectations at around
GBP475 million.

05/06 Planning Assumptions

Management expects that lower consumer spending and higher
infrastructure costs are likely to lead to lower operating
profits in 2005/06.

Sales growth is expected to remain subdued.  With Quarter 4
underlying Like for Like of 0.7% as a guide we expect a Like for
Like of between 0-2%.  New space is expected to add a further 2%
to sales.

Gross margin is anticipated to be broadly stable year on year,
which will allow continued investment in lower prices in
competitive markets where there is growing demand for value.
Better buying and mix management are expected to broadly balance
the cost of this price investment.

Operating costs are expected to be up 6% year on year as a result
of the ongoing effect of renewing the operating infrastructure of
the business and adding space on the Edge of Town.  Underlying
costs remain tightly controlled with the benefits from Getting in
Shape and other productivity improvements offsetting inflation
and the costs of selling higher volumes.

Proposed Sale of Boots Healthcare International (BHI)

The Board announces the proposed sale of BHI.  BHI is a
recognized global leader in the over the counter medicines
business with brands such as Nurofen, Strepsils and Clearasil.

BHI is entering the final year of a successful 4-year growth
strategy, which has seen profits increase significantly from
GBP50m to over GBP80 million.  Tremendous value has been created
over that period.  The organic prospects for growth remain strong
and the business has significant potential.  However, the global
OTC market is consolidating and it is believed that BHI's future
will be better outside the Group.  Its sale would also allow
fuller focus on modernizing BTC.

Market conditions are good to realize full value for
shareholders.  The sale process will be launched shortly and is
expected to complete within the current financial year.

The intention is to return a significant proportion of the
proceeds to shareholders.  Goldman Sachs has been appointed to
advise on the disposal.

Proposed Sale and Leaseback

Boots The Chemists is shortly to commence the marketing of 300 of
its small stores, typically in market towns for sale and
leaseback.  The proceeds of the sale are expected to be in the
region of GBP250 million and marketing activity will commence
this month with an aim of completing over the summer.  The
proceeds will be used to pay down short-term borrowings and the
transaction will be broadly earnings per share neutral.

Capital Structure and Shareholder Returns

The Group maintains its ongoing commitment to deliver value and
returns to shareholders through returning surplus cash where
appropriate.  GBP1.7 billion has been returned over the last
three years through the combination of buybacks and dividends.

Building on the very substantial returns in recent years,
shareholders will also benefit from the return of a significant
proportion of the BHI sale proceeds and the completion of the
existing GBP700 million share buyback program.  The first GBP350
million tranche of the existing buyback program is nearing
completion and the remaining GBP350 million will be returned over
the next two to three years in line with BTC performance.

Alongside the sale of BHI, the overall capital structure of the
Group will continue to be managed to determine the most
appropriate balance sheet for the ongoing BTC business while
maintaining a strong investment grade rating.

Chief Executive, Richard Baker, said: "The final quarter's
trading reflected the general slowdown in U.K. retail.  It is
clear that we are now, and will be for the foreseeable future,
operating in a much more difficult trading environment in which
sales growth will be hard fought for and cost pressures will
continue to rise.  This will impact the Group's performance in
the short term.  However these tougher trading conditions only
underline the need for us to continue with the significant range
of initiatives to improve our competitive position and to deliver
the modernization of the business's operations.

"We have made significant progress already, but as I stated when
I joined the company, there is still much to do and there will be
no quick fixes.  We have started to tackle the major issues
facing the company.  If we were to have any chance of competing
effectively in the medium term we needed to reduce prices on core
lines.  This we have done and will continue to do so, with
improved buying terms and the benefits of Getting in Shape
mitigating the impact of this.

"We now open to suit our customer's needs and are making the
necessary investment in new stores to address our lack of
presence out of town.  Our systems were inefficient and becoming
obsolete.  We have been re-engineering our supply chain to
improve availability and efficiencies, while handling higher
volumes.  We have renewed every till across the chain and have
overhauled our financial and management information systems
through the introduction of an SAP Backbone system.  We have also
made cost efficiency a way of life, with the getting in shape
program reducing headcount by over 1,000 people and contributing
over GBP110 million to cost reduction and gross margin
improvement across the Group.

"I would be the first to acknowledge the many challenges that
Boots faces in addressing its legacy, and the highly competitive
environment in which it operates.  It has been tough for both our
people and our shareholders to face the reality that BTC was
operating an unsustainable model.  Re-investment was minimal and
profits were inflated by unrealistic pricing.  We are now
tackling these issues.

"We must not lose sight of the many strengths on which BTC's
future is being built.  We have a rejuvenated, growing pharmacy
business, which customers trust, complemented by a strong beauty
and cosmetics business.  We are competing strongly in the core
toiletries area and holding market shares.  Our own brands offer
the opportunity to drive growth and margins.  We are building
better systems, greater efficiencies and swifter responses to our
customers needs.  We continue to generate substantial profits and
cash for the benefit of our shareholders.  I have every
confidence in the future for Boots."

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


BOOTS GROUP: On Rating Watch Negative Over Profit Warning
---------------------------------------------------------
Fitch Ratings placed U.K. health and beauty retailer Boots Group
plc's Senior Unsecured 'A-' rating on Rating Watch Negative and
affirmed the Short-term 'F2' rating.  In resolving the Rating
Watch Negative the potential downgrade is likely to be at least
one notch.

Boots announced on April 7, poor trading figures for Q405 with
like-for-like (lfl) sales down 0.9%, (up 0.7% after adjusted for
calendar effects), a profit warning for FY06, and more
significantly a corporate development update.  Under this update,
Boots announced its intention to sell Boots Healthcare
International (BHI) during FY06, conduct a sale and leaseback of
smaller stores with expected proceeds of GBP250 million, and
extend the payment period of the second GBP350 million tranche of
the previously announced GBP700 million share buyback program.
Fitch will resolve the Rating Watch Negative once details of the
agreement to sell BHI to a third party and the percentage of
proceeds being returned to shareholders is confirmed.

Fitch considers of greatest significance the sale of BHI with the
company's intention to return 'a significant proportion' of
proceeds to shareholders.  The agency expects that such capital
return, subject to the size of the buyback, is likely to result
in at least a one notch rating downgrade.  In Fitch's view Boots
has again demonstrated its shareholder friendly policies, which
leave bondholders at an ever greater disadvantage.

Fitch on 12 October 2004 questioned the group's ability to return
the GBP700 million of cash to shareholders from what the company
described as 'surplus cash flow'.  Today's (April 7, 2005)
announcement clarifies that the capital return from the sale of
BHI is in addition to this GBP700 million.  This is of concern
for Fitch.  Given the loss of some GBP100 million of EBITDA from
the sale of BHI, Boots will be even more hard pressed in the
future to identify 'surplus cashflow' for the second tranche of
the GBP350 million share buyback even given the extended time
horizon.  FY04's post-capex, post-dividend cash flow amounted to
only GBP175 million.  The sale and leaseback will be neutral to
the credit profile as short-term on-balance sheet debt is being
replaced by operating lease commitments.

BHI has seen some of the highest growth in terms of sales and
profitability within the group and is expected to report
operating profit of GBP85 million in FY05 compared to GBP470
million for Boots The Chemist (BTC).  Management has not amended
its guidance of the group's pre-exceptional pre-tax profit for
FY05 to be in line with market expectations at GBP475 million,
while stating that unquantified operating profits are likely to
be lower in FY06.  BHI's largest brands are Nurofen, Strepsils,
and Clearasil.  Boots had previously stated that it was looking
to expand BHI's portfolio to a total of eight such
internationally recognized brands.  With the tough retail
environment for BTC, Boots does not have the resources to fund
this growth any longer.

Boots management's prognosis for FY06 was even more downbeat.
Although Boots states that the gross margin is likely to remain
stable in FY06, this is reliant on Boots achieving improved
buying terms and better sales mix management while managing to
keep price investment to a minimum.  Given the depressed state of
the U.K. retail sector and in particular, the intense competition
that Boots faces from the supermarket chains, Fitch considers
this gross margin maintenance as unlikely.

Boots' lease-adjusted net debt/EBITDAR is likely to rise to
around 2.3x-2.5x for FY05 from 1.9x in FYE04.  Interest cover as
measured by EBITDAR/interest + rent is expected to deteriorate to
around 3.8x at FYE05 from 4.6x at FYE04.  Fitch expects that
additional material weakening will occur from the proposed
disposal of BHI and the subsequent capital return.  Fitch
anticipates that returning all the proceeds from the sale if BHI
to shareholders would reduce adjusted interest cover by
approximately 0.6x while adjusted leverage would increase by some
0.5x.  Weakening of the group's key credit metrics was reflected
in Fitch's previous downgrade (see announcement dated 27 May 2004
on http://www.fitchratings.com).

CONTACT:  FITCH RATINGS
          Jonathan Pitkanen, London
          Phone: +44 (0) 20 7417 4201

          Britta Holt
          Phone: +44 (0) 20 7 417 4022

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

          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


BOOTS GROUP: Rating Lowered to 'BBB+' After Earnings Plunge
-----------------------------------------------------------
Standard & Poor's Ratings Services lowers its long-term corporate
credit rating on U.K.'s leading health & beauty retailer Boots
Group PLC to 'BBB+' from 'A-', following its announcement that
operating earnings will be considerably lower during fiscal 2006
and that it will divest its over-the-counter business, Boots
Healthcare International (BHI).  The 'A-2' short-term rating was
affirmed.  The outlook is stable.

The downgrade reflects:

(a) Boots' reduced business diversity.  From a business risk
    perspective, Standard & Poor's considers the resultant loss
    in diversity from the envisaged sale (during fiscal 2006) of
    the more profitable and cash generative OTC business as
    negative for the group's overall business profile.  The
    division accounts for about 17% of the group's operating
    profit (EBIT) and would have presented a meaningful and
    attractive growth platform for the group.  Boots envisages
    returning between 50%-100% of net proceeds to shareholders.

(b) The group's poor sales performance.  During the fourth
    quarter ended March 31, 2005, Boots the Chemists' (BTC) like
    for like sales growth remained broadly flat compared to the
    same quarter of 2004, because of a marked  slowdown in
    consumer spending during the final quarter.  Standard &
    Poor's views greater competition within the company's
    toiletries and seasonal product categories, which also
    contributed toward the slowdown.  As revenue growth will
    remain benign during fiscal 2006, operating profits are
    likely to come under pressure due to cost inflation and the
    need for greater price investments.

(c) The company's lower earnings.  From a financial risk
    perspective, Standard & Poor's believes that a combination
    of lower operating earnings from higher costs and the
    potential divestiture of BHI, is likely to have a negative
    impact on Boots' debt protection measures.  As a result, the
    group's current lease-adjusted FFO to net debt of about 35%
    could deteriorate.  Furthermore, Standard & Poor's notes
    Boots' commitment to a strong investment-grade rating rather
    than an 'A' category rating.  The envisaged sale and
    leaseback of 300 smaller BTC stores is considered neutral as
    the entire proceeds are expected to be applied for debt
    reduction.

"The stable outlook reflects Standard & Poor's expectation that
Boots' operating margin will not deteriorate further than what is
planned for financial 2006," said Standard & Poor's credit
analyst Omar Saeed.

To sustain the ratings, Standard & Poor's expects the group to
manage the disposal of BHI in a manner that translates into
lease-adjusted FFO (after operating exceptional costs) to net
debt (capitalized for operating leases) and EBITDAR (after
exceptional costs) to net interest plus full rents to above 30%
and between 3.0x-3.5x, respectively.

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:  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


CABARETCLUB LIMITED: Names Administrator from Milner Boardman
-------------------------------------------------------------
Colin Burke (IP No 8803) has been appointed administrator for
Cabaretclub Limited.  The appointment was made March 31, 2005.

The company manages other entertainment activities.  Its
registered office is located at 116 Duke Street, Liverpool L1
5JW.

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


CHARLES E. CHAPLIN: Calls in Administrators from Stoy Hayward
-------------------------------------------------------------
Dermot Justin Power and David Swaden (IP Nos 6006/01, 5495/01)
have been appointed joint administrators for Charles E. Chaplin &
Co. Ltd.  The appointment was made March 24, 2005.  The company
manufactures and prints fabric labels.

CONTACT:  BDO STOY HAYWARD LLP
          Commercial Buildings,
          11-15 Cross Street, Manchester M2 1BD
          Phone: 0161 817 3700
          Fax: 0161 817 3711
          E-mail: manchester@bdo.co.uk
          Web site: http://www.bdo.co.uk


CINEFILMTREATMENT & CO.: Names Liquidator from Crane & Partners
---------------------------------------------------------------
At the extraordinary general meeting of Cinefilmtreatment & Co.
Limited on March 31, 2005 held at Sussex House, 8-10 Homesdale
Road, Bromley, Kent BR2 9LZ, the subjoined special resolution to
wind up the company was passed.  Guy Charles David Harrison of
Crane & Partners, Sussex House, 8-10 Homesdale Road, Bromley,
Kent BR2 9LZ has been appointed liquidator of the company.

CONTACT:  CRANE & PARTNERS
          Sussex House,
          8-10 Homesdale Road,
          Bromley, Kent BR2 9LZ
          Phone: 020 8464 0131
          Fax:   020 8464 6018
          Web site: http://www.craneandpartners.com


COMMSTEC LIMITED: Members Decide to Wind up Company
---------------------------------------------------
At the extraordinary general meeting of the members of Commstec
Limited on March 22, 2005 held at 43 Pall Mall, London SW1, the
subjoined special resolution to wind up the company was passed.
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions, 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire have been appointed joint
liquidators of the company.

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


CRAYHURST PROPERTIES: Appoints Begbies Traynor Liquidator
---------------------------------------------------------
At the extraordinary general meeting of Crayhurst Properties
Limited on March 29, 2005 held at 151 Deansgate, Manchester M3
3BP, the special and ordinary resolutions to wind up the company
were passed.  Stephen L. Conn of Begbies Traynor has been
appointed liquidator of the company.

Creditors are required to send in their names and addresses with
particulars of their debt or claims and the names and addresses
of their Solicitors (if any) to the undersigned, Stephen L Conn,
of Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3
3BP on or before April 30, 2005.

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


DARAY LIMITED: Appoints Administrator from Marlor Walls & Co.
-------------------------------------------------------------
E. Walls (IP No 009113) has been appointed administrator for
Daray Limited.  The appointment was made March 29, 2005.  The
company manufactures and retails medical equipment.  Its
registered office is located at Commerce Way, Stanbridge Road,
Leighton Buzzard, Bedfordshire LU7 4RW.

CONTACT:  MARLOR WALLS & COMPANY
          C12 Marquis Court
          Marquis Way
          Team Valley
          Gateshead
          Tyne & Wear NE11 0RU
          Phone: 0191 482 3343
          Fax: 0191 491 3062
          E-mail: ew@marlorwalls.co.uk


DARE HOLDINGS: Calls in Liquidator from Ward & Co.
--------------------------------------------------
Name of companies:
Dare Holdings Limited
Jacey Investments Limited
John Owen & Company (Neath) Limited
Premysis (Management) Limited
Stuart Green (Steel Supplies) Limited

At the extraordinary general meeting of these establishments on
March 22, 2005 held at Clifford Chance LLP, 10 Upper Bank Street,
Canary Wharf, London E14 5JJ, the subjoined special and ordinary
resolutions to wind up the companies were passed.  B. J. Ward of
Ward & Co. has been appointed liquidator of the companies.

CONTACT:  WARD & CO.
          Bank House
          Shaw Street
          Worcester
          Worcestershire WR1 3DT
          Phone: 01905 25000
          Fax: 01905 26555
          E-mail: aws@ward-co.co.uk


DUNCAN MCKEE: Director Banned for Five Years
--------------------------------------------
A director of a haulage business that failed with total debt
estimated at around GBP117,000 has given an undertaking not to
hold directorships or take any part in company management for
five years.

The Undertaking by Duncan McKee, 52, of Mollinsburn Road,
Glenmavis, Airdrie was given in respect of his conduct as a
director of Duncan McKee Transport Limited, which carried out
business from premises at Glenfield House, Mollinsburn Road,
Glenmavis, Airdrie, Lanarkshire, ML6 0PN.

Acceptance of the Undertaking on March 8, 2005 prevents Duncan
McKee from being a director of a company or, in any way, whether
directly or indirectly, being concerned or taking part in the
promotion, formation or management of a company for the above
period.  Duncan McKee Transport Limited was placed into
liquidation on April 29, 2003 with estimated debt of GBP117,000
owed to creditors.

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

Matters of unfit conduct, not disputed by Duncan McKee:

(a) He failed to respond to the Liquidator's letters dated May
    7, June 3, and July 42003, which resulted in an application
    being presented to the Court of Session seeking an order for
    his examination on oath;

(b) He failed to deliver up the books and records of the
    Company;

(c) He failed to complete and submit a Statement of Affairs and
    a Director's Questionnaire;

(d) He caused or allowed the Company to fail to make any
    payments due to the Inland Revenue and Local Authority in
    breach of statutory duties.  The only creditors who have
    claimed in the Company's Liquidation are the Inland Revenue
    and the Local Authority; and

(e) He failed to comply with his duty as a director to ensure
    that the Company prepared and filed Audited Accounts and
    Annual Returns at Companies House in breach of the
    provisions of the Companies Act.

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

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

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


EIDOS PLC: Prefers SCi Offer Over Elevation's
---------------------------------------------
The Board of Eidos plc took further discussions and due diligence
with both the Board of SCi Entertainment Group plc in relation to
SCi's share offer of one SCi share per six Eidos shares and
Elevation Partners, L.P. in relation to Elevation's cash offer of
50 pence per Eidos share.

In the light of the recent movement in the SCi share price, and
in the absence of an increased cash offer from Elevation, the
Board recognizes that while there are certain key risks for Eidos
shareholders in accepting the SCi Offer (as described more fully
below) the current implied value of the SCi Offer of 72.8 pence
per Eidos share based on the closing price of SCi shares on 6
April 2005 represents a significant premium to Elevation's Offer.

The Board has also noted the level of support for the SCi Offer
evidenced by shareholders representing approximately 41%  of
Eidos' share capital who have irrevocably committed to accept the
SCi Offer.

Taking these factors into consideration, the Board, who has been
so advised by UBS Investment Bank, its financial adviser,
considers that the terms of the SCi Offer are fair and
reasonable.  Accordingly, the Board unanimously recommends to
Eidos shareholders that they accept the SCi Offer.  In providing
advice to the Board, UBS has taken into account the commercial
assessments of the Board.

As referred to above, the Board and UBS consider that Eidos
shareholders, in assessing whether or not to accept the SCi
offer, should have regard to a number of key issues which will
need to be addressed by the Board of SCi, including:

(a) the requirement for scale to compete effectively in the
    computer games industry on the basis that the combination of
    Eidos and SCi will not result in a significantly larger
    business;

(b) the successful integration of the Eidos and SCi businesses,
    recognizing that Eidos is much larger than SCi, operates
    internationally and pursues a different approach to the
    development of its games; and

(c) the retention and motivation of key employees of the Eidos
    business.

Shareholders who do not wish to be exposed to such risks, or the
potential volatility in the SCi share price (especially in the
light of SCi's recent strong share price performance), may wish
to consider selling their shares for cash in the market.

As a consequence of the foregoing the Board has withdrawn its
earlier recommendation of the Elevation Offer.

CONTACT:  EIDOS PLC
          Wimbledon Bridge House
          1 Hartfield Road Wimbledon
          London
          United Kingdom
          SW19 3RU
          Phone: +44 20 8636 3000
          Fax: +44 20 8636 3001
          Web site: http://www.eidos.com

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

          SCI ENTERTAINMENT GROUP PLC
          14 Ivory House
          Plantation Wharf
          London
          United Kingdom
          SW11 3TN
          Phone: +44 20 7350 5240
          Fax: +44 20 7924 3419
          Web site: http://www.sci.co.uk


FET TRANSPORT: Administrators from Gerald Edelman Move in
---------------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman (IP Nos 8924, 1593) have
been appointed administrators for FET Transport Services Limited.
The appointment was made March 24, 2005.

The company is into freight transport.  Its registered office is
located at Kent House, Station Road, Ashford, Kent TN23 1PP.

CONTACT:  GERALD EDELMAN BUSINESS RECOVERY
          25 Harley Street
          London W1N 2BR
          Phone: 020 7299 1400
          Fax: 020 7637 1440
          E-mails: bhoffman@GeraldEdelman.com
                   insolvency@edelman.co.uk


FINE ART: Liquidators from PwC Step in
--------------------------------------
Name of companies:
Fine Art And General Insurance Company Limited
Mabrook Holdings Limited
Norwich Union Leasing (January) Limited
Norwich Union Venture Capital Limited
Railway Passengers Assurance Company
Tennants Estate Agency Limited
The Employers' Liability Assurance Corporation Limited
The Ocean Accident And Guarantee Corporation Limited

At the extraordinary general meeting of these companies on March
30, 2005, the special and ordinary resolutions to wind up the
company were passed.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP have been appointed joint liquidators of the
companies.

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


GASKELL CARPETS: Calls in PricewaterhouseCoopers Administrator
--------------------------------------------------------------
C. P. Holder and S. C. E. Mackellar (IP Nos 9093, 6883) have been
appointed administrators for Gaskell Carpets Limited.  The
appointment was made March 30, 2005.  The factory manufactures
textile and clothing.

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


HEAVY CONSTRUCTION: Names Vantis Business Recovery Administrator
----------------------------------------------------------------
Michael William Young and Nigel John Hamilton-Smith (IP Nos 8077,
2093) have been appointed administrators for Heavy Construction
Clothing Co. Ltd.  The appointment was made March 30, 2005.  The
factory retails clothing.

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Web site: http://www.vantismt.com


HOLMES FUNDING: Members Call in Liquidator from Tenon Recovery
--------------------------------------------------------------
At the extraordinary general meeting of the members of Holmes
Funding No.1 Plc on March 24, 2005 held at the offices of SPV
Management Limited, Level 11, Tower 42, International Financial
Centre, 25 Old Broad Street, London EC2N 1HQ, the special
resolution to wind up the company was passed.  Ian Cadlock of
Tenon Recovery, Lyndean House, 43-46 Queens Road, Brighton, East
Sussex BN1 3XB has been appointed liquidator of the company.

CONTACT:  TENON RECOVERY
          Lyndean House, 43-46 Queens Road,
          Brighton, East Sussex BN1 3XB
          Phone: 01273 725566
          Fax: 01273 724502
          Web site: http://www.tenongroup.com


IMPERIAL PUB: Hires Grant Thornton as Administrator
---------------------------------------------------
Name of companies:
Imperial Pub Limited
Liddell Taverns Limited
Trentforge Limited
Wessex Bars Limited
Wessex Pacific Limited
Wessex Taverns Group Limited

Joseph P. McLean, Keith Hinds and Martin G. Ellis (IP Nos 8903,
6745 and 6887) have been appointed joint administrators for these
companies.  The appointment was made March 24, 2005.

CONTACT:  GRANT THORNTON UK LLP
          Earl Grey House
          75-85 Grey Street
          Newcastle Upon Tyne
          Tyne And Wear NE1 6EF
          Phone: 0191 261 2631
          Fax: 0191 261 4994
          E-mail: joe.mclean@gtuk.com


JILLAND ENGINEERING: Appoints Mazars Administrator
--------------------------------------------------
Paul Charlton and Alistair Steven Wood (IP Nos 5838, 007929) have
been appointed administrators for Jilland Engineering Limited.
The appointment was made March 24, 2005.  Its registered office
is located at Hall Cross House, 1 South Parade, Doncaster, South
Yorkshire.

CONTACT:  MAZARS LLP
          Mazars House, Gelderd Road
          Gildersome Leeds LS27 7JN
          Phone: 0113 204 9797
          Fax: 0113 387 8760
          Web site: http://www.mazars.co.uk


KINGCREST LIMITED: Deadline for Debt Claims May 29
--------------------------------------------------
At the extraordinary general meeting of the members of Kingcrest
Limited on March 29, 2005 held at 19 Portland Square, Bristol BS2
8SJ, the special resolution to wind up the company was passed.
Stephen Anthony John Ramsbottom and Jeremiah Anthony O'Sullivan
have been appointed liquidators of the company.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims and the names and addresses of their
Solicitors (if any), to the undersigned Stephen Anthony John
Ramsbottom, of 19 Portland Square, Bristol BS2 8SJ on or before
May 29, 2005.

CONTACT:  BISHOP FLEMING
          19 Portland Square
          Bristol
          Avon BS2 8SJ
          Phone: 0117 924 8077
          Fax: 0117 924 8081
          E-mail: sramsbottom@bishopfleming.co.uk


LANTON LEISURE: Appoints Liquidator from RSM Robson Rhodes
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Lanton Leisure Limited

Notice is hereby given that on March 14, 2005, I, Gerald Clifford
Smith and John Neville Whitfield, RSM Robson Rhodes LLP, Centre
City Tower, 7 Hill Street, Birmingham B5 4UU, were appointed
liquidator of Lanton Leisure Limited by resolution of a meeting
of creditors, pursuant to section 109 of the Insolvency Act 1986.

Gerald Clifford Smith, Liquidator

CONTACT:  RSM ROBSON RHODES LLP
          9th Floor, Centre City Tower
          7 Hill Street
          Birmingham B5 4UU
          Phone: +44 (0)121 697 6000
          Fax: +44 (0)121 697 6111/2
          Web site: http://www.rsmi.co.uk

          Gerald Clifford Smith
          E-mail: gerald_smith@rsmi.co.uk


LOCKERBY PACKAGING: Name Administrators from PwC
------------------------------------------------
Edward Klempka and David Malcolm Walker (IP Nos 5791, 3606) have
been appointed joint administrator for Lockerby Packaging
Limited.  The appointment was made March 31, 2005.

The company manufactures corrugated cardboard.  Its registered
office is located at Unit 18, First Avenue, Deeside Industrial
Park, Deeside, Flintshire CH5 2NU.

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


MATRON TRUSTEES: Members Pass Special Winding-up Resolution
-----------------------------------------------------------
At the extraordinary general meeting of the members of Matron
Trustees Limited on March 24, 2005 held at the offices of SPV
Management Limited, Level 11, Tower 42, International Financial
Centre, 25 Old Broad Street, London EC2N 1HQ, the special
resolution to wind up the company was passed.  Ian Cadlock of
Tenon Recovery, Lyndean House, 43-46 Queens Road, Brighton, East
Sussex BN1 3XB has been appointed liquidator of the company.

CONTACT:  TENON RECOVERY
          Lyndean House, 43-46 Queens Road,
          Brighton, East Sussex BN1 3XB
          Phone: 01273 725566
          Fax: 01273 724502
          Web site: http://www.tenongroup.com


MEIJI YASUDA: Joint Liquidators from Ernst & Young Move in
----------------------------------------------------------
At the extraordinary general meeting of Meiji Yasuda Realty UK
Limited on April 1, 2005 held at 4th Floor, River Plate House,
7-11 Finsbury Circus, London EC2M 7YA, the special resolution to
wind up the company was passed.  Patrick Joseph Brazzill and Alan
Lovett of Ernst & Young LLP, 1 More London Place, London SE1 2AF
have been appointed joint liquidators of the company.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


NIPPON STEEL: Calls in Liquidators from KPMG
--------------------------------------------
At the general meeting of Nippon Steel International Finance, the
special and ordinary resolutions to wind up the company were
passed.  Jeremy Simon Spratt and Finbarr O'Connell of KPMG LLP, 8
Salisbury Square, London EC4Y 8BB have been appointed joint
liquidators of the company.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


PREMIER TRAINING: Gives Creditors Until June to File Claims
-----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

IN THE MATTER OF Premier Training & Event Management Limited

I, James David Cockburn Macintyre CA, of James Macintyre & Co.,
Chartered Accountants, Dundas Business Centre, 38/40 New City
Road, Glasgow G4 9JT give notice that on March 18, 2005 I was
appointed Liquidator of Premier Training & Event Management
Limited by Resolution of a Meeting of Creditors, pursuant to
Section 109 of the Insolvency Act 1986.

A Liquidation Committee was not established.  All creditors who
have not already done so are required on or before June 18, 2005
to lodge their claims with me.

J. D. C. Macintyre, Liquidator

CONTACT:  JAMES MACINTYRE & CO.
          Dundas Business Centre
          38/40 New City Road
          Glasgow G4 9JT

          James David Cockburn Macintyre
          E-mail: enquiries@jamesmacintyre.co.uk
          Phone: 0141 353 0449
          Fax: 0141 353 2332


SHOO 27: Appoints Grant Thornton Liquidator
-------------------------------------------
At the extraordinary general meeting of Shoo 27 Limited on March
24, 2005 held at the offices of Shoosmiths, 5-7 The Lakes,
Bedford Road, Northampton, the special resolution to wind up the
company was passed.  Roy Welsby and Samantha Jane Keen of Grant
Thornton UK LLP, 1 Westminster Way, Oxford OX2 0PZ have been
appointed joint liquidators of the company.

Creditors are required to submit their debt claims to Roy Welsby
and Samantha Jane Keen, of Grant Thornton UK LLP, 1 Westminster
Way, Oxford OX2 0PZ on or before May 31, 2005.

CONTACT:  GRANT THORNTON
          1 Westminster Way,
          Oxford OX2 0PZ
          Phone: 01865 799899
          Fax: 01865 724420
          Web site: http://www.grant-thornton.co.uk


SPRINGFIELD SOCIAL: Calls in Liquidator from CBA
------------------------------------------------
At the extraordinary general meeting of Springfield Social Club &
Institute Limited on March 31, 2005 held at Springfield Social
Club, 226 Solihull Road, Sparkhill, Birmingham B11 3AF, the
special resolutions to wind up the company were passed.  Geoff
Robbins of CBA, Lichfield Place, 435 Lichfield Road, Aston,
Birmingham B6 7SS has been appointed liquidator of the company.

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


STATION GARAGE: Liquidator Takes over Helm
------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

      IN THE MATTER OF Station Garage (Slamannan) Limited

I, James David Cockburn Macintyre CA, of James Macintyre & Co,
Chartered Accountants, Dundas Business Centre, 38/40 New City
Road, Glasgow G4 9JT give notice that on March 22, 2005 I was
appointed Liquidator of Station Garage (Slamannan) Limited by
Resolution of a Meeting of Creditors, pursuant to section 109 of
the Insolvency Act 1986.

A Liquidation Committee was not established.  All Creditors who
have not already done so are required on or before June 22, 2005
to lodge their claims with me.

J. D. C. Macintyre, Liquidator

CONTACT:  JAMES MACINTYRE & CO.
          Dundas Business Centre
          38/40 New City Road
          Glasgow G4 9JT

          James David Cockburn Macintyre
          E-mail: enquiries@jamesmacintyre.co.uk
          Phone: 0141 353 0449
          Fax: 0141 353 2332


SUMMERCOVE LIMITED: Names Ian Franses Associates Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Summercove Limited on
March 31, 2005 held at 24 Conduit Place, London W2 1EP, the
subjoined special resolution to wind up the company was passed.
Ian Franses of Ian Franses Associates, 24 Conduit Place, London
W2 1EP has been appointed liquidator of the company.

CONTACT:  IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Phone: 020 7262 1199
          Fax: 020 7262 2662
          E-mail: if@ianfranses.co.uk


TESTNEED LIMITED: Insolvency Service Bans Bigwig for Six Years
--------------------------------------------------------------
The director of a Cornish nursing home, which failed with total
debt estimated at GBP189,000, has given an Undertaking not to
hold directorships or take any part in company management for six
years.

The Undertaking by Mark Andrew Abbott-Compton, 45, of Comfort
Road, Mylor Bridge, Cornwall, was given in respect of his conduct
as a director of Testneed Limited, which traded as the Trelawny
Nursing Home at 29 Elliott Gardens, Edgcumbe Avenue, Newquay,
Cornwall TR7 2NL.

Acceptance of the Undertaking on March 8, 2005 prevents Mr.
Abbot-Compton from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part in
the promotion, formation or management of a company for the above
period.  Testneed Limited was placed into compulsory liquidation
by Order of the High Court of Justice on February 26, 2003 on the
petition of the Inland Revenue for GBP48,497 in respect of tax
liabilities.  The company has an estimated total deficiency of
GBP188,606.  The Official Receiver at Exeter had conduct of the
investigation and disqualification procedure.

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

Matters of unfit conduct, not disputed by Mr. Abbott-Compton were
that:

(a) He caused or allowed Testneed Limited to trade to the
    detriment of its creditors and to his own benefit from
    March 19, 2001; and

(b) Mr. Abbott-Compton failed to ensure that the Company
    complied with its statutory obligations in that he failed to
    send to Inland Revenue Employer's Annual Returns as they
    fell due, he failed to make payment of monies deducted from
    employees in respect of PAYE and National Insurance
    Contributions, and failed to ensure the filing at Companies
    House of Annual Accounts, which were due by February 28,
    2002.

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

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

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


TRIO CONTRACTS: In Administrative Receivership
----------------------------------------------
Bibby Factors Leicester Limited appointed Paul A. Whitwam and
Gary E. Blackburn (Office Holder Nos 8346, 6234) joint
administrative receivers for Trio Contracts Limited (Reg No
3960640, Trade Classification: 09).  The application was filed
March 30, 2005.  The factory manufactures contract furniture.

CONTACT:  BWC BUSINESS SOLUTIONS
          8 Park Place
          Leeds
          West Yorkshire LS1 2RU
          Phone: 0113 243 3434
          Fax: 0113 243 5049
          E-mail: bwc@bwc-solutions.com


                            *********


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.

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