TCREUR_Public/050414.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

            Thursday, April 14, 2005, Vol. 6, No. 73

                            Headlines

B E L G I U M

VIRGIN EXPRESS: Merger with SN Brussels Takes off


C Y P R U S

RUSSIAN COMMERCIAL: Short-term Rating Affirmed at 'B'


F R A N C E

ALSTOM SA: Wins EUR110 Million Contract in Chile
FG4 SA: Gets 'BB' Long-term Corporate Rating from S&P
NOVASAUR S.A.S.: Moody's Sets Implied Rating at (P)Ba2


G E R M A N Y

ACAR LAMPENZUBEHOR: Proofs of Claim Due Later this Month
BMB VERSORGUNGSTECHNIK: Sets Creditors Meeting May
COAST SPORTSWEAR: Interim Administrator Takes over Operations
CSP INGENIEUR: Applies for Bankruptcy Proceedings
CURI GMBH: Charlottenburg Court Names Rolf Nacke Administrator

DRESDNER BANK: Mulls Additional Job cuts
ESKT GMBH: Meiningen Court Appoints Provisional Administrator
HOKE BRUNNENBAU: Creditors Claims Due Next Week
IESY GMBH: CreditWatch Implication Changed to Developing
KORSITZKE & SIEGMUND: Falls into Bankruptcy

KOWO BAU: Court Sets Claims Verification May
PGAM ADVANCED: Applies for Bankruptcy Proceedings
SCHADSTOFFSANIERUNG HILDBURGHAUSEN: Declared Bankrupt
SCHMIEDEK & HARMS: Leipzig Court Confirms Bankruptcy
WALTER BAU: Civil Engineering Unit Attracts 20 Bidders


I R E L A N D

ELAN CORPORATION: Tysabri Data Support Efficacy Findings


I T A L Y

PARMALAT FINANZIARIA: Capitalia Chairman Implicated in Scam
PIAGGIO FINANCE: Proposed EUR150 Mln Senior Notes Rated (P)B2


K Y R G Y Z S T A N

AK-SUU: Creditors' Claims Due June
ELETROTERM: Auctioning Assets Next Week
JANAR: Selling KGS60 Million Worth of Properties
KOTTEF LTD.: Last Day for Filing Claims June 7
KYRGYZAGROPROMBANK: Sets Public Auction April 21


L A T V I A

PAREX BANK: Senior Debt Eurobond Issue Rated (P)Ba1


N E T H E R L A N D S

ROYAL SHELL: Aussie Unit Corners US$10 Bln Energy Supply Deal


N O R W A Y

STOLT OFFSHORE: Sells NAMEX to Focus on Subsea Operations


P O L A N D

ELEKTRIM SA: Receives Offer for PAK Power Plant


R U S S I A

AIR-SERVICE: Undergoes Bankruptcy Supervision Procedure
BRYANSK-PROM-CONCRETE: Sets Public Auction Next Week
CHUKOT-FISH: Under Bankruptcy Supervision
GRIBANOVKA-AUTO-TRANS: Bankruptcy Hearing Resumes Next Month
KAMENNO-ANGARSKOYE: Irkutsk Court Appoints Insolvency Manager

MOVABLE MECHANIZED: Bankruptcy Proceedings Begin
PROKHLADNENSKIY: Hires O. Mepisashvili as Insolvency Manager
SEL-KHOZ-TEKHNIKA: Proofs of Claim Deadline May 12
WOODEN HOUSES: Declared Insolvent
YUKOS OIL: Sets Annual Meeting June
ZELENODOLSKOYE PASSENGER: Insolvency Manager Steps in


S W I T Z E R L A N D

SWISSAIR: Liquidator Files SFR260 Mln Suit Against Former Bosses
SWISS INTERNATIONAL: Reports Higher Load Factors for 1st Quarter


T U R K E Y

PETKIM PETROKIMYA: Fitch Assigns 'BB-'/'BB' Ratings


U K R A I N E

AGROPROMSPILKA: Declared Insolvent
BUKOVINSKIJ HLIB: Under Bankruptcy Supervision
EAST OIL: Claims Filing Period Ends Next Week
LITVINETSKE: Insolvency Manager Takes over Operations
PAVLOGRAD' AGRARIAN: Succumbs to Insolvency

PRINTING INDUSTRY: Proofs of Claim Deadline Nears
REINFORCED METAL 2: Kyiv Court Brings in Insolvency Manager
SHLYAHMASH: Public Auction Slated April 18
SOLOTVINSKE: Liquidator Enters Firm
UKRBURSHTIN: Gives Creditors Until April 19 to File Claims


U N I T E D   K I N G D O M

ABBEY NATIONAL: Endowment Mortgage Transactions Probed
ALTAMAR V: Liquidator from DTE Leonard Curtis Moves in
AMF COMPUTERS: Members Decide to Wind up Firm
ARTESIAN BUY: Members Call in Liquidator from KBSP Partnership
BAYARD OIL: Liquidator from SPW Poppleton & Appleby Moves in

BIG FC: Members Pass Special Winding-up Resolution
BRAUGHTON HOMES: Bigwig Receives Ten-year Ban
CIH HOLDINGS: Members Hire Liquidator from Janes
COAX PARTNERS: Winding-up Report Out Last Week of Month
CRAIG ELDER: Final Creditors Meeting Set Later this Month

EQUITABLE LIFE: Looking Forward to a Fresh Start
ETC TRAINING: Names Thorntonrones Liquidator
FEDERAL-MOGUL: Court Approves Surety Claims Settlement Agreement
G B TRUCK: Hires BWC Business Solutions as Administrator
GLANTRE REALISATIONS: In Administrative Receivership

KOSMOID FINANCE: Appoints Baker Tilly Liquidator
LEWIS & KIME: Members Pass Winding-up Resolutions
LONG PRODUCTS: Hires Administrators from Tenon Recovery
LTP INTERNATIONAL: Insolvency Service Disqualifies Directors
MARKS & SPENCER: Suffers Double Whammy in 4th Quarter

MG ROVER: Administrators to Review Feasibility of PVH's Plan
MG SPORT: Appoints PwC Partners as Administrators
MOROCRAFT ENTERPRISES: Appoints Tomlinsons Administrator
MULLEN AND SONS: Liquidators from Chantrey Vellacott Move in
NO 561: Members Decide to Wind up Company

PLUMBING DIRECT: Members Call in Liquidator from Bennett Verby
PROBOTEC LIMITED: Calls in Administrators from KPMG
PROGUARD & VISION: Calls in Administrator from EJK Associates
QUANTUM BUSINESS: Members Hire Bishop Fleming as Liquidator
RIVERBANK LEASING: Liquidator Takes over Helm

R & S PACKAGING: Administrator from EJK Associates Moves in
SKY PHOTOGRAPHIC: Names David Rubin & Partners Administrator
SPRING VALE: Hires EJK Associates as Administrator
SUPER NOVA: Calls in Liquidator from Ernst & Young
TBS INSTAT: Names PricewaterhouseCoopers Administrator
WINN PRODUCTS: Names Robson Laidler Liquidator


                            *********


=============
B E L G I U M
=============


VIRGIN EXPRESS: Merger with SN Brussels Takes off
-------------------------------------------------
The coast is clear for the merger of Virgin Express and SN
Brussels Airlines, according to Reuters.

Sir Richard Branson's Virgin Express and national carrier SN
Brussels have agreed to hold common ownership of the combined
group, forming the largest operator at Brussels Airport.  They
will combine their operations through a joint holding, 70.1% of
which is owned by SN Brussel's private shareholders.  The
carriers, however, will continue to operate separately until
operational details are drafted.

"We are very pleased to have successfully completed the common
ownership of Virgin Express and SN Brussels Airlines," Virgin
Express Chairman David Hoare said Tuesday.

Under the agreement, Virgin Express Holdings, 88.6% of which is
owned by Mr. Branson's Virgin Group, has a put option to sell
its 29.9% to the new holding company for EUR54 million.
Alternatively, SN Airholding has the call option to buy Virgin
Express for EUR75 million.  Virgin Express Holding also plans to
buy out Virgin Express' minority shares at EUR1 per share,
before de-listing its stock.

Belgium-based Virgin Express managed to cut its net loss to
EUR7.3 million in 2004 from EUR19.6 million in 2003, despite a
13% drop in revenues.  SN Brussels was created out of the assets
of Belgium's national carrier, Sabena, which went belly up after
the terrorist attacks in the U.S. on September 11, 2001.

CONTACT:  VIRGIN EXPRESS HOLDINGS PLC
          Brussels Airport, Bldg. 116
          B-1820 Melsbroek
          Phone: +32-2-752-05-11
          Fax: +32-2-752-05-06
          Web site: http://www.virgin-express.com

          SN BRUSSELS AIRLINES
          Da Vincilaan 9, Zaventem
          B-1930 Brussels
          Phone: +32-2-754-19-00
          Fax: +32-2-754-19-10
          Web site: http://www.brussels-airlines.com


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


RUSSIAN COMMERCIAL: Short-term Rating Affirmed at 'B'
-----------------------------------------------------
Fitch Ratings affirmed the ratings of Russian Commercial Bank
(Cyprus) (RCBC) Ltd. at Long-term 'BB+', Short-term 'B',
Individual 'D/E' and Support '3'.  The rating Outlook remains
Stable.

RCBC's Long-term, Short-term and Support ratings are based on
potential support from its 100% parent, Vneshtorgbank (VTB,
rated 'BBB-'), the Russian state-owned bank.  Under the terms of
the banking license granted by the Central Bank of Cyprus (CBC),
its obligations are guaranteed by VTB in the case of RCBC being
wound up.  Any changes in RCBC's shareholder base require the
approval of the CBC, without which VTB will not be discharged of
its responsibilities under the guarantee.

The Individual rating takes account of the small size of RCBC's
equity and limited business activities.

Fitch comments that RCBC's capital base is small, but that the
bank's business is largely low risk, reflecting the fact that
all new commercial loans and the majority of RCBC's securities
operations are typically 100% cash collateralized, or the risks
are hedged with VTB.  While a US$12 million share issue (equal
to some 95% of capital at end-September 2004) is planned, the
certainty and timing of any such capital injection has yet to be
determined.  Moreover, notwithstanding the latter, capital would
also remain small in absolute terms, although the bank's total
capital ratio (according to CBC requirements) would improve from
its currently moderate level.

Fitch also notes that the bank is endeavoring to build up new
lines of business (e.g. securities operations), to offset lower
volumes of cash-collateralized lending, where competition is
intense, and help diversify its business.  However, expansion
into new business lines continues to depend to a significant
extent on VTB, which provides a large proportion of RCBC's
funding.

RCBC returned to profitability in 2004, following sizeable loan
loss provisions in 2002 and 2003, which related to loans granted
during 2002.  However, RCBC's operations remain largely low risk
and, as a consequence, low margin.  Furthermore, the corporate
tax rate in Cyprus is set to rise to 10% in 2006 from its
current 4.25%.  However, Fitch notes that loan loss provisions
should be minimal going forward, given that historical non-cash
collateralized commercial loans are now either fully provided
for or guaranteed by VTB.

RCBC had been a Cyprus branch of Vnesheconombank and was
subsequently incorporated in 1995 as a subsidiary of VTB.  RCBC
is regulated by the CBC and the guarantee from VTB is lodged
with the latter.  RCBC's license does not allow it to do
business with domestic Cypriot companies or the public.
Although presently 100% owned by VTB, RCBC is currently
considering issuing new shares to a large Russian manufacturer
and another VTB-group bank.  Should the share issue proceed,
effective control of the bank would remain with VTB group and
Fitch understands that the 100% guarantee from VTB would exist
for the foreseeable future.

CONTACT:  FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 (0) 20 7417 3495

          James Watson, Moscow
          Phone: +7 095 956 6657

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


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


ALSTOM SA: Wins EUR110 Million Contract in Chile
------------------------------------------------
Santiago Metro, the operator of the metro in Chile's capital,
awarded Alstom S.A. three contracts worth EUR110 million, as
part of its extension program for line 2 north Recoleta Avenue.

The first contract is worth about EUR52 million and covers the
supply of 42 metro cars and a two-year supervision of
maintenance of the capital's metro.  Furthermore, Santiago Metro
exercised the option included in the above contract for an
additional 43 metro cars and a two-year supervision of
maintenance of these cars.  The option has a value of some EUR44
million.

Finally, Santiago Metro has awarded Alstom two other contracts
for signaling equipment and automatic train control totaling
EUR14 million.  Alstom will manufacture this equipment in its
factories in Brazil and France.  Delivery will start in mid-
2007.

Alstom has supplied rolling stock to Santiago Metro over the
past 30 years.  The entire current fleet composed of 488 cars,
running on three lines, was built by ALSTOM.  An additional 180
cars for line 4 are now being manufactured in Brazil.  Forty-
four of these cars have already been delivered according to
schedule.

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

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

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


FG4 SA: Gets 'BB' Long-term Corporate Rating from S&P
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to France-based FG4 S.A., the finance
subsidiary of Novasaur S.A.S., the holding company of French
water and waste management company Saur S.A.  The outlook is
stable.

At the same time, Standard & Poor's also assigned its 'B+'
rating to FG4's proposed EUR265 million high-yield senior
unsecured notes.  The lower rating on the notes reflects their
significant degree of subordination.

The ratings on FG4 reflect the Saur group's highly leveraged
financial profile and constrained financial flexibility
following its LBO.  These factors are offset by its well-
established position with high barriers to entry in the stable
French water management market (65% and 68% respectively of pro-
forma 2004 sales and EBITDA), and to a lesser extent by its
number-three position in the much more competitive French waste
management market (21% and 25%).

After its LBO, Saur has substantial leverage and consequently a
relatively high level of financial risk, with total debt to
EBITDA expected to represent about 6.5x in fiscal 2006 (12
months to March 2006).  The LBO structure also imposes
significant operational and financial constraints on the group.

As a result, the structure has limited headroom to absorb
financial or operational shocks, although the predictability of
Saur's core water business provides a mitigant to this risk.

The group has recurring significant cash balances (about EUR127
million on completion of the acquisition), but the bulk of these
correspond to surcharges to be remitted to local authorities.
Saur's financial profile is expected gradually to improve owing
to its free cash flow generation, which is supported by moderate
capital expenditure of about EUR50 million per year, negative
working capital, and no tax payable over the medium term.

"Saur has stable and cash-generative water operations, which
should enable the group to meet its mandatory debt repayments
and remain within its senior debt financial covenants," said
Standard & Poor's credit analyst Hugues de la Presle.  "Other
than the EUR20 million of high-yield note proceeds, which will
be used for a one-off early repayment of the shareholder loans,
no further dividends or similar repayments are factored into the
ratings."

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

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


NOVASAUR S.A.S.: Moody's Sets Implied Rating at (P)Ba2
------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2
senior implied rating to Novasaur S.A.S., the ultimate holding
company for Saur S.A., the French water and waste management
services company.  Moody's has also assigned a provisional (P)B1
long-term rating to EUR265 million of senior subordinated notes
to be issued by FG4 S.A., a finance subsidiary of Novasaur, and
a (P)B2 issuer rating to Novasaur.  The outlook for all ratings
is stable.

Summary Rating Rationale

Novasaur has recently completed the acquisition of Saur from
French construction group Bouygues S.A.  The (P)Ba2 senior
implied rating assigned to Novasaur reflects as positive
factors: (i) the established position in the non-cyclical and
mature French water and sanitation services market of Saur
France, its main operating subsidiary; (ii) the predictable and
stable nature of the cash flows generated by Saur France's large
portfolio of municipal contracts; and (iii) the presence of an
experienced management team with a strategic focus on commercial
and operational efficiencies.

The main constraining factor on the rating is the highly
leveraged financial structure of the Saur group post
acquisition, with a ratio of net adjusted debt to adjusted
EBITDA estimated on a pro-forma basis at around 5.6x.  However,
as a mitigating factor to this high leverage, the rating also
reflects Moody's expectation that the Saur group will exhibit
positive free cash flows and will be able to gradually reduce
leverage in the intermediate term.  The rating also factors in
as negative factors: (i) the risk that growth in waste
management activities or the repeat of past problems in the
engineering and international divisions may result in cash flow
volatility; and (ii) the presence of much larger and better
capitalized competitors in the group's core markets.

Outlook

The stable outlook reflects Moody's expectation that the Saur
group's performance over the current financial year will confirm
that EBITDA margins for its businesses are at least in line with
2004 pro-forma levels.  The (P)Ba2 senior implied rating assumes
that in the current financial year ending 31 March 2006 the Saur
group will achieve ratios of funds from operations (FFO) (or
adjusted EBITDA) to net cash interest in the range 2.3x-2.5x and
in the range 1.2x-1.3x on a post capex basis, retained cash flow
(RCF) to net adjusted debt of 10-12% (approximately equivalent
to a net adjusted debt to adjusted EBITDA in the range of 5.4x-
5.6x).  Moody's ratings are forward looking and assume credit
metrics based upon pro-forma adjustments made by the company to
its historical results; the ratings also factor in the group's
ability to improve its financial flexibility.

A material reduction in leverage, resulting in ratios of net
adjusted debt to adjusted EBITDA trending sustainably below 4.0,
RCF to net adjusted debt in excess of 15%, and FFO minus capex
to net cash interest above 1.7x could put positive pressure on
the ratings.  Conversely, factors that would be likely to lead
to a ratings downgrade include: (i) unexpected cash flow
volatility at Saur France; (ii) failure to achieve positive free
cash flows due to deterioration in margins and/or materially
higher capital expenditure, with a ratio of FFO minus capex to
net cash interest falling below 1.1x; and (iii) significant
unexpected cash calls, for example to cover unanticipated
liabilities at the group's engineering or international
division, which resulted in a material increase in leverage with
a ratio of net adjusted debt to adjusted EBITDA above 6.0x.

Transaction Overview

The acquisition of 100% of Saur's share capital by Finasaur
S.A.S. was completed on 15 February 2005.  Finasaur is 100%
owned by Novasaur (5% through FG4).  Novasaur was established
for the purpose of this transaction by FCPRs PAI Europe III and
Saur Co-Invest FCPR, which are private equity funds managed by
PAI Partners S.A.S. Bouygues reacquired an interest in Saur by
acquiring an economic interest of 15% in Novasaur.  The
commercial arrangements underpinning the acquisition include a
commitment by Bouygues to retain, by way of purchase, certain
excluded subsidiaries.

Finasaur paid EUR1,030.9 million for the shares in Saur, funded
by EUR465 million drawings on its Senior Credit Facilities,
EUR235 million mezzanine bonds and EUR377.4 million of
shareholder funding.

FG4 will on-lend the proceeds of the Notes to Finasaur, which
will use them to repay the mezzanine bonds (including accrued
interest).  Any residual proceeds will be used in repayment of
shareholder funding.

The assigned ratings assume that there will be no material
variations to the draft legal documentation reviewed by Moody's
and assume that these agreements are legally valid, binding and
enforceable.

Structural Considerations

The (P)B1 rating of the Notes reflects: (i) their contractual
subordination to up to EUR690 million of Senior Credit
Facilities under the terms of the Inter-creditor Agreement; and
(ii) their structural subordination to a portion of the Senior
Credit Facilities and potentially to other indebtedness of Saur
and its operating subsidiaries allowed under the terms of the
indenture.

The Senior Credit Facilities are guaranteed by Finasaur and
Novasaur.  A portion of the Senior Credit Facilities may be
drawn by Saur and its operating subsidiaries and will also
benefit from direct guarantees by Saur and Saur France and,
potentially, also by the other operating subsidiaries of the
group.  The Notes are only guaranteed by Novasaur and Finasaur.

The Senior Credit Facilities will be secured by, inter alia, a
pledge over the shares in Finasaur, FG4, Saur, Saur France and
the other material subsidiaries of the group.  Security for the
Notes will include, inter alia, a second-ranking pledge over the
shares in Finasaur, FG4 and Saur and a first-ranking pledge over
the EUR265 million note proceeds loan from FG4 to Finasaur.

The issuance of further indebtedness pari passu with the Notes
is permitted under the Intercreditor Agreement subject to the
consent of the lenders under the Senior Credit Facilities.

There are no financial covenants that apply under the Notes with
the exception of a minimum consolidated EBITDA interest cover of
2.0x in relation to additional indebtedness of the Saur group.
However, Moody's notes that the terms of the indenture allow
Saur and its operating subsidiaries the ability to raise
indebtedness that would be structurally senior to the Notes by
way of up to additional EUR40 million of finance leases and
certain other limited baskets of indebtedness.

Under the Intercreditor Agreement, a default other than a
payment default under the Senior Credit Facilities results in a
blockage of payments under the Notes for up to 179 days and
rights of acceleration and enforcement under the Notes are also
stayed for up to 179 days following an event of default under
the Notes.

Company Summary

Novasaur S.A.S. is the ultimate holding company for Saur S.A.,
the number three provider of water and sanitation services and
waste management services in France.  Headquartered in
Guyancourt, France, Saur S.A. reported net sales on a pro-forma
basis of EUR1.3 billion in 2004.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          Stuart Lawton
          Managing Director
          Corporate Finance

          London
          Monica Merli
          VP - Senior Credit Officer
          Corporate Finance

     For Journalists
          Phone: 44 20 7772 5456


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


ACAR LAMPENZUBEHOR: Proofs of Claim Due Later this Month
--------------------------------------------------------
The district court of Hagen opened bankruptcy proceedings
against Acar Lampenzubehor GmbH on March 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 27, 2005 to register their
claims with court-appointed provisional administrator Hans
Joachim Brussler.

Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 9:00 a.m. at the district court of
Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen, Etage
2, Raum 283, 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:  ACAR LAMPENZUBEHOR GMBH
          Altenaer Str. 202, 58513 Ludenscheid
          Contact:
          Cetin Acar, Manager

          Hans-Joachim Brussler, Administrator
          Altenaer Str. 2, 58507 Ludenscheid
          Phone: 02351/3265
          Fax: +49235132670


BMB VERSORGUNGSTECHNIK: Sets Creditors Meeting May
--------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BMB Versorgungstechnik GmbH on March 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 20, 2005
to register their claims with court-appointed provisional
administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on May 3, 2005, 9:50 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 16, 2005,
9:30 a.m.

CONTACT:  BMB VERSORGUNGSTECHNIK GMBH
          Genslerstr. 69-72,13055 Berlin

          Udo Feser, Administrator
          Uhlandstr. 165/166, 10719 Berlin


COAST SPORTSWEAR: Interim Administrator Takes over Operations
-------------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Coast Sportswear Textil und Schuhhandel GmbH on March
29.  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 Dr. Johannes Graute.

Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 1:50 p.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, Gelber
Bereich, Saal 293, 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:  COAST SPORTSWEAR TEXTIL UND SCHUHHANDEL GMBH
          Im Teelbruch 77, 45219 Essen
          Contact:
          Angelika Dahms, Manager
          Mendener Hohe 12, 45470 Mulheim

          Dr. Johannes Graute, Administrator
          Kettwiger Strasse 2-10, 45127 Essen
          Phone: 02 01/10953


CSP INGENIEUR: Applies for Bankruptcy Proceedings
-------------------------------------------------
The district court of Karsluhe opened bankruptcy proceedings
against CSP Ingenieur Consult Aktiengesellschaft Computer
Software Processing Gesellschaft fur rechnerintegrierte
Systemlosung on March 23.  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 Christopher Seagon.

Creditors and other interested parties are encouraged to attend
the meeting on May 31, 2005, 9:00 a.m. at the district court of
Karlsruhe, Schlossplatz 23, 76131 Karlsruhe, Saal IV/1. OG 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:  CSP INGENIEUR CONSULT AKTIENGESELLSCHAFT COMPUTER
          SOFTWARE PROCESSING GESELLSCHAFT FUR
          RECHNERINTEGRIERTE SYSTEMLOSUNG
          Vorstand Martin Denk
          Mozartstr. 1, 76133 Karlsruhe

          Christopher Seagon, Administrator
          Blumenstr. 17, 69115 Heidelberg
          Phone: 06221/91180


CURI GMBH: Charlottenburg Court Names Rolf Nacke Administrator
--------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against CURI GmbH on March 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 20, 2005 to register their
claims with court-appointed provisional administrator Rolf
Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on May 19, 2005, 9:10 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 4, 2005,
9:05 a.m.

CONTACT:  CURI GMBH
          Neue Str. 1,14163 Berlin

          Rolf Nacke, Administrator
          Gross-Berliner Damm 73 c, 12487 Berlin


DRESDNER BANK: Mulls Additional Job cuts
----------------------------------------
Dresdner Bank's management is planning to axe up to 800 more
jobs at the company's retail banking department, a workers
council representative revealed recently, according to
MarketWatch.

Deputy workers council chairwoman Claudia Eggert-Lehmann said
discussions are underway and a decision could come before the
end of the first half.  At least 500 jobs are under threat, and
the bank plans to shed this by attrition at the end of the year,
she said.

A spokesman for Dresdner, however, said there are no more job
cuts except that which was slated for Latin America.  Dresdner
plans to slash 4,700 positions under its restructuring plan.
Ms. Eggert-Lehmann said the bank had already cut 3,700 of these
in February.

CONTACT:  DRESDNER BANK AG
          Jurgen-Ponto-Platz 1
          60301 Frankfurt, Germany
          Phone: +49-692--630
          Fax: +49-692-63-4831
          Web site: http://www.dresdner-bank.de


ESKT GMBH: Meiningen Court Appoints Provisional Administrator
-------------------------------------------------------------
The district court of Meiningen opened bankruptcy proceedings
against ESKT GmbH Elektro- Sicherheits- u. Kommunikationstechnik
Elektro- Sicherheits- u. Kommunikationstechnik on March 23.
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 Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting on May 11, 2005, 10:35 a.m. at the district court of
Meiningen, Lindenallee 15, Saal A 0208 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:  ESKT GMBH ELEKTRO- SICHERHEITS- U.
          KOMMUNIKATIONSTECHNIK
          Hauptstrasse 41, 98617 Leutersdorf

          Klaus Siemon, Administrator
          Strasse der Nationen 51, 09111 Chemnitz


HOKE BRUNNENBAU: Creditors Claims Due Next Week
-----------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against HOKE Brunnenbau GmbH on March 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 20, 2005 to register their
claims with court-appointed provisional administrator Sabine von
Stein-Lausnitz.

Creditors and other interested parties are encouraged to attend
the meeting on May 13, 2005, 11:00 a.m. at Saal E,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  HOKE BRUNNENBAU GMBH
          Holzweg 62, 39128 Magdeburg
          Contact:
          Joachim Kempas, Manager
          Halberstadter Chaussee 164A, 39116 Magdeburg

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


IESY GMBH: CreditWatch Implication Changed to Developing
--------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
implications on its 'B' long-term corporate credit rating on
German cable-TV operator Iesy GmbH to developing from negative,
following preliminary analysis of the proposed acquisition of
Kabelnetz NRK Ltd., the parent of ish GmbH & Co. KG, another
cable operator in the contiguous North Rhine-Westphalia region.

In addition, the CreditWatch implications on the 'CCC+' rating
on the EUR215 million (US$279.4 million) subordinated notes
maturing in 2015, issued by related entity Iesy Repository GmbH;
and the 'B' rating on the undrawn EUR230 million senior secured
credit facility -- arranged at the level of Iesy's fully owned
operating company, Iesy Hessen GmbH & Co. KG -- were also
revised to developing.

Standard & Poor's will continue to review the proposed
transaction to assess whether it is in line with earlier
expectations.

"After preliminary analysis, we cannot at this stage rule out
the possibility of credit upside, which could lead to a rating
affirmation with a positive outlook or a one-notch upgrade,"
said Standard & Poor's credit analyst Simon Redmond.  "In the
first instance, however, we are checking that key elements of
the transaction, such as future liquidity, remain appropriate.
If these elements do not satisfy our criteria, a negative
outlook revision or downward rating action would still be
possible."

Standard & Poor's is reviewing the new capital structure,
amortization schedule, covenant headroom, and business profile
of the combined entity, as well as the potential benefits to be
garnered from the transaction.  Such benefits include the
removal of the uncertainties about the acquisition that are
factored into the current ratings.  At Dec. 31, 2004, and pro
forma for the company's leveraged recapitalization, Iesy had
total debt of about EUR0.4 billion, which would increase to
about EUR1.7 billion if the proposed transaction were to be
completed.

The proposed acquisition of ish by Iesy is subject to regulatory
clearance, a decision on which is expected by the middle of June
2005.  Resolution of the CreditWatch placement, however, could
occur before this date.  The acquisition is not likely to lead
to materially higher consolidated leverage, although this is
already very high at about 7.5x on a lease-adjusted basis.

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


KORSITZKE & SIEGMUND: Falls into Bankruptcy
-------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Korsitzke & Siegmund GmbH on March 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 13, 2005 to
register their claims with court-appointed provisional
administrator Kaufmann Joachim Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 9:30 a.m. at the district court of
Braunschweig, An der Martinikirche 8, 38100 Braunschweig, 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:  KORSITZKE & SIEGMUND GMBH
          Contact:
          Bernhard Otto Rudolf Korsitzke, Manager
          Siedlung 1, 38170 Uehrde
          Wolfhard Otto Gustav Siegmund, Manager
          Petritor 7, 38170 Uehrde

          Kaufmann Joachim Schmitz, Administrator
          Immengarten 2, D-38104 Braunschweig
          Phone: 0531/236460
          Fax: 0531/2364699


KOWO BAU: Court Sets Claims Verification May
--------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against KOWO Bau GmbH & Co on March 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 12, 2005 to register their
claims with court-appointed provisional administrator Bernward
Widera.

Creditors and other interested parties are encouraged to attend
the meeting on May 24, 2005, 8:30 a.m. at the district court of
Chemnitz, Gerichtsgebaude, Furstenstrasse 21 in Chemnitz, 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:  KOWO BAU GMBH & CO
          Contact:
          Ralf Kohler, Weststrasse 20a, 08468 Reichenbach

          Bernward Widera, Administrator
          Buttenstrasse 4, 08058 Zwickau


PGAM ADVANCED: Applies for Bankruptcy Proceedings
-------------------------------------------------
Car parts supplier PGAM Advanced Technologies asked a court
Monday to launch insolvency proceedings, Suddeutsche Zeitung
says.

In a statement posted at its Web site, PGAM admitted it has been
experiencing liquidity problems since April 6.  Its situation
worsened after talks over a restructuring plan unraveled Monday.
The manufacturer of high-performance equipment and car
components and systems booked EUR1.7 million in net profit in
2003 on turnovers of EUR70.7 million.  The group employs around
800 people.

CONTACT:  PGAM ADVANCED TECHNOLOGIES AG
          Beekebreite 18-20
          D - 49124 Georgsmarienhuette
          Phone: +49 -(0) 5401 -490 490
          Fax: +49 -(0) 5401 -42705
          E-mail: i-relations@pgam.com
          Web site: http://www.pgam.com


SCHADSTOFFSANIERUNG HILDBURGHAUSEN: Declared Bankrupt
-----------------------------------------------------
The district court of Meiningen opened bankruptcy proceedings
against Schadstoffsanierung Hildburghausen GmbH on March 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 13, 2005 to
register their claims with court-appointed provisional
administrator Sebastian Nolte.

Creditors and other interested parties are encouraged to attend
the meeting on June 1, 2005, 10:15 a.m. at Meiningen,
Lindenallee 15, Saal A 0208 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:  SCHADSTOFFSANIERUNG HILDBURGHAUSEN GMBH
          Thomas-Muntzer-Strasse 13, 98646 Hildburghausen
          Contact:
          Bernd Avemark, Manager
          Thomas May, Manager

          Sebastian Nolte, Administrator
          Anger 47-49, 99084 Erfurt


SCHMIEDEK & HARMS: Leipzig Court Confirms Bankruptcy
----------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Schmiedek & Harms Stukkateurhandwerk GmbH on March 29.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 25, 2005
to register their claims with court-appointed provisional
administrator Michael Schoor.

Creditors and other interested parties are encouraged to attend
the meeting on May 25, 2005, 2:00 p.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:  SCHMIEDEK & HARMS STUKKATEURHANDWERK GMBH
          Lindenthaler Hauptstr. 54, 04158 Leipzig
          Contact:
          Mario Schmiedek, Manager
          Christoph Harms, Manager

          Michael Schoor, Administrator
          Schorlemmerstrasse 2, 04155 Leipzig


WALTER BAU: Civil Engineering Unit Attracts 20 Bidders
------------------------------------------------------
Another Walter Bau subsidiary will likely change ownership after
several investors expressed interest in acquiring the unit,
Handelsblatt says.

More than 20 parties are eyeing Dywidag Systems International
(DSI), Walter Bau's civil engineering subsidiary.  The insolvent
group has hired an investment bank to facilitate the sale that
is expected to fetch around EUR100 million.  DSI generates an
EBIT profit of EUR20 million and turnover of around EUR300
million.

Walter Bau has already sold two subsidiaries -- Stump
Spezialtiefbau and Dywidag Holding.  The company declared
insolvency in February.

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


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


ELAN CORPORATION: Tysabri Data Support Efficacy Findings
--------------------------------------------------------
Two-year data from the AFFIRM Phase III monotherapy trial
presented on Tuesday for the first time, showed that treatment
with TYSABRI(R) (natalizumab) led to a significant reduction in
disability progression, the rate of clinical relapses and brain
lesions in patients with relapsing forms of multiple sclerosis
(MS).  These data were presented at the 57th annual American
Academy of Neurology (AAN) meeting in Miami Beach, Florida.

AFFIRM met all primary and secondary endpoints, including
disability progression and relapse rate.  TYSABRI treatment was
also associated with a low level of immunogenicity.

TYSABRI treatment led to a 42% (p=0.0002) reduction in the risk
of disability progression compared to placebo.  TYSABRI also
reduced the rate of clinical relapses by 67% (p<0.0001) compared
to placebo, which was sustained and consistent with the
previously reported one-year results.

On February 28, 2005, Biogen Idec and Elan Corporation, plc
announced that they voluntarily suspended TYSABRI from the U.S.
market and all ongoing clinical trials.  This decision was based
on reports of progressive multifocal leukoencephalopathy (PML),
a rare and frequently fatal, demyelinating disease of the
central nervous system.  Biogen Idec and Elan's comprehensive
safety evaluation concerning TYSABRI and any possible link to
PML is ongoing.  The results of this safety evaluation will be
discussed with regulatory agencies to determine possible re-
initiation of dosing in clinical trials and future commercial
availability.

Chris Polman, MD, PhD, lead investigator of the AFFIRM study,
professor of Neurology at Free University Medical Centre, and
clinical and scientific director of the Multiple Sclerosis
Centre at the VU Medical Centre, Amsterdam, said: "While an
evaluation is underway to better understand recent developments
with TYSABRI, these data confirm the efficacy of TYSABRI on
clinical relapse and define its impact on disability
progression.

"Disability progression is an important consideration in
managing MS.  The efficacy of TYSABRI underscores its importance
for MS patients."

Results from Two-year AFFIRM

AFFIRM is a two-year, randomized, multi-center, placebo-
controlled, double-blind study of 942 patients conducted in 99
sites worldwide, evaluating the effect of TYSABRI on the
progression of disability as measured by at least a one-point
increase on the Expanded Disability Status Scale (EDSS)
sustained for three months, and the rate of clinical relapses.
Progression of disability is a sustained change that has a long-
term impact on a patient's functional and ambulatory
performance.  Patients in AFFIRM were randomized to receive
either a 300 mg IV infusion dose of TYSABRI (n=627) or placebo
(n=315) every four weeks.

Disability

TYSABRI-treated patients were less likely to experience
progression of disability.  The risk of disability progression
sustained for three months was reduced by 42% relative to
placebo (p=0.0002), the two-year primary endpoint.
Additionally, after two years, 29% of placebo-treated patients
had progressed, while only 17% of TYSABRI-treated patients
progressed, representing a 41% reduction in the proportion of
patients progressing (p<0.0001).

TYSABRI also slowed the progression of disability as
demonstrated by the mean Multiple Sclerosis Functional Composite
(MSFC) score.  The MSFC consists of three tests that evaluate
ambulation, upper extremity dexterity and cognitive function.

A pre-defined sensitivity analysis of the primary endpoint
defined progression as at least a one-point increase on the EDSS
sustained for six months.  Using this definition, the risk of
disability progression was reduced by 54 percent with TYSABRI
treatment.

Relapse Rate

Data also demonstrated a 67% reduction in the rate of clinical
relapses relative to placebo (p<0.0001) over two years, which
was sustained and consistent with the previously reported one-
year results.  The annualized relapse rate was 0.22 for TYSABRI-
treated patients compared to 0.67 for placebo-treated patients.
The proportion of patients who remained relapse free was 67
percent in the TYSABRI-treated group compared to 41% in the
placebo-treated group (p<0.0001).

MRI measures

MRI analysis examining different types of brain lesions is used
in the initial diagnosis of MS and is a marker of ongoing and
previous disease activity and damage.  TYSABRI treatment
resulted in sustained and statistically significant reductions
in the number and volume of gadolinium enhancing, T2-
hyperintense and T1-hypointense lesions compared to placebo.
The pre-specified secondary endpoint MRI measures were the
volume of T2-hyperintense lesions and the number of new T1-
hypointense lesions.

Over two years, there was a significant difference in the burden
of disease as measured by change in T2-hyperintense lesion
volume.  Placebo-treated patients experienced an increase in
burden of disease while TYSABRI-treated patients had a decrease.
In addition, TYSABRI demonstrated a 76% reduction in the mean
number of new T1-hypointense lesions compared to placebo.

AFFIRM Safety Summary

The two-year adverse event profile in AFFIRM was consistent with
previously reported one-year results.  Common events included
headache, fatigue, urinary tract infection, depression, lower
respiratory tract infection, limb and joint pain, and
pharyngitis.  The rate and incidence of infections in TYSABRI-
treated and placebo-treated patients were similar.  Serious
infections occurred in 3.2% and 2.6% of TYSABRI-treated and
placebo-treated patients, respectively.  TYSABRI has also been
associated with hypersensitivity reactions, including serious
systemic reactions that occurred at an incidence of less than 1
percent of patients.

Immunogenicity

All biologics have the potential to induce antibody formation.
Analysis of the two-year data from the AFFIRM study indicated a
low level of immunogenicity associated with TYSABRI.  Patients
were tested for antibodies every 12 weeks.  Antibodies were
detected in approximately 9% of patients at least once during
treatment, with 6% of patients remaining persistently positive.
Persistently positive antibodies were associated with a
substantial decrease in efficacy and an increase in certain
infusion-related adverse events.  Almost all patients who tested
positive for antibodies did so within the first 12 weeks of
treatment.

Burt Adelman, MD, executive vice president, Development, Biogen
Idec, said: "We believe in the significant therapeutic benefit
of TYSABRI in MS, a disease with high unmet need.

"Biogen Idec and Elan are working diligently to evaluate
extensive data from our clinical trials, consulting with leading
experts and with regulatory agencies throughout this process.
We hope to define a path forward for this product, and our
future steps, as always, will be guided by our commitment to
people living with MS."

Lars Ekman, MD, PhD, executive vice president and president,
Research and Development, Elan, said: "We are very encouraged by
the two-year results which support the efficacy of TYSABRI in
MS.

"Patient safety is our top priority, and we are working closely
with the regulatory agencies to define the appropriate benefit-
risk profile for TYSABRI as a new option to treat MS."

About TYSABRI

Biogen Idec and Elan are collaborating equally on the
development of TYSABRI in MS, Crohn's disease, and rheumatoid
arthritis.  On February 28, 2005, Biogen Idec and Elan announced
that they voluntarily suspended TYSABRI from the U.S. market and
all ongoing clinical trials.  Worldwide regulatory agencies are
being kept informed of developments related to TYSABRI.

Information about TYSABRI, including the voluntary suspension of
marketing, U.S. prescribing information and support services, is
available through a single toll-free number (1-800-456-2255),
and via http://www.TYSABRI.com.

About Multiple Sclerosis

MS is a chronic disease of the central nervous system that
affects approximately 400,000 people in North America and more
than one million people worldwide.  It is a disease that affects
more women than men, with onset typically occurring between 20
and 40 years of age.  Symptoms of MS may include vision
problems, loss of balance, numbness, difficulty walking and
paralysis.

About Biogen Idec

Biogen Idec (NASDAQ: BIIB) creates new standards of care in
oncology and immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.

About Elan

Elan Corporation (NYSE: ELN), plc is a neuroscience-based
biotechnology company.  It is committed to making a difference
in the lives of patients and their families by dedicating
ourselves to bringing innovations in science to fill significant
unmet medical needs that continue to exist around the world.
Elan shares trade on the New York, London and Dublin Stock
Exchanges.

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

          BIOGEN IDEC INC.
          14 Cambridge Center
          Cambridge, MA 02142
          Phone: 617-679-2000
          Fax: 617-679-2617
          Web site: http://www.biogenidec.com


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


PARMALAT FINANZIARIA: Capitalia Chairman Implicated in Scam
-----------------------------------------------------------
Parma prosecutors have accused Capitalia Chairman Cesare Geronzi
of conniving with former Parmalat managers to divert funds from
the collapsed food group, Il Sole 24 Ore says.

A document recently filed by prosecutors with the court in Parma
alleges that Mr. Geronzi aided former Parmalat Chairman Calisto
Tanzi in acquiring a EUR50 million bridging loan from Banca di
Roma, now Capitalia's main unit.  Mr. Tanzi allegedly used the
money to shore up the finances of Parmatour and Hit, two family-
owned travel agencies that were itself indebted to Banco di
Roma.

Prosecutors filed the document to support their claim that
Capitalia contributed to the bankruptcy of Parmalat.  Mr. Tanzi
himself admitted the transaction with Banco di Roma during
interrogation.

A Capitalia spokesperson denied the allegations and refused to
comment further, adding the matter is still under investigation.

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

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


PIAGGIO FINANCE: Proposed EUR150 Mln Senior Notes Rated (P)B2
-------------------------------------------------------------
Moody's Investors Service assigned a (P)B1 senior implied rating
to Piaggio & C. S.p.A.  This is the first time that Moody's has
rated the debt of the company.  Concurrently, Moody's assigned a
(P)B2 rating to the proposed EUR150.0 million senior notes to be
issued by Piaggio Finance S.A. and guaranteed by Piaggio & C.
S.p.A.  Moody's does not rate the company's existing senior bank
debt.  The outlook for all ratings is stable.

Ratings assigned are:

(a) Senior implied rating at Piaggio & C. S.p.A. at (P)B1;

(b) Proposed EUR150.0 million senior notes at Piaggio Finance
    S.A. at (P)B2; and

(c) Senior unsecured issuer rating at Piaggio & C. S.p.A. at
   (P)B3.

The P(B1) senior implied rating reflects Moody's expectations of
Piaggio's limited cash flow generation over the near- to medium-
term mainly due to the company's modest although improving
operating profitability and significant capex requirements.
During the last 12-18 months, Piaggio demonstrated a material
improvement in operating performance after a period of declining
operating margins coupled with financial difficulty.  However, a
significant proportion of cash flow from operating activities
was absorbed to fund capital expenditure.  The rating agency
cautions that future increases in cash flow available for debt
repayments will largely depend on the company's ability to
continue to optimize its high fixed-cost base, control R&D
expenses and reduce capex currently representing approximately
7% of its consolidated sales.  Therefore, the ratings are
prospective in nature.

The company's capital structure is highly leveraged with an
Adjusted Total Debt/EBITDAR ratio of 5.7x as of December 31,
2004.  Moody's has adjusted the company's on balance sheet debt
for 8-times operating rental expenses, unfunded pension
liabilities, off-balance sheet items, contingent liabilities
related to factoring programs and potential impact of the
Aprilia 2004-2009 warrants which may become exercisable
beginning in 2008 triggered by defined EBITDA levels.

The ratings also reflect the strength and diversity of the
company's brand portfolio which includes Piaggio, Vespa and
Aprilia and Moto Guzzi, following the recent acquisition of the
Aprilia Group.  Moody's notes that those brands are
characterized by different features ranging from style and
elegance to technological content.

In addition, Moody's recognizes the strength of the company's
distribution network, which includes more than 9,000 dealers in
the European market.  In Moody's opinion, the support that the
company may lend to the dealers during periods of low sales
volumes (i.e. fall and winter) through third-party stock
financing is key to preserving their financial stability.

The liquidity profile is satisfactory as the company benefits
from EUR35.2 million in cash and cash equivalents on B/S at the
end of December 2004 in addition to EUR111.5 million available
at the same date under the company's working capital facilities.
However, over the longer term, Moody's cautions that the Aprilia
2004-2009 warrants may create potential pressure on the
company's liquidity profile as they become cash payable.  In
addition, Moody's expects that Piaggio will make limited use of
its uncommitted bilateral facilities to finance its working
capital requirements going forward.

The stable outlook assumes that the company will successfully
improve its operating performance over the short-term through
(i) centralization of purchasing, (ii) significant cost savings
derived from the integration of Aprilia and related expansion of
the engine supply and (iii) increased sourcing of raw materials
and components from the Far East.  It is likely that the ratings
would experience downward pressure should the market be
negatively impacted by severe regulatory changes, or the company
fail to meet its operating targets and improve Adjusted
RCF/adjusted Net Debt ratio (adjusted for operating leases and
off-B/S items) steadily above 10%.  Conversely, upward pressure
on the rating will derive from a successful integration of the
Aprilia business in conjunction with a significant improvement
in operating performance and a material reduction in leverage.

The European market for scooters and motorbikes is highly
seasonal with sales mainly concentrated during spring/summer --
60% of the company's consolidated revenues -- and working
capital requirements peaking during winter/spring.  In addition,
Moody's notes that the European scooter market experienced a
significant decline of around 28.7% (in volume terms) between
2000 and 2004 mainly reflecting (i) difficult market conditions
especially in Germany and the U.K., (ii) a higher impact of
ownership expenses (i.e. insurance and other usage costs) and
(iii) an increasingly stringent regulatory environment.

The decline in sales volumes, which affected Europe is
particularly evident in the 50cc scooters market.  The Italian
market, which accounts for 34% of the company's sales reported a
20% volume reduction of 50cc displacement registrations during
2004 following the requirement of a new driving license for 14
to 18 years-old.  Moody's also notes the current debate in some
European countries to increase the minimum age for driving
scooters and motorbikes from 14 to 16 years-old, a regulatory
change that is likely to severely impact the whole European
motorbike market, and therefore strenuously opposed by the OEMs.

Piaggio holds a leading position in the European two-wheeled
vehicles market with approximately 23.8% market share in 2004 in
volume terms.  This is pro-forma for the acquisition in December
2004 of the totality of Aprilia S.p.A.'s share capital, the
second largest manufacturer of scooters and motorbikes in Italy,
following the agreed restructuring of Aprilia's capital
structure with its financial lenders and shareholders.  Moody's
positively regards the Aprilia acquisition as it allows the
company to defend its domestic market from potential entrants,
continue to supply engines to Aprilia as its largest engine
customer, consolidate the company's presence in the fast growing
motorcycle market segment and exploit the potential for
synergies at both the production and distribution levels.

Following the Aprilia acquisition, the company will benefit from
a more balanced product offering by strengthening the company's
presence in the motorcycle segment and reducing its exposure to
the higher cyclicality associated with the scooter market.
Moody's also expects the motorbike business to become a larger
contributor to Piaggio's top-line growth and operating
profitability over the next three-to-five years as the company
seeks to reduce its dependency on the 50cc scooters market which
is more exposed to demographic trends, lower profitability and
regulatory changes.

Although the motorbike business is likely to attract a growing
proportion of the company's investments over the near- to
medium-term, the scooter business will continue to represent the
core of the company's activities.  In Moody's view, the
potential for improvements in the company's operating
performance is highly dependent on Piaggio's ability to continue
to significantly improve its operational efficiency and control
over R&D expenses as negative key factors behind the past poor
level of performance.  In addition, an enhanced focus on design
and product development would lead to reduced product
complexity, leaner engineering and production processes and
lower rates of product recall and after-sale repairs.  In this
context, Moody's believes that the Aprilia acquisition is likely
to create further opportunities for product standardization on a
single platform and cost reduction associated with engines
supply to Aprilia as well as R&D expenses.

In addition, the LTV business -- light transport vehicles - in
India is likely to significantly increase its contribution to
the company's cash flow generation going forward.  Those
products benefit from very favorable local market conditions, a
low cost production structure and low technological content.
While Moody's expects that the European LTV business would
continue to decline over the next few years, the Indian LTV
business is likely to materially grow in particular in the
commercial segment where Piaggio currently holds a 38% share of
the domestic three-wheeled LTV market.

Transaction Overview

The proposed senior notes will be issued by Piaggio Finance
S.A., a finance vehicle incorporated in Luxembourg wholly owned
by Piaggio & C. S.p.A., and benefit from a senior guarantee by
Piaggio & C. S.p.A. and Aprilia S.p.A.  The senior notes, which
are a senior unsecured obligation of the issuer will be
effectively subordinated to approximately EUR193.5 million
senior secured bank borrowings raised mainly at Piaggio & C.
S.p.A.  At closing the company's priority debt will represent
approximately 38% of the company's consolidated total debt.

The proceeds of the proposed senior notes will be used to repay
EUR107.5 million (including annual coupon) 7.5% guaranteed notes
at Aprilia Luxembourg S.A. maturing on 2 May 2005, to refinance
a portion of the company's short-term credit facilities and to
meet fees and expenses related to this transaction.  The funds
raised by Piaggio Finance S.A. will be lent to Piaggio & C.
S.p.A. and then on lent to Aprilia Luxembourg S.A. through
inter-company loans.

The proposed notes will be sold in a privately negotiated
transaction without registration under the United States
Securities Act of 1933 under circumstances reasonably designed
to preclude a distribution thereof in violation of the Act.  The
issuance will be designed to permit resale under Rule 144A.

The assigned ratings assume there will be no material variations
to the draft legal documentation reviewed by Moody's, and assume
that these agreements are legally valid, binding and
enforceable.

Structural Consideration

The (P)B2 rating assigned to the proposed bond reflects the
benefit to the note-holders of the senior guarantees offered by
Piaggio & C. S.p.A. and Aprilia S.p.A. and the fact that the two
guarantors represent 83% of the company's consolidated revenues
and 78% of the total assets.  However, the notching on the
proposed senior notes reflects the amount of priority debt that
ranks ahead of the notes, including the senior secured credit
facilities, the trade payables at the subsidiaries' level and
the debt raised at the non-guarantors' level.

Company Summary

Based in Italy, Piaggio &C S.p.A. is a leading European
manufacturer of scooters, motorbikes and light vehicles for
transportation.  For the financial year ended 31 December 2004,
the company reported EUR1,084.2 million consolidated net sales
and EUR40.9 million operating profit.  As of 31 December 2004,
pro-forma for the proposed bond issuance, the company's total
debt would amount to EUR514.8 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          London
          Francesco Sebastiani
          Analyst
          Corporate Finance Group

          London
          David G. Staples
          Managing Director
          Corporate Finance Group

          For Journalists
          Phone: 44 20 7772 5456


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


AK-SUU: Creditors' Claims Due June
---------------------------------
OJSC Farm Ak-Suu, which recently became insolvent, will accept
proofs of claim until June 7, 2005.  For more information, call
(0-3131) 5-77-52.


ELETROTERM: Auctioning Assets Next Week
---------------------------------------
The bidding organizer and insolvency manager of OJSC Elektroterm
will sell its properties on April 18, 2005, 2:00 p.m. at
Karabalta, Kojomberdieva Str. 3.  For sale are eight lots of
constructions, equipment, raw materials, and finished and
unfinished goods.

To participate, bidders are required to submit the necessary
documents on or before April 15, 2005 and deposit an amount
equivalent to 10% of the starting price.  For more information,
call (0-502) 32-75-34.


JANAR: Selling KGS60 Million Worth of Properties
------------------------------------------------
The temporary insolvency manager of CJSC Janar will auction its
properties on April 19, 2005, 10:00 a.m. at Bishkek, VPZ-1,
Vinogradnaya Str.

Up for sale are five production buildings, relief station,
refrigerating station, foundry, warehouse, cooler, and inventory
holdings.  Starting price KGS60,800,000 (inclusive of VAT).

Tender Conditions:

(a) All bids must be above the starting price,

(b) Retention of the group's main profile and production
    activity,

(c) Effective usage of production capacities,

(d) Employment program,

(e) Market penetration and development,

(f) Effective management, and

(g) Environmental protection policies

To participate, bidders are required to submit the necessary
documents and deposit an amount equivalent to 20% of the
starting price to the cashier of CJSC JANAR on or before April
14, 2005, 9:00 a.m. to 5:00 p.m. at Bishkek, VPZ-1, Vinogradnaya
Str.  For more information, call (+996 312) 63-00-23.


KOTTEF LTD.: Last Day for Filing Claims June 7
----------------------------------------------
LLC Kottef Ltd., which recently became insolvent, will accept
proofs of claim until June 7, 2005 at Bishkek, street side
Krivorojsk 18.  For more information, call (0-3231) 22-1-38.


KYRGYZAGROPROMBANK: Sets Public Auction April 21
------------------------------------------------
The bidding organizer and insolvency manager of JS Commercial
Bank Kyrgyzagroprombank will sell its properties on April 21,
2005, 10:00 a.m. at Bishkek, Chui Avenue, 114.  For sale are 19
lots of office equipment, including radio and telephone.

To participate, bidders are required to submit the necessary
documents on or before April 20, 2005 and deposit an amount
equivalent to 10% of the starting price.  For more information,
call (0-312) 66-38-00, 62-44-57 or 62-69-72.


===========
L A T V I A
===========


PAREX BANK: Senior Debt Eurobond Issue Rated (P)Ba1
---------------------------------------------------
Moody's Investors Service indicated a (P)Ba1 rating with stable
outlook to the forthcoming EUR100-150 million, three-year senior
debt Eurobond issue by Parex Bank.

Actual ratings will be assigned subject to review of the final
documentation of the Eurobond issue.

Parex Bank has a deposit rating of Ba1 and a financial strength
rating of D+ reflecting its good domestic franchise and
diversified product range together with good asset quality and
improving risk management tools.  The ratings also reflect the
less mature operating environment in Latvia as well as Parex
Bank's reliance on deposits from non-residents, which could be
viewed as less stable in the event of an economic crisis.

Parex Bank is headquartered in Riga, Latvia.  At the end of
2004, the bank reported total assets of LVL1.424 billion (EUR2.0
billion).

CONTACT:  Moody's Investors Service Ltd.
          London
          Samuel S. Theodore
          Managing Director
          Financial Institutions Group

          London
          Janne Thomsen
          Senior Vice President
          Financial Institutions Group

          For Journalists
          Phone: 44 20 7772 5456


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


ROYAL SHELL: Aussie Unit Corners US$10 Bln Energy Supply Deal
-------------------------------------------------------------
Royal Dutch/Shell has signed a major deal to supply liquefied
natural gas from its giant Gordon gas fields in Australia to the
U.S., according to Reuters.

The contract commits Royal Shell to supply 2.5 million tons of
LNG per year for 20-25 years starting 2010.

"This deal is worth at least US$10 billion and it is the first
supply deal to be finalized for the Gorgon project," Ian
McKenzie, Shell's Perth-based general manager for government and
public affairs, told Reuters.

The agreement raises the prospect that the firm may replenish
reserves after a controversial cut in 2004, the report said.
Shell was forced to adjust proven reserves estimate by 20% in
January 2004.  The Gordon booking alone accounted for 14% of the
resulting reserves cut.  In 1997, Shell said the Gordon field
had proven reserves of 557 million barrels of oil equivalent.

"Securing commitments for 25 percent of Gorgon production is a
very significant step and increases confidence that a final
investment decision on the Gorgon project will be taken in mid-
2006," Mr. McKenzie said.  Shell had hoped to clinch an
investment deal on the field this year.

Asked when the reserves might be re-booked as proven, Mr.
McKenzie said: "We have no reserves booked for Gorgon at the
moment and we won't be booking reserves until a number of [U.S.]
S.E.C. conditions are met."

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


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


STOLT OFFSHORE: Sells NAMEX to Focus on Subsea Operations
---------------------------------------------------------
Stolt Offshore S.A. has agreed to sell the Inspection,
Maintenance and Repair (IMR) and Conventional assets that form
part of its North America and Mexico (NAMEX) business to Cal
Dive International, Inc. (NASDAQ NM CDIS), for $125 million in
cash.

The disposals enable the Company to focus on its core expertise
of deepwater Subsea Umbilicals, Risers and Flowlines (SURF) in
this region.  The sale is subject to regulatory approval.

The sale includes the seven ships[1] that work in the IMR
segment; the Seaway Kestrel, a diving support and reel pipelay
ship; the DLB 801 pipelay barge; and the shore support bases at
the Port of Iberia and at Fourchon in Louisiana.

Stolt Offshore has made commercial arrangements to charter the
Seaway Kestrel and the DLB 801 back from Cal Dive to complete
the ongoing Trinidad pipelay projects in 2005.

Stolt Offshore will maintain and further develop a strong
permanent presence in Houston with a team of project management
and engineering staff focused both on regional SURF activities
and on Group projects.  The Company expects to grow this
experienced team to undertake international SURF projects.
Certain employees who have until now worked with the IMR and
Conventional assets will have the opportunity to transfer to Cal
Dive.

Tom Ehret, Chief Executive Officer, said: "Over the last year,
we have considered ways to refocus our NAMEX business on its
most promising segment.  The sale that we are announcing today
(April 12, 2005) provides the best option for us to concentrate
on the developing Gulf of Mexico deepwater market for SURF, our
core area of expertise.  In addition, this move enables us to
significantly increase the global human resource base, which is
dedicated to the increasing volume of SURF work in the market.

We thank all our employees who are involved in NAMEX
Conventional and IMR activities, for their work with Stolt
Offshore and wish them every success."

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] IMR ships being sold are: Seaway Defender, American
Constitution, American Star, American Triumph, American Victory,
American Diver and American Liberty.

                            *   *   *

Stolt Offshore (NASDAQ NM: SOSA; Oslo Stock Exchange: STO) is a
leading offshore contractor to the oil and gas industry,
specializing in technologically sophisticated deepwater
engineering, flowline and pipeline lay, construction, inspection
and maintenance services.  The Company operates in Europe, the
Middle East, West Africa, Asia Pacific, and the Americas.

CONTACT:  STOLT OFFSHORE S.A.
          Julian Thomson
          Deborah Keedy
          Phone (U.K.): +44 1932 773764
          Phone (U.S.): +1 877 603 0267 (toll free)
          E-mails: julian.thomson@stoltoffshore.com
                   deborah.keedy@stoltoffshore.com

          BRUNSWICK GROUP
          Patrick Handley (UK)
          Ellen Gonda (US)
          Phone (U.K.): +44 207 404 5959
          Phone (U.S.): +1 212 333 3810
          E-mails: phandley@brunswickgroup.com
                   egonda@brunswickgroup.com


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


ELEKTRIM SA: Receives Offer for PAK Power Plant
-----------------------------------------------
Czech energy firm CEZ has offered to buy a 39.2% stake in
Patnow-Adamow-Konin, the power plant at the center of the row
between Elektrim S.A. and the State Treasury.

Financial details were not disclosed, according to Warsaw
Business Journal, but it was reported that if the deal is
successful, CEZ will look to acquire the state's 50% stake.

Early in the month, TCR-Europe reported that Elektrim is suing
the Treasury over past investment issues after being advised of
a potential fine for delays in the contract.

Elektrim wants the Arbitration Court of the National Chamber of
Commerce to annul the privatization agreement it had entered
with the Treasury.  It blames the Treasury for delays in the
project by suspending decision on a crucial investment.  A new
deadline for the completion of the project passed last month,
and the Treasury advised the firm it could demand up to PLN1.1
billion in compensation for the failure.

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

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

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


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


AIR-SERVICE: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on limited liability company Air-Service.
The case is docketed as A55-19204/04-13.  Mr. V. Zimin has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 443901, Russia, Samara, Airport
Kurumoch.

CONTACT:  AIR-SERVICE
          443901, Russia, Samara region,
          Airport Kurumoch

          Mr. V. Zimin
          Temporary Insolvency Manager
          443013, Russia, Samara region,
          Kievskaya Str. 1


BRYANSK-PROM-CONCRETE: Sets Public Auction Next Week
----------------------------------------------------
The bidding organizer of open joint stock company Bryansk-Prom-
Concrete will sell its property on April 20, 2005, 10:00 a.m.
The public auction will take place at 241017, Russia, Bryansk,
Staleliteynaya Str. 20.  Up for sale is a boiler.  Starting
price: RUB 5,766,850.

Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 1:00 p.m.  The list of documentary
requirements is available at 241017, Russia, Bryansk,
Staleliteynaya Str. 20.

To participate, bidders must deposit an amount equivalent to 3%
of the starting price to the settlement account
40702810508000104540 at Bryanskiy OSB # 8605 of Bryansk, BIC
041501601, correspondent account 30101810400000000601.

CONTACT:  BRYANSK-PROM-CONCRETE
          241035, Russia, Bryansk,
          Shosseynaya Str. 1

          LLC CENTRE OF BUSINESS SUPPORT
          Bidding Organizer
          241017, Russia, Bryansk,
          Staleliteynaya Str. 20
          Phone: (0832) 57-77-81


CHUKOT-FISH: Under Bankruptcy Supervision
-----------------------------------------
The Arbitration Court of Chukotskiy autonomous region has
commenced bankruptcy supervision procedure on close joint stock
company Chukot-Fish.  The case was docketed as A80-16/2004-B.
Mr. O. Syskov has been appointed temporary insolvency manager.

CONTACT:  CHUKOT-FISH
          683032, Russia, Petropavlovsk-Kamchatskiy,
          Tsiolkovskogo Str. 38

          Mr. O. Syskov
          Temporary Insolvency Manager
          689000, Russia, Chukotskiy autonomous region,
          Anadyr, Post User Box 284


GRIBANOVKA-AUTO-TRANS: Bankruptcy Hearing Resumes Next Month
------------------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on open joint stock company
Gribanovka-Auto-Trans.  The case is docketed as A14-223-
2005/1/7b.  Mr. S. Sokolovskiy has been appointed temporary
insolvency manager.  A hearing will take place on May 4, 2005,
10:00 a.m. at Russia, Voronezh, Srednemoskovskaya Str. 77, Room
314.

CONTACT:  GRIBANOVKA-AUTO-TRANS
          397240, Russia, Voronezh region,
          Gribanovskiy, Lesnaya Str. 5

          Mr. S. Sokolovskiy
          Temporary Insolvency Manager
          397441, Russia, Voronezh region, Novokhoperskiy,
          70 Let Oktyabrya Str. 5


KAMENNO-ANGARSKOYE: Irkutsk Court Appoints Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on close joint stock company Kamenno-
Angarskoye.  The case is docketed as A19-1416/05-29.  Mr. O.
Fominykh has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Irkutsk,
Proletarskaya Str. 8, Office 34.  A hearing will take place on
August 11, 2005.

CONTACT:  KAMENNO-ANGARSKOYE
          665436, Russia, Irkutsk region, Cheremkhovskiy region,
          Kamenno-Angarsk, Tsentralnaya Str.

          Mr. O. Fominykh
          Temporary Insolvency Manager
          Russia, Irkutsk region,
          Proletarskaya Str. 8, Office 34


MOVABLE MECHANIZED: Bankruptcy Proceedings Begin
------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Movable Mechanized Column-547 after finding
the open joint stock company insolvent.  The case is docketed as
A65-431/2000-SA2-27.  Mr. M. Shamsiev has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 420015, Russia, Kazan, Post User Box 20.

CONTACT:  MOVABLE MECHANIZED COLUMN-547
          Russia, Tatarstan republic, Nurlat

          Mr. M. Shamsiev
          Insolvency Manager
          420015, Russia, Kazan
          Post User Box 20


PROKHLADNENSKIY: Hires O. Mepisashvili as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision procedure on open joint stock
company Prokhladnenskiy.  The case was docketed as A20-3293/02.
Mr. O. Mepisashvili has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to:

(a) Prokhladnenskiy
    361004, Russia, Kabardino Balkariya republic,
    Prokhladnyj, Ovcharova Str. 4a

(b) Temporary Insolvency Manager
    361004, Russia, Kabardino Balkariya republic,
    Prohkladnenskiy region, Primalkinskoye, Sadovaya Str. 164

(c) The Arbitration Court Of Kabardino Balkariya Republic
    360000, Russia, Kabardino Balkariya republic,
    Nalchik, Mechnikova Str. 130a


SEL-KHOZ-TEKHNIKA: Proofs of Claim Deadline May 12
--------------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
supervision procedure on open joint stock company Sel-Khoz-
Tekhnika.  The case is docketed as A17-1227/04-14-B.  Mr. N.
Mikhaylov has been appointed temporary insolvency manager.
Creditors have until May 12, 2005 to submit their proofs of
claim to 155620, Russia, Ivanovo region, Palekh, 2nd Sadovaya
Str. 1.  A hearing will take place on June 8, 2005, 9:30 a.m.

CONTACT:  SEL-KHOZ-TEKHNIKA
          155620, Russia, Ivanovo region,
          Palekh, 2nd Sadovaya Str. 1

          Mr. N. Mikhaylov
          Temporary Insolvency Manager
          155620, Russia, Ivanovo region,
          Palekh, 2nd Sadovaya Str. 1


WOODEN HOUSES: Declared Insolvent
---------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Wooden Houses after finding the limited
liability company insolvent.  The case is docketed as A71-
119/2004-G26.  Ms. E. Markova has been appointed insolvency
manager.

Creditors have until May 5, 2005 to submit their proofs of claim
to:

(a) Wooden Houses
    426011, Russia, Udmurtiya republic,
    Izhevsk, Kholmogorova Str. 17

(b) Insolvency Manager
    426008, Russia, Izhevsk,
    Post User Box 3051

(c) The Arbitration Court Of Udmurtiya Republic
    426057, Russia, Izhevsk,
    Svobody Str. 139


YUKOS OIL: Sets Annual Meeting June
-----------------------------------
Yukos Oil has set its long-postponed annual meeting to elect a
new board for June 24, India's The Telegraph reports.

Chief Executive Steven M. Theede, who fled Russia last year to
escape government persecution, declined to say if he was
nominated to the new board at an interview in Paris.  He said he
has not decided whether he would attend the meeting in Moscow.

Mr. Theede, at the same time, revealed that management is
continuing talks about a possible sale of Yukos' more than 50%
share in Lithuanian refinery Mazeikui Nafta with the government.
The asset is also being eyed by Russian oil producer Lukoil.

Meanwhile, hearings on two lawsuits brought against Yukos by
Rosneft, who bought the firm's unit Yuganskneftegaz in December,
will begin in the Moscow Arbitration Court on Friday.  Rosneft
alleges that it lost US$11 billion in revenues from Yukos'
discounted sale of crude oil.

Yukos' average production of 1.7 million barrels of oil a day
dwindled to only 600,000 to 700,000 after the sale of some of
its assets, Mr. Theede said.

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

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

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


ZELENODOLSKOYE PASSENGER: Insolvency Manager Steps in
-----------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
external management bankruptcy procedure on open joint stock
company Zelenodolskoye Passenger.  The case is docketed as A-65-
16746/2004-SG4-21.  Mr. Y. Bolotov has been appointed external
insolvency manager.

CONTACT:  ZELENODOLSKOYE PASSENGER
          Russia, Tatarstan republic,
          Zelenodolsk, Metallistov Str. 6

          Mr. Y. Bolotov
          External Insolvency Manager
          422540, Russia, Tatarstan republic, Zelenodolsk,
          Post Office 10, Post User Box 115


=====================
S W I T Z E R L A N D
=====================


SWISSAIR: Liquidator Files SFR260 Mln Suit Against Former Bosses
----------------------------------------------------------------
The liquidator of SwissAir is preparing a series of lawsuits
against former bosses and board of the carrier, including ex-CEO
Philippe Bruggisser and finance chief Georges Schorderet.

Karl Wuthrich told Swissinfo he has in mid-March filed a case,
which is the first of many, against persons allegedly
responsible for the airline's collapse in 2001.  According to
him, there are still issues pending against them, for instance,
the buyout of stakes in loss-making airlines such as Belgium's
Sabena and France's Air Littoral.

Mr. Wuthrich is claiming SFR260 million (US$231 million) in a
case that involves Switzerland's top business people and
politicians.

Also involved in the case are former board members Thomas
Schmidheiny, Lukas Muhlemann, and Mario Corti.

A Zurich cantonal prosecutor told Swissinfo the executives could
face more serious charges of falsifying documents and breach of
trust.  Criminal charges may be field later this year.

Part of Mr. Wuthrich's argument would deal on a transaction
dealt by SwissAir's parent, SAirGroup, which resulted to a
SFR280 million loss.  SairGroup allegedly handed over a firm
called Roscor AG to SairLine, another company within the group,
without receiving a payment.

Mr. Wuthrich is also trying to recover money from consultants
and banks, which were paid just before Swissair went under.
Claim avoidance actions have already been launched against
consultants KPMG and Deutsche Bank.


SWISS INTERNATIONAL: Reports Higher Load Factors for 1st Quarter
----------------------------------------------------------------
Swiss International achieved a system-wide seat load factor of
74.2% for the first three months of 2005, a 2.6-percentage-point
improvement on the same period last year.  Seat load factor on
intercontinental services rose 3.3 percentage points to 81.6%;
and the 58.7% seat load factor recorded on Swiss's European
network was 3.2 percentage points up on the prior-year result.
Swiss carried approximately 2.15 million passengers on its
scheduled services in the first three months of the year.

Traffic results for the month of March saw a continuation in the
recovery of load factors on European routes.  The 65.7% seat
load factor recorded on Swiss's European network was a
substantial 5.4-percentage-point increase on its prior-year
equivalent; and the 84.2% seat load factor reported on
intercontinental services was a year-on-year improvement of 3.1
percentage points, the thirteenth monthly increase in succession
for intercontinental routes.

March seat load factor on intercontinental services amounted to
84.2%, compared to 81.1% for the same month last year.
Available seat kilometer (ASK) capacity was 12.5% below March
2004, while revenue passenger kilometer (RPK) traffic saw a
smaller 9.1% decline.

Swiss achieved excellent loadings on its intercontinental
services in March.  Services over the North Atlantic posted a
seat load factor of 88.3%, an improvement of 3.0 percentage
points.  Flights to and from the Far East saw their seat load
factor rise 4.4 percentage points to 84.4%. The 76.3% seat load
factor recorded on Middle East services was a 3.6-percentage-
point improvement.  And flights to and from Africa posted a seat
load factor of 78.5%, an increase of 6.8 percentage points.
Services to Latin America were also well utilized, even though
the 85.2% seat load factor recorded was a 2.9-percentage-point
decline on the prior-year period.

March seat load factor for Swiss's European services also showed
a significant improvement on its prior-year equivalent, rising
5.4 percentage points to 65.7%.  While ASK capacity for the
month was 0.5% below March 2004 levels, Swiss achieved a
sizeable 8.4% increase in RPK traffic volume.

The year-on-year improvement in March load factor on European
services is due in no small part to the earlier start this year
of the Easter holidays.  Swiss's intensified marketing and sales
efforts also had their own positive effect.  As a result, Swiss
was able to improve its European seat load factor for the third
month running.

The cargo business of Swiss WorldCargo showed encouraging
overall trends for the first three months of 2005.  Cargo load
factor (by volume) stood at 87.5%, an increase of 0.5 percentage
points on the first quarter of 2004.


Key SWISS scheduled services results, first quarter 2005

Total passengers carried                      2,153,748
Total flights performed                          34,309

Available seat-kilometers (million)               6,336
Revenue passenger-kilometers (million)            4,702

Seat load factor                                  74.2%

For SWISS' full traffic statistics and further comments, visit
http://www.swiss.com.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 (0) 61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


===========
T U R K E Y
===========


PETKIM PETROKIMYA: Fitch Assigns 'BB-'/'BB' Ratings
---------------------------------------------------
Fitch Ratings assigned Turkey-based chemicals group Petkim
Petrokimya Holdings A.S. Senior Unsecured foreign currency 'BB-'
and local currency 'BB' ratings.  A National Senior Unsecured
'A+(tur)' rating is also assigned.  The Outlook is Stable on all
ratings.

The ratings are supported by Petkim's strong balance-sheet
structure, where equity accounts for 83% of total assets and the
group only has an insignificant amount of debt (TRY10.9 million)
at end-2004 (total balance-sheet TRY1.573 billion) and a strong
cash-based liquidity cushion (TRY166.9 million).  Accordingly,
the company reports positive net interest income.  Petkim's
strong market share in thermoplastics (24%) in the fast-growing
Turkish market as well as a diverse customer base, where no
single customer accounts for more than 10% of total business
volume, further support the ratings.  In line with the strong
market growth in Turkey, Petkim has experienced strong capacity
utilization rates (97% on average) in the past 10 years.  Based
on the per-capita consumption of thermoplastics of 29kg per
annum in Turkey, compared to more than 70kg in Western Europe,
the Turkish market continues to offer sound growth potential.

However, despite these positives, the ratings take into account
that Petkim as yet does not have a stable operating track record
and that the company is particularly sensitive to fluctuations
in raw-material prices, namely Naphta, which accounts for
approximately 50% of the cost of goods sold.  Petkim has not
always been able to pass through such volatility in the Naphta
price, which has resulted in negative gross-margins in two of
the past five years (2002/2003).  Petkim has underinvested on
expansion projects and hence was not able to keep pace with the
fast development of the overall market in Turkey, resulting in
substantial market share erosion.

However, management advised Fitch that this was partly driven by
constraints imposed on Petkim due to it being on the
privatization agenda, and hence a reluctance for investments on
the side of the state shareholder.  Fitch understands that the
envisaged further sell-down of the government stake (to 58.9%
from 88.9%) soon will relax Petkim to make investment decisions
and operating improvements.  These are expected to result in a
considerable uplift in its operating performance, which Fitch
has factored into the Outlook.  Approximately TRY100 million to
TRY110 million are expected for capital investments in 2005,
which Petkim anticipates will be financed from internal sources
and will not have a significant impact on its liquidity
position.

Compared to the large international chemical groups, Petkim is
heavily dependent on the Turkish market, which generates in
excess of 80% of its total business and has a more limited
product scope.  This has resulted in sub-average profitability,
and high earnings and cash-flow volatility.

Petkim was founded in 1965 as a state-owned entity in Turkey and
remains the country's largest petrochemicals company and
producer of thermoplastics.  In FY04, the group generated sales
of TRY1.569 billion with EBITDA of TRY278.8 million.  It employs
approximately 4000 people.

A full rating report will shortly be available at
http://www.fitchratings.com.

CONTACT:  FITCH RATINGS
          Karsten Frankfurth, Frankfurt
          Phone: +49-69-7680-76170

          Kaan Kiziroglu, Istanbul
          Phone: +90-212-279 1065

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


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


AGROPROMSPILKA: Declared Insolvent
----------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Agropromspilka (code EDRPOU 30801500) on
March 1, 2005 after finding the limited liability company
insolvent.  The case is docketed as 184/11b-04.  Mr. Valerij
Gerasimenko (License Number AA 520151) has been appointed
liquidator/insolvency manager.  The company holds account number
260072516 at OJSC JSB Ukrgazbank, MFO 320478.

Creditors have until April 19, 2005 to submit their proofs of
claim to:

(a) AGROPROMSPILKA
    08623, Ukraine, Kyiv region,
    Vasilkivskij district, Kalinivka,
    Industrialna Str. 5

(b) Mr. Valerij Gerasimenko
    Liquidator/Insolvency Manager
    04107, Ukraine, Kyiv region,
    Tatarska Str. 36/5-50
    Phone: 8 (050) 685-45-42

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


BUKOVINSKIJ HLIB: Under Bankruptcy Supervision
----------------------------------------------
The Economic Court of Chernivtsi region has commenced bankruptcy
supervision procedure on LLC Bukovinskij Hlib (code EDRPOU
3059584).  The case is docketed as 8/15/b.  Mr. Komerzan Zinovij
(License Number AA 719861) has been appointed temporary
insolvency manager.  The company holds account number
26001301826785 at Prominvestbank, Chernivtsi regional branch,
MFO 356163.

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

(a) BUKOVINSKIJ HLIB
    58178, Ukraine, Chernivtsi region,
    Golovna Str. 223

(b) Mr. Komerzan Zinovij
    Temporary Insolvency Manager
    58012, Ukraine, Chernivtsi region,
    Ruska Str. 8, a/b 3/13
    Phone: 2-83-35

(c) ECONOMIC COURT OF CHERNIVTSI REGION
    58000, Ukraine, Chernivtsi region,
    O. Kobilyanska Str. 14


EAST OIL: Claims Filing Period Ends Next Week
---------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against East Oil Group (code EDRPOU 30772695) on
March 10, 2005 after finding the limited liability company
insolvent.  The case is docketed as B-19/28-05.  Ms. I. Stahova
(License Number AA 779138) has been appointed
liquidator/insolvency manager.

Creditors have until April 19, 2005 to submit their proofs of
claim to:

(a) EAST OIL GROUP
    Ukraine, Harkiv region,
    Harkiv district, Visokij

(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


LITVINETSKE: Insolvency Manager Takes over Operations
-----------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Litvinetske (code EDRPOU 95477126) on
February 10, 2005 after finding the limited liability company
insolvent.  The case is docketed as 14-08/828.  Mr. Gerashenko
Anatolij (License Number AA 000294) has been appointed
liquidator/insolvency manager.

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

(a) LITVINETSKE
    19000, Ukraine, Cherkassy region,
    Kanivskij district, Litvinets

(b) Mr. Gerashenko Anatolij
    Liquidator/Insolvency Manager
    18028, Ukraine, Cherkassy region,
    Gromova Str. 102

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


PAVLOGRAD' AGRARIAN: Succumbs to Insolvency
-------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Pavlograd' Agrarian-Processing Complex (code
EDRPOU 05496678) on February 24, 2005 after finding the limited
liability company insolvent.  The case is docketed as B
40/87/04.  Mr. Mihajlo Grishin (License Number AB 116283) has
been appointed liquidator/insolvency manager.  The company holds
account number 26008356590100 at JSPPB Aval, Dnipropetrovsk
regional branch, MFO 305653.

Creditors have until April 18, 2005 to submit their proofs of
claim to:

(a) Mr. Mihajlo Grishin
    Liquidator/Insolvency Manager
    Phone: (056) 370-96-17

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


PRINTING INDUSTRY: Proofs of Claim Deadline Nears
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Printing Industry (code EDRPOU 32454651) on
March 1, 2005 after finding the limited liability company
insolvent.  The case is docketed as 24/75-b.  Mr. Farit
Kachkurov (License Number AB 116187) has been appointed
liquidator/insolvency manager.  The company holds account number
26005012826166 at OJSC Ukreksimbank, Kyiv region branch, MFO
322313.

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

(a) PRINTING INDUSTRY
    04071, Ukraine, Kyiv region,
    Yaroslavska Str. 58

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

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


REINFORCED METAL 2: Kyiv Court Brings in Insolvency Manager
-----------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Reinforced Metal Constructions Plant 2 (code
EDRPOU 04012282) on February 8, 2005 after finding the open
joint stock company insolvent.  The case is docketed as 23/800-
b.  Mr. Anatolij Vyazovchenko (License Number AB 116239) has
been appointed liquidator/insolvency manager.

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

(a) REINFORCED METAL CONSTRUCTIONS PLANT 2
    Ukraine, Kyiv region,
    Hutir Ostriv

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


SHLYAHMASH: Public Auction Slated April 18
------------------------------------------
The Branch of Agency of Bankruptcy Questions in Zaporizhya
region and the sanction manager of OJSC Shlyahmash will sell its
properties on April 18, 2005, 12:00 noon at 69002, Ukraine,
Zaporizhya region, Lenin Avenue, 77, office 95.  For sale is a
complex of buildings and constructions.  Starting price is
UAH490,934 (inclusive of VAT).

To participate, bidders must deposit an amount equivalent to 5%
of the starting price and pay a registration fee of UAH17 on or
before April 15, 2005.  The deposit must be paid to account
number 2600827020 at JSPPB Aval, Zaporizhya regional branch, MFO
13827, EDRPOU 26252756, while the registration fee must be
deposited to account number 260082431 at JSPPB Aval, Zaporizhya
regional branch, MFO 313827, EDRPOU 26252756.

Participants must submit competitive bids on or before April 15,
2005 to 69002, Ukraine, Zaporizhya region, Lenin Avenue, 77,
Office 95, from 9:00 a.m. to 5:00 p.m.  For more information,
call 8 (0612) 64-39-01 or (061) 220-42-07.

CONTACT:  AUCTION COMMITTEE
          69002, Ukraine, Zaporizhya region,
          Lenin Avenue, 77, Office 95
          Phone: 8 (0612) 64-39-01
                   (061) 220-42-07


SOLOTVINSKE: Liquidator Enters Firm
-----------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Solotvinske (code EDRPOU 30651689) after
finding the limited liability company insolvent.  The case is
docketed as 1/62 B.  Mr. Leonid Kachanivskij (License Number AA
250063) has been appointed liquidator/insolvency manager.

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

(a) SOLOTVINSKE
    Ukraine, Zhitomir region,
    Berdichiv district, St. Solotvin

(b) Mr. Leonid Kachanivskij
    Liquidator/Insolvency Manager
    13300, Ukraine, Zhitomir region,
    Berdichiv, Karastoyanova Str. 2/17

(c) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir region,
    Putyatinski Square, 3/65


UKRBURSHTIN: Gives Creditors Until April 19 to File Claims
----------------------------------------------------------
The Economic Court of Rivne region commenced sanction procedures
against Ukrburshtin (code EDRPOU 13970836) on March 3, 2005.
The case is docketed as 8/24.  Mr. M. Pishuhin (License Number
AB 116077) has been appointed sanction manager.  Creditors have
until April 19, 2005 to submit their proofs of claim to:

(a) UKRBURSHTIN
    Ukraine, Rivne region,
    Kyivska Str. 94

(b) ECONOMIC COURT OF RIVNE REGION
    33001, Ukraine, Rivne region,
    Yavornitski Str. 59


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


ABBEY NATIONAL: Endowment Mortgage Transactions Probed
------------------------------------------------------
U.K.'s second-biggest mortgage lender faces fines from the
Financial Services Authority in relation to its endowment
mortgage dealings, the Financial Times reports.

The regulator is investigating Abbey for its handling of
endowment mortgage complaints, as part of a drive to round up
companies that fail to deal with customers properly.  It might
issue the bill within next month.

Abbey claims it has boosted the number of staff dealing with
endowment mortgage issues.  Abbey was bought by Santander
Central Hispano for US$15 billion in 2004.  Since then, Europe's
fourth-biggest bank by market value has been trying to halt a
decline in Abbey's market share and steer it towards
profitability.

A decision by the Bank of England to raise main lending rate
five times since November 2003 to 4.75% has caused demand for
loans across Britain to drop.  In 2004, Abbey's share of U.K.
new mortgage lending went down to 3.1% from 9.9% in 2003.


ALTAMAR V: Liquidator from DTE Leonard Curtis Moves in
------------------------------------------------------
At the extraordinary general meeting of Altamar V Limited
(formerly Censtretch Limited) on March 21, 2005 held at Unit 11,
Newman Lane Industrial Estate, Alton, Hampshire GU34 2QR, the
special, ordinary and extraordinary resolutions to wind up the
company were duly passed.  Andrew Poxon of DTE Leonard Curtis,
DTE House, Hollins Mount, Hollins Lane, Bury BL9 8AT has been
appointed liquidator of the company.

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


AMF COMPUTERS: Members Decide to Wind up Firm
---------------------------------------------
At the extraordinary general meeting of the members of AMF
Computers Ltd. on April 5, 2005 held at Barringtons Limited,
Richmond House, 570-572 Etruria Road, Basford, Newcastle-under-
Lyme, Staffordshire ST5 0SU, the special and ordinary
resolutions to wind up the company were passed.  Philip
Barrington Wood of Barringtons Limited, Richmond House, 570-572
Eturia Road, Basford, Newcastle-under-Lyme, Staffordshire ST5
0SU has been appointed liquidator of the company.

CONTACT:  BARRINGTONS LIMITED
          Richmond House,
          570-572 Eturia Road, Basford,
          Newcastle-under-Lyme,
          Staffordshire ST5 0SU


ARTESIAN BUY: Members Call in Liquidator from KBSP Partnership
--------------------------------------------------------------
At the extraordinary general meeting of the members of
Artesian Buy Back 2004 Limited on March 24, 2005 held at 60
Webbs Road, London SW11 6SE, the special resolution to wind up
the company was passed.  Michael L. Marks of The K B S P
Partnership, Harben House, Harben Parade, Finchley Road, London
NW3 6LH has been nominated liquidator of the company.

CONTACT:  KBSP Partnership
          Harben House
          Harben Parade
          Finchley Road
          London NW3 6LH
          Phone: 020 7586 3841
          E-mail: michael@kbsp.co.uk


BAYARD OIL: Liquidator from SPW Poppleton & Appleby Moves in
------------------------------------------------------------
At the extraordinary general meeting of the members of Bayard
Oil (UK) Limited on March 24, 2005 held at Gable House, 239
Regents Park Road, Finchley, London N3 3LF, the special
resolution to wind up the company was passed.  M. S. E. Solomons
has been appointed liquidator of the company.

CONTACT:  SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF
          Phone: 020 8371 5000
          Fax: 020 8346 8588
          E-mail: mike@spwca.com


BIG FC: Members Pass Special Winding-up Resolution
--------------------------------------------------
At the meeting of the members of Big FC Limited on March 31,
2005, the subjoined special resolution to wind up the company
was passed.  John Harvey Madden of Taylor Rowlands, 8 High
Street, Yarm, Stockton-on-Tees has been appointed liquidator of
the company.

CONTACT:  TAYLOR ROWLANDS
          8 High Street
          Yarm
          Cleveland TS15 9AE
          Phone: 01642 790790
          Fax: 01642 785588
          E-mail: harvey@taylorrowlands.co.uk


BRAUGHTON HOMES: Bigwig Receives Ten-year Ban
---------------------------------------------
A director of a retail estate development business that failed
with total debt estimated at around GBP224,000 has given an
Undertaking not to hold directorships or take any part in
company management for ten years.

The Undertaking by Howard David Cox, 50, of Crystal Gardens,
Kinver, Stourbridge, was given in respect of his conduct as a
director of Braughton Homes Plc, which carried out business from
premises at 22 Blaenwern Drive, Halesowen, West Midlands, B63
2PX.

The acceptance of the undertaking on February 25, 2005,
effective from March 18, 2005, prevents Mr. Cox from being a
director of a company or, in any way, whether directly or
indirectly, being involved in the promotion, formation or
management of a company for the above period.  Braughton Homes
Plc went into voluntary liquidation on November 29, 2002 date
with estimated debt of GBP224,088 owed to creditors.

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

(a) He acted as a director of Braughton despite bring an
    undischarged bankrupt;

(b) He failed to maintain, preserve and or deliver up adequate
    company books and records to the Liquidator;

(c) He caused or allowed Braughton to fail to comply with
    statutory obligations with the Inland Revenue and Companies
    House.

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


CIH HOLDINGS: Members Hire Liquidator from Janes
------------------------------------------------
At the extraordinary general meeting of the members of CIH
Holdings Ltd. on April 4, 2005 held at 33 Rodney Road,
Cheltenham, Gloucestershire GL50 1HX, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
David N. Hughes has been appointed liquidator of the company.

CONTACT:  JANES
          33 Rodney Road
          Cheltenham
          Gloucestershire GL51 8HX
          Phone: 01242 701135
          Fax: 01242 701136
          E-mail: david@janesinsolvency.com


COAX PARTNERS: Winding-up Report Out Last Week of Month
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Coax Partners (U.K.) Limited
                        (In Liquidation)

Notice is hereby given, pursuant to Section 146 of the
Insolvency Act 1986, that the Final General Meeting of the
Creditors of Coax Partners (U.K.) Limited will be held within
the offices of Haines Watts, James Miller House, 98 West George
Street, Glasgow G2 1PJ, on April 26, 2005 at 10:00 a.m. to
receive my report on the winding-up and determine whether or not
I should be released as liquidator.

Creditors are entitled to attend in person or alternatively by
proxy.  A creditor may vote only if his claim has been submitted
to me and that claim has been accepted in whole or in part.  A
resolution will be passed only if a majority of those voting in
person or by proxy vote in favor.  Proxies and claims must be
lodged with me at or before the meeting.

I. W. Wright, Liquidator
March 24, 2005

CONTACT:  HAINES WATTS (GLASGOW INSOLVENCY)
          James Miller House
          98 West George Street
          Glasgow G2 1PJ
          Phone: 0141 342 1600
          Fax: 0141 342 1616
          Web site: http://www.hwca.com

          Ian William Wright
          E-mail: iwright@hwca.com


CRAIG ELDER: Final Creditors Meeting Set Later this Month
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

            IN THE MATTER OF Craig Elder Haulage Ltd.
                         (In Liquidation)

Notice is hereby given pursuant to section 146 of the Insolvency
Act 1986 that a final meeting of the creditors of Craig Elder
Haulage Ltd. will be held at 1 Royal Terrace, Edinburgh EH7 5AD
on April 29, 2005 at 10:00 a.m. for the purposes of receiving
the Liquidator's report on the winding-up and to determine
whether the Liquidator should be released.

T. C. MacLennan, Liquidator

CONTACT:  TENON RECOVERY
          One Royal Terrace
          Edinburgh EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: edinburgh@tenongroup.com
          Web site: http://www.tenongroup.com

          Thomas Campbell MacLennan
          E-mail: tom.maclennan@tenongroup.com


EQUITABLE LIFE: Looking Forward to a Fresh Start
------------------------------------------------
Business highlights of preliminary results for the year ended 31
December 2004:

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

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

(c) Claims: Surrenders more than halved to GBP835 million (2003:
    GBP1,788 million); and

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

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

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

A full copy of the report is available free of charge at
http://bankrupt.com/misc/EquitableLife_31mar2005.pdf.

CONTACT:  EQUITABLE LIFE
          Media Enquiries
          Tony McGarahan
          Phone: 020 7489 6400
                 7966 386145

          Alistair Dunbar
          Phone: 020 7489 64000
                 07967 564039


ETC TRAINING: Names Thorntonrones Liquidator
--------------------------------------------
At the extraordinary general meeting of ETC Training Limited on
Jan. 27, 2005 held at 8 Beaminster Gardens, Ilford, Essex IG6
2BN, the special, ordinary and extraordinary resolutions to wind
up the company were passed.  R. J. Rones of ThorntonRones, First
Floor, 16 High Road, Loughton, Essex IG10 4LF has been appointed
liquidator of the company.

CONTACT:  THORNTONRONES
          1st Floor
          167 High Road
          Loughton
          Essex IG10 4LF
          Phone: 020 841 9333
          Fax: 020 8418 9444
          E-mail: info@thorntonrones.co.uk


FEDERAL-MOGUL: Court Approves Surety Claims Settlement Agreement
----------------------------------------------------------------
Federal-Mogul Corporation and its debtor-affiliates asked the
U.S. Bankruptcy Court for the District of Delaware to approve a
proposed compromise and settlement among the Debtors and certain
of the other proponents to the Plan of Reorganization, on one
hand, and Safeco Insurance Company of America, Travelers
Casualty and Surety Company of America, and National Fire
Insurance Company of Hartford and Continental Casualty Company,
on the other hand, pursuant to the terms of a settlement
agreement resolving certain secured surety claims in connection
with the treatment of those claims under the Debtors' Joint Plan
of Reorganization.

A full-text copy of the Settlement Agreement is available at no
charge at:

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

The Debtors' proposed compromise and settlement with the
Sureties is the culmination of more than three years of
intensive litigation involving numerous parties, numerous court
proceedings, extensive discovery, and protracted settlement
negotiations spanning the past six months.

The Settlement Agreement relates to the proposed settlement of
those certain Surety Claims, which -- due to its complexity and
multi-faceted nature -- the parties have elected to negotiate
and document as a separate transaction.  However, the
effectiveness of the Settlement Agreement is contractually
conditioned on the Court's approval of another settlement
resolving a $29 million cash dispute involving members of the
Center for Claims Resolution.

                          CCR Litigation

Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones
& Weintraub P.C., relates that before the Petition Date, certain
of the Debtors were members of the CCR.  The CCR was established
to administer, negotiate, defend, or settle asbestos-related
personal injury claims and wrongful death claims brought against
CCR participants.

The CCR required its members, including T&N Limited, Gasket
Holdings, Inc., and Ferodo America, Inc., to provide the CCR
with assurance that they will satisfy their financial
obligations arising under certain group settlement agreements
and protocols to be negotiated by the CCR on behalf of its
members.  A surety bond was considered an appropriate form of
payment assurance.

In December 2000, pursuant to Federal-Mogul's request, the
Sureties issued performance bonds aggregating $250 million on
behalf of T&N Limited, Gasket Holdings, and Ferodo America, in
favor of the CCR.  Under the terms of the Bonds, the maximum
penal sum was reduced automatically and permanently on a semi-
annual basis in accordance with a schedule set forth in the
Bonds.  As of the Petition Date, the aggregate penal amount of
the Bonds was reduced to $225 million.

The CCR Debtors subsequently terminated their memberships in
2001.  Notwithstanding the terminations and the commencement of
the Chapter 11 cases, the CCR notified the Debtors and made
demands on the Sureties postpetition for a $183 million payment
under the Bonds.  As a result, the Debtors, T&N Limited, Gasket
Holdings and Ferodo America commenced an adversary proceeding
against the CCR and the Sureties in order to prevent a draw on
the Bonds until the Court could determine all disputes relating
to the CCR's entitlement to payment under the Bonds.

The CCR Litigation was later consolidated with other similar
Delaware Chapter 11 cases.

Pursuant to a case management order issued by then District
Court Judge Alfred Wolin, the CCR Litigation was divided into:

   * Phase One issues -- the CCR's right to draw on the Bonds;
     and

   * Phase Two issues -- the specific amounts the CCR would be
     entitled to draw if it prevailed on Phase One issues.

After extensive discovery, the parties filed cross-motions for
summary judgment related to Phase One issues.

Judge Wolin's Case Management Order was interpreted by the non-
CCR litigants as severely limiting the Debtors' potential
liability to the CCR under the Bonds.  The CCR disputed the non-
CCR parties' interpretation and sought reconsideration of the
Case Management Order contending that the obligations for which
the Bonds could be drawn remained in the range of $183 million.
Judge Wolin then issued a second opinion determining CCR's
motion for reconsideration, which left open the possibility of
having to litigate certain key legal and factual issues at
trial, notwithstanding the earlier Order.

As of February 24, 2005, formal discovery related to Phase Two
of the CCR Litigation has not commenced and no decision has been
rendered on the Phase Two issues.  Instead, the Debtors and the
Official Committee of Unsecured Creditors -- with the remaining
Plan Proponents' consent -- negotiated with the CCR and reached
an agreement in principle to compromise and settle all claims
and causes of action asserted in the CCR Litigation, for $29
million cash to be paid to the CCR.  The CCR Settlement is in
the process of being documented and will be filed with the Court
in the near future.

Ms. Jones explains that pursuant to the Settlement Agreement,
the Sureties agree to provide the funding for the CCR Settlement
on specified terms and conditions.  Implementation of the CCR
Settlement will thus, in turn, fix and determine the amount of a
major component of the Surety Claims that would require
treatment under any plan of reorganization confirmed in the
Debtors' Chapter 11 cases.

According to Ms. Jones, the Settlement Agreement also resolves
several issues:

A. Temporary Allowance of Surety Claims

    As a condition for issuance of the Bonds, the Debtors were
    required to execute Contracts of Indemnity in favor of the
    Sureties.  The majority of the Debtors also granted liens
    and security interests in favor of the Sureties as
    collateral for any resulting indemnity obligations.  Based
    on the Indemnity Contracts and related instruments, each of
    the Sureties filed proofs of claim against the applicable
    Debtors premised on the Sureties' claims which arise out of
    or relate to the Sureties' obligations under the Bonds.

    For voting purposes only, the Court accorded the Sureties
    the right to vote the Surety Claims:

    (a) as both a $29 million Secured Claim and a $29 million
        Unsecured Claim against the estate of each indemnitor-
        Debtor; and

    (b) as Unsecured Claims against T&N Limited and Gasket
        Holdings.

    The Settlement Agreement does not impair the voting rights
    of the Sureties.

B. Letter of Credit

    Before the Petition Date, Travelers issued Supersedeas Bond
    for the account of Federal-Mogul and T&N Limited in
    connection with an asbestos personal injury action entitled
    Hoskins v. Federal-Mogul Corporation and T&N Ltd., Circuit
    Court of Jackson County, Missouri.  As collateral for any
    obligations under the Supersedeas Bond, Federal-Mogul caused
    a documentary Letter of Credit to be issued in favor of
    Travelers for $10,956,584.

    As a result of Travelers' previous draws from the Letter of
    Credit, only $2.2 million remain of the Letter of Credit's
    principal drawable balance.  The remaining drawable balance,
    according to Travelers, provides additional security to it
    for its portion of the Surety Claims relating to the CCR.
    The Debtors, the Creditors Committee, and other Plan
    Proponents dispute Travelers' contention regarding the scope
    and nature of the claims for which the Letter of Credit may
    be drawn.

    The dispute regarding the Letter of Credit is compromised
    and resolved as an integral part of the overall Settlement
    Agreement.

C. Avoidance Litigation

    The Avoidance Litigation relates to the Creditors
    Committee's and other estate representative's belief that
    there are or may be viable causes of action to avoid and
    recover certain of the collateral granted to the Sureties in
    December 2000, and avoid certain of the indemnity
    obligations also incurred at that time.  No action has been
    commenced with respect to these claims.

    Under the Settlement Agreement, the Creditors Committee, the
    estate representatives and the Sureties agree to toll the
    time for commencing the Avoidance Litigation and to waive
    the claims and causes of action when the mutual releases
    contemplated by the Settlement Agreement become effective.

D. Valuation Proceedings

    The Valuation Proceedings relate to the Creditors
    Committee's and other estate representatives' contention
    that the Surety Claims may not be fully collateralized.  No
    contested matter has been initiated to value the Sureties'
    collateral.  As with the Avoidance Litigation, the Creditors
    Committee, the other estate representatives and the Sureties
    agree to toll the time for commencing the Valuation
    Proceedings and to waive the claims and causes of action
    when the mutual releases contemplated by the Settlement
    Agreement become effective.

                        Settlement Agreement

The terms and conditions of the Settlement Agreement are:

A. Settlement of CCR Litigation and Funding of CCR Settlement
    Amount

    (1) The CCR Settlement Amount will not exceed $29 million;

    (2) CCR will return the Bonds to Federal-Mogul for immediate
        delivery to the Surety in the event that the Bond Draw
        is fully paid;

    (3) CCR and each of its members will issue full releases of
        all claims arising under the Bonds and the CCR
        Litigation;
        and

    (4) The CCR Litigation will be dismissed with prejudice with
        each party bearing its own costs and attorney's fees,
        except for reimbursement of a portion of the Sureties'
        attorney's fees by the Debtors.

    The Sureties will fund the CCR Settlement Amount by honoring
    the CCR's draw request under the Bonds with the allocation
    of liability among the Sureties fixed as:

              Surety                      Liability
              ------                      ---------
              Safeco Insurance               30%
              National Fire Insurance        30%
              Travelers                      40%

    Twenty percent of Travelers' liability is in its capacity as
    successor-in-interest to Reliance Insurance Company.

    The Bond Draw will occur on the earlier of:

    (1) the third business day after the Effective Date of a
        Plan; or

    (2) May 2, 2005.

B. Interest Accrual on Bond Draw and Adequate Protection

    The Sureties is entitled to adequate protection on the full
    payment of the $28 million Net Bond Draw -- $29 million less
    $1 million drawn under the Letter or Credit.  Thus, the
    Sureties will receive monthly payments of interest on the
    Net Bond Draw at a rate of LIBOR plus 200 basis points --
    adjusted monthly.

C. Plan Treatment of Surety Claims

    In the event the Plan Proponents seek to obtain confirmation
    of the Plan or Modified Plan, the Settlement Agreement
    mandates that:

    (1) The Surety Claims will be allowed as fully Secured
        Claims against Federal-Mogul and its estate, the Net
        Bond Draw allocated among the Sureties, and held and
        controlled by each Surety as its separate Allowed
        Secured Claim:

            Surety                         Liability
            ------                         ---------
            Safeco Insurance              $8,700,000

            National Fire Insurance        8,700,000

            Travelers, as successor-
               in-interest to Reliance     5,300,000

            Travelers                      5,300,000

    (2) In the event that the mutual releases under the
Settlement
        Agreement becomes effective, the Sureties will be deemed
        to have waived and released any and all other claims
        against the Debtors and their estates unrelated to the
        Surety Claims;

    (3) The Plan Proponents will file an appropriate
        modification of the Plan -- or include in any Modified
        Plan, as the case may be -- which will provide for
        treatment of the Allowed Secured Surety Claims in
        substantially the same manner as the Plan proposes to
        treat the Secured Bank Claims, and with pari passu
        participation in the same collateral that will secure
the
        debt instruments to be issued under the Plan on account
        of the Secured Bank Claims.  In full and complete
        satisfaction of the Allowed Secured Surety Claims, the
        Sureties will receive:

        -- $22,764,000 in senior, secured term loans to be
           repaid under the Reorganized Federal-Mogul Secured
           Term Loan Agreement and related documents, but in any
           event on the same terms and conditions the holders of
           Bank Claims will receive under the Plan or the
           Modified Plan, as the case may be; and

        -- $5,236,000 in "Junior Secured PIK Notes" to be repaid
           under the Reorganized Federal-Mogul Junior Secured
           PIK Notes and related documents, but in any event on
           the same terms and conditions the holders of Bank
           Claims will receive under the Plan;

    (4) On the Effective Date of the Plan or Modified Plan, the
        rights of the Plan Proponents, or any of them, to
        commence and pursue the Avoidance Litigation or the
        Valuation Proceedings will be deemed waived and
        released, and the releases by certain of the Plan
        Proponents in favor of the Sureties as provided in the
        Settlement Agreement will take effect;

    (5) The definitions of "Protected Party" and "Released
        Party" under the Plan and the Modified Plan will be
        amended to include each of the Sureties to afford them
        the same protections as the Administrative Agent and the
        holders of the Bank Claims by virtue of the releases and
        injunctions contained in the Plan, provided that the
        addition will not jeopardize the confirmability of the
        Plan or a Modified Plan.  In the event any party-in-
        interest objects to the confirmation of the Plan based
        on the inclusion, the Plan Proponents have the right to
        further amend the Plan or omit the inclusion; and

    (6) With respect to the Allowed Secured Surety Claims, each
        of the Sureties agrees to:

        -- vote its Allowed Secured Surety Claim to accept the
           Plan or any Modified Plan;

        -- support the Plan or any Modified Plan;

        -- not vote in favor of or support any Alternative Plan,
           so long as the Plan or a Modified Plan is pending;
           and

        -- waive any objection to confirmation of the Plan or a
           Modified Plan.

    In the event the Plan Proponents propose and seek
    confirmation of an Alternative Plan, the Settlement
    Agreement requires that the Sureties be offered the same
    treatment, proportionally, for the Surety Claims as is
    proposed for the Bank Claims under the Alternative Plan.  If
    the Sureties accept the proposed treatment, the treatment
    provisions with respect to the Plan or Modified Plan will
    apply with certain modifications:

    (1) The Surety Claims will be allowed as Secured Claims to
        the same extent that the Bank Claims are allowed as
        Secured Claims;

    (2) The form of consideration offered to holders of the Bank
        Claims offered to the Sureties will be proportionate to
        the value provided to holders of Bank Claims based on
        the amount of Bank Claims and Surety Claims;

    (3) The Sureties will be provided waivers of Avoidance
        Litigation, Valuation Proceedings and releases if the
        waivers and releases are also provided to holders of
        Bank Claims; and

    (4) To the extent an Alternative Plan provides for releases
        and injunctions in favor of Protected Parties and
        Released Parties and those Parties include holders of
        Bank Claims, the Sureties will be included within the
        protections, subject to the right of the Plan Proponents
        to delete the Sureties from the provisions to obtain
        confirmation of the Plan.

D. Attorneys' Fees and Costs

    The Sureties' claims against the Debtors' estates for
    attorneys' fees and cost reimbursement will fall into two
    categories under the Settlement Agreement:

    (1) fees and expenses not covered by provisions of the Final
        DIP Order, which is $1.1 million, to be applied by the
        Sureties to fees and expenses not yet reimbursed under
        the Final DIP Order as of the date of the Bond Draw; and

    (2) fees and expenses covered by the Final DIP Order from
        the Petition Date through March 31, 2005 -- projected --
        and from and after April 1, 2005, with the imposition of
        a $10,000 per month fee cap on the amount of
        reimbursable fees and expenses going forward.

E. Bond Premiums Proration

    Subject to the Final Order approving the CCR Settlement, the
    Settlement Agreement provides that the Bond renewal premium
    for 2005 paid or payable by the Debtors to National Fire
    Insurance and Safeco Insurance will be prorated from the
    period from January 1, 2005, through the Bond Draw date.

    The Settlement Agreement provides that the Bond renewal
    premiums for 2005 paid or payable by the Debtors to CNA and
    Safeco will be prorated for the period January 1, 2005,
    through the date of the Bond Draw.  CNA and Safeco have
    agreed to promptly refund my excess premiums to the Debtors
    following the date of the Bond Draw.

             Explain Fees & Costs, U.S. Trustee Demands

Kelly Beaudin Stapleton, the United States Trustee for Region 3
objects to the payment of the Sureties' legal fees and costs for
which reimbursement is not authorized under the Final DIP Order
pursuant to Section 364 of the Bankruptcy Code.

According to Richard L. Schepacarter Esq., of the U.S.
Department of Justice, the Debtors did not provide an estimation
or explanation of the amount of fees and costs, and what
specific legal basis exists to justify the payment as part of
the settlement.  The Settlement Agreement does not provide any
detailed information from which the reasonableness of the fees
and costs could be determined.

The settling sureties have also committed to vote in favor of
the Debtors' Plan.  The Debtors pointed out that the agreement
to vote for the plan does not run afoul of the Court's holdings
in In re NII Holdings, Inc., 288 B.R. 356,362 (Bank. D. Del.
2002) and In re Stations Holding Company, Inc., 2002 WL 31947022
(Bank D. Del. 2002) with respect to "lock-up" agreements.
Unlike in the cited cases, Ms. Stapleton notes, the settling
sureties have received a court-approved disclosure statement
before entering into their agreements.

To the extent confirmation is sought of a plan wherein a new
disclosure statement and solicitation process would be required,
Ms. Stapleton reserves her rights with respect to the binding
effect of any alleged commitment to vote and the validity of the
votes cast in that circumstance.

Ms. Stapleton asks Judge Lyons to rule consistent with and to
the extent of her Objection.

                      Safeco Insurance Replies

Representing Safeco Insurance Company of America, Brad Berish
Esq., at Adelman & Gettleman, Ltd., in Chicago, Illinois,
explains that each of the Sureties is, and has been, represented
by its own separate counsel in the Debtors' reorganization
cases.

As a result, each of the Sureties has incurred and will incur
unpaid attorney's fees, costs and related expenses through the
Effective Date of the Plan.  Consequently, the "specific legal
basis" for the payment of fees and expenses to the Sureties
under the Surety Claims Settlement is subject to the rights
reserved to the Unsecured Creditors Committee and certain other
Plan Proponents under the Surety Settlement with respect to the
Avoidance Litigation and the Valuation proceedings.

Mr. Berish adds that neither the terms of the Final DIP Order
nor the payments of a portion of the Sureties' fees and
expenses, represents any basis for objecting to the remaining
unpaid balance of the Sureties' attorney's fees.

Although the amounts of the Surety Claims are now being
compromised as a result of the CCR Settlement at $29 million,
demands against the Sureties have been made for $183 million.
Thus, the amount of fees being paid to the Sureties under the
Surety Claims Settlement, in comparison with the amount of
potential exposure to the Sureties and the Debtors is not
unreasonable.  Mr. Berish believes that the Sureties'
involvement in the CCR Litigation was material in the ultimate
resolution.

The Sureties' unpaid fees and expenses not covered by the Final
DIP Order were estimated at $1.3 million.  As part of the final
settlement terms, the Sureties agreed to a reduction in the
amount and conditional waiver of the balance in exchange for a
cash payment that would be made immediately prior to, or
concurrently with, the Bond Draw under the CCR Settlement.

According to Mr. Berish, the Sureties have no objection to the
United States Trustee's Voting Rights reservation, provided that
the need for resolicitation of votes applies to the class of
Surety Claims, as opposed to a resolicitation generally.  Mr.
Berish points out that the voting agreement contained in the
Stipulation is solely with respect to the Plan or a Modified
Plan.

                     Court Approves Settlement

Judge Lyons permits the Debtors to enter into a settlement
agreement with the Sureties and approves the terms and
conditions governing the Surety Claims Settlement.

The Final DIP Order is further amended to the limited extent
necessary to implement the terms and conditions of the
Settlement Agreement.

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


G B TRUCK: Hires BWC Business Solutions as Administrator
--------------------------------------------------------
Paul A Whitwam and Gary E Blackburn (IP Nos 8974, 8346) have
been appointed joint administrators for G B Truck & Trailer
Limited.  The appointment was made March 30, 2005.

The company is in charge of colleting the rent of land transport
equipment.  Its registered office is located at BWC Business
Solutions, 8 Park Place, Leeds LS1 2RU.

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


GLANTRE REALISATIONS: In Administrative Receivership
----------------------------------------------------
Fortis Bank S.A./N.V. appoints Bruce Alexander Mackay (Office
Holder No 8296) administrative receiver for Glantre Realisations
Limited (Reg No 976487, Trading Name: Glantre Engineering
Limited).  The application was filed March 31, 2005.  The
company is into electrical and mechanical engineering.

CONTACT:  BAKER TILLY
          Spectrum House
          20-26 Cursitor Street, London EC4A 1HY
          Phone: 020 7405 2088
          Fax: 020 7831 2206
          Web site: http://www.bakertilly.co.uk


KOSMOID FINANCE: Appoints Baker Tilly Liquidator
------------------------------------------------
At the general meeting of Kosmoid Finance (UK) Limited, the
special and ordinary resolutions to wind up the company were
passed.  Ross David Connock and Peter John Robertson Souster of
Baker Tilly, Spectrum House, 20-26 Cursitor Street, London EC4A
1HY have been appointed joint liquidators of the company.

CONTACT:  BAKER TILLY
          Spectrum House
          20-26 Cursitor Street, London EC4A 1HY
          Phone: 020 7405 2088
          Fax: 020 7831 2206
          Web site: http://www.bakertilly.co.uk


LEWIS & KIME: Members Pass Winding-up Resolutions
-------------------------------------------------
At the extraordinary meeting of the members of Lewis & Kime
Limited on March 29, 2005, the special and ordinary resolutions
to wind up the company were passed.  Peter A. Blair and Paul
Finnity of Begbies Traynor have been appointed joint liquidators
of the company.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk, Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


LONG PRODUCTS: Hires Administrators from Tenon Recovery
-------------------------------------------------------
A. J. Pear and I. Cadlock (IP Nos 9016, 8174) have been
appointed joint administrators for Long Products Limited.  The
appointment was made March 24, 2005.

The company offers insulation work activities.  Its registered
office is located at Lyndean House, 43-46 Queens Road, Brighton,
East Sussex BN1 3XB.

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


LTP INTERNATIONAL: Insolvency Service Disqualifies Directors
------------------------------------------------------------
The directors of a supplier of gift wrapping business that
failed with total debt estimated at around GBP324,000 have given
Undertakings not to hold directorships or take any part in
company management for nine and seven years respectively.

The Undertakings by Alan Dean, 56, of The Hop Loft, Lindridge,
Tenbury Wells, Worcestershire, and Gillian Lesley Witkiss, aged
55 of Holden Road, Wolverhampton, were given in respect of their
conduct as directors of LTP International Limited (LTP), which
carried out business from premises at Unit 2, Springvale
Industrial Park, Union Street, Bilston, WV14 0SP.

Acceptance of the Undertakings on February 22, 2005 prevents Mr.
Dean and Ms. Witkiss from being directors of a company or, in
any way, whether directly or indirectly, being involved in the
promotion, formation or management of a company for the above
period.  LTP International Limited went into voluntary
liquidation on April 26, 2002 with estimated debt of GBP324,260
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 Mr. Dean and Ms.
Witkiss, were that:

(a) Having being directors of License to Print Limited, which
    entered insolvent liquidation on September 17, 1997 with a
    deficiency of GBP986,953, they continued that business
    through the formation and trading of LTP, re-using the same
    corporate identity, at the risk of creditors;

(b) Between June 7, 2000, when a distrait call was made by HM
    Inland Revenue, and April 3, 2002, when its bank account was
    closed, they caused or allowed LTP to trade, when they knew
    or ought to have known that the company was insolvent, to
    the detriment of both HM Inland Revenue and trade/expense
    creditors;

(c) They caused or allowed the misuse of LTP's bank account over
    the period May 19, 1999 to January 4, 2002 in that its
    authorized borrowing facility was exceeded on 113 occasions
    and 160 items. were presented at times when the account held
    insufficient funds to honor these demands;

(d) Between April 8, 2002 and September 2002 they caused or
    allowed LTP to transfer an existing contract for the supply
    of goods with a major client, to an associated company for
    no consideration, this transaction being to the detriment of
    creditors generally;

(e) Between January 1, 2001 and April 3, 2002 they failed to
    ensure that LTP maintained and/or preserved adequate
    accounting records; and

(f) In addition between March 10, 1997 and March 10, 1999, Ms.
    Witkiss was a registered director of LTP at a time when she
    knew or ought to have known that Mr. Dean was acting in the
    management of that company despite the fact that he was
    subject to a Disqualification Order, in breach of Section 13
    of the CDDA.

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


MARKS & SPENCER: Suffers Double Whammy in 4th Quarter
-----------------------------------------------------
Marks & Spencer Chief Executive Stuart Rose remains optimistic
about the company's turnaround despite dwindling sales and
declining market share.

For the three months to April 2, the clothing retailer reported
a 6.7% like-for-like slide in sales.  According to the Financial
Times, this is Marks & Spencer's sixth consecutive quarter of
falling sales.  The company blames tough trading conditions and
the residual effects of problems that plagued the previous
management.

The company also saw a further decline in clothing market-share
in the period.  Mr. Rose refused to reveal how the company
faired in specific areas such as women's wear or lingerie.

Mr. Rose said: "The numbers are not good. Nobody is claiming
that they are.  They are less bad than they were last time.  I
am not happy at all.  I can only do what I can do.  The numbers
are not good enough."

He admitted that overall sales growth in the current trading
year is practically nil.  He also acknowledged that if there
were no prospects of sales growth in 2006, "people would be
asking questions" by December.

Mr. Rose partly blames Philip Green's abortive takeover approach
last summer for the poor results, saying the ugly affair
generated negative publicity.  "It takes a while to overcome
people's prejudices," he said.

CONTACT:  MARKS & SPENCER GROUP PLC
          Michael House
          47-67 Baker Street
          London
          England
          W1U 8EP
          Phone: +44 20 7935 4422
          Fax: +44 20 7487 2679
          Web site: http://www.marksandspencer.com


MG ROVER: Administrators to Review Feasibility of PVH's Plan
------------------------------------------------------------
In response to the offer by the directors of Phoenix Venture
Holdings (PVH) on 10 April 2005 that any assets of PVH and its
subsidiaries that are not in administration are available to be
used by the administrators of MG Rover Group and Powertrain
Limited to provide additional time to find a buyer for the
companies, Tony Lomas, joint administrator and partner at
PricewaterhouseCoopers, said: "We acknowledge receipt of the
letter and offer to use the assets.  There are a number of
challenges in getting to a position where the directors can turn
that into a cash injection.  Directors' confirmation of whether
all or any of the assets offered can in fact be turned into cash
is awaited.

"We do not underestimate the potential complexity of analyzing
whether or not funds can be released by the respective PVH
companies.

"The directors have verbally confirmed to us that in the event
that the assets cannot in fact somehow be used to support the
companies in administration they intend to pledge their shares
in PVH for the benefit of employees and their families."

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

          POWERTRAIN LIMITED
          396 Groveley Lane, Rednal
          Birmingham
          B45 8XF, United Kingdom
          Phone: +44 (0) 121 453 3300
          Fax: +44 (0) 121 482 4217
          Web site: http://www.powertrainltd.com

          PRICEWATERHOUSECOOPERS
          Jon Bunn
          UK Head of Media Relations
          Phone: 020 7213 3279
          Mobile: 07808 632167

          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485


MG SPORT: Appoints PwC Partners as Administrators
-------------------------------------------------
Steven Pearson and Rob Hunt, partners at PricewaterhouseCoopers,
have on Tuesday been appointed joint administrators of MG Sport
and Racing Limited at the request of the company's directors.
MGSR is part of the Phoenix Venture Holdings Group, as is MG
Rover Group Limited and Powertrain Limited, which were placed
into administration Friday.

MGSR builds and sells the "MG SV" high performance car and leads
the MG Group's motor sports activities.  MG Sport and Racing is
a stand-alone business, operating from an independent site at
Longbridge, employing 48 staff.

Steven Pearson, joint administrator at PricewaterhouseCoopers,
said: "Significant investment has been made in the "MG SV" and
sales of the car have recently commenced.  There is an immediate
opportunity for an investor to acquire a niche car manufacturer
that has unique design and production capabilities.  We are
currently exploring how the company can be restructured and are
keen to hear from anyone who is able to take the business
forward."

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

          Kevin Jones, UK PR Communications Manager
          Phone: +44 (0)121 482 5917

          Stephen Farmer, UK Product Communications Officer
          Phone: +44 (0)121 482 5433

          Katie Howe, UK Product Communications Officer
          Phone: +44 (0)121 482 5905

          PRICEWATERHOUSECOOPERS
          Jon Bunn
          UK Head of Media Relations
          Phone: 020 7213 3279
          Mobile: 07808 632167

          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485


MOROCRAFT ENTERPRISES: Appoints Tomlinsons Administrator
--------------------------------------------------------
A. H. Tomlinson (IP No 006585) has been appointed administrator
for Morocraft Enterprises Limited.  The appointment was made
March 31, 2005.

The factory manufactures furniture components.  Its registered
office is located at Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL.

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


MULLEN AND SONS: Liquidators from Chantrey Vellacott Move in
------------------------------------------------------------
At the extraordinary general meeting of Mullen And Sons Holdings
Limited on March 29, 2005 held at 27 Burkes Road, Beaconsfield,
Buckinghamshire HP9 1P, the resolutions to wind up the company
were passed.  R. H. Toone and K. W. Touhey of Chantrey Vellacott
DFK, 16-17 Boundary Road, Hove, East Sussex BN3 4AN have been
appointed joint liquidators of the company.

CONTACT:  CHANTREY VELLACOTT DFK
          16-17 Boundary Road,
          Hove, East Sussex BN3 4AN
          Phone: 01273 421200
          E-mail: info_hove@chantrey-vellacott.com
          Web site: http://www.cvdfk.com


NO 561: Members Decide to Wind up Company
-----------------------------------------
At the extraordinary general meeting of the members of No 561
Leicester Limited on March 31, 2005, the special and ordinary
resolutions to wind up the company were passed.  David Hughes of
Janes Insolvency has been appointed liquidator of the company.

CONTACT:  JANES
          33 Rodney Road
          Cheltenham
          Gloucestershire GL51 8HX
          Phone: 01242 701135
          Fax: 01242 701136
          E-mail: david@janesinsolvency.com


PLUMBING DIRECT: Members Call in Liquidator from Bennett Verby
--------------------------------------------------------------
At the extraordinary general meeting of the members of Plumbing
Direct 1 Limited on April 1, 2005 held at 7 St Petersgate,
Stockport, Cheshire SK1 1EB, the special resolution to wind up
the company was passed.  Vincent A. Simmons has been appointed
liquidator of the company.

CONTACT:  BENNETT VERBY
          7 St Petersgate
          Stockport
          Cheshire SK1 1EB
          Phone: 0161 477 9345
          Fax: 0161 429 7224
          E-mail: v.simmons@bennettverby.co.uk


PROBOTEC LIMITED: Calls in Administrators from KPMG
---------------------------------------------------
Jonathan Scott Pope and Myles Antony Halley (IP Nos 9334, 6658)
have been appointed administrators for Probotec Limited.  The
appointment was made April 6, 2005.

The factory manufactures railway locomotives and stock.  Its
registered office is located at Marlborough House, Fitzalan
Court, Fitzalan Road, Cardiff CF24 0TE.

CONTACT:  KPMG LLP
          Marlborough House
          Fitzalan Court
          Fitzalan Road
          Cardiff CF24 0TE
          Phone: 029 2046 8000
          Fax: 029 2046 8202
          E-mail: joff.pope@kpmg.co.uk


PROGUARD & VISION: Calls in Administrator from EJK Associates
-------------------------------------------------------------
Edwin James Kirkwood (IP No 8096) has been appointed
administrator for Proguard & Vision (Leeds) Limited.  The
appointment was made March 18, 2005.

The agency offers security services.  Its registered office is
located at Waterloo Mills, Waterloo Road, Pudsey, Leeds, West
Yorkshire LS28 8DH.

CONTACT:  EJK ASSOCIATES
          2 Church Court
          Morley
          Leeds
          West Yorkshire LS27 9TN
          Phone: 0113 253 5232
          Fax: 0113 253 5953
          E-mail: edwin.kirkwood@ejkassociates.co.uk


QUANTUM BUSINESS: Members Hire Bishop Fleming as Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of the members of Quantum
Business Systems Limited on March 31, 2005 held at 50 The
Terrace, Torquay, Devon TQ1 1DD, the special resolution to wind
up the company was passed.  Jeremiah Anthony O'Sullivan has been
appointed liquidator of the company.

CONTACT:  BISHOP FLEMING
          1 Barnfield Crescent,
          Exeter, Devon EX1 1QY
          Phone: 01392 278436
          Fax: 01392 413617
          E-mail: exeter@bishopfleming.co.uk
          Web site: http://www.bishopfleming.co.uk


RIVERBANK LEASING: Liquidator Takes over Helm
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Riverbank Leasing 3 Limited

Notice is hereby given that on March 17, 2005, we, Elizabeth
Anne Bingham and Michael David Rollings, Ernst & Young LLP, 1
More London Place, London SE1 2AF were appointed liquidators of
Riverbank Leasing 3 Limited by resolution of a meeting of
creditors, pursuant to section 109 of the Insolvency Act 1986.

Elizabeth Anne Bingham, Liquidator

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


R & S PACKAGING: Administrator from EJK Associates Moves in
-----------------------------------------------------------
Edwin James Kirkwood (IP No 8096) has been appointed
administrator for R & S Packaging Limited.  The appointment was
made March 30, 2005.

The company offers packaging activities.  Its registered office
is located at Unit 3-4, Burley Hill Trading Estate, Burley Road
LS4 2PU.

CONTACT:  EJK ASSOCIATES
          2 Church Court
          Morley
          Leeds
          West Yorkshire LS27 9TN
          Phone: 0113 253 5232
          Fax: 0113 253 5953
          E-mail: edwin.kirkwood@ejkassociates.co.uk


SKY PHOTOGRAPHIC: Names David Rubin & Partners Administrator
------------------------------------------------------------
Henry Lan and Asher Miller (IP Nos 8188, 9251) have been
appointed administrators for Sky Photographic Services Limited.
The appointment was made April 5, 2005.

The company is into digital manipulation and imaging,
photographic processing and printing.  Its registered office is
located at Ramillies House, Ramillies Street, London W1F 7AZ.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


SPRING VALE: Hires EJK Associates as Administrator
--------------------------------------------------
Edwin James Kirkwood (IP No 8096) has been appointed
administrator for Spring Vale Engineering (Brighouse) Limited.
The appointment was made April 4, 2005.  Its registered office
is located at Unit 3 Brookfoot Business Park, Elland Road,
Brookfoot, Brighouse HD6 2RA.

CONTACT:  EJK ASSOCIATES
          2 Church Court
          Morley
          Leeds
          West Yorkshire LS27 9TN
          Phone: 0113 253 5232
          Fax: 0113 253 5953
          E-mail: edwin.kirkwood@ejkassociates.co.uk


SUPER NOVA: Calls in Liquidator from Ernst & Young
--------------------------------------------------
At the general meeting of Super Nova Racing Limited, 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


TBS INSTAT: Names PricewaterhouseCoopers Administrator
------------------------------------------------------
Ian D. Green and David M. Walker (IP Nos 9045, 3606) have been
appointed administrators for TBS Instat Limited.  The
appointment was made April 5, 2005.

The company supplies business stationery and office equipment.
Its registered office is located at 8 Walton Road, Pattinson
Industrial Estate North, District 15 Washington, Tyne and Wear
NE38 8QA.

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


WINN PRODUCTS: Names Robson Laidler Liquidator
----------------------------------------------
At the extraordinary general meeting of Winn Products
(Engineers) Limited on April 1, 2005 held at Fernwood House,
Fernwood Road, Jesmond, Newcastle upon Tyne NE2 1TJ, the special
and ordinary resolutions to wind up the company were passed.
William Paxton of Robson Laidler, Fernwood House, Fernwood Road,
Jesmond, Newcastle upon Tyne NE2 1TJ has been appointed
liquidator of the company.

CONTACT:  ROBSON LAIDLER LLP
          Fernwood House,
          Fernwood Road, Jesmond,
          Newscastle upon Tyne
          Liquidator:
          W Paxton
          Phone: 0191 281 8191
          Fax:   0191 281 6279
          Web site: http://www.robson-laidler.co.uk


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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