TCREUR_Public/050415.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

             Friday, April 15, 2005, Vol. 6, No. 74

                            Headlines

F I N L A N D

SANITEC INTERNATIONAL: Clinches Deal with EQT IV


F R A N C E

EUROTUNNEL GROUP: Paris Court Releases Independent Receiver


G E R M A N Y

ANTRONA GROSSHANDEL: Succumbs to Bankruptcy
AUGUSTIN DACHTECHNIK: Kleve Court Appoints Interim Administrator
BAUTEAM ALTLASTENBESEITIGUNG: Administrator's Report Out June
BEDACHUNGEN MOLDERINGS: Proofs of Claim Due Next Week
COLOGNE PRINT: Calls First Creditors Meeting

DELTA-ANLAGENTECHNIK: Court Sets Verification of Claims June
DIE PERLE: Gives Creditors Until May to File Claims
DRUCK PLAN: Leipzig Court Stays All Pending Lawsuits
KERN GMBH: Creditors Meeting Set Mid-June
ROLF KAPPLER: Interim Administrator to Submit Report June


H U N G A R Y

NABI RT: Receives US$34 Million U.S. Orders


I T A L Y

FIAT SPA: Postpones Shareholders Meeting
FIAT SPA: Earmarks EUR380 Mln for Brazilian Plant Upgrade
PARMALAT FINANZIARIA: Legal Bills to Reach EUR100 Million
TISCALI SPA: To Accelerate Growth in Four Main Countries


L A T V I A

PAREX BANKA: Fitch Rates Upcoming Eurobond 'BB+'


L U X E M B O U R G

STOLT-NIELSEN: E.U. Approves Fish Farming Venture with Nutreco


N E T H E R L A N D S

IMPRESS HOLDINGS: Outlook Stable on Improved Performance
ROYAL SHELL: Nears Deal with Russia's Gazprom


R U S S I A

AGRO-CHEM-SERVICE: Undergoes Bankruptcy Supervision Procedure
AGRO-PROM-DOR-STROY KUKMORSKIY: Bankruptcy Supervision Begins
AGRO-PROM-GAS: Undergoes External Management Procedure
BASHKIR-AUTO-DOR: Bashkortostan Court Brings in Interim Manager
CHAYKOVSKIY BRICKWORKS: Names A. Smirnov Insolvency Manager

IPATOVSKOYE: Undergoes External Management Procedure
MONOLITH-STROY: Bankruptcy Hearing Resumes July
NEPRIKSKIY ELEVATOR: Names A. Chernik Insolvency Manager
NIZHNEVATROVSK-GEOLOGY: Bankruptcy Hearing Set August
OSTROVSKIY FOOD: Pskov Court Appoints Insolvency Manager
YUKOS OIL: Russia Facing US$4.8 Bln Additional Claims


U K R A I N E

ATLANTA-INTERNATIONAL: Last Day for Filing Claims April 22
CONTINENTAL-SERVICE: Sets Proofs of Claim Deadline
DNIPROSHAHTOBUD: Court Names Yevgen Kirichenko Liquidator
KYIVSTAR GSM: S&P Rates Proposed Loan Participation Notes 'B+'
MELNYA: Insolvency Manager to Temporarily Run Business

NIVA: Gives Creditors Until Next Week to Prove Claims
ROZVITOK: Kyiv Court Opens Bankruptcy Proceedings
SELICA: Bankruptcy Proceedings Begin
SHORS' ELECTROMECHANICAL: All Bids must be in Sunday
TERN: Claims Filing Period Ends Next Week
ZORYA: Insolvency Downs Hoops Team


U N I T E D   K I N G D O M

24-7 LOGISTICS: Calls in Liquidator from Maidment Judd
ANIGMA SYSTEM: Creditors Claim Due Late this Month
A R FARMING: Members Decide to Wind up Firm
ATHENA PALACE: Appoints Alexander Lawson & Co. Liquidator
AUTO IMPORTS: Calls in Liquidator from Begbies Traynor

BRAYSTAR SERVICES: Creditors Meeting Set Next Month
CFS HOLDINGS: Hires BDO Stoy Hayward as Administrator
CHECKMATE PASSIVE: Names Geoffrey Martin & Co. Liquidator
CHESTER LABEL: Appoints Parkin S. Booth & Co. Administrator
COLOUR FILM: Names BDO Stoy Hayward Administrator

EBURY COURT: Hotel Opts for Liquidation
FINELIST PLC: Insolvency Service Bans Former Directors
FUJITSU EUROPEAN: Hires Liquidators from KPMG
GENERAL ALARMS: In Administrative Receivership
HAMES ELECTRONICS: Calls in Administrators from Milner Boardman

HERON PRESS: Administrators from P&A Partnership Move in
ICE PAPER: Administrator from Crawfords Takes over Helm
IMAGE LITHO: Hires Administrators from Numerica
JONES OF OAKWOOD: Lloyds TSB Bank Appoints Receiver
KNAPP HILL: Members Call in Liquidator from Albert Goodman

LACIM NO.3: Hires PricewaterhouseCoopers as Liquidator
LONDONDERRY MARINE: Proofs of Claim Deadline May 5
MAYFAIR TELECOM: Appoints Administrator from Vantage
MG ROVER: Pension Fund Deficit May Reach GBP50 Million
MG ROVER: Government Could Dump More Cash

NOTSALLOW 224: Members Pass Winding-up Resolution
PEATY & SMITH: General Builders Hires Administrators
PREMIER PROPERTY: Hires Liquidator from Begbies Traynor
ROYAL & SUNALLIANCE: PNC Bank Drops Lawsuit
SYSTEM SOLUTIONS: Creditors Appoint Liquidator

TASHIN LIMITED: Members Call in Liquidator from Kingston Smith
TULLYTREE LIMITED: Liquidator Takes over Helm
WEDGEWOOD ROOMS: Creditors Meeting Set Later this Month


                            *********


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


SANITEC INTERNATIONAL: Clinches Deal with EQT IV
------------------------------------------------
The sale of Sanitec Corporation to the private equity fund EQT
IV was closed Monday, 11 April 2005 following customary
approvals by relevant competition authorities.

EQT signed the agreement with Sanitec International S.A., a
company controlled by BC Partners-advised private equity funds,
to acquire all shares in Sanitec Corporation on 4 February 2005.
Sanitec Corporation is the Finnish parent company of the Sanitec
Group.

As of [Monday's] closing of the transaction, Mr. Lennart Sunden
follows Mr. Rainer Simon as new President and CEO of Sanitec
Corporation.  "I am very excited about this opportunity to work
for a company such as Sanitec, which is leader in its market,
and look forward to working together with all its employees to
further enhance Sanitec's market position and profitability,"
Mr. Sunden says.

                            *   *   *

In February, Standard & Poor's Ratings Services placed on
CreditWatch with negative implications the 'B+' long-term
corporate credit rating on Sanitec International S.A., following
the announcement that it will be acquired by Private Equity
Funds EQT IV (EQT).  At the same time, the 'B-' subordinated
debt rating on Sanitec International's EUR260 million bond and
the 'B+' senior secured rating on Sanitec Oy's EUR555 million
bank loan were also placed on CreditWatch with negative
implications.

CONTACT:  SANITEC CORPORATION
          Lennart Sunden, President and CEO
          Phone: +46 70 782 3270
          E-mail lennart.sunden@sanitec.com

          Timo Lehto, Executive Vice President and CFO
          Phone: +358 9 7095 402
          E-mail: timo.lehto@sanitec.com


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


EUROTUNNEL GROUP: Paris Court Releases Independent Receiver
-----------------------------------------------------------
The Joint Board of Eurotunnel agreed to meet on April 25, 2005
to approve the Group's 2004 preliminary results and fixed the
date for the first convening of the Annual General Meetings of
Eurotunnel plc and Eurotunnel S.A., provided a quorum is present
for the latter.

In the interests of better informing shareholders of the Group's
activities, the meetings will take place on Friday, 17 June, in
Coquelles/Calais (France) and will be preceded by a tour of the
terminal for those who wish to participate.  In addition, a
shareholder information meeting will be held in London on
Monday, 20 June.

In light of recent progress, Mme. Perette Rey, the President of
the Tribunal de Commerce de Paris (the Paris commercial court),
has agreed to end the appointment of the Mandataire ad-hoc,
Maitre Regis Valliot.  This follows a joint request by the
Eurotunnel Joint Board and Maitre Regis Valliot who had been
appointed by the court on 30 November 2004.

M. Henri Rouanet gave an update on the positive conclusion to
his mission to secure a place for Eurotunnel on the Steering
Committee evaluating the proposed future Paris/Amiens/London
high-speed line.  The Joint Board was pleased with the decision
of the French Minister for Equipment, which reinforces
Eurotunnel's position as a major player in European rail
infrastructure.

Eurotunnel manages the infrastructure of the Channel Tunnel and
operates accompanied truck shuttle and passenger shuttle (car
and coach) services between Folkestone, U.K. and Coquelles,
France.  It is market leader for cross-Channel travel.
Eurotunnel also earns toll revenue from other train operators
(Eurostar for rail passengers, and EWS and SNCF for rail
freight), which use the Tunnel.  Eurotunnel is quoted in London,
Paris and Brussels Stock Exchanges.

CONTACT:  EUROTUNNEL S.A.
          19 Boulevard Malesherbes
          75008 Paris

          Kevin Charles
          Phone (U.K.): +44(0) 1303 288728
          Fax: 01303 288731
          E-mail: press.uk@eurotunnel.com

          Mady Chabrier
          Phone (France): +33(0) 1 55 27 35 43

          Yves Szrama
          Phone (Calais Region): +33 (0) 3 21 00 69 04


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


ANTRONA GROSSHANDEL: Succumbs to Bankruptcy
-------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Antrona Grosshandel mit elektronischen Bauteilen und Antennen
Gesellschaft mit beschrankter Haftung & Co.
Kommanditgesellschaft on March 29.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 10, 2005 to register their claims with
court-appointed provisional administrator Dr. Andreas
Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 10:30 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ANTRONA GROSSHANDEL MIT ELEKTRONISCHEN BAUTEILEN UND
          ANTENNEN GESELLSCHAFT MIT BESCHRANKTER HAFTUNG & CO.
          KOMMANDITGESELLSCHAFT
          Linnicher Str. 64, 50933 Koln
          Contact:
          Heinz Walter Rheinfeld, Manager
          Larchenweg 23 a, 50226 Frechen

          Dr. Andreas Ringstmeier, Administrator
          Magnusstr. 13, 50672 Koln
          Phone: 0221/650 660
          Fax: +49221650661


AUGUSTIN DACHTECHNIK: Kleve Court Appoints Interim Administrator
----------------------------------------------------------------
The district court of Kleve opened bankruptcy proceedings
against Augustin Dachtechnik GmbH on April 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 2, 2005 to
register their claims with court-appointed provisional
administrator Gerrit Holzle.

Creditors and other interested parties are encouraged to attend
the meeting on May 23, 2005, 10:15 a.m. at the district court of
Kleve, Hauptstelle, Schlossberg 1, 47533 Kleve, 2. Etage, D 270
(Spiegelturmsaal I) 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:  AUGUSTIN DACHTECHNIK GMBH
          Leonhardusplatz 5, 47574 Goch
          Contact:
          Friedrich Augustin, Manager
          Leonhardusplatz 5, 47574 Goch

          Gerrit Holzle, Administrator
          Rheinstrasse 75, 47623 Kevelaer
          Phone: 02832/97720
          Fax: 02832/977229


BAUTEAM ALTLASTENBESEITIGUNG: Administrator's Report Out June
-------------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Bauteam Altlastenbeseitigung GmbH on March 31, 2005.
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 Robert Fliegner.

Creditors and other interested parties are encouraged to attend
the meeting on June 7, 2005, 9:00 a.m. at the district court of
Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal 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:  BAUTEAM ALTLASTENBESEITIGUNG GMBH
          Sommerhausweg 14
          74921 Helmstadt-Bargen
          Contact:
          Sonja Dinkel, Manager

          Robert Fliegner, Administrator
          Grunewalder Str. 29-31
          42657 Solingen
          Phone: 0212 / 24 94 200
          Fax: 0212/24 94 201


BEDACHUNGEN MOLDERINGS: Proofs of Claim Due Next Week
-----------------------------------------------------
The district court of Kleve opened bankruptcy proceedings
against Bedachungen Molderings GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 21, 2005 to
register their claims with court-appointed provisional
administrator Natascha Habura.

Creditors and other interested parties are encouraged to attend
the meeting on May 12, 2005, 10:50 a.m. at the district court of
Kleve, Hauptstelle, Schlossberg 1, 47533 Kleve, Erdgeschoss, C
58 at which time the administrator will present his first report
of the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  BEDACHUNGEN MOLDERINGS GMBH
          Gottlieb-Daimler-Strasse 3, 47608 Geldern
          Contact:
          Frank Molderings, Manager
          Gottlieb-Daimler-Strasse 3, 47608 Geldern

          Natascha Habura, Administrator
          Eichendorffstrasse 25, 47800 Krefeld
          Phone: 02151-80580


COLOGNE PRINT: Calls First Creditors Meeting
--------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Cologne Print Service Franke GmbH on April 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 10, 2005 to
register their claims with court-appointed provisional
administrator Dr. Rudiger Werres.

Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 10:00 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  COLOGNE PRINT SERVICE FRANKE GMBH
          Steinstr. 22, 50676 Koln
          Contact:
          Birgit Notarius, Manager
          Steinstr. 22, 50676 Koln

          Dr. Rudiger Werres, Administrator
          Friesenplatz 17 a, 50672 Koln
          Phone: 0221/95 14 46 - 20
          Fax: +4922195144690


DELTA-ANLAGENTECHNIK: Court Sets Verification of Claims June
------------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Delta-Anlagentechnik GmbH on April 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 23, 2005 to
register their claims with court-appointed provisional
administrator Michael Schmidt-Modrow.

Creditors and other interested parties are encouraged to attend
the meeting on June 9, 2005, 9:45 a.m. at the district court of
Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal 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:  DELTA-ANLAGENTECHNIK GMBH
          Ludwig-Richter-Str. 9-11
          42329 Wuppertal
          Contact:
          Werner Schauf, Manager

          Michael Schmidt-Modrow, Administrator
          Doppersberg 19,
          42103 Wuppertal
          Phone: 0202/24 50 70
          Fax: 0202/24 50 777


DIE PERLE: Gives Creditors Until May to File Claims
---------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Die Perle der Einrichtung GmbH on March 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 25, 2005 to register their
claims with court-appointed provisional administrator Jana
Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 10:30 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  DIE PERLE DER EINRICHTUNG GMBH
          Daimlerstrasse 7, 50859 Koln
          Contact:
          Daniel Wauters, Manager
          Dammstrasse 96, 50259 Pulheim

          Jana Dettmer, Administrator
          Weyerstr. 54, 50676 Koln
          Phone: 0221/92 12 17 - 0
          Fax: +4922192121720


DRUCK PLAN: Leipzig Court Stays All Pending Lawsuits
----------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Druck Plan GmbH Die Druckagentur on March 31, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 2, 2005 to
register their claims with court-appointed provisional
administrator Michael Hawelka.

Creditors and other interested parties are encouraged to attend
the meeting on May 23, 2005, 2:30 p.m. at the district court of
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:  DRUCK PLAN GMBH DIE DRUCKAGENTUR
          Breitenfelder Str. 12
          04155 Leipzig
          Contact:
          Christian Raithel-Hagemann, Manager

          Michael Hawelka, Administrator
          Nonnenstrasse 37,
          04229 Leipzig


KERN GMBH: Creditors Meeting Set Mid-June
-----------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Kern-GmbH Leichtmetall Giesstechnik on March 31, 2005.
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 Michael Hawelka.

Creditors and other interested parties are encouraged to attend
the meeting on June 16, 2005, 1:30 p.m. at the district court of
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:  KERN-GMBH LEICHTMETALL GIESSTECHNIK
          Brahestr. 11
          04347 Leipzig
          Contact:
          Bernhard Kern
          Stefan Kasserra, Managers

          Michael Hawelka, Administrator
          Nonnenstrasse 37,
          04229 Leipzig


ROLF KAPPLER: Interim Administrator to Submit Report June
---------------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against Rolf Kappler GmbH & Co. KG on March 29, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 29, 2005
to register their claims with court-appointed provisional
administrator Dr. Tibor Daniel Braun.

Creditors and other interested parties are encouraged to attend
the meeting on June 23, 2005, 9:30 a.m. at the district court of
Stuttgart, Hauffstr. 5, 70190 Stuttgart 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:  ROLF KAPPLER GMBH & CO. KG
          Welfenstr. 8
          70736 Fellbach
          Contact:
          Rolf Kappler, Manager

          Dr. Tibor Daniel Braun, Administrator
          Kriegerstr. 3
          70191 Stuttgart
          Phone: 0711/2255830
          Fax: 0711/22558320


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


NABI RT: Receives US$34 Million U.S. Orders
-------------------------------------------
In the first quarter of 2005, the NABI Group delivered 272 buses
to its customers.  NABI received firm orders worth US$34.1
million in U.S.A.

The U.S. transit bus market continued to struggle with state
fund issues.  In the first quarter, NABI completed delivery of
the 60-foot diesel articulated buses to CTA and continued to
deliver 45-foot CNG CompoBuses to the Los Angeles Transit
Authority (LA MTA) in addition to filling other optional steel
bus orders for Pace and LA MTA.

The Company is focusing on the development and marketing of
higher added value products, such as the 60-BRT new articulated
model.  After successful completion of the mandatory endurance
(Altoona) testing of the 60-BRT, delivery starts to LA MTA this
month.

U.K. sales were up 35% compared to the same period in 2004.  In
the U.K. 10-13-tonne gross weight segment, Optare won a 46%
market share during Q1 with its Solo range.  This compares with
29% in 2004.  Ongoing demand for the Solo remains strong with a
current order book for further 280 vehicles secured.  During Q1,
the first deliveries of 7 Optare Solos were made in Denmark as
part of Optare's expansion into European export markets.  In the
U.K. over-15-tonne gross weight segment, Optare captured a 5%
market share during Q1 as its new Tempo model entered service.
Overall, the U.K. bus market remains buoyant.

In Hungary, the market remained flat and NABI sold 4 units of
forty-foot buses in the 1st Quarter.

As of March 31 2005, NABI has received fixed orders from
customers in the U.S.A. for 375 buses and approximately 1698
buses could be ordered under options.

New Orders in April

Greater Cleveland Regional Transit Authority (RTA) exercised
options for 92 Model 40-LFW buses from NABI.  The Company will
deliver these clean-diesel buses over the next two years for a
total contract value of US$29.9 million.

NABI has also been awarded a US$4.2 million contract with the
Los Angeles Board of Airport Commissioners for the purchase of
6, 60-foot low-floor CNG buses (Model 60-BRT).  An option for 6
additional 60-foot low-floor CNG buses was also approved,
representing an additional US$4.2 million purchase expected to
be exercised in fiscal year 2006.  The new higher-capacity
airfield buses are needed to accommodate new aircraft that will
begin service at LAX (Los Angeles International Airport) next
fall.

A graph of the data mentioned in this article is available at
http://www.nabi.hu/en/investor/index_FD6033DBEB584244BB08CAA894B
F0E0B.php

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


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


FIAT SPA: Postpones Shareholders Meeting
----------------------------------------
Fiat S.p.A. said on April 8 that it is moving its Stockholders
Meeting from May 10 to a further date to be set on the next
Board of Directors' meeting.  The extension will allow directors
to give shareholders an updated report of the group's
performance in the first months of 2005.  The board said the
delay was taken within the statutory deadlines.

In relation to news reported Tuesday in the press, the board
specifies that no study concerning the conversion of preference
shares is underway.

As previously announced, the preliminary 2004 Financial
Statements and the relevant Auditors' Reports are available at
http://www.fiatgroup.com.

CONTACT:  FIAT SPA
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


FIAT SPA: Earmarks EUR380 Mln for Brazilian Plant Upgrade
---------------------------------------------------------
Fiat S.p.A. will invest BRL1.3 billion -- over EUR380 million --
in Brazil between 2005 and 2007 in order to strengthen its
presence on the South American market.

Fiat CEO Sergio Marchionne informed the Governor of the State of
Minas Gerais, Aecio Neves, of the decision during a meeting on
April 7 at the Fiat headquarters in Turin, which was also
attended by Cledorvino Belini, President of Fiat do Brazil, and
Wilson Brumer, Secretary of State for the Economic Development
of Minas Gerais.

The investments are earmarked for the development of innovative
automotive technologies and new vehicles, which will be produced
at the Fiasa plant in Betim, Minas Gerais.

Sergio Marchionne commented: "For Fiat Auto, Brazil is our
second biggest market worldwide, and the State of Minas Gerais
has shown itself to be a valued partner throughout the thirty-
plus years that we've been present in Brazil.  Our commitment to
the country's auto industry is rewarded by the gratifying
results achieved in the first three months of 2005, when we once
again achieved market leadership."

CONTACT:  FIAT S.P.A.
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


PARMALAT FINANZIARIA: Legal Bills to Reach EUR100 Million
---------------------------------------------------------
Parmalat's legal bills continue to mount, says The Lawyer.com,
which pegged the latest figure at around EUR100 million.

According to sources close to the group, total adviser's fee
could hit EUR170 million, around EUR70 million to EUR100 million
of which are legal fees.  Getting the lion's share of the bills
is Gianni Origoni Grippo & Partners, which advises Parmalat
Commissioner Enrico Bondi on the food group's restructuring,
litigation and planned re-listing.  The firm's fee, however,
declined to between EUR200,000 and EUR300,000 a month from a
high of EUR2 million, as its role was reduced in recent months.

Next on the billing list is Weil Gotshal & Manges, which charges
Parmalat around EUR200,000 and EUR300,000 a month.  Around 70
law firms, which plead for Parmalat across 35 nations over more
than 500 cases, are expected to benefit as well.  They include:
Studio Legale Lombardi Molinari, which advises on several
revocation actions and on multi-billion-dollar suits against
Citibank and Bank of America; and Quinn Emanuel Urquhart Oliver
& Hedges.

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

          GIANNI, ORIGONI, GRIPPO & PARTNERS
          Via delle Quattro Fontane, 20
          00184 Rome
          Phone: + 39 064 787 51
          Fax: + 39 064 871 101
          Web site: http://www.gop.it

          WEIL, GOTSHAL & MANGES LLP
          767 Fifth Avenue
          New York, NY 10153
          Phone: +1 212 310 8000
          Fax: +1 212 310 8007
          Telex: 423144
          Web site: http://www.weil.com

          STUDIO LEGALE LOMBARDI MOLINARI E ASSOCIATI
          Via Andegari, 4/A
          Milan, Italy
          Phone: 39 02 87 91 91
          Fax: 39 02 87 91 93 33

          QUINN EMANUEL URQUHART OLIVER & HEDGES, LLP
          865 South Figueroa
          10th Floor
          Los Angeles, CA 90017
          Phone: (213)624-7707
          Fax: (213)624-0643
          E-mail: dch@quinnemanuel.com
          Web site: http://www.quinnemanuel.com


TISCALI SPA: To Accelerate Growth in Four Main Countries
--------------------------------------------------------
Tiscali Group presents its 2005-2007 business plan which, while
confirming the key strategic objectives on the one presented in
February 2004, accelerates growth in the four key countries --
Italy, United Kingdom, Netherlands and Germany.

Background

Tiscali is a leading European Internet provider, with more than
7.4 million active subscribers, of whom over 1.6 million were
ADSL subscribers at end-December 2004.  This is before Tiscali,
implemented its plan to sell off its assets in certain countries
in 2004 and early 2005.

Furthermore, the sale of French subsidiary Liberty Surf Group
was agreed in April 2005.  The value of the transaction, based
on 100% of Liberty Surf Group's share capital, was around EUR280
million.  The price agreed, based stake held by Tiscali, was
approximately EUR266 million, of which approximately 90% will be
cashed in at closing.  In 2004, Liberty Surf reported revenues
of EUR224.6 million, with EBITDA around the breakeven mark and
more than a million active users.  Completion of the transaction
is on the approval of the French competition regulator, which is
expected in six-eight weeks.

Other assets are to be sold in the first half of 2005, notably
the Spanish subsidiary and TiNet.

The financial resources obtained so far allow Tiscali to
accelerate growth in Italy, U.K., The Netherlands, and Germany.
By summer Tiscali will decide whether to maintain its presence
in Czech Republic.

We expect that the European ADSL Internet market will continue
to grow strongly in the next two years.  Thanks to its key
strengths, Tiscali is now among the five biggest players in each
market where it has decided to keep its presence.

2005-2007 Business Plan

The 2005-2007 business plan focuses on four European markets-
Italy, U.K., The Netherlands, and Germany-in which the Group
intends to develop further unbundled network infrastructure over
different timescales.  Each European country in which Tiscali
has a leading position it has been decided to focus its
activities based on a differentiation in terms of competitive
situation and level of broadband penetration.  The business
plan, which goal is to improve market position and
profitability, has been designed to take into account the key
variables in each individual country-degree of penetration,
growth rate, available/adopted technologies, market structure
and competition-and the financial resources available for
infrastructure and marketing investments.

Revenues are forecasted to rise at a CAGR of 30% in 2005-2007,
to over EUR1.4 billion in 2007.

It is also expected that by 2007 more than 40% of ADSL clients
will receive unbundled services, and about 30% will receive
services in bitstream mode.  Total ADSL clients are expected to
number more than 3.8 million, and European market share to
exceed 10%.

The 2005-2007 plan envisages a constant improvement in
profitability and the optimization of financial resources.
EBITDA is expected to increase to 24% of revenues in 2007, with
a CAGR of 70% in 2005-2007.  In 2005, EBITDA is expected to be
more than 13% of revenues, and net profit is expected to be
positive for the year, confirming last year's target.  Moreover
the plan forecasts significant sales and marketing expenses to
accelerate ADSL growth.

The Group plans to invest over EUR300 million in 2005-2007, most
of which will be spent on developing and completing unbundled
network infrastructure.  In 2005, investment is expected to be
about 12% of sales, and will mainly be in Italy, the
Netherlands, and the U.K.  In Italy, where development is to be
speeded up, the Group plans to invest around EUR35 million,
which will allow ADSL coverage of 50%, with a target of
connecting around 650,000 active ADSL users by 2007, achieving a
market share of 8%.

In the Netherlands, where unbundled services are already
available and ADSL coverage is 60%, the company plans to
increase coverage from present levels to 3 more than 80% and
improve the quality of service offered.  The U.K. is an
extremely attractive market, offering substantial growth
opportunities, which Tiscali plans to seize through significant
investments, spending around EUR90 million over the next three
years, on developing its selective unbundled network.

2005 Targets

Tiscali has set these targets for 2005:

(a) Sales of more than EUR800 million, an increase of more than
    20% (like-for-like), mainly in broadband access and business
    services;

(b) EBITDA of over EUR100 million;

(c) More than 1.8 million ADSL users, 30% of which receiving
    unbundled services;

(d) Investment at 12% of revenues.

Business Prospects

The substantial growth of broadband services has led the Tiscali
Group to focus its business model on providing these services.
In view of the current realistic market opportunities, the use
of financial resources to invest and acquire customers has
become more and more important.  The rapid increase in
investments will cause cash flow to be negative in 2005, the
initial phase of the business plan.  The plan projects positive
net cash flow from 2006.

The disposal of non-core assets, the capital increase in
December 2004 and the sale of the French subsidiary Liberty Surf
Group gives Tiscali the necessary resources to redeem the bonds
due in July 2005 and to finance the projected growth and
investments in 2005.

Given the level of investment needed to continue and to sustain
the growth in the ADSL segment, Tiscali intends to refinance,
wholly or in part, the equity-linked bonds due in 2006.  This
refinancing could be carried out via medium-term bank credit
lines or bond issuance, also convertible.  This would help to
improve the Group's financial structure, which will lead to a
significant reduction of the level of indebtedness.

                            *   *   *

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

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


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


PAREX BANKA: Fitch Rates Upcoming Eurobond 'BB+'
------------------------------------------------
Fitch Ratings assigned Latvia-based Parex banka's forthcoming
eurobond issue an expected 'BB+' rating.  Parex banka is rated
Long-term 'BB+' with a Stable Outlook, Short-term 'B',
Individual 'C/D' and Support '3'.

The final rating is contingent upon receipt of final
documentation conforming materially to information already
received, and the final rating will be confirmed at that time.

The notes are to rank pari passu among themselves and at least
pari passu with all other present and future unsecured
obligations of Parex banka, save for such obligations as may be
preferred by law.

Parex banka is the largest bank in Latvia by total assets, and
the fourth largest in the Baltics.  It is privately owned, with
two individuals collectively owning over 85% of the bank.

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Phone: +44 20 7417 3460

          Banu Saracci
          Phone: +44 20 7417 4373

          Claudia Nelson
          Phone: +44 20 7417 4269

          Media Relations:
          Julian Dennison, London
          Phone: +44 20 7862 4080


===================
L U X E M B O U R G
===================


STOLT-NIELSEN: E.U. Approves Fish Farming Venture with Nutreco
--------------------------------------------------------------
The European Commission has cleared under the E.U. Merger
Regulation the proposed transaction whereby the Dutch company
Nutreco Holding N.V. and the Luxembourg company Stolt-Nielsen
S.A. intend to create a full function joint venture, Marine
Harvest N.V., incorporating the fish farming activities of both
companies.  After examining the operation, the Commission
concluded that the transaction would not significantly impede
effective competition in the European Economic Area (EEA) or any
substantial part or it and has therefore approved the
concentration.

Nutreco is a company whose activities relate to food for human
and animal consumption and is present at various stages of the
fish, poultry and pork production chains.  Stolt-Nielsen's
activities relate to transportation services, fish farming, off-
shore services and services for the procurement process in the
maritime transport sector.

The Commission's examination was mainly focused on the EEA
market for the production and sale of farmed salmon, where the
new entity will be the most important player.  As the market
shares of the two parties are moderate and because the farmed
salmon market remains rather fragmented with other significant
competitors, the transaction does not give rise to serious
competition concerns.  In addition, the existing vertical
relationship between the joint venture and Nutreco, regarding
the Norwegian and U.K. market for aqua feed for farmed salmon,
will not lead to any risk of other companies being excluded from
the market.

CONTACT:  STOLT-NIELSEN S.A.
          Richard M. Lemanski
          Phone: (U.S.) 1 203 625 3604
          E-mail: rlemanski@stolt.com

          Valerie Lyon
          Phone: (U.K.) 44 20 7611 8904
          E-mail: vlyon@stolt.com


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


IMPRESS HOLDINGS: Outlook Stable on Improved Performance
--------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on The
Netherlands-based metal-packaging company Impress Holdings B.V.
to stable from negative, following improved operational
performance, strengthened credit-protection measures, and
increased headroom against the financial covenant package on the
group's senor facilities.

At the same time, Standard & Poor's affirmed all its ratings on
Impress, including its 'B' long-term corporate credit rating on
the group.

"Impress' credit-protection measures have improved from their
previously weak level, mainly as the result of operational
improvements that have strengthened cash flows," said Standard &
Poor's credit analyst Vanessa Brathwaite.  "In addition, better
management of working capital, which decreased by EUR42 million
in 2004, has helped reduce debt and increase headroom on the
group's senior facilities."

At Dec. 31, 2004, Impress had net cash debt of EUR418 million
(US$538 million), including about EUR68 million of unfunded
pension liabilities but excluding the group's special preference
shares and shareholder loans.  When including these, net debt at
Dec. 31, 2004, was EUR567 million.

The stable outlook reflects Standard & Poor's expectation that
Impress' operational improvement will be sustained, allowing the
group's credit-protection ratios to remain adequate for the
ratings.  We expect the group's debt maturing in 2006 and 2007
to be refinanced well ahead of schedule, minimizing the
refinancing risk.  If not, the ratings could be lowered or the
outlook revised to negative.

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

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


ROYAL SHELL: Nears Deal with Russia's Gazprom
---------------------------------------------
Gazprom's deputy chief executive Alexander Medvedev said Tuesday
a deal that would give the Royal Dutch/Shell Group access to the
Zapolyarnoye project is very close, says Bloomberg News.

The Siberian project is Russia's largest gas development since
Soviet times.  The agreement would give Shell half of the
venture, while Gazprom would gain a quarter of the Shell-
controlled US$12 billion Sakhalin-2 project off Russia's Pacific
Coast.  Shell will also be involved with the production of
liquefied natural gas on both Russia's Asian and Atlantic
Coasts.

Gunter Faschang, who controls US$500 million in East European
stocks at Vontobel Asset Management in Vienna, said: "This would
give Shell a stronger foothold in Russia and access to the
country's large reserves, something all international oil and
gas companies are interested in."

He added the asset swap is part of Russia and President Vladimir
Putin's efforts to strengthen Gazprom through joint ventures
with international companies.

Shell, which has lowered its reserves five times in 15 months,
is on the hunt for new fields to replace its production
forecasts from 2004 to 2008.  Gazprom will receive 20% of Exxon
Mobil's Sakhalin-1 project when it shall have acquired Rosneft
in the middle of the year.

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

          OAO Gazprom
          16 Nametkina
          117997 Moscow, V-420,
          Russia
          Phone: +7-95-719-3001
          Fax: +7-95-719-8333
          Web site: http://www.gazprom.ru


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


AGRO-CHEM-SERVICE: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Agro-Chem-Service.  The case is docketed as A65-2834/2005-SG4-
26.  Mr. I. Gilyazov has been appointed temporary insolvency
manager.  A hearing will take place on May 23, 2005, 8:45 a.m.

CONTACT:  AGRO-CHEM-SERVICE
          423280, Russia, Tatarstan republic,
          Leninogorskiy region, Timyahevo

          Mr. I. Gilyazov
          Temporary Insolvency Manager
          422983, Russia, Tatarstan republic,
          Chistopol, GOS-3, Post User Box 5


AGRO-PROM-DOR-STROY KUKMORSKIY: Bankruptcy Supervision Begins
-------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Agro-Prom-Dor-Stroy Kukmorskiy.  The case was docketed as A65-
27931/2004-SG4-31.  Mr. V. Shevelev has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 420029, Russia,
Kazan, Post Office Post 44.  A hearing will take place on May
12, 2005, 1:10 p.m. at Russia, Kazan, Kremlin, 1, room 22.

CONTACT:  Mr. V. Shevelev
          Temporary Insolvency Manager
          420029, Russia, Kazan,
          Post Office Post 44


AGRO-PROM-GAS: Undergoes External Management Procedure
------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
external management bankruptcy procedure on limited liability
company Agro-Prom-Gas.  The case is docketed as A79-258/04-SK1-
4097.  Ms. S. Buslaeva has been appointed external insolvency
manager.

CONTACT:  AGRO-PROM-GAS
          429120, Russia, Chuvashiya republic,
          Shumerlinskiy region, Shumerlya,
          Molodyezhnaya Str. 1

          Ms. S. Buslaeva
          External Insolvency Manager
          603005, Russia, N. Novgorod
          Minina Str. 3


BASHKIR-AUTO-DOR: Bashkortostan Court Brings in Interim Manager
---------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on close joint stock company
Bashkir-Auto-Dor.  The case was docketed as A07-40789/04-G-FLE.
Mr. D. Karavaev has been appointed temporary insolvency manager.

CONTACT:  BASHKIR-AUTO-DOR
          450077, Russia, Bashkortostan republic,
          Ufa, Kirova Str. 128A

          Mr. D. Karavaev
          Temporary Insolvency Manager
          450057, Russia, Bashkortostan republic, Ufa,
          Oktyabrskoy Revolyutsii Str. 65, Room 14


CHAYKOVSKIY BRICKWORKS: Names A. Smirnov Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on limited liability company Chaykovskiy
Brickworks.  The case is docketed as A50-3445/2005-B.  Mr. A.
Smirnov has been appointed temporary insolvency manager.  A
hearing will take place on July 20, 2005.

CONTACT:  CHAYKOVSKIY BRICKWORKS
          617750, Russia, Perm region,
          Chaykovskiy region, Foki

          Mr. A. Smirnov
          Temporary Insolvency Manager
          Russia, Perm region,
          Lysva, Pchelinaya Str. 9


IPATOVSKOYE: Undergoes External Management Procedure
----------------------------------------------------
The Arbitration Court of Stavropol region has commenced external
management bankruptcy procedure on open joint stock company
Ipatovskoye Aircraft-Transport-Enterprise (TIN 2608000255).  The
case is docketed as A63-263/2004-S5.  Mr. A. Zhidenko has been
appointed external insolvency manager.

CONTACT:  IPATOVSKOYE AIRCRAFT-TRANSPORT-ENTERPRISE
          Russia, Stavropol region, Ipatovskiy region,
          Ipatovo, Golubovskogo Str. 138

          Mr. A. Zhidenko
          External Insolvency Manager
          355000, Russia, Stavropol region, Stavropol,
          Lenina Str. 394, 4th floor, Room 7
          Phone/Fax: (8652) 35-76-88


MONOLITH-STROY: Bankruptcy Hearing Resumes July
-----------------------------------------------
The Arbitration Court of Chyvashiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Monolith-Stroy (TIN 2126001623, KPP 212701001).  The case was
docketed as A79-786/2005.  Mr. V. Mityunin has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 428020, Russia,
Chyvashiya republic, Cheboksary, Petrova Str. 6.  A hearing will
take place on July 30, 2005, 1:15 p.m.

CONTACT:  MONOLITH-STROY
          Russia, Chyvashiya republic, Cheboksary,
          Mashinostoiteley Str. 17A

          Mr. V. Mityunin
          Temporary Insolvency Manager
          428020, Russia, Chyvashiya republic,
          Cheboksary, Petrova Str. 6

          The Arbitration Court of Chyvashiya republic
          Russia, Chuvashiya republic,
          Cheboksary, Lenina Pr. 4


NEPRIKSKIY ELEVATOR: Names A. Chernik Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Samara region has commenced external
management bankruptcy procedure on open joint stock company
Neprikskiy Elevator.  The case is docketed as A55-200/98-6.  Mr.
A. Chernik has been appointed external insolvency manager.

CONTACT:   NEPRIKSKIY ELEVATOR
           446660, Russia, Samara region, Borskiy region,
           Borskoye, Shosseynaya, 1

           Mr. A. Chernik
           External Insolvency Manager
           603093, Russia, Nizhniy Novgorod,
           Rodionova Str. 17/3


NIZHNEVATROVSK-GEOLOGY: Bankruptcy Hearing Set August
-----------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on federal state unitary Nizhnevatrovsk-
Geology.  The case was docketed as A57-33B/05-31.  Mr. A.
Suchkov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 127247, Russia,
Moscow, Seligerskaya Str. 28, Apartment 82.  A hearing will take
place on August 25, 2005, 2:30 p.m. at the Arbitration Court of
Saratov region located at Russia, Saratov, Babushkin Vzvoz, 1,
department 31.

CONTACT:  NIZHNEVATROVSK-GEOLOGY
          410600, Russia, Saratov region,
          Zarubina Str. 28

          Mr. A. Suchkov
          Temporary Insolvency Manager
          127247, Russia, Moscow,
          Seligerskaya Str. 28, Apartment 82


OSTROVSKIY FOOD: Pskov Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Pskov region has commenced bankruptcy
supervision procedure on open joint stock company Ostrovskiy
Food Combine.  The case is docketed as A52/433/2005/4.  Mr. A.
Pykhtin has been appointed temporary insolvency manager.

CONTACT:  OSTROVSKIY FOOD COMBINE
          Russia, Pskov region, Ostrov

          Mr. A. Pykhtin
          Temporary Insolvency Manager
          180000, Russia, Pskov region,
          Sverdlova Str. 46, Apartment 30


YUKOS OIL: Russia Facing US$4.8 Bln Additional Claims
-----------------------------------------------------
Veteran Petroleum Fund has joined Yukos Oil's major shareholder
Group Menatep in suing the Russian Federation to recover
investment losses, daily Vedomosti reported.

The case, originally filed in February, is now worth US$33.1
billion, up from an initial US$28.3 billion.  It is based on the
framework of the European Energy Charter, which Russia signed
out but did not ratify.  It argues that Russia failed to protect
investments, forcing the devaluation of Yukos' shares.

Russia is represented by the former chair of the U.N.
International Court of Justice, Stephen M. Schwebel.  Group
Menatep is represented by Daniel Price, a partner at the Sidley
Austin Brown & Wood LLP law firm.  Plaintiffs also include
Hulles Enterprises and Yukos Universal companies.

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


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


ATLANTA-INTERNATIONAL: Last Day for Filing Claims April 22
----------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Atlanta-International (code EDRPOU 24383069)
on March 1, 2005 after finding the close joint company
insolvent.  The case is docketed as 23/359.  Mr. I. Kapelushnij
(License Number AB 216783) has been appointed
liquidator/insolvency manager.  The company holds account number
26008064 at Bank Austria Creditanshtalt Ukraine, MFO 320724.

Creditors have until April 22, 2005 to submit their proofs of
claim to:

(a) ATLANTA-INTERNATIONAL
    03049, Ukraine, Kyiv region,
    Topolev Str. 4-8, Office, 61

(b) Mr. I. Kapelushnij
    Liquidator/Insolvency Manager
    03037, Ukraine, Kyiv region, a/b 53

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


CONTINENTAL-SERVICE: Sets Proofs of Claim Deadline
--------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Continental-Service (code EDRPOU 32424847)
on February 21, 2005 after finding the limited liability company
insolvent.  The case is docketed as 24/356-b.  Mr. Yevgen
Solovyov (License Number AA 419482) has been appointed
liquidator/insolvency manager.  The company holds account number
2600630039101 at JSB Credit-Dnipro, Kyiv region branch, MFO
320898.

Creditors have until April 22, 2005 to submit their proofs of
claim to:

(a) CONTINENTAL-SERVICE
    04128, Ukraine, Kyiv region,
    Akademik Tupolev Str. 17

(b) Mr. Yevgen Solovyov
    Liquidator/Insolvency Manager
    01030, Ukraine, Kyiv region,
    Chapayev Str. 4, Office 7
    Phone/Fax: 494-19-19

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


DNIPROSHAHTOBUD: Court Names Yevgen Kirichenko Liquidator
---------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Dniproshahtobud (code EDRPOU 00181869) on
February 25, 2005 after finding the open joint stock company
insolvent.  The case is docketed as B26/15/05.  Mr. Yevgen
Kirichenko (License Number AB 116218) has been appointed
liquidator/insolvency manager.  The company holds account number
26009401990000 at JSCIB UkrSibbank, Dnipropetrovsk branch, MFO
306856.

Creditors have until April 22, 2005 to submit their proofs of
claim to:

(a) DNIPROSHAHTOBUD
    51412, Ukraine, Dnipropetrovsk region,
    Pavlograd, Ternivska Str. 4

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


KYIVSTAR GSM: S&P Rates Proposed Loan Participation Notes 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' debt rating
to Ukraine-based mobile telecommunications operator CJSC
Kyivstar GSM's (Kyivstar; B+/Stable/--) US$100 million to US$150
million proposed loan participation notes to be issued by
Dresdner Bank AG (A/Negative/A-1) for the sole purpose of
funding an intended loan of similar amount to Kyivstar.

About US$40.5 million of the net proceeds from the offering will
be used for the repayment of certain existing indebtedness in
November 2005, and the remainder for the purchase of additional
network equipment and general corporate purposes.  The notes
will have a maturity of between five and seven years.

"The additional funds provided through the notes issue and the
related increase in total debt have already been factored into
the rating on Kyivstar and will be important in assuring the
company's ability to build its network to accommodate the
dynamic growth in the Ukrainian mobile market," said Standard &
Poor's credit analyst Michael O'Brien.

Significant growth potential in the increasingly competitive
Ukrainian market remains, indicating further cash flow growth
potential for mobile operators.  Penetration was 29% at year-end
2004.

The notes have been assigned a rating at the same level as the
long-term corporate credit rating on Kyivstar.  The rating on
Kyivstar continues to reflect the company's strong market
position and solid EBITDA profitability margins of more than
59%, with material growth in funds from operations.  Kyivstar
will, however, be free cash flow negative in the near term, due
to the size and pace of its network capacity investments.  The
company is exposed to the political and regulatory risks
associated with operating in Ukraine (B+/Stable/B), including
foreign exchange risk, which can affect in particular interest
payments and equipment purchases.  Management's financial
discipline therefore remains a key rating factor.

Standard & Poor's expects that the political environment and
related economic situation in Ukraine will remain relatively
stable, which should allow Kyivstar to stay at the current
rating level.  We do not expect dividend payments to put a
strain on liquidity and debt repayment capacity.

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

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


MELNYA: Insolvency Manager to Temporarily Run Business
------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Melnya (code EDRPOU 02137335) on March 3,
2005 after finding the limited liability company insolvent.
Mr. I. Ponomaryov (License Number AA 668347) has been appointed
liquidator/insolvency manager.  The company holds account number
26048551 at JSPPB Aval, 337483 branch, MFO 337483.

Creditors have until April 22, 2005 to submit their proofs of
claim to:

(a) MELNYA
    41600, Ukraine, Sumi region,
    Konotop district, Melnya

(b) ECONOMIC COURT OF SUMI REGION
    40000, Ukraine, Sumi region,
    Shevchenko Avenue, 18/1


NIVA: Gives Creditors Until Next Week to Prove Claims
-----------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Niva (code EDRPOU 31555064) on March 3, 2005
after finding the limited liability company insolvent.  The case
is docketed as 7/132-04.  Mr. I. Filenko (License Number AA
783139) has been appointed liquidator/insolvency manager.

Creditors have until April 22, 2005 to submit their proofs of
claim to:

(a) NIVA
    Ukraine, Sumi region,
    V-Pisarivskij district,
    Ryabina, Krasina Str. 20

(b) Mr. I. Filenko
    Liquidator/Insolvency Manager
    40030, Ukraine, Sumi region,
    Bortsiv Revolutsiyi Str. 2

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Shevchenko Avenue, 18/1


ROZVITOK: Kyiv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Technological Acquisition Centre Rozvitok
(code EDRPOU 20073047) on March 15, 2005 after finding the
limited liability company insolvent.  The case is docketed as
23/209-b.  Mr. I. Kapelushnij (License Number AB 216783) has
been appointed liquidator/insolvency manager.  The company holds
account number 26001010000195 at CB Hreshatik, Zaliznichna
branch, MFO 322595.

Creditors have until April 22, 2005 to submit their proofs of
claim to:

(a) ROZVITOK
    Ukraine, Kyiv region,
    Narodnogo Opolchennya Str. 1

(b) Mr. I. Kapelushnij
    Liquidator/Insolvency Manager
    03037, Ukraine, Kyiv region, a/b 53

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


SELICA: Bankruptcy Proceedings Begin
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Selica (code EDRPOU 3215638) on March 17,
2005 after finding the limited liability company insolvent.  The
case is docketed as 43/898.  Mr. Yurij Krizhanovskij (License
Number AB 116196) has been appointed liquidator/insolvency
manager.  The company holds account number 260043054301 at JSB
Bank of regional development, Kyiv region branch, MFO 300540.

Creditors have until April 22, 2005 to submit their proofs of
claim to:

(a) SELICA
    03127, Ukraine, Kyiv region,
    40-Richya Zhovtnya Avenue 120/1

(b) Mr. Yurij Krizhanovskij
    Liquidator/Insolvency Manager
    08132, Ukraine, Kyiv region,
    Kievo-Svyatoshinskij district, Vishneve,
    Svyatoshinska Str. 46

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


SHORS' ELECTROMECHANICAL: All Bids must be in Sunday
----------------------------------------------------
The Agency of Bankruptcy Questions in Chernigiv region will sell
the properties of OJSC Shors' Electromechanical Plant on April
22, 2005, 11:00 a.m.  The public auction will take place at
03680, Ukraine, Kyiv region, Glushkov Avenue, 1, Pavilion 6.

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 17, 2005.  The amount must be deposited to account
number 260044492 at JSPPB Aval, Chernigiv regional branch, MFO
353348, EDRPOU 26334916.  For more information, call 8 (04622)
5-63-78.

CONTACT:  AUCTION COMMITTEE
          14033, Ukraine, Chernigiv region,
          Miru Avenue, 139/22
          Phone: 8 (04622) 5-63-78


TERN: Claims Filing Period Ends Next Week
-----------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Tern (code EDRPOU 30134905) on March 5, 2005
after finding the limited liability company insolvent.  Mr. I.
Ponomaryov (License Number AA 668347) has been appointed
liquidator/insolvency manager.  The company holds account number
260073918 at JSPPB Aval, Sumi regional branch, MFO 337483.

Creditors have until April 22, 2005 to submit their proofs of
claim to:

(a) TERN
    41600, Ukraine, Sumi region,
    Konotop district, Ternivka

(b) ECONOMIC COURT OF SUMI REGION
    40000, Ukraine, Sumi region,
    Shevchenko Avenue, 18/1


ZORYA: Insolvency Downs Hoops Team
----------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against Zorya (code EDRPOU 05445818) after finding
the basketball club insolvent.  The case is docketed as 5/77-B.
Mr. Oleg Molosh (License Number AA 779196) has been appointed
liquidator/insolvency manager.

Creditors have until April 22, 2005 to submit their proofs of
claim to:

(a) BASKETBALL CLUB ZORYA
    Ukraine, Herson region,
    Kahovskij district, Ushkalka

(b) Mr. Oleg Molosh
    Liquidator/Insolvency Manager
    74900, Ukraine, Herson region,
    N. Kahovka, Kalinin Str. 128

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


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


24-7 LOGISTICS: Calls in Liquidator from Maidment Judd
------------------------------------------------------
At the extraordinary general meeting of 24-7 Logistics Limited
On April 5, 2005 held at 60-62 High Street, Harpenden,
Hertfordshire AL5 2SP, the extraordinary resolution to wind up
the company was passed.  Anthony David Kent of Maidment Judd,
60-62 High Street, Harpenden, Hertfordshire AL5 2SP has been
appointed liquidator of the company.

CONTACT:  MAIDMENT JUDD
          60/62 High Street
          Harpenden
          Hertfordshire AL5 2SP
          Phone: 01582 469700
          Fax: 01582 460674
          E-mail: akent@maidmentjudd.co.uk


ANIGMA SYSTEM: Creditors Claim Due Late this Month
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Anigma System Limited
                        (In Liquidation)

Notice is hereby given that at an Extraordinary General Meeting
of Anigma System Limited held on April 6, 2005, it was resolved
by Special Resolution that the Company be placed into Voluntary
Liquidation and that Eileen Chinn of Coutts House, Summerhill
Road, Onchan, Isle of Man, IM3 1RB be appointed Liquidator.

All persons owing monies to the company are requested to settle
the amounts concerned direct with the Liquidator.  All persons
having claims against the company are requested to send a
detailed account thereof to the Liquidator on or before April
30, 2005.

CONTACT:  Eileen Chinn, Liquidator
          Coutts House,
          Summerhill Road, Onchan,
          Isle of Man IM3 1RB


A R FARMING: Members Decide to Wind up Firm
-------------------------------------------
At the general meeting of the members of A R Farming Limited,
the special resolution to wind up the company was passed.  Simon
Robert Haskew and Ian Edward Walker of Begbies Traynor, 58 Queen
Square, Bristol BS1 4LF have been appointed joint liquidators of
the company.

CONTACT:  BEGBIES TRAYNOR
          58 Queen Square,
          Bristol BS1 4LF
          Phone: 0117 929 4800
          Fax:   0117 922 0114
          Web site: http://www.begbies.com


ATHENA PALACE: Appoints Alexander Lawson & Co. Liquidator
---------------------------------------------------------
At the extraordinary general meeting of Athena Palace Properties
Limited on April 7, 2005 held at 641 Green Lanes, London N8 0RE,
the subjoined extraordinary resolution to wind up the company
was passed.  Ninos Koumettou of Alexander Lawson & Co, 641 Green
Lanes, London N8 0RE has been appointed liquidator of the
company.

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


AUTO IMPORTS: Calls in Liquidator from Begbies Traynor
------------------------------------------------------
At the extraordinary general meeting of Auto Imports Limited on
April 5, 2005 held at The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG, the subjoined extraordinary
resolution to wind up the company was passed.  Lloyd Biscoe of
Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG has been appointed liquidator of
the company.

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


BRAYSTAR SERVICES: Creditors Meeting Set Next Month
---------------------------------------------------
The creditors of Braystar Services Limited will meet on May 4,
2005 at 12:00 noon.  It will be held at 32 High Street,
Manchester M4 1QD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Poppleton & Appleby, 32 High Street, Manchester
M4 1QD not later than 12:00 noon, May 3, 2005.

CONTACT:  POPPLETON & APPLEBY
          32 High Street
          Manchester
          Greater Manchester M4 1QD
          Phone: 0161 834 7025
          Fax: 0161 833 1548
          E-mail: insol@pandamanchester.co.uk


CFS HOLDINGS: Hires BDO Stoy Hayward as Administrator
-----------------------------------------------------
Martha H. Thompson and David Swaden (IP Nos 8678/01, 5495) have
been appointed joint administrators for CFS Holdings Limited.
The appointment was made April 5, 2005.  The company offers
provision of management services.

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


CHECKMATE PASSIVE: Names Geoffrey Martin & Co. Liquidator
---------------------------------------------------------
At the extraordinary general meeting of Checkmate Passive Fire
Protection Limited on April 5, 2005, held at the offices of
Geoffrey Martin & Co, St James's House, 28 Park Place, Leeds LS1
2SP, the special resolutions to wind up the company were passed.
Stephen Hull of Geoffrey Martin & Co, St James's House, 28 Park
Place, Leeds LS1 2SP has been appointed liquidator of the
company.

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


CHESTER LABEL: Appoints Parkin S. Booth & Co. Administrator
-----------------------------------------------------------
Jonathan Ronald Booth and Robert Martin Rutherford (IP Nos 6852,
7486) have been appointed joint administrators for Chester Label
Solutions Limited.  The appointment was made April 6, 2005.  The
printers registered office is located at Tarran Way East, Tarran
Way Industrial Estate, Moreton, Wirral CH46 4TZ.

CONTACT:  PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


COLOUR FILM: Names BDO Stoy Hayward Administrator
-------------------------------------------------
Martha H. Thompson and David Swaden (IP Nos 8678/01, 5495) have
been appointed joint administrators for film processing company
Colour Film Services Limited.  The appointment was made April 5,
2005.

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


EBURY COURT: Hotel Opts for Liquidation
---------------------------------------
At the meeting of Ebury Court Hotel Limited, subjoined special
resolution to wind up the company was passed.  Stephen Robert
Cork and Joanne Elizabeth Milner of Smith & Williamson Limited
have been appointed joint liquidators of the company.

CONTACT:  SMITH & WILLIAMSON
          Prospect House
          2 Athenaeum Road
          London N20 9YU
          Phone: 020 8492 8600
          Fax: 020 8492 8601
          E-mail: jem1@smith.williamson.co.uk


FINELIST PLC: Insolvency Service Bans Former Directors
------------------------------------------------------
Two former directors of one of Britain's largest corporate
failures were disqualified by the High Court for a total of
seven years following an investigation by the Insolvency Service
into their conduct.

Finelist, based in Straford-upon-Avon, had been a leading
supplier to the U.K.'s aftermarket for vehicle parts and
accessories and customer products failed in 2000 with estimated
debt of GBP500 million.

Mr. Swan, 46, of Alveston, Stratford-upon-Avon a former Midland
businessman of the year and Chief Executive of the group was
disqualified for four years for failing to properly enquire into
the cheque kiting policy conducted by the Finelist Group.

Mr. North, 70, Sunningdale, Berkshire, a chartered accountant
and former non-executive director and deputy chairman of the
group has been disqualified for three years for falling to deal
appropriately with a serious whistling blowing incident.

In giving his judgment, Mr. Justice Etherton commented that Mr.
Swan's conduct "falls so far below the level of competence to be
expected of a director in his position."

Mr. Justice Etherton went on to say that Mr. Swan as Chairman
and Chief Executive of the group "wholly abdicated his
responsibilities of care and control' and therefore allowed and
participated in the improper practice of cheque kiting."

In relation to Mr. North, a highly experienced non-executive
director, the judge commented that "the lapse in judgment was a
very serious one, at precisely the moment and in the type of
situation in which decisive, courageous and independent action
is required by a non-executive director."

The Insolvency Service did not allege and Mr. Swan and Mr. North
both denied that this unfit conduct caused the receivership of
Finelist.  The judge did not find any lack of probity on the
part of Mr. Swan or Mr. North.

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


FUJITSU EUROPEAN: Hires Liquidators from KPMG
---------------------------------------------
At the extraordinary general meeting of Fujitsu European Centre
For Information Technology Limited on March 25, 2005 held at 4-
1-1 Kamikodanaka, Nakahara-ku, Kawasaki-shi, Kanagawa 211-8588
Japan, the special and ordinary resolutions to wind up the
company were passed.  Jeremy Simon Spratt and Finbarr O'Connell
of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been
appointed joint liquidators of the company.

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


GENERAL ALARMS: In Administrative Receivership
----------------------------------------------
Norma Eleanor Genevieve Flack appointed M. S. E. Solomons and D.
L. Platt joint administrative receivers for General Alarms
Limited (Reg No 3017427).  The application was filed March 30,
2005.

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


HAMES ELECTRONICS: Calls in Administrators from Milner Boardman
---------------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed joint administrators for Hames Electronics Limited.
The appointment was made April 6, 2005.

The store retails electric household.  It also sells and repairs
motorcycle parts.  Its registered office is located at 106A Fair
Road, Wibsey, Bradford, West Yorkshire BD6 1QL.

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


HERON PRESS: Administrators from P&A Partnership Move in
--------------------------------------------------------
Philip Andrew Revill and John Russell (IP Nos 6421, 5544) have
been appointed joint administrators for Heron Press Limited.
The appointment was made April 5, 2005.  The printers registered
office is located at 93 Queen Street, Sheffield S1 1WF.

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


ICE PAPER: Administrator from Crawfords Takes over Helm
-------------------------------------------------------
David N. Kaye (IP No 2194) has been appointed administrator for
Ice Paper Limited.  The appointment was made March 31, 2005.
The company wholesale paper supplies.

CONTACT:  CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829


IMAGE LITHO: Hires Administrators from Numerica
-----------------------------------------------
S. M. Rayment (IP No 9162) and C. I. Vickers (IP No 8953) have
been appointed joint administrators for Image Litho Limited.
The appointment was made April 6, 2005.

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

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


JONES OF OAKWOOD: Lloyds TSB Bank Appoints Receiver
---------------------------------------------------
Lloyds TSB Bank Plc appointed Keith Hinds and Joseph McLean (IP
Nos 6745 and 8904) joint administrative receivers for Jones Of
Oakwood Limited (Reg No 00469114).  The application was filed
April 4, 2005.

The shop sells electrical goods.  Its registered office is
located at Oakwood Parade, 472 Roundhay Road, Leeds LS8 2HU.

CONTACT:  GRANT THORNTON UK LLP
          St Johns Centre
          110 Albion Street
          Leeds
          West Yorkshire LS2 8LA
          Phone: 0113 245 5514
          Fax: 0113 246 0828
          E-mail: keith.hinds@gtuk.com


KNAPP HILL: Members Call in Liquidator from Albert Goodman
----------------------------------------------------------
At the extraordinary general meeting of the members of Knapp
Hill Farm Limited on March 31, 2005 held at Mary Street House,
Mary Street, Taunton, Somerset TA1 3NW, the special resolution
to wind up the company was passed.  Laurence Russell of Albert
Goodman, Mary Street House, Mary Street, Taunton, Somerset TA1
3NW has been appointed liquidator of the company.

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


LACIM NO.3: Hires PricewaterhouseCoopers as Liquidator
------------------------------------------------------
At the meeting of the members of The Lacim No.3 Equity
Participation Plan Company on April 5, 2005, the special and
ordinary resolutions to wind up the company were passed.
Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers
LLP, 12 Plumtree Court, London EC4A 4HT have been appointed
joint liquidators of the company.

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


LONDONDERRY MARINE: Proofs of Claim Deadline May 5
--------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Londonderry Marine Limited
                        (In Liquidation)

Notice is hereby given that at an Extraordinary General Meeting
of the Members of Londonderry Marine Limited held on April 5,
2005, the shareholders unanimously adopted these resolutions:

(a) That the Company be wound up voluntarily; and

(b) That Mr. A. D. Burt, c/o P.O. Box 179, de Catapan House, The
    Grange, St. Peter Port, Guernsey be and is hereby appointed
    Liquidator for the purpose of such winding-up.

All persons having claims or indebted to the Company are hereby
requested to send details to the Liquidator on or before May 5,
2005.

CONTACT:  Mr. A. D. Burt, Liquidator
          c/o P.O. Box 179,
          de Catapan House,
          The Grange, St. Peter Port


MAYFAIR TELECOM: Appoints Administrator from Vantage
----------------------------------------------------
Robert Preston James Allen (IP No 9238) has been appointed
administrator for Mayfair Telecom Plc.  The appointment was made
April 6, 2005.  The company offers telecommunication services.

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


MG ROVER: Pension Fund Deficit May Reach GBP50 Million
------------------------------------------------------
Administrators of MG Rover on Monday turned to the government's
new Pension Protection Fund to solve the carmaker's pension
scheme shortfall.

John Ralfe, an independent pensions consultant, in a note for
RBC Capital Markets, said MG Rover may need GBP50 million (US$94
million) to plug the gap.  MG Rover was the first U.K. company
to apply for the program introduced only last week.  It was set
up to ensure workers in failed companies get at least 90% of
expected pension benefits.

Trustees of the pension fund lost money after investing too
heavily in stocks.  As a result, MG Rover's 6,100 workers may
also lose their savings.  PricewaterhouseCoopers did not say how
much money the fund would need.  The government's verdict on the
application is expected to be out only at least after a year.

The plan had a deficit of GBP67 million pounds in December 2003,
according to the firm's annual report.  Assets were worth GBP334
million.

Paul Reynolds, a spokesman for the London-based fund said the
former owner of MG Rover, BMW AG, kept the pension liabilities
of 90,000 former Rover workers when it sold the business.

"The bad news is that 90% of existing employees, who could have
left their pensions with BMW, chose to transfer their pension to
the new scheme," he said.

The BMW plan in the U.K. has assets of GBP3.7 billion.  It was
fully funded upon establishment in 2001.

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


MG ROVER: Government Could Dump More Cash
-----------------------------------------
Britain is ready to hand MG Rover additional cash to get it
through until its administrators could draft a rescue proposal
for the carmaker.

The Times reported without citing sources that the government
has set aside GBP25 million in addition to the GBP6.5 million
promised by Ministers.  The funding is still under probe from
the European Commission on fears it might constitute illegal
state aid.

The cash is being offered on hopes MG Rover could still revive
investment talks with China's Shanghai Automotive Industry Corp.
It is thought enough to last MG Rover until after the election
on May 5.

Saving MG Rover is important for the ruling party, which holds
key marginal seats in west Midlands, home to the firm's 6,100
workers.

A government spokesman would not confirm or deny the report.

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


NOTSALLOW 224: Members Pass Winding-up Resolution
-------------------------------------------------
At the general meeting of the members of Notsallow 224 Limited,
the ordinary resolution to wind up the company was passed.
Jeremy Stuart French of Vantis Redhead French Limited, 43-45
Butts Green Road, Hornchurch, Essex RM11 2JX has been appointed
liquidator of the company.

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


PEATY & SMITH: General Builders Hires Administrators
----------------------------------------------------
Carl Derek Faulds and Peter Robin Bacon (IP Nos 008767, 009279)
have been appointed joint administrators for general builders
Peaty & Smith Builders Limited.  The appointment was made April
5, 2005.

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


PREMIER PROPERTY: Hires Liquidator from Begbies Traynor
-------------------------------------------------------
At the extraordinary general meeting of Premier Property (UK)
Limited on April 6, 2005 held at 2-3 Pavilion Buildings,
Brighton, East Sussex BN1 1EE, the resolutions to wind up the
company were passed.  G. W. Rhodes of Begbies Traynor, 2-3
Pavilion Buildings, Brighton, East Sussex BN1 1EE has been
appointed liquidator of the company.

CONTACT:  BEGBIES TRAYNOR
          2-3 Pavilion Buildings
          Brighton
          Sussex BN1 1EE
          Phone: 01273 747847
          Fax: 01273 747743
          E-mail: geoff.rhodes@begbies-traynor.com


ROYAL & SUNALLIANCE: PNC Bank Drops Lawsuit
-------------------------------------------
Royal & SunAlliance Insurance Group plc's U.S. subsidiary, Royal
Indemnity Company, has reached a settlement with PNC Bank, one
of the plaintiffs in the ongoing Student Finance Corporation
litigation.

As a result, PNC Bank has agreed to discontinue its part of the
legal action.  This reduces the amount subject to summary
judgment against RIC in the ongoing legal actions in Delaware
(currently subject to appeal) by $129 million.

The settlement, the terms of which are confidential, will have
no impact on the Group's financial results.

CONTACT:  ROYAL & SUNALLIANCE INSURANCE GROUP PLC
          Analysts
          Helen Pickford
          Phone: +44 (0) 20 7111 7212

          Press
          Oliver Strong
          Phone: +44 (0) 20 7111 7327


SYSTEM SOLUTIONS: Creditors Appoint Liquidator
----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

  IN THE MATTER OF System Solutions & Communications Limited

Notice is hereby given that on March 31, 2005, I, Henry R.
Paton, Milne Craig & Corson, 79 Renfrew Road, Paisley PA3 4DA
was appointed liquidator of System Solutions & Communications
Limited by resolution of a meeting of creditors, pursuant to
section 109 of the Insolvency Act 1986.

Henry R. Paton, Liquidator

CONTACT:  MILNE CRAIG & CORSON
          Abercorn House
          79 Renfrew Road
          Paisley PA3 4DA
          Phone: 00 44 141 887 7811
          Fax: 00 44 141 887 7753
          E-mail: mcc.admin@milnecraig.co.uk
          Web site: http://www.milnecraig.co.uk

          Henry Raymond Paton
          E-mail: harry.paton@milnecraig.co.uk


TASHIN LIMITED: Members Call in Liquidator from Kingston Smith
--------------------------------------------------------------
At the extraordinary general meeting of the members of Tashin
Limited on March 31, 2005 held at Silverdell, Doggets Wood Lane,
Chalfont St Giles, Buckinghamshire HP8 4TH, the special and
ordinary resolutions to wind up the company were passed.
Timothy James Bramston of Kingston Smith & Partners LLP, 105 St
Peter's Street, St Albans, Hertfordshire AL1 3EJ has been
appointed liquidator of the company.

CONTACT:  KINGSTON SMITH & PARTNERS LLP
          105 St Peter's Street
          St Albans
          Hertfordshire AL1 3EJ
          Phone: 01727 896000
          Fax: 01727 896028
          E-mail: tbramston@kingstonsmith.co.uk


TULLYTREE LIMITED: Liquidator Takes over Helm
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

                 IN THE MATTER OF Tullytree Limited

Notice is hereby given that on March 22, 2005, I, Gordon Malcolm
MacLure, Johnston Carmichael, Bishops Court, 29 Albyn Place,
Aberdeen AB10 1YL was appointed liquidator of Tullytree Limited
by resolution of a meeting of members, pursuant to section 109
of the Insolvency Act 1986.

Gordon Malcolm MacLure, Liquidator

CONTACT:  JOHNSTON CARMICHAEL
          Bishop's Court
          29 Albyn Place
          Aberdeen AB10 1YL
          Phone: 01224 212222
          Fax: 01224 210190
          E-mail: info@jcca.co.uk
          Web site: http://www.jcca.co.uk

          Gordon Malcolm MacLure
          E-mail: gordon.maclure@jcca.co.uk


WEDGEWOOD ROOMS: Creditors Meeting Set Later this Month
-------------------------------------------------------
The creditors of The Wedgewood Rooms Limited will meet on April
27, 2005 at 10:00 a.m.  It will be held at the offices of hjs
Recovery, 12-14 Carlton Place, Southampton SO15 2EA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to hjs Recovery, 12-14 Carlton Place, Southampton
SO15 2EA not later than 12:00 noon, April 26, 2005.

CONTACT:  HJS
          12-14 Carlton Place
          Southampton
          Hampshire SO15 2EA
          Phone: 023 8023 4222
          Fax: 023 8023 4888
          E-mail: gordon.johnston@hjsaccountants.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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