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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, April 19, 2005, Vol. 6, No. 76

                            Headlines

C Y P R U S

CYPRUS AIR: Seizes Full Ownership of Hellas Jet


F I N L A N D

FINNAIR OYJ: Asian Traffic Up More than 33%
FINNAIR OYJ: Simplifies Fleet Structure
M-REAL CORPORATION: Sets International Conference Call Next Week
SANITEC OYJ: EUR260 Million Senior Notes Affirmed at 'CCC+'


F R A N C E

BULL SA: To Distribute Arkoon's Security Products
CARACOLE SARL: Dijon Court Appoints Receiver
COMPAGNIE GENERALE: Rating Cut on Modest Cash Flow Expectations
FINANCIERE SONIA: Dijon Court Sanctions Reorganization
LE PETIT: Files for Reorganization


G E R M A N Y

DEMIPRO GMBH: Luneberg Court Appoints Administrator
EGV GENERALUNTERNEHMUNG: Proofs of Claim Due June
EKICI GMBH: Creditors Have Until Next Month to File Claims
EPCOS AG: Expects to Incur Losses this Year
ESCH ANLAGEN: Court to Verify Claims July

EUROPLOT GMBH: Administrator Takes over Operations
FORMTEC EUROPE: Creditors to Meet Next Month
JENOPTIK AG: Subsidiary Plans IPO for Engineering Activities
JENOPTIK AG: Rating Affirmed at 'B+' After Breakup of Units
K & B FASHION: Creditors Meeting Set June

SANDER GMBH: Under Bankruptcy Proceedings
SLUIMERS LOGISCHE: Under Bankruptcy Proceedings
THOMAS COOK: Parent Mulls Divesting Shareholding
VM MARKETING: Creditors Claim Due May
VOLKSWAGEN AG: To Change Leadership in China
WALTER BAU: Asks Court to Stop Bilfinger's Personnel Piracy


G R E E C E

EGNATIA BANK: EUR80 Mln Subordinated Debt Issue Rated Ba1


I T A L Y

ALITALIA SPA: Exhausts Bridging Loan, Mulls Cost Cuts
ALITALIA SPA: Cabin Crew to Strike Anew
PARMALAT U.S.A.: Farmland Dairies Exits Chapter 11
PIAGGIO & C.: Rated 'B+' on Aggressive Financial Profile


K A Z A K H S T A N

ATF BANK: Fitch Assigns Final Eurobond Rating of 'B+'


K Y R G Y Z S T A N

AKTAN: Gives Creditors Until June to File Claims
TEHNOPOLIS: Sets Public Auction Friday
UNITED MOTORS: Sets Proofs of Claim Deadline


L U X E M B O U R G

MILLICOM INTERNATIONAL: To Discuss 1st-qtr. Results this Week


N E T H E R L A N D S

MOBIFON HOLDINGS: Ratings Up to 'BB-' on Strong Performance


R U S S I A

BOLOGOVSKIY MEAT: Creditors Have Until May to File Claims
BUILDING COMPANY: Moscow Court Appoints Insolvency Manager
CHAS-PLAST: Deadline for Proofs of Claim Set Today
KAMENSKOYE: Bankruptcy Proceedings Begin
KHOLMOGOR-WATER-PIPE-STROY: Declared Insolvent

ORLOVSKIY: Undergoes Bankruptcy Supervision Procedure
SERGIEV-PASAD-GRAIN-PRODUCT: Under Bankruptcy Supervision
TEKHNO-SHTAMP-SERVICE: Bankruptcy Hearing Set Tomorrow
TWENTIETH BEARING: Proofs of Claim Due Today
WOOD-WORKING FACTORY: Declared Insolvent


S W E D E N

SKANDIA INSURANCE: Names Christer Gardell to Board


U K R A I N E

BALAKLEYIVSKE: Cherkassy Court Brings in Insolvency Manager
BIRD SULA: Deadline for Proofs of Claim Nears
IBK BUDIVELNIK: Last Day for Filing Claims Saturday
INTERTORG: Lugansk Court Opens Bankruptcy Proceedings
J.P.S. GROUP: Claims Filing Period Expires Weekend

LUBASHIVSKA AGRICULTURAL: Court Orders Debt Moratorium
MELITOPOLPRODMASH: Succumbs to Bankruptcy
TRADE-INDUSTRIAL: Declared Insolvent
UKRATOMPROM: Insolvency Manager to Temporarily Oversee Business
VIALENT: Proofs of Claim Deadline Expires Friday


U N I T E D   K I N G D O M

A. V. AIR: Meeting of Creditors Set Next Week
BARCLAYS CAPITAL: Hires Deloitte & Touche as Liquidator
B & B STRUCTURES: Appoints BDO Stoy Hayward Administrator
BIGBEN INTERACTIVE: Names Ernst & Young Administrator
CERESTEM LIMITED: Liquidator from Grant Thornton Moves in

COMMUNICORE HOLDINGS: Slates Creditors Meeting Next Week
CORNHILL INSURANCE: Creditors' Claims Due Later this Month
DEVONSHIRE HOUSE: Hires Butcher Woods as Administrator
DICKINSON BROS.: Creditors Meeting Set Thursday
EDWARDS HARVEY: Calls Creditors Meeting

FLIQUET HOLDINGS: Appoints Liquidator
GR8S LIMITED: Members Decide to Wind up Firm
HAWTHORNE ESTATES: Creditors Have Until May to File Claims
HHG PLC: Court Approves Return of Cash Proposal
ITXC GLOBAL: Calls in Liquidator from Geoffrey Martin & Co.

LINK ICA: Sets Meeting of Creditors Next Week
LITTLEWOODS GROUP: Abandoning Underperforming Stores
METALPLAN LIMITED: Hires Liquidator from Valentine & Co.
MG ROVER: Hits back at Paper Insinuating Accounting Fraud
MG ROVER: Owes Former Owner GBP500 Million

MG ROVER: Labor Regulation Blocking Chinese Deal
MULTI SYSTEM: Calls in Joint Administrators from Begbies Traynor
NEW GADGET: In Administrative Receivership
NORMAN & DAWBARN: Joint Administrators from Harrisons Move in
OCTOBER PUBLISHING: Names Bridgestones Administrator

PHOENIX ACQUISITIONS: Names Antony Batty & Co. Administrator
RED MC: Creditors Meeting Set Next Week
REEF RECRUITMENT: Hires Administrator from Robson Laidler
RENTOKIL INITIAL: Appoints Douglas Flynn Director
RESURGE PLC: Administrator from Antony Batty & Co. Moves in

SKILLGLASS LTD.: Appoints Antony Batty & Co. Administrator
TECHNIQUE LABELS: Meeting of Creditors Friday
WHALLEY ROAD: Calls in Administrators from DTE Leonard Curtis

* Large Companies with Insolvent Balance Sheets


                            *********


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


CYPRUS AIR: Seizes Full Ownership of Hellas Jet
-----------------------------------------------
Loss-making carrier Cyprus Airways (CAIR) has strengthened its
foothold in subsidiary Hellas, the Financial Mirror says.

CAIR recently exercised a call option to purchase the 25% stake
held by AEF European Capital Investment B.V.  The move allowed
CAIR to fully owned Hellas Jet, after increasing its holdings
from 75% to 100%.  CAIR did not provide financial details of the
deal.

CAIR had previously sought buyers for Hellas Jet to boost its
tattered finances and return to profitability.  However, a sale
did not push after bidders failed to satisfy CAIR with their
offers.  CAIR recently submitted to Hellas Jet's board a proposal
to shut down the unit.  Hellas Jet's board will convene tomorrow
to approve CAIR's acquisition.

CONTACT:  CYPRUS AIRWAYS LIMITED
          21 Alkeou Str.
          2404 Engomi
          P.O. Box 21903
          1514 Nicosia, Nicosia
          Phone: 22663054
          Fax: 22663167
          E-mail: webcentre@cyprusair.com.cy
          Web site: http://www.cyprusairways.com


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


FINNAIR OYJ: Asian Traffic Up More than 33%
-------------------------------------------
Finnair Oyj traffic, measured in passenger kilometers, increased
by 12.1% in March, while the capacity was up by 8.5%, resulting
in a passenger load factor of 74.1%, 2.3 points higher than last
year.  Asian traffic grew by 33.7%.  All Finnair Group airlines
altogether transported 762,100 passengers, which is 0.5% less
than a year ago.  Comparisons versus last year are impacted by
Easter holidays, which in 2004 were in April.  In addition,
flight bookings were cancelled due to the strike thread by cabin
personnel.  Cancellations took place particularly in the domestic
traffic.

Finnair scheduled traffic increased by 12.6% compared to March
last year.  Passenger load factor was 67.5%, up 3.4 percentage
points.  Number of passengers carried was 645,200, down 2.0%.

Departure punctuality of scheduled flights was 86.8% (based on a
fifteen minute standard), 2.9 points lower than in March 2004.
Including leisure flights departure punctuality was 84.9% (-4.0
p.p.).  Arrival punctuality of scheduled flights was 87.6% and
that of all operations was 85.2%.

Finnair's Tallinn-based subsidiary Aero A.S. carried 65,700
passengers (+358.5%) on routes between Helsinki and the Baltic
capitals and within Southern Finland.  During March,
Stockholm-based flynordic continued to gain market share and
carried 92,300 passengers (+58.7%) on its Scandinavian routes.
Aero and flynordic figures are respectively included in Finnair
Group total figures.

Scheduled traffic

(a) In scheduled traffic (international + domestic) revenue
    passenger kilometers increased by 12.6%.  The change in
    capacity was +6.9%.  Passenger load factor was 67.5%, 3.4
    percentage points higher than last year;

(b) In scheduled international traffic, total number of
    passengers was up by 12.3%.  Capacity in ASKs was +11.2%,
    while RPKs increased by 18.9%.  Passenger load factor was
    4.5 percentage points up;

(c) In European scheduled traffic, ASKs decreased by 1.2%, and
    as RPKs increased by 8.3%, the passenger load factor was
    60.6%, up 5.3 points from previous year;

(d) In North Atlantic scheduled traffic, capacity increased by
    16.4%.  Change in RPKs was +14.3%, and passenger load factor
    for March was 82.3%, 1.5 points lower than previous year;

(e) In Asian scheduled traffic, capacity increase was 30.0%
    mainly due to adding frequencies to Shanghai and Osaka since
    beginning of June.  The passenger traffic was up by 33.7%.
    Passenger load factor was 76.0%, 2.1 percentage points up;
    and

(f) Domestic scheduled traffic decreased by 18.8% on a capacity
    decrease of 13.6%.  Passenger load factor decreased by 3.7
    percentage points to 58.1%;

Leisure Traffic

ASKs for leisure traffic increased in March by 12.6%, and RPKs
increased by 11.0%, resulting in a passenger load factor of
90.1%, 1.3 points lower than last year

Cargo

Cargo traffic increased by 4.6% in terms of cargo tons carried.
Growth in scheduled traffic was +3.1%. Increase in Asian traffic
was +10.7%.  Volume in European traffic decreased by 4.4%.  In
North-Atlantic traffic cargo volume was in last year's level.
Cargo traffic carried on chartered cargo flights increased by
15.3%.  The cargo load factor was 58.0%.  The cargo load factor
in the Asian traffic was 78.2% and in the North Atlantic traffic
64.2%.

Full traffic performance data available at:
http://www.finnairgroup.com/linked/en/sijoittaja/Monthly_traffic_data_Mar_2005.pdf

CONTACT:  FINNAIR OYJ
          Mr. Christer Haglund, SVP Communications
          Phone: +358 40 555 1007

          Mr. Lasse Heinonen, SVP & CFO
          Phone: +358 50 393 4950
          Mr. Taneli Hassinen, Communications Officer, IR
          Phone: +358 40 504 3321


FINNAIR OYJ: Simplifies Fleet Structure
---------------------------------------
Finnair Oyj will continue the streamlining of its fleet by
decommissioning its ten long-serving Boeing MD-80 series aircraft
at an accelerated rate by autumn 2006.  The European and domestic
fleet of the Finnair Group will consist in future only of Airbus
A320 series aircraft, of which there are 29, and Embraer E170
aircraft, which will be acquired over the next two years.  A
total of 12 Brazilian Embraer aircraft will be acquired, with the
first being delivered in autumn this year.  In addition, Finnair
has options for a further eight aircraft.

"The plan will simplify Finnair's fleet and generate savings, as
the number of types of aircraft we have will be reduced," said
Finnair's Chief Financial Officer Lasse Heinonen at an analysts'
seminar arranged by the company in Kuusamo on April 11.

The lease agreements for four Boeing B757 aircraft used in
leisure traffic have just been renewed.  Finnair Leisure Flights
operates a total of seven Boeing B757 aircraft.

"The agreements which have recently expired were concluded just
before the resale values of aircraft fell in autumn 2001.  We
have now managed to negotiate agreements on new, clearly more
reasonable terms.  This will reduce the unit costs of leisure
traffic and reinforce our competitiveness in the leisure flight
market," explained Heinonen.

As part of its strategy of expanding Asian traffic, Finnair is
negotiating the acquisition of a seventh long-haul Boeing MD-11
aircraft.  In winter 2005-06 the new aircraft will replace other
aircraft withdrawn for maintenance connected with the
refurbishment of the long-haul fleet's business class cabins.
The additional capacity will be available for use from spring
2006.

"We intend to increase flight frequencies to our present route
destinations in Asia.  At the same time we are investigating
opportunities to open new destinations in Asia," said VP,
Communications Christer Haglund.

"The travel market is expanding in an eastward direction.  Our
passenger and cargo traffic between Asia and Europe is growing in
double-digit figures.  Furthermore, cooperation projects in
neighboring areas, particularly in Russia, will offer us
opportunities for new openings in the next few years."

Finnair is currently flying twice a day to China as well as once
a day to Bangkok and Japan.  This autumn a new destination will
open, to Guangzhou in China.

Finnair Plc
Communications
11 April 2005

CONTACT:  FINNAIR OYJ
          Mr. Christer Haglund, SVP Communications
          Phone: +358 40 555 1007

          Mr. Lasse Heinonen, SVP & CFO
          Phone: +358 50 393 4950
          Mr. Taneli Hassinen, Communications Officer, IR
          Phone: +358 40 504 3321


M-REAL CORPORATION: Sets International Conference Call Next Week
----------------------------------------------------------------
M-real Corporation will announce its financial results for
January to March 2005 on April 28, 2005 at 1:00 p.m. Finnish time
(11:00 a.m. U.K. time).  An international conference call is set
at 3:00 p.m. Finnish time (1:00 p.m. U.K. time).

                            *   *   *

Last month, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on M-real Corp. to 'BB' from
'BB+'.  The 'B' short-term corporate credit rating on M-real was
affirmed.  The outlook is stable.

"The downgrade reflects M-real's continued weaker than expected
operating performance and credit protection measures, which are
not expected to improve materially over the near to medium term,"
said Standard & Poor's credit analyst Alf Stenqvist.  The weak
operating cash flows reflect weak paper prices for the group's
main products (primarily fine papers), negative currency effects,
and operating inefficiencies.

CONTACT:  M-REAL OYJ
          Revontulentie 6
          FIN-02100 Espoo, Finland
          Phone: +358-104-6-11
          Fax: +358-1046-94355
          Web site: http://www.m-real.com


SANITEC OYJ: EUR260 Million Senior Notes Affirmed at 'CCC+'
-----------------------------------------------------------
Fitch Ratings affirms Finland-based Sanitec Oyj's ratings at
Senior Unsecured 'B-' and Short-term 'B'.  The rating on its
senior secured loan was affirmed at 'B+'.  Fitch has also
affirmed Sanitec International S.A.'s EUR260 million 9% senior
notes due 2012 at 'CCC+'.  The agency has simultaneously
withdrawn all these ratings and will no longer provide ratings or
analytical coverage of these issuers.

The withdrawal of the ratings follows the completion of the
secondary buy-out of Sanitec by EQT on April 11, 2005 and
subsequent refinancing of Sanitec's debt, including the
repurchase of Sanitec's senior notes described.

CONTACT:  FITCH RATINGS
          Michelle De Angelis, London
          Phone: +44 20 7417 3499

          Rachel Hardee
          Phone: +44 20 7417 6322

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


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


BULL SA: To Distribute Arkoon's Security Products
-------------------------------------------------
Bull S.A. and Arkoon have formed a strategic alliance in the
field of network security appliances.  Under the agreement, Bull
will resell Arkoon's range of security appliances, along with
AccessMaster and MetaPKI, its leading products.

Arkoon security appliances have gained a strong recognition
within large companies and are the first French firewall to have
Common Criteria certification.

On the technology side, Arkoon will enhance its security
administration platform with the advanced software
functionalities of NetWall, Bull Evidian's firewall: automated
rule generation, management of urgency escalation.

Philippe Destison, Director of Bull security activities, said:
"Security is a key component of our strategy as a maker and
integrator in IT infrastructures.  Bull today is a major European
actor in identity management, dematerialization as well as in
Cryptography.  This alliance is to reinforce our dynamics and to
complete our offer in firewall appliances, anti-virus and IPS."

For Arkoon, this partnership with a recognized leader in security
represents a major milestone in its strategy to become the
European alternative in network security technologies.

Thierry Rouquet, Chairman of Arkoon, said: "This strategic
partnership is a new step in the fast development of Arkoon and a
strong recognition of the quality of our appliance offer."

"The integration of Bull's NetWall advanced technologies and our
collaboration with them will contribute to boost our development
within security sensitive accounts and European authorities.
This will also open Bull's sales channels in more than a hundred
countries," Mr. Rouquet added.

About Arkoon

Arkoon, European manufacturer of network security equipments,
protects the enterprises against all kinds of threats, intrusion
attempts, worms, viruses, and deny of service.

Arkoon offers a complete and homogeneous product line of
multi-function appliances (firewall, VPN, IDPS, antivirus), which
benefit by a centralized administration of all the security
functions and offer a great simplicity of implementation and
exploitation.

The Arkoon solutions and services thus permit enterprises to
build the security infrastructure adapted to their needs.  The
real-time technology developed by Arkoon, combined to a modular
and evolutionary architecture, guarantees the best
security/performance ration in the market, lowering the costs of
ownership at the same time.

About Bull

Bull designs and develops servers and software for an open
environment, integrating the most advanced technologies.  In this
respect, Bull's range of NovaScale servers combines the openness
of standards with the robustness of mainframes.  It brings to its
customers its expertise and know-how to help them in the
transformation of their information systems and to optimize their
IT infrastructure and their applications.

Bull is particularly present in the public sector, banking,
finance, telecommunication, utilities and manufacturing sectors.
Capitalizing on its wide experience, the Group has a thorough
understanding of the business and specific processes of these
sectors, thus enabling it to efficiently advise and to accompany
its customers.  Its distribution network spreads to over 100
countries worldwide.

                            *   *   *

In February, Standard & Poor's Ratings Services revised its
outlook on Bull to positive from stable, primarily reflecting the
sequential stabilization, in second-half 2004, of the company's
business performance, including revenues and EBIT, growing
bookings, and rising free cash flow.  At the same time,
Standard & Poor's affirmed its 'B-' long-term corporate credit
rating on the group.

Owing to Bull's tight grip on costs, second-half 2004 EBITDA
fully benefited from the slight 1.3% sequential sales increase
during the period, lifting the EBITDA margin to 5.6%, from 5.1%
in first-half 2004.

Sustained profits, continued moderation in capital expenditures,
and favorable working-capital changes boosted the company's free
cash flow after exceptional items to a solid EUR50 million
(US$64.9 million) in second-half 2004, from EUR18 million in the
first half.

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

          BULL S.A.
          Media
          Marie-Claude Bessis
          Phone: + 33 (0) 1 39 66 70 55
            Or   + 33 (0) 6 80 64 18 81
          E-mail: marie-claude.bessis@bull.net


CARACOLE SARL: Dijon Court Appoints Receiver
--------------------------------------------
The Commercial Court of Dijon ordered the reorganization of
Caracole SARL on April 5, 2005.  SCP Cure-Thiebaut has been
appointed to represent creditors during the company's observation
period.  The court also tasked receiver Picard Maurice to prepare
the company's reorganization plan.  Proofs of claim must be filed
to the creditors' representative as soon as possible.  The group
is involved in transport of goods.

CONTACT:  CARACOLE SARL
          Rue de Paris
          21530 La Roche-en-Brenil

          SCP CURE-THIEBAUT
          78, Avenue Victor-Hugo
          BP 81556, 21015 Dijon

          Picard Maurice, Receiver
          22, Rue Cordier
          01000 Bourg-en-Bresse


COMPAGNIE GENERALE: Rating Cut on Modest Cash Flow Expectations
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on France-based Compagnie Generale de
Geophysique -- the world's leading seismic-equipment producer and
third-largest player in seismic services -- to 'BB-' from 'BB',
on expectations that the recovery in free cash flow generation
will be less strong than previously expected.  The outlook is
stable.

"The rating action reflects our expectation that CGG's free cash
flow generation will -- despite turning positive -- remain modest
in 2005," said Standard & Poor's credit analyst Karl Nietvelt,
"due to the company's significant exposure to prolonged U.S.
dollar weakness, expected substantial increases in CGG's tax
burden, and an upward trend in non-multi-client capital
expenditures (recurring maintenance and 2005 capacity upgrade).

Mr. Nietvelt continued: "Our long-term reassessment of the
industry retains the view that it is highly cyclical and
competitive -- as evidenced by industry conditions during the
2001-2004 period.  Nevertheless, we do expect a strong near-term
recovery in marine services growth, based on evidence of
increased exploration spending by oil companies and CGG's
increased US$475 million backlog at March 31, 2005 (versus $280
million at Dec. 31, 2003)."

The rating on CGG is constrained by the company's still
loss-making services activities (notably in land acquisition), a
dynamic capital-intensive industry, CGG's overall vulnerability
to the weak dollar/euro exchange rate, dependence on exploration
capital spending cycles, and below-average free cash flow
generation.  These factors are tempered by the sustained
profitability and leading market position of the company's
equipment-manufacturing subsidiary Sercel, CGG's modern and
versatile five-vessel fleet used for offshore seismic-data
acquisition, a recent strong upturn in demand for marine-seismic
services, fairly conservative financial policies, and a modestly
valued multi-client library.

The stable outlook factors in our expectations that CGG's
earnings and cash flow generation will improve to modest levels
in 2005, and that there will be further improvement in 2006.

"We further recognize the favorable demand and price outlook for
marine seismic services, and the company's target to reduce
substantial losses in the competitive land acquisition segment to
close to breakeven in 2005," said Mr. Nietvelt.

Key risk factors remain any further weakening of the dollar,
unexpected decreases in currently high levels of seismic
equipment sales, and continuing financial challenges in land
acquisition activities.

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


FINANCIERE SONIA: Dijon Court Sanctions Reorganization
------------------------------------------------------
The Commercial Court of Dijon ordered the reorganization of
Financiere Sonia SARL on April 5, 2005.  Bissieux Jean-Joachim
has been appointed to represent creditors during the company's
observation period.  Proofs of claim must be submitted to the
creditors' representative as soon as possible.

CONTACT:  FINANCIERE SONIA SARL
          15 B, Rue Jules-Mercier
          21000 Dijon

          Bissieux Jean-Joachim
          36, rue Jeannin
          21000 Dijon


LE PETIT: Files for Reorganization
----------------------------------
The Commercial Court of Beaune ordered the reorganization of Le
Petit Prince SARL on April 1, 2005.  SCP Cure-Thiebaut has been
appointed to represent creditors during the company's observation
period.  Proofs of claim must be filed to the creditors'
representative as soon as possible.

CONTACT:  LE PETIT PRINCE SARL
          21320 Creancey

          SCP CURE-THIEBAUT
          78, Avenue Victor-Hugo
          BP 81556, 21015 Dijon


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


DEMIPRO GMBH: Luneberg Court Appoints Administrator
---------------------------------------------------
The district court of Luneberg opened bankruptcy proceedings
against DeMiPro GmbH on March 31.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 19, 2005 to register their claims with
court-appointed provisional administrator Uwe Kassing.

Creditors and other interested parties are encouraged to attend
the meeting on June 9, 2005, 9:00 a.m. at Saal 302, Am
Ochsenmarkt 3, 21335 Luneburg 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:  DEMIPRO GMBH DIENSTLEISTUNG FUR DIE AUTOVERMIETUNG
          Stadtkoppel 41-43, 21337 Luneburg
          Contact:
          Robert Zodri, Manager

          Uwe Kassing, Administrator
          Pulverweg 1a, 21337 Luneburg
          Phone: 0700/80080025
          Fax: 0700/80080027


EGV GENERALUNTERNEHMUNG: Proofs of Claim Due June
-------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against EGV Generalunternehmung GmbH on March 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 23, 2005 to
register their claims with court-appointed provisional
administrator Joachim Voigt Salus.

Creditors and other interested parties are encouraged to attend
the meeting on May 12, 2005, 10:15 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on August 25, 2005,
10:00 a.m.

CONTACT:  EGV GENERALUNTERNEHMUNG GMBH
          Spenerstr. 28, 10557 Berlin

          Joachim Voigt Salus, Administrator
          Rankestrasse 33, 10789 Berlin


EKICI GMBH: Creditors Have Until Next Month to File Claims
----------------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against Ekici GmbH on April 1, 2005.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 6, 2005 to register their claims with
court-appointed provisional administrator Michael Bohlander.

Creditors and other interested parties are encouraged to attend
the meeting on June 27, 2005, 10:45 a.m. at the district court of
Mannheim, 68149 Mannheim, Schloss, Westflugel (Bismarckstr. 14),
1. Stockwerk/Raum 232 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:  EKICI GMBH
          Contact:
          Ramiz Ekici, Manager
          Gotenstr. 23, 68259 Mannheim

          Michael Bohlander, Administrator
          Goethestr. 8, 68161 Mannheim (0621/4017100)


EPCOS AG: Expects to Incur Losses this Year
-------------------------------------------
Passive component manufacturer Epcos AG revised profit forecast
for the financial year 2004/2005 the second time, warning its
bottom line might be negative, Borsen Zeitung reports.  It
initially predicted EBIT of EUR56 million and turnover of EUR1.36
billion.

Epcos reported EBIT of EUR1 million in the first quarter, but
closed the second quarter with a loss of EUR27 million.  Turnover
fell by 13% to EUR297 million.  Management blamed the loss to
falling prices, weak dollar and sluggish demand for passive
components, as well as to one-off costs for new products.  In the
first six months, Epcos' EBIT was negative at EUR26 million.

Epcos closed its plant in Bordeaux in January.  The move
translated to an exceptional cost of around EUR5 million.

CONTACT:  EPCOS AG
          Corporate Communications
          P.O. Box 80 17 09
          81617 Munich GERMANY
          Phone: ++49 89 636 09
          Fax: ++49 89 636 2 26 89
          E-mail: webmaster@epcos.com
          Web site: http://www.epcos.com


ESCH ANLAGEN: Court to Verify Claims July
-----------------------------------------
The district court of Aachen opened bankruptcy proceedings
against ESCH ANLAGEN & MASCHINENBAU GmbH on March 31.
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 Jorg Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting on June 13, 2005, 9:30 a.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen, I. Etage, Saal 14, 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 July 7, 2005, 9:00 a.m.

CONTACT:  ESCH ANLAGEN & MASCHINENBAU GMBH
          Prattelsackstr. 25, 52222 Stolberg
          Contact:
          Dirk Leiber, Manager

          Jorg Zumbaum, Administrator
          Zulpicher Strasse 117, 52349 Duren
          Phone: 02421/20854-0
          Fax: 02421/20854-26


EUROPLOT GMBH: Administrator Takes over Operations
--------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against EuroPlot GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 6, 2005 to register their claims with
court-appointed provisional administrator Martin Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting on June 20, 2005, 11:00 a.m. at the district court of
Mannheim, 68149 Mannheim, Schloss, Westflugel (Bismarckstr. 14),
1. Stockwerk/Raum 232 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:  EUROPLOT GMBH
          Contact:
          Wilhelm Volkle, Manager
          Birkenauer Talstr. 101, 69469 Weinheim

          Martin Wiedemann, Administrator
          O 3, 11+12, 68161 Mannheim (0621/16680)


FORMTEC EUROPE: Creditors to Meet Next Month
--------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Formtec Europe GmbH on March 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 27, 2005 to register their
claims with court-appointed provisional administrator Dr. Oliver
Kirschnek.

Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 10:30 a.m. at the district court of
Heilbronn, 74072 Heilbronn, Rollwagstr. 10A, Erdgeschoss, Saal 4
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  FORMTEC EUROPE GMBH
          Gottfried-Leibniz-Str. 8, 74172 Neckarsulm
          Contact:
          Ralf Weimar, Manager
          Armin Kleidon, Reiner Muller

          Dr. Oliver Kirschnek, Administrator
          Kriegerstr. 3, 70191 Stuttgart


JENOPTIK AG: Subsidiary Plans IPO for Engineering Activities
------------------------------------------------------------
The Singapore Exchange Securities Trading Limited has issued a
Letter of Eligibility to M+W Zander Facility Engineering Limited
(MWZ Singapore), a wholly owned subsidiary of M+W Zander Holding
AG (M+ W Zander), for the listing and quotation of shares in MWZ
Singapore on the Mainboard of SGX-ST.  As is common in Singapore,
the listing on the SGX is subject to certain conditions.

DBS Bank Ltd., Singapore, has been appointed as lead manager for
the IPO.  It is contemplated that immediately following the IPO,
M+W Zander will continue to hold a majority of the share capital
of MWZ Singapore.

M+W Zander had previously reorganized and divested its worldwide
engineering activities relating to the planning, building and
operating of fabs and facilities for the electronics industry
under MWZ Singapore in autumn last year.  This is intended to
enable M+ W Zander to strengthen its worldwide facility
engineering business in the electronics industry in Asia.

MWZ Singapore is a leading global provider of comprehensive
facility engineering services for high technology manufacturing
facilities and systems and is able to deliver a combination of
services on a turnkey project basis.  It provides services to a
number of industries, including the semiconductor and flat panel
industry, life science and photovoltaic industry as well as
scientific research and development.

CONTACT:  JENOPTIK AG
          Investor Relations
          Cornelia Todt
          Phone/Fax: ++49(0) 3641-652290/2484

          PR
          Markus Wild
          Phone/Fax: +49(0) 3641-652255/2484
          Web site: http://www.jenoptik.com


JENOPTIK AG: Rating Affirmed at 'B+' After Breakup of Units
-----------------------------------------------------------
Fitch Ratings affirms Jenoptik AG's ratings at Senior Unsecured
'B+' with Stable Outlook and Short-term 'B'.  Jenoptik's EUR150
million senior notes are also affirmed at 'B+'.

The affirmation follows Jenoptik's announcement that a
substantial part of its facility engineering business, which is
concentrated in M+W Zander Facility Engineering Limited (MWZ
Singapore), would be separated by listing on the Singapore Stock
Exchange.

Fitch acknowledges that Jenoptik has made some progress in
reducing its operational risk by separating the HVAC business
earlier this year (sales of EUR550 million; 1800 employees) and
the listing of the facility engineering business represents a
further step in this direction.  The facilities engineering
business has been the major source of cyclicality for Jenoptik in
the past; due to its heavy exposure to the semiconductor
industry.

The group has also re-confirmed its guidance at the EBIT level
(EUR45 million to EUR60 million) and an EBITDA of approximately
EUR100 million for 2005, mainly driven by increased demand from
the electronics industry.  However, the volatile facility
engineering business will remain consolidated in Jenoptik's
accounts as long as M+W Zander Holding AG continues to hold the
majority of the shares in MWZ Singapore; and hence Fitch does not
expect the group debt to be materially affected by this
transaction.

Fitch also notes that the facilities engineering activities have
benefited from strong cash-advances in the past, to which
Jenoptik may have no direct access after the listing, but will
have to rely on dividends being channeled from its
majority-controlled subsidiary.

Fitch will review Jenoptik's rating, based on the full year 2004
results and additional information regarding the planned IPO that
will be made available later this month to early May.

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

          Raymond Hill, London
          Phone: +44 207 417 4314

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


K & B FASHION: Creditors Meeting Set June
-----------------------------------------
The district court of Gera opened bankruptcy proceedings against
K & B Fashion OHG on March 22.  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 Dr. Thomas Dithmar.

Creditors and other interested parties are encouraged to attend
the meeting on June 14, 2005, 11:15 a.m. at the district court of
Gera, Rudolf Diener Str. 1, Zimmer 317, 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:  K & B FASHION OHG
          Contact:
          Sukru Kerkos
          Klaus Uwe Bohm, Kesslerstrasse 12, 07745 Jena

          Dr. Thomas Dithmar, Administrator
          Humboldtstrasse 2a, 07545 Gera


SANDER GMBH: Under Bankruptcy Proceedings
-----------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Sander GmbH & Co. Fensterbau KG Sachsen on March 21.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 27, 2005
to register their claims with court-appointed provisional
administrator Dr. Dirk Herzig.

Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 9:00 a.m. at the district court of
Chemnitz, Saal 28, Gerichtsgebaude, Furstenstrasse 21, 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:  SANDER GMBH & CO. FENSTERBAU KG SACHSEN
          Am Wiesengrund 12, 09618 Brand-Erbisdorf
          Contact:
          Michael Thummel, Manager

          Dr. Dirk Herzig, Administrator
          Promenadenstrasse 3, 09111 Chemnitz
          Web site: http://www.schubra.de


SLUIMERS LOGISCHE: Under Bankruptcy Proceedings
-----------------------------------------------
The district court of Heidelberg opened bankruptcy proceedings
against Sluimers Logische Logistik GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 9, 2005 to
register their claims with court-appointed provisional
administrator Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting on June 24, 2005, 9:30 a.m. at the district court of
Heidelberg, 69115 Heidelberg, Kurfurstenanlage 21, EG, Saal 12 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:  SLUIMERS LOGISCHE LOGISTIK GMBH
          Siemensstr. 19, 74915 Waibstadt

          Schmidt-Thieme, Administrator
          Soldnerstr. 2, 68219 Mannheim
          Phone: 0621/8770813
          Fax: 0621/8770820


THOMAS COOK: Parent Mulls Divesting Shareholding
------------------------------------------------
Karstadtquelle AG CFO Harald Pinger said the group is considering
selling a 50% stake in tour operator Thomas Cook next year.

The value of the retailer's stake in Thomas Cook, a joint venture
with Lufthansa, had eroded significantly from EUR900 million
during its acquisition in 2000 to EUR281 million at present.  The
group no longer considers the shareholding core asset.

Karstadtquelle has been selling asset since last year to steady
its financial footing after a costly expansion.  It recently
reported a net loss of EUR1.63 billion (GBP1.1 billion) for 2004.
The news was preceded by the resignation of Christoph Achenbach,
its chief executive for 10 months.

Mr. Pinger, temporary chief executive, admitted that
first-quarter sales this year had fallen by 8.6% and were likely
to be depressed by up to 5% for the whole year.

CONTACT:  THOMAS COOK AG
          Zimmersmuhlenweg 55
          61440 Oberursel
          Phone: +49-6171-6500
          Fax: +49-6171-652-125
          Web site: http://www.thomascook.de


VM MARKETING: Creditors Claim Due May
-------------------------------------
The district court of Aachen opened bankruptcy proceedings
against vM Marketing GmbH on March 30.  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 Ursula Paulus.

Creditors and other interested parties are encouraged to attend
the meeting on June 13, 2005, 11:35 a.m. at the district court of
Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070
Aachen, II. Etage, Zimmer 21, 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:  VM MARKETING GMBH
          Eschenweg 17b, 52249 Eschweiler
          Contact:
          Andrea Mayr, Manager

          Ursula Paulus, Administrator
          Oppenhoffallee 120, 52066 Aachen
          Phone: 0241/9039775
          Fax: 0241/9039816


VOLKSWAGEN AG: To Change Leadership in China
--------------------------------------------
Winfried Vahland will assume leadership at the China division of
Volkswagen in July, says The Financial Times.  The move came as
the German carmaker expects to incur losses of about EUR400
million in China this year.

The current vice-chairman of VW subsidiary Skoda will replace
Folker Weissgerber, the board member responsible for China, and
Bernd Leissner, head of China.  Mr. Weissgerber had already
announced his departure, while Mr. Leissner will be retiring
soon.

According to a Goldman Sachs analysis Sunday, losses at the China
arm, which has helped increase Volkswagen's earnings with high
growth and profit margins from 2000-2003, will not be compensated
by the firm's Europe and U.S. divisions.  Volkswagen has joint
ventures in Changchun in northeast China and in Shanghai.

At the start of the year, the carmaker's market share in China
fell from 29 to 11 percent reportedly due to decreasing volumes
and pricing with fixed losses.  The company could face double the
figure if its market share stays around 15 percent amid tough
competition.

Despite this, Goldman Sachs predicts the figure will be around 23
percent for the whole year.  It added prices would fall 5
percent, but Volkswagen can cut down its running costs by 10
percent.

The bank, however, warned the assumption "might be too
optimistic," citing the rising prices for raw materials and
steel.

CONTACT:  VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Phone: +49 53 61 90
          Fax:   +49 53 61 92 82 82
          Web site: http://www.volkswagen.de


WALTER BAU: Asks Court to Stop Bilfinger's Personnel Piracy
-----------------------------------------------------------
Werner Schneider, administrator of insolvent construction group
Walter Bau, has filed for a temporary injunction against rival
Bilfinger Berger, Frankfurter Allgemeine Zeitung says.

In a petition filed with the Munich regional court, the
insolvency administrator accused Bilfinger of unfair competition,
as it has been tempting its top-level management to jump ship.
Hans Peter Haselsteiner, chairman and owner of Austrian builder
Strabag, recently revealed Bilfinger has been luring Walter Bau's
staff at its road-building arm Walter Heilit Verkehrswegebau,
with the intention to destroy the unit.  Strabag is set to take
over Walter Heilit.

Bilfinger, however, dismissed Mr. Schneider's accusations, saying
the employees were just looking for work after knowing that it
was setting up its own road-building unit.

Walter Bau declared insolvency in February after creditor banks
refused to approve its restructuring plan, denying it access to a
EUR1.5 billion credit line.

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

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

          BILFINGER BERGER AG
          Carl-Reiss-Platz 1-5
          68165 Mannheim
          Phone: +49-621-4590
          Fax: +49-621-459-2366
          Web site: http://www.bilfingerberger.de


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


EGNATIA BANK: EUR80 Mln Subordinated Debt Issue Rated Ba1
---------------------------------------------------------
Moody's Investors Service has assigned a Ba1 long-term debt
rating to the EUR80 million subordinated guaranteed floating rate
notes due in 2015 to be issued by Egnatia Finance plc and
guaranteed by Egnatia Bank S.A.  The Ba1 subordinated debt rating
reflects a one-notch difference from the Baa3 foreign currency
deposit rating already assigned to Egnatia Bank, in line with
Moody's notching practice for subordinated debt.

Moody's existing ratings for Egnatia Bank, of Baa3/Prime-3 for
long- and short-term foreign currency deposits and D+ for
financial strength, reflect the bank's small but gradually
developing franchise, its strong niche in automotive finance and
its adequate financial fundamentals.  Egnatia Bank is the
eighth-largest Greek commercial bank in terms of assets, enjoying
market shares of about 1.8% and 1.7% of loans and customer
deposits, respectively.

Headquartered in Athens, Greece, Egnatia Bank had total assets of
EUR2.9 billion (based on Greek Accounting Standards) at end-2004.

CONTACT:  MOODY'S INVESTORS SERVICE CYPRUS LIMITED
          Limassol
          Adel Satel
          Managing Director
          Financial Institutions Group
          For Journalists
          Phone: 44 20 7772 5456

          Limassol
          Constantinos Pittalis
          Vice President - Senior Analyst
          Financial Institutions Group
          For Journalists
          Phone: 44 20 7772 5456


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


ALITALIA SPA: Exhausts Bridging Loan, Mulls Cost Cuts
-----------------------------------------------------
(a) The 2005-2008 Business Plan update confirms both the
    Company's strategic positioning and the profitability
    targets previously announced;

(b) With respect to the release approved last October, the new
    elements are:

    (i) Revision of expected fuel costs which may rise by up to
        30%;

   (ii) More conservative estimate for unit revenues from the
        short-medium haul sector because of rapidly increasing
        pressure from competitors; and

  (iii) Cost cuts expansion.

(c) Confirmed spin off of ground activities to "Alitalia
    Servizi" in the process of being finalized;

(d) Improved first quarter 2005 operating cash flow (management
    accounts) of around EUR130 million compared to the same
    period last year; and

(e) In March 2005, the Company drew down the residual portion of
    the credit line with Dresdner Kleinwort Wasserstein for the
    amount of EUR245 million.

At [Thurs]day's meeting, the Board of Directors examined the
2005-2008 Business Plan update.  Compared to the previous release
approved in October 2004, the Business Plan update includes
several important features, which reinforce its sustainability in
spite of the new variables that are affecting the Company's
competitive and macroeconomic scenario.

Updating the Business Plan confirms both the Company's strategic
positioning as a "Highly Efficient Network Carrier" as well as
its previously announced profitability targets (financial
breakeven and an EBITDAR1 in line with that of other leading
operators in the sector by 2006).

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1 EBITDAR (Earnings Before Interests, Depreciation, Amortization
and Rentals): Typical indicator of management performance by an
operator in the transportation sector, equal to the sum of
aircraft rental charges and the Gross Operating Margin (also
shown as a percentage of the Production Value).
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

In more detail, the update for the Plan involves these main
changes:

(a) Revision of expected fuel costs (an increase of up to 30%
    compared to previous forecasts), due to changing conditions
    on the crude oil market;

(b) A more conservative estimate for unit revenues in the short-
    medium haul sector, due to low-cost airlines entering the
    Italian domestic market;

(c) A marked reduction in costs, thanks to better understanding
    of the Company's situation by the new management team and
    the successful outcome of the measures already in progress.

It should be noted that the cost cutting measures would reduce
unit costs by about 20% by the end of the Business Plan
timeframe.  In more detail, as of 2006, consolidated labor costs
will decrease by an amount of approximately EUR170 million
compared to the 2004 figure, in spite of a planned growth in
capacity offered of about 12%.

The significant recovery in cost efficiency is combined with an
increase in passenger and cargo revenues, which in spite of the
decrease in unit revenues for the short-medium haul sector, will
grow substantially during throughout the Plan, thanks to the
significant increase in capacity offered and the new strategy in
network and product.

The Business Plan update confirms the significant strategic,
economic and financial benefits coming from the spin off of the
ground activities to "Alitalia Servizi", now in the process of
being finalized.  The spin off will take place in the coming
weeks.

At the same time, negotiations with "Fintecna Finanziaria per i
Settori Industriale e dei Servizi S.p.A." to acquire an equity
stake of "Alitalia Servizi" are at an advanced stage.

On the financial side, it should be noted that, during the first
quarter 2005, the Company improved its operating cash flow
(management accounts) by around EUR130 million compared to the
same period last year.

Furthermore, during March 2005, the Company drew down the
residual portion of the credit line with Dresdner Kleinwort
Wasserstein, for an amount of EUR245 million euros.  This means
that Alitalia has drawn the maximum amount of EUR400 million on
the credit agreement set up with Dresdner Kleinwort Wasserstein
backed by the Italian Government.

April 14, 2005

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

          Paola Cambria
          Press Relations
          Phone: 06-65627431
          E-mail: cambria.paola@alitalia.it


ALITALIA SPA: Cabin Crew to Strike Anew
---------------------------------------
Troubled national carrier Alitalia will cancel 168 flights today
due to a four-hour strike by cabin personnel, Reuters says.

This will be the fourth time that attendants will leave their
workstations.  The previous strike crippled 118 flights.  The
flight attendants have been demanding improvements on their
contracts, including better working conditions.  They have been
also expressing concern about the carrier's restructuring plan,
which entails splitting itself into two divisions and sending
around 3,700 employees home.  Alitalia's ground personnel called
off a separate strike slated today, after local authorities ruled
it illegal.

Alitalia stressed in March that the string of strikes at the
carrier is threatening the stability of the carrier.  With its
EUR400 million bridging loan already used up, Alitalia recently
warned of stringent cost cuts due to tough competition from
low-cost carriers on short- and medium-haul flights.

Alitalia's operating losses dived from EUR373 million in 2003 to
EUR402.5 million in 2004.  The European Commission has placed the
carrier under in-depth probe to uncover traces of illegal state
aid in its rescue plan.  Alitalia hopes the probe will be
concluded in time for a planned EUR1.2 billion capital increase
next month.

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


PARMALAT U.S.A.: Farmland Dairies Exits Chapter 11
--------------------------------------------------
Martin J. Margherio will become president and CEO of the
reorganized Farmland Dairies LLC.

"I am very pleased to announce the end of the bankruptcy
proceedings and our renewed commitment to growing the 'new'
Farmland Dairies," he said.

Mr. Margherio believes that Farmland is well positioned to grow
profitably in the future.

He said: "Farmland has made significant efforts to become more
competitive over the past year while in bankruptcy.

"Our plan is to continue to emphasize efficiencies in our
operations, while growing business through our high quality
products, including the Farmland, Skim Plus(R), Parmalat Aseptic
and 'Lil Milk' brands."

Farmland has reorganized around its fresh milk and dairy products
business in the Northeast and its national aseptic milk products
business, based in Grand Rapids, Mich.  It is a leading processor
in these markets.  Additionally, its Wallington, N.J., location
is the largest HACCP certified fluid milk plant in the U.S.

"The bankruptcy process, although not a pleasant experience,
allowed us time to dig into the very core of our business and
assess all of the functions and manner in which we operated; and
as a result, we have emerged a much stronger and more focused
company," Mr. Margherio continued.

Farmland has emerged with exit financing totaling $101 million
consisting of a $56 million loan from LaSalle Business Credit,
and a $45 million term loan from GE Commercial Finance.  The
equity of the emerged Farmland will be majority owned by the
Company's pre- petition leasing syndicate, which is led by GE
Commercial Finance, Public Finance.

"With General Electric and LaSalle as our partners, Farmland is
emerging with a healthy balance sheet and a focus on growth and
prosperity.  We can now look forward with a goal towards becoming
the premier dairy in the Northeast, servicing our customers and
introducing new products such as our new SKIM PLUS(R) Lactose
Free milk.  I am thankful for the resilience, determination, and
loyalty of our employees, customers, dairy farmers, and vendors,
who weathered this storm with us during these difficult 14
months.

This is a testament to our service and strong brands," added Mr.
Margherio.  "Additionally, we would like to thank the teams from
Alix Partners and Weil Gotshal & Manges for all of their hard
work in making this a successful reorganization."

As previously reported, the plan calls for the satisfaction of
the company's prepetition liabilities through the distributions
of cash, notes, stock and rights to pursue certain causes of
action.

Specifically, Farmland's unsecured creditors will receive cash, a
note, and preferential rights of recovery from causes of action
pursued by a litigation trust.

                       What GE Capital Gets

Parmalat U.S.A.'s plan will transfer to GE Capital 70% of the new
common stock in Farmland, 100% of a new preferred stock issue,
about $11.6 million in litigation proceeds and up to $2 million
in additional payments to satisfy the $39 million financing GE
extended to Parmalat.

                   Unsecured Creditors Recovery

Parmalat U.S.A.'s Unsecured Creditors will receive 62 cents on
the dollar for their claims totaling $27 million.  Farmland's
unsecured creditors are expected to recover 29 cents on the
dollar.  Farmland's unsecured creditors receive a $2.8 million
cash payment, a $7 million note and approximately $6.5 million
from the litigation trust.

Farmland has obtained $55 million of exit financing from Wachovia
Corp. and $45 million from GE to fund its operations upon
emergence from bankruptcy.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more than
EUR7 billion in annual revenue.  The Parmalat Group's 40-some
brand product line includes milk, yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.  The company employs over 36,000 workers in 139
plants located in 31 countries on six continents.  It filed for
chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case
No. 04-11139).  Gary Holtzer Esq., and Marcia L.
Goldstein Esq., at Weil Gotshal & Manges LLP, represent the
Debtors in their restructuring efforts.  When the U.S. Debtors
filed for bankruptcy protection, they reported more than $200
million in assets and debt.  The Bankruptcy Court confirmed the
U.S. Debtors' Plan of Reorganization on March 7, 2005.

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


PIAGGIO & C.: Rated 'B+' on Aggressive Financial Profile
--------------------------------------------------------
Standard & Poor's Ratings Services assigns its 'B+' corporate
credit rating to Italian-based scooter, motorcycle, and light
transportation vehicles manufacturer, Piaggio & C. S.p.A.,
reflecting the group's currently aggressive financial profile and
the below-average industry risk profile of the two-wheels market.
The outlook is stable.

At the same time, Standard & Poor's assigned a 'B' debt rating to
the proposed senior unsecured EUR150 million notes to be issued
by Piaggio Finance S.A., a Luxembourg-based finance vehicle
wholly owned by Piaggio.  The notes, which will be guaranteed by
Piaggio & C. S.p.A. and by Aprilia S.p.A., are rated one notch
below the corporate credit rating, owing to their structural and
contractual subordination to existing liabilities.

"The ratings are constrained by the risks related to turning
around the ailing motorcycle maker Aprilia S.p.A. that Piaggio
acquired at the end of December 2004, as well as the group's
aggressive financial profile and high leverage, and the cyclical,
seasonal, and competitive markets the group serves," said
Standard & Poor's credit analyst Barbara Castellano.  "The
ratings are supported by Piaggio's leading positions in European
markets, strong dealer network, and good level of product and
geographic diversification."

Standard & Poor's acknowledges the strong track record of the
group's management, given the good results achieved in Piaggio's
turnaround in 2004.

Notwithstanding, the financial needs for relaunching Aprilia will
affect the free cash flow generation available for debt
reduction.

"The stable outlook reflects the expectation that Piaggio will
succeed in smoothly integrating Aprilia," said Ms. Castellano.
The refinancing structure via high-yield notes will increase the
cost of financing, but we estimate that EBITDA interest coverage
will remain at least above 3x.  We expect future cash flow
generation to be used to reduce debt.

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


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


ATF BANK: Fitch Assigns Final Eurobond Rating of 'B+'
-----------------------------------------------------
Fitch Ratings assigns Kazakhstan-based ATF Bank's US$200 million
9.25% issue of medium-term notes, due April 2012 a final
Long-term 'B+' rating.

ATF is rated Long-term 'B+' with a Stable Outlook, Short-term
'B', Individual 'D', and Support '4'.

ATF Bank is the fourth largest commercial bank in Kazakhstan by
assets, with around 6.5% of the banking system's assets at
end-2004.  It provides a broad range of banking services to
corporates and SMEs.  It is also growing its retail business,
focusing on higher- and middle-income individuals. It is also
active in the foreign exchange and government securities markets
in Kazakhstan.

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

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


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


AKTAN: Gives Creditors Until June to File Claims
------------------------------------------------
OJSC Aktan, which recently became insolvent, will accept all
proofs of claim until June 7, 2005.  For more information, call
(0-3137) 4-50-33.


TEHNOPOLIS: Sets Public Auction Friday
--------------------------------------
The bidding organizer and insolvency manager of Foreign Private
Company Tehnopolis will sell its properties on April 22, 2005,
12:00 noon at Bishkek, Manasa Avenue, 303, Free Economic Zone
Bishkek.

For sale are:

(a) Lot 1: a building with a starting price of KGS1,500,000; and

(b) Lot 2: an alcohol equipment with a starting price of
           KGS500,000.

To participate, bidders are required to deposit an amount
equivalent to 10% of the starting price on or before the auction
date.  For more information, call (0-312) 54-83-18.


UNITED MOTORS: Sets Proofs of Claim Deadline
--------------------------------------------
LLC United Motors Ltd., which recently became insolvent, will
accept all proofs of claim until June 7, 2005.  For more
information, call (0-312) 23-99-17.


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


MILLICOM INTERNATIONAL: To Discuss 1st-qtr. Results this Week
-------------------------------------------------------------
Millicom International Cellular S.A. will announce its financial
results for the first quarter, 2005 on Thursday, 21 April 2005.
The company will host a conference call for the global financial
community at 10 a.m. (ET)/3 p.m. (U.K.)/4 p.m. (CET).

The conference call will be Web cast in listen-only mode at
http://www.millicom.com.

To participate in the conference call, please register at
http://www.sharedvalue.net/millicom/Q105/default.asp

The dial-in number to join the conference call will be available
upon registration.

You may also register by filling out the information below and
returning it by fax to Shared Value at +44 (0)20 7321 5020 or
contact Shared Value at +44 (0)20 7321 5010 for further details.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa.  It currently has a total of 17
cellular operations and licenses in 16 countries.  The Group's
cellular operations have a combined population under license of
approximately 399 million people.

                            *   *   *

In November, Standard & Poor's Ratings Services assigned its 'B-'
senior unsecured debt rating to the proposed US$175 million to
US$200 million convertible bond offering by Millicom.  At the
same time Standard & Poor's affirmed its 'B+' long-term corporate
credit rating and remaining 'B-' senior unsecured debt ratings on
Millicom.  The outlook remains negative.

CONTACTS:  MILLICOM INTERNATIONAL CELLULAR S.A.
           Marc Beuls
           President and Chief Executive Officer
           Phone:  +352 27 759 327
           Web site: http://www.millicom.com

           ANDREW BEST
           Investor Relations
           Telephone:  +44 20 7321 5022


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


MOBIFON HOLDINGS: Ratings Up to 'BB-' on Strong Performance
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on MobiFon
Holdings B.V. and parent Telesystem International Wireless Inc.
(TIW) to 'BB-' from 'B+' due to debt reduction and strong
operating performance at subsidiary MobiFon S.A. (MobiFon
Holdings and MobiFon S.A. are collectively referred to as
MobiFon).

At the same time, Standard & Poor's raised the ratings on the
MobiFon Holdings senior unsecured notes due 2010 to 'B' from
'B-'.  The ratings on the companies remain on CreditWatch with
positive implications where they were placed March 15, 2005,
pending the conclusion of the acquisition of MobiFon by U.K.'s
Vodafone Group PLC (A/Stable/A-1).

"The degree of implied or actual credit support for MobiFon
Holdings from Vodafone has yet to be established, however, we
view the pending ownership change as credit enhancing for
MobiFon," said Standard & Poor's credit analyst Joe Morin.
Vodafone's purchase of MobiFon is based on strategic and
financial considerations as it expands the company's wireless
footprint in Eastern Europe.  Vodafone's intentions regarding the
financing arrangements that are currently in place at MobiFon are
unclear presently.

If Vodafone were to keep some or all of the debt in place, the
effect on the credit ratings would be dependent on a number of
items, but principally the amount of remaining debt, as well as
the actual or implied support provided by Vodafone.  Should
MobiFon continue to be financed on a stand-alone basis with the
existing debt remaining in place, the maximum support Standard &
Poor's will factor into the rating for the Vodafone ownership
will be one notch.

The ratings effect on MobiFon will be determined by Standard &
Poor's after the debt amount and structure is evident and the
transaction closes.  Irrespective of debt levels the ratings on
MobiFon would be capped at 'BB+', which is equivalent to the
foreign currency rating on Romania (BB+/Positive/B).

The ratings on TIW will be withdrawn once the transaction is
concluded, as the company will be wound-up through a
court-supervised plan of arrangement.

The ratings on TIW and MobiFon also reflect the level of
foreign-currency-denominated debt at MobiFon, which is considered
high for an emerging market operator, as well as the below
average demographics and risk associated with operating in a
developing market.  These risks are partially mitigated by an
improving macroeconomic environment in Romania; MobiFon's growing
subscriber base; and increasing revenues, EBITDA, and cash flow.

Complete ratings information is available to subscribers of
RatingsDirect at http://www.ratingsdirect.com. All ratings
affected by this rating action can be found at
http://www.standardandpoors.com.


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


BOLOGOVSKIY MEAT: Creditors Have Until May to File Claims
---------------------------------------------------------
The Arbitration Court of Tver region commenced bankruptcy
proceedings against Bologovskiy Meat Combine after finding the
open joint stock company insolvent.  The case is docketed as
A66-6720/2004.  Mr. A. Danilenko has been appointed insolvency
manager.  Creditors have until May 19, 2005 to submit their
proofs of claim to 170000, Russia, Tver, Post User Box 333.

CONTACT:  BOLOGOVSKIY MEAT COMBINE
          171070, Russia, Bologoe,
          1st Zamostinskaya Str. 4

          Mr. A. Danilenko
          Insolvency Manager
          170000, Russia, Tver region,
          Post User Box 333


BUILDING COMPANY: Moscow Court Appoints Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on OJSC Building Company.  The case was
docketed as A41-K-2-24487/04.  Mr. A. Kalmykov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 105318, Russia,
Moscow, Semenovskaya Square, 7.  A hearing will take place on
July 21, 2005 at the Arbitration Court of Moscow region located
at 107996, Russia, Moscow, Akademika Sakharova Pr. 18, Hall 440.

CONTACT:  BUILDING COMPANY
          141400, Russia, Moscow region,
          Khimki, Zavodskaya Str. 1

          Mr. A. Kalmykov
          Temporary Insolvency Manager
          105318, Russia, Moscow region,
          Semenovskaya Square, 7

          The Arbitration Court of Moscow region
          107996, Russia, Moscow region,
          Akademika Sakharova Pr. 18


CHAS-PLAST: Deadline for Proofs of Claim Set Today
--------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on close joint stock company Chas-Plast.
The case was docketed as A48-155/05-20B.  Mr. A. Volchkov has
been appointed temporary insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) Tekhno-Shtamp-Service
    302028, Russia, Orel region,
    Oktyabrskaya Str. 27

(b) Temporary Insolvency Manager
    302004, Russia, Orel region,
    3rd Kurskaya Str. 15

(c) The Arbitration Court Of Orel region
    302021, Russia, Orel region,
    S-Shedrina Str. 22

A hearing will take place on April 25, 2005.


KAMENSKOYE: Bankruptcy Proceedings Begin
----------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Kamenskoye after finding the open joint stock
company insolvent.  The case is docketed as A33-19011 04-s4.  Mr.
V. Kustikov has been appointed insolvency manager.
Creditors have until May 19, 2005 to submit their proofs of claim
to 660069, Russia, Krasnoyarsk, Post User Box 13082.

CONTACT:  KAMENSKOYE
          Russia, Krasnoyarsk region,
          Taseevo, Molodyezhnaya Str. 64

          Mr. V. Kustikov
          Insolvency Manager
          660069, Russia, Krasnoyarsk region,
          Post User Box 13082


KHOLMOGOR-WATER-PIPE-STROY: Declared Insolvent
----------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region
commenced bankruptcy proceedings against Kholmogor-Water-Pipe-
Stroy after finding the close joint stock company insolvent.  The
case is docketed as A81-3696/1359B-04.  Mr. O. Pan has been
appointed insolvency manager.  Creditors have until May 19, 2005
to submit their proofs of claim to Russia, Tyumen, Vokzalnaya
Str. 1, Building 2, Apartment 12.

CONTACT:  KHOLMOGOR-WATER-PIPE-STROY:
          Russia, Noyabrsk,
          Sovetskaya Str. 41

          Mr. O. Pan
          Insolvency Manager
          Russia, Tyumen, Vokzalnaya Str. 1,
          Building 2, Apartment 12


ORLOVSKIY: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on close joint stock company Orlovskiy.
The case was docketed as A48-157/05-17b.  Mr. A. Volchkov has
been appointed temporary insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) Orlovskiy
    302028, Russia, Orel region,
    Oktyabrskaya Str. 27

(b) Mr. A. Volchkov
    Temporary Insolvency Manager
    302004, Russia, Orel region,
    3rd Kurskaya Str. 15

(c) The Arbitration Court of Orel region
    302021, Russia, Orel region,
    S-Shedrina Str. 22

A hearing will take place on June 1, 2005.


SERGIEV-PASAD-GRAIN-PRODUCT: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on open joint stock company
Sergiev-Pasad-Grain-Product.  The case is docketed as
A41-K2-25594/04.  Mr. V. Sakhno has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 107078, Russia,
Moscow, Sadovo-Spasskaya Str. 13, Building 2, Office 300.  A
hearing will take place on May 19, 2005, 10:00 a.m.

CONTACT:  SERGIEV-PASAD-GRAIN-PRODUCT
          Russia, Moscow region, Sergiev Posad,
          Moskovskoye Shosse, 3B

          Mr. V. Sakhno
          Temporary Insolvency Manager
          107078, Russia, Moscow region,
          Sadovo-Spasskaya Str. 13,
          Building 2, Office 300


TEKHNO-SHTAMP-SERVICE: Bankruptcy Hearing Set Tomorrow
------------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on close joint stock company
Tekhno-Shtamp-Service.  The case was docketed as A48-159/05-16b.
Mr. A. Volchkov has been appointed temporary insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) Tehkhno-Shtamp-Service
    302028, Russia, Orel region,
    Oktyabrskaya Str. 27

(b) Mr. A. Volchkov
    Temporary Insolvency Manager
    302004, Russia, Orel region,
    3rd Kurskaya Str. 15

(c) The Arbitration Court of Orel region
    302021, Russia, Orel region,
    S-Shedrina Str. 22

A hearing will take place on April 20, 2005.


TWENTIETH BEARING: Proofs of Claim Due Today
--------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Twentieth Bearing Plant after finding the
open joint stock company insolvent.  The case is docketed as
A35-10509/04g.  Mr. S. Makushin has been appointed insolvency
manager.

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

(a) Insolvency Manager
    305001, Russia, Kursk region,
    Dzwerzhinskogo Str. 68, Office 206

(b) Twentieth Bearing Plant
    305022, Russia, Kursk region,
    3 St Agregatnaya Str. 23


WOOD-WORKING FACTORY: Declared Insolvent
----------------------------------------
The Arbitration Court of Komi republic commenced bankruptcy
proceedings against Wood-Working Factory after finding the open
joint stock company insolvent.  The case is docketed as
A29-230/05-3B.  Mr. A. Zhunenko has been appointed insolvency
manager.

CONTACT:  WOOD-WORKING FACTORY
          Russia, Komi republic,
          Inta, Dzerzhinskogo Str. 1

          Mr. A. Zhunenko
          Insolvency Manager
          Russia, Komi republic,
          Inta, Dzerzhinskogo Str. 1
          Phone: 8 (82145) 32169


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


SKANDIA INSURANCE: Names Christer Gardell to Board
--------------------------------------------------
At Skandia's Annual General Meeting on 14 April 2005, Christer
Gardell was elected as a new director on Skandia's board, in
accordance with the Nominating Committee's recommendation, for a
term through the 2006 Annual General Meeting.

Christer Gardell is founder and Managing Partner of Cevian
Capital and Chairman of AB Lindex.  In addition, Lennart
Jeansson, Birgitta Johansson-Hedberg, Kajsa Lindstahl, and Anders
Ullberg were re-elected as directors on Skandia's board, in
accordance with the Nominating Committee's recommendation, all
for terms through the 2006 Annual General Meeting.

As a result of the elections, the number of AGM-elected directors
increased from seven to eight.  Skandia's board thus has this
composition: Bjorn Bjornsson, Christer Gardell, Karl-Olof
Hammarkvist, Lennart Jeansson, Birgitta Johansson-Hedberg, Kajsa
Lindstahl, Bernt Magnusson and Anders Ullberg, plus three
employee representatives.  Bernt Magnusson is Chairman and the
Board, and Bjorn Bjornsson is Vice Chairman.

The Annual General Meeting resolved, in accordance with the
Nominating Committee's recommendation that the directors' fees
shall amount to a total of SEK4,600,000.

A base fee of SEK1,000,000 is payable to the Chairman, SEK600,000
to the Vice Chairman, and SEK300,000 to each of the other
directors.  In addition, a combined extra fee totaling SEK500,000
is payable to the Chairman and Vice Chairman as compensation for
extensive work that these persons are expected to perform for
Skandia in the coming year, which is above and beyond their
ordinary board duties.

In addition, a fee of SEK700,000 is payable to directors for
committee work, including SEK250,000 to each of the committee
chairs and SEK 50,000 to each the other members of the Board's
committees.

In addition to the aforementioned compensation, fees are payable
for work on subsidiary boards.  Such are payable, where
applicable, in accordance with the same principles that apply for
outside directors.

No fees are payable to directors who are employees of the Skandia
group.

Auditors

Authorized Public Accountants Goran Engquist and Svante Forsberg,
both from Deloitte, were elected as auditors of Skandia, in
accordance with the Nominating Committee's recommendation, for
terms extending until the next Annual General Meeting.

Damages From Former Company Directors

The Annual General Meeting resolved, in accordance with the
Board's recommendation, to approve the settlement agreement
reached on 31 January 2005 between the company and Lars Ramqvist,
with the main purport being that Lars Ramqvist will repay the
directors' fees he received in 2000 and 2001, together totaling
SEK2,216,667.

Dividend

Finally, the Annual General Meeting resolved, in accordance with
the Board's recommendation, to pay a dividend of SEK0.35 per
share, and that 19 April 2005 shall be the record date.  As a
result, dividends are expected to be paid out by VPC on 22 April
2005.

CONTACT:  SKANDIA INSURANCE
          Gert Engman, Executive Vice President, Skandia
          Head of Skandia Norden
          Phone: +46-8-788 25 00

          Per Wahlstrom, CEO-elect, Skandia Denmark
          Phone: +46-8-788 25 00

          Gunilla Svensson, Press Manager, Skandia
          Phone: +46-8-788 25 00


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


BALAKLEYIVSKE: Cherkassy Court Brings in Insolvency Manager
-----------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Balakleyivske (code EDRPOU 32137300) on March
1, 2005 after finding the company insolvent.  The case is
docketed as 01/798.  Mr. Igor Zozulya has been appointed
liquidator/insolvency manager.  The company holds account number
2600301300098 at Ukrprombank, Cherkassy branch, MFO 354927.

Creditors have until April 24, 2005 to submit their proofs of
claim to:

(a) BALAKLEYIVSKE
    Ukraine, Cherkassy region,
    Smila district, Balakleya, Lenin Str. 99

(b) Mr. Igor Zozulya
    Liquidator/Insolvency Manager
    18002, Ukraine, Cherkassy region,
    Shevchenko Boulevard, 250/17
    Phone: (067) 470-80-59

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


BIRD SULA: Deadline for Proofs of Claim Nears
---------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Bird Complex Sula (code EDRPOU 05385097) on
March 17, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 7/128.  Mr. V. Nesvit
(License Number AA 047993) has been appointed
liquidator/insolvency manager.  The company holds account number
260002041110 at JSB Poltava-bank, MFO 331489.

Creditors have until April 23, 2005 to submit their proofs of
claim to:

(a) BIRD COMPLEX SULA
    37200, Ukraine, Poltava region,
    Lohvitsya, Vatutin Str. 124

(b) Mr. V. Nesvit
    Liquidator/Insolvency Manager
    36003, Ukraine, Poltava region,
    Nezalezhnosti, Poltava 1B-18
    Phone: 508067

(c) ECONOMIC COURT OF POLTAVA REGION
    36000, Ukraine, Poltava region,
    Zigina Str. 1


IBK BUDIVELNIK: Last Day for Filing Claims Saturday
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC IBK Budivelnik (code EDRPOU 31922125) on
March 10, 2005 after finding the limited liability company
insolvent.  The case is docketed as 43/165.  Ms. Ludmila Zayikina
has been appointed liquidator/insolvency manager.  The company
holds account number 260053178701 at CJSC Bank
Petrokommerc-Ukraina, MFO 300120.

Creditors have until April 23, 2005 to submit their proofs of
claim to:

(a) IBK BUDIVELNIK
    03058, Ukraine, Kyiv region,
    Nizhinska Str. 20/26

(b) Ms. Ludmila Zayikina
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region, Melnikova Str. 2/10

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


INTERTORG: Lugansk Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Intertorg (code EDRPOU 32632631) on March 1,
2005 after finding the limited liability company insolvent.  The
case is docketed as 19/33b.  Mr. Vadim Ostrovskij (License Number
AA 116234) has been appointed liquidator/insolvency manager.  The
company holds account number 2600330121301, 2600130121325/840 at
Prominvestbank, Stahanov branch, MFO 304353.

Creditors have until April 23, 2005 to submit their proofs of
claim to:

(a) INTERTORG
    93200, Ukraine, Lugansk region, Pervomajsk

(b) Mr. Vadim Ostrovskij
    Liquidator/Insolvency Manager
    91016, Ukraine, Lugansk region, Geroiv VVV Str. 2/32

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


J.P.S. GROUP: Claims Filing Period Expires Weekend
--------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against J.P.S. Group (code EDRPOU 30860629) on March
10, 2005 after finding the limited liability company insolvent.
The case is docketed as 43/166.  Ms. Ludmila Zayikina has been
appointed liquidator/insolvency manager.  The company holds
account number 26006027246911 at JSCB Ukrsocbank, Kyiv region
city branch, MFO 322012.

Creditors have until April 23, 2005 to submit their proofs of
claim to:

(a) J.P.S. GROUP
    01023, Ukraine, Kyiv region,
    Gospitalna Str. 12

(b) Ms. Ludmila Zayikina
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region, Melnikova Str. 2/10

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


LUBASHIVSKA AGRICULTURAL: Court Orders Debt Moratorium
------------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on OJSC Lubashivska Agricultural
Machine-Technological Station (code EDRPOU 30084451) on February
9, 2005 and ordered a moratorium on satisfaction of creditors'
claims.  The case is docketed as 2/44-05-1371.  Mr. Grib Yevgen
(License Number AA 779180) has been appointed temporary
insolvency manager.  The company holds account number
2600830151864 at Prominvestbank, MFO 328135.

Creditors have until April 23, 2005 to submit their proofs of
claim to:

(a) LUBASHIVSKA AGRICULTURAL MACHINE-TECHNOLOGICAL STATION
    66500, Ukraine, Odesa region,
    Lubashivskij district,
    Zavokzalna Str. 10

(b) Mr. Grib Yevgen
    Temporary Insolvency Manager
    65122, Ukraine, Odesa region,
    Ak. Korolyov Str. 81/1-13
    Phone: 8 (044) 719-55-33
           8 (067) 785-33-45

(c) ECONOMIC COURT OF ODESA REGION
    65032, Ukraine, Odesa region,
    Shevchenko Avenue, 4


MELITOPOLPRODMASH: Succumbs to Bankruptcy
-----------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against MELITOPOLPRODMASH (code EDRPOU 19266717) on
March 3, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 5/6/271(02).  Mr. Dmitro
Gerashenko (License Number AA 250439) has been appointed
liquidator/insolvency manager.

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

(a) MELITOPOLPRODMASH
    Ukraine, Zaporizhya region,
    Melitopol

(b) Mr. Dmitro Gerashenko
    Liquidator/Insolvency Manager
    69006, Ukraine, Zaporizhya region,
    Pivnichne Shoes Str. 4
    Phone: 8 (061) 286-88-48


TRADE-INDUSTRIAL: Declared Insolvent
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC TRADE-INDUSTRIAL COMMUNITY (code EDRPOU
31516685) on March 10, 2005 after finding the limited liability
company insolvent.  The case is docketed as 43/167.  Ms. Ludmila
Zayikina has been appointed liquidator/insolvency manager.  The
company holds account number 26006001807002 at JSB Ukrinbank,
Svyatoshinska branch, MFO 321756.

Creditors have until April 23, 2005 to submit their proofs of
claim to:

(a) TRADE-INDUSTRIAL COMMUNITY
    04119, Ukraine, Kyiv region,
    Simyi Hohlovih Str. 8

(b) Ms. Ludmila Zayikina
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Melnikova Str. 2/10

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


UKRATOMPROM: Insolvency Manager to Temporarily Oversee Business
---------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on Ukratomprom (code EDRPOU 30345334).  The
case is docketed as 19/43.  Mr. Dmitro Belyanin (License Number
AB 116105) has been appointed temporary insolvency manager.   The
company holds account number 26005301302294 at Prominvestbank,
Zaporizhya branch, MFO 313333.

Creditors have until April 23, 2005 to submit their proofs of
claim to:

(a) UKRATOMPROM
    69057, Ukraine, Zaporizhya region,
    Lenin Avenue, 158-B

(b) Mr. Dmitro Belyanin
    Temporary Insolvency Manager
    69076, Ukraine, Zaporizhya region,
    Yuvilejnij Avenue, 26/397

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


VIALENT: Proofs of Claim Deadline Expires Friday
------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Vialent (code EDRPOU 32007819) on March 3,
2005 after finding the limited liability company insolvent.  The
case is docketed as B 15/125/04.  Mr. Igor Yasnogor (License
Number AA 630052) has been appointed liquidator/insolvency
manager.  The company holds account number 26006220510100 at
JSPPB Aval, Dnipropetrovsk regional branch, MFO 305653.

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

(a) VIALENT
    49005, Ukraine, Dnipropetrovsk region,
    Furmanov Str. 14

(b) Mr. Igor Yasnogor
    Liquidator/Insolvency Manager
    49040, Ukraine, Dnipropetrovsk region, a/b 2350
    Phone/Fax: (0562) 31-82-12

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


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


A. V. AIR: Meeting of Creditors Set Next Week
---------------------------------------------
The creditors of A. V. Air Limited will meet on April 28, 2005 at
2:00 p.m.  It will be held at 43-45 Butts Green Road, Hornchurch,
Essex RM11 2JX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Vantis Redhead French Limited, 43-45 Butts Green
Road, Hornchurch, Essex RM11 2JX not later than 12:00 noon, April
27, 2005.

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


BARCLAYS CAPITAL: Hires Deloitte & Touche as Liquidator
-------------------------------------------------------
Name of companies:
Barclays Capital AMS (No.1) Limited
Barclays Capital AMS (No.2) Limited
Barclays Capital Futures Trading Limited
Barclays Capital Worldwide Holdings Limited
Wedd Durlacher International Limited

At the general meetings of these companies, the special
resolutions to wind up the companies were passed.  J. R. D. Smith
and N. J. Dargan of Deloitte & Touche LLP, Athene Place, PO Box
810, 66 Shoe Lane, London EC4A 3WA have been appointed joint
liquidators of the companies.

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


B & B STRUCTURES: Appoints BDO Stoy Hayward Administrator
---------------------------------------------------------
Dermot Justin Power and David Swaden (IP Nos 6006/01, 5495/01)
have been appointed joint administrators for architectural and
engineering company B & B Structures Limited.  The appointment
was made April 5, 2005.

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


BIGBEN INTERACTIVE: Names Ernst & Young Administrator
-----------------------------------------------------
Simon Allport and Mike Rollings (IP Nos 8763, 8107) have been
appointed joint administrators for Bigben Interactive UK Limited.
The appointment was made April 8, 2005.  The company designs and
distributes computer accessories.

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


CERESTEM LIMITED: Liquidator from Grant Thornton Moves in
---------------------------------------------------------
At the extraordinary general meeting of Cerestem Limited on March
31, 2005 held at Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP, the special resolution to wind up the
company was passed.  Andrew Conquest of Grant Thornton UK LLP,
Grant Thornton House, Melton Street, Euston Square, London NW1
2EP has been appointed liquidator of the company.

Creditors are required to send their debt claims to Andrew
Conquest of Grant Thornton UK LLP, 31 Carlton Crescent,
Southampton SO15 2EW on or before May 31, 2005.

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


COMMUNICORE HOLDINGS: Slates Creditors Meeting Next Week
--------------------------------------------------------
The creditors of Communicore Holdings Group Limited will meet on
April 26, 2005 at 12:00 noon.  It will be held at Hendon Hall,
Ashley Lane, off Parson Street, Hendon, London NW4 1HF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Berg Kaprow Lewis LLP, 35 Ballards Lane, London N3
1XW not later than 12:00 noon, April 25, 2005.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk


CORNHILL INSURANCE: Creditors' Claims Due Later this Month
----------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

     IN THE MATTER OF Cornhill Insurance (Guernsey) Limited
                         (In Liquidation)

Notice is hereby given that at an Extraordinary General Meeting
of Cornhill Insurance (Guernsey) Limited duly convened and held
on March 31, 2005, these Special Resolutions were passed
unanimously:

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

(b) That Neil Clifford White of Lince Salisbury in Guernsey be
    and is hereby appointed Liquidator with immediate effect.
    Any person owing monies to or having claims against the
    company is requested to send a detailed account thereof to
    the undersigned on or before April 30, 2005.

N. C. White Liquidator
April 8, 2005

CONTACT:  LINCE SALISBURY
          Avenue House
          St. Julians Avenue
          St Peter Port
          Guernsey GY1 1WA
          Phone: +44 (0) 1481 735000
          Fax: +44 (0) 1481 735001
          Web site: http://www.lince-salisbury.com


DEVONSHIRE HOUSE: Hires Butcher Woods as Administrator
------------------------------------------------------
Roderick Graham Butcher (IP No 8834) has been appointed
administrator for Devonshire House Associates Limited.  The
appointment was made April 8, 2005.  The company handles
exhibition contractors.

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


DICKINSON BROS.: Creditors Meeting Set Thursday
-----------------------------------------------
The unsecured creditors of Dickinson Bros. (Winsford) Ltd. will
meet on April 21, 2005 at 10:30 a.m.  It will be held at Baker
Tilly, Brazennose House, Lincoln Square, Manchester M2 5BL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, Brazennose House, Lincoln Square,
Manchester M2 5BL not later than 12:00 noon, April 20, 2005.

CONTACT:  BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


EDWARDS HARVEY: Calls Creditors Meeting
---------------------------------------
The creditors of Edwards Harvey Associates Limited will meet on
April 26, 2005 at 12:00 noon.  It will be held at Hendon Hall,
Ashley Lane, off Parson Street, Hendon, London NW4 1HF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Berg Kaprow Lewis LLP, 35 Ballards Lane, London N3
1XW not later than 12:00 noon, April 25, 2005.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk


FLIQUET HOLDINGS: Appoints Liquidator
-------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

           IN THE MATTER OF Fliquet Holdings Limited
                         (In Liquidation)

Notice is hereby given that at an Extraordinary General Meeting
of Fliquet Holdings Limited held on April 4, 2005, these
resolutions were unanimously adopted:

(a) That Fliquet Holdings Limited be voluntarily wound up; and

(b) That Thomas Barnes of Suite 7, Borough House, Rue du Pre,
    St. Peter Port, Guernsey be appointed as liquidator.

All persons having claims against or indebtedness to the company
are hereby requested to send details thereof to me as the
liquidator at Suite 7, Borough House, Rue du Pre, St. Peter Port,
Guernsey GY1 1EF, on or before April 30, 2005.

Thomas Barnes, Liquidator

CONTACT:  Thomas Barnes
          Suite 7, Borough House,
          Rue du Pre, St. Peter Port
          Guernsey GY1 1EF


GR8S LIMITED: Members Decide to Wind up Firm
--------------------------------------------
At the general meeting of the members of GR8S Limited, the
special and ordinary resolutions to wind up the company were
passed.  Paul John Clark and Andrew John Duncan of Menzies
Corporate Restructuring, 17-19 Foley Street, London W1W 6DW have
been appointed joint liquidators of the company.

Creditors are required to send in written statements of the
amounts they claim to be due to them from the company to Paul
John Clark, of Menzies Corporate Restructuring, 17-19 Foley
Street, London W1W 6DW on or before May 25, 2005.

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


HAWTHORNE ESTATES: Creditors Have Until May to File Claims
----------------------------------------------------------
At the general meeting of Hawthorne Estates Limited, the special
and ordinary resolutions to wind up the company were passed.
Tony Freeman of Tony Freeman & Company, New Maxdov House, 130
Bury New Road, Prestwich, Manchester M25 0AA has been appointed
liquidator to the company.

Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims and the names and addresses of their
Solicitors (if any), to Tony Freeman of New Maxdov House, 130
Bury New Road, Prestwich, Manchester on or before May 5, 2005.

CONTACT:  TONY FREEMAN & COMPANY
          New Maxdov House
          130 Bury New Road
          Manchester
          Greater Manchester M25 0AA
          Phone: 0161 798 4365
          Fax: 0161 798 4364
          E-mail: tony@tonyfreeman.com


HHG PLC: Court Approves Return of Cash Proposal
-----------------------------------------------
HHG plc expects to return the majority of the cash proceeds from
the disposal of Life Services to shareholders in exchange for
share cancellations under two transactions.

HHG received Friday Court approval for the first cancellation of
shares under the Return of Cash transaction.  The cancellation
for that transaction is scheduled following the Record Date
(expected to be 22 April 2005) and 1,409,633,940 of the total
2,710,834,500 ordinary shares on issue will be cancelled.

The next Court hearing, to be held on 25 April 2005, will be for
the cancellation of shares under the Reduction of Investor Base
transaction.  The number of shares to be cancelled under that
transaction will be announced following the hearing.

HHG will continue to keep the market informed.

                            *   *   *

HHG PLC announced in December that it has entered an agreement to
sell its Life Services business to Life Company Investor Group
Ltd. for a cash consideration of GBP1.025 billion, subject to
shareholder and regulatory approval.

It has proposed that the majority of the proceeds be returned to
shareholders in cash and that HHG, which will comprise Henderson
Global Investors and Towry Law, be renamed Henderson Group plc.

CONTACT:  HHG PLC
          4 Broadgate
          London
          EC2M 2DA, United Kingdom
          Phone: +44-20-7454-9779
          Fax: +44-20-7818-1820
          Web site: http://www.hhg.com

          Investor Inquiries
          Gail Williamson
          Director of Investor Relations
          Phone: +44 20 7818 5168
          E-mail: investor.relations@hhg.com


ITXC GLOBAL: Calls in Liquidator from Geoffrey Martin & Co.
-----------------------------------------------------------
At the extraordinary general meeting of ITXC Global UK Limited on
March 31, 2005 held at 12010 Sunset Hills Road, Reston, VA 20190,
USA, the special resolution to wind up the company was passed.
Stephen Goderski of Geoffrey Martin & Co, 7-8 Conduit Street,
London W1S 2XF has been appointed liquidator of the company.

CONTACT:  GEOFFREY MARTIN & CO.
          7-8 Conduit Street
          London W1S 2XF
          Phone: 020 7495 1100
          Fax: 020 7495 1144
          E-mail: stephen.goderski@geoffreymartin.co.uk


LINK ICA: Sets Meeting of Creditors Next Week
---------------------------------------------
The creditors of Link Ica Limited will meet on April 26, 2005 at
10:30 a.m.  It will be held at Hendon Hall, Ashley Lane, off
Parson Street, Hendon, London NW4 1HF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Berg Kaprow Lewis LLP, 35 Ballards Lane, London N3
1XW not later than 12:00 noon, April 25, 2005.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk


LITTLEWOODS GROUP: Abandoning Underperforming Stores
----------------------------------------------------
Retail group Littlewoods is to sell half of its 66 catalogue of
standalone stores to rival Argos for GBP44 million, according to
The Guardian.  Argos is also buying the Index name, though it
plans to rebrand the shops as Argos outlets.

Littlewoods will close the remaining stores along with 93 Index
concessions in department stores.  Up to 3,200 jobs are to be
lost, since Argos agreed to take only 800 staff under the buyout.
Most of the redundancies will come at the in-store concession.
The firm started a 90-day consultation with affected employees
and unions Monday.

David Simons, chairman, said Index has lost a total of GBP100
million since its inception in 1985.  He admitted that Argos,
owned by retail conglomerate GUS, has a superior brand and
greater buying power.  It could smother the stores into oblivion.
Last year Argos' turnover amounted to GBP3.5 billion, while that
of Index was only GBP440 million.

"If 20 years ago it had expanded at the same pace as Argos, maybe
it would have been a different story.  There was not the
investment in the early days and it did not recognize that
out-of-town was the way to go in the early 90s," he said.

Littlewoods will likely be left with nothing on the transaction
after employees are paid and the stores are closed.

Littlewoods group is owned by the Barclays brothers, who bought
the firm from the Moores family in 2002 for GBP750 million.

CONTACT:  LITTLEWOODS GROUP
          Alun Metford
          Head of Corporate Communications
          Phone: 0151 235 4278
          E-mail: alun.metford@littlewoods.co.uk
          Web site: http://www.littlewoods.co.uk


METALPLAN LIMITED: Hires Liquidator from Valentine & Co.
--------------------------------------------------------
At the extraordinary general meeting of Metalplan Limited on Jan.
14, 2005 held at 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS, the subjoined special and ordinary resolutions to wind up
the company were passed.  Mark S. Reynolds of 4 Dancastle Court,
14 Arcadia Avenue, London N3 2HS has been appointed liquidator of
the company.

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


MG ROVER: Hits back at Paper Insinuating Accounting Fraud
---------------------------------------------------------
The MG Rover camp denies suggestions of accounting irregularities
that surfaced after its collapse, The Guardian reports.

Midlands businessman John Towers, who led the GBP10 takeover of
MG Rover from BMW five years ago, called the allegations
"character assassination."  Parent Phoenix Venture Holdings
called it "ridiculous."

During the weekend, Trade secretary Patricia Hewitt ordered the
chairman of Financial Reporting Council Sir Bryan Nicholson to
inquire into Rover's accounts and Phoenix Venture.  The regulator
was recently bestowed the right to demand internal documents from
directors, companies and their auditors on suspicions of
accounting irregularity.

Mr. Towers told Birmingham's Sunday Mercury: "It is clear there
is nothing there to be found."  He was responding to an analysis
published by The Guardian that says there is some GBP400 million
in discrepancy in the firm's cash flow.

Mr. Towers also defended his payout.  According to him, his GBP40
million salary is below industry average.

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: Owes Former Owner GBP500 Million
------------------------------------------
The administrator of MG Rover estimates the carmakers' liability
to come at about GBP1 billion, according to Times Online.

PricewaterhouseCoopers said the debt includes GBP500 million
long-term loan from BMW, its former owner, and GBP400 million in
liabilities and money owed to creditors.  HBOS also holds a claim
against MG Rover through a car finance joint venture.

The administrator is trying to maximize the value of the firm's
assets.  It is to arrange this week the finishing of about 1,000
half-built cars.  Dealers are expected to demand big discounts on
their orders to cover limitations of the contract.

Richard Cort, head of the Rover Dealership Association, said:
"These cars don't have the three-year warranties that previous
vehicles had, and so that will have to be taken into
consideration."

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: Labor Regulation Blocking Chinese Deal
------------------------------------------------
The potential cost of redundancies that China's Shanghai
Automotive Industry Corporation could face should it enter a deal
with MG Rover is hindering revival of talks between the firms.

Under the Transfer of Undertakings (Protection of Employment)
Regulations of 1981, SAIC would have to pay if it sacks 3,000
employees under an original invest plan.

One source close to SAIC told The Telegraph: "If we wanted to
pick up the business and some employees, the cost of
redundancies, pensions and warranties will follow us around like
a bad smell."

An SAIC spokesman added: "We remain highly unlikely to do
anything while MG Rover is in administration."  MG Rover fell
into administration last week with debt of between GBP200 million
and GBP300 million after talks with SAIC fell through.

Meanwhile, a spokesman for DTI rejected any suggestion that the
Government could suspend the TUPE rules despite government
pressure for the deal to push through.  Ministers are keen to
preserve jobs at the region where they hold marginal seats in the
run up to the elections early in May.

She said: "TUPE regulations are legislation.  It is not in the
Government's gift to waive them, because it is up to Parliament
to consider changes to the legislation."

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


MULTI SYSTEM: Calls in Joint Administrators from Begbies Traynor
----------------------------------------------------------------
G. Bell and S. L. Conn (IP Nos 008710, 001762) have been
appointed joint administrators for Multi System Technologies
Limited.  The appointment was made April 7, 2005.

The factory manufactures control panel.  Its registered office is
located at Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP.

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


NEW GADGET: In Administrative Receivership
------------------------------------------
West Coast Capital appointed Kenneth Robert Craig (IP No 8584)
and Thomas Campbell MacLennan (IP No 8209) joint administrative
receivers for The New Gadget Shop Ltd. (Reg No 4078000).  The
application was filed March 18, 2005.  Its registered office is
located at Beaufort House, Chertsey Street, Guildford, Surrey GU1
4HA.

CONTACT:  TENON SCOTLAND
          2 Blythswood Square
          Glasgow
          Strathclyde G2 4AD
          Phone: 0141 226 3241
          Fax: 0141 204 3609
          E-mail: scotglas@netcomuk.co.uk

          TENON SCOTLAND
          1 Royal Terrace
          Edinburgh
          Lothian EH7 5AD
          Phone: 0131 557 4455
          Fax: 0131 556 0662
          E-mail: tom.maclennan@tenongroup.com


NORMAN & DAWBARN: Joint Administrators from Harrisons Move in
-------------------------------------------------------------
P. R. Boyle and J. C. Sallabank (IP Nos 008897, 008099) have been
appointed joint administrators for Norman & Dawbarn Limited.  The
appointment was made April 8, 2005.

The company manages architects and engineers.  Its registered
office is located at 9 Kean Street, Covent Gardens, London WC2B
4AY.

CONTACT:  HARRISONS
          4 St Giles Court, Southampton Street,
          Reading RG1 2QL
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


OCTOBER PUBLISHING: Names Bridgestones Administrator
----------------------------------------------------
Jonathan Lord and Robert Cooksey (IP Nos 9041, 9040) have been
appointed joint administrators for October Publishing Consultants
Limited.  The appointment was made April 6, 2005.

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


PHOENIX ACQUISITIONS: Names Antony Batty & Co. Administrator
------------------------------------------------------------
William Antony Batty (IP No 1049) has been appointed
administrator for investment company Phoenix Acquisitions Ltd.
The appointment was made April 5, 2005.  The registered office is
located at New House, Suite 24, 67-68 Hatton Garden, London EC1N
8JY.

CONTACT:  ANTONY BATTY & CO.
          New House, Suite 24,
          67-68 Hatton Garden,
          London EC1N 8JY


RED MC: Creditors Meeting Set Next Week
---------------------------------------
The creditors of Red Mc Limited will meet on April 26, 2005 at
12:00 noon.  It will be held at Hendon Hall, Ashley Lane, off
Parson Street, Hendon, London NW4 1HF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Berg Kaprow Lewis LLP, 35 Ballards Lane, London N3
1XW not later than 12:00 noon, April 25, 2005.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk


REEF RECRUITMENT: Hires Administrator from Robson Laidler
---------------------------------------------------------
William Paxton (IP No 008825) has been appointed administrator
for Reef Recruitment Limited.  The appointment was made April 5
2005.

The company supplies placement of temporary labor.  Its
registered office is located at Fernwood House, Fernwood Road,
Jesmond, Newcastle upon Tyne NE1 1TJ.

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


RENTOKIL INITIAL: Appoints Douglas Flynn Director
-------------------------------------------------
Further to the announcement regarding the appointment of Mr.
Douglas Flynn as chief executive of Rentokil Initial, which was
released through RNS on 7 February 2005 and, in accordance with
paragraphs 16.4 and 16.5 of the UKLA Listing Rules, the firm
provides these information on Mr. Flynn:

(a) details of any directorships of publicly quoted companies
    (whether British or otherwise) held in the last five years,
    indicating whether or not they are still held:  Aegis Group
    plc (resigned 31st March 2005);

(b) any unspent convictions in relation to indictable offences:
    None;

(c) details of any bankruptcies or individual voluntary
    arrangements entered by Mr. Flynn: None;

(d) details of any receiverships, compulsory liquidations,
    creditors, voluntary liquidations, administrations,
    company voluntary arrangements for any composition or
    arrangement with creditors or any class of its creditors of
    any company where Mr. Flynn was a director and with an
    executive function at the time of or within the 12 months
    preceding such events: None;

(e) details of any compulsory liquidations, administrations or
    partnerships voluntary arrangements of any partnerships
    where Mr. Flynn was a partner at the time of or within
    12 months preceding such events: None;

(f) details of receiverships of any of Mr. Flynn's assets or of
    a partnership of which Mr. Flynn was a partner at the time
    of or within the 12 months preceding such event: None; and

(g) details of any public criticisms of Mr. Flynn by a statutory
    or regulatory authority (including a recognized professional
    body) and whether he has ever been disqualified by a court
    from acting as a director of a company or from acting in the
    management or conduct or the affairs of any company: None.

                            *   *   *

In February, Standard & Poor's Ratings Services said its ratings
and outlook on U.K.-based facility service company Rentokil
Initial PLC (BBB+/Stable/--) remain unchanged following the
group's announcement that it plans to carry out a corporate
reorganization.

The reorganization, which will include a new listed holding
company, is intended to ensure that sufficient distributable
reserves remain to support likely future dividend payments.
Current distributable reserves are expected to be negatively
affected by the implementation of International Financial
Reporting Standards (IFRS), in particular by the need to
recognize the pension fund deficit as a liability.  The
reorganization will include a technical change to the group's
capital structure by reducing share capital to create
distributable reserves in the new holding company.

Standard & Poor's expects that there will be no change in
Rentokil Initial's financial policy due to the reorganization,
that existing debt will be transferred successfully to the new
holding company, and that the new debt structure will mirror the
existing structure.

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

          RENTOKIL INITIAL PLC
          Felcourt
          East Grinstead
          West Sussex RH19 2JY
          Phone: +44-1342-833-022
          Fax: +44-1342-326-229
          E-mail: pr@rentokil-initial.co.uk
          Web site: http://www.rentokil-initial.com


RESURGE PLC: Administrator from Antony Batty & Co. Moves in
-----------------------------------------------------------
William Antony Batty (IP No 1049) has been appointed
administrator for investment company Resurge Plc.  The
appointment was made March 30, 2005.  Its registered office is
located at New House, Suite 24, 67-68 Hatton Garden, London EC1N
8JY.

CONTACT:  ANTONY BATTY & CO.
          New House, Suite 24,
          67-68 Hatton Garden,
          London EC1N 8JY


SKILLGLASS LTD.: Appoints Antony Batty & Co. Administrator
----------------------------------------------------------
William Antony Batty (IP No 1049) has been appointed
administrator for investment company Skillglass Ltd.  The
appointment was made March 30, 2005.  Its registered office is
located at New House, Suite 24, 67-68 Hatton Garden, London EC1N
8JY.

CONTACT:  ANTONY BATTY & CO.
          New House, Suite 24,
          67-68 Hatton Garden,
          London EC1N 8JY


TECHNIQUE LABELS: Meeting of Creditors Friday
---------------------------------------------
The creditors of Technique Labels Limited will meet on April 22,
2005 at 11:00 a.m.  It will be held at Britannia International
Hotel, Marsh Wall, Canary Wharf, London E14 9SJ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to S.F. Plant & Co., Lutomer House, 100 Prestons
Road, Docklands, London E14 9SB not later than 12:00 noon, April
21, 2005.

CONTACT:  S. F. PLANT & CO.
          Lutomer House Business Centre
          100 Prestons Road
          London E14 9SB
          Phone: 0207 538 2222
          Fax: 0207 538 3322


WHALLEY ROAD: Calls in Administrators from DTE Leonard Curtis
-------------------------------------------------------------
A. Poxon and P. Reeves (IP Nos 8620, 1434) have been appointed
joint administrators for Whalley Road Services Limited.  The
appointment was made March 7, 2005.

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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (531)       1,471      129


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR   (202)         176      (17)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                      (32)         124      (63)
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Agor AG                   DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Glunz AG                  GLUG        (0)         428      (17)
Kamps AG                  KMPSF.PK   (93)       1,075      (61)
Kaufring AG               KAUG       (19)         151      (51)
Mannheimer AG                        (15)         879      N.A.
Marbert AG                MTBG       (13)         144      (50)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (106)       1,264      (50)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (38)         150      (26)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Delta Ice Cream                       (3)         183      (14)
DryShips Inc.             DRYS        (4)         184      (29)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                       (31)         793     (248)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (16,510)       5,285     (332)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


LUXEMBOURG
----------
Oriflame Cosmetics S.A.   ORI.ST     (44)         378       97


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (422)       1,982      327
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Pan Fish ASA                         (24)         514      327
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


RUSSIA
------
Kamchatskenergo                     (107)         291   (7,319)
Zil Auto                            (147)         349   (9,974)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


SWITZERLAND
-----------
Kaba Holding AG           KABZN      (23)         582      260
Swisslog Holding-R        SLOG       (98)         354      151


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (34)       3,877     (606)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,318)       3,472     (293)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV       (130)         997      (56)
Invensys PLC                        (559)       5,885      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L       (8)         297        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Misys Plc                 MSY       (334)         934       44
Mytravel Group            MT.L    (1,118)       2,551     (533)
Orange Plc                ORNGF     (594)       2,902        7
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L     (565)       1,105       34
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,092)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *