---

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

                           E U R O P E

             Monday, April 25, 2005, Vol. 6, No. 80

                            Headlines

C Z E C H   R E P U B L I C

ZBROJOVKA BRNO: Expects CZK100 Mln from Firearms Unit Sale


F R A N C E

KLICK PRODUCTION: Macon Court Orders Liquidation
SAID ABDELHAKIM: Court Sanctions Reorganization


G E R M A N Y

AUTOHAUS MATZK: Sets First Creditors Meeting June
EKICI GMBH: Mannheim Court Stays All Pending Lawsuits
EUROPLOT GMBH: Creditors Have Until Next Week to File Claims
HEIMDECOR-FACHMARKT: Court Appoints Interim Administrator
HEINRICH HERBST: Court Names Stephan Neubauer Administrator

HELSA TECH: Claims Deadline Nears
M U. M FOTOKOPIER: Sets Creditors Meeting June
NURMONT GMBH: Administrators' Report Out May
PRATER GMBH: Gives Creditors Until May to File Claims
TAXICO PERSONENBEFORDERUNG: Succumbs to Bankruptcy
VOLKSWAGEN AG: Chinese Unit Opts to Cut Cost, not Price


I T A L Y

PARMALAT FINANZIARIA: Court Allows Citigroup Suit to Proceed


L U X E M B O U R G

MILLICOM INTERNATIONAL: First-quarter Revenues Up 26%


N E T H E R L A N D S

ROYAL SHELL: 2004 Net Income Swells to US$18.5 Bln Under IFRS
ROYAL SHELL: Opens Hazira LNG Receiving Terminal


R U S S I A

AGRO-MASH: Undergoes Bankruptcy Supervision Procedure
ALIOT: Bankruptcy Proceedings Begin
AMUR-OIL-MARKET: Bankruptcy Hearing Resumes May
BUGULMINSKIY REPAIR-MECHANICAL: Under Bankruptcy Supervision
DAIRY OF ZEYA: Amur Court Opens Bankruptcy Proceedings

ENERGO-GAS-SERVICE: Creditors Have Until May 19 to File Claims
MASLOVO-PRISTANSKIY ZHBK: Declared Insolvent
MOVABLE MECHANIZED: Names A. Gladkov Insolvency Manager
MOZHGA: Deadline for Proofs of Claim May 19
RIVMAR: Astrakhan Court Appoints Insolvency Manager


S W I T Z E R L A N D

SWISS INTERNATIONAL: Board Proposes Term Extension for 5 Members


U K R A I N E

BALAKLIJSHINA: Proofs of Claims Due Friday
DENGIVSKE: Insolvency Manager Moves in
FORTEKS-TRADE: Declared Insolvent
IFA: Proofs of Claim Deadline Expires Tomorrow
KERCHAUTOSERVICE: Last Day for Filing Claims April 29

LUGANSKMISKBUD: Liquidator Takes over Operations
NIVA: Gives Creditors Until Friday to File Claims
OREST: Appoints Temporary Insolvency Manager
SPECREMBUDPROEKT: Succumbs to Bankruptcy
UVSA: Kyiv Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ACORN TELECOMS: Members Decide to Wind up Firm
ADM (SOLUTIONS): Names Administrators from Leonard Curtis
A H INTERIORS: Appoints BN Jackson Norton Liquidator
ALLIED DOMECQ: Moody's Reviews Ratings for Possible Downgrade
ANYA CONSTRUCTION: Names Liquidators from P&A Partnership

BARBER LETTING: Meeting of Creditors Set Friday
BRUNDRETT LIMITED: Appoints Wallets Insolvency Administrator
BUILDMASTER CONSTRUCTION: Members Decide to Wind up Company
CABINET FACTORY: Business for Sale
C B C CORPORATION: Members Pass Winding-up Resolutions

CHARACTER GROUP: Dips Into the Red in First Half
CITIZENS RIGHTS: Calls in Liquidator from Unity Corporate
COLT TELECOM: Appoints Dr. Mahmoodshahi Chief Technology Officer
COLT TELECOM: Turnover Drops 0.4% Compared Q4 2004
DANA MANAGEMENT: Members Pass Winding-up Resolutions

EDWARDS CARS: Appoints PwC Partners Joint Administrators
E-FEX (CONGLETON): Names Royce Peeling Green Liquidator
EIC INVESTMENT: Members Hire Liquidator from Wilkins Kennedy
EIDOS PLC: Elevation Walks Away from Bid Talks
ELEPHANTE LIFT: Up for Sale

EMI GROUP: Ratings Lowered To 'BB+/B'; Off Watch; Outlook Stable
F. EARDLEY: Appoints Moore Stephens Liquidator
FINSBURY PARK: Names Kingston Smith Liquidator
FYLDE BREWING: Administrators from Unity Corporate Move in
GADGET SHOP: Closure of Remaining Stores Costs 600 Jobs

GALLET CONSTRUCTION: Members Names Langley & Partners Liquidator
GREEN PLANT: Hires Valentine & Co. as Liquidator
GURKHA SQUARE: Liquidator from Kallis & Co. Moves in
JOHN HICKTON: Names Deloitte & Touche Administrator
LEA-WOLF LIMITED: Members Call in Liquidator from Jones Lowndes

MG ROVER: Exports Arm Calls In PwC Administrators
MG SPORT: Car Manufacturer Calls in PwC Administrator
OWERTOWER LIMITED: Calls in Administrators from Vantis Business
PEARCE SIGNS: Business for Sale
PEAR RECYCLING: HSBC Appoints Baker Tilly Receiver

PHOENIX VENTURE: Two More Outlets Closed
RAMCO ENERGY: Two-month Sale Talks Closed
UNIQUE COMMERCE: Underwear Group Up for Sale
W.H. KEYS: Names BDO Stoy Hayward Administrator
WH SMITH: Reports Profit Before Tax of GBP61 million
W H TRADE: In Administrative Receivership


                            *********


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


ZBROJOVKA BRNO: Expects CZK100 Mln from Firearms Unit Sale
----------------------------------------------------------
The receiver of bankrupt gun-maker Zbrojovka Brno plans to
stabilize its arms production unit before selling it, Czech
Happenings says.

Martin Kopcil, who is currently holding non-binding talks with
five possible buyers, expects to raise CZK100 million from the
sale of the group.

Judge Jiri Berka declared Zbrojovka bankrupt in March 2003, but
kept the group's arms production unit operating.  Shortly after,
it emerged from bankruptcy only to fall back in in October that
year.  Around 72 creditors have filed CZK465 million in claims
against the company.  Its largest creditors are Czech Social
Security Administration CSSZ, GE Money Bank, bailout agency CKA
and the local tax office.

Zbrojovka, which employs 120, exports 80% of its hunting arms to
Finland, Germany, Spain, Italy, Poland, Ukraine, Romania and
Canada.

CONTACT:  ZBROJOVKA BRNO
          Lazaretni 7
          615 00 Brno
          Phone: +420 777 917 442
                 +420 545 153 274
          Fax: +420 545 152 290
          Web site: http://www.zbrojovkabrno.com

          CSSZ PRAHA
          Krizova 25
          225 08 Praha 5
          Phone: o 257 061 111
          Web site: http://www.cssz.cz

          GE MONEY BANK
          BB Centrum
          Vyskocilova 1422/1a
          140 28 Praha 4 - Michle
          Phone: +420 224 443 636, 224 443 632
          Fax: +420 224 441 500
          Web site: http://www.gemoney.cz

          CESKA KONSOLIDACNI AGENTURA
          Janovskeho 438/2
          170 06 Praha 7
          Phone: ++420 2 2014 1111
          Fax: ++420 2 3337 2033
          Telex: 122 931 kobp c
          E-mail: info@czka.cz
          Web site: http://www.czka.cz


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


KLICK PRODUCTION: Macon Court Orders Liquidation
------------------------------------------------
The Commercial Court of Macon placed Klick Production
Developpement Culturel Artistique into judicial liquidation on
April 7, 2005.  Liquidator SCP Jean-Jacques Deslorieux has been
appointed to facilitate the sale of the company's assets.  Proofs
of claim must be submitted to the liquidator within two months
following the ruling's publication in BODACC.

CONTACT:  KLICK PRODUCTION DEVELOPPEMENT CULTUREL ARTISTIQUE,
          73, rue de Barbentane
          71000 Macon

          SCP Jean-Jacques Deslorieux
          44, rue de la Republique, B.P. 3,
          71640 Givry


SAID ABDELHAKIM: Court Sanctions Reorganization
-----------------------------------------------
The Commercial Court of Dijon placed Said Abdelhakim E.U.R.L.
into judicial reorganization 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.  The
company supplies meat and poultry products.

CONTACT:  SAID ABDELHAKIM E.U.R.L.
          4, place Centrale
          21800 Quetigny

          Bissieux Jean-Joachim
          36, rue Jeannin
          21000 Dijon.


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


AUTOHAUS MATZK: Sets First Creditors Meeting June
-------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Autohaus Matzk GmbH on March 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 4, 2005 to register their
claims with court-appointed provisional administrator Prof. Dr.
Rolf Dieter Monning.

Creditors and other interested parties are encouraged to attend
the meeting on June 21, 2005, 10:00 a.m. at the district court of
Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, 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:  AUTOHAUS MATZK GMBH
          Kathe Kollwitz Ufer 37
          01309 Dresden

          Prof. Dr. Rolf Dieter Monning, Administrator
          Heideparkstrasse 4
          01099 Dresden
          Web site: http://www.insolnet.de


EKICI GMBH: Mannheim Court Stays All Pending Lawsuits
-----------------------------------------------------
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, Westflugel (Bismarckstr. 14), 1. Stockwerk/Raum 232,
68149 Mannheim 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
          Gotenstr. 23
          68259 Mannheim
          Contact:
          Ramiz Ekici, Manager

          Michael Bohlander, Administrator
          Goethestr. 8
          68161 Mannheim


EUROPLOT GMBH: Creditors Have Until Next Week to File Claims
------------------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against EuroPlot 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 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, Westflugel (Bismarckstr. 14), 1. Stockwerk/Raum 232,
68149 Mannheim 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
          Birkenauer Talstr. 101
          69469 Weinheim
          Contact:
          Wilhelm Volkle, Manager

          Martin Wiedemann, Administrator
          O 3, 11+12
          68161 Mannheim


HEIMDECOR-FACHMARKT: Court Appoints Interim Administrator
---------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against heimdecor-Fachmarkt GmbH on April 1, 2005.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until May 23, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jurgen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting on June 24, 2005, 11:00 a.m. at the district court of
Leipzig at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  HEIMDECOR-FACHMARKT GMBH
          Hintergartenweg 19
          04808 Grosszschepa
          Contact:
          Gabriele Ryborsch, Manager

          Dr. Jurgen Wallner, Administrator
          Karl-Heine-Strasse 25b
          04229 Leipzig


HEINRICH HERBST: Court Names Stephan Neubauer Administrator
-----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Heinrich Herbst GmbH on March 29.  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 Stephan
Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 9:25 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122 d, 22083 Hamburg,
Saal 1, 2, 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:  HEINRICH HERBST GMBH
          Ausschlager Weg 7, 20537 Hamburg
          Contact:
          Daniel Back, Manager
          Osterbrooksweg 12
          22869 Schenefeld
          Bjorn Raschke, Manager
          Harvighorster Weg 5b
          21509 Glinde

          Stephan Neubauer, Administrator
          Spitalerstrasse 4, 20095 Hamburg
          Phone: 334010
          Fax: 33401521


HELSA TECH: Claims Deadline Nears
---------------------------------
The district court of Hannover opened bankruptcy proceedings
against HeLSa Tech GmbH on March 30.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 18, 2005 to register their claims with
court-appointed provisional administrator Reinhard Muhl.

Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 8:30 a.m. at the district court of
Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, 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:  HELSA TECH GMBH
          Grosshorst 35
          30916 Isernhagen
          Contact:
          Hermann Hitz, Manager

          Reinhard Muhl, Administrator
          Luisenstr. 9
          30159 Hannover
          Phone: 0511/36703-0
          Fax: 0511/36703-133


M U. M FOTOKOPIER: Sets Creditors Meeting June
----------------------------------------------
The district court of Munster opened bankruptcy proceedings
against M u. M Fotokopier- und Schnelldruck GmbH on April 6,
2005.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until May 13,
2005 to register their claims with court-appointed provisional
administrator Dr. Carsten M. Wirth.

Creditors and other interested parties are encouraged to attend
the meeting on June 3, 2005, 9:30 a.m. at the district court of
Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster 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:  M U. M FOTOKOPIER- UND SCHNELLDRUCK GMBH
          Neustrasse
          48703 Stadtlohn
          Contact:
          Michael Dolle, Manager

          Dr. Carsten M. Wirth, Administrator
          Von-Steuben-Strasse 20
          48143 Munster
          Phone: 0251/53599-0
          Fax: +492515359910


NURMONT GMBH: Administrators' Report Out May
--------------------------------------------
The district court of Nurnberg opened bankruptcy proceedings
against Nurmont GmbH Maschinen und Anlagenbau on April 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 10, 2005 to
register their claims with court-appointed provisional
administrator Dr. Siegfried Beck.

Creditors and other interested parties are encouraged to attend
the meeting on May 12, 2005, 10:45 a.m. at the district court of
Nurnberg, Flaschenhofstr 35, Sitzungssaal 152/I, 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 June 28, 2005, 10:15 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  NURMONT GMBH MASCHINEN UND ANLAGENBAU
          Am Keuper 14
          90475 Nurnberg
          Contact:
          Manfred Kreuzer, Manager

          Dr. Siegfried Beck, Administrator
          Stahlstr. 17
          90411 Nurnberg
          Phone: 0911/951285-0
          Fax: 0911/951285-10


PRATER GMBH: Gives Creditors Until May to File Claims
-----------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Prater GmbH & Co. KG on April 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until May 24, 2005 to register their
claims with court-appointed provisional administrator Frank
Imberger.

Creditors and other interested parties are encouraged to attend
the meeting on June 16, 2005, 10:40 a.m. at the district court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschos
s, Saal A29, 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:  PRATER GMBH & CO. KG
          Sibeliusstr. 11
          45772 Marl
          Contact:
          Michael Manetti, Manager
          Henry Schwabe, Manager
          Appenweier Str. 2
          51107 Koln

          Frank Imberger, Administrator
          Huestrasse 34
          44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


TAXICO PERSONENBEFORDERUNG: Succumbs to Bankruptcy
--------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against TaxiCo Personenbeforderung GmbH on March 30.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 24, 2005 to
register their claims with court-appointed provisional
administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 9:45 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 August 24, 2005,
8:30 a.m.

CONTACT:  TAXICO PERSONENBEFORDERUNG GMBH
          Alt-Friedrichsfelde 93,10315 Berlin

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


VOLKSWAGEN AG: Chinese Unit Opts to Cut Cost, not Price
-------------------------------------------------------
Volkswagen President Bernd Leissner says the China group will
focus on cost-cutting measures rather than employing price
reduction.

"How am I supposed to explain to a customer that I'm selling a
car today for 112,000 yuan and tomorrow for 97,000?" Interactive
Investor quoted Mr. Leissner, who noted that further price cuts
would only weaken the value of VW China's products.

Mr. Leissner advised pumping up the car features and benefits
amid customers demanding for reimbursements following
post-purchase price cut-downs.  He also highlighted the positive
effect on its market share after the China group opted to only
report sales to customers, instead of registering sales to
dealers as actual sales.  The latter only blurs the view of the
overall market, he said.

Winfried Vahland was earlier reported to assume leadership in
China in July as the company expects the division to incur about
EUR400 million in losses this year.

Market share in China fell from 29 to 11 percent at the start of
the year, reportedly due to decreasing volumes and pricing with
fixed losses.

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


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


PARMALAT FINANZIARIA: Court Allows Citigroup Suit to Proceed
------------------------------------------------------------
All is set for Parmalat's US$10 billion suit against U.S. bank
Citigroup, Reuters says.

In a one-page order, a New Jersey state appeals court ruled that
Parmalat could pursue its fraud case against Citigroup.  The
appeals court denied Citigroup's petition to reverse a Bergen
County court's decision allowing the suit.

Marc Greenwald, a lawyer for court-appointed administrator and
chief executive Enrico Bondi, said in a statement, "We will now
press ahead with discovery and proving our case in court."

Parmalat, represented by Mr. Bondi, has accused Citigroup and
bank executives of conniving with former managers in a financial
fraud that amassed EUR14 billion in debt and caused the collapse
of the dairy giant.

Citigroup previously sought the dismissal of the lawsuit,
claiming that it lacks merit and that the New Jersey court had no
jurisdiction to hear the case.  Citigroup filed counterclaims,
accusing Mr. Bondi of negligent misrepresentation and fraud.  The
bank also claimed that Mr. Bondi targeted it as a "deep pocket."
The world's largest financial services company insisted it also
lost hundreds of millions of dollars from the scam.

Bergen County Superior Court Judge Jonathan Harrism, however,
ruled on Feb. 28 that, although it was too early to assign blame
for Parmalat's collapse, the lawsuit against Citigroup had
sufficient merit to proceed.

Mr. Bondi assumed control of Parmalat after a EUR14 billion
financial scandal forced the company to file for bankruptcy.  As
administrator, he led the disposal of several non-core Parmalat
units and filed multi-billion-euro suits against 50 former banks,
auditors, financial advisers and managers.

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

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

          CITIGROUP INC.
          399 Park Ave.
          New York, NY 10043
          Phone: 212-559-1000
          Fax: 212-793-3946
          Toll Free: 800-285-3000
          Web site: http://www.citigroup.com


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


MILLICOM INTERNATIONAL: First-quarter Revenues Up 26%
-----------------------------------------------------
Millicom International Cellular S.A. (Nasdaq Stock Market: MICC,
Stockholmsborsen and Luxembourg Stock Exchange: MIC), the global
telecommunications investor, announces results for the quarter
ended March 31, 2005.

Highlights

(a) 19% increase in EBITDA for Q1 05 to US$126.5 million (Q1 04:
    US$106.6 million)[1];

(b) (Loss)/Profit for Q1 05 of US$(11.3) million (Q1 04: US$14.6
    million)(iv);

(c) Basic (Loss)/Earnings per common share for Q1 05 of
    US$(0.11) (Q1 04:US$0.22) (iv);

(d) Quarterly total subscriber increase for Q1 05 of 828,394
    (i).

Financial summary for the quarters ended March 31, 2005 and 2004*


                  March 31           March 31          Change
                   2005                2004
Worldwide
subscribers [i]   5,960,090         4,128,030          44%
-  proportional   8,541,595         5,897,371          45%
cellular [ii]
-  total cellular

US$ '000
  Revenues           268,891           213,065          26%

Operating profit     126,473           106,566          19%
   before interest,
   taxes,
   depreciation and
   amortization,
   EBITDA[iii]

EBITDA margin            47%               50%           -

(Loss)/Profit        (11,263)           14,570           -
   for the period

Basic earnings         (0.11)             0.22           -
   per common share
   (US$)

Diluted earnings       (0.11)              .20           -
   per common share
   (US$)

Weighted average      98,637            65,963           -
   number of shares
   (thousands)

Weighted average      98,637            79,930           -
   number of shares
   and potential
   dilutive shares
   (thousands)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1]* Figures for 2004 exclude divested operations for financial
results down to and including EBITDA

[i] Subscriber figures represent the worldwide total number of
subscribers of cellular systems in which Millicom has an
ownership interest. Subscriber figures exclude divested
operations.

[ii] Proportional subscribers are calculated as the sum of
Millicom's percentage ownership of subscribers in each operation.

[iii] EBITDA; operating profit before interest, taxation,
depreciation and amortization, is derived by deducting cost of
sales, sales and marketing costs, and general and administrative
expenses from revenues

[iv] Comparative information restated as a result of the adoption
of IFRS 2, "Share-based Payment"
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Marc Beuls, Millicom's President and Chief Executive Officer
stated, "Millicom has started the year strongly with good
subscriber growth reflecting both increased investment,
particularly in new GSM networks in 2004, and growing demand in
its key markets.  Millicom has some 8.5 million subscribers and
with penetration rates taking off in Asia and Africa, the
prospects are excellent.  Excluding Q3 03 when we reconsolidated
the El Salvador numbers, Q1 05 set a new proportional subscriber
intake record.

"Paktel is approaching 400,000 subscribers on its GSM network and
is on track to meet its target of adding one million subscribers
in the first year since the launch of GSM services. Pakcom agreed
payment terms for its license similar to Paktel's on 18th April
2005 and this business will start to grow again with the
conversion to CDMA infrastructure in Q4 05.  The heavy investment
in sales and marketing in Pakistan has affected South Asia and
group margins in the last two quarters and it will take until
2007 before this region again attains average group margins.

"Africa remains the fastest growing market showing growth in
total subscribers of 70% over the first quarter of 2004 and is
the third largest region in terms of revenues after Central
America and South East Asia.  There will continue to be
opportunities to expand into new territories in Africa, the
latest being Millicom's license in Chad which is expected to be
operational in 2005.

"In Vietnam the negotiations on the continuation of the
cooperation have not yet led to an agreement between the parties.
The negotiations on the creation of a Joint Stock Company, as
agreed between the parties by signing the MOU last November, are
continuing.  The Government of Vietnam has agreed to equitize
VMS, our partner under the current BCC.  This is the first
equitization of a major telecommunication company in Vietnam,
which explains why at present, no information is available as to
the process of this equitization.  For Millicom's subsidiary
Comvik International Vietnam "CIV" to form a joint venture with
VMS changes in legislation will be needed in the future. It is
unlikely that this process will have started by the end of the
BCC on May 18th and without agreement between the parties at that
date, Millicom will no longer be able to consolidate the Vietnam
numbers. Millicom will communicate on progress during the second
quarter.

"Millicom is well-funded, with cash reserves of over half a
billion dollars and generating free cash. These resources will
allow the company to exploit the multiple opportunities that are
currently available in its markets."

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

          SHARED VALUE LTD. (LONDON)
          Andrew Best
          Investor Relations
          Phone: +44 20 7321 5022


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


ROYAL SHELL: 2004 Net Income Swells to US$18.5 Bln Under IFRS
-------------------------------------------------------------
The Royal Dutch/Shell Group of Companies presented Friday the
accounting impacts of the adoption of International Financial
Reporting Standards (IFRS).  This provided information on the
transition adjustment from U.S. Generally Accepted Accounting
Principles (GAAP) at January 1, 2004 and guidance on the impact
for 2004.

Published on Friday are the Group's 2004 quarterly and annual
results under IFRS, which will be the comparative data presented
in its 2005 quarterly results announcements and annual report.
These results are subject to the adoption by December 31, 2005 of
any further IFRS pronouncements.  Furthermore, these results are
subject to completion of the proposed unification, which will
require that the 2005 financial statements be prepared for Royal
Dutch Shell Plc.

Starting with the financial results announcement for the first
quarter of 2005 on April 28, 2005, the Group will be reporting
its 2005 quarterly and annual results under IFRS.

The schedules show a reconciliation to 2004 financial statements
for the Group as published in the 2004 Form 20-F filed with the
U.S. Securities and Exchange Commission (SEC) on March 30, 2005.

Impacts from IFRS arise from first time adoption choices and
differences in accounting policies and in presentation format
between U.S. GAAP and IFRS.  There is no impact on the Group's
strategy, financial framework and there is only a minor movement
in cash and cash equivalents.

Consistent with advice provided in November 2004 on the IFRS
impact, the key changes to the financial statements are:

Income statement

(a) 2004 Group net income increases US$358 million from US$18.2
    billion under U.S. GAAP to US$18.5 billion under IFRS.  Main
    individual items contributing to the increase arise from the
    IFRS treatment of accounting for major inspection costs
    (+US$0.2 billion), additional impairments (-US$0.3 billion)
    and reversals of impairments (+US$0.5 billion), pension
    costs(-US$0.2 billion), share-based compensation (-US$0.1
    billion) and lower charges for cumulative currency
    translation differences (CCTD) on divestments (+US$0.1
    billion) (see further details below).

(b) The IFRS presentation format has been adopted;

(c) Presentation changes from U.S. GAAP to IFRS are:

    (i) Discontinued operations adjustments; and

   (ii) The definition of activities classed as "discontinued
        operations" differs from that under U.S. GAAP.  As a
        result only earnings from the polyolefins joint venture
        Basell, which is held for sale, are classified as
        "income from discontinued operations" in 2004.

(d) IFRS reclassifications of reported line items:

    (i) Certain joint ventures are accounted for using the
        equity method under IFRS and were previously
        proportionately consolidated.  This impacts individual
        line items in the financial statements but has no effect
        on income;

   (ii) The "share of profit of equity accounted investments" is
        now shown net of finance costs and tax;

  (iii) Accretion expense for asset retirement obligations is
        now shown in "net finance costs"; and

   (iv) Research and development costs are included in "cost of
        sales."

Balance sheet

(a) Net assets at transition on January 1, 2004 decrease by
    US$4.7 billion.  Net assets at December 31, 2004 decrease by
    US$4.5 billion and total debt increases by US$0.2 billion;

(b) The IFRS presentation format has been adopted;

(c) Presentation changes from U.S. GAAP to IFRS are

    (i) Reclassifications of reported line items;

   (ii) Certain joint ventures are accounted for using the
        equity method under IFRS and were previously
        proportionately consolidated.  This impacts individual
        line items in the balance sheet but has no effect on
        Group equity; and

  (iii) Provisions require reporting on separate lines on the
        balance sheet.

Statement of Cash flow

(a) The IFRS presentation format has been adopted;

(b) Under the IFRS format, the amounts of taxation accrued and
    taxation paid are shown separately within "cash flow from
    operating activities," rather than within working capital
    movements;

(c) Reported "cash flow from operating activities" in 2004 has
    increased by US$1.4 billion with an offset in cash flow from
    investing and financing activities.  This is mainly due to:

    (i) The different presentation of interest (interest paid is
        now included in financing activities and interest
        received in investing activities) with an effect of
        US$0.5 billion;

   (ii) Write-offs of previously capitalized exploratory well
        costs are now added back within "cash flow from
        operating activities" in "other" and not deducted from
        capital expenditure with an effect of US$0.5 billion;
        and

  (iii) Major inspection costs are capitalized (and therefore
        shown in "investing activities") and were previously
        expensed.  This has an effect of US$0.4 billion.


(d) Key adjustments to reflect accounting policies under IFRS
    are described:

    Employee Benefits (pension funds)

    (i) As stated in November 2004, there is no impact on the
        actuarial position or funding of the pension funds,
        which continue to be well funded;

   (ii) Unrecognized gains and losses related to defined benefit
        pension arrangements and other post retirement benefits
        at the date of transition (1 January 2004) have been
        recognized in the 2004 opening balance sheet, with a
        corresponding reduction in Group equity (net assets) of
        US$4.9 billion.  During 2004 the pre-tax net liability
        recognized in the balance sheet under IFRS decreased
        from US$5.8 billion at 1 January 2004 to US$4.7 billion
        at 31 December 2004.  Under US GAAP the pre-tax net
        asset recognized increased from US$1.7 billion at 1
        January 2004 to US$3.3 billion at 31 December 2004;

  (iii) The use of the fair value of pension plan assets (rather
        than market-related value) to calculate annual expected
        investment returns and the changed approach to
        amortization of investment gains/losses can be expected
        to increase volatility in income going forward; and

   (iv) Under IFRS there is an additional charge in 2004 for
        defined benefit pension arrangements of US$0.2 billion
        after tax.

    Net Equity and CCTD

    (i) At transition (1 January 2004), the composition of net
        equity changed because the balance of cumulative
        currency translation differences (CCTD) under US GAAP of
        US$1.2 billion was eliminated to increase retained
        earnings.  Neither net assets nor equity in total were
        impacted.  Because of this elimination, the amount of
        CCTD charged to income on disposals in 2004 was lower by
        US$0.1 billion under IFRS compared with US GAAP; and

   (ii) In 2004 and going forward, CCTD will continue,
        reflecting currency translation effects on net assets of
        entities with non-US dollar functional currencies.

Impairments and Reversals of Impairments

IFRS requires the use of discounted cash flows for impairment
testing and may also require impairment reversals when
circumstances change.  Under this methodology, in 2004 previous
impairments of certain Exploration & Production assets (Aera and
Venezuela) have been reversed (with a credit to income of US$0.5
billion).  Also certain North American tolling assets in Gas &
Power and certain Chemicals assets required impairment and the
amount of the impairment for Basell differed under IFRS from that
under US GAAP (with a combined net charge to income of US$0.3
billion).

Major Inspection Costs

(a) Major inspection costs are capitalized using the "Solomon"
    industry definition of major inspection. At transition (1
    January 2004), net assets increased by US$0.4 billion; and

(b) The impact on income going forward is reflected in lower
    operating costs and higher depreciation, having a net
    positive effect on income in 2004 of US$0.2 billion.

Share-based Compensation

Share options awards made after November 7, 2002 and not vested
at January 1, 2005 are expensed rather than the previous practice
of pro forma disclosure in the notes to the financial statements.
2004 income was reduced by US$0.1 billion.

Other

There were other minor differences arising mainly from IAS 12
Income Taxes, IAS 16 Property, Plant and Equipment and IAS 17
Leases.

The main reasons for changes in earnings by industry segment
under IFRS are:

(a) Exploration & Production.  The reversals of impairments
    (Venezuela and Aera) and lower CCTD charges on divestments;

(b) Gas & Power.  The North American tolling impairment;

(c) Oil Products.  Capitalization of major inspection costs and
    the effect of CCTD on divestments, partly offset by
    additional pension charges;

(d) Chemicals.  The lower impairment of Basell and other
    impairments as a result of the IFRS adoption; and

(e) Other & Corporate.  The reclassification of certain
    operating leases as finance leases increases net finance
    costs.

Full details of the accounting policies under IFRS will be made
available at http://www.shell.comon April 28, 2005.

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


ROYAL SHELL: Opens Hazira LNG Receiving Terminal
------------------------------------------------
Royal Dutch/Shell Group has opened Thursday the Hazira LNG
receiving terminal, located near Surat in the state of Gujarat in
Northwest India.  The Hazira terminal received its first cargo on
April 17, which arrived from Australia.  Following the cool-down
of the plant and other commissioning work, gas will flow to
Hazira's first customer, Gujarat State Petroleum Corporation,
shortly.

Hazira is a joint venture between Shell (74%) and Total (26%).
The facility is capable of receiving up to 2.5 million tonnes of
LNG per annum (mtpa), and has future expansion potential up to
10mtpa.

The commissioning of Hazira was marked by celebrations held
concurrently in Delhi, Ahmedabad, the Hazira site, The Hague and
Paris.  Distinguished guests joined the celebrations including
the Indian Union Minister of Petroleum and Natural Gas Mr. Mani
Shankar Aiyer; the Chief Minister of Gujarat, Mr. Narendra Modi;
and Shell Gas and Power Executive Director, Linda Cook, who took
part in a satellite linked inauguration ceremony and dedication
of the project to the Indian nation.

A special first day postal cover was released to commemorate the
occasion.  At the Hazira project site, in a symbolic ceremony the
construction team handed the project over to the operations team.

Linda Cook said, "Shell is very proud that the Hazira terminal
has received its first cargo of LNG and delivered first gas to
customers.  The Hazira project demonstrates Shell's LNG strategy
in action, moving quickly to take strategic positions in key
emerging markets.

"This investment is the latest example of Shell extending its
leadership in LNG.  Driven by its strong economic growth the gas
market in India will go from strength to strength in the coming
years.  Shell now has a leading position to serve this important
LNG market via the Hazira facility."

The Cargo was delivered on the Shell time chartered Gemmata
135,000 cubic meter LNG carrier.  The LNG was lifted from the
North West Shelf LNG liquefaction project in Australia in which
Shell has a 22% direct and indirect shareholding.

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


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


AGRO-MASH: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on open joint stock company
Agro-Mash (TIN 7451013044).  The case is docketed as
A76-47445/04-52-38.  Mr. M. Motorin has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 454080, Russia, Chelyabinsk, Kommuny Str. 135a.

CONTACT:  AGRO-MASH
          454082, Russia, Chelyabinsk region,
          Smolino, Troitskiy Trakt, 74

          Mr. M. Motorin
          Temporary Insolvency Manager
          454080, Russia, Chelyabinsk region,
          Kommuny Str. 135a


ALIOT: Bankruptcy Proceedings Begin
-----------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
proceedings against Aliot (TIN 3651000045) after finding the open
joint stock company insolvent.  The case is docketed as
A14-11573/2004/70/16b.  Mr. A. Pechenkin has been appointed
insolvency manager.  Creditors have until May 19, 2005 to submit
their proofs of claim to 394068, Russia, Voronezh, Kholzunova
Str. 5, Apartment 38.

CONTACT:  ALIOT
          396072, Russia, Voronezh region,
          Novovoronezh, Pervomayskaya Str. 2

          Mr. A. Pechenkin
          Insolvency Manager
          394068, Russia, Voronezh region,
          Kholzunova Str. 5, Apartment 38
          Phone: 8-901-933-61-73


AMUR-OIL-MARKET: Bankruptcy Hearing Resumes May
-----------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on close joint stock company
Amur-Oil-Market.  The case is docketed as A 04-190/05-17/22 B.
Mr. S. Peshkun has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 675000, Russia,
Amur region, Blagoveshensk, Zeyskaya Str. 140, Office 41.  A
hearing will take place on May 24, 2005, 9:00 a.m.

CONTACT:  AMUR-OIL-MARKET
          675000, Russia, Amur region, Blagoveshensk,
          West-Industrial Uzel, building area of TETs

          Mr. S. Peshkun
          Temporary Insolvency Manager
          675000, Russia, Amur region, Blagoveshensk,
          Zeyskaya Str. 140, Office 41


BUGULMINSKIY REPAIR-MECHANICAL: Under Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Bugulminskiy Repair-Mechanical Factory.  The case is docketed as
A65-345/2005-SG4-27.  Mr. A. Merkuryev has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 420073, Russia,
Tatarstan republic, Kazan, Post User Box 16.  A hearing will take
place on June 28, 2005.

CONTACT:  BUGULMINSKIY REPAIR-MECHANICAL FACTORY
          423235, Russia, Tatarstan republic,
          Bugulma, Lenina Str. 145, Post Office 5
          Phone/Fax: 8 (85514) 3-89-56

          Mr. A. Merkuryev
          Temporary Insolvency Manager
          420073, Russia, Tatarstan republic,
          Kazan, Post User Box 16

          420073, Russia, Tatarstan republic,
          Kazan, Sibirskiy Trakt Str. 34


DAIRY OF ZEYA: Amur Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on open joint stock company Dairy of Zeya
(TIN 2805001089).  The case is docketed as A04-531/05-6/64 B.
Ms. A. Shilova has been appointed temporary insolvency manager.
A hearing will take place on June 6, 2005, 8:30 a.m.

CONTACT:  DAIRY OF ZEYA
          Russia, Amur region,
          Zeya, Lenina Str. 233A

          Ms. A. Shilova
          Temporary Insolvency Manager
          Russia, Amur region,
          Zeya, Lenina Str. 233A


ENERGO-GAS-SERVICE: Creditors Have Until May 19 to File Claims
--------------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Energo-Gas-Service (TIN 312318586473) after
finding the open joint stock company insolvent.  The case is
docketed as A08-7555/04-24B.  Mr. B. Borisevich has been
appointed insolvency manager.  Creditors have until May 19, 2005
to submit their proofs of claim to 308002, Russia, Belgorod, B.
Khmelnitskogo Str. 133 zh, Office 509.

CONTACT:  ENERGO-GAS-SERVICE
          308007, Russia, Belgorod region,
          Michurina Str. 56

          Mr. B. Borisevich
          Insolvency Manager
          308002, Russia, Belgorod region,
          B. Khmelnitskogo Str. 133 zh, Office 509
          Phone/Fax: 26-17-98


MASLOVO-PRISTANSKIY ZHBK: Declared Insolvent
--------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Maslovo-Pristanskiy Zhbk after finding the
open joint stock company insolvent.  The case is docketed as
A08-916/05-2 b.  Mr. F. Vinnikov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to Russia,
Belgorod, Vezelskaya Str. 156.  A hearing will take place on July
4, 2005.

CONTACT:  MASLOVO-PRISTANSKIY ZHBK
          Russia, Belgorod region,
          Shebekinksiy region, Maslova Pristan

          Mr. F. Vinnikov
          Insolvency Manager
          Russia, Belgorod region,
          Vezelskaya Str. 156


MOVABLE MECHANIZED: Names A. Gladkov Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on close joint stock company Movable
Mechanized Column #78.  The case is docketed as A14-838-200-5
6/20b.  Mr. A. Gladkov has been appointed temporary insolvency
manager.  Creditors may submit their proofs of claim to 397702,
Russia, Voronezh region, Bobrov, Kotovskogo Str. 2.  A hearing
will take place on June 9, 2005.

CONTACT:  MOVABLE MECHANIZED COLUMN #78
          Russia, Voronezh region,
          Bobrovskiy region, Khrenovoye

          Mr. A. Gladkov
          Temporary Insolvency Manager
          397702, Russia, Voronezh region,
          Bobrov, Kotovskogo Str. 2


MOZHGA: Deadline for Proofs of Claim May 19
-------------------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Mozhga after finding the technical enterprise
insolvent.  The case is docketed as A71-87/2003-G21.  Mr. A.
Ashikhmin has been appointed insolvency manager.  Creditors have
until May 19, 2005 to submit their proofs of claim to 426004,
Russia, Izhevsk, Post User Box 905.

CONTACT:  MOZHGA
          427760, Russia, Udmurtiya republic,
          Mozhga, Falaleeva Str. 6

          Mr. A. Ashikhmin
          Insolvency Manager
          426004, Russia, Izhevsk,
          Post User Box 905


RIVMAR: Astrakhan Court Appoints Insolvency Manager
---------------------------------------------------
The Arbitration Court of Astrakhan region has commenced
bankruptcy supervision procedure on close joint stock company
Rivmar (TIN 3015016979).  Mr. S. Gontsov has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 414000, Russia, Astrakhan, Main Post Office, Post
User Box 290.

CONTACT:  RIVMAR
          414040, Russia, Astrakhan region,
          Akademinka Korolyeva Str. 1

          Mr. S. Gontsov
          Temporary Insolvency Manager
          414000, Russia, Astrakhan region,
          Main Post Office, Post User Box 290


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


SWISS INTERNATIONAL: Board Proposes Term Extension for 5 Members
----------------------------------------------------------------
In view of the planned acquisition of Swiss International Air
Lines Ltd. by Deutsche Lufthansa AG, it is envisaged that the
present SWISS Board of Directors will be reduced in size and its
members will be newly elected later in the 2005 business year.
It is further envisaged that the present Board of Directors will
remain in office until such time.

The Board of Directors will therefore propose to the Ordinary
General Meeting of Shareholders of May 19, 2005 that the current
Board mandates of Pieter Bouw, Claudio Generali, Jacques Aigrain,
Michael Pieper and Peter Siegenthaler be extended by one year.
The current periods of office of Walter Bosch and Jan Audun
Reinas will expire in 2006, while that of Rolf Jetzer will expire
in 2007.

The invitation to attend the 2005 Ordinary General Meeting was
sent to the company's shareholders [Fri]day (April 22, 2005),
together with the meeting agenda.

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


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


BALAKLIJSHINA: Proofs of Claims Due Friday
------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on Information-Publishing Company
Balaklijshina (code EDRPOU 02476422) on February 14, 2005.  The
case is docketed as B-50/33-05.  Mr. T. Chagovets (License Number
AB 116164) has been appointed temporary insolvency manager.  The
company holds account number 26002034110000 at JSCIB UkrSibbank,
Harkiv branch.

Creditors have until April 29, 2005 to submit their proofs of
claim to:

(a) BALAKLIJSHINA
    Ukraine, Harkiv region,
    Zhovtneva Str. 14

(b) Mr. T. Chagovets
    Temporary Insolvency Manager
    61045, Ukraine, Harkiv region,
    Shakespeare Str. 10/5-A
    Phone: 773-01-30

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


DENGIVSKE: Insolvency Manager Moves in
--------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Dengivske (code EDRPOU 03792987) on March 14,
2005 after finding the limited liability company insolvent.  The
case is docketed as 14-01-10/3061.  Mr. O. Pashenko has been
appointed liquidator/insolvency manager.

Creditors have until April 26, 2005 to submit their proofs of
claim to:

(a) DENGIVSKE
    Ukraine, Cherkassy region,
    Zolotinskij district, Dengi

(b) Mr. O. Pashenko
    Liquidator/Insolvency Manager
    18002, Ukraine, Cherkassy region,
    Lenin Str. 31/1, a/b 558
    Phone: (0472) 65-46-12

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


FORTEKS-TRADE: Declared Insolvent
---------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Forteks-Trade (code EDRPOU 30629805) on March
4, 2005 after finding the limited liability company insolvent.
The case is docketed as 10/2854.  Ms. Olena Borejko (License
Number AA 779203) has been appointed liquidator/insolvency
manager.  The company holds account number 26002001918001 at JSC
Ukrinbank, Cherkassy branch, MFO 354314.

Creditors have until April 29, 2005 to submit their proofs of
claim to:

(a) FORTEKS-TRADE
    18009, Ukraine, Cherkassy region,
    Dahnivska Str. 50

(b) Ms. Olena Borejko
    Liquidator/Insolvency Manager
    Ukraine, Cherkassy region,
    Homenko Str. 22/63

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


IFA: Proofs of Claim Deadline Expires Tomorrow
----------------------------------------------
The Economic Court of Ivano-Frankivskregion commenced bankruptcy
supervision procedure on CJSC Ifa (code EDRPOU 22197546).  The
case is docketed as B-6/306.  Mr. I. Vatutin (License Number AA
250388) has been appointed temporary insolvency manager.

Creditors have until April 26, 2005 to submit their proofs of
claim to:

(a) IFA
    77600, Ukraine, Ivano-Frankivsk region,
    Rozhnyativ, Yednosti Square, 7

(b) Mr. I. Vatutin
    Temporary Insolvency Manager
    Ukraine, Ivano-FRankivsk region,
    Kolomiya, Novodvorskij Str. 24

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


KERCHAUTOSERVICE: Last Day for Filing Claims April 29
-----------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on Kerchautoservice (code EDRPOU 30762121).
The case is docketed as 2-8/2540-2005.  Ms. Olga Pokidko (License
Number AA 116170) has been appointed temporary insolvency
manager.  The company holds account number 26003259692001 at CB
Privatbank, Krym branch, MFO 324731.

Creditors have until April 29, 2005 to submit their proofs of
claim to:

(a) KERCHAUTOSERVICE
    98300, Ukraine, AR Krym region,
    Kerch, Chkalov Str. 157

(b) Ms. Olga Pokidko
    Temporary Insolvency Manager
    95022, Ukraine, AR Krym region,
    Simferopol, Bela Kuna Str. 33/72

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


LUGANSKMISKBUD: Liquidator Takes over Operations
------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Luganskmiskbud (code EDRPOU 30516032) on
March 10, 2005 after finding the close joint stock company
insolvent.  The case is docketed as 10/17b.  Mr. Andrij Belikov
(License Number AB 216770) has been appointed
liquidator/insolvency manager.

Creditors have until April 29, 2005 to submit their proofs of
claim to:

(a) LUGANSKMISKBUD
    91000, Ukraine, Lugansk region,
    Tsimlyanska Str. 5

(b) Mr. Andrij Belikov
    Liquidator/Insolvency Manager
    91031, Ukraine, Lugansk region,
    Oboronna Str. 6
    Phone: (0642) 58-83-51

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


NIVA: Gives Creditors Until Friday to File Claims
-------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on Agricultural LLC Niva (code EDRPOU
00707136) on March 15, 2005.  The case is docketed as B-19/24-05.
Ms. N. Ivleva (License Number AA 116289) has been appointed
temporary insolvency manager.

Creditors have until April 29, 2005 to submit their proofs of
claim to:

(a) NIVA
    Ukraine, Harkiv region,
    Novovodolazkij district, Deregivka

(b) Ms. N. Ivleva
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    S. Tarhov Str. 5/9
    Phone: (067) 902-72-57

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


OREST: Appoints Temporary Insolvency Manager
--------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
supervision procedure on JSCOT OREST (code EDRPOU 20133022).
The case is docketed as 4/33-B.  Mr. Ivan Kostukevich (License
Number AA 140412) has been appointed temporary insolvency
manager.  The company holds account number 26004773 at JSPPB
Aval, MFO 303569 and account number 26005011046 at JSB Credit
bank Ukraine, Lutsk branch, MFO 303224.

Creditors have until April 26, 2005 to submit their proofs of
claim to:

(a) OREST
    45100, Ukraine, Volinska region,
    Rozhishe, Promislova Str. 47a

(b) Mr. Ivan Kostukevich
    Temporary Insolvency Manager
    43010, Ukraine, Volinska region,
    Lutsk, Grushevskij Str. 30/22

(c) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Volinska region,
    Lutsk, Voli Avenue, 54-a


SPECREMBUDPROEKT: Succumbs to Bankruptcy
----------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Specrembudproekt (code EDRPOU
31348320) on February 28, 2005.  The case is docketed as 19/30.
Ms. O. Kretova (License Number AA 487803) has been appointed
temporary insolvency manager.  The company holds account number
26003318232420 at JSCB Ukrsocbank, Zaporizhya branch.

Creditors have until April 29, 2005 to submit their proofs of
claim to:

(a) SPECREMBUDPROEKT
    69063, Ukraine, Zaporizhya region,
    Zachinyaev Str. 158-A

(b) Ms. O. Kretova
    Temporary Insolvency Manager
    69006, Ukraine, Zaporizhya region, a/b 123
    Phone: (0612) 13-32-14
           (067) 614-47-49

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



UVSA: Kyiv Court Opens Bankruptcy Proceedings
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Uvsa (code EDRPOU 31307970) on March 18, 2005
after finding the limited liability company insolvent.  The case
is docketed as 43/202.  Mr. Sergij Donkov (License Number AA
485220) has been appointed liquidator/insolvency manager.

Creditors have until April 29, 2005 to submit their proofs of
claim to:

(a) UVSA
    02002, Ukraine, Kyiv region,
    M. Raskova Str. 11

(b) Mr. Sergij Donkov
    Liquidator/Insolvency Manager
    01004, Ukraine, Kyiv region,
    Gorkij Str. 10/6

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


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


ACORN TELECOMS: Members Decide to Wind up Firm
----------------------------------------------
At the extraordinary general meeting of the members of Acorn
Telecoms Limited on April 8, 2005 held at Gladstone House, 77-79
High Street, Egham, Surrey TW20 9HY, the extraordinary and
ordinary resolutions to wind up the company were passed.  Keith
Aleric Stevens of Wilkins Kennedy, Gladstone House, 77-79 High
Street, Egham, Surrey TW20 9HY has been appointed liquidator of
the company.

CONTACT:  WILKINS KENNEDY
          Gladstone House, 77-79 High Street,
          Egham, Surrey TW20 9HY
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


ADM (SOLUTIONS): Names Administrators from Leonard Curtis
---------------------------------------------------------
A. Poxon and J. M. Titley (IP Nos 8620, 8617) have been appointed
administrators for ADM (Solutions) Limited (formerly Admagnetics
Limited).  The appointment was made March 18, 2005.  The factory
manufactures transformers and standby power systems.

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


A H INTERIORS: Appoints BN Jackson Norton Liquidator
----------------------------------------------------
At the extraordinary general meeting of A H Interiors Limited on
April 13, 2005 held at the offices of BN Jackson Norton, 40
Princess Street, Manchester M1 6DE, the extraordinary and
ordinary resolutions to wind up the company were passed.  Shirley
Angela Jackson of BN Jackson Norton, 40 Princess Street,
Manchester M1 6DE has been appointed liquidator of the company.

CONTACT:  BN JACKSON NORTON
          40 Princess Street
          Manchester M1 6DE


ALLIED DOMECQ: Moody's Reviews Ratings for Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed the Baa1 long-term senior
unsecured and Prime-2 short-term ratings of Allied Domecq Plc
(Allied) on review for possible downgrade.

The review has been prompted by:

(a) The GBP7.4 billion recommended bid made by Pernod Ricard
    S.A. (Pernod) for Allied and the agency's view that the
    transaction would likely lead to the resulting entity having
    significantly weaker debt protection measures than those
    currently factored into Allied's rating; and

(b) Uncertainty over the position of Allied bond holders in the
    capital structure of the resulting entity should the Pernod
    bid be successful.

Moody's notes that the transaction, although recommended by the
Allied board, will require both shareholder and regulatory
approval.  In addition the agency considers it possible that
competing bids could emerge given the quality of Allied's brands
and its market position.

Although Moody's will only be able to conclude its review once
the outcome of the Pernod bid is known, the agency considers that
that the recommended offer from Pernod would create a combined
operator with an improved geographical footprint with critical
mass in its key markets as well an operator with improved free
cash-flow fundamentals.

From a rating's perspective the acquisition of Allied by Pernod
would likely lead to an entity with lower overall business risk
though this would need to be juxtaposed against its credit
metrics which the agency considers would likely be significantly
weaker than those currently factored into Allied's rating.  The
review will consider the financial profile of the combined entity
together with financial policy and the position of bondholders in
the new structure.

The ratings affected by the rating action are:

(a) Allied Domecq Plc as obligor or guarantor:

    (i) EMTNs: DEM500 million due December 2005;

   (ii) EUR800 million due April 2006;

  (iii) EUR600 million due June 2009;

   (iv) GBP450 million due April 2011; and

    (v) GBP250 million due June 2014.

(b) Allied Domecq Plc as guarantor of these Commercial Paper
    programs:

    (i) US$2.5 Billion Global Commercial Paper program;

   (ii) CAUS$400 million local Canadian market Commercial paper
        program; and

  (iii) FRF1.5 billion Billet de Tresorerie program.

Pernod Ricard S.A., headquartered in Paris, France, is a leading
international spirits and wines company.  In the financial year
ended December 2004 the company generated revenues of EUR3,572
million.

Allied Domecq Plc, headquartered in Bristol, England, is a
leading international wines and spirits company.  The company
recorded sales of GBP3,229 million in the financial year ended
August 2004.

CONTACT:  MOODY'S FRANCE S.A. (PARIS)
          Eric de Bodard
          Managing Director
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Andrew B.  Canwell
          Vice President - Senior Analyst
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


ANYA CONSTRUCTION: Names Liquidators from P&A Partnership
---------------------------------------------------------
At the extraordinary general meeting of Anya Construction & Civil
Engineering Limited on April 12, 2005 held at Poppleton &
Appleby, The Old Barn, Caverswall Park, Caverswall Lane, Stoke on
Trent, Staffordshire ST3 6HP, the resolution to wind up the
company was passed.  Ian Michael Rose and Robert Michael Young of
Poppleton & Appleby, The Old Barn, Caverswall Park, Caverswall
Lane, Stoke on Trent, Staffordshire ST3 6HP have been appointed
joint liquidators of the company.

CONTACT:  THE P&A PARTNERSHIP
          The Old Barn, Caverswall Park, Caverswall Lane
          Stoke on Trent ST3 6HP
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


BARBER LETTING: Meeting of Creditors Set Friday
-----------------------------------------------
The creditors of Barber Letting Limited will meet on April 29,
2005 at 11:00 a.m.  It will be held at The Bonnington Hotel, 92
Southampton Row, London WC1B 4BH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Kingston Smith & Partners LLP, 105 St Peters
Street, St Albans, Hertfordshire AL1 3EJ not later than 12:00
noon, April 28, 2005

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


BRUNDRETT LIMITED: Appoints Wallets Insolvency Administrator
------------------------------------------------------------
Michael F. McCarthy (IP No 8942) has bee appointed administrator
for Brundrett Limited.  The appointment was made April 12, 2005.

The factory manufactures other office and shop furniture.  Its
registered office is located at 6-8 Beaumont Road, Tunstall,
Stoke-on-Trent ST6 6BE.

CONTACT:  WALLETTS INSOLVENCY SERVICES
          Adventure Place
          Hanley
          Stoke On Trent
          Staffordshire ST1 3AF
          Phone: 01782 212326
          Fax: 01782 683904
          E-mail: mike@walletts.co.uk


BUILDMASTER CONSTRUCTION: Members Decide to Wind up Company
-----------------------------------------------------------
At the extraordinary general meeting of the members of
Buildmaster Construction Limited on April 13, 2005 held at
Bromley Continental Hotel, 56-58 Plaistow Lane, Bromley, Kent BR1
3JE, the extraordinary and ordinary resolutions to wind up the
company were passed.  Andrew W. Thompson and Daniel P. Hennessy
of The Thompson Partnership have been appointed joint liquidators
of the company.

CONTACT:  THOMPSON SHAW ASSOCIATES
          The Old Halsall Arms
          2 Summerwood Lane
          Halsall
          Merseyside L39 8RJ
          Phone: 01704 841870
          Fax: 01704 841811


CABINET FACTORY: Business for Sale
----------------------------------
Graham Randall and Simon Girling, joint administrators, offer for
sale, in whole or in parts, the business and assets of The
Cabinet Factory Limited.

Features:

(a) Manufacturer of cabinets for the gaming and leisure
    industry;

(b) Forecast turnover of GBP2.5 million; and

(c) Currently trading from 70,000 sq. ft. leasehold factory in
    Cardiff.

CONTACT:  NUMERICA LLP
          Crown House
          37-41 Prince Street
          Bristol BS1 4PS
          Phone: 0117 934 2800
          Fax: 0117 922 5191
          Web site: http://www.numerica.biz

          Graham Randall
          Phone: 0117 934 2823
          Fax: 0117 934 5427
          E-mail: graham.randall@numerica.co.uk


C B C CORPORATION: Members Pass Winding-up Resolutions
------------------------------------------------------
At the extraordinary general meeting of the members of C B C
Corporation Limited on April 14, 2005 held at A P H Industries
Limited, Anderson Works, Tongue Lane, Fairfield, Buxton,
Derbyshire SK17 7LN, the special and ordinary resolutions to wind
up the company were passed.  Claire Dwyer of Jones Lowndes Dwyer
LLP, John Swift Building, 19 Mason Street, Manchester M4 5FT has
been appointed liquidator of the company.

CONTACT:  JONES LOWNDES DWYER LLP
          John Swift Building
          19 Mason Street
          Manchester
          Greater Manchester M4 5FT
          Phone: 0161 832 9454
          Fax: 0161 832 9455
          E-mail: clairedwyer@joneslowndesdwyer.co.uk


CHARACTER GROUP: Dips Into the Red in First Half
------------------------------------------------
Character, the company behind last Christmas' best-selling toy
Robosapien, has dipped into the red in the first half.

According to the Telegraph, the group's half-year pre-tax profit
of GBP2.02 million translated into a loss of GBP1.93 million.

Executive chairman Richard King said: "Business just dropped off
a precipice in January.  It just turned into a disaster area."

Mr. King attributed the figure to tough market conditions and
price cuts from rival high street retailers like Argos, which
have prevented the group from carrying out any price increases.
The fall of The Gadget Shop, which distributes the robots and the
company's wide range of talking key rings, didn't help either.

However, Mr. King expressed hope for the company's future as
shares rose 7% to 40.5 pence.  The result came after Character
mulled transferring to the Alternative Investment Market and
ending the merger of its digital venture.

He is also counting on its talking mugs based on the comedy
series Little Britain, and the holiday "must-have"
remote-controlled Daleks, a part of the Dr Who range.

CONTACT:  CHARACTER GROUP PLC
          2nd Floor
          86-88 Coombe Road
          New Malden
          Surrey, KT3 4QS
          Registered No: 3033333
          Phone: 44 (0) 20 8949 5898
          Fax: 44 (0) 20 8336 2585


CITIZENS RIGHTS: Calls in Liquidator from Unity Corporate
---------------------------------------------------------
At the extraordinary general meeting of the members of Citizens
Rights Limited on April 13, 2005 held at Clive House, Clive
Street, Bolton BL1 1ET, the extraordinary and ordinary
resolutions to wind up the company were passed.  M. C. Bowker of
Unity Corporate Recovery and Insolvency, Clive House, Clive
Street, Bolton BL1 1ET has been appointed liquidator of the
company.

CONTACT:  UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton
          Lancashire BL1 1ET
          Phone: 01204 395000
          Fax: 01204 383999
          E-mail: matthewbowker@ubsg.co.uk


COLT TELECOM: Appoints Dr. Mahmoodshahi Chief Technology Officer
----------------------------------------------------------------
COLT Telecom Group Plc appointed Thursday Dr. Alireza
Mahmoodshahi as Chief Technology Officer (CTO).  He joins the
senior management team reporting to Chief Executive Officer,
Jean-Yves Charlier.

Dr Mahmoodshahi joins COLT from KVH Co., Ltd. in Japan where he
was Chief Technology Officer and Chief Information Officer.  His
responsibilities included product strategy, research &
development, data centers, and network and systems.  He led the
development of high speed Ethernet and multi-service platform in
the country enabling KVH to be the first carrier to launch this
product in Japan helping to transform the company from a start-up
operation to a recognized telecom brand.

Prior to joining KVH in 2001, he held a number of senior
positions during a 17-year career at AT&T, including spending 10
years with AT&T Bell Laboratories where he worked on a number of
ground breaking technologies and was appointed Distinguished
Member of Technical Staff (DMTS) for his significant technical
contribution and his pioneering research and development work in
global VSAT satellite communications technology.  His career at
AT&T culminated in the role of Vice President of IP Technology &
Business Development for the Technology Sector at Concert, the
global joint venture between AT&T and BT.

As CTO at COLT, he will head up the Products, Innovation and
Systems division responsible for Research and Development
activities including the development and introduction of new
products and services and managing the existing product
portfolio.  He will also have responsibility for driving the
development and the management of the company's information
technology.

Commenting on the appointment, Jean-Yves Charlier said, "Alireza
has the global experience and technical expertise as well as the
customer focus needed to drive forward our program of product
innovation.  His appointment further strengthens the senior
management team giving us the blend of skills we need to
successfully deliver the strategic initiatives of our Future in
Focus roadmap."

Dr. Mahmoodshahi has a Ph. D. in electrical engineering from the
George Washington University, Washington DC, U.S.A.  He is a
senior member of the Institute of Electrical and Electronic
Engineers (IEEE) and served as U.S. chairman for the
International Telephone and Telegraph Consultative Committee
(CCITT) and the Inter-American Telecommunication Commission
(CITEL) in support of global ISDN standards over VSAT. He is a US
citizen.

CONTACT:  COLT TELECOM GROUP PLC
          Web site: http://www.colt.net
          John Doherty
          Director Corporate Communications
          E-mail: jdoherty@colt.net
          Phone: +44 (0) 20 7390 3681

          Gill Maclean
          Head of Corporate Communications
          E-mail: gill.maclean@colt.net
          Phone: +44 (0) 20 7863 5314


COLT TELECOM: Turnover Drops 0.4% Compared Q4 2004
--------------------------------------------------
COLT Telecom Group Plc (COLT) said Thursday it was making good
progress in the implementation of its new strategic plan
announced in the autumn, even though markets remain challenging.

First quarter highlights (compared to Q4 2004):

(a) Turnover decreased by 0.4% to GBP307.1 million.  On a
    constant currency basis turnover decreased by 0.2% but was
    up by 1.2% after also excluding reductions in fixed to
    mobile prices;

(b) Gross margin before depreciation decreased by 0.2 percentage
    points to 34.0%;

(c) Selling, general and administrative expenses were reduced by
    GBP2.6 million to GBP67.5 million;

(d) EBITDA (1) increased by GBP1.7 million to GBP37.1 million;

(e) Net capital expenditure decreased by GBP3.9 million to
    GBP31.4 million; and

(f) Free cash flow improved by GBP10.9 million to an outflow of
    GBP15.9 million (after setting aside GBP9.7 million to
    support a major new supply agreement)

Compared to Q1 2004:

(a) Turnover increased by 1.4%.  On a constant currency basis
    turnover decreased by 0.3% but was up by 2.2% after also
    excluding reductions in fixed to mobile prices

(b) EBITDA (1) decreased by GBP10.5 million (reflecting the
    costs of India transition and additional IT investment);

The Company's financial position is strong, with cash of GBP349.0
million at the end of the quarter.

COLT Chairman Barry Bateman said, "In continuing tough markets we
maintained revenues, controlled costs and improved EBITDA.  At
the same time we made significant progress in the implementation
of the strategic initiatives announced last October."

Jean-Yves Charlier, Chief Executive Officer, said, "We continue
the process of implementing our strategy 'Future in Focus.'  Our
innovative COLT IP Voice service was launched last week with a
market challenging flat rate tariff per user.  We have refocused
our organization introducing a standard operating model
throughout COLT.  Investment has continued in India with a
further 71 positions moving offshore.  We have further
strengthened our management team with the appointment of Dr
Alireza Mahmoodshahi to the role of Chief Technology Officer
where he will drive forward our program of product innovation.
In addition, an extensive program of other initiatives is
underway throughout the business.

"During the quarter revenues remained flat but improved revenue
mix and tighter focus on costs resulted in EBITDA increasing to
GBP37.1 million from GBP35.4 million in the previous quarter.
During the quarter we redeemed a further GBP80.9 million of bonds
and not withstanding the cash outflow for the period, we remain
confident of becoming free cash flow positive on a sustainable
basis later this year."

Financial Review

Results for the quarter are reported under International
Financial Reporting Standards (IFRS).  Results for comparative
periods have been restated to conform to IFRS.

Total Turnover

Turnover for the quarter was GBP307.1 million (Q4 2004: GBP308.3
million; Q1 2004: GBP302.9 million) a decrease of 0.2% over the
fourth quarter of 2004 and of 0.3% over the first quarter of 2004
on a constant currency basis.  Excluding the impact of reductions
in fixed to mobile prices, constant currency turnover increased
by 1.2% over the fourth quarter of 2004 and by 2.2% over the
first quarter of 2004.

The proportion of non-switched turnover increased to 39.6% of
total turnover (Q4 2004: 39.1%; Q1 2004: 37.9%).  Within switched
turnover the proportion of carrier decreased to 32.7% (Q4 2004:
34.2%; Q1 2004: 34.0%).

Corporate Turnover

Turnover from corporate customers for the quarter decreased by
0.1% to GBP180.0 million (Q4 2004: GBP180.2 million) and
increased by 2.8% over the first quarter of 2004 (Q1 2004:
GBP175.1 million).  Turnover from corporate customers represented
59% of total turnover in the quarter (Q4 2004: 58%; Q1 2004:
58%).  Switched turnover for the quarter decreased by 2.3% to
GBP83.2 million (Q4 2004: GBP85.2 million) and decreased by 7.1%
over the first quarter of 2004 (Q1 2004: GBP89.6 million).
Non-switched turnover for the quarter increased by 2.0% to
GBP96.4 million (Q4 2004: GBP94.5 million) and increased by 13.5%
over the first quarter of 2004 (Q1 2004: GBP84.9 million).

Wholesale Turnover

Turnover from wholesale customers for the quarter decreased by
0.8% to GBP127.1 million (Q4 2004: GBP128.1 million) and
decreased by 0.5% over the first quarter of 2004 (Q1 2004:
GBP127.8 million).  Turnover from wholesale customers represented
41% of total turnover in the quarter (Q4 2004: 42%; Q1 2004:
42%).  Switched turnover for the quarter decreased by 0.1% to
GBP102.0 million (Q4 2004: GBP102.1 million and increased by 4.3%
over the first quarter of 2004 (Q1 2004: GBP97.8 million).
Included in switched turnover from wholesale customers was
turnover from other telecommunications carriers of GBP60.5
million (Q4 2004: GBP63.9 million; Q1 2004: GBP63.7 million).
Non-switched turnover for the quarter decreased by 3.7% to
GBP25.1 million (Q4 2004: GBP26.1 million) and decreased by 16.1%
over the first quarter of 2004 (Q1 2004: GBP29.9 million).

Cost of Sales

Cost of sales for the quarter decreased by 1.5% to GBP251.8
million (Q4 2004: GBP255.6 million) and increased by 2.8% over
the first quarter of 2004 (Q1 2004: GBP244.9 million).

Interconnection and network costs for the quarter decreased by
0.1% to GBP202.6 million (Q4 2004: GBP202.8 million) and
increased by 2.3% over the first quarter of 2004 (Q1 2004:
GBP198.1 million).

Network depreciation for the quarter decreased by 6.8% to GBP49.2
million (Q4 2004: GBP52.8 million) and increased by 5.1% over the
first quarter of 2004 (Q1 2004: GBP46.8 million).  The decrease
compared with the fourth quarter of 2004 reflected the effect of
some assets being fully depreciated, partially offset by further
investment in fixed assets to support the growth in demand for
services and new service developments.

Operating Expenses

Operating expenses for the quarter decreased by 4.2% to GBP74.8
million (Q4 2004: GBP78.0 million) and increased by 16.0% over
the first quarter of 2004 (Q1 2004: GBP64.5 million).

Selling, general and administrative (SG&A) expenses for the
quarter decreased by 3.8% to GBP67.5 million (Q4 2004: GBP70.1
million) and increased by 18.1% over the first quarter of 2004
(Q1 2004: GBP57.1 million).  SG&A expenses as a proportion of
turnover for the quarter were 22.0% (Q4 2004: 22.7%; Q1 2004:
18.9%).  The increase in SG&A expenses over the first quarter of
2004 arose principally from the costs associated with the
establishment of COLT's presence in India and additional IT
investment.

Other depreciation for the quarter decreased by 7.7% to GBP7.3
million (Q4 2004: GBP7.9 million) and decreased by 1.0% over the
first quarter of 2004 (Q1 2004: GBP7.3 million).

Interest Receivable, Interest Payable and Similar Charges

Interest receivable for the quarter decreased by GBP1.2 million
to GBP3.2 million (Q4 2004: GBP4.4 million) and decreased by
GBP2.7 million over the first quarter of 2004 (Q1 2004: GBP5.9
million).  The decreases were as a result of reduced average
balances of cash following the redemption of some of the
Company's outstanding notes during 2004 and the first quarter of
2005.

Interest payable and similar charges for the quarter decreased by
GBP3.3 million to GBP14.4 million (Q4 2004: GBP17.7 million) and
decreased by GBP6.8 million over the first quarter of 2004 (Q1
2004: GBP21.2 million).  These decreases were due to the
reduction in debt levels following the redemption of some of the
Company's outstanding notes during 2004 and the first quarter of
2005.

Interest payable and similar charges for the quarter included
GBP6.8 million (Q4 2004: GBP7.4 million; Q1 2004: GBP11.9
million) of interest and accretion on convertible debt and GBP7.2
million (Q4 2004: GBP8.9 million; Q1 2004: GBP8.8 million) of
interest and accretion on non-convertible debt.

Exchange Gains

For the quarter there were exchange gains of GBP0.1 million (Q4
2004: loss of GBP0.2 million; Q1 2004 gain of GBP0.2 million).

Tax on Loss on Ordinary Activities

COLT had no taxable profits in the quarter ended March 31, 2005
nor in the comparable quarters of 2004.

Cash Flow

Net movement in cash was an outflow of GBP96.8 million (Q4 2004:
outflow of GBP348.8 million; Q1 2004: inflow of GBP14.2 million)
mainly as a result of bond redemptions during the quarter.

There was a free cash outflow (1) of GBP15.9 million in the
quarter after setting aside GBP9.7 million to support a major new
supply agreement (Q4 2004: outflow of GBP26.8 million; Q1 2004:
inflow of GBP13.8 million).

On January 21, 2005, all of the outstanding 10.125% Senior Notes
due 2007 and the 8.875% Senior Notes due 2007 were redeemed at
par for GBP80.9 million (Q4 2004: GBP322.0 million; Q1 2004:
GBPnil).

COLT had balances of cash at 31 March 2005 of GBP349.0 million
compared with GBP452.7 million at 31 December 2004 and GBP786.1
million at 31 March 2004.  The decreases are primarily as a
result of bond redemptions.

A full copy of the quarterly report is available free of charge
at http://bankrupt.com/misc/ColtTelecom2004.htm.

CONTACT:  COLT TELECOM GROUP PLC
          Web site: http://www.colt.net
          John Doherty
          Director Corporate Communications
          E-mail: jdoherty@colt.net
          Phone: +44 (0) 20 7390 3681

          Gill Maclean
          Head of Corporate Communications
          E-mail: gill.maclean@colt.net
          Phone: +44 (0) 20 7863 5314


DANA MANAGEMENT: Members Pass Winding-up Resolutions
----------------------------------------------------
At the extraordinary general meeting of the members of Dana
Management Limited (t/a Taverna Taverna) on April 14, 2005 held
at Mountview Court, 1148 High Road, Whetstone, London N20 0RA,
the extraordinary and ordinary resolutions to wind up the company
were passed.  Elizabeth Arakapiotis has been appointed liquidator
of the company.

CONTACT:  KALLIS & CO.
          Mountview Court
          1148 High Road
          Whetstone
          London N20 0RA
          Phone: 020 8446 6699
          Fax: 020 8492 6099


EDWARDS CARS: Appoints PwC Partners Joint Administrators
--------------------------------------------------------
Tony Lomas, Steven Pearson and Rob Hunt, partners in
PricewaterhouseCoopers, have been appointed joint administrators
to Edwards Cars Limited.

Edwards Cars Limited operates an MG Rover dealership offering new
and used car sales as well as servicing and spares.  It operates
from two sites in Stratford-upon-Avon and has 43 employees.  In
the year ended 31 December 2003 it had turnover of circa GBP7.8
million and reported a loss of GBP968,000.

Rob Hunt, joint administrator and partner at
PricewaterhouseCoopers, said: "Following the administration of MG
Rover Group Limited, the directors of Edwards Cars Limited felt
the company would be unable to meet its financial obligations as
they fell due.  Therefore the directors were left with no
alternative but to seek an administration order.  We will work
with management to evaluate the options for the business."

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

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

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


E-FEX (CONGLETON): Names Royce Peeling Green Liquidator
-------------------------------------------------------
At the extraordinary general meeting of E-Fex (Congleton) Limited
on April 15, 2005 held at The Copper Room, Deva Centre, Trinity
Way, Manchester M3 7BT, the extraordinary and ordinary
resolutions to wind up the company were passed.  Peter Jones and
Roderick Michael Withinshaw of Royce Peeling Green Limited, The
Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG have
been appointed joint liquidators of the company.

CONTACT:  ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Phone: 0161 6080000
          Fax:   0161 608 0001
          E-mail: info@rpg.co.uk
          Web site: http://www.rpg.co.uk


EIC INVESTMENT: Members Hire Liquidator from Wilkins Kennedy
------------------------------------------------------------
At the extraordinary general meeting of the members of EIC
Investment Services Ltd. on April 13, 2005 held at Risborough
House, 38-40 Sycamore Road, Amersham, Buckinghamshire HP6 5DZ,
the extraordinary and ordinary resolutions to wind up the company
were passed.  Stephen P. Grant of Wilkins Kennedy, Risborough
House, 38-40 Sycamore Road, Amersham, Buckinghamshire HP6 5DZ has
been appointed liquidator of the company.

CONTACT:  WILKINS KENNEDY
          Gladstone House, 77-79 High Street,
          Egham, Surrey TW20 9HY
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


EIDOS PLC: Elevation Walks Away from Bid Talks
----------------------------------------------
Elevation Partners has withdrawn from the Eidos takeover talks
days after the Takeover Panel granted its request for an
extension to post its offer.

The Eidos board has decided earlier this month to go for rival
SCi Entertainment's all-share approach over Elevation's all-cash
bid.

The move came reportedly after disgruntled shareholders mulled
dismissing the management team over its failure to pull out its
support for Elevation's offer.

Elevation, a U.S. private equity firm backed by U2's lead
vocalist Bono, offered to buy Eidos for GBP71 million via a
scheme of arrangement, while SCi proposed one SCi share per six
Eidos shares.

SCi has also received irrevocable undertakings to accept its
offer from shareholders representing approximately 41% of Eidos'
share capital. It plans to implement cost-cutting measures such
as delisting Eidos from Nasdaq.

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


ELEPHANTE LIFT: Up for Sale
---------------------------
The joint administrators, Dan Hennessy and Andrew Thompson, offer
for sale the business and assets of Elephante Lift Technology
Limited.

Features:

(a) Turnover of more than GBP3 million;

(b) Freehold premises near Runcorn area, measuring 1,987 sq. m.;

(c) Existing customer base and ongoing contracts; and

(d) Experienced management and design team available.

CONTACT:  THE THOMPSON PARTNERSHIP
          30 Derby Street
          Ormskirk
          Lancashire l39 2BY
          Phone: 0169 5585 457
          E-mail: bb@thethompsonpartnership.co.uk


EMI GROUP: Ratings Lowered To 'BB+/B'; Off Watch; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services lower its long and short-term
corporate credit ratings on U.K.-based music producer and
distributor EMI Group PLC to 'BB+' and 'B' respectively.  At the
same time, the ratings were removed from CreditWatch where they
were placed on Feb. 7, 2005.  The outlook is stable.

"The ratings were lowered following a review prompted by EMI's
warnings that its recorded music division's sales would decline
by 7.5% in the financial year ended March 31, 2005.  Our
reappraisal of the global recorded music industry concluded that
significant short- and long-term challenges remain,
notwithstanding the slowing of the decline to flat in 2004," said
Standard & Poor's credit analyst Trevor Pritchard.

"EMI's overall business profile is now judged to be below the
quality expected at investment grade.  Nevertheless, the music
publishing division's results and prospects remain solid.  EMI's
financial profile is also likely to remain below investment grade
despite the absence of short-term refinancing risk, because
discretionary cash flow after dividends remains slim."

We expect global physical unit sales for the recorded music
industry to continue to decline at a mid-single-digit rate as
consumers migrate to various digital formats.  Singles-oriented
digital downloads pressurize top-line sales and fixed overheads
such as marketing, and artists and repertoire.  Despite greater
enforcement efforts, wholesale piracy, and home ripping and
burning remain prevalent.  Music businesses must also take into
account the timing and availability of attractive new material,
fickle consumer tastes, competing demands for disposable income,
concentration of retailer clout, and soft consumer spending.

Given that the music market has not yet reached a stable plateau,
we expect EMI to respond adequately to evolving market conditions
to preserve nominal profitability and operating margin.  The
potential for an upgrade back to investment grade would require
vastly improved industry conditions and significant debt
reduction.  In the absence of the former, the latter is unlikely
to stem from trading over the short term. Downward rating
pressure may build if EMI suffers a further earnings decline.

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:
          CorporateFinanceEurope@standardandpoors.com

          EMI GROUP PLC
          27 Wrights Ln.
          London W8 5SW,
          United Kingdom
          Phone: +44-20-7795-7000
          Fax: +44-20-7795-7296
          Web site: http://www.emigroup.com


F. EARDLEY: Appoints Moore Stephens Liquidator
----------------------------------------------
At the extraordinary general meeting of the members of F. Eardley
(Potteries) Ltd. on April 7, 2005 held at 6 Ridge House,
Ridgehouse Drive, Festival Park, Stoke on Trent, the
extraordinary and ordinary resolutions to wind up the company
were passed.  M. H. Abdulali of Moore Stephens, 6 Ridge House,
Ridgehouse Drive, Festival Park, Stoke on Trent ST1 5TL has been
appointed liquidator of the company.

CONTACT:  MOORE STEPHENS
          6 Ridge House,
          Ridgehouse Drive, Festival Park,
          Stoke on Trent ST1 5TL


FINSBURY PARK: Names Kingston Smith Liquidator
----------------------------------------------
At the extraordinary general meeting of Finsbury Park Community
Trust on April 12, 2005 held at Devonshire House, 60 Goswell
Road, London EC1M 7AD, the extraordinary and ordinary resolutions
to wind up the company were passed.  Nicholas John Miller and Ian
Robert of Kingston Smith & Partners LLP, Devonshire House, 60
Goswell Road, London EC1M 7AD have been appointed joint
liquidators of the company.

CONTACT:  KINGSTON SMITH AND PARTNERS LLP
          Devonshire House, 60 Goswell Road,
          London EC1M 7AD
          Phone: 020 7566 4000
          Fax:   020 7566 4010
          Web site: http://www.kingstonsmith.co.uk


FYLDE BREWING: Administrators from Unity Corporate Move in
----------------------------------------------------------
Matthew Colin Bowker and Ian Nigel Millington (IP Nos 8106, 8270)
have been appointed joint administrators for The Fylde Brewing
Company Ltd.  The appointment was made April 8, 2005.  Its
registered office is located at Clive House, Clive Street, Bolton
BL1 1ET.

CONTACT:  UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton
          Lancashire BL1 1ET
          Phone: 01204 395000
          Fax: 01204 383999
          E-mail: matthewbowker@ubsg.co.uk


GADGET SHOP: Closure of Remaining Stores Costs 600 Jobs
-------------------------------------------------------
PKF administrators pulled the plug on Gadget Shop Friday, leaving
628 people jobless.

Last week two bidders, which recently approached Gadget Shop,
withdrew their offer due to disappointing trends in retail
spending and doubts over the company's inventory.  The company
fell into administration last month due to a dispute
between major shareholders on the acquisition and sale of the
retail venture Birthdays, which also scared away a potential
buyer.

Scottish entrepreneurs Tom Hunter and Chris Gorman, Freeserve
designer Peter Wilkinson and UBS trader Jon Wood own Gadget Shop,
which has debt of GBP3 million.  Computer games retailer GAME
withdrew from the Gadget Shop sale talks last month because it
feared being embroiled in the legal feud among shareholders.

"This is a tragedy and never needed to happen," a source close to
The Gadget Shop told Namnews.

CONTACT:  PKF
          78 Carlton Place
          Glasgow G5 9TH
          Phone: 0141 4295900
          Fax: 0141 4295901
          E-mail: info.glasgow@uk.pkf.com
          Web site: http://www.pkf.co.uk

          Karen Christoforou
          E-mail: karen.christoforou@uk.pkf.com

          THE GADGET SHOP LIMITED
          Europa House
          184 Ferensway
          Hull HU1 3UT
          United Kingdom
          Phone: 0870 8400 567
           or (International): + 44 (0) 1482 595 100
          Fax: + 44 (0) 1482 595 110
          E-mail: shop@thegadgetshop.co.uk
          Web site: http://www.gadgetshop.com


GALLET CONSTRUCTION: Members Names Langley & Partners Liquidator
----------------------------------------------------------------
At the extraordinary general meeting of the members of Gallet
Construction Ltd. on March 31, 2005 held at Holiday Inn
Peterborough, A1(M) Junction 16, Norman Cross, Peterborough,
Cambridgeshire PE7 3TB, the extraordinary and ordinary
resolutions to wind up the company were passed.  Alan Bradstock
has been appointed liquidator of the company.

CONTACT:  LANGLEY & PARTNERS
          Langley House
          Park Road
          East Finchley
          London N2 8EX
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: alan.bradstock@langleypartners.co.uk


GREEN PLANT: Hires Valentine & Co. as Liquidator
------------------------------------------------
At the extraordinary general meeting of Green Plant Services
Limited on April 12, 2005 held at the offices of Valentine & Co.,
4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Robert Valentine and Mark Reynolds of Valentine &
Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS have
been appointed joint liquidators 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


GURKHA SQUARE: Liquidator from Kallis & Co. Moves in
----------------------------------------------------
At the extraordinary general meeting of the members of Gurkha
Square Restaurant Limited on April 13, 2005 held at Mountview
Court, 1148 High Road, Whetstone, London N20 0RA, the
extraordinary and ordinary resolutions to wind up the company
were passed.  Elizabeth Arakapiotis has been appointed liquidator
of the company.

CONTACT:  KALLIS & CO.
          Mountview Court
          1148 High Road
          Whetstone
          London N20 0RA
          Phone: 020 8446 6699
          Fax: 020 8492 6099


JOHN HICKTON: Names Deloitte & Touche Administrator
---------------------------------------------------
Robert Alexander Henry Maxwell (IP No 009185) and Ian Brown (IP
No 007236) have been appointed administrators for steel pressers
John Hickton & Co. Limited.  The appointment was made April 12,
2005.  Its registered office is located at Deloitte & Touche LLP,
4 Brindley Place, Birmingham B1 2HZ.

CONTACT:  DELOITTE & TOUCHE LLP
          4 Brindley Place,
          Birmingham B1 2HZ

          DELOITTE & TOUCHE
          1 City Square
          Leeds
          West Yorkshire LS1 2AL
          Phone: 0113 292 1748
          Fax: 0113 244 8942


LEA-WOLF LIMITED: Members Call in Liquidator from Jones Lowndes
---------------------------------------------------------------
At the extraordinary general meeting of the members of Lea-Wolf
Limited on April 14, 2005 held at A P H Industries Limited,
Anderson Works, Tongue Lane, Fairfield, Buxton, Derbyshire SK17
7LN, the special and ordinary resolutions to wind up the company
were passed.  Claire Dwyer of Jones Lowndes Dwyer LLP, John Swift
Building, 19 Mason Street, Manchester M4 5FT has been appointed
liquidator of the company.

CONTACT:  JONES LOWNDES DWYER LLP
          John Swift Building
          19 Mason Street
          Manchester
          Greater Manchester M4 5FT
          Phone: 0161 832 9454
          Fax: 0161 832 9455
          E-mail: clairedwyer@joneslowndesdwyer.co.uk


MG ROVER: Exports Arm Calls In PwC Administrators
-------------------------------------------------
Tony Lomas, Steven Pearson and Rob Hunt, partners in
PricewaterhouseCoopers, have been appointed joint administrators
to MG Rover Exports Limited.

MG Rover Exports acts as an inter-company purchasing conduit
between MG Rover UK and dealers networks worldwide (including MG
Rover's eight European subsidiaries), yielding a cash flow timing
advantage in its VAT position.

The administrators intend to continue to trade the business,
which has no employees and few non-group creditors, as usual
while they explore options particularly in respect of its
remaining unsold non-UK specification vehicles.

Steven Pearson, joint administrator, said: "Our appointment as
administrators to MG Rover Exports Limited should enable us to
supply left-hand drive vehicles to the worldwide market in a
controlled way for the benefit of all concerned.

"There are no employees in this business which was put in place
in order to assist in the Group's working capital position."

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

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

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


MG SPORT: Car Manufacturer Calls in PwC Administrator
-----------------------------------------------------
Steven Anthony Pearson (IP No 8832) and Robert Jonathan Hunt (IP
No 8597) have been appointed joint administrators for MG Sport
And Racing Limited.  The appointment was made April 12, 2005.

The company manufactures and sells high performance automobile.
Its registered office is located at International Headquarters,
Longbridge, Birmingham, West Midlands B31 2TB.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


OWERTOWER LIMITED: Calls in Administrators from Vantis Business
---------------------------------------------------------------
Mark Newman and Nigel Hamilton Smith (IP Nos 8723, 2093) have
been appointed administrators for Owertower Limited.  The
appointment was made April 14, 2005.

The company offers entertainment activities.  Its registered
office is located at Judd House, East Street, Tonbridge, Kent TN9
1HG.

CONTACT:  VANTIS BUSINESS RECOVERY
          Judd House
          East Street
          Tonbridge
          Kent TN9 1HG
          Phone: 01732 378680
          Fax: 07917260099
          E-mail: mark.newman@vantisplc.com


PEARCE SIGNS: Business for Sale
-------------------------------
Simon Michaels and David Gilbert, joint administrators, offer for
sale the businesses and assets of Pearce Signs Limited and Pearce
Signs Group Limited.

Features:

(a) National and international blue chip client base;

(b) Undertakes significant contract maintenance and repair work;

(c) Turnover ending Dec. 31, 2004 is around GBP13 million;

(d) Highly skilled workforce; and

(e) Freehold HQ building in Margate, Kent.

CONTACT:  BDO STOY HAYWARD LLP
          Contact: Franklyn Ofonagoro
          Phone: 02 07893 2287
          Fax: 020 7935 3944
          E-mail: franklyn.ofonagoro@bdo.co.uk


PEAR RECYCLING: HSBC Appoints Baker Tilly Receiver
--------------------------------------------------
HSBC Bank Plc appointed Adrian David Allen (Office Holder No
008740) and Alec David Pillmoor (Office Holder No 007243) joint
administrative receivers for Pear Recycling Limited (Reg No
01220732, Trade Classification: 5157).  The application was filed
April 11, 2005.  The company wholesales waste and scrap.

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

          BAKER TILLY
          Wilberforce Court
          Alfred Gelder Street
          Hull
          East Yorkshire HU1 1YH
          Phone: 01482 327406
          Fax: 01482 326957
          E-mail: alec.pillmoor@bakertilly.co.uk


PHOENIX VENTURE: Two More Outlets Closed
----------------------------------------
Following a review of the business at Phoenix Venture Motors, the
joint administrators have closed a further two dealerships.
Rednal and Bromsgrove have now been closed, following the closure
of Muswell Hill, Northampton and Oxford earlier this week.

However, the remaining six sites (Preston, Chorley, Coventry,
Hatfield, Romford and Kidderminster) continue to trade as usual
while efforts are progressed to determine the level of interest
in each of the sites and the prospects of achieving a going
concern sale in each case.

In the meantime, the administrators have launched a sales
campaign whereby vehicles will be sold with discounts against
list price.  Each of the sites continues to operate a servicing
and repair center and discounts have also been applied for these
services.

Rob Hunt, joint administrator and partner at
PricewaterhouseCoopers, said: "Following a further review of the
business, a decision has now been taken to retain six of the 11
dealerships.  We have today [April 22, 2005] launched a sales
campaign at each of the retained sites with discounts being
applied against list prices.  Each of the sites will be used as a
distribution channel for both new and used MG Rover vehicles
whilst efforts continue to secure a long term future for each
location."

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

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

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


RAMCO ENERGY: Two-month Sale Talks Closed
-----------------------------------------
Ramco Energy, the Aberdeen-based oil and gas company, has ended
its two-month takeover negotiation with an undisclosed potential
buyer.

The Ramco board announced in a statement Friday that "discussions
with a prospective offeror have terminated."

In February, the Scottish exploration company, which owns the
Seven Heads gas field off the Cork coast, confirmed it had
received a bid approach.

Shares rose closed to 50% following the news, reaching as high as
400 pence, but they continuously dropped amid production problems
at Seven Heads.

CONTACT:  RAMCO ENERGY PLC
          62 Queen's Rd.
          Aberdeen
          AB15 4YE, United Kingdom
          Phone: +44-1224-352-200
          Fax: +44-1224-352-211
          Web site: http://www.ramco-plc.com


UNIQUE COMMERCE: Underwear Group Up for Sale
--------------------------------------------
The joint administrators of Unique Commerce Limited, trading as
Virgin Ware, offer for sale its business and assets.

Feature:

(a) Well-known ladies fashion undergarment retailer;

(b) trading from 22 stores throughout the U.K.;

(c) Annual turnover of around GBP5 million;

(d) Employs around 142 personnel; and

(e) Head office located in Trafford Park.

CONTACT:  HODGSONS
          George House, 48 George Street
          Manchester M1 4HF
          Phone: +44 (0) 161 228 7444
          Fax: +44 (0) 161 228 7356
          Web site: http://www.hodgsons.co.uk

          David Monday
          E-mail: dmond@hodgsons.co.uk


W.H. KEYS: Names BDO Stoy Hayward Administrator
-----------------------------------------------
Christopher Kim Rayment and Anthony Peter Supperstone (IP Nos
6775, 2703) have been appointed joint administrators for W.H.
Keys Limited.  The appointment was made April 13, 2005.  The
company manufactures inorganic materials.

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham, B3 3SD
          Phone: 0121 200 4600
          Fax: 0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


WH SMITH: Reports Profit Before Tax of GBP61 million
----------------------------------------------------
Highlights of the interim results for the six months ended 28
February 2005:

(a) Profit before tax: GBP61 million (2004: GBP72 million loss);

(b) Profit before tax, goodwill amortization and exceptional
    items on continuing operations, up 32% to GBP70 million
    (2004: GBP53m):

    (i) High Street Retail up 31% to GBP55 million;

   (ii) Travel Retail up 22% to GBP11 million; and

  (iii) News Distribution up 12% to GBP19 million;

(c) Total sales of continuing operations flat at GBP1.4 billion:

    (i) High Street like-for-like (LFL) sales down 3%;

   (ii) Travel LFL sales up 4%; and

  (iii) News Distribution LFL sales up 2%;

(d) Cost savings of GBP13 million delivered faster than planned;
    on track to deliver three-year cost savings of GBP30 million
    as previously announced;

(e) Returned GBP205 million to shareholders following the
    completion of the sale of Hodder Headline for GBP224
    million*;

(f) Exceptional impairment charge of GBP8 million in respect of
    the disposal of discontinued businesses;

(g) Earnings per share of 23.5 pence (2004: 34.4 pence loss per
    share).  Earnings per share before exceptional items and
    goodwill amortization up 58% to 28.4 pence (2004: 18.0
    pence); and

(h) Interim dividend of 4.5 pence (2004: 4.0 pence).

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* GBP210 million in cash and assumption of the Hodder Headline
net pension deficit of GBP14 million.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Kate Swann, Chief Executive, said, "We have improved profits
substantially across the Group in the first half and while it is
early days and much remains to be done, we are on track in the
delivery of our recovery plan.

"In High Street Retail we have improved the business's
profitability by being more efficient, increasing product choice,
improving availability and store standards.  Customer response to
these changes has been positive.

"Travel Retail delivered strong sales and profit growth and News
Distribution has made steady progress in the first half.

"Trading conditions are tough; however, we remain confident in
the outcome for the full year."

Current Trading

In the seven weeks to April 16, 2005, Retail LFL sales were flat
and gross margin was up on last year.  News Distribution sales
were down 1%.

Group Summary

Operating profit after exceptional operating items and goodwill
amortization was GBP72 million (2004: GBP9 million loss).  Profit
before tax after all exceptional items and goodwill amortization
was GBP61 million (2004: GBP72 million loss).

Operating profit before exceptional items and goodwill
amortization on continuing operations increased 33% to GBP73
million (2004: GBP55 million).  After including the pension
interest charge of GBP2 million (2004: GBP2 million) and other
interest payable of GBP1 million (2004: GBPnil), pre-tax profit
before exceptional items and goodwill amortization from
continuing operations was GBP70 million (2004: GBP53 million).

An amount of GBP8 million has been charged to the profit and loss
account relating to discontinued businesses.  Of this amount,
GBP7 million relates to an impairment review of the loan notes
received as deferred consideration in respect of the disposal of
the Group's U.S. businesses.  The balance relates to closure and
exit costs.

Adjusted earnings per share were 28.4 pence, up 58% compared to
last year (2004: 18.0 pence).  Earnings per share after
exceptional items and goodwill amortization were 23.5 pence
(2004: 34.4 pence loss per share).

Given the improvement in the Group's trading position, the Board
has declared an interim dividend of 4.5 pence per share (2004:
4.0 pence per share).

The reduction in net assets to GBP66 million (2004: GBP359
million) mainly reflects the loss on disposal of the Hodder
Headline business and the return of cash to shareholders.  The
balance sheet remains sound with net funds amounting to GBP2
million (2004: GBP28 million).

Free cash inflow amounted to GBP51 million compared to an outflow
of GBP2 million in the prior year, primarily reflecting the poor
profit performance last year.

Business Results

All divisional profit and loss figures in this section are stated
before pension service costs, exceptional items and goodwill
amortization, interest and taxation.  High Street Retail numbers
incorporate the results of WH Smith Online, which has been
integrated.

Retail sales were down 2% at GBP816 million (2004: GBP834m).
Gross margin rose 240 basis points to 40.1% (2004: 37.7%).
Retail divisional profits were up 29% to GBP66 million (2004:
GBP51 million).

Books sales were down 3%, as the Group avoided last year's
unprofitable promotions, and compensated for by a strong
improvement in gross margin.  Stationery sales were up by 4%,
with gross margin up.  News and Express sales were flat, with
gross margin also up.  Entertainment sales were down 12% on last
year, with increased price pressure across all categories.  The
improvements in gross margin more than compensated for the
decline in sales volumes, with gross contribution increasing by
GBP12 million to GBP327 million.

Cost inflation, including store occupancy costs, was
approximately 4% in the period.  This was more than offset by
cost savings across all aspects of the business.  Total costs
were GBP3 million lower than last year and divisional profit
increased by GBP15 million.

High Street Retail sales were down 3% at GBP670 million (2004:
GBP692 million) and down 3% on a like for like basis, adjusting
for selling space.  Travel Retail sales grew by 3% to GBP146
million (2004: GBP142 million), up 4% on a like for like basis.
High Street Retail divisional profits increased to GBP55 million
(2004: GBP42 million).  Travel Retail achieved divisional profits
of GBP11 million (2004: GBP9 million).

Retail selling space is 3.3m square feet, broadly in line with
last year.  In the first half of this year, the business has
opened one new store and closed seven stores across the UK.

News Distribution achieved divisional profits of GBP19 millions
(2004: GBP17 million), with total sales of GBP599 million (2004:
GBP587 million).  Like for like newspaper sales were up 2% and
total magazine sales were also up 2%.  Divisional profits grew by
GBP2 million, through well-controlled costs and further
efficiencies from network changes.

The OFT has announced its provisional conclusions on newspaper
and magazine distribution arrangements.  The Group will be
playing a full part in the upcoming consultation process. There
is a wide range of possible outcomes and the Group is preparing
for any changes that may result.

CONTACT:  WH SMITH PLC
          Louise Evans
          Media Relations
          Phone: 020 7514 9624
          Mark Boyle
          Investor Relations
          Phone: 020 7514 9630

          BRUNSWICK
          Tom Buchanan
          Phone: 020 7404 5959
          Pam Small


W H TRADE: In Administrative Receivership
-----------------------------------------
State Securities Plc appointed Guy Edward Brooke Mander and
Richard Paul Rendle (Office Holder Nos 8845, 5766) joint
administrative receivers for W H Trade Binders Limited (Reg No
01600873, Trade Classification: 2223).  The appointment was made
April 13, 2005.  The company is into bookbinding.

CONTACT:  BAKER TILLY
          3rd & 4th Floors
          Temple Plaza
          Temple Row
          Birmingham
          West Midlands B2 5AF
          Phone: 0121 214 3100
          Fax: 0121 214 3101


                            *********


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 * * *